KCGJ(SH:600097)2021-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥977.64 million, a decrease of 3.03% compared to ¥1,008.23 million in the same period last year[20]. - Net profit attributable to shareholders for the first half of 2021 reached approximately ¥149.90 million, representing a significant increase of 1,275.68% from ¥10.90 million in the previous year[20]. - The basic earnings per share for the first half of 2021 was ¥0.62, up from ¥0.05 in the same period last year, marking an increase of 1,140.00%[19]. - The weighted average return on net assets increased to 7.68% from 0.61% in the previous year, an increase of 7.07 percentage points[19]. - The net cash flow from operating activities for the first half of 2021 was approximately ¥175.70 million, a slight decrease of 0.13% compared to ¥175.92 million in the same period last year[20]. - The total assets at the end of the reporting period were approximately ¥3.06 billion, an increase of 8.60% from ¥2.82 billion at the end of the previous year[20]. - The net assets attributable to shareholders at the end of the reporting period were approximately ¥1.97 billion, reflecting a growth of 4.54% from ¥1.88 billion at the end of the previous year[20]. - The company's total operating costs decreased by 11.91% to approximately ¥618.41 million, primarily due to reduced costs in food processing[33]. - The company achieved a net profit attributable to shareholders of 149.90 million yuan, an increase of 1,275.68% year-on-year, primarily due to the delivery of the "Kaiyu" vessel sale, which generated a net gain of 99.99 million yuan after tax[35]. - The net profit excluding non-recurring gains and losses was 43.09 million yuan, representing a year-on-year increase of 185.82%[35]. Subsidiary Performance - The company’s subsidiary, Shanghai Kaichuang Ocean Fishing Co., Ltd., reported a net profit of 84.91 million yuan, an increase of 12.58 million yuan year-on-year[39]. - The subsidiary Pan Pacific Foods (Marshall Islands) Ltd. reported a net loss of 8.01 million yuan, a decrease of 4.00 million yuan year-on-year[40]. - The subsidiary Pan Pacific Fisheries (Marshall Islands) Ltd. achieved a net profit of 57.65 million yuan, an increase of 21.95 million yuan year-on-year[40]. - The total assets of the subsidiary Kanglong (Hong Kong) Shipping Co., Ltd. amounted to RMB 192.89 million, with a net profit of RMB 9.47 million, a decrease of RMB 0.77 million compared to the same period last year[42]. - The subsidiary French Creek Seafood Company reported total assets of RMB 41.11 million and a net profit of RMB 0.91 million, an increase of RMB 1.28 million year-on-year[42]. - The wholly-owned subsidiary Aistras Trading Co., Ltd. had total assets of RMB 16.60 million and a net profit of RMB 1.71 million[42]. Revenue Sources - The fishing business accounted for 57% of the company's total revenue, while the marine food processing business contributed 32%[25]. - The tuna catch volume reached 69,367 tons, contributing ¥53.71 million to the revenue from fishing operations[30]. - The company's tuna sales in the Chinese market for the first half of 2021 amounted to RMB 570.87 million, accounting for 58.74% of total operating income[45]. - The company reported that its tuna sales to the key customer Taohua Bairun accounted for 51.07% of total operating income in the first half of 2021[45]. - ALBO Company, the third-largest canned food brand in Spain, generated €4.09 million in revenue, with a net profit of €1.61 million during the reporting period[30]. Asset Management - The company's total assets reached 3.05 billion yuan, with overseas assets accounting for 49.33% of total assets, amounting to approximately 1.51 billion yuan[37]. - The construction in progress decreased by 89.25% to 17.38 million yuan, mainly due to the completion of the Zhoushan tuna processing base project[36]. - Contract liabilities increased by 82.46% to 126.00 million yuan, primarily due to an increase in pre-received product sales[36]. - The company completed over 50% of the construction of a new processing plant in Spain, aimed at expanding its market presence[30]. - The company sold the "Kaiyu" vessel to Mintay DV Co., Ltd. for $24.5 million, receiving $6 million and $15 million in two installments[67]. Financial Stability - The company’s total liabilities decreased by 81.54% for current liabilities due to the repayment of long-term loans[36]. - The company’s long-term liabilities increased to CNY 494,097,182.36 from CNY 260,298,450.97, indicating a significant rise of approximately 89.6%[83]. - The total liabilities reached CNY 1,053,534,104.23, up from CNY 900,747,927.32, indicating an increase of approximately 17%[83]. - The company reported a significant increase in investment income, with asset disposal gains of CNY 133,678,653.56 compared to a loss of CNY 5,128.73 in the previous year[90]. - The company’s financial expenses decreased to CNY 2,339,597.95 from CNY 6,429,696.28, reflecting a reduction of 63.6%[90]. Risk Management - The company faces risks related to fluctuations in performance due to factors such as climate, fishing resources, and fuel costs, which could significantly impact profitability[44]. - The company has identified risks associated with market expansion, particularly in the tuna processing and sales sectors, where it lacks experience[45]. - The company is exposed to foreign exchange risks due to its operations involving foreign currency transactions[45]. - The company is actively exploring domestic and international markets to mitigate risks associated with policy changes in the distant water fishery sector[44]. Corporate Governance - The company did not implement any profit distribution or capital reserve transfer to increase share capital for the first half of 2021[5]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has no major guarantees or overdue guarantees during the reporting period, with total guarantees amounting to RMB 2,400 million, representing 7.74% of the company's net assets[65]. - The company reported no significant litigation or arbitration matters during the reporting period[57]. - The company has no major related party transactions that were not disclosed in temporary announcements[61]. Accounting Policies - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations for the next 12 months[126]. - The accounting policies comply with the latest enterprise accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of the company's financial status and operating results[127]. - The company uses RMB as the functional currency for its domestic subsidiaries and USD for its overseas subsidiaries, ensuring proper currency management[130]. - The company recognizes revenue when control of the goods is transferred to the customer, indicating that the customer has the right to use and obtain almost all economic benefits from the goods[190]. - The company applies a straight-line method for recognizing rental income during the lease term[197].