ROSHOW(SZ:002617)2020-08-27 16:00Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,144,551,133.01, a decrease of 9.10% compared to the same period last year[25]. - The net profit attributable to shareholders of the listed company was ¥151,352,628.33, representing a slight increase of 3.21% year-on-year[25]. - The net profit after deducting non-recurring gains and losses was ¥74,996,511.50, which is an increase of 29.62% compared to the previous year[25]. - The net cash flow from operating activities was ¥145,782,471.28, down 42.78% from the same period last year[25]. - The total assets at the end of the reporting period were ¥7,778,050,551.94, a decrease of 6.37% compared to the end of the previous year[25]. - The net assets attributable to shareholders of the listed company increased by 7.55% to ¥3,065,620,653.43[25]. - The basic earnings per share remained at ¥0.10, unchanged from the previous year[25]. - The diluted earnings per share also remained at ¥0.10, unchanged from the previous year[25]. - The weighted average return on equity was 5.19%, a slight decrease from 5.44% in the previous year[25]. - The operating cost decreased by 7.42% to ¥868,360,994.12 from ¥938,007,282.15 year-on-year[74]. - Research and development investment remained stable at ¥12,402,109.28, a slight decrease of 0.49% compared to ¥12,462,730.29 last year[74]. - The company's cash and cash equivalents decreased significantly by 469.50% to -¥140,712,620.92 compared to -¥24,708,029.42 in the previous year[74]. - The company reported a significant increase in sales expenses, which dropped by 40.46% to ¥12,729,522.25 due to a decline in manufacturing revenue[74]. - The company reported a total of ¥539,794,694.14 in financial assets at the end of the period, down from ¥654,420,294.14 at the beginning[90]. - The company reported a total investment of ¥85,182.13 million in various projects, with a 100% investment progress[125]. Business Operations - The company is engaged in silicon carbide (SiC) business, focusing on the production and sales of SiC substrates and epitaxial wafers, which are essential for semiconductor chip manufacturing[36]. - The company’s new energy-related business includes the production and sales of enameled wire, photovoltaic power generation, electromechanical products, sapphire, and electric vehicles[37]. - The photovoltaic power generation segment is highlighted as a clean energy technology with significant potential, focusing on investment, construction, and operation of solar power plants[38]. - The company has made significant acquisitions, including the purchase of Lushine Optoelectronics and Haicheng Aikang, and has increased its fixed assets through these acquisitions[42]. - The company has established a strong brand presence, with its enameled wire recognized as a "Zhejiang Famous Brand" and its trademark acknowledged as a well-known trademark in Zhejiang Province[43]. - The company has a robust R&D framework, including a provincial research institute and a post-doctoral research station, contributing to its innovation and technology advantages[44]. - The company’s photovoltaic power generation projects are strategically located in regions with low construction costs and abundant sunlight, enhancing profitability[45]. - The company leverages its experience in sapphire crystal growth to strengthen its capabilities in silicon carbide crystal growth, showcasing its technical advantages in this area[46]. - The company plans to invest 10 billion yuan in a third-generation power semiconductor (silicon carbide) industrial park in collaboration with the government of Changfeng County, Hefei[54]. - The company has developed a 6-inch quartz tube silicon carbide crystal growth furnace, achieving an extreme vacuum of 2×10^-5 Pa[48]. - The synthesis of high-purity silicon carbide raw materials has reduced harmful impurity concentrations to below 1 ppm[49]. - The company aims to leverage the growing demand for silicon carbide power devices in various industries, including new energy vehicles and smart grids[58]. Market Trends - The global power device sales growth rate was 14% in 2018, reaching 16.3 billion USD, with a projected compound annual growth rate of 3.3% from 2018 to 2023[62]. - The silicon carbide power device market is expected to exceed 10 billion USD by 2027, driven by the demand from the electric vehicle sector[62]. - The market for silicon carbide-based GaN RF devices is expected to grow from $645 million in 2018 to $2 billion by 2024, with a compound annual growth rate of 20.76%[70]. - The global RF device market is projected to exceed $25 billion by 2025, with the RF power amplifier market growing from $6 billion in 2018 to $10.4 billion by 2025[67]. - The demand for silicon carbide substrates remains high due to the ongoing construction of 5G base stations in China, with plans to build between 3.6 million and 4.92 million base stations[70]. Legal and Compliance Issues - The company reported a significant lawsuit involving a contract dispute with a claim amounting to approximately 185.44 million yuan, which is still pending judgment[162]. - The company has not undergone any bankruptcy reorganization during the reporting