BLEST(SH:603959)2021-08-25 16:00Financial Performance - The company's operating revenue for the first half of 2021 was CNY 345,144,068.26, a decrease of 56.10% compared to the same period last year[17]. - Net profit attributable to shareholders for the first half of 2021 was CNY 36,753,759.01, an increase of 244.28% year-on-year[17]. - The net profit after deducting non-recurring gains and losses reached CNY 35,318,463.45, a significant increase of 4220.89% compared to the previous year[17]. - The net cash flow from operating activities was CNY 257,516,284.10, a turnaround from a negative cash flow of CNY -213,749,924.49 in the same period last year, representing a 220.48% increase[17]. - Basic earnings per share for the first half of 2021 were CNY 0.07, up 250.00% from CNY 0.02 in the same period last year[18]. - The total comprehensive income for the first half of 2021 was ¥37,852,128.89, significantly higher than ¥12,132,551.73 in the previous year[110]. - The company reported a net profit of approximately ¥37.00 million for the current period, reflecting a substantial improvement from a loss of ¥100.28 million in the previous year[124]. Assets and Liabilities - The total assets as of June 30, 2021, were CNY 2,696,761,089.98, a decrease of 3.05% from the end of the previous year[17]. - The company’s total liabilities were CNY 2,012,773,423.05, down from CNY 2,143,385,780.03[102]. - Cash and cash equivalents decreased by 25.52% to ¥238,563,016.80 due to the maturity of notes payable[19]. - Accounts receivable increased by 50.42% to ¥159,323,320.71, attributed to an increase in bank-issued notes for payment[19]. - Inventory decreased by 43.39% to ¥126,929,148.35, primarily due to the consumption of raw materials for the Chengdu Bamo project[19]. - The total assets at the end of the reporting period were approximately ¥683.99 million, up from ¥383.83 million in the previous year, marking an increase of 78.5%[128]. Investments and R&D - Research and development expenses rose by 46.46% to ¥32,949,062.69, mainly due to increased material costs for the Baile lithium battery project[20]. - The company holds 133 patents and 14 proprietary technologies, showcasing its strong R&D capabilities in lithium battery materials and petrochemical engineering[42]. - The company has invested in a hydrogen fuel cell high-temperature proton membrane electrode project in Shaanxi Province, with land acquisition and environmental approvals completed[52]. - The company reported an investment income of ¥22,693,143.79 from joint ventures, a recovery from a loss of ¥101,360.90 in the previous year[109]. Market Position and Strategy - The company focuses on providing comprehensive solutions for smart factories in the new energy and traditional energy sectors, including engineering consulting, proprietary equipment manufacturing, and EPC contracting services[26]. - The company is actively expanding its market presence in the lithium battery and hydrogen fuel cell sectors, focusing on innovative product development and strategic partnerships[26]. - The company aims to achieve localization of high-temperature proton exchange membrane electrode components in collaboration with BASF, enhancing its production capabilities in the hydrogen energy sector[32]. - The company has established over 100 production lines for lithium battery materials across the country, leveraging its extensive experience in smart factory design and construction[40]. Risks and Challenges - The company faces macroeconomic risks due to reliance on the national economy and the stability of the new energy industry, which may affect project investments[69]. - The company is at risk of losing its technological edge due to rapid industry innovation and the need for continuous upgrades in technology and products[70]. - The company may experience cash flow pressures due to delayed payments from project owners in its engineering contracting business, leading to accounts receivable risks[72]. Corporate Governance and Compliance - The company has committed to avoiding any competitive business activities with its subsidiaries, ensuring no direct or indirect competition exists[82]. - There are no significant lawsuits or arbitration matters reported during the reporting period[84]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[83]. - The company has not reported any non-compliance issues or penalties involving its directors, supervisors, or senior management during the reporting period[84]. Accounting and Financial Reporting - The financial statements are prepared on a going concern basis, indicating no significant doubts about the company's ability to continue operations for the next 12 months[150]. - The company adheres to specific accounting policies, including the recognition and measurement of bad debt provisions and inventory valuation[151]. - The company recognizes cash equivalents as short-term, highly liquid investments that are easily convertible to known amounts of cash[173]. - The company assesses expected credit losses for other receivables based on whether credit risk has significantly increased since initial recognition, applying different policies for various risk groups[189].