XSS(SH:600117)2022-08-30 16:00Financial Performance - The company's operating revenue for the first half of the year was ¥5,546,972,059.43, a decrease of 5.22% compared to the same period last year [24]. - The net profit attributable to shareholders was -¥415,239,923.90, representing a decline of 329.59% year-on-year [27]. - The net cash flow from operating activities was ¥213,711,366.79, down 60.12% from the previous year [27]. - The company reported a loss of ¥603,205,187.27 in operating profit, a decrease of 822.93% year-on-year, primarily due to reduced product demand and high raw material prices [24]. - The total profit for the period was -¥623,871,722.92, reflecting a decline of 1,035.15% compared to the previous year [27]. - The company's total revenue for the first half of 2022 was approximately ¥5.55 billion, a decrease of 5.22% compared to ¥5.85 billion in the same period of 2021 [33]. - The total profit for the first half of 2022 was a loss of approximately ¥62.39 million, a significant decline from a profit of ¥6.67 million in the same period of 2021, representing a decrease of 1,035.15% [33]. - The net profit attributable to the parent company for the first half of 2022 was a loss of approximately ¥41.52 million, compared to a loss of ¥9.67 million in the same period of 2021, marking a 329.59% increase in losses [33]. - The company reported a net loss of ¥627,861,585.88 for the current period, compared to a net profit of ¥21,180,442.87 in the same period last year, indicating a significant decline in performance [126]. - The company's operating profit was reported at -¥603,205,187.27, a stark contrast to the operating profit of ¥83,438,890.49 from the previous year [126]. Research and Development - Research and development expenses increased by 89.99% to ¥269,150,679.42, aimed at improving product quality and optimizing production processes [24]. - Research and development expenses increased by 89.99% year-on-year, mainly to improve product quality and optimize production processes [41]. - Research and development expenses rose significantly to CNY 269,150,679.42, an increase of 90.1% compared to CNY 141,663,656.63 in the previous year [120]. - Research and development expenses increased to ¥148,296,878.54, up 93.4% from ¥76,666,408.09 in the same period last year, reflecting a focus on innovation [128]. Environmental Compliance - The company maintained a 100% compliance rate for pollutant emissions, reflecting its commitment to environmental standards and safety [36]. - The company reported compliance with national pollution discharge standards, with actual emissions of 1,146.98 tons of particulate matter and 235.34 tons of sulfur dioxide during the reporting period [55]. - The company has successfully maintained compliance across all monitored discharge points, with all emissions meeting the required standards [56]. - The company has constructed over 50 pollution control facilities and a wastewater treatment center with a daily capacity of 20,000 tons, achieving 100% recycling of treated wastewater [62]. - The company has maintained compliance with national emission standards for waste gas and noise, receiving ISO14001 environmental management system certification for 16 consecutive years [62]. - The company has implemented a systematic approach to environmental management, focusing on continuous improvement and compliance with updated national standards [62]. - The company has established a comprehensive self-monitoring plan for environmental management, including continuous and manual monitoring of various pollutants [67]. Financial Position - The total assets at the end of the reporting period were ¥18,120,276,629.48, a decrease of 2.18% from the end of the previous year [24]. - The company's total equity attributable to shareholders was reported at CNY -723,281,970.89, down from CNY -346,141,672.97 [120]. - The total liabilities amounted to RMB 16,566,409,156.74, an increase of 1.39% from RMB 16,338,142,903.28 [111]. - The company's total assets decreased to RMB 18,120,276,629.48, down 2.18% from RMB 18,524,963,007.83 [111]. - The company reported a total current assets of RMB 7,397,126,185.72, a decrease of 2.02% from RMB 7,549,339,677.90 in the previous period [108]. - The company reported a total equity of RMB 1,553,867,472.74, reflecting a decrease from the previous period [111]. Corporate Governance - The board of directors confirmed that all members attended the board meeting, ensuring the integrity of the report [6]. - The company has not reported any violations of decision-making procedures regarding external guarantees [10]. - The company appointed new directors and senior management, including Wang Qinghai as General Manager and several new independent directors [51]. - The financial statements were approved by the board of directors on August 30, 2022 [169]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts [172]. Shareholder Information - The company reported a profit distribution plan for the reporting period, stating that there will be no profit distribution or capital reserve transfer to share capital [8]. - No profit distribution or capital reserve transfer plan was proposed, with no dividends or stock bonuses declared for shareholders [51]. - The company has a total of 50,491 common shareholders as of the end of the reporting period [97]. - The largest shareholder, Xining Special Steel Group Co., Ltd., holds 35.37% of the shares, amounting to 369,669,184 shares [97]. Related Party Transactions - The company has engaged in related party transactions amounting to 215 million RMB for loans from the Qinghai Supply-side Reform Industry Fund [86]. - The company has provided guarantees totaling 80 million RMB to Qinghai Provincial State-owned Assets Investment Management Co., Ltd., with a guarantee period from July 13, 2021, to July 13, 2024 [91]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 296.67 million RMB, which accounts for 105.57% of the company's net assets [91]. - The company has accepted services from related parties amounting to 1.7 million RMB during the reporting period [86]. Risk Factors - The company has outlined potential risks in its future development strategies, urging investors to be aware of investment risks [9]. - The company continues to face economic, industry, financial, and environmental risks, with no significant changes in its main business or operating environment during the reporting period [46]. - The company reported a negative net asset value as of the end of the reporting period, indicating potential investment risks [46].