华夏航空(002928) - 2020 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,983,770,376, a decrease of 19.96% compared to CNY 2,478,492,359 in the same period last year[28]. - The net profit attributable to shareholders of the listed company was CNY 8,227,672.33, down 94.15% from CNY 140,597,721.78 in the previous year[28]. - The net cash flow from operating activities was CNY 180,195,154.19, a decline of 34.48% compared to CNY 275,029,803.34 in the same period last year[28]. - Basic earnings per share decreased to CNY 0.0091, down 94.17% from CNY 0.1560 in the same period last year[28]. - The diluted earnings per share were CNY 0.0090, a decrease of 94.23% compared to CNY 0.1560 in the previous year[28]. - The weighted average return on net assets was 0.29%, down 6.17% from 6.46% in the same period last year[28]. - The gross margin for the main business was 5.87%, a decrease of 5.56% year-on-year[56]. - The total transportation turnover (RTK) decreased by 23.15% to 27,887.79 million ton-kilometers compared to the previous period[70]. - Passenger turnover (RPK) fell by 24.72% to 303,639.23 million passenger-kilometers, with international passenger turnover dropping by 49.90%[70]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,532,667,400.35, an increase of 17.74% from CNY 9,794,823,583.26 at the end of the previous year[28]. - The net assets attributable to shareholders of the listed company were CNY 3,272,076,867.49, up 17.62% from CNY 2,781,925,570.44 at the end of the previous year[28]. - Cash and cash equivalents increased by 69.69% compared to the beginning of the period, primarily due to loans obtained during the reporting period[47]. - Deferred tax assets rose by 42.83% compared to the beginning of the period, mainly due to the recognition of deductible losses[47]. - Cash and cash equivalents at the end of the reporting period amounted to ¥2,162,924,819.61, representing 18.75% of total assets, an increase of 7.29% compared to the previous year[83]. - Accounts receivable reached ¥1,134,304,583.30, accounting for 9.84% of total assets, a decrease of 1.93% year-on-year due to extended collection times in some regions affected by the pandemic[83]. - Fixed assets increased to ¥4,701,915,041.37, making up 40.77% of total assets, a decrease of 5.67% from the previous year, primarily due to an increase in aircraft assets[83]. - Short-term borrowings rose to ¥1,983,434,945, representing 17.20% of total liabilities, an increase of 0.88% compared to the previous year, attributed to increased working capital loans[86]. - Long-term borrowings increased to ¥1,487,692,334, accounting for 12.90% of total liabilities, up by 1.24% year-on-year due to additional long-term loans[86]. Operational Highlights - The company operates a fleet of 50 aircraft, covering 92 branch aviation points, which accounts for 47% of the national branch aviation points[39]. - The company has established a route network with 158 operational routes, of which 147 are branch routes, representing 93% of its total operational routes[39]. - The average travel time from branch cities to domestic central cities is 13.1 hours, indicating significant room for improvement in accessibility[43]. - The average daily aircraft utilization improved to 7.73 hours, recovering to 9.31 hours by the end of the reporting period[56]. - The number of passengers for connecting travel reached 235,600, representing a year-on-year increase of 26.50%[56]. - The company operated 50 aircraft, including 38 CRJ900 series and 12 A320 series, with an average fleet age of 3.93 years[57]. - The company has established partnerships with 27 airlines for through service cooperation[63]. Investment and Funding - The company reported a total investment of ¥40,859,300 during the reporting period, a 100% increase compared to the previous year[91]. - The company has cumulatively invested 71,744.14 million CNY in projects funded by the initial public offering[103]. - The company has a total of 6,000 million CNY in idle raised funds currently invested in financial products[103]. - The company approved the temporary use of idle raised funds not exceeding CNY 705.25 million to supplement working capital, with CNY 60 million in wealth management products as of the reporting period[113]. - The company has completed 100.57% of the investment progress for the purchase of 6 CRJ900 aircraft and 3 engines, with a cumulative investment of 26,615.95 million CNY[104]. Risk Management - The company does not foresee any significant risks affecting its normal operations[6]. - The company faces risks related to fluctuations in fuel prices, which significantly impact operational costs and profit levels[130]. - The company is exposed to interest rate fluctuations, which could increase interest expenses and affect financial performance[132]. - The company is also subject to exchange rate fluctuations, impacting costs related to aircraft purchases and foreign currency-denominated assets[133]. - The company has established a risk control system for its oil hedging business, including setting stop-loss lines to mitigate price volatility risks[99]. Shareholder Information - The total number of shares increased from 600,750,000 to 667,966,097, reflecting a growth of approximately 11.14% due to the conversion of "Huaxia Convertible Bonds"[180]. - The net assets attributable to ordinary shareholders rose from CNY 2,781,925,570.44 to CNY 3,272,076,867.49, representing an increase of about 17.66%[183]. - The book value per share increased from CNY 4.63 to CNY 4.90, indicating a growth of approximately 5.83%[183]. - The largest shareholder, Huaxia Aviation Holdings (Shenzhen) Co., Ltd., holds 32.34% of the shares, totaling 216,000,000 shares[187]. - The company did not implement any share buyback during the reporting period[182]. Corporate Governance - The annual shareholders meeting had a participation rate of 68.54% on May 19, 2020[137]. - There were no significant litigation or arbitration matters during the reporting period[143]. - The company has no major related party transactions during the reporting period[150]. - The half-year financial report has not been audited[139]. - The company has no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[155].