敦煌种业(600354) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was ¥356,623,851.11, a decrease of 13.31% compared to ¥411,387,818.98 in the same period last year[17]. - The net profit attributable to shareholders was -¥4,104,751.73, improving from -¥34,189,213.45 in the previous year[17]. - The net cash flow from operating activities was -¥42,992,224.97, compared to -¥92,541,377.86 in the same period last year[17]. - Total assets decreased by 14.32% to ¥1,425,829,252.14 from ¥1,664,080,442.33 at the end of the previous year[17]. - The net assets attributable to shareholders were ¥606,581,161.43, a slight decrease of 0.67% from ¥610,685,913.16 at the end of the previous year[17]. - Basic earnings per share for the first half of 2021 were -¥0.0078, compared to -¥0.0648 in the same period last year[18]. - The weighted average return on net assets was -0.67%, an improvement from -6.66% in the previous year[18]. - The company reported a significant reduction in financial expenses, which decreased to ¥11,593,385.89 from ¥17,520,139.64 in the first half of 2020[69]. - The total comprehensive income for the first half of 2021 was ¥10,382,864.04, compared to a loss of ¥43,886,499.07 in the same period last year[71]. - The company reported a net loss of CNY -903,334,499.69 as of June 30, 2021, compared to a loss of CNY -899,229,747.96 in December 2020, indicating a slight increase in losses[63]. Revenue Breakdown - The company's seed industry revenue accounted for 58.08% of total revenue, while food and trade revenue contributed 21.53% and other revenues made up 20.39%[22]. - The seed industry achieved a revenue of CNY 207.11 million, an increase of CNY 93.46 million compared to the same period last year, with a net profit of CNY 26.24 million, up CNY 35.23 million year-on-year[25]. - The food and trade sector reported a revenue of CNY 76.77 million, a decrease of CNY 201.36 million year-on-year, resulting in a net loss of CNY 14.93 million, although this was an improvement of CNY 0.58 million compared to the previous year[26]. - The company's total operating revenue decreased by 13.31% to CNY 356.62 million, while operating costs fell by 21.88% to CNY 268.02 million[24]. Cash Flow and Investments - Operating cash flow for the first half of 2021 was -42,992,224.97 RMB, an improvement from -92,541,377.86 RMB in the same period of 2020, indicating a 53.6% reduction in cash outflow[76]. - Total cash inflow from operating activities decreased to 257,070,515.33 RMB, down 33.4% from 386,614,932.19 RMB in the first half of 2020[76]. - Cash outflow from operating activities was 300,062,740.30 RMB, a decrease of 37.5% compared to 479,156,310.05 RMB in the previous year[76]. - Investment activities generated a net cash outflow of -2,550,039.25 RMB, contrasting with a net inflow of 17,252,846.29 RMB in the first half of 2020[77]. - Cash inflow from financing activities was 308,158,680.00 RMB, down 45.1% from 562,688,172.08 RMB in the same period of 2020[77]. Assets and Liabilities - Total assets decreased from CNY 1,664,080,442.33 in December 2020 to CNY 1,425,829,252.14 by June 30, 2021, representing a decline of approximately 14.3%[62]. - Total liabilities decreased from CNY 1,039,345,732.73 in December 2020 to CNY 790,711,678.50 by June 30, 2021, a reduction of about 24%[63]. - Current liabilities decreased from CNY 988,576,496.84 in December 2020 to CNY 747,479,154.14 by June 30, 2021, indicating a decline of approximately 24.4%[62]. - The company’s total liabilities to equity ratio improved from approximately 1.66 in December 2020 to 1.24 by June 30, 2021, indicating a stronger equity position relative to liabilities[63]. Research and Development - Research and development expenses increased by 104% to CNY 5.73 million, reflecting a significant investment in biological breeding[27]. - Research and development expenses increased to ¥5,730,211.69, up 103.3% from ¥2,808,929.70 in the first half of 2020, indicating a focus on innovation[69]. Market Conditions and Strategy - The seed industry is experiencing intense competition with over 5,000 legal varieties in the market, leading to pressure on production and operations[22]. - The food industry is adapting to rising costs and increased competition, focusing on innovation and market expansion to improve profitability[24]. - The overall financial performance indicates a strategic shift towards cost control and operational efficiency amid challenging market conditions[25]. - The company plans to enhance seed quality and yield through improved field management and marketing strategies to meet annual sales targets[33]. - The company aims to adjust its operational strategies in response to pandemic and exchange rate changes, leveraging both domestic and international markets[33]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 55,028[52]. - The largest shareholder, Jiuquan Modern Agriculture (Holding) Group Co., Ltd., holds 12.92% of the shares, totaling 68,170,168 shares[54]. - Jiangsu Rongzhuo Investment Co., Ltd. holds 10.42% of the shares, totaling 55,000,000 shares[54]. - There were no significant changes in the company's share capital structure during the reporting period[51]. Compliance and Regulations - The company has installed pollution control equipment in its subsidiaries to comply with environmental regulations[39]. - All subsidiaries have established wastewater treatment facilities that meet national and local discharge standards[39]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[37]. Accounting Policies - The financial statements are prepared based on the assumption of going concern, in accordance with the accounting standards[106]. - The company adheres to the accounting policies and estimates as per the relevant financial regulations[108]. - The company recognizes cash and cash equivalents as cash on hand and deposits available for payment[121]. - Foreign currency transactions are recorded at the spot exchange rate on the transaction date, with monetary items remeasured at the exchange rate on the balance sheet date[122].