pingmei coal(SH:601666)2023-08-17 16:00Financial Performance - The company's operating revenue for the first half of 2023 was ¥15,969,113,333.07, a decrease of 17.70% compared to ¥19,402,675,031.21 in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2023 was ¥2,233,891,680.09, down 33.61% from ¥3,364,865,120.82 in the previous year[16]. - Basic earnings per share for the first half of 2023 were ¥0.9649, a decrease of 33.61% from ¥1.4534 in the same period last year[16]. - The total profit amounted to RMB 3.17 billion, reflecting a year-on-year decrease of 34.27%[21]. - The company reported a net profit for the first half of 2023 of CNY 2,397,059,135.89, a decline of 34.6% from CNY 3,660,639,228.86 in the previous year[107]. - The net profit for the first half of 2023 was CNY 1,926,596,387.08, a decrease of 32.3% compared to CNY 2,851,458,880.63 in the same period of 2022[110]. - The total comprehensive income for the first half of 2023 was CNY 1,926,596,387.08, a decrease of 32.3% from CNY 2,851,458,880.63 in the same period of 2022[111]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 38.03% to ¥6,531,535,615.33, compared to ¥4,731,859,366.77 in the same period last year[16]. - Cash flow from operating activities generated a net amount of CNY 6,531,535,615.33, an increase of 38.0% compared to CNY 4,731,859,366.77 in the first half of 2022[113]. - Cash and cash equivalents at the end of the period reached CNY 12,082,764,603.83, an increase of 73.5% from CNY 6,984,429,552.93 at the end of the first half of 2022[114]. - The company recorded a beginning balance of CNY 2,133,552,773.24 in deposits, with total deposits during the period amounting to CNY 38,761,041,789.11[72]. - The company has a total of CNY 2,793,580,569.85 in deposits at the end of the reporting period[72]. Assets and Liabilities - The total assets at the end of the reporting period were ¥77,514,602,288.76, reflecting a 4.53% increase from ¥74,157,276,946.52 at the end of the previous year[16]. - Total liabilities increased to CNY 51,209,406,841.77, compared to CNY 50,071,159,800.64 at the end of the previous year[104]. - The total liabilities increased to ¥24,775,020,753.62, reflecting a rise from the previous year[117]. - Long-term borrowings increased by 119.47% to ¥2,992,500,000.00, attributed to increased bank loans[27]. - The company’s total liabilities increased to ¥50.11 billion from ¥49.38 billion, a rise of approximately 1.48%[101]. Investments and Capital Expenditures - Research and development expenses increased by 17.78% to RMB 183.68 million, indicating a commitment to innovation[23]. - The company’s investment in fixed assets, intangible assets, and other long-term assets amounted to ¥3,073,600,400.08, significantly higher than ¥1,475,497,097.05 in the previous year, indicating a growth of 108.1%[116]. - The company completed a capital increase of ¥700,559,100 in Huangmei Longyuan Gypsum Co., holding a 70% stake, with a loss impact of -¥26,455,553.55[32]. - The company reported investment income of CNY 100,905,975.47, an increase from CNY 53,819,641.04 year-on-year[107]. Market and Operational Challenges - The company faced uncertainties in achieving its 2023 operational goals due to macroeconomic fluctuations and changes in the coal market supply and demand[5]. - The company will take active measures to improve the operational efficiency of its subsidiary Pingyu Coal Power and ensure that its assets meet the conditions for injection into the listed company within 36 months[63]. - The company plans to focus on expanding its market presence and developing new products in the upcoming quarters[124]. Environmental and Safety Measures - The company achieved a 100% operational and intact rate for pollution control facilities, with no pollution incidents or fines reported during the reporting period[51]. - The company is committed to achieving near-zero emissions and has implemented a three-year plan for near-zero gas emissions, focusing on gas management and the construction of gas power generation demonstration projects[57]. - The company’s environmental protection measures comply with local government regulations, and all construction projects have completed necessary environmental assessments[52]. Governance and Shareholder Relations - The company did not propose any profit distribution or capital reserve transfer plan for the first half of 2023[44]. - The controlling shareholder, China Pingmei Shenma Group, has committed not to interfere in the company's management activities and to fulfill its obligations regarding compensation measures for shareholders[64]. - The company has committed to resolving land and property ownership issues, ensuring that all related assets will be transferred to Wuhan Pingjiao Trading Co., Ltd. without any rights defects or burdens[65]. Related Party Transactions - The total amount of related party transactions during the reporting period reached CNY 11,841,586,707.07, with significant transactions including sales of coal and service fees[71]. - The company sold coal to its parent company, China Pingmei Shenma Group, for CNY 2,458,700,894.92, accounting for 15.84% of similar transactions[70]. - The company purchased materials from China Pingmei Shenma Group for CNY 1,499,640,994.22, representing 74.69% of similar transactions[70]. Financial Health and Credit Rating - The company's credit rating remains stable at AAA, with no adjustments during the reporting period[83]. - The company's debt-to-asset ratio decreased to 64.65%, down 1.94 percentage points from the previous year[89]. - The company has a cash interest coverage ratio of 10.92, indicating strong ability to cover interest expenses[89]. Corporate Structure and Control - The company is controlled by China Pingmei Shenma Group, which holds 43.02% of the shares, making it the largest shareholder[140]. - The ultimate actual controller of the company is the Henan Provincial State-owned Assets Supervision and Administration Commission, which holds 65.15% of China Pingmei Shenma Group[141]. - The company has established a comprehensive governance structure with various functional management departments, including finance, safety, and engineering[140].