Bohai Ferry (SH:603167)2022-08-25 16:00Financial Performance - The company's operating revenue for the first half of 2022 was approximately RMB 590.45 million, a decrease of 14.07% compared to RMB 687.11 million in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2022 was approximately RMB 78.09 million, down 34.29% from RMB 118.83 million in the previous year[16]. - The basic earnings per share for the first half of 2022 was RMB 0.17, a decline of 32.00% compared to RMB 0.25 in the same period last year[16]. - The total profit amounted to 133.72 million yuan, down 27.55% compared to the previous year[24]. - The net profit after deducting non-recurring gains and losses was approximately RMB -12.93 million, a significant decline of 113.59% compared to RMB 95.12 million in the previous year[16]. - The company reported a significant decrease in the previous year's net profit impact from currency fluctuations, with the 2021 figures being 2,129,483.80 RMB for USD and 4,089,001.18 RMB for EUR[42]. - The company reported a net profit margin decline due to increased operating costs, impacting overall profitability[90]. - The company reported a profit distribution of -66,556,494.45 for the first half of 2022, reflecting a significant outflow to shareholders[114]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately RMB 199.90 million, a decrease of 11.02% from RMB 224.66 million in the previous year[16]. - Cash inflow from sales of goods and services was RMB 621,180,677.20, a decrease of 7.4% from RMB 671,131,364.97 in the first half of 2021[97]. - The company paid RMB 129,253,117.63 to employees, an increase of 16.9% compared to RMB 110,464,271.43 in the same period last year[98]. - The net cash increase for the first half of 2022 was RMB -21,722,072.46, contrasting with an increase of RMB 90,059,787.49 in the first half of 2021[98]. - The total cash outflow from investing activities was RMB 62,365,313.62, significantly higher than RMB 21,585,118.58 in the first half of 2021[98]. Assets and Liabilities - The total assets at the end of the reporting period were approximately RMB 4.94 billion, down 3.13% from RMB 5.10 billion at the end of the previous year[16]. - The total liabilities decreased to CNY 1,579,127,258.63 from CNY 1,610,106,432.82, a decline of approximately 1.9%[84]. - The total equity attributable to shareholders was CNY 3,518,882,350.95, a slight decrease from CNY 3,531,310,567.12 at the beginning of the period[88]. - The company reported a total of 820,500 restricted shares held by directors and executives, with no new grants during the reporting period[78]. - The total liabilities of the company are approximately 226 million, which is a slight decrease from 200 million in the previous year, indicating a reduction of about 13%[107]. Market and Operational Developments - The company operates 9 large roll-on/roll-off vessels with a total tonnage of 275,900 tons and a total vehicle lane length of 20,800 meters[21]. - Vehicle freight revenue accounts for approximately 65% of the total revenue from the roll-on/roll-off transportation business[21]. - The company acquired Weihai Haida Passenger Transport Co., enhancing its market competitiveness and coverage in the Bohai Bay roll-on/roll-off market[21]. - The company established Bohai Hengtong Ferry Co., Ltd. to expand its service radius and improve logistics capabilities[22]. - The company has faced significant challenges due to the complex domestic economic environment and rising costs, including fuel and labor[24]. Strategic Initiatives - The company plans to develop its own fuel supply system to reduce fuel costs, which account for over 30% of total costs[23]. - The company is focusing on market expansion by enhancing its service offerings and optimizing operational efficiency[25]. - Future strategies may include exploring new product developments and market expansions to drive growth[109]. - The company plans to maintain its current strategies without major changes in the near future[105]. Environmental and Safety Commitments - The company has established and implemented an energy management system to ensure all fuel used in vessels meets national and industry standards[53]. - The company is committed to zero discharge of solid pollutants and oily wastewater, with all waste handled by recognized disposal units[53]. - The company emphasizes safety in maritime operations, mitigating risks from adverse weather and other unforeseen events[40]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[52]. Shareholder and Governance Matters - The company did not propose any profit distribution or capital reserve conversion plans for the half-year period[47]. - The company appointed Yang Hao and Wang Limin as directors and appointed Zou Feng as the safety director on June 29, 2022[46]. - There were no rejected proposals during the shareholder meetings, indicating a consensus on the discussed matters[45]. - The company has a stock incentive plan in place, with details available on the Shanghai Stock Exchange website[48]. Financial Reporting and Compliance - The financial statements were approved by the board of directors on August 25, 2022[119]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial reports accurately reflect its financial status and operational results[125]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its sustainability[123]. - The company has not reported any changes in accounting policies or prior period error corrections during the first half of 2022, maintaining consistency in financial reporting[113].