szclou(SZ:002121)2021-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,371,189,611.20, representing a decrease of 17.88% compared to the same period last year[29]. - The net profit attributable to shareholders of the listed company was -¥156,142,689.83, a decline of 1,756.57% year-on-year[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥124,310,393.04, a decrease of 437.90% compared to the previous year[29]. - The net cash flow from operating activities was ¥115,812,487.38, down 30.22% from the same period last year[29]. - The basic and diluted earnings per share were both -¥0.1109, a decline of 1,755.22% year-on-year[29]. - The total assets at the end of the reporting period were ¥8,945,997,889.24, a decrease of 3.59% from the end of the previous year[29]. - The net assets attributable to shareholders of the listed company were ¥1,276,272,119.58, down 10.89% compared to the end of the previous year[29]. - The company reported a sales revenue of 137,118.96 million CNY for the first half of 2021, a decrease of 17.88% year-on-year[52]. - The net profit attributable to shareholders was -15,614.27 million CNY, reflecting a decline of 1,756.57% compared to the previous year[52]. - The revenue from the smart grid segment was CNY 1,045,497,913.77, accounting for 76.25% of total revenue, with a year-on-year decrease of 15.44%[73]. - The revenue from energy storage business was CNY 139,654,032.52, representing 10.18% of total revenue, down 19.31% year-on-year[73]. - The revenue from comprehensive energy management and services decreased by 27.19% to CNY 161,261,209.37, accounting for 11.76% of total revenue[73]. - Domestic revenue was CNY 1,077,778,222.08, which is 78.60% of total revenue, reflecting a year-on-year decline of 26.50%[73]. - The gross profit margin for the main business was 29.49%, a decrease of 2.30% compared to the previous year[73]. Business Operations and Strategy - The company is a leading comprehensive service provider in the energy sector, focusing on smart grids, new energy, and integrated energy services[40]. - The smart grid business is the core of the company, providing products and solutions for state grid and southern grid construction, including high-precision measurement instruments and smart meters[40]. - The new energy business is being actively expanded, with a focus on energy storage and electric vehicle charging operations, covering six major application scenarios[41]. - The company has developed a comprehensive energy service model that integrates electricity, cooling, heating, and gas, leveraging modern technology and internet solutions[42]. - The national strategy for carbon peak and carbon neutrality is driving the growth of the smart grid and energy storage sectors, with significant investments expected in the coming years[45]. - The State Grid plans to invest over $70 billion annually, with a total of over $350 billion in the next five years for smart grid upgrades[46]. - The company is leveraging digitalization to support the new power system construction and achieve carbon neutrality goals[46]. - The energy storage industry is entering a rapid growth phase, driven by advancements in lithium-ion battery technology and significant cost reductions[46]. - The company aims to enhance its profitability and management level by focusing on the smart grid and new energy sectors, particularly in energy storage and charging pile industries[52]. Investments and Projects - The company has successfully delivered the first phase of a 14MW/46.3MWh energy storage project in Indiana, USA, and secured a second phase project of 24MW/63MWh, solidifying its market position in the US[56]. - The company’s charging operation platform has connected a total of 16,400 charging piles, ranking 9th among all operators in China, with a total of 920 charging stations, ranking 10th[57]. - The company achieved a cumulative charging volume of 50,945 MWh in 2020, ranking 3rd among all operators in annual charging volume in China[57]. - The company has expanded its overseas energy storage business, with grid-level energy storage projects in the US exceeding 150MWh, indicating rapid market share growth[56]. - The company has developed new energy control devices and charging pile detection devices, aligning with national carbon neutrality goals[53]. - The cumulative installed capacity of new power storage reached 3.28 GW by the end of 2020, with a target of 30 GW by 2025, indicating a projected annual compound growth rate of over 55%[1]. - The sales volume of new energy vehicles in China exceeded 1 million units in the first half of 2021, marking a year-on-year growth of 220.9%[1]. - The company won bids totaling 26,039.06 million CNY in the State Grid's 2021 procurement activities[53]. - The global energy storage market is expected to reach an installed capacity of 1,676 GW/5,827 GWh by 2050, with an estimated investment of 964 billion USD over the next 30 years[1]. Financial Management and Risks - The company faces risks related to changes in industrial policies that could impact its business development in the smart grid and new energy sectors[96]. - The company has a high asset-liability ratio, which may lead to liquidity risks if business expansion does not meet expectations[98]. - The company is actively working to optimize its capital structure and strengthen cooperation with banks to mitigate financing risks[98]. - The ongoing global pandemic may temporarily affect the company's product export sales and increase raw material prices[98]. - The company has received multiple certifications for its energy storage systems, including UL9540A certification for its lithium iron phosphate storage system, enhancing its competitive edge in the market[60]. - The company’s R&D investment increased by 9.88% to approximately ¥98 million, driven by rising employee compensation and material costs[65]. Corporate Governance and Shareholder Matters - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company did not implement any employee stock ownership plans or other incentive measures during the reporting period[107]. - The board of directors and senior management saw significant changes on June 4, 2021, with multiple new appointments[103]. - The company has ongoing commitments to ensure no illegal transfer of funds or profits through related party transactions[116]. - The company is in the process of fulfilling its dividend commitment for the specified period[121]. - The company plans to distribute cash dividends, with a minimum of 10% of the distributable profits allocated annually, and a cumulative distribution of at least 30% of the average annual distributable profits over the last three years[122]. - The company holds 341,685,208 shares, representing 24.26% of the total shares, and has committed to waive voting rights associated with these shares[122]. - The company has a total of 341,685,208 shares frozen and 340,573,474 shares pledged by shareholder Rao Luhua[199]. - The company has a total of 24,003,160 shares held by shareholder Chen Changbao, which are frozen[199]. - The company completed a board restructuring on June 4, 2021, resulting in lock-up restrictions for several executives' shares[198]. Legal Matters and Disputes - The company is involved in a lawsuit with Shenzhen Fusi Erkang Investment Partnership, with a disputed amount of RMB 12,025,000, where the second-instance ruling dismissed the plaintiff's claims[130]. - The company is seeking RMB 22,320,000 in principal and RMB 1,121,200 in delayed payment interest from Shanxi Huadaoyourun Energy Technology Co., Ltd. in an ongoing contract dispute[130]. - The company has counterclaimed against City Power Holding Group for RMB 11,139,300 in contract payments and RMB 2,000,000 in damages[134]. - The company has initiated enforcement actions against Bai Nian Jinhai Technology Co., Ltd. for a loan repayment of RMB 40,075,400 plus interest[134]. - The company is involved in a legal dispute with Huaxia Life Insurance Co., Ltd. regarding a share transfer dispute amounting to RMB 73,042,000[134]. - The total amount involved in ongoing litigation is approximately 92.5047 million yuan, with no expected liabilities formed[143]. - The company reported no significant impact from ongoing litigation, as some cases have been dismissed or settled during the reporting period[143].