金煤科技(600844) - 2025 Q2 - 季度财报

Company Profile and Key Financial Indicators Company Information Inner Mongolia Jinmei Chemical Technology Co., Ltd., listed on the Shanghai Stock Exchange, relocated its registered address to Hohhot, Inner Mongolia - The company's name is Inner Mongolia Jinmei Chemical Technology Co., Ltd., with stock abbreviations Jinmei Technology (A-share) and Jinmei B-share[14][19] - The company's registered address changed from Danyang, Jiangsu to Hohhot, Inner Mongolia in July 2024[17] Key Accounting Data and Financial Indicators In H1 2025, operating revenue grew by 18.49%, net cash flow from operations turned positive, despite asset and equity declines Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 473,441,407.02 | 399,565,376.40 | 18.49% | | Net Profit Attributable to Shareholders of Listed Company | -72,807,436.73 | -111,824,973.29 | N/A (Loss narrowed) | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | 121.22% | | Asset Status | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | Total Assets | 1,203,072,399.67 | 1,273,338,714.70 | -5.52% | | Net Assets Attributable to Shareholders of Listed Company | 156,473,874.20 | 229,034,447.36 | -31.68% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.0716 | -0.1100 | N/A (Loss narrowed) | | Weighted Average Return on Net Assets (%) | -37.77% | -23.16% | Decreased by 14.61 percentage points | Non-recurring Gains and Losses and Amounts Non-recurring gains and losses totaled 1.15 million CNY, mainly from government subsidies, leading to a 73.96 million CNY net loss for shareholders - Total non-recurring gains and losses during the reporting period amounted to 1,151,427.21 CNY, primarily consisting of 1,772,436.96 CNY in government subsidies, partially offset by losses from disposal of non-current assets and other items[23][24] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was -73,958,863.94 CNY, a narrowed loss compared to -112,700,412.35 CNY in the same period last year[21] Management Discussion and Analysis Industry and Main Business Overview The petrochemical and coal chemical industries face overcapacity and price pressure, while the company's main coal chemical business has a singular product structure - The petrochemical industry faces challenges of capacity expansion, price declines, and profit erosion, but modern coal chemical projects are expected to see development opportunities in the second half due to falling costs and stable supply advantages[25][26][28] - The company's main business is coal-to-ethylene glycol (annual capacity of 220 kt) and oxalic acid (annual capacity of 80 kt). During the reporting period, the capacity utilization rate was approximately 84.50%[28] Discussion and Analysis of Operations The company achieved stable operations and year-on-year growth in main product output and sales, advancing an oxalic acid expansion project Main Product Production and Sales (H1 2025) | Product | Output (kt) | YoY Growth | Sales (kt) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Ethylene Glycol | 83.0 | 21.99% | 85.6 | approx. 27.9% | | Oxalic Acid | 53.7 | 0.91% | 55.4 | 10.06% | - The company's production management was strengthened, with stable plant operations for 179 days, reaching a historical best, significantly reducing energy consumption per ton of product, and improving cash flow[29] - The company is advancing a 100 kt/year oxalic acid expansion and renovation project, expected to be completed and operational by end of 2025, increasing total annual oxalic acid output to approximately 200 kt[32] Main Business Analysis Operating revenue increased by 18.49% due to higher sales, with decreased management and R&D expenses, and significantly improved operating cash flow Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 473,441,407.02 | 399,565,376.40 | 18.49 | Increased sales of main products | | Management Expenses | 48,031,925.11 | 58,030,192.71 | -17.23 | Decrease in sewage discharge fees and safety production fees | | R&D Expenses | 242,721.08 | 1,168,097.24 | -79.22 | Reduced R&D investment | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | 121.22 | Increase in cash received from operating activities | | Net Cash Flow from Investing Activities | -19,920,458.42 | 152,307.26 | -13,179.13 | Increase in acquisition of fixed assets | | Net Cash Flow from Financing Activities | 4,347,506.80 | 59,245,137.90 | -92.66 | Decrease in borrowings | Analysis of Assets and Liabilities Total assets decreased by 5.52% to 1.20 billion CNY, with increased monetary funds and prepayments, and rising notes payable Major Changes in Assets and Liabilities | Item Name | End of Current Period (CNY) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 28,900,317.79 | 159.19% | Due to increased acceptance deposits in the reporting period | | Prepayments | 34,045,946.51 | 264.73% | Due to increased prepaid goods in the reporting period | | Notes Payable | 20,739,304.00 | 100.00% | Due to increased acceptance bills payable in the reporting period | | Non-current Liabilities Due Within One Year | 8,816,186.01 | -63.29% | Due to decreased long-term payables due within one year in the reporting period | | Estimated Liabilities | 4,372,299.84 | -69.62% | Due