ST升达(002259) - 2023 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2023 was ¥408,770,547.69, a decrease of 49.82% compared to ¥814,597,217.30 in the same period last year[24]. - The net profit attributable to shareholders was ¥15,703,429.50, a significant turnaround from a loss of ¥57,563,655.59 in the previous year, representing an increase of 127.28%[24]. - The net profit after deducting non-recurring gains and losses was ¥19,146,438.48, compared to a loss of ¥13,848,519.07 last year, marking a 238.26% increase[24]. - The net cash flow from operating activities was ¥72,219,503.83, up 108.35% from ¥34,662,644.57 in the previous year[24]. - The company's total assets increased by 2.13% to ¥990,504,917.36 from ¥969,871,125.38 at the end of the previous year[24]. - The operating cost decreased by 54.83% to CNY 348.99 million from CNY 772.70 million year-on-year, primarily due to a significant reduction in raw material prices and changes in the subsidiary's business model[41]. - The company's gross profit margin for the gas business was 14.46%, an increase of 9.44% compared to the previous year[44]. - The financial expenses decreased by 51.22% to CNY 11.49 million, due to a significant drop in interest-bearing debt and interest rates[41]. - The company reported a net profit of CNY 14.99 million, a significant turnaround from a net loss of CNY 58.30 million in the first half of 2022[146]. - The gross profit margin improved, with operating profit reaching CNY 32.04 million compared to a loss of CNY 9.88 million in the previous year[146]. Cash Flow and Liquidity - The cash and cash equivalents increased by 101.34% to CNY 58.40 million, mainly due to a substantial increase in bank deposits available for payment[41]. - The total cash and cash equivalents at the end of the period reached CNY 173,879,445.15, an increase of 87.0% from CNY 92,981,138.57 at the end of the first half of 2022[153]. - The company’s cash flow from operating activities was positively impacted by a significant reduction in cash outflows for purchasing goods and services, which decreased by 58.3% to CNY 372,577,040.65 from CNY 891,794,757.10[152]. - The company reported cash and cash equivalents of RMB 274 million, with unrestricted cash of RMB 173 million[196]. Legal and Regulatory Issues - The company is facing significant risks due to ongoing lawsuits related to the original controlling shareholder's fund occupation issues, which may lead to overdue debts and legal disputes[3]. - The original controlling shareholder, Shengda Group, has an outstanding balance of 924.85 million yuan in funds improperly occupied, and the company is pursuing legal measures to recover these funds[68]. - The company is involved in significant litigation, including a claim for 121.45 million yuan against the former controlling shareholder, with ongoing legal proceedings[93]. - The company has ongoing litigation with a total involved amount of 24,973.3 million CNY regarding contractual disputes, with the first hearing already held[95]. - The company has reported a total of 871.24 million CNY in other litigation matters, which may impact its financial performance[95]. Investment and Capital Management - The company plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves[4]. - The company has invested 2,031.32 million in the clean energy project, which has reached an investment progress of 2.60%[57]. - The clean energy project has a total committed investment of 77,997.81 million, with no changes reported[57]. - The company utilized 56,913.16 million of non-public raised funds to replace pre-invested self-raised funds[58]. - The company has permanently supplemented working capital with a total of 36.6 million yuan from the raised funds, achieving a 100% investment progress[60]. Operational Efficiency and Strategy - The company emphasizes a "cash is king" strategy to ensure sufficient cash flow and avoid risks of a funding chain break[36]. - The company plans to optimize its management and operational efficiency to ensure the main business operates according to established standards and improve asset utilization[69]. - The company is actively communicating with creditors to resolve remaining debts and enhance operational efficiency to improve cash flow and restore stakeholder confidence[67]. Environmental and Social Responsibility - The company’s core subsidiaries have passed environmental protection inspections and are operating effectively, with measures in place to reduce emissions and manage waste[78]. - The company conducted a safety evaluation for the raw material supplementary gas technical reform project in June 2022, which passed expert review[84]. - The company donated 200,000 yuan to the local government for medical expenses and provided supplies to a senior care facility, demonstrating its commitment to social responsibility[86]. - The company has implemented measures to reduce carbon emissions, although specific results were not disclosed[85]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 16,132[122]. - The largest shareholder, Huabao Trust Co., Ltd., holds 28.33% of shares, totaling 213,115,525 shares[122]. - The company has not reported any changes in shareholding structure or significant shareholder activities during the reporting period[121]. - The company has not conducted any share buybacks or repurchases during the reporting period[121]. Financial Reporting and Auditing - The company’s financial report for the first half of 2023 was not audited[134]. - The financial statements were approved for publication on August 30, 2023[193].