Yueda Inv.(SH:600805)2021-08-20 16:00Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥1.87 billion, representing an increase of 82.01% compared to the same period last year[16]. - The net profit attributable to shareholders of the listed company was approximately -¥352.70 million, showing a slight deterioration from -¥346.91 million in the previous year[16]. - The net cash flow from operating activities was -¥126.39 million, compared to -¥18.58 million in the same period last year, indicating a worsening cash flow situation[16]. - The total assets decreased by 11.18% to approximately ¥9.30 billion compared to the end of the previous year[16]. - The net assets attributable to shareholders decreased by 7.15% to approximately ¥4.58 billion compared to the end of the previous year[16]. - The basic earnings per share for the first half of 2021 was -¥0.41, unchanged from the same period last year[17]. - The weighted average return on net assets was -7.41%, a decrease of 1.66 percentage points compared to the previous year[17]. - The company reported a total of ¥54.65 million in non-recurring gains and losses, primarily from the disposal of non-current assets and government subsidies[19]. - The company achieved a revenue of approximately ¥1.87 billion, representing an increase of 82.01% compared to the previous year[52]. - The net loss for the first half of 2021 was CNY 381,346,023, compared to a net loss of CNY 172,639,766 in the same period of 2020, indicating a worsening financial performance[119]. - The company reported a total comprehensive loss of CNY 381,346,023 for the first half of 2021, compared to a loss of CNY 172,639,766 in the same period of 2020[119]. Operational Highlights - The company operates in the automotive and smart manufacturing sectors, with a focus on passenger vehicle manufacturing, specialized vehicles, textiles, smart agricultural equipment, and other businesses[21]. - The passenger vehicle segment is supported by a joint venture with Dongfeng Motor Group and Kia, which has seen a decline in new car sales since 2018, indicating a shift to a micro-growth phase in the Chinese market[21]. - The company’s subsidiary, Yueda Zhixing, is enhancing its automotive sales and service network, aiming to develop a smart travel platform and expand into the used car market[22]. - The specialized vehicle segment has an annual production capacity of 4,000 units, with leading products like the rear compression garbage truck utilizing advanced Japanese technology[25]. - The textile subsidiary has a production capacity of 28,000 tons of high-end yarn and 18 million meters of high-end home textile fabrics annually, indicating strong operational capabilities[26]. - The smart agricultural equipment segment offers a wide range of tractors, with nearly 100 varieties and power coverage from 16 to 260 horsepower, serving both domestic and international markets[27]. - The logistics segment, Yueda Changjiu, expanded its business and improved operational efficiency, contributing to overall revenue growth[43]. - The sales volume of passenger vehicles by Yueda Zhixing reached 5,606 units, a year-on-year growth of 172%[43]. - Yueda Special Vehicles sold 345 units of various special vehicles, marking a growth of 14.24% year-on-year[44]. - The company sold 1.59 million tons of yarn, an increase of 41% year-on-year, and 910.84 million meters of fabric, up 23.4% year-on-year[45]. - The company sold 2,880 tractors, with exports reaching 445 units, a significant increase of 194.7% year-on-year[46]. Financial Position - The company's total long-term equity investments amounted to ¥4,124,765,488.34, a decrease of 7.11% compared to the previous year[59]. - Cash and cash equivalents at the end of the period were ¥900,878,398.72, representing 9.69% of total assets, down 34.92% from the previous year[55]. - Accounts receivable decreased by 7.15% to ¥466,786,450.71, accounting for 5.02% of total assets[55]. - Inventory decreased by 10.37% to ¥714,396,929.86, representing 7.68% of total assets[55]. - Short-term borrowings decreased by 15.22% to ¥1,669,820,000.00, making up 17.96% of total assets[55]. - The company's overseas assets totaled ¥107,363,258.84, accounting for 1.15% of total assets[56]. - The company reported a significant decrease in other current assets by 45.60% to ¥126,275,424.39, which constituted 1.36% of total assets[55]. - The company has a long-term loan of ¥520,000,000.00, which is 5.59% of total assets, down 8.61% from the previous year[55]. - Contract liabilities increased by 22.68% to ¥62,630,734.74, representing 0.67% of total assets[55]. - The company's total liabilities decreased from CNY 5,000,083,335.87 to CNY 4,178,532,809.38, reflecting a reduction of about 16.4%[109]. - The company's equity attributable to shareholders decreased from CNY 4,934,351,742.43 to CNY 4,581,523,667.95, a decline of approximately 7.1%[109]. Investment and R&D - The company is focusing on R&D to enhance product competitiveness in the automotive and intelligent manufacturing sectors[42]. - The company maintains a diversified investment strategy, balancing stable cash flow projects with high-tech initiatives to support long-term growth[28]. - The company incurred financial expenses of CNY 50,399,226, with interest expenses amounting to CNY 53,372,409, reflecting a slight decrease from the previous year[118]. - Investment losses amounted to ¥266,778,062.07 in the first half of 2021, compared to losses of ¥244,175,217.27 in the same period of 2020[116]. - The investment loss for the first half of 2021 was CNY 274,538,941, compared to a loss of CNY 167,804,522 in the same period of 2020, indicating increased investment challenges[118]. Environmental and Social Responsibility - DYK Company, in which the company holds a 25% stake, and Chenjiagang Power Plant, with a 20% stake, are classified as key pollutant discharge units by environmental authorities[73]. - DYK Company has invested over 200 million RMB in environmental protection over recent years, enhancing or upgrading pollution control equipment to reduce emissions[74]. - The company has established emergency response plans for environmental incidents at both DYK Company and Chenjiagang Power Plant, implementing graded early warning systems[75]. - The company has not disclosed any significant changes in its environmental information or received administrative penalties related to environmental issues during the reporting period[76]. Shareholder Information - The company had a total of 42,533 common shareholders at the end of the reporting period[96]. - Jiangsu Yueda Group Co., Ltd. held 272,246,562 shares, representing 32.00% of the total shares, with 136,123,281 shares pledged[97]. - The total number of shares held by the top ten unrestricted shareholders is 272,246,562 shares, with Jiangsu Yueda Group Co., Ltd. being the largest shareholder[98]. - The largest individual shareholder, Li Yihong, holds 6,719,392 shares, representing approximately 0.79% of the total shares[99]. - The report indicates that there are no new stock options granted to directors, supervisors, or senior management during the reporting period[103]. - There are no changes in the controlling shareholder or actual controller during the reporting period[104]. Accounting and Reporting Standards - The financial report section is included in the semi-annual report, providing insights into the company's financial performance[106]. - The company follows the accounting standards and the financial statements reflect the financial position, operating results, changes in shareholders' equity, and cash flows accurately[151]. - The company has adopted the new leasing standards effective from January 1, 2021, which requires recognition of right-of-use assets and lease liabilities for all leases[150]. - The company believes it has the ability to continue as a going concern for at least 12 months from the end of the reporting period[149]. - The financial statements are prepared based on the principle of continuous operation, reflecting actual transactions and events[148].