COFC(SZ:000798)2020-08-12 16:00Financial Performance - The company's operating revenue for the first half of 2020 was ¥152,737,323.46, a decrease of 45.25% compared to ¥278,966,441.79 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥42,990,364.07, showing an improvement from -¥45,348,636.15 in the previous year[18]. - The net cash flow from operating activities was -¥100,492,045.34, compared to -¥31,329,491.61 in the same period last year[18]. - Total revenue for the reporting period was ¥152,737,323.46, a decrease of 45.25% compared to ¥278,966,441.79 in the same period last year[39]. - The total profit for the period was -44.41 million yuan, an improvement of 2.37 million yuan from -46.78 million yuan in the same period last year[34]. - The company reported a net loss of ¥2,650,260.15 from its subsidiary, Zhongwa Fisheries Co., Ltd., which significantly impacted overall profitability[52]. - The company reported a net loss of CNY 88,532,331.10 in retained earnings, compared to a loss of CNY 45,541,967.03 previously, indicating a worsening of approximately 94.5%[119]. - The total comprehensive loss for the first half of 2020 was ¥43,609,876.06, slightly better than the loss of ¥46,766,629.91 in the first half of 2019[123]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,188,750,550.84, an increase of 5.69% from ¥1,124,725,159.54 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company decreased by 5.59% to ¥721,564,973.93 from ¥764,319,964.83 at the end of the previous year[18]. - Short-term borrowings rose to ¥109,143,959.50, representing 9.18% of total liabilities, indicating an increase in bank loans[46]. - Total liabilities reached CNY 420,052,291.89, up from CNY 312,417,024.53, reflecting an increase of around 34.5%[119]. - Current liabilities rose to CNY 372,231,717.81, compared to CNY 263,175,941.28, indicating a significant increase of about 41.5%[119]. - Owner's equity totaled CNY 768,698,258.95, down from CNY 812,308,135.01, a decrease of about 5.4%[119]. Operational Highlights - The company continues to focus on the tuna fishing industry and has established a leading position in the domestic market for tuna longline fishing[24]. - The company is currently constructing three low-temperature tuna vessels and four ultra-low-temperature tuna vessels, with ongoing renovations on four low-temperature tuna vessels[25]. - The company has established a fishing base in the South Pacific with processing and supply capabilities[24]. - In the first half of 2020, the company caught 8,402 tons of various fish, a 16.94% increase from 7,185 tons in the same period last year[34]. - The company completed the construction of three 40.6-meter low-temperature tuna fishing vessels during the pandemic, enhancing its production capacity in the South Pacific[33]. Revenue Breakdown - Tuna revenue accounted for ¥115,949,076.28, representing 75.91% of total revenue, down 36.78% from ¥183,397,733.19[39]. - Domestic revenue was ¥101,995,350.37, which is 66.78% of total revenue, reflecting a decline of 40.81% from ¥172,323,560.59[39]. - The retail trade revenue decreased by 49.91% to ¥34,870,743.22, contributing 22.83% to total revenue[39]. Cash Flow and Investments - The company's cash flow from investment activities decreased by 269.79% to -86.40 million yuan, reflecting increased payments for shipbuilding and infrastructure[37]. - The company's operating cash flow for the first half of 2020 was -100,492,045.34 CNY, a decline from -31,329,491.61 CNY in the same period of 2019, indicating a worsening cash flow situation[127]. - The company raised 160,820,000.00 CNY through borrowings, which was a new source of cash inflow not present in the previous year[128]. Research and Development - The company’s R&D investment rose by 68.05% to 317,367 yuan, indicating a focus on innovation and technology development[36]. - Research and development expenses increased to ¥317,367.00, up from ¥188,852.02 in the first half of 2019, indicating a focus on innovation[122]. Social Responsibility - The company reported a total of 24 million yuan allocated for poverty alleviation efforts, helping 400 registered impoverished individuals to escape poverty[88]. - The company actively participated in consumption poverty alleviation initiatives as part of its social responsibility efforts[86]. - The company established a work mechanism for poverty alleviation, with annual plans and budgets to ensure effective implementation[86]. Risks and Challenges - The company faces risks related to fluctuations in fishery resources, which can significantly affect operational efficiency[53]. - Trade risks have been exacerbated by ongoing US-China trade tensions, impacting the company's international and domestic trade sales[54]. - The company faces ongoing human resource risks due to increasing domestic living standards, leading to a shortage of skilled crew members[54]. Shareholder Information - The total number of shares outstanding is 319,455,000, with 99.98% being unrestricted shares[98]. - Total number of common shareholders at the end of the reporting period was 18,230[100]. - The largest shareholder, China Agricultural Development Group Co., Ltd., holds 25.36% of shares, totaling 81,003,133 shares[100]. Legal and Compliance - The company has not reported any significant contracts or guarantees during the reporting period[82]. - The company has not engaged in any significant asset or equity sales during the reporting period[50]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[102]. Accounting Policies - The company adheres to specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[145]. - The company recognizes impairment losses for financial assets measured at amortized cost and debt instruments measured at fair value through other comprehensive income, including receivables and long-term receivables[173]. - The company uses a perpetual inventory system and applies the weighted average method for inventory issuance[179].