国联水产(300094) - 2023 Q2 - 季度财报

Revenue and Profit Performance - Revenue for the first half of 2023 increased by 11.69% to 2,696,964,919.32 RMB compared to the same period last year[21] - Revenue for the reporting period increased by 11.69% to 2,696,964,919.32 yuan compared to the same period last year[46] - The company achieved total operating revenue of 2.697 billion yuan, a year-on-year increase of 11.69%, but reported a net loss attributable to shareholders of approximately -186.472 million yuan due to a decline in the shrimp market and increased inventory impairment losses[99] - Net profit attributable to shareholders of the listed company decreased by 667.67% to -186,471,965.87 yuan[46] - Basic earnings per share decreased by 500.00% to -0.16 yuan per share[46] - Weighted average return on equity decreased by 7.71% to -6.17%[46] Operating Costs and Expenses - Operating costs rose by 13.67% to 2,412,824,164.75 RMB, driven by higher costs of goods sold[21] - Sales expenses increased by 16.48% to 111,277,149.71 RMB, reflecting higher marketing and distribution costs[21] - Short-term employee benefits increased by 176,272,397.90 yuan, reaching a total of 27,746,774.12 yuan at the end of the period[35] - Post-employment benefits increased by 4,118,641.09 yuan, with a total of 98,958.02 yuan at the end of the period[35] - Wages, bonuses, and allowances increased by 161,517,175.54 yuan, totaling 27,681,277.68 yuan at the end of the period[37] - Social insurance expenses increased by 8,735,599.59 yuan, with a negative balance of -47,280.14 yuan at the end of the period[37] Cash Flow and Liquidity - Net cash flow from operating activities decreased by 75.39% to 62,997,031.47 RMB, primarily due to increased payments for goods and services[21] - Net cash flow from operating activities decreased by 75.39% to 62,997,031.47 yuan[46] - Net cash flow from investing activities dropped by 589.66% to -64,660,245.30 RMB, mainly due to increased capital expenditures[21] - The company's cash and cash equivalents decreased by RMB 52.57 million, from RMB 362.67 million at the beginning of the period to RMB 310.11 million at the end of the period[61] - The total restricted assets amounted to RMB 1.20 billion, including inventory, fixed assets, and accounts receivable, primarily due to bank loans and financing[64] Assets and Liabilities - Total assets decreased by 9.50% to 5,368,027,346.30 yuan compared to the end of the previous year[46] - Short-term borrowings decreased slightly to 1,300,202,036.82 RMB, with a reduction in both pledged and guaranteed loans[27] - Accounts payable decreased significantly to 296,845,454.75 RMB from 637,369,229.20 RMB, indicating improved payment terms or reduced purchases[29] - The company's total taxes payable decreased by RMB 2.18 million, from RMB 9.41 million at the beginning of the period to RMB 7.23 million at the end of the period[65] - Other payables decreased by RMB 12.62 million, from RMB 121.01 million at the beginning of the period to RMB 108.39 million at the end of the period[67] - The company's long-term loans decreased by RMB 10.80 million, from RMB 214.40 million at the beginning of the period to RMB 203.60 million at the end of the period[72] - The company's lease liabilities decreased slightly by RMB 85,449.28, from RMB 16.48 million at the beginning of the period to RMB 16.39 million at the end of the period[74] - Long-term payables decreased from 103,764,603.33 yuan to 91,772,058.00 yuan, a decrease of 11.55%[76] - Total capital stock decreased by 2,361,000.00 yuan to 1,128,167,253.00 yuan[85] - Capital surplus decreased by 3,467,994.10 yuan to 1,949,895,730.14 yuan[87] - Government subsidies decreased by 5,081,762.92 yuan to 90,180,837.10 yuan[79] - Payables for financial leases increased from 195,390,280.10 yuan to 218,132,499.82 yuan[78] - Deferred sales tax increased from 3,692,208.01 yuan to 6,436,869.24 yuan[76] Deferred Taxes - Deferred tax assets decreased to 55,592,674.84 RMB from 58,701,561.23 RMB, reflecting changes in temporary differences[22] - The company reported a net increase in deferred tax liabilities to 2,500,444.77 RMB, primarily due to timing differences in tax recognition[22] - Unrecognized