CITIC COHC(000099)2022-08-23 16:00Financial Performance - The company's operating revenue for the first half of 2022 was CNY 822,200,558.91, representing an increase of 8.76% compared to CNY 755,978,268.58 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was CNY 124,630,916.47, up 3.70% from CNY 120,184,089.05 year-on-year[23]. - The net profit after deducting non-recurring gains and losses was CNY 122,407,597.11, reflecting a growth of 9.59% compared to CNY 111,691,325.50 in the previous year[23]. - The net cash flow from operating activities was CNY 340,004,587.92, an increase of 6.10% from CNY 320,457,132.94 in the same period last year[23]. - The total assets at the end of the reporting period were CNY 6,471,242,538.21, a decrease of 2.20% from CNY 6,617,073,857.63 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company were CNY 4,791,554,408.10, which is an increase of 1.32% compared to CNY 4,728,985,102.59 at the end of the previous year[23]. - Basic earnings per share decreased by 18.96% to CNY 0.1607 from CNY 0.1983 in the same period last year[23]. - The diluted earnings per share also decreased by 18.96% to CNY 0.1607 from CNY 0.1983 year-on-year[23]. - The weighted average return on equity was 2.60%, down from 3.40% in the previous year, a decline of 0.80%[23]. Operating Costs and Investments - Operating costs rose to ¥625,990,692.55, reflecting a 16.41% increase from ¥537,743,931.24, primarily due to higher labor costs and aircraft leasing expenses[38]. - Research and development investment surged by 194.54% to ¥28,135,073.34, up from ¥9,552,050.95, indicating a significant focus on innovation[41]. - The total investment during the reporting period was ¥349,542,114.72, a substantial increase of 272.10% compared to ¥93,938,835.63 in the same period last year[51]. - The company invested CNY 101,156,993.68 million in aircraft acquisition and CNY 37,177,364.07 million in aviation material procurement and aircraft maintenance during the reporting period[57]. Cash Flow and Financial Position - The company reported a net increase in cash and cash equivalents of -¥188,092,779.43, a dramatic decline of 8,558.70% from -¥2,172,297.69, due to increased cash outflows from investment and financing activities[41]. - The company’s cash flow from investing activities showed a net outflow of -¥348,452,814.82, which is a 130.43% increase from -¥151,220,140.95 in the previous year[41]. - The company’s total assets at the end of the reporting period amounted to ¥6,458,000,000, with cash and cash equivalents accounting for 25.45% of total assets[46]. - The company’s financial expenses decreased by 17.48% to ¥16,129,835.26, down from ¥19,547,567.26, due to increased interest income and reduced interest expenses[41]. Subsidiary Performance - The company’s subsidiary, CITIC Ocean General Aviation Co., Ltd., reported a net profit of CNY 2,914,917.74 million[68]. - The company’s subsidiary, CITIC Ocean General Aviation Maintenance Engineering Co., Ltd., reported a net loss of CNY 2,985,058.66 million[68]. - The subsidiary Citic Heli Aviation achieved a net profit of CNY 2,914,917.74, a year-on-year decrease of 14.96% due to reduced management income and increased costs[72]. - Citic Heli Financing Leasing reported a net profit of CNY 3,122,750.18, with a significant year-on-year increase of 420.36% driven by increased project investments and substantial revenue growth[72]. - The net profit of the subsidiary Citic Heli (Qingdao) was CNY 2,490,389.65 during the reporting period[72]. Market Position and Operations - The company operates 77 aircraft, maintaining a large and diverse fleet with advanced models such as Airbus EC225 and Sikorsky S92[36]. - The company has established a strong market presence in offshore oil helicopter services, maintaining a leading market share[31]. - The company actively participates in emergency rescue projects, enhancing its core competencies in this area[31]. - The company has expanded its operations into the offshore wind power maintenance and rescue market, strengthening existing strategic partnerships[32]. - The company is the only general aviation enterprise in China operating in overseas markets, providing services for national polar scientific research[36]. Risk Management and Compliance - The company aims to enhance its operational safety by establishing a comprehensive risk management system to address various safety hazards[77]. - The company has identified a talent shortage as a risk due to its expanding business scale and is working to optimize employee structure and resource allocation[78]. - The company plans to avoid financial risks by closely monitoring foreign exchange fluctuations and managing accounts receivable effectively[79]. - The company is committed to maintaining a harmonious relationship with shareholders and ensuring compliance with relevant laws and regulations, with a focus on protecting minority shareholders' interests[89]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainable development, aiming to reduce aviation fuel consumption per flight hour and enhance resource utilization efficiency through training and new technology investments[93]. - The company has engaged in social assistance initiatives, focusing on helping low-income populations and contributing to social stability[93]. - The company has implemented energy management systems and awareness campaigns to reduce electricity waste in office and living areas[88]. - The company is actively pursuing green office practices, including promoting paperless operations and water and electricity conservation[93]. - The company has received multiple letters of appreciation from government departments for its contributions to public management services and emergency response efforts[90]. Shareholder and Equity Information - The company will not distribute cash dividends or issue bonus shares for the half-year period[83]. - The total number of ordinary shareholders at the end of the reporting period was 52,202, with the largest shareholder, China COSCO Shipping Corporation, holding 30.18% of shares, equivalent to 234,119,474 shares[172]. - CITIC Investment Holdings Limited holds 8.45% of shares, amounting to 65,555,001 shares[172]. - The company has undergone a significant reduction in limited shares, with 104,144,716 shares released from restrictions[151]. - The company does not have any preferred shares or corporate bonds outstanding during the reporting period[181][185]. Financing and Leasing Activities - The company plans to continue expanding its helicopter leasing operations, focusing on the Ka-32 model[1]. - The company has changed the currency of long-term borrowings from USD to RMB for its leasing agreements[1]. - The company is actively pursuing new financing arrangements to support its operational growth[1]. - The company signed a financial service agreement with CITIC Financial Co., Ltd. on March 28, 2022[10]. - The company has deposits of RMB 902.50 million in Citic Finance Co., Ltd., with interest income of RMB 4.2861 million during the reporting period[126].