XCC(SH:603667)2021-08-30 16:00Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,195,833,716.35, representing a 53.47% increase compared to CNY 779,194,738.99 in the same period last year[21]. - The net profit attributable to shareholders of the listed company reached CNY 83,470,658.38, a significant increase of 184.86% from CNY 29,302,041.69 in the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 71,297,751.16, up 267.06% from CNY 19,424,072.66 year-on-year[21]. - Basic earnings per share increased by 190% to CNY 0.29 from CNY 0.10 in the previous year[23]. - The weighted average return on equity rose to 4.56%, an increase of 2.87 percentage points compared to 1.69% in the same period last year[22]. - The company reported a net profit of ¥97,756,521.54 for the first half of 2021, compared to a loss of ¥759,101.08 in the same period of 2020, indicating a significant turnaround[171]. - The total comprehensive income for the first half of 2021 was CNY 88,145,043.62, compared to CNY 28,105,827.69 in the same period of 2020, indicating a growth of approximately 213%[175]. Cash Flow and Investments - The net cash flow from operating activities was CNY 43,328,733.89, down 61.12% from CNY 111,451,255.85 in the same period last year[21]. - The cash inflow from operating activities for the first half of 2021 was CNY 1,351,800,339.61, a significant increase from CNY 887,546,003.87 in the same period of 2020, representing a growth of approximately 52.2%[185]. - The total cash outflow from investing activities was CNY 320,521,406.17, compared to CNY 168,268,731.48 in the previous year, reflecting an increase of approximately 90.4%[188]. - The net cash flow from investing activities was -CNY 220,119,642.69, worsening from -CNY 93,025,747.35 in the first half of 2020[188]. - The cash inflow from financing activities was CNY 522,455,277.72, down from CNY 635,783,679.92 in the same period of 2020, a decrease of about 17.8%[190]. - The total cash and cash equivalents at the end of the period were CNY 211,474,428.67, down from CNY 116,031,650.39 at the end of the first half of 2020[190]. Assets and Liabilities - Total assets increased by 11.64% to CNY 3,790,846,803.08 from CNY 3,395,476,333.31 at the end of the previous year[21]. - The company's total liabilities reached CNY 1.86 billion, an increase from CNY 1.51 billion, representing a growth of approximately 23.66%[158]. - The company's cash and cash equivalents increased to CNY 328.57 million from CNY 317.37 million year-over-year[151]. - Accounts receivable rose to CNY 558.58 million, up from CNY 479.28 million, indicating a growth of approximately 16.53%[151]. - Inventory increased significantly to CNY 697.92 million, compared to CNY 544.78 million, reflecting a growth of about 28.14%[151]. Research and Development - The company has a robust R&D team and has been awarded the National Science and Technology Progress Award for its key technologies in precision rolling parts[38]. - Research and development expenses increased by 44.58% year-on-year, reflecting the company's commitment to new project development[57]. - The company is actively developing new products for the automotive sector, including bearings for electric vehicle air conditioning compressors and drive motors, which are progressing well in market development[51]. - The company aims to enhance its research and development efforts for new technologies[197]. Market Position and Strategy - The company is positioned in the high-end equipment manufacturing industry, specifically in bearing manufacturing, which is a key strategic emerging industry supported by the government[36]. - The global bearing market is approximately USD 100 billion, with major international players holding over 60% market share, indicating a competitive landscape for the company[36]. - The company has established a strong market presence in the automotive sector, supplying components to major brands such as BYD and Tesla[32]. - The company plans to establish a new factory with an annual production capacity of 10 million high-end bearing rollers, expected to generate an additional 250 million yuan in annual revenue after reaching full production in 2022[50]. - The company is exploring potential mergers and acquisitions to bolster its market position[197]. Risk Management - The company reported no significant risks that could materially affect its production and operations during the reporting period[10]. - The company has outlined potential risk factors and corresponding countermeasures in the report[10]. - The company is facing risks related to the development of high-end technology products, which may delay project progress if not executed as planned[76]. - The automotive industry is experiencing a chip shortage, which could negatively impact product sales if the situation persists[77]. - The company has signed material price linkage agreements with approximately 70% of its customers to mitigate the risk of rising raw material prices[75]. Corporate Governance - The report was not audited, and all board members attended the board meeting[5]. - There were changes in senior management, with the appointment of a new deputy general manager and board secretary[86]. - The company has not reported any significant changes in environmental information or responsibilities during the reporting period[92]. - The company has committed to avoiding related party transactions and competition in the industry, with commitments dating back to 2018[98]. - There are no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[107]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,952[128]. - The largest shareholder, Zhang Feng, holds 23.82% of the shares, amounting to 69,621,123 shares, with 37,079,900 shares pledged[128]. - The top ten shareholders hold a combined total of 71.69% of the shares, indicating a concentrated ownership structure[128]. - The company has not reported any changes in the actual controller or major shareholders during the reporting period[136].