Lanpec(SH:601798)2021-08-24 16:00Financial Performance - The company reported a revenue of CNY 267.85 million for the first half of 2021, a decrease of 37.07% compared to CNY 425.66 million in the same period last year[19]. - The net profit attributable to shareholders was a loss of CNY 71.54 million, a decline of 913.90% from a profit of CNY 8.79 million in the previous year[19]. - The company achieved operating revenue of CNY 267.85 million, a year-on-year decrease of 37.07%[32]. - The net profit attributable to shareholders was CNY -71.54 million, a year-on-year decline of 913.90%[32]. - The gross profit margin for products was 11.66%, a decrease of 46.09% compared to the same period last year[34]. - The total weight of products completed was 7,149.79 tons, a decrease of 26.25% year-on-year[34]. - The company reported a total comprehensive loss of ¥74,431,872.11 for the first half of 2021, compared to a comprehensive income of ¥5,516,596.67 in the first half of 2020[118]. - The company reported a significant increase in credit impairment losses, amounting to -¥7,788,128.14 in the first half of 2021, compared to a gain of ¥3,034,500.55 in the first half of 2020[117]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 42.55 million, an increase of CNY 47.82 million year-on-year[21]. - The cash flow from operating activities was CNY 42.55 million, a significant improvement compared to the previous year[41]. - The total cash inflow from operating activities for the first half of 2021 was ¥520,093,155.32, a decrease of 22.2% compared to ¥668,152,614.64 in the same period of 2020[124]. - The net cash outflow from operating activities was ¥42,552,140.56, contrasting with a net outflow of ¥5,272,357.50 in the first half of 2020[124]. - The ending balance of cash and cash equivalents was ¥220,277,638.58, down from ¥331,753,032.87 at the end of the first half of 2020[125]. - The company reported a significant increase in cash received from tax refunds, amounting to ¥149,682.42, compared to ¥1,496.29 in the previous year[123]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 3.06 billion, a slight decrease of 0.2% from the previous year[19]. - The net assets attributable to shareholders decreased by 3.31% to CNY 1.72 billion compared to the end of the previous year[19]. - The company's cash and cash equivalents amounted to ¥332.18 million, representing 10.87% of total assets, an increase from 9.81% in the previous period[44]. - Accounts receivable decreased by 8.68% to ¥800.44 million, accounting for 26.20% of total assets[44]. - Inventory increased by 21.73% to ¥473.20 million, now representing 15.49% of total assets[44]. - The total liabilities increased to CNY 1,323,498,956.80 from CNY 1,279,409,417.97, indicating a growth of about 3.4%[110]. - Owner's equity decreased to CNY 1,732,051,821.90 from CNY 1,782,333,510.09, a decline of approximately 2.8%[110]. Research and Development - The company plans to increase R&D investment by 106% to enhance technological innovation capabilities[41]. - Research and development expenses increased to ¥21,848,945.26 in the first half of 2021, up 105.0% from ¥10,606,405.44 in the first half of 2020[117]. - The company focuses on developing new technologies and products, including large-scale solar thermal power storage systems and LNG gasification devices[29]. Market and Business Operations - The company attributed the revenue decline to fewer project completions and increased raw material costs[21]. - The company actively expands into international markets, exporting products to Asia, Africa, and South America[30]. - The company operates under a typical order-based production model, engaging in bidding processes with downstream customers[27]. - The company is a long-term partner and excellent supplier for major Chinese oil companies, including China National Petroleum Corporation and China Petroleum & Chemical Corporation[30]. Shareholder and Governance - The company appointed Zhang Yufu as the new General Manager on March 31, 2021[63]. - No profit distribution or capital reserve increase is planned for the half-year period, with no dividends or stock bonuses proposed[64]. - The company commits to distributing cash dividends amounting to at least 30% of the average distributable profit over three years, subject to meeting certain conditions[76]. - The company will avoid related party transactions as much as possible, ensuring that unavoidable transactions are conducted at fair market prices[76]. - The controlling shareholder will maintain the independence of the listed company in terms of assets, personnel, finance, and operations[74]. Compliance and Risk Management - The company has maintained a 100% compliance rate for environmental protection measures in all new, renovated, and expanded projects[69]. - The company is facing risks related to macroeconomic conditions, market competition, and raw material price fluctuations, which could impact future performance[53][54][56]. - The company plans to enhance its R&D efforts and market expansion strategies to mitigate risks and improve competitiveness[55]. Financial Reporting and Accounting - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[155]. - 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[156]. - The company uses RMB as its functional currency for accounting purposes[159]. - The company recognizes control transfer upon meeting specific conditions, including approval from internal authorities and relevant government departments, and substantial payment of the merger price[163].