COFC(SZ:000798)2023-08-29 16:00Financial Performance - The company's operating revenue for the first half of 2023 was approximately ¥239.41 million, representing a 13.10% increase compared to ¥211.68 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was approximately ¥51.93 million, a slight decrease of 0.44% from ¥52.15 million year-on-year[18]. - The net profit after deducting non-recurring gains and losses was approximately ¥43.38 million, down 19.57% from ¥53.94 million in the previous year[18]. - The net cash flow from operating activities was negative at approximately -¥47.50 million, a significant decline of 233.92% compared to ¥35.47 million in the same period last year[18]. - The total assets at the end of the reporting period were approximately ¥1.57 billion, an increase of 16.19% from ¥1.35 billion at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were approximately ¥970.42 million, reflecting a growth of 5.57% from ¥919.26 million at the end of the previous year[18]. Revenue Sources - The fishing income accounted for 68.01% of total revenue, amounting to CNY 162,823,867.59, with a slight increase of 1.19% from CNY 160,909,693.69 in the previous year[32]. - Retail trade income surged by 53.79% to CNY 74,438,122.34, up from CNY 48,401,654.25, now representing 31.09% of total revenue[32]. - The company reported a significant increase in domestic revenue by 32.59% to CNY 128,386,650.47, while international revenue decreased by 3.33% to CNY 111,023,091.47[32]. Industry Focus and Strategy - The company continues to focus on the tuna fishing industry, aiming to become a leading domestic and world-class ocean fishery enterprise[23]. - The company has extended its industrial chain from low-temperature tuna longline fishing to ultra-low-temperature tuna longline fishing and tuna purse seine fishing[23]. - The company plans to maintain its leading position in the domestic tuna longline fleet despite intense market competition[23]. - The company expanded its fleet operations from the Central and Western Pacific to the Atlantic, Indian Ocean, and Eastern Pacific, diversifying its product offerings[25]. - The company has established processing plants and fishing docks in countries along the "Belt and Road" initiative, enhancing operational efficiency and economic benefits[27]. Cash Flow and Financial Position - Cash and cash equivalents increased to ¥453.99 million, representing 28.97% of total assets, up from 25.55% last year, due to increased cash from financing activities[38]. - Accounts receivable rose to ¥38.78 million, accounting for 2.47% of total assets, compared to 0.97% last year[38]. - Inventory increased to ¥278.01 million, making up 17.74% of total assets, up from 15.93% last year[38]. - Short-term borrowings surged to ¥148.24 million, representing 9.46% of total assets, compared to 1.96% last year, attributed to increased cash from loans[38]. Research and Development - Research and development investment decreased by 45.85% to CNY 6,797,640.67, down from CNY 12,552,376.95, due to the completion of certain R&D projects[30]. - The company plans to strengthen market analysis and enhance sales control capabilities, actively exploring the domestic market[56]. - The company will continue to increase technological investment, utilizing fishery forecasting systems to improve fleet operational efficiency[56]. Shareholder and Equity Information - The company held three shareholder meetings during the reporting period, with investor participation rates of 60.13%, 58.25%, and 61.41% respectively[60]. - The company plans not to distribute cash dividends or issue bonus shares for the first half of 2023[62]. - The company completed a non-public offering of 46,403,712 shares at a price of RMB 8.62 per share, raising a total of RMB 399,999,997.44, with a net amount of RMB 388,802,391.68 after expenses[143]. - The total share capital after the non-public offering increased to RMB 36,585.8712 million[143]. Risks and Challenges - The company faces market risks due to global economic downturns, rising inflation, and geopolitical conflicts[53]. - The volatility of fishery resources has intensified, influenced by La Niña and El Niño phenomena, leading to unpredictable tuna resource changes[53]. - The risk of rising production costs is significant, driven by high crude oil prices and inflation, increasing fishing costs[53]. Legal and Compliance Matters - The company is currently involved in arbitration regarding a claim of CNY 28,386,000 for the unfulfilled performance commitment for 2015, with a court ruling requiring Zhang Fuci to pay the difference[79]. - The company completed the deregistration of Xinyangzhou Company on May 31, 2023, and received a distribution of bankruptcy assets amounting to CNY 1,302.98 in July 2023[74]. - There were no significant litigation or arbitration matters reported during the period[79]. Accounting and Financial Reporting - The financial report for the first half of the year has not been audited[119]. - The company's financial statements are prepared in accordance with the relevant accounting standards and reflect a true and complete picture of its financial status[149]. - The company recognizes deferred tax assets related to temporary differences if new information indicates that economic benefits can be realized within 12 months post-acquisition[156].