deferred tax assets related to deductible losses increased to 826,130,576.97 RMB, up from 666,725,849.75 RMB, indicating higher potential tax benefits[24] - Deferred tax liabilities for right-of-use assets amounted to 2,500,444.77 yuan[83] Government Subsidies - The company received a government subsidy of 7,500,000.00 yuan for the Wuchuan roasted fish prefabricated dish industrial park project[80] - The company received a government subsidy of 9,966,000.00 yuan for the Wuchuan roasted fish prefabricated dish industrial park project[80] - The company received a government subsidy of 400,000.00 yuan for the provincial key area research and development plan project[81] - The company received government subsidies totaling 7.211 million yuan, including 5.082 million yuan related to assets and 2.129 million yuan related to income[130] Subsidiaries and Investments - The company holds a 100% stake in multiple subsidiaries, including Guangdong Guomei Aquatic Products Co., Ltd., Zhanjiang Guolian Feed Co., Ltd., and Guolian Junyu (Beijing) Food Co., Ltd., all established through capital contributions[131] - Guolian (Yiyang) Food Co., Ltd., a non-wholly owned subsidiary, has a minority shareholder holding 40% of the shares, with minority interest earnings of RMB 2,668,571.66 for the period[134] - Guolian (Yiyang) Food Co., Ltd. reported revenue of RMB 198,227,066.76 and net profit of RMB 6,671,429.14 for the current period, showing significant growth compared to the previous period's revenue of RMB 165,758,415.23 and net profit of RMB 2,054,760.52[136] - The company's total assets for Guolian (Yiyang) Food Co., Ltd. amounted to RMB 624,299,119.60, with total liabilities of RMB 431,440,150.15[135] Financial Risk Management - The company's financial risk management strategy focuses on balancing risk and return, aiming to minimize the negative impact of risks on operational performance and maximize shareholder interests[137] - Credit risk management involves trading only with reputable clients and continuous monitoring of accounts receivable to control bad debt risk[138] - The company's liquidity is deposited in banks with high credit ratings, resulting in low credit risk for liquidity[140] - The company's interest rate risk primarily stems from borrowings, and it manages this risk by maintaining good bank relationships, designing reasonable credit lines, and shortening the duration of individual loans[141] - The company's foreign exchange risk is mainly related to USD and HKD, with a foreign exchange loss of RMB 293,281.69 for the year[142] - A 1.00% appreciation of RMB against foreign currencies would result in a pre-tax impact of -RMB 789,837.48 on profit and shareholder equity for the first half of 2023[143] Related Party Transactions - The parent company, Xinyu Guotong Investment Management Co., Ltd., holds a 13.93% stake and voting rights in the company[144] - The ultimate controlling party of the company is Li Zhong[145] - The company has significant related-party transactions, including RMB 4,963,853.99 in refrigeration fees and ice machine payments with Zhanjiang Southern Aquatic Market Management Co., Ltd.[149] - The company sold feed worth RMB 2,780,464.69 to Anhui Guotong Modern Agricultural Technology Development Co., Ltd.[150] - The company has multiple guarantee contracts with various subsidiaries, including a RMB 55,503,360.00 guarantee for Zhanjiang Guolian Aquatic Seed Technology Co., Ltd.[151] - The company's total related party transactions amounted to 496.39 million yuan, accounting for a significant portion of its business operations[170] - Sales to related parties, including products and services, totaled 16.67 billion yuan, with significant transactions involving the South China Aquatic Products Market Management Co., Ltd.