XEMC(SH:600416)2021-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2021 was ¥2,147,413,629.31, a decrease of 6.94% compared to ¥2,307,475,390.59 in the same period last year[14]. - The net profit attributable to shareholders of the listed company was ¥63,349,399.11, a significant recovery from a loss of ¥189,576,907.16 in the previous year[14]. - The net cash flow from operating activities reached ¥222,252,748.52, a substantial increase from ¥1,503,846.30 in the same period last year, representing a growth of 14,678.95%[14]. - Basic earnings per share for the first half of 2021 were ¥0.06, recovering from a loss of ¥0.2 in the same period last year[15]. - The weighted average return on net assets increased by 9.25 percentage points to 1.82% from -7.43% in the previous year[15]. - The company reported a net profit of CNY 63.35 million for the first half of 2021, a substantial increase compared to a net loss of CNY 8.29 million in the same period of 2020 when excluding the wind power business[23]. - The company's gross profit margin increased by 1.92 percentage points year-on-year, resulting in an increase in profit of CNY 19.56 million[24]. - The company reported a total of ¥441,528,250.38 in cash that is restricted due to guarantees and judicial freezes[34]. - The company reported a comprehensive income of ¥15,666,475.25 for the first half of 2021, contributing to the overall increase in equity[123]. Assets and Liabilities - The total assets decreased by 4.51% to ¥12,167,361,632.69 from ¥12,742,175,877.52 at the end of the previous year[14]. - The company's net assets attributable to shareholders of the listed company increased by 41.21% to ¥3,867,369,322.15 from ¥2,738,788,203.90 at the end of the previous year[14]. - As of June 30, the company's debt-to-asset ratio was 63.37%, a decrease of 19.66 percentage points year-on-year and 10.64 percentage points since the beginning of the year[25]. - Cash and cash equivalents decreased by 16.35% to ¥1,541,589,888.05, accounting for 12.67% of total assets[33]. - Accounts receivable increased by 8.47% to ¥3,726,373,870.55, representing 30.63% of total assets[33]. - Inventory decreased by 18.69% to ¥1,566,372,601.75, making up 12.87% of total assets[33]. - Short-term borrowings decreased by 22.64% to ¥3,077,000,000.00, which accounted for 25.29% of total liabilities[33]. - Long-term borrowings decreased by 8.88% to ¥437,000,000.00, accounting for 3.59% of total liabilities[33]. - The total liabilities decreased from CNY 9,430,310,783.15 to CNY 7,710,295,994.60, a reduction of about 18.2%[96]. Revenue and Cost Analysis - The company's main business revenue increased by CNY 132 million, with a significant growth in special products and spare parts revenue by 90.56% and AC motor revenue by 43.22%[23]. - Total operating costs decreased to CNY 2,091,386,830.32, down 18.43% from CNY 2,565,903,994.34 year-on-year[101]. - Research and development expenses amounted to CNY 72.07 million, accounting for 3.36% of operating income[31]. - The company faced rising raw material costs, with copper prices up by 49.51%, silicon steel sheets by 69.93%, and medium-thick plates by 38.46% compared to the same period last year[23]. Market and Industry Position - The company is the largest motor manufacturer in China and ranks second in industrial output value in the motor industry as of 2020[19]. - The industrial output value of the small and medium-sized motor industry grew by 19.5% year-on-year in the first half of 2021, with the total output of large and medium-sized AC motors increasing by 23.8%[19]. - The company has established a marketing network covering all 30 provinces and municipalities in China, implementing a strategic marketing model to expand new markets and products[20]. - The company is positioned in the high-end equipment manufacturing industry, benefiting from the national "dual carbon" strategy, with significant market opportunities in electrification[21]. Environmental and Social Responsibility - The company has established a self-monitoring plan for 2021, including quarterly monitoring of wastewater and annual monitoring of air emissions, ensuring compliance with environmental standards[51]. - The company has received a pollution discharge permit from the Xiangtan Ecological Environment Bureau, with certificate number 91430300184686763Y001Q, confirming adherence to environmental regulations[50]. - The company has successfully completed its poverty alleviation tasks in Zhitian Village, achieving all registered poor households' exit from poverty by 2019[54]. - The company has initiated rural revitalization efforts in Shenchong Village, including the donation of 122 solar street lights to improve the living environment[55]. Corporate Governance and Compliance - The company has undergone significant changes in its board and management, with several directors and supervisors resigning and new members elected[44]. - The company is actively monitoring the impact of the ongoing pandemic on its production and operations in the second half of the year[40]. - The company has not disclosed any new employee stock ownership plans or other incentive measures during this reporting period[47]. - The company is adhering to regulatory requirements regarding information disclosure and related party transactions[61]. Shareholder Information - The controlling shareholder, Xiangdian Group, holds 180,990,081 shares, accounting for 15.67% of the total share capital[82]. - Hunan Xingxiang Investment Holding Group holds 225,929,169 shares, representing 19.56% of the total[82]. - The company completed a private placement of 209,117,575 shares, raising a total of RMB 1,081,137,862.75[78]. - The total number of common shareholders reached 26,404 by the end of the reporting period[85]. Legal and Litigation Matters - The company is involved in several ongoing litigation cases, including a contract dispute with Xiangtan Electric Motor Co., involving an amount of 13.15 million RMB[68]. - Another litigation case with Shenzhen Huali Special Electric Co. has been settled through mediation, involving a claim of 75.3 million RMB[68]. - The company has ongoing litigation involving various contract disputes, with amounts involved including 5,995 RMB and 139.64 RMB[70]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring the financial statements reflect a true and complete picture of its financial status[133]. - The company has established a unified accounting policy for all subsidiaries included in the consolidated financial statements[137]. - The company recognizes revenue when control of goods or services is transferred to the customer, based on the transaction price allocated to the performance obligation[182]. - The company measures lease liabilities at the present value of unpaid lease payments at the lease commencement date[178].