登海种业(002041) - 2023 Q2 - 季度财报

Financial Performance - The company reported a total operating revenue for the reporting period reached ¥483,197,074.84, representing a year-on-year increase of 9.89% compared to ¥439,696,556.88 in the previous year[69]. - The net profit attributable to shareholders of the parent company decreased by 33.50% year-on-year, primarily due to increased seed costs[68]. - The net cash flow from operating activities experienced a net outflow increase of ¥32,863,255.57, mainly due to higher R&D expenses paid to partners compared to the previous year[68]. - The company reported a total comprehensive income of ¥4,686,721.12 for Donghai Pioneer, which is a decrease from the previous period's comprehensive income of ¥7,748,475.67[42]. - The net profit attributable to the parent company shareholders for the first half of 2023 is CNY 74,576,285.18, a decrease of 33.6% compared to CNY 112,151,756.82 in the same period of 2022[167]. - The basic and diluted earnings per share for the first half of 2023 are both CNY 0.0847, down from CNY 0.1274 in the first half of 2022, reflecting a decline of 33.5%[167]. - The total comprehensive income attributable to the parent company shareholders for the first half of 2023 is CNY 75,130,912.32, compared to CNY 111,045,934.02 in the same period of 2022, indicating a decrease of 32.4%[167]. - The operating profit for the first half of 2023 is CNY 62,980,497.41, down 51.1% from CNY 128,917,886.66 in the first half of 2022[169]. - The total comprehensive income for the first half of 2023 is CNY 126,179,611.18, reflecting the company's performance during this period[183]. Assets and Liabilities - The total assets of Donghai Pioneer amounted to ¥349,695,224.89, with current assets at ¥331,962,762.51, and non-current assets at ¥17,732,462.38[42]. - The total liabilities for Donghai Pioneer were ¥100,087,301.95, with current liabilities at ¥100,087,301.95[42]. - The cash and cash equivalents at the end of the period amounted to CNY 12,770,939.02, with fixed and intangible assets used as collateral[26]. - The total balance of receivables at the end of the period was 45,928,427.24, with significant amounts overdue[101]. - The total balance of other receivables at the end of the period was CNY 187,723,291.34, an increase from CNY 180,716,289.42 at the beginning of the period[125]. - The company’s provision for bad debts increased to CNY 8,778,529.66, up from CNY 8,364,740.75 at the beginning of the period[127]. - The company has no significant commitments or contingent liabilities that need to be disclosed as of the report date[91]. - The total equity attributable to the parent company at the end of the first half of 2023 is CNY 3,142,523,405.81, an increase from CNY 3,091,064,026.47 at the end of the previous year, representing a growth of approximately 1.65%[178]. - The company's retained earnings as of the end of the first half of 2023 stand at CNY 1,878,540,720.87, compared to CNY 1,846,951,069.78 at the end of the previous year, indicating an increase of about 1.71%[178]. Cash Flow - The cash flow from operating activities for Donghai Pioneer was -¥88,430,570.63, compared to -¥82,553,231.24 in the previous period[42]. - The net cash flow from operating activities for the first half of 2023 is -CNY 151,586,410.22, compared to -CNY 125,027,616.35 in the same period of 2022, indicating a worsening cash flow situation[173]. - The total cash inflow from investment activities for the first half of 2023 is CNY 2,400,909,030.96, an increase from CNY 2,175,683,363.98 in the first half of 2022[173]. - The cash outflow for purchasing fixed assets, intangible assets, and other long-term assets in the first half of 2023 is CNY 16,187,763.05, compared to CNY 10,419,370.69 in the same period of 2022, reflecting an increase of 55.5%[173]. - The net cash flow from financing activities for the first half of 2023 is CNY 7,634,098.79, a significant improvement compared to -CNY 33,211,608.04 in the first half of 2022[173]. - The cash and cash equivalents at the end of the first half of 2023 stand at CNY 278,954,897.61, compared to CNY 240,323,827.42 at the end of the first half of 2022, showing an increase of 16.1%[173]. Government Subsidies and Investments - The company received government subsidies totaling CNY 5,438,145.73 related to compensating for costs and losses incurred[29]. - The company recorded non-operating income totaling CNY 36,024,349.53, which includes government subsidies and gains from the disposal of non-current assets[140]. - The company has invested ¥64,042.00 in the Qingdao Biotechnology R&D Center, with a cumulative investment of ¥105,710,073.66[78]. - The company invested CNY 30 million to establish a wholly-owned subsidiary, Xinjiang Denghai Agricultural Technology Co., Ltd., in February 2023[120]. Subsidiaries and Market Position - The company has established several subsidiaries, including 登海鲁西 and 宁夏登海, with ownership stakes of 57.00% and 100.00% respectively[34]. - The subsidiary Zhangye Denghai achieved a net profit of 3,126,317.27 with a net profit margin of 59.63%, primarily due to subsidies from the local finance bureau[84]. - The subsidiary Changji Denghai reported a total revenue of 51,509,023.37 and a net profit of 15,934,889.39, indicating strong performance in corn seed breeding and sales[82]. - The subsidiary Denghai Xianfeng generated a revenue of 60,846,931.32 and a net profit of 4,686,721.12, contributing significantly to the overall financial results[82]. - The company has a significant presence in the market, ranking 4th in total sales of commercial seeds and 2nd in hybrid corn sales in 2021[66]. Shareholder Information - The total number of shares before the change was 880,000,000, representing 100.00% of the shares[145]. - There were no new shares issued or stock dividends during this period, maintaining the total at 880,000,000 shares[145]. - The company has no restricted shares, with all shares being freely tradable[145]. - The largest shareholder, Li Denghai, holds 64,696,004 shares, accounting for approximately 7.34% of the total shares[150]. - The top ten unrestricted shareholders collectively hold a significant portion of the shares, with the largest institutional investor holding 1.52%[149]. - There were no changes in the controlling shareholder or actual controller during the reporting period[154]. - The company reported no preferred shares existing during the reporting period[156]. - The company has not engaged in any repurchase transactions during the reporting period[153]. Research and Development - The company is actively involved in the research and development of new seed varieties and expanding its market presence[103]. - The company has a robust breeding program with over 3,000 acres of breeding trial fields and 20,000 square meters of greenhouses to support its research and development efforts[66]. - The company has established a modern rural financial service system to support rural revitalization and strengthen agricultural competitiveness[68]. - The company has faced challenges such as increased production costs and market competition due to a surge in corn variety approvals and high inventory levels[68]. - The company has implemented measures to mitigate risks associated with new product market promotion and changes in corn industry policies[103].