[176] - The company confirmed rental income of 541,725.66 yuan for deep-water cages from Zhanjiang Southern Aquatic Market Management[177] - Rental income for cold storage increased to 4,715,320.74 yuan from 3,645,081.01 yuan in the previous period[178] - Accounts receivable from Zhanjiang Southern Aquatic Products Market Management Co., Ltd. decreased to RMB 34,860.00 from RMB 556,171.00 at the beginning of the period[186] - Other receivables from Chen Han increased to RMB 22,330.00 from RMB 20,840.80 at the beginning of the period[186] - Accounts payable to Zhanjiang Southern Aquatic Products Market Management Co., Ltd. decreased significantly to RMB 246,640.44 from RMB 6,606,220.85 at the beginning of the period[188] - Other payables to Xinyu Guotong Investment Management Co., Ltd. were RMB 10,688,100.41 at the beginning of the period, with no balance at the end of the period[188] Environmental and Social Responsibility - The company's wastewater treatment facility processed CODcr at a concentration of 50mg/l, with a total discharge of 4.2t/half year, against a permitted limit of 91.2t/half year[152] - Ammonia nitrogen discharge was 1.42t/half year, compared to the permitted limit of 25.48t/half year[152] - Total nitrogen discharge was 5.68t/half year, against a permitted limit of 32.76t/half year[152] - Total phosphorus discharge was 0.568t/half year, compared to the permitted limit of 2.912t/half year[152] - The company's chemical oxygen demand (COD) discharge was 217.80kg, against a permitted limit of 38.1 million tons/year[152] - Ammonia nitrogen (NH3-N) discharge was 9.76kg, compared to a permitted limit of 27,000 tons/year[152] - Total phosphorus (TP) discharge was 9.13kg, against a permitted limit of 8,900 tons/year[152] - The company has built its own wastewater treatment station to handle pollutants[153] - The company conducts environmental monitoring 1-2 times annually through third-party agencies[154] - No environmental penalties were incurred during the reporting period[156] Corporate Governance and Commitments - The company's actual controllers, shareholders, related parties, and acquirers have fulfilled their commitments during the reporting period, with no overdue commitments as of the end of the reporting period[162] - The company's directors, supervisors, and senior management have committed to not transferring more than 25% of their shares annually and adhering to a six-month restriction on buying and selling shares[162] - The company has committed to not engaging in any competitive business activities or investing in competing enterprises, ensuring no conflict of interest[162] - The company has pledged to compensate for any losses incurred due to non-compliance with the non-competition commitments[162] - The company has committed to not occupying company funds or assets through loans, debt repayment, or other means[162] - The company has agreed to bear all liabilities for any social insurance or housing fund payments required by local authorities, ensuring no financial loss to the company[162] - The company has committed to not interfering with management activities and to comply with any new regulatory requirements from the China Securities Regulatory Commission[162] - The company has pledged to fulfill any commitments related to return measures and to compensate for any losses caused by non-compliance[162] - The company has agreed to accept penalties or management measures from regulatory authorities if it violates any of the above commitments[162] - The company's directors and senior management have committed to not using company assets for investments or consumption activities unrelated to their duties[163] - The company's controlling shareholders and actual controllers have pledged not to interfere with the company's management activities or encroach on the company's interests[163] - Shareholders who subscribed to the company's specific object issuance have committed to not reducing their holdings during the 6-month lock-up period[163] - The company has committed to not providing any form of financial assistance, including loans or guarantees, for incentive objects to obtain restricted stocks under the equity incentive plan[163] - The company reported no non-operational fund occupation by controlling shareholders or other related parties during the reporting period[165] - The company reported no illegal external guarantees during the reporting period[166] - The company's semi-annual financial report was not audited[167] - The company did not undergo any bankruptcy restructuring during the reporting