Greenda(SH:603931)2021-08-19 16:00Financial Performance - The company's operating revenue for the first half of 2021 was CNY 332,666,718.56, representing a 25.96% increase compared to CNY 264,095,679.02 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2021 was CNY 62,585,919.06, up 20.92% from CNY 51,758,739.58 in the previous year[19]. - The net cash flow from operating activities decreased by 43.38% to CNY 36,986,563.21 from CNY 65,320,120.80 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 1,252,971,429.29, a slight increase of 0.39% from CNY 1,248,130,189.6 at the end of the previous year[20]. - The basic earnings per share decreased by 35.29% to CNY 0.44 from CNY 0.68 in the same period last year[21]. - The weighted average return on net assets decreased by 4.05 percentage points to 5.53% from 9.58% in the previous year[21]. - The company reported non-recurring gains of CNY 6,256,159.62, including government subsidies and other non-operating income[24]. - The total comprehensive income for the first half of 2021 was CNY 62,585,919.06, compared to CNY 51,758,739.58 in the first half of 2020, reflecting a growth of 20.0%[167]. Business Operations - The company specializes in the R&D, production, and sales of ultra-pure electronic chemicals, with key products including developing solutions and etching liquids[27]. - The company adopts a "sales-driven production" model, organizing production based on customer orders[28]. - The core product TMAH developing solution meets SEMI G4 standards, crucial for the production of LCD and OLED display panels[27]. - The company has achieved a technological breakthrough in TMAH developer liquid, breaking the monopoly of foreign enterprises and successfully replacing imports while exporting to South Korea, Japan, and Taiwan[33]. - The domestic sales model involves direct sales to major display panel manufacturers, utilizing online promotion, trade shows, and sales visits to expand the customer base[34]. - The overseas sales strategy is led by the marketing department, which formulates annual sales plans based on customer procurement needs and historical sales performance[37]. - The company has maintained stable sales prices with foreign clients, supported by framework agreements that allow for regular procurement orders[38]. - The company is focusing on expanding its production capacity for TMAH developer, BOE etching solution, and aluminum etching solution to meet growing demand[64]. Market and Industry Trends - The demand for wet electronic chemicals has significantly increased due to the rapid development of downstream industries such as semiconductors and display panels, with a projected industry growth rate of 6.3% in 2021[46][47]. - The domestic semiconductor industry has been growing rapidly, with the global display panel market value reaching $114.6 billion in 2020, showing a 13% year-on-year increase[47]. - The government is providing increasing policy support for the wet electronic chemicals industry, enhancing the competitive position of domestic enterprises[44][45]. - The company is well-positioned to capture the growing domestic market for high-end wet electronic chemicals, with significant potential for import substitution[48]. Risk Management - The company has detailed potential risks in the report, which investors should review[6]. - The company faces safety production risks due to the nature of its chemical products, which could impact operations if accidents occur[74]. - The company is exposed to raw material price fluctuations, which can affect its operating performance due to the high proportion of raw material costs in its overall expenses[81]. - The company acknowledges the potential impact of unforeseen events, such as natural disasters or social unrest, on its business and financial performance[86]. Shareholder Commitments - The company has established a profit distribution policy to ensure stable returns for investors and maintain continuous shareholder value[113]. - The controlling shareholder commits not to interfere with the company's management or infringe on its interests[113]. - The actual controller of the company also pledges not to interfere with management activities or infringe on company interests[114]. - The company commits to a six-month lock-up period for shareholders, extending automatically if stock prices fall below the adjusted issuance price for 20 consecutive trading days[101]. - Major shareholders, including the controlling shareholder, express confidence in the company's future and commit to long-term stockholding[102]. Environmental and Safety Standards - The company has established comprehensive safety and environmental operation standards, continuously investing in environmental protection to meet national and local regulations[75]. - The company has passed the ISO 14001:2015 environmental management system certification, indicating its commitment to environmental responsibility[93]. - During the reporting period, the company did not receive any penalties from relevant authorities due to environmental protection issues[93]. - The company has implemented measures to properly handle "three wastes" (waste gas, waste water, and solid waste) during its production processes, ensuring emissions meet national standards[93]. Shareholder Structure - The total number of ordinary shareholders at the end of the reporting period was 16,790[143]. - The top ten shareholders held a total of 106,906,240 shares, with the largest shareholder, Hangzhou Electric Chemical Group, owning 60,039,890 shares, representing 42.12% of the total[145]. - The company has a total of 60,039,890 restricted shares that will become tradable on August 19, 2023[147]. - The total number of shares held by the top ten unrestricted shareholders was 992,978, with the largest being Zhu Xiaohong[146].