NJTC(SH:601975)2021-08-16 16:00Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,887,422,102.57, a decrease of 14.46% compared to ¥2,206,369,635.07 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was ¥208,156,631.75, down 82.17% from ¥1,167,175,257.27 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 207,100,841.24, a decrease of 70.60% compared to the previous year[22]. - The net cash flow from operating activities was CNY 453,899,830.68, down 60.10% year-on-year[22]. - The basic earnings per share decreased by 82.61% to CNY 0.04 compared to CNY 0.23 in the same period last year[22]. - Operating revenue decreased by 14.46% compared to the same period last year, while operating costs increased by 11.97%[60]. - The net profit attributable to shareholders saw a significant decline of 82.17%, down from 1.167 billion yuan to 208 million yuan, primarily due to falling international tanker freight rates[60]. - The company reported a net loss of 200,263,578.98 from owner contributions and capital reductions[178]. - The comprehensive income for the current period amounted to 175,341,819.56 RMB, reflecting a decrease of 89,332,495.00 RMB in total owner's contributions[182]. Governance and Compliance - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[7]. - There are no significant risks or non-operating fund occupation by controlling shareholders and their related parties reported[8]. - The report indicates that the financial statements have not been audited, but management has confirmed their accuracy and completeness[6]. - There are no violations of decision-making procedures regarding external guarantees reported[8]. - The company has maintained its governance structure with all board members present at the meeting[5]. - The company continues to operate under the oversight of its controlling shareholder, China Merchants Group[12]. - The company has committed to avoiding related transactions with Changhang Oil Transportation, ensuring any unavoidable transactions are conducted fairly and transparently[91]. - The company will comply with all legal and regulatory requirements regarding related transactions to protect the interests of Changhang Oil Transportation and its shareholders[98]. Market and Industry Conditions - The global economy is projected to grow by 5.6% in 2021, with China's economy showing a remarkable growth rate of 12.7% in the first half of the year[37]. - Brent crude oil prices increased by over 46% in the first half of 2021, driven by global economic recovery and OPEC+ production cuts[38]. - Domestic crude oil water transport market volume decreased by approximately 1.1 million tons year-on-year, totaling around 39.7 million tons[46]. - The domestic refined oil consumption volume from January to June 2021 reached 16.294 million tons, a year-on-year increase of 5.7%[53]. - The chemical transportation market experienced robust demand in the first half of 2021, with significant growth in both volume and price due to economic recovery[54]. - The company anticipates a gradual increase in crude oil trade volume and freight rates in the second half of the year as global oil inventories decline[45]. - The company expects the domestic refined oil market to stabilize and improve in the second half of the year, driven by favorable export-to-domestic sales transitions[53]. Operational Overview - The company operates a fleet of 61 vessels with a total deadweight tonnage of 2.34 million tons[28]. - The company focuses on the transportation of crude oil, refined oil, chemicals, and gases, with operations in both domestic and international markets[28]. - The company has diversified its business to include crew services and fuel supply, enhancing its core competitiveness[31]. - The company employs various business models including time charter, voyage charter, and COA contracts to optimize operational efficiency[32]. - The company is the only domestic water transport enterprise with both international and domestic oil and gas transportation qualifications, providing comprehensive transportation solutions for petrochemical clients[35]. - The company has established long-term contracts with major oil companies such as ExxonMobil, PetroChina, Sinopec, and China National Offshore Oil Corporation, ensuring a stable supply of high-quality resources[35]. - The company's MR fleet holds a leading position in the domestic and east of Suez markets, with significant advantages in international product oil transportation[36]. Shareholder and Capital Structure - The company repurchased a total of 89,332,495 shares, accounting for 1.81% of the total share capital, and these shares were subsequently canceled[22]. - The total number of shares decreased from 4,942,116,343 to 4,852,783,848 due to the share repurchase[128]. - The largest shareholder, China Foreign Transportation and Shipping Corporation, holds 1,357,425,761 shares, representing 27.97% of the total shares[131]. - The company has a total of 3,495,358,087 unrestricted circulating shares, which is 72.03% of the total[128]. - The company’s limited shares held by major shareholders will become tradable on January 8, 2022, with a total of 1,357,425,761 shares[134]. Legal and Litigation Matters - The company is involved in significant litigation, including a transportation contract dispute with a claim amounting to approximately CNY 10,724,990.08[100]. - Another ongoing lawsuit involves TL HOLDINGS CO., LTD, claiming CNY 3,710,000.00 for port operation disputes, currently under trial[103]. - The company has a labor dispatch contract dispute with Nanjing Haishun Maritime Service Co., Ltd, with an amount of CNY 559,816.02, which is also under trial[104]. - A related case with Nanjing Zhonggang Shipbuilding Co., Ltd involves a claim of CNY 7,274,640.26, pending trial[104]. - The company has incurred no expected liabilities from the ongoing lawsuits as of the reporting period[100]. Asset and Liability Management - The company's total assets amounted to CNY 6,946,787,472.57, slightly down from CNY 7,008,502,879.54 at the end of the previous period[150]. - The total liabilities of the company were ¥2,960,226,887.51, compared to ¥2,873,969,355.39 at the end of 2020, reflecting an increase of approximately 3%[142]. - The company's equity attributable to shareholders decreased to ¥5,716,648,096.20 from ¥5,724,129,561.05, a decline of about 0.1%[143]. - The company reported a significant increase in accounts payable, which rose to CNY 258,004,511.40 from CNY 190,194,835.38, marking a 35.7% increase[150]. - The company's long-term borrowings decreased to ¥1,530,851,118.58 from ¥1,757,935,582.59, a reduction of about 12.9%[142]. Future Commitments and Investments - The company has ongoing investments in new vessels, including two 24,000 HANDY ships and a 3,700-ton chemical tanker, with expected annual returns of 830 million yuan and 268 million yuan respectively[68]. - The company is preparing for the construction of new MR vessels, with expected annual returns of 148 million USD each[68]. - The company has signed a contract for the construction of one chemical tanker at a contract price of 69.90 million RMB, with delivery scheduled for August 31, 2021[118]. - The company has ongoing contracts for the construction of two MR oil tankers at a contract price of 33.67 million USD each, with delivery dates set for November 30, 2022, and March 31, 2023[118].