BLIIC(SZ:300135)2025-08-26 11:30Financial Performance - The company's operating revenue for the first half of 2025 was approximately ¥519.35 million, a decrease of 54.61% compared to ¥1.14 billion in the same period last year[22]. - The net profit attributable to shareholders was a loss of approximately ¥6.88 million, representing a decline of 170.28% from a profit of ¥9.79 million in the previous year[22]. - The net cash flow from operating activities was negative at approximately ¥161.71 million, a significant decrease of 250.83% compared to a positive cash flow of ¥107.21 million in the same period last year[22]. - The basic and diluted earnings per share were both reported at -¥0.0075, a decline of 170.75% from ¥0.0106 in the previous year[22]. - The company reported a net profit of -3,026,170.83 RMB from its subsidiary Shaanxi Baoli, indicating a loss in the asphalt production and sales sector[67]. - The company reported a net loss of CNY 55,101,091.01 compared to a loss of CNY 39,002,948.53 in the previous period[134]. - The total comprehensive income for the first half of 2025 was a loss of ¥7.94 million, compared to a comprehensive income of ¥7.01 million in the first half of 2024[140]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥1.68 billion, a decrease of 1.85% from ¥1.71 billion at the end of the previous year[24]. - The net assets attributable to shareholders were approximately ¥948.57 million, down 1.67% from ¥964.67 million at the end of the previous year[24]. - Total current assets increased to CNY 1,347,786,395.36 from CNY 910,172,374.54, representing a growth of approximately 48%[132]. - Total liabilities decreased slightly to CNY 760,168,170.52 from CNY 774,802,225.96, a reduction of about 2%[134]. - The company's total equity decreased to CNY 922,890,239.45 from CNY 940,048,238.12, a reduction of approximately 2%[134]. Operational Strategy - The company has shifted its operational strategy in the general aviation sector towards a light asset model, focusing on aircraft maintenance and support services due to high costs associated with helicopter maintenance[34]. - The company is actively seeking new business growth opportunities in road maintenance, driven by increasing demand for high-quality asphalt[69]. - The company has established five asphalt plants across Jiangsu, Shaanxi, Hunan, Tibet, and Xinjiang to ensure high-quality asphalt product supply[33]. Research and Development - Research and development investment dropped by 49.13% to ¥4,278,745.02, primarily due to a reduction in ongoing R&D projects[42]. - The company has invested in advanced research and testing equipment, resulting in multiple national invention patents and a comprehensive product range to meet diverse customer needs[37]. Risk Management - The management has detailed the risks faced by the company and the corresponding countermeasures in the report[6]. - The company has established a comprehensive risk management framework for hedging operations, including a dedicated leadership team and risk control group[62]. - The company faces risks related to accounts receivable, particularly due to lengthy payment approval processes from state-owned highway construction clients[68]. - The company is exposed to cyclical risks in the industry, as its performance is closely tied to infrastructure construction planning and cycles[69]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[7]. - The total number of common shareholders at the end of the reporting period is 40,030[121]. - The largest shareholder, Chizhou Toke Equity Investment Fund Partnership, holds 22.57% of shares, totaling 208,000,000 shares[123]. Governance and Compliance - The company has established a governance structure in compliance with relevant laws and regulations to ensure fair decision-making processes[81]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[86]. - The company has not engaged in any violations regarding external guarantees during the reporting period[87]. Market Conditions - The apparent consumption of asphalt in China is projected to decline from 3,415.55 million tons in 2023 to 2,846.29 million tons in 2024, with a further expected decrease in 2025[31]. - The company is actively pursuing innovation in its asphalt supply chain services, aligning with national policies to become a leader in the domestic asphalt supply chain[33]. Financial Management - Financial expenses decreased significantly by 52.54% to ¥4,323,318.51 due to reduced borrowings and interest expenses[42]. - The company has implemented measures to mitigate operational risks from raw material price fluctuations, including establishing long-term supplier relationships and conducting regular market analysis meetings[71].