XUSHENG(SH:603305)2023-08-29 16:00Shareholder Structure and Capital Changes - The company completed a profit distribution plan on April 14, 2023, with a capital reserve conversion of 4 shares for every 10 shares held, increasing the total share capital from 666,582,095 to 933,214,933 shares[1]. - As of the end of the reporting period, the total number of ordinary shareholders was 21,467, with the largest shareholder holding 27.30% of the shares[4]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder, Ningbo Meishan Free Trade Port Area Xusheng Holdings Co., Ltd., owning 254,766,935 shares[4]. - Xu Xudong, the chairman and general manager, increased his holdings by 27,116,026 shares during the reporting period, bringing his total to 115,846,450 shares[10]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[10]. - There were no significant changes in the number of restricted shares held by the top ten shareholders as of the end of the reporting period[4]. - The company has not issued any convertible bonds or other debt financing tools during the reporting period[12]. - There were no stock incentive grants reported for directors, supervisors, or senior management during the reporting period[10]. - The company has not disclosed any strategic investors or general corporations becoming top ten shareholders due to new share placements[4]. - The company has not reported any changes in the status of preferred shareholders or their holdings[11]. Financial Performance - As of June 30, 2023, total assets reached RMB 10,278,095,327.25, an increase from RMB 9,623,703,864.14 at the end of 2022, reflecting a growth of approximately 6.8%[18]. - Current assets totaled RMB 5,433,413,661.75, up from RMB 5,057,721,198.87, indicating an increase of about 7.4%[18]. - Cash and cash equivalents amounted to RMB 2,392,908,398.89, compared to RMB 2,327,187,550.55, representing a growth of approximately 2.8%[16]. - Accounts receivable increased to RMB 1,448,364,951.63 from RMB 1,268,352,977.46, marking a rise of about 14.2%[16]. - Inventory decreased to RMB 1,097,514,628.99 from RMB 1,344,345,940.61, showing a decline of approximately 18.4%[16]. - Total liabilities amounted to RMB 4,335,876,548.05, up from RMB 3,998,972,843.11, reflecting an increase of around 8.4%[18]. - Short-term borrowings decreased to RMB 898,653,484.93 from RMB 1,071,039,168.13, a reduction of about 16.1%[18]. - Long-term borrowings increased significantly to RMB 1,450,000,000.00 from RMB 700,000,000.00, indicating a growth of approximately 107.1%[18]. - Total equity attributable to shareholders reached RMB 5,931,147,222.69, compared to RMB 5,612,531,571.12, an increase of about 5.7%[20]. - The company reported a net profit increase, with retained earnings rising to RMB 2,019,418,834.92 from RMB 1,705,510,664.10, reflecting a growth of approximately 18.4%[20]. Revenue and Expenses - Total operating revenue for the first half of 2023 reached ¥2,360,336,114.38, an increase of 18.4% compared to ¥1,993,368,731.64 in the same period of 2022[29]. - Total operating costs for the first half of 2023 were ¥1,901,825,511.25, up from ¥1,696,808,756.49, reflecting a growth of 12.0%[29]. - Research and development expenses increased to ¥87,284,638.59, compared to ¥77,324,425.00 in the previous year, marking a rise of 12.7%[29]. - The company reported a net profit margin improvement, with net profit for the first half of 2023 showing a positive trend compared to the previous year[29]. - The company reported a total profit of ¥469,553,735.53, a significant increase from ¥316,591,504.46 in the previous year[37]. - Net profit attributable to shareholders of the parent company was ¥393,898,022.22, up 43.5% from ¥274,706,789.40 in the previous year[35]. - Basic and diluted earnings per share both increased to ¥0.42, compared to ¥0.31 in the same period last year[35]. Cash Flow and Investments - Cash inflows from operating activities amounted to CNY 2.49 billion, an increase from CNY 2.31 billion in the first half of 2022, reflecting a growth of 7.8%[40]. - The net cash flow from operating activities was CNY 502.12 million, significantly higher than CNY 193.46 million in the previous year, indicating a growth of 159.9%[44]. - Cash outflows for investing activities totaled CNY 1.40 billion, a decrease from CNY 2.22 billion in the first half of 2022, showing a reduction of 37.1%[44]. - The net cash flow from financing activities was CNY 378.49 million, compared to CNY 316.44 million in the same period last year, reflecting an increase of 19.6%[44]. - The company received CNY 1 billion in borrowings during the first half of 2023, up from CNY 854.84 million in the same period of 2022, representing a growth of 17.0%[44]. Accounting and Governance - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations for the next 12 months[84]. - The accounting policies and estimates include provisions for accounts receivable impairment, fixed asset depreciation, and revenue recognition, tailored to the company's operational characteristics[87]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements accurately reflect its financial position and operating results[88]. - The company has established a multi-tier governance structure, including a board of directors and various specialized committees[81]. - The company is committed to transparency and compliance with financial reporting regulations, ensuring that all relevant information is disclosed[88]. - The board of directors and management guarantee the accuracy and completeness of the semi-annual report, with no false statements or omissions[167]. Credit Risk and Impairment - The company assesses credit risk based on the relative change in default risk from initial recognition to the balance sheet date[159]. - The expected credit loss rate for bank acceptance bills is 0%, based on historical credit loss experience and current economic forecasts[130]. - The company applies expected credit loss models to measure impairment for financial assets, recognizing loss provisions based on the risk of default[155]. - The company categorizes receivables into groups based on similar credit risk characteristics for estimating expected credit losses[160]. - The aging schedule for accounts receivable indicates expected credit loss rates of 5.00% for up to 1 year, 10.00% for 1-2 years, 30.00% for 2-3 years, 50.00% for 3-4 years, 80.00% for 4-5 years, and 100.00% for over 5 years[184]. Inventory and Long-term Investments - The company measures inventory at the lower of cost and net realizable value, with the net realizable value determined based on estimated selling prices minus estimated costs to complete and sell[193][194]. - The company recognizes long-term equity investments based on the book value of the investee's net assets at the acquisition date, adjusting for any differences between the investment cost and the book value[198]. - The company applies a loss provision for inventory based on individual items, but for numerous low-value items, it applies provisions by category[194]. - The company does not apply expected credit loss recognition for contract assets, indicating a focus on other receivables and long-term investments[196].