CBMT(SH:603099)2020-08-19 16:00Financial Performance - The company's operating revenue for the first half of 2020 was CNY 24.63 million, a decrease of 80.90% compared to CNY 128.97 million in the same period last year [26]. - The net profit attributable to shareholders was a loss of CNY 57.76 million, representing a 145.93% increase in loss compared to a loss of CNY 23.49 million in the previous year [26]. - The net cash flow from operating activities was a negative CNY 43.40 million, a significant decline of 586.51% compared to a negative CNY 6.32 million in the same period last year [26]. - The total assets at the end of the reporting period were CNY 1,224.72 million, down 6.91% from CNY 1,315.69 million at the end of the previous year [26]. - The basic earnings per share for the first half of 2020 was -CNY 0.22, a decrease of 144.44% compared to -CNY 0.09 in the same period last year [26]. - The weighted average return on equity decreased by 3.12 percentage points to -5.48% from -2.36% in the previous year [26]. - The company reported non-recurring gains of CNY 3.41 million, primarily from government subsidies related to normal business operations [26]. - The company reported a total comprehensive loss of CNY 49,308,373.21 for the first half of 2020, reflecting the ongoing financial challenges [116]. Operational Challenges - The company faced significant operational challenges due to the COVID-19 pandemic, leading to a complete closure of the Changbai Mountain scenic area from January 24 to February 22, 2020 [26]. - The company has five wholly-owned subsidiaries, all of which reported declines in performance due to the COVID-19 pandemic [34]. - Seasonal fluctuations significantly impact revenue, with over 60% of annual income generated during the peak third quarter [34]. - The company experienced a significant decrease in cash received from sales of goods and services, totaling CNY 24,453,703.98, down from CNY 116,334,841.53 in the same period last year [120]. Corporate Governance and Compliance - The company’s board of directors and management have confirmed the accuracy and completeness of the financial report, assuming legal responsibility for any misstatements [4]. - The company has not faced any significant risks that could materially impact its operations during the reporting period [4]. - The company has not provided any guarantees in violation of regulatory decision-making procedures [4]. - The company has established a long-term commitment to ensure the accuracy and completeness of its disclosures [63]. - The company will actively disclose any failure to fulfill commitments and apologize to investors [67]. - The company has committed to cooperate with the board and supervisory board in case of any breaches of commitments [64]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,601 [82]. - The largest shareholder, Jilin Province Changbai Mountain Development Construction (Group) Co., Ltd., held 158,533,060 shares, accounting for 59.45% of total shares [82]. - The company did not propose any profit distribution or capital reserve fund transfer plan for the half-year period [40]. - The company committed to repurchase all newly issued shares if the prospectus is found to contain false records or misleading statements by regulatory authorities [54]. Assets and Liabilities - Total assets decreased from ¥1,315,694,562.31 to ¥1,224,715,461.38, a decline of approximately 6.9% [98]. - Total liabilities decreased from ¥233,651,599.48 to ¥197,891,189.48, a decline of about 15.3% [98]. - Total equity attributable to shareholders decreased from ¥1,082,042,962.83 to ¥1,026,824,271.90, a reduction of approximately 5.1% [98]. - The company's cash and cash equivalents as of June 30, 2020, were approximately ¥157.55 million, down from ¥231.52 million at the end of 2019, representing a decrease of 32% [93]. Accounting Policies - The accounting policies are based on the actual production and operational characteristics of the company [172]. - The company follows the enterprise accounting standards, ensuring that the financial statements reflect its financial status accurately [173]. - Financial assets are classified based on the business model and cash flow characteristics, including those measured at amortized cost and fair value [181]. - The group employs a cost method for accounting long-term equity investments in subsidiaries [196]. Cash Flow Management - Cash flow from operating activities showed a net outflow of CNY -43,399,643.79, compared to a smaller outflow of CNY -6,321,753.85 in the previous year [120]. - The company received CNY 22,142,512.88 in cash from borrowings during the financing activities, slightly up from CNY 21,811,011.63 in the prior year [122]. - The total cash and cash equivalents at the end of the period stood at CNY 156,606,550.04, compared to CNY 132,021,851.29 at the end of the previous year [122]. - The company received CNY 3,090,808.35 in tax refunds, a significant increase from CNY 291,220.52 in the previous year, indicating improved cash flow management [120].