CAHIC(SH:600195)2023-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2023 was ¥675,882,249.26, a decrease of 26.2% compared to ¥915,875,348.32 in the same period of 2022[6]. - The net profit for the first half of 2023 was ¥248,503,188.50, down 12% from ¥282,356,212.59 in the first half of 2022[5]. - The company's operating revenue for the first half of 2023 was ¥2,508,298,838.72, a decrease of 3.40% compared to ¥2,596,506,429.38 in the same period last year[162]. - Net profit attributable to shareholders of the listed company was ¥268,970,902.72, an increase of 4.61% from ¥257,108,118.47 year-on-year[162]. - The net profit after deducting non-recurring gains and losses was ¥204,842,904.44, down 19.77% from ¥255,311,019.57 in the previous year[162]. - The basic earnings per share for the first half of 2023 were ¥0.2188, compared to ¥0.2132 in the same period of 2022, indicating a growth of 2.6%[7]. - The basic earnings per share after deducting non-recurring gains and losses was CNY 0.2006, a decrease of 20.14% compared to the previous year[142]. - The company's net profit attributable to shareholders increased by 4.61% year-on-year, primarily due to increased investment income from the reduction of equity in joint ventures[142]. - The weighted average return on net assets decreased by 0.15 percentage points to 4.95% compared to the same period last year[142]. - The return on net assets after deducting non-recurring gains and losses decreased by 1.29 percentage points to 3.77% year-on-year[142]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to ¥3,602,620,153.73, an increase from ¥3,288,322,240.96 at the end of 2022[1]. - The company's total assets at the end of the reporting period were ¥8,306,921,451.27, reflecting a growth of 4.66% from ¥7,937,406,197.86 at the end of the previous year[162]. - The total liabilities as of June 30, 2023, were not explicitly stated but are implied to have changed in relation to the total assets[1]. - The company's total equity at the end of the reporting period was 4,702,864,166.76 RMB, showing an increase from 4,421,796,815.80 RMB at the end of the previous year[14]. - The company's total equity as of June 30, 2023, is RMB 4,672,705,906.16, with a capital stock of RMB 1,021,148,260.00[21]. Cash Flow - The net cash flow from operating activities for the first half of 2023 was -192,780,776.42 RMB, an improvement from -368,772,153.24 RMB in the same period of 2022, indicating a reduction in cash outflow[10]. - The cash received from sales of goods and services was 650,783,264.62 RMB, down from 842,970,300.65 RMB in the first half of 2022, indicating a decline of approximately 22.7%[10]. - The company’s cash outflow for purchasing goods and services was 278,151,918.69 RMB, significantly lower than 829,821,416.43 RMB in the same period last year, marking a decrease of about 66.5%[10]. - Total cash inflow from investment activities increased to 141,242,484.14 RMB in the first half of 2023, compared to 79,933,073.40 RMB in the previous year, reflecting a significant growth of 76.8%[10]. - The cash flow from financing activities saw a substantial increase, with total cash inflow reaching 350,000,000.00 RMB, compared to 44,138,142.23 RMB in the same period last year[10]. Research and Development - Research and development expenses for the first half of 2023 were ¥20,270,681.40, a slight decrease of 10.5% compared to ¥22,588,248.71 in the same period of 2022[6]. - The company is actively involved in the research and development of biological feed, aiming to enhance its product offerings in the agricultural sector[24]. - The company emphasizes innovation in its R&D mechanisms, contributing to the successful implementation of research outcomes[175]. - The company is actively developing new products and technologies, focusing on bioproducts, chemical preparations, and new feed innovation centers[177]. - The company has established a new collaborative research and development mechanism, promoting open cooperation and shared benefits in innovation[198]. Market and Competition - The company is facing intensified competition in the feed industry due to sporadic outbreaks of animal epidemics, necessitating refined sales strategies and personalized technical services[97]. - The company continues to enhance its sales channels and customer development, leading to sustained growth in sales revenue of key products[172]. - The company aims to strengthen its core competitiveness by focusing on technological innovation and developing new business segments in pharmaceuticals, feed, and vaccines[195]. - The company integrates "medicine, materials, and seedlings" to provide comprehensive biosecurity services, enhancing customer trust and increasing group clients steadily[198]. - The company plays a crucial role in the national animal epidemic prevention system, acting as a key player in major epidemic control efforts[173]. Environmental and Compliance - The company has implemented a comprehensive VOCs (volatile organic compounds) management plan, ensuring compliance with emission standards and industry policies[100]. - The company completed the construction of wastewater treatment facilities, with environmental impact registration completed for the project[101]. - The company has established a comprehensive environmental monitoring system to ensure compliance with pollution discharge permits[114]. - The company has implemented measures to control pollutant emissions in compliance with national standards[111]. Shareholder and Equity Information - The controlling shareholder, China Agricultural Development Group Co., Ltd., holds 49.37% of the company's shares, indicating significant state ownership[24]. - The company has completed a share reduction plan, having reduced 4,204,200 shares, accounting for 0.69% of the total share capital[117]. - The company reported a total of RMB 399,359,221.43 in surplus reserves as of the end of the reporting period[21]. Accounting Policies and Practices - The company has implemented a method for determining expected credit losses for various financial assets, including accounts receivable and notes receivable, based on the entire duration of expected credit losses[42]. - The company assesses expected credit losses for accounts receivable using overdue days and default loss rate tables, adjusting based on forward-looking estimates[42]. - The company capitalizes borrowing costs directly attributable to the acquisition or production of qualifying assets, ceasing capitalization once the asset is ready for use or sale[50]. - The company uses a straight-line depreciation method for buildings with a useful life of 30 years and a depreciation rate of 3.2%[52]. - The company recognizes long-term equity investments based on the initial investment cost determined by the equity of the merged entity in the consolidated financial statements[35]. Legal and Audit Information - The semi-annual report for 2023 has not been audited[128]. - The company has not reported any major litigation or arbitration matters during the reporting period[118].