to decreased loss contracts to be executed in the reporting period | - As of the end of the reporting period, the company's major restricted assets, including monetary funds, fixed assets, and intangible assets, had a total book value of 174,967,851.73 CNY, primarily used for collateral[42][43] Analysis of Major Holding and Participating Companies Controlling subsidiary Tongliao Jinmei Chemical Co., Ltd. is the main revenue source, reporting 473 million CNY in revenue but a 80 million CNY net loss Tongliao Jinmei Chemical Co., Ltd. Key Financial Data (H1 2025) | Indicator | Amount (Million CNY) | | :--- | :--- | | Total Assets | 1,218.98 | | Net Assets | 579.11 | | Operating Revenue | 472.86 | | Operating Profit | -74.88 | | Net Profit | -79.99 | Potential Risks The company faces risks including aging facilities, market overcapacity, singular product structure, persistent ethylene glycol losses, and increasing environmental compliance pressures - The company's major risks include: - Production Risk: Some production facilities are old, posing risks of unplanned shutdowns - Market Risk: Industry overcapacity, intensified competition, and low product prices persist - Operational Risk: Singular product structure leads to weak risk resistance - Profitability Pressure: Continuous losses for years, with cost inversion for the main product, ethylene glycol - Environmental Risk: The coal chemical industry faces increasingly stringent environmental policies[49][50] Significant Matters Major Litigation and Arbitration Matters The company is involved in a 133 million CNY securities misrepresentation lawsuit and a 19.49 million CNY sales contract dispute - The company faces a securities misrepresentation lawsuit filed by shareholder Jilin Fengchengshun, claiming 132,754,299 CNY, with the case still under trial[59] - Subsidiary Jiangsu Jinju sued Henan Longyu Coal Chemical Co., Ltd., demanding payment of 19.4892 million CNY for catalyst goods, and the case has been accepted[61][62] Major Related Party Transactions The company engaged in 5.80 million CNY in daily related party transactions and received 281 million CNY in financial assistance - The company engaged in daily related party transactions, including purchasing goods and receiving services, with entities controlled by the actual controller and shareholder subsidiaries, totaling 5.797 million CNY[64] Related Party Borrowings (Period-End) | Related Party | Relationship | Period-End Balance (CNY) | Reason | | :--- | :--- | :--- | :--- | | Jiangsu Danhua Group Co., Ltd. | Other (Former Controlling Shareholder) | 166,321,886.68 | Financial Assistance | | Beijing Zhongze Holding Group Co., Ltd. | Indirect Controlling Shareholder | 114,775,440.25 | Financial Assistance | | Total | | 281,097,326.93 | | Major Contracts and Their Performance The company provided 54 million CNY in guarantees for subsidiaries, representing 34.51% of net assets, including 49 million CNY for a highly leveraged one External Guarantees (Period-End) | Guarantee Type | Amount (Million CNY) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries | 54.00 | | Ratio of Total Guarantees to Company's Net Assets | 34.51% | | Debt Guarantee Amount for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% | 49.00 | Share Changes and Shareholder Information Share Capital Changes No changes occurred in share capital, but a non-public A-share issuance to the controlling shareholder, aiming to raise up to 565 million CNY, is in progress - The company plans a non-public issuance of up to 303.5 million A-shares to controlling shareholder Jinrui Hongji, raising no more than 564.51 million CNY for working capital. If completed, the controlling shareholder's stake will increase from 15% to 34.54%[74] Shareholder Information As of period-end, the company had 61,909 common shareholders, with Inner Mongolia Jinrui Hongji (15.00%) and Jiangsu Danhua Group (6.65%) as the top two Top Two Shareholders' Holdings | Shareholder Name | Period-End Holding (Shares) | Percentage (%) | | :--- | :--- | :--- | | Inner Mongolia Jinrui Hongji Enterprise Management Co., Ltd. | 152,500,000 | 15.0021 | | Jiangsu Danhua Group Co., Ltd. | 67,550,050 | 6.6452 | Financial Report Financial Statements This unaudited semi-annual report shows decreased total and net assets, increased operating revenue, narrowed net loss, and improved operating cash flow Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,203,072,399.67 | 1,273,338,714.70 | | Total Liabilities | 913,277,492.80 | 892,116,942.47 | | Total Equity Attributable to Parent Company Owners | 156,473,874.20 | 229,034,447.36 | Consolidated Income Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 473,441,407.02 | 399,565,376.40 | | Total Operating Costs | 558,285,414.21 | 542,502,377.31 | | Total Profit | -91,412,658.87 | -142,152,262.70 | | Net Profit Attributable to Parent Company Shareholders | -72,807,436.73 | -111,824,973.29 | Consolidated Cash Flow Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | | Net Cash Flow from Investing Activities | -19,920,458.42 | 152,307.26 | | Net Cash Flow from Financing Activities | 4,347,506.80 | 59,245,137.90 | | Net Increase in Cash and Cash Equivalents | -2,989,233.14 | 124,487.06 |