period, indicating stable operational status[161]. - The half-year financial report for the company has not been audited, which may affect the reliability of the financial data presented[159]. - The company has faced legal challenges, including a judgment against it for approximately 62.42 million yuan related to a sales contract dispute, which remains unpaid[162]. - The company is facing a lawsuit regarding a sales dispute with Shenzhen Yisi Pulun Technology Co., Ltd., with a claim amount of CNY 139.27 million, which is currently unresolved[192]. - The company has multiple ongoing lawsuits related to construction contract disputes, with various amounts involved, indicating potential financial implications[189]. - The company has pending litigation regarding a contract dispute with Beijing Guoneng Battery Technology Co., requiring payment of approximately 10.44 million CNY plus interest[171]. - The company is facing a total of 1,018.13 CNY in claims from a construction contract dispute, which is currently undetermined[172]. - The company has initiated arbitration proceedings against several parties, with claims totaling 2,505 million CNY[173]. - The company has reported a significant number of ongoing legal disputes, indicating potential financial implications[176]. - The company is actively managing its legal risks and liabilities through settlements and ongoing litigation strategies[179]. Investment and Funding - The total amount of raised funds is CNY 1,445.95 million[103]. - Cumulative raised funds invested in projects reached CNY 1,433.71 million, with no new investments in the reporting period[106]. - The proportion of cumulative changed use of raised funds is 58.91%[106]. - As of June 30, 2020, the balance of raised funds is CNY 109.41 million, including interest income[107]. - The company raised CNY 1,318.56 million through a non-public offering in 2016, with a net amount of CNY 1,294.39 million after fees[106]. - In 2019, the company raised CNY 165.20 million, with a net amount of CNY 151.56 million after fees[108]. - The total committed investment for the energy-saving motor construction project is CNY 47,965 million, with 100% investment progress achieved[112]. - The total committed investment for the intelligent direct-drive motor project is CNY 36,041 million, with 100.49% investment progress achieved[112]. - The total committed investment for the sapphire crystal growth furnace R&D project is CNY 6,000 million, with 100% investment progress achieved[112]. - The total committed investment for the photovoltaic power generation project is CNY 1,400 million, with 0% investment progress achieved[112]. - The total committed investment for the supplementary working capital project is CNY 13,756.29 million, with 100% investment progress achieved[112]. - The cumulative investment amount as of the end of the reporting period is CNY 143,370.56 million[112]. - The company has adjusted the investment scale of the energy-saving motor project and decided to conclude it, achieving only an annual production capacity of 2 million units[115]. - The company has terminated the implementation of the intelligent direct-drive motor project due to unfavorable market conditions in the petrochemical industry[115]. - The company plans to focus on the development of the new energy business sector, including electric motors, control systems, batteries, and photovoltaic industries[115]. Corporate Governance - The company has not reported any major non-raised fund investment projects during the reporting period[127]. - There were no major asset sales during the reporting period[128]. - The company has not experienced any significant changes in the feasibility of the projects after the changes in raised funds[125]. - The company has confirmed that the raised funds have been used in accordance with the regulations and guidelines set by the Shenzhen Stock Exchange[118]. - The company has not reported any issues or other situations regarding the use and disclosure of raised funds[118]. - The company has established several wholly-owned subsidiaries to support its business operations, including Shunyu Clean Energy Technology Co., Ltd. and Luxiao New Energy Technology Co., Ltd.[132]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[142]. - The company is facing risks in the photovoltaic industry due to high capital requirements and plans to manage financing based on its asset-liability situation[137]. - The company reported a participation rate of 39.60% in its second extraordinary general meeting of 2020[141]. - The company has committed to obtaining land use rights certificates for various subsidiaries by December 31, 2020, with a completion timeline for property ownership certificates within 9 months thereafter[148]. - The company is currently in the process of fulfilling commitments for land use rights and property ownership certificates for multiple subsidiaries, including those in Tang County and Dandong, with deadlines set for June 30, 2021, and December 31, 2020, respectively[149]. - The company has not completed the commitments for land and property ownership certificates as of the reporting date, with ongoing processes noted for several subsidiaries[156].