period[168] - The company had no significant litigation or arbitration matters during the reporting period[169] - No asset or equity acquisitions or sales occurred during the reporting period[171] - No joint external investment transactions were conducted by the company[172] - The company and its affiliated financial institutions did not engage in any deposit, loan, credit, or other financial business with related parties[173] - The company's controlled financial institutions also did not engage in any financial transactions with related parties[174] Guarantees and Loans - The company provided guarantees for various loans, with amounts ranging from 800 million yuan to 4,000 million yuan, for periods extending up to three years after the loan maturity[175] - The company provided a counter-guarantee for a 10,000,000 yuan loan to its subsidiary Hunan Guolian Feed Co., Ltd., which remains unfulfilled[180] - A counter-guarantee was provided for a 20,000,000 yuan loan to its subsidiary Guolian (Yiyang) Food Co., Ltd., which remains unfulfilled[180] - Another counter-guarantee was provided for a 20,000,000 yuan loan to Guolian (Yiyang) Food Co., Ltd., which remains unfulfilled[180] - The company has a guarantee contract of 310,000,000 yuan with Xinyu Guotong Investment Management Co., Ltd., set to expire on December 31, 2024[181] - A mortgage guarantee of 11,617,500 yuan was provided by Dongguomei Aquatic Food Co., Ltd., set to expire on December 31, 2025[181] - The company has a guarantee contract of 800,000,000 yuan with multiple entities, set to expire three years after the fulfillment of the main contract[181] - A guarantee of 200,000,000 yuan was provided by Li Zhong and Gui Fengyue, set to expire on July 5, 2025[181] - A guarantee of 80,000,000 yuan was provided by Li Zhong, Chen Han, and Li Guotong, set to expire three years after the fulfillment of the financing contract[181] - The company provided a guarantee of RMB 16,000.00 million for Dongguo Meishui Food Co., Ltd., with an actual guarantee amount of RMB 14,194.75 million, effective from July 1, 2020, to December 31, 2026[192] - A guarantee of RMB 7,000.00 million was issued for Dongguo Meishui Food Co., Ltd., with an actual guarantee amount of RMB 1,000.00 million, effective from February 27, 2020, to December 31, 2025[192] - The company provided a guarantee of RMB 3,000.00 million for Zhanjiang Guolian Feed Co., Ltd., with an actual guarantee amount of RMB 1,000.00 million, effective from February 24, 2020, to December 31, 2025[192] - A guarantee of RMB 540.00 million was issued for Zhanjiang Guolian Feed Co., Ltd., with an actual guarantee amount of RMB 0.00 million, effective from March 29, 2022, for three years after the debt fulfillment period[192] - The company provided a guarantee of RMB 1,350.00 million for Zhanjiang Guolian Feed Co., Ltd., with an actual guarantee amount of RMB 0.00 million, effective from March 12, 2021, for three years after the debt fulfillment period[192] - A guarantee of RMB 2,800.00 million was issued for Yangjiang Guolian Marine Food Co., Ltd., with an actual guarantee amount of RMB 2,500.00 million, effective from March 19, 2022, for three years after the debt fulfillment period[192] - The company provided a guarantee of RMB 1,000.00 million for Guangdong Xinying Food Technology Co., Ltd., with an actual guarantee amount of RMB 0.00 million, effective from November 29, 2021, for three years after the debt fulfillment period[192] - A guarantee of RMB 1,000.00 million was issued for Zhanjiang Guolian Feed Co., Ltd., with an actual guarantee amount of RMB 0.00 million, effective from December 31, 2021, for two years after the debt fulfillment period[192] - The company provided a guarantee of RMB 5,000.00 million for Dongguo Meishui Food Co., Ltd., with an actual guarantee amount of RMB 4,995.40 million, effective from January 10, 2023, for three years after the debt fulfillment period[192] - A guarantee of RMB 7,000.00 million was issued for Guolian (Yiyang) Food Co., Ltd., with an actual guarantee amount of RMB 7,000.00 million, effective from April 24, 2023, for three years after the debt fulfillment period[192] - The company provided a total