TIANMA TECH(SH:603668)2022-08-18 16:00Financial Performance - The company's operating revenue for the first half of 2022 was RMB 3,311,322,885.06, representing a 36.25% increase compared to RMB 2,430,298,544.89 in the same period last year[22]. - Net profit attributable to shareholders increased by 146.87% to RMB 150,280,552.98 from RMB 60,875,111.29 year-on-year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses rose by 167.04% to RMB 147,138,450.39 compared to RMB 55,099,834.28 in the previous year[22]. - Basic earnings per share increased by 88.89% to RMB 0.34 from RMB 0.18 year-on-year[23]. - The weighted average return on net assets rose to 7.81%, an increase of 2.93 percentage points compared to 4.88% in the previous year[23]. - The total profit for the same period was 18,505.16 million yuan, up 68.65% year-on-year, with net profit attributable to the parent company reaching 15,028.06 million yuan, an increase of 146.87%[87]. - The operating costs rose to ¥2,897,114,396.47, reflecting a 34.30% increase from ¥2,157,191,321.85 in the previous year, primarily due to increased sales revenue[107]. Cash Flow and Assets - The net cash flow from operating activities decreased by 177.10%, resulting in a negative cash flow of RMB -180,316,349.31, down from RMB 233,858,683.47 in the same period last year[22]. - The total assets of the company at the end of the reporting period were RMB 6,112,163,964.70, an 18.88% increase from RMB 5,141,413,063.10 at the end of the previous year[22]. - The company's net assets attributable to shareholders increased by 7.23% to RMB 1,985,456,732.73 from RMB 1,851,513,600.55 at the end of the previous year[22]. - The total liabilities at the end of the reporting period reached CNY 3,735,731,076.67, an increase of 27.8% from CNY 2,920,484,938.76[195]. - Short-term borrowings rose to CNY 1,049,186,754.05, up 34.0% from CNY 783,350,235.63[194]. Business Operations and Strategy - The company is actively advancing the construction of a 10,000-acre industrial base project in six provinces, focusing on the smart aquaculture of eel[24]. - The company’s strategic planning includes the integration of the entire eel industry chain, which continues to maintain a high level of industry prosperity[24]. - The company is committed to building a world-class food supply chain platform, focusing on the development of the prepared food business[37]. - The company is actively expanding its online and offline sales channels, with its "Eel Hall" grilled eel products sold in over 60 countries and regions[36]. - The company is focusing on expanding its product range in the eel segment, which is currently a significant part of its sales strategy[62]. Market Trends and Industry Insights - The global feed industry production reached 1.2355 billion tons in 2021, with a year-on-year growth of 2.3%[41]. - In the first half of 2022, China's total industrial feed production was 136.53 million tons, a year-on-year decrease of 4.3%, while aquatic feed production increased by 21.1%[43]. - The demand for animal protein is expected to continue driving growth in the feed industry, supported by rising incomes and consumption in China[45]. - The aquaculture industry in China is characterized by a high concentration of small enterprises, with 72.16% of companies having registered capital below 1 million yuan[51]. - The eel industry is experiencing a shift towards a dual-driven consumption growth model, with increasing domestic demand alongside international market recovery[55]. Research and Development - The company has developed nine series of animal health products to meet the needs of various aquaculture species, enhancing customer loyalty and product value[40]. - The company has developed proprietary technologies for specialized aquatic feed, filling domestic gaps, with products like glass eel feed and large yellow croaker feed leading the industry[95]. - The R&D center has optimized feed formulations for various fish species, achieving key technological breakthroughs and enhancing product performance while reducing costs[96]. - The company has established strategic partnerships with universities and research institutions, enhancing its R&D capabilities and talent cultivation[80]. - Research and development expenses increased by 46.03% to ¥59,062,084.58, driven by the company's ongoing "Ten Fish" strategy and enhanced investment in feed product development[106]. Environmental and Quality Management - The company has established a green and eco-friendly development model in the livestock and poultry food sector, with products recognized as pollution-free and sold across multiple provinces[37]. - The company’s environmental-friendly feed technology has been recognized in provincial science and technology awards, showcasing innovation in the industry[66]. - The implementation of strict quality management systems, including ISO9001 and HACCP, ensures food safety throughout the production process[130]. - The company has implemented a series of measures to promote energy conservation and environmental protection, ensuring stable operation of related facilities[150]. - All emissions from the company's production processes, including waste gas, wastewater, solid waste, and noise, fully comply with national standards, with no environmental pollution incidents reported[148]. Shareholder and Stock Information - The company has implemented a stock incentive plan involving granting 3.322 million restricted shares to 104 incentive objects, with 3.122 million shares granted initially and 200,000 shares reserved[138]. - The company plans to repurchase and cancel 144,250 restricted shares held by 13 individuals who did not achieve "excellent" performance in the 2020 personal performance assessment[141]. - The total number of shares before the recent change was 436,164,726, with 404,697,925 shares being freely tradable and 31,466,801 shares under restrictions[171]. - The company has repurchased a total of 6,887,763 shares, which accounts for 1.58% of the total share capital[181]. - The largest shareholder, Chen Qingtang, holds 86,557,557 shares, representing 19.85% of the total shares, with 43,260,000 shares pledged[179].