*ST佳沃(300268) - 2018 Q2 - 季度财报

Financial Performance - Total revenue for the first half of 2018 reached ¥753,151,544.89, a significant increase of 308,587.24% compared to the same period last year[17]. - Net profit attributable to shareholders was ¥7,080,186.36, representing a 218.34% increase from a net loss of ¥5,982,802.61 in the previous year[17]. - The company reported a basic earnings per share of ¥0.0528, up 218.39% from a loss of ¥0.0446 per share in the same period last year[17]. - The company achieved a sales revenue of CNY 753,151,544.89, representing a year-on-year increase of 308,587.24%[31]. - The net profit attributable to the parent company was CNY 7,080,186.36, marking a turnaround from loss to profit[31]. - The company reported a net profit for the period of ¥4,738,287.64, recovering from a net loss of ¥5,982,802.61 in the previous period[122]. - The total profit for the period was ¥3,903,688.07, compared to a total loss of ¥5,982,802.61 in the prior period[122]. - The company reported a comprehensive income total of ¥4,721,012.16, compared to a comprehensive loss of ¥5,982,802.61 in the prior period[122]. Cash Flow - The net cash flow from operating activities was negative at ¥-222,243,934.73, a decline of 2,920.66% compared to the previous year[17]. - The company's operating cash flow decreased significantly by 2,920.66% to -222,243,934.73 CNY due to increased procurement expenses and operational costs from the newly consolidated subsidiaries[34]. - Cash inflow from financing activities amounted to 735,240,824.31 CNY, resulting in a net cash flow of 178,571,775.22 CNY from financing activities[130]. - The net increase in cash and cash equivalents was 24,116,400.61 CNY, a 465.47% increase due to the substantial cash inflow from loans[34]. - The total cash outflow for operating activities was 938,487,019.28 CNY, reflecting increased operational costs[129]. Assets and Liabilities - Total assets increased by 11.47% to ¥1,173,548,874.51 compared to the end of the previous year[17]. - The company reported a significant increase in inventory to 509,987,418.38 CNY, which accounted for 43.46% of total assets, due to normal stocking requirements[41]. - Short-term borrowings increased to 529,449,403.64 CNY, representing 45.12% of total liabilities, due to the operational needs of the newly consolidated subsidiaries[41]. - The company’s total liabilities reached CNY 818,136,743.54, up from CNY 702,370,312.31, reflecting an increase of about 16.5%[113]. Business Operations - The company is engaged in the processing and sales of high-end seafood products, with a focus on expanding its market presence in meat products through subsidiaries[24]. - The company has become the largest importer and distributor of Arctic sweet shrimp in the Chinese market[31]. - The company has established a multi-channel sales network, including partnerships with major retail chains and e-commerce platforms[27]. - The company emphasizes the growing demand for high-quality seafood in China, driven by rising living standards and dietary changes[24]. Risk Management - The company faces risks from raw material price fluctuations, which could adversely affect gross margins and net profit levels[52]. - The company has implemented strategies to mitigate risks from raw material price volatility, including flexible procurement plans and strategic partnerships with suppliers[52]. - The company anticipates significant competition in its industry, necessitating continuous innovation and adaptation to market trends[52]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities, with a total discharge of 400m³ of COD and NH, adhering to the standards of GB/T31962-2015[84]. - The company has established a strict environmental management system, with regular supervision of environmental performance and compliance with local environmental regulations[86]. - There are currently no significant environmental issues reported during the reporting period, and the company has developed emergency response plans for environmental incidents[85]. Shareholder and Governance Matters - The total number of ordinary shareholders at the end of the reporting period is 12,409, with the largest shareholder, Jiawo Group, holding 29.90% of the shares[95]. - The company has extended the lock-up period for shares acquired from Wanfushengke to 36 months, with a maximum reduction of 50% of the shares in the following 24 months[63]. - The company guarantees compliance with relevant regulations and the articles of association of Wanfu Biotechnology, ensuring equal rights for all shareholders[61]. - The company will avoid illegal occupation of Wanfu's funds and assets by its other invested enterprises[61]. Financial Reporting and Compliance - The company's semi-annual financial report has not been audited[64]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements reflect a true and complete picture of its financial status[154]. - The company confirms its ability to continue as a going concern for the next 12 months, with no significant doubts regarding its operational capacity[152]. Related Party Transactions - The company did not engage in any related party transactions related to daily operations during the reporting period[70]. - The company has non-operating related party receivables amounting to 115.80 million yuan, with a balance of 45.64 million yuan at the end of the period[73]. - The company has related party payables of 1.58 million yuan, with no impact on its operating results and financial status[73]. Investment and Subsidiary Matters - The company disposed of its wholly-owned subsidiary, resulting in a 57.29% decrease in intangible assets and a 73.03% decrease in construction in progress[26]. - The company disposed of a subsidiary, obtaining an investment income of 19.39 million yuan from the sale[51]. - The company reported an investment income of 19,388,112.86 CNY from the transfer of a subsidiary's equity, representing a 496.66% increase[38].