KCGJ(SH:600097)2022-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥780.36 million, a decrease of 20.18% compared to ¥977.64 million in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2022 was approximately ¥37.65 million, down 74.89% from ¥149.90 million in the same period last year[19]. - The basic earnings per share for the first half of 2022 was ¥0.16, a decline of 74.19% compared to ¥0.62 in the same period last year[19]. - The company reported a net cash flow from operating activities of approximately ¥100.29 million, a decrease of 42.92% from ¥175.70 million in the same period last year[19]. - The weighted average return on equity for the first half of 2022 was 1.87%, down from 7.68% in the same period last year, reflecting a decrease of 5.81 percentage points[19]. - The company’s total assets at the end of the reporting period were approximately ¥2.96 billion, an increase of 0.56% from ¥2.94 billion at the end of the previous year[19]. - The company reported non-recurring gains and losses totaling approximately ¥26.49 million for the reporting period[21]. - The company's tuna purse seine fleet achieved a catch volume of 57,323 tons, a year-on-year decrease of 17%, with fishing revenue of 379.48 million yuan, down 29% year-on-year[27]. - The company reported total operating revenue of 780.36 million yuan, a decrease of 20.18% compared to the previous year, while operating costs were 500.19 million yuan, down 19.12% year-on-year[28]. - The company’s net profit attributable to shareholders was 37.65 million yuan, a decrease of 74.89% year-on-year, while the net profit after deducting non-recurring gains and losses was 11.16 million yuan, down 74.10% year-on-year[28]. - The company’s inventory increased to 516.47 million yuan, accounting for 17.45% of total assets, compared to 12.93% in the previous year[33]. - The company’s financial expenses increased by 329.01% to 10.04 million yuan due to increased exchange losses during the reporting period[31]. - The company’s net profit for the first half of 2022 was CNY 39,885,631.17, a decrease of 74.1% compared to CNY 154,129,014.22 in the same period of 2021[94]. - The company reported a total of 34,944,360 shares held by Beijing Xiaojian Technology Development Co., Ltd. and its concerted actions, accounting for 14.50% of total shares[78]. Business Development - The company has focused on tuna industry chain development, acquiring the Spanish company ALBO and establishing a new tuna processing plant in Zhoushan, which began operations in February 2022[22]. - The company’s tuna processing products, primarily fish fillets, are mainly targeted at foreign markets, with the new plant currently in the adjustment phase[22]. - The company operates a refrigerated transport fleet that supports its tuna fishing operations and is actively seeking opportunities for diversified business development[22]. - The construction of ALBO's new factory is expected to be completed by October 2022, aimed at enhancing production capacity[27]. - The company has established a complete industrial structure integrating ocean fishing, food processing, maritime transportation, and fish trade, which supports strategic industry chain extension[25]. - The company is expanding its business into downstream seafood processing and sales, aiming for operational synergies to enhance profitability[42]. - The company is expanding its tuna industry chain from deep-sea fishing to downstream seafood processing, but lacks experience in market development and sales channel construction, posing market expansion risks[44]. Risks and Challenges - The company faces risks related to fluctuations in national policies supporting ocean fishing, which could significantly impact operational and profitability capabilities[42]. - The company is exposed to risks from exchange rate fluctuations, which could affect financial performance[43]. - The company faces risks related to goodwill and intangible asset impairment due to the acquisition of ALBO, which may negatively impact current profits if ALBO's operational performance deteriorates[44]. - The company is exposed to risks from geopolitical situations and pandemics, which may disrupt production schedules and affect cash flow and economic performance[45]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period was 16,080[75]. - The top ten shareholders hold a total of 42.26% of shares, with Shanghai Ocean Fishery Co., Ltd. owning 101,811,538 shares[77]. - Beijing Yizhen Technology Development Co., Ltd. holds 16,923,114 shares, representing 7.02% of total shares[77]. Cash Flow and Financial Position - The company's cash and cash equivalents decreased from 758,019,759.18 RMB to 587,183,321.30 RMB, a decline of approximately 22.5%[84]. - Inventory increased significantly from 380,724,032.20 RMB to 516,474,903.98 RMB, reflecting a growth of about 35.7%[84]. - Accounts receivable rose from 105,976,686.89 RMB to 128,345,352.69 RMB, an increase of approximately 21.1%[84]. - The total current assets decreased slightly from 1,328,716,817.40 RMB to 1,298,989,040.81 RMB, a reduction of about 2.2%[84]. - The company reported a financial expense of CNY 10,037,193.86, which increased from CNY 2,339,597.95 in the previous year, indicating a rise in financial costs[94]. - The company experienced a net loss from credit impairment of CNY 20,276.48, contrasting with a gain of CNY 1,961,294.37 in the same period of 2021[94]. - The company’s tax expenses for the first half of 2022 were CNY 1,779,057.60, compared to CNY 41,418,234.43 in the same period of 2021, indicating a substantial decrease[94]. Legal and Compliance - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[59]. - There were no significant changes in the audit opinion from the previous annual report, suggesting consistent financial practices[59]. - The company has not disclosed any new major acquisitions or investments during the reporting period, maintaining its current strategic focus[62]. - The company has not reported any major related party transactions outside of those already disclosed, indicating transparency in its financial dealings[61]. - The company has not engaged in any significant guarantees during the reporting period, reflecting a conservative financial strategy[68]. - The company has not reported any significant changes in the integrity status of its controlling shareholders or actual controllers during the reporting period, ensuring stakeholder confidence[59]. Accounting Policies - The company’s accounting policies comply with the latest enterprise accounting standards issued by the Ministry of Finance[123]. - The company’s accounting period runs from January 1 to December 31 each year[124]. - The company’s subsidiaries use different currencies for accounting, including RMB, USD, EUR, and CAD, depending on their location[126]. - The company recognizes financial assets when it becomes a party to the financial instrument contract[136]. - Financial assets are classified based on the company's business model and cash flow characteristics at initial recognition[137]. - The company measures remaining equity at fair value on the date of losing control over subsidiaries[131]. - The company’s financial assets classified as measured at fair value with changes recognized in other comprehensive income are subject to specific conditions[138]. - The company’s investment income includes the difference between the consideration received and the fair value of remaining equity at the time of losing control[131]. Revenue Recognition - The company recognizes revenue when the customer obtains control of the related goods, which includes the transfer of legal ownership and the ability to use the goods[185]. - Revenue from product sales includes tuna, mackerel, and canned food, with recognition occurring upon delivery and acceptance by the customer[185]. - The company confirms revenue for marine transportation at the end of the voyage[186]. - Government subsidies are recognized as deferred income and amortized over the useful life of the related assets[190]. Asset Management - The company recognizes impairment losses for held-for-sale assets when their carrying amount exceeds the fair value less selling costs[153]. - Long-term equity investments are accounted for using the cost method or equity method depending on the level of control[157]. - The company assesses the impairment of long-term investments based on relevant policies[157]. - Fixed assets are depreciated using the straight-line method over useful lives ranging from 2 to 50 years, with annual depreciation rates varying by asset type[162]. - The company capitalizes borrowing costs directly attributable to the acquisition or production of qualifying assets, ceasing capitalization once the asset is ready for use[165].