双象股份(002395) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was ¥704,429,941.40, representing a 19.87% increase compared to ¥587,670,923.57 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2021 was ¥43,026,033.76, a significant increase of 133.03% from ¥18,463,779.16 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥42,151,874.19, which is a 301.24% increase compared to ¥10,505,461.13 in the same period last year[19]. - The basic earnings per share for the first half of 2021 was ¥0.1604, up 133.14% from ¥0.0688 in the previous year[19]. - The total assets at the end of the reporting period were ¥1,577,004,170.72, reflecting a 1.03% increase from ¥1,560,928,707.30 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were ¥937,578,953.43, which is a 4.81% increase from ¥894,552,919.67 at the end of the previous year[19]. - The company reported a net cash flow from operating activities of -¥26,104,100.43, a decrease of 136.66% compared to ¥71,199,791.94 in the same period last year[19]. - The weighted average return on net assets was 4.70%, an increase of 2.56% compared to 2.14% in the previous year[19]. Revenue Segments - The synthetic leather segment generated ¥273,114,034.59 in revenue, a significant increase of 52.39% from ¥179,215,722.68, largely due to recovery from COVID-19 impacts[45][48]. - The ultra-fine fiber segment saw revenue growth of 59.15%, reaching ¥218,686,850.07, attributed to market expansion efforts[45][48]. - PMMA segment revenue was ¥431,315,906.81, a modest increase of 5.60% from ¥408,455,200.89, indicating stable demand[45]. - Export sales increased by 55.39% to ¥68,849,210.91, recovering from previous pandemic-related declines[45][48]. Cost and Expenses - The cost of sales increased by 14.58% to ¥603,307,738.08 from ¥526,521,991.96, indicating a rise in operational costs[43]. - Research and development expenses rose by 24.31% to ¥26,403,327.42, up from ¥21,239,244.94, reflecting the company's commitment to innovation[43]. - The company reported a significant increase in financial expenses by 342.88% to ¥2,243,173.83, primarily due to foreign currency exchange rate fluctuations[43]. Cash Flow and Liquidity - Cash and cash equivalents decreased by 665.41% to -¥153,921,930.01, mainly due to increased investments in the Chongqing project[43]. - Cash and cash equivalents decreased by 12.20% to 314,766,183.71, now representing 19.96% of total assets, primarily due to prepayments for engineering and equipment related to the Chongqing project[52]. - The net cash flow from operating activities was negative at CNY -26,104,100.43 for the first half of 2021, a decline from a positive CNY 71,199,791.94 in the first half of 2020[143]. - The company’s operational cash flow challenges may impact future investment and expansion strategies[147]. - The company is focusing on improving cash flow management to enhance financial stability moving forward[147]. Environmental Compliance - Wuxi Double Elephant Superfiber Materials Co., Ltd. reported a total emission of 1.79 tons of volatile organic compounds, which is below the approved limit of 11.665 tons[71]. - The company achieved a total nitrogen oxide emission of 15.238 tons, significantly below the regulatory limit of 32.289 tons[71]. - The chemical oxygen demand (COD) from wastewater was reported at 0.748 tons, well within the limit of 7.506 tons[71]. - The company has implemented RTO (Regenerative Thermal Oxidizer) systems for waste gas treatment, ensuring compliance with environmental standards[73]. - All production wastewater is treated and reused, with no external discharge, demonstrating a commitment to sustainable practices[73]. - The company has constructed a standard solid waste storage facility, ensuring proper handling and disposal of hazardous waste[73]. - The company has not reported any environmental pollution incidents, indicating effective management of emissions and waste[74]. Corporate Structure and Governance - The company established a wholly-owned subsidiary, Chongqing Shuangxiang Optical Materials Co., Ltd., in April 2021[104]. - The total number of ordinary shareholders at the end of the reporting period was 8,671[110]. - Jiangsu Shuangxiang Group Co., Ltd. holds 64.52% of the shares, totaling 173,045,285 shares, which are pledged[110]. - The company reported no significant guarantees, leasing situations, or entrusted financial management during the reporting period[100][101][103]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[115]. Market Position and Strategy - The company is the first domestic enterprise in China to achieve large-scale production of high-end optical-grade PMMA materials, with an annual production capacity of 80,000 tons[28]. - The artificial leather synthetic leather market in China is primarily composed of mid-to-low-end products, with high-end products like ultra-fine leather still having significant growth potential[27]. - The optical-grade PMMA materials are widely used in high-demand sectors such as LCD displays, LED lighting, and automotive applications, contributing to a substantial increase in demand[28]. - The company’s procurement strategy involves long-term supply agreements with key suppliers, ensuring stable pricing and supply[34]. - The company plans to address raw material price fluctuations by developing high-tech, high-margin products and improving internal controls to mitigate management risks[63]. Financial Reporting and Compliance - The semi-annual financial report for 2021 was not audited[122]. - The financial statements are prepared based on actual transactions and in accordance with the accounting standards issued by the Ministry of Finance[172]. - The company confirms that its financial statements comply with the requirements of accounting standards, reflecting its financial position, operating results, and cash flows accurately[175]. - The company has evaluated its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its sustainability[173].