XYT(SZ:002087)2021-08-29 16:00Financial Performance - The company's operating revenue for the first half of 2021 was ¥2,516,228,698.98, representing a 4.29% increase compared to ¥2,412,815,480.25 in the same period last year[17]. - The net profit attributable to shareholders decreased by 43.79% to ¥64,504,432.00 from ¥114,759,245.10 year-on-year[17]. - The net profit after deducting non-recurring gains and losses was ¥58,897,852.75, down 40.87% from ¥99,613,821.00 in the previous year[17]. - Basic earnings per share decreased by 43.77% to ¥0.0790 from ¥0.1405 year-on-year[17]. - The company's revenue for the current period is ¥2,516,228,698.98, representing a year-over-year increase of 4.29% compared to ¥2,412,815,480.25 in the same period last year[34]. - The cost of goods sold increased by 8.71% to ¥2,224,204,813.69 from ¥2,045,931,834.27, resulting in a gross margin decrease of 3.60%[38]. - The company reported a decrease in income tax expenses by 35.56%, amounting to ¥11,782,690.11, due to a decline in profits[34]. - Yarn sales accounted for 63.32% of total revenue, generating ¥1,593,264,903.36, with a year-over-year growth of 3.55%[36]. - The revenue from grey cloth and fabrics surged by 35.33% to ¥753,751,283.83, increasing its share of total revenue to 29.96%[37]. - Domestic sales contributed 97.14% of total revenue, amounting to ¥2,444,147,773.90, reflecting a growth of 5.93% year-over-year[37]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 156.56% to ¥1,004,245,418.90, compared to ¥391,420,064.74 in the same period last year[17]. - The net cash increase in cash and cash equivalents was -¥49,756,656.59, an improvement from -¥229,332,576.47 in the previous year[34]. - Cash and cash equivalents at the end of the reporting period amounted to ¥858,277,984.3, representing 9.14% of total assets, an increase of 0.68% compared to the previous year[47]. - The company maintained a total production capacity of 112,500 tons for yarn and 85 million meters for grey cloth, with a capacity utilization rate of 91.83%, up from 88.30% last year[40]. - The company reported a significant decrease in cash flow from investment activities, indicating a strategic shift in capital allocation[150]. - The company’s operating cash flow remains positive, indicating ongoing operational efficiency despite challenges in investment returns[150]. - The company plans to focus on improving cash flow management and reducing investment outflows in the upcoming periods[150]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,385,479,197.35, a decrease of 7.84% from ¥10,183,876,727.24 at the end of the previous year[17]. - The total liabilities decreased to ¥4,981.32 million from ¥5,826.55 million, a reduction of 14.51%[130]. - The company's cash and cash equivalents were 858.28 million, slightly down from 861.15 million[128]. - Inventory decreased to ¥2,583,100,614, now representing 27.52% of total assets, a decline of 3.55% from the previous year[47]. - Short-term borrowings decreased to ¥2,269,340,000, which is 24.18% of total assets, down by 7.01% compared to the previous year[47]. - Long-term borrowings increased to ¥623,069,864.2, now accounting for 6.64% of total assets, an increase of 3.02% year-on-year[47]. - The asset-liability ratio decreased to 53.07% from 57.21%, a reduction of 4.14%[122]. Market Position and Strategy - The company is a leading manufacturer in the high-end cotton textile sector, producing yarn and fabric products, with a strong technological and brand advantage[25]. - The company has established 29 sales offices across major textile markets in China to enhance market development and customer feedback[26]. - The company ranks 9th in the 2020 China Cotton Textile Industry Revenue Top 100 list, indicating strong market position and economic performance[28]. - The company has a complete industrial chain including cotton procurement, spinning, weaving, and dyeing, which enhances operational stability and cost advantages[32]. - The company focuses on high-end markets and personalized services to achieve differentiated profits[30]. - The company is positioned to benefit from the growth potential in the central and western regions of China, enhancing its competitive edge in the textile industry[32]. - The company plans to continue expanding its domestic and international markets to seize post-pandemic development opportunities[58]. Environmental and Social Responsibility - The company has a wastewater treatment plant with a processing capacity of 6,000 tons per day, which operates normally and meets the GB4287-2012 discharge standards[69]. - The company has established a pollution prevention facility with a daily treatment capacity of 1,000 tons for its old plant, which is also functioning properly[68]. - The company conducts monthly monitoring of emissions including smoke flow, sulfur dioxide, nitrogen oxides, and particulate matter[74]. - The company has a solid waste and hazardous waste storage area and complies with regulations for hazardous waste disposal through contracts with qualified third-party companies[69]. - The company emphasizes social responsibility, actively fulfilling obligations to stakeholders and ensuring safety production management[76]. - The company has implemented an emergency response plan for environmental incidents, ensuring timely reporting and coordination with local environmental authorities[71]. Governance and Compliance - The company has a governance structure in place to protect shareholder rights and ensure compliance with legal regulations[77]. - The company has not engaged in any major related party transactions during the reporting period[87]. - There were no significant legal disputes or administrative penalties reported during the reporting period[86]. - The company has not reported any significant mergers or acquisitions during the first half of 2021, focusing instead on internal growth strategies[157]. - The company has not engaged in any leasing, contracting, or custodial arrangements during the reporting period[93]. Financial Reporting and Accounting - The financial statements are prepared based on the assumption of going concern, indicating no issues affecting the company's ability to continue operations in the next twelve months[166]. - The financial report complies with the requirements of the enterprise accounting standards, reflecting the company's financial position as of June 30, 2021[168]. - The company uses Renminbi as its functional currency for accounting purposes[171]. - The company has specific accounting policies for bad debt provisions, fixed asset depreciation, intangible asset amortization, and revenue recognition[167]. - The company recognizes financial liabilities at fair value, with changes due to its own credit risk recorded in other comprehensive income[187].