Financial Performance - For the six months ended June 30, 2022, the company reported revenue of RMB 0, a decrease from RMB 936,940,000 in the same period of 2021[6]. - The gross profit for the same period was RMB 0, compared to RMB 189,037,000 in 2021, indicating a significant decline[6]. - The company incurred a loss before tax of RMB 80,859,000, compared to a loss of RMB 59,765,000 in the previous year, reflecting a worsening financial position[6]. - Total comprehensive loss for the period was RMB 82,144,000, compared to RMB 70,611,000 in the prior year, showing an increase in losses[8]. - Basic and diluted loss per share from continuing and discontinued operations was RMB 0.008, compared to RMB 0.007 in the same period last year[10]. - The company reported a net loss attributable to equity holders of RMB (2,279,787,000) as of June 30, 2022, compared to RMB (2,201,790,000) at the end of 2021[14]. - The company experienced a total comprehensive loss of RMB (77,997,000) for the six months ended June 30, 2022, compared to a loss of RMB (70,576,000) for the same period in 2021[18]. - The loss attributable to equity holders for the six months ended June 30, 2022, was approximately RMB 76,718,000, an increase of about RMB 6,000,000 compared to RMB 70,356,000 for the same period last year[90]. Assets and Liabilities - The company's total assets less current liabilities amounted to RMB (2,284,418,000) as of June 30, 2022, compared to RMB (2,202,274,000) at the end of 2021, indicating a deterioration in net asset position[14]. - Non-current liabilities included borrowings of RMB 742,638,000, unchanged from the previous year[14]. - The total liabilities as of June 30, 2022, amounted to approximately RMB 2,288,041,000, with total borrowings classified as current liabilities at RMB 742,638,000[24]. - The total impairment loss recognized for trade and other receivables was RMB 2,313,835,000 as of June 30, 2022, compared to RMB 2,317,295,000 as of December 31, 2021[59]. Cash Flow and Liquidity - The company had cash and cash equivalents of RMB 3,026,000, down from RMB 4,272,000 at the end of 2021, indicating a decrease in liquidity[12]. - The cash and cash equivalents at the end of June 30, 2022, were RMB 3,026,000, a significant decrease from RMB 18,581,000 at the end of the previous year[21]. - The company reported a significant decrease in cash flow from operating activities compared to the previous year, which was RMB 14,456,000[21]. - As of June 30, 2022, the company reported a net cash flow from operating activities of RMB (1,287,000) and a net cash flow from investing activities of RMB 41,000[21]. Business Operations - The company focused on strengthening and expanding its agricultural chemical product supply chain services amid a challenging business environment influenced by COVID-19 and geopolitical factors[78]. - The main business segments include agricultural chemical product supply chain services, agricultural and petrochemical product supply chain services, and financial leasing and commercial factoring services[79]. - The revenue from the agricultural product supply chain services was zero for the six months ended June 30, 2022[80]. - The revenue from the agricultural and petrochemical product supply chain services was zero for the six months ended June 30, 2022[81]. - The revenue from financing leasing and commercial factoring services was zero for the six months ended June 30, 2022[82]. Corporate Governance and Shareholder Information - The board of directors has complied with the corporate governance code as per the listing rules, except for a temporary shortfall in the number of independent non-executive directors[126]. - The company has confirmed that all directors and supervisors have adhered to the standards set out in the securities trading code during the six months ending June 30, 2022[128]. - The company’s major shareholders include Shenzhen Dazheng and Hong Kong Dazheng, holding 1,818,013,540 domestic shares (54.29%) and 247,000,000 H shares (3.98%) respectively[116]. - The domestic shares held by Shenzhen Dazheng are pledged as collateral for a loan, with the loan amount being utilized by Shenzhen Dazheng[117]. - The 200,000,000 H shares held by Hong Kong Dazheng are also pledged as collateral for a loan from a third party[118]. Legal Matters - The company is involved in a lawsuit with Jiujiang Bank, claiming a repayment of RMB 3,711,000 in principal and related interest due to a breach of a factoring agreement[102]. - The company has a civil judgment requiring repayment of RMB 300,000,000 in principal and approximately RMB 10,732,000 in overdue interest to Shanghai Huaxin Securities[104]. - The company is facing a lawsuit from Anhui Huaxin, demanding repayment of RMB 35,500,000 in principal and RMB 13,500,000 in unpaid interest[107]. - A new lawsuit from Shanghai Huaxin Securities claims a total of approximately RMB 373,149,700, including RMB 217,580,000 in repurchase price and RMB 155,569,700 in accrued interest[110]. Future Outlook and Restructuring - The company is exploring potential debt restructuring opportunities and negotiating new repayment plans with creditors to address liquidity issues[26]. - The management believes that, after considering the measures taken, the company will have sufficient working capital to meet its financial obligations due within the next twelve months[26]. - The company is actively seeking cooperation opportunities with potential external investors to address significant outstanding debts[111]. - The company plans to maintain its core business team and focus on three existing business segments despite the termination of consolidated accounting with Anhui Huaxin Group[114]. - The management will continue discussions with potential investors and creditors to resolve historical financial issues and accelerate the restructuring of existing businesses[114].
大生农业金融(01103) - 2022 - 中期财报