XTAD(SH:600359)2021-08-29 16:00Financial Performance - The company's operating revenue for the first half of 2021 was approximately RMB 292 million, representing a 44.13% increase compared to the same period last year[19]. - Net profit attributable to shareholders reached approximately RMB 38 million, a significant increase of 306.19% year-on-year[19]. - Basic earnings per share increased to RMB 0.10, up 400% from RMB 0.02 in the same period last year[19]. - The weighted average return on equity rose to 7.73%, an increase of 5.57 percentage points compared to the previous year[19]. - The net cash flow from operating activities was approximately RMB 47 million, reflecting a 71.08% increase year-on-year[19]. - Revenue for the reporting period was CNY 292.02 million, representing a 44.13% increase compared to the previous year, primarily driven by increased sales from the seed processing and sales business[30]. - The company reported a significant decrease in inventory by 22.37% to CNY 295.69 million, mainly due to reduced raw material levels in the seed processing business[32]. - The company reported a net loss of CNY 817,818,374.40, an improvement compared to a net loss of CNY 855,930,590.23 in the previous period[66]. - The company reported a total comprehensive income of CNY 21,655,199.82 for the first half of 2021, compared to CNY 11,768,178.46 in the same period of 2020[73]. Assets and Liabilities - The company's total assets decreased by 4.18% to approximately RMB 1.68 billion compared to the end of the previous year[19]. - The net assets attributable to shareholders increased by 3.67% to approximately RMB 512 million at the end of the reporting period[19]. - Total assets as of the end of the reporting period were CNY 1,535,483,679.10, a decrease from CNY 1,594,337,308.85 at the end of the previous period[70]. - Total liabilities decreased to CNY 607,458,557.32 from CNY 673,931,440.28, reflecting a reduction of 9.8%[70]. - The company's equity attributable to shareholders increased to CNY 512,084,152.68 from CNY 493,959,150.11, showing an increase of approximately 3.67%[66]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 61,356[54]. - The largest shareholder, Aral Tongzhong State-owned Assets Management Co., Ltd., holds 40.32% of the shares[56]. - The company did not propose any profit distribution or capital reserve transfer plans for the half-year period, with no dividends or stock bonuses declared[37]. Corporate Governance - The company held two shareholder meetings during the reporting period, both of which were conducted in a hybrid format combining in-person and online voting[35]. - There were changes in the board of supervisors, with Yang Juan resigning and Wang Jianfeng and Luo Wenmin being appointed[37]. - The company has committed to avoiding any direct or indirect competition with its controlling shareholder, Tzongzong Company, to protect its interests[42]. Research and Development - Research and development expenses rose by 44.51% to CNY 4.08 million, indicating a focus on new product development in the dairy segment[31]. - The company has not disclosed any new product developments or technological advancements during the reporting period[38]. Taxation and Subsidies - The company applies a tax rate of 25% for most entities, while Xin Nong Gan Cao benefits from a reduced tax rate of 15%[168]. - The company enjoys tax exemptions for agricultural and livestock projects, as well as for certain products like cotton and milk[169]. - Xin Nong Dairy has been granted a VAT exemption for self-produced agricultural products since February 1, 2016[170]. - Non-recurring gains and losses totaled approximately RMB 5.92 million, with government subsidies contributing RMB 3.46 million[21]. Cash Flow Management - The cash flow from operating activities generated a net amount of 47,116,157.19 million RMB in the first half of 2021, up from 27,540,633.36 million RMB in the same period of 2020[79]. - The company’s cash and cash equivalents at the end of the first half of 2021 amounted to 119,873,845.83 million RMB, an increase from 89,230,522.50 million RMB at the end of the first half of 2020[80]. - The company’s financing activities resulted in a net cash outflow of 15,966,284.45 million RMB in the first half of 2021, an improvement from a net cash outflow of 84,001,412.07 million RMB in the same period of 2020[80]. Inventory and Receivables - The total inventory at the end of the period was CNY 327,237,908.02, down from CNY 414,965,033.05, indicating a decrease of about 21.1%[197]. - The total accounts receivable at the end of the period was ¥57,064,977.26, with a bad debt provision of ¥25,285,329.82, indicating a provision coverage ratio of approximately 44.3%[177]. - The company has a significant concentration of accounts receivable, with the top five debtors accounting for 45.88% of total accounts receivable, totaling ¥26,183,740.25[183]. Financial Reporting and Compliance - The company adheres to the accounting standards set forth by the enterprise accounting standards, ensuring that its financial statements accurately reflect its financial position and operating results[101]. - The company’s financial statements are prepared based on the principle of continuous operation, ensuring that it can meet its obligations as they fall due[98]. - The company has not reported any non-standard audit opinions or bankruptcy reorganization matters during the reporting period[45]. Risk Management - The company has not reported any significant changes in derivative financial assets, indicating a stable risk management approach[176]. - The company evaluates credit risk of financial instruments at each balance sheet date, categorizing them into three stages for impairment accounting[120].