XZPT(SZ:002207)2020-08-26 16:00Financial Performance - The company's operating revenue for the first half of 2020 was ¥77,076,186.44, a decrease of 34.85% compared to ¥118,310,327.13 in the same period last year[15]. - The net profit attributable to shareholders was a loss of ¥23,729,357.97, which is a decline of 161.89% from a loss of ¥9,060,715.13 in the previous year[15]. - The net cash flow from operating activities was -¥18,747,040.61, a significant drop of 205.45% compared to ¥17,778,572.59 in the same period last year[15]. - The basic earnings per share were -¥0.10, reflecting a 150.00% decrease from -¥0.04 in the previous year[15]. - Total assets at the end of the reporting period were ¥387,225,736.00, down 18.08% from ¥472,714,240.62 at the end of the previous year[15]. - The net assets attributable to shareholders decreased by 42.25% to ¥41,564,946.66 from ¥71,972,064.99 at the end of the previous year[15]. - The gross profit margin for the oil and gas extraction service industry was reported at -12.31%, reflecting a decrease in profitability compared to the previous year[44]. - The company's revenue decreased by 34.85% compared to the same period last year, primarily due to the dual impact of the pandemic and falling oil prices, leading to reduced workload and settlement prices in domestic operations[46]. - The net profit of the subsidiary "Zhun Oil Transportation" decreased by 160.94% compared to the same period last year, mainly due to increased vehicle depreciation and reduced settlement prices[60]. - The net profit of the subsidiary "Zhun Oil Chemical" decreased by 58.84% as there was no revenue during the reporting period[61]. - The net profit of the subsidiary "Zhun Oil Tianshan" decreased by 629.31% due to currency depreciation and increased exchange losses[61]. Cash Flow and Assets - The company experienced a significant decrease in cash funds, down by CNY 24.90 million, a reduction of 41.91% compared to the beginning of the year, primarily due to repayment of short-term loans and payments to suppliers[24]. - Cash and cash equivalents at the end of the reporting period amounted to ¥34,521,220.57, representing 8.92% of total assets, an increase of 1.49% from the previous year[49]. - Accounts receivable decreased by CNY 58.89 million, a reduction of 37.36%, attributed to a decline in revenue during the reporting period[24]. - Inventory increased by CNY 2.87 million, an increase of 639.28%, due to a reduction in the consumption of specialized inventory materials[24]. - The company reported a significant increase in financial expenses, rising by 131.12% to ¥8,446,467.28 due to a higher proportion of high-interest borrowings[41]. - The company reported a credit impairment loss of CNY 2,414,628.99 in the first half of 2020, compared to a gain of CNY -2,331,680.89 in the first half of 2019[145]. - The total liabilities were CNY 345,660,789.34, down from CNY 400,742,175.63, showing a decrease of about 14%[137]. - The company's equity attributable to shareholders decreased to CNY 41,564,946.66 from CNY 71,972,064.99, a decline of approximately 42%[138]. Strategic Initiatives - The company adjusted its organizational structure by establishing new departments to enhance market development and internal control, including a "Production Technology and Market Department" and a "Strategic Development Department"[31]. - The company actively sought to reduce reliance on single business lines and regions, successfully entering new markets such as the Changqing Oilfield and Southwest Oil and Gas Field[32]. - The company has established a new technology promotion center to enhance its technical capabilities and has collaborated with research institutions for technology development[26]. - The company emphasized quality in its services, achieving certifications in quality management and safety standards, which are integral to its competitive advantage[27]. - The company plans to control fixed asset investment progress to reduce depreciation costs in response to market changes[32]. - The company plans to seek expansion into high-value, technology-driven services to reduce reliance on a single industry and ensure sustainable growth[64]. Risks and Compliance - The company faces risks including industry concentration, customer concentration, policy changes, and oil price fluctuations[4]. - The company has been actively enhancing its internal control systems and legal compliance, with a 57% reduction in ongoing litigation cases compared to the same period last year[37]. - The company emphasizes maintaining a QHSE management system to mitigate safety production risks associated with operations in hazardous oilfield areas[65]. - The company has committed to ensuring the independence of its operations and financials, with no reported violations of these commitments during the reporting period[71]. - The company guarantees that it will not illegally transfer funds or profits from the listed company through related transactions after the completion of the acquisition[73]. - The company has committed to ensuring that its operations and management are independent from its controlling shareholders and related parties[75]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 17,261[117]. - The largest shareholder, Huzhou Yanrun Investment Management Partnership, holds 55,738,278 shares, representing 23.30% of the total[118]. - Li Meiping, an individual shareholder, holds 8,503,019 shares, accounting for 3.56% of the total[118]. - Zhejiang Zhuque Investment Management Co., Ltd. holds 7,682,433 shares, which is 3.21% of the total, with an increase of 2,718,300 shares during the reporting period[118]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[119]. Legal and Regulatory Matters - The company reported a litigation case involving an amount of 51.7766 million yuan, which has been fully provisioned for[84]. - There are six minor litigation cases with a total amount of 8.2974 million yuan, with some cases forming expected liabilities[85]. - The company has not experienced any bankruptcy reorganization during the reporting period[83]. - The half-year financial report has not been audited[82]. - The company has not engaged in any related party transactions during the reporting period[90]. Investment Activities - The report indicates that the company has been involved in various investment activities, including the acquisition of oil and gas assets in Kazakhstan, which was completed in 2015[106]. - A merger loan of $19.25 million was applied for to meet the funding requirements of the acquisition[106]. - The company reported a sale of a 7% stake in a Dutch energy company for 141 million RMB[106]. - The company has made provisions for asset impairment related to its investments in certain energy companies[106]. - The company received notifications regarding the dissolution and liquidation of its investment in a Dutch energy company in 2020[106]. Financial Reporting and Accounting - The financial report was approved by the company's board on August 25, 2020[180]. - The company adheres to the accounting policies set forth by the Ministry of Finance, ensuring accurate financial reporting[183]. - The company’s accounting period runs from January 1 to December 31 each year[184]. - The company’s operating cycle is defined as 12 months[185]. - The company adopts RMB as its functional currency for accounting purposes[186].