Morn(SZ:002451)2021-08-23 16:00Financial Performance - The company's operating revenue for the first half of 2021 was ¥455,077,975.11, representing a 232.45% increase compared to ¥136,886,740.68 in the same period last year[22]. - The net profit attributable to shareholders was ¥4,159,260.22, a significant recovery from a loss of ¥12,566,043.41 in the previous year, marking a 133.10% improvement[22]. - The basic earnings per share increased to ¥0.0095 from a loss of ¥0.0286, reflecting a 133.22% increase year-on-year[22]. - The total assets as of June 30, 2021, were ¥1,270,236,953.67, up 3.49% from ¥1,227,443,543.13 at the end of the previous year[22]. - The net assets attributable to shareholders increased to ¥714,645,971.25, a 1.39% rise from ¥704,862,961.03 at the end of the previous year[22]. - The net cash flow from operating activities was negative at -¥21,678,973.72, worsening by 212.93% compared to -¥6,927,842.52 in the same period last year[22]. - The weighted average return on net assets improved to 0.59% from -1.81% in the previous year[22]. - The company reported a non-recurring gain of ¥2,318,688.60 from the disposal of non-current assets[26]. - The company reported a net cash flow from operating activities of -¥21,678,973.72, worsening by 212.93% compared to -¥6,927,842.52, attributed to slow cash collection and rising material costs[53]. - The company's net profit for the first half of 2021 was 1.34 million yuan, down 72.82% from 4.93 million yuan in the same period last year, mainly due to a credit impairment provision of 3.8 million yuan[39]. Revenue and Sales Growth - The company's operating revenue for the reporting period was 455.08 million yuan, an increase of 232.45% from 136.89 million yuan in the same period last year, driven by optimized sales strategies and the establishment of a new subsidiary[41]. - The industrial revenue segment accounted for ¥442,495,374.52, representing 97.24% of total revenue, with a year-on-year increase of 336.82%[56]. - The sales of electric power cables reached ¥281,765,462.57, a 267.35% increase from the previous year, driven by expanded sales efforts and new market opportunities[59]. - Sales in North China increased by 1156.21% year-on-year, driven by the company's increased sales efforts and successful bids for projects in the Xiong'an New Area[60]. - Sales in South China surged by 2057.37% year-on-year, attributed to the company's policy adjustments and promotion of high-tech products, leading to expanded market share[60]. - Sales in Central China rose by 1887.13% year-on-year, primarily due to participation in national grid projects and increased sales of electromagnetic wire by a subsidiary[60]. - Communication cables and optical cables sales increased by 83.50% year-on-year, resulting from a shift in sales policy and enhanced product development in the communication sector[60]. Investment and Subsidiaries - The company established a new subsidiary, Jiangsu Xunda Electric, to enter the mid-to-high-end electromagnetic wire market, offering over 100 products[31]. - The company divested its 99.3333% stake in Moen Leasing for CNY 314,632,800 to focus on its core cable business[35]. - The company has established five major industrial chains, including green energy and smart grid, to align with national industrial policies and market demands[48]. - The company has completed the business registration for Shanghai Motai New Energy Co., Ltd., focusing on solar energy technology services[74]. - The company co-invested RMB 100 million with its wholly-owned subsidiary, Moen Cable Co., Ltd., to establish Jiangsu Xunda Electrical Materials Co., Ltd., with the company contributing RMB 95 million, accounting for 95% of the registered capital, completed on January 22, 2021[133]. Research and Development - Research and development investment surged to ¥5,185,103.68, marking a 217.03% increase from ¥1,635,526.73, indicating a focus on enhancing R&D projects[53]. - The company has developed new products in the renewable energy sector, including high-voltage cables for wind power generation, enhancing its product competitiveness[44]. - The company has achieved ISO9001, ISO14000, and OHSAS18001 certifications, ensuring quality and safety in its operations[31]. Risk Management - The company has outlined future risks and strategies in its management discussion section, emphasizing the importance of risk awareness for investors[6]. - The company faces risks from macroeconomic fluctuations, with GDP growth rates declining from 6.7% in 2018 to 2.3% in 2020, potentially impacting profitability[85]. - The company is exposed to raw material price volatility, particularly copper, which significantly affects revenue and profitability due to high material cost ratios[86]. - The company faces significant credit risk in its factoring business, particularly from buyers who may default, impacting financial stability[89]. - The company has established internal control and auditing mechanisms to enhance risk identification and prevention in its factoring operations[89]. Shareholder Structure - The largest shareholder, Mr. Wen Zehong, holds 38.23% of the company's ordinary shares, totaling 167,896,000 shares[142]. - Shanghai Rongping Information Technology Co., Ltd. holds 7.78% of the shares, amounting to 34,173,659 ordinary shares[143]. - The company has a total of 10 major shareholders, with the top three holding a combined 51.06% of the shares[144]. - The company reported no changes in the controlling shareholder or actual controller during the reporting period[146]. - The company has a total of 439,200,000.00 CNY in share capital, remaining stable compared to the previous period[188]. Cash Flow and Liquidity - The cash inflow from operating activities was CNY 579,249,674.39, up from CNY 396,409,923.62 year-on-year[174]. - The net cash flow from investing activities was CNY 307,499,231.80, a significant improvement from a loss of CNY 32,884,811.55 in the previous period[174]. - Cash flow from financing activities resulted in a net outflow of CNY 309,091,927.65, compared to a smaller outflow of CNY 1,996,435.56 in the previous period[175]. - The ending cash and cash equivalents balance was CNY 35,092,219.74, down from CNY 71,576,508.50 year-on-year[175]. Compliance and Governance - The company emphasizes social responsibility, ensuring compliance with laws and protecting stakeholder interests[102]. - The company has not engaged in any non-operating fund occupation or external guarantees during the reporting period[106]. - There were no significant legal disputes or penalties against the company during the reporting period[111].