敦煌种业(600354) - 2022 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 309,439,732.68, a decrease of 13.23% compared to CNY 356,623,851.11 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of CNY 6,369,679.48, compared to a loss of CNY 4,104,751.73 in the previous year[19]. - The net cash flow from operating activities was a negative CNY 18,079,938.41, an improvement from a negative CNY 42,992,224.97 in the same period last year[19]. - The total assets at the end of the reporting period were CNY 1,576,164,051.86, a decrease of 0.72% from CNY 1,587,544,580.37 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were CNY 613,044,774.70, down 0.49% from CNY 616,058,754.18 at the end of the previous year[19]. - The basic earnings per share for the first half of 2022 was -CNY 0.0121, compared to -CNY 0.0078 in the same period last year[20]. - The weighted average return on net assets was -1.04% for the first half of 2022, compared to -0.67% in the previous year[20]. - The company reported a net loss of CNY 11,545,762.39 after deducting non-recurring gains and losses, compared to a loss of CNY 22,669,179.77 in the same period last year[19]. Revenue Breakdown - The seed industry achieved revenue of 225.3 million yuan, an increase of 1.8 million yuan year-on-year, with a net profit of 44.995 million yuan, up 71.47% year-on-year[25]. - The food and trade sector reported revenue of 65.236 million yuan, a decrease of 11.53% year-on-year, resulting in a net loss of 8.6807 million yuan, although this represented an improvement of 6.2466 million yuan compared to the previous year[26]. - The seed industry accounted for 72.81% of total revenue, while the food and trade sector contributed 21.08%[24]. Cost Management - Operating costs decreased by 21.47% to 210.48 million yuan from 268.02 million yuan year-on-year[29]. - Financial expenses were reduced by 40.09% to 6.95 million yuan, down from 11.59 million yuan in the previous year[29]. Cash Flow and Financing - The company’s cash flow from operating activities improved, with a net cash flow of -18.08 million yuan, compared to -42.99 million yuan in the previous year[29]. - The company’s financing activities generated a net cash flow of 70.82 million yuan, compared to -18.77 million yuan in the previous year[29]. - The company raised ¥350,000,000.00 through borrowings, compared to ¥229,437,800.00 in the previous period, indicating increased financing activities[83]. - The net cash flow from financing activities was ¥142,211,706.80, up from ¥52,428,315.49 in the previous period, reflecting stronger capital management[83]. Inventory and Receivables - The company’s accounts receivable decreased by 39.89% to 61.38 million yuan, down from 102.11 million yuan year-on-year[29]. - Prepayments decreased to ¥140.54 million, a 8.92% decrease compared to the end of last year[30]. - Inventory decreased to ¥187.26 million, a 38.01% decrease compared to the end of last year[30]. Environmental and Social Responsibility - The company has made investments in environmental protection measures, including the installation of desulfurization and dust removal devices in its facilities to comply with regulations[41]. - The company has successfully upgraded its wastewater treatment facilities to meet national and local discharge standards[41]. - The company has continued to support poverty alleviation efforts, ensuring that 28 individuals from 5 households achieved an average net income increase of over 10% compared to the previous year[44]. - The company has actively engaged in technology assistance, promoting 5 new high-yield forage varieties over an area of 45 acres, which has led to the cultivation of 2,000 acres[44]. - The company has provided 2,770 job opportunities for local farmers, resulting in an average income increase of 2,100 RMB per person, effectively driving local income growth and rural revitalization[44]. Corporate Governance - There were changes in the board of directors, with a new chairman elected following the resignation of the previous chairman[38]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[42]. - The company has not reported any significant changes or issues related to its annual report audit[50]. Risk Management - The company has identified potential risks in its future development, which are detailed in the management discussion and analysis section of the report[7]. - The company faces market risks due to intense competition in the seed industry and an oversupply situation, prompting the establishment of the Gansu Province Corn Seed Research Institute to enhance R&D capabilities[34]. - The COVID-19 pandemic significantly impacted the export sales of food processing products, leading the company to focus on expanding domestic sales[34]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 82,540[56]. - The largest shareholder, Jiuquan Modern Agriculture (Holding Group) Co., Ltd., held 68,170,168 shares, accounting for 12.92% of the total shares[58]. - Jiangsu Rongzhuo Investment Co., Ltd. held 55,000,000 shares, representing 10.42% of the total shares[59]. - The top ten shareholders did not experience any changes in their holdings during the reporting period[58]. Accounting Policies - The financial statements are prepared based on the assumption of going concern, in accordance with the relevant accounting standards[106]. - The company has not reported any changes in accounting policies or estimates during the reporting period[108]. - The company’s accounting currency is Renminbi (RMB)[112]. Taxation and Subsidies - The company benefits from various tax rates, including a 25% corporate income tax rate, with certain agricultural products exempt from VAT and corporate income tax[194]. - The company’s subsidiaries are exempt from corporate income tax for income derived from agricultural product breeding and initial processing of cotton, as approved by local tax authorities[196]. - The company received government subsidies related to daily activities, which are recognized as other income, while unrelated subsidies are recorded as non-operating income[188].