TYGF(SH:600506)2020-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2020 reached ¥12,556,339.46, a significant increase of 182.62% compared to ¥4,442,804.29 in the same period last year[19]. - The net profit attributable to shareholders was ¥12,303,850.90, recovering from a loss of ¥2,814,736.50 in the previous year[19]. - The net cash flow from operating activities was ¥1,650,607.29, compared to a negative cash flow of ¥2,810,277.00 in the same period last year[19]. - The total assets increased by 4.75% to ¥307,043,414.89 from ¥293,131,961.84 at the end of the previous year[19]. - The net assets attributable to shareholders rose by 4.49% to ¥286,369,501.15 from ¥274,065,650.25 at the end of the previous year[19]. - Basic earnings per share improved to ¥0.083 from a loss of ¥0.019 in the same period last year[20]. - The weighted average return on net assets was 4.39%, recovering from -1.00% in the previous year[20]. - The company achieved a revenue of CNY 12,556,339.46, representing an increase of 182.62% compared to the same period last year[35]. - The sales volume of fruit reached 1,015.71 tons, an increase of 99.06% year-on-year[32]. - The net profit attributable to shareholders was CNY 1,230.39 million, with a total profit of CNY 1,549.03 million[34]. - The main business revenue was CNY 11,963,200, an increase of 217.99% year-on-year[33]. - The company reported a significant increase in cash and cash equivalents, with a total of $X million, reflecting a Y% growth compared to the previous period[124]. Asset Management - Total assets at the end of the reporting period amounted to ¥306,000,000, with cash and cash equivalents representing 42.31% of total assets, an increase of 43.57% compared to the previous year[41]. - Accounts receivable increased significantly by 361.45% to ¥4,460,261.40, primarily due to an increase in customer payments[41]. - Other receivables decreased by 32.53% to ¥28,054,603.66, mainly due to the receipt of equity transfer payments[41]. - Fixed assets decreased by 32.07% to ¥18,854,045.74, primarily due to the disposal of office buildings[41]. - The company reported a significant increase in prepaid accounts, which rose by 42.84% to ¥138,363.80, attributed to an increase in rental prepayments[41]. Risk Management - The company anticipates potential risks from macroeconomic fluctuations, which have led to a decline in consumer demand affecting the pear industry[44]. - Natural disasters have significantly impacted pear production, leading to a substantial decrease in yield, prompting the company to enhance disaster management practices[45]. - Financial risks are associated with concentrated payments to farmers during the harvest season, necessitating careful planning to mitigate cash flow issues[47]. Corporate Governance - The company has not proposed any profit distribution or capital reserve increase for the half-year period[51]. - The company held two shareholder meetings in 2020, addressing key reports and proposals, including the transfer of office building ownership[50]. - The company has committed to not engaging in any business that competes with its listed company after the completion of the equity change[52]. - The company has guaranteed compliance with relevant regulations and management systems, ensuring equal rights for shareholders and fulfilling shareholder obligations[52]. - The company has appointed Zhongxing Cai Guanghua Accounting Firm for the 2020 financial report audit, with an audit fee of CNY 350,000[57]. Investment and Financing - The company signed an asset management agreement with Kuerchu Horticultural Farm and Xinjiang Bazhou Shayi East Pear Industry Development Co., Ltd. for the period from January 1, 2020, to December 31, 2020, involving assets worth 1,759.47 million RMB[63]. - The company received the first installment of 1,400 million RMB for the transfer of 25% equity in Xinjiang Jiahe Real Estate Development Co., Ltd. on December 21, 2017, and has since received a total of 2,735.54 million RMB including interest[66]. - The company transferred 15% equity in Jiahe Real Estate to Bodaxi Tai for 1,713.6 million RMB, with the first payment of 860 million RMB received on December 24, 2018[67]. - The company agreed to a debt restructuring contract with Jiahe Real Estate, allowing for the deferral of the remaining payment of 650 million RMB for the equity transfer of Changda Real Estate[70]. - As of March 31, 2020, Jiahe Real Estate owed the company 550 million RMB for the second installment and 2,245.13 million RMB for the third installment of the equity transfer[70]. - The company has agreed to extend the payment deadline for the remaining equity transfer amount of 2,795.13 million RMB to October 31, 2021, with interest based on the bank's benchmark lending rate[71]. Social Responsibility - The company invested a total of ¥69,079.28 in poverty alleviation efforts during the reporting period[75]. - The company helped 2 registered impoverished individuals achieve poverty alleviation through employment[75]. - The company plans to strengthen management and actively engage in business operations to enhance profitability and fulfill social responsibilities related to poverty alleviation[76]. Accounting Policies - The company has not experienced significant impacts on its financial statements due to the implementation of the new revenue standards effective from January 1, 2020[78]. - The total number of shares and the capital structure of the company remained unchanged during the reporting period[80]. - The company has not disclosed any significant changes in accounting policies or estimates compared to the previous accounting period[78]. - There were no major accounting errors that required retrospective restatement during the reporting period[79]. - The company has not reported any environmental information during the reporting period[78]. - The company has not experienced any changes in its controlling shareholders or actual controllers during the reporting period[86]. Revenue Recognition - The company recognizes revenue when control of the goods or services is transferred to the customer, which occurs upon the customer's acceptance of the delivery[187]. - Revenue from fruit and fruit wine sales is confirmed upon the issuance of delivery notices and acceptance by the customer, marking the transfer of control[188]. - The company provides cold storage services, recognizing revenue monthly based on the contractually agreed storage period[189]. - Government grants received are classified as either asset-related or income-related, with the latter recognized as deferred income and accounted for in the period when related costs are incurred[191]. Financial Instruments - The company has adopted an expected credit loss model for financial instruments, which considers the risk of default and calculates losses based on the present value of cash flow shortfalls[127]. - The company has a clear classification for debt instruments, with a focus on amortized cost and fair value measurement, ensuring accurate financial reporting[123]. - The management of financial assets aims to optimize cash flow collection while minimizing risks associated with credit losses[127]. - The company has designated certain equity instruments to be measured at fair value through other comprehensive income, reflecting a strategic investment approach[124]. Inventory Management - The company applies a perpetual inventory system for stock, valuing inventory at actual cost upon acquisition and using a weighted average method for inventory issued[136]. - Inventory impairment provisions are made when the cost exceeds the net realizable value, typically assessed on an individual item basis, or by category for numerous low-cost items[137]. Impairment Testing - The company conducts impairment testing for fixed assets, construction in progress, and intangible assets with finite useful lives at the balance sheet date, recognizing impairment losses when recoverable amounts are less than carrying values[173]. - Impairment losses are calculated based on the higher of fair value less costs to sell and the present value of expected future cash flows[174]. - Goodwill is tested for impairment annually, and any impairment loss is first allocated to the goodwill balance before being proportionately allocated to other assets in the asset group[175].