龙源技术(300105) - 2021 Q2 - 季度财报

Financial Performance - The company reported a net profit attributable to shareholders of 8.34 million yuan in 2018, 13.98 million yuan in 2019, and 9.80 million yuan in 2020, with net profits excluding non-recurring gains and losses showing losses of -21.97 million yuan, -24.10 million yuan, and -18.10 million yuan respectively[8]. - The company's operating revenue for the reporting period was ¥141,334,463.78, representing a 78.93% increase compared to ¥78,989,324.44 in the previous period[27]. - The net profit attributable to shareholders was -¥14,028,506.04, an improvement of 29.00% from -¥19,758,303.14 in the prior period[27]. - The net cash flow from operating activities was ¥20,553,480.38, showing a significant increase of 220.42% compared to ¥6,414,504.66 in the previous period[27]. - The total assets at the end of the reporting period were ¥2,224,860,423.68, a decrease of 1.47% from ¥2,258,056,198.93 at the end of the previous year[27]. - The net assets attributable to shareholders decreased by 3.52% to ¥1,793,304,618.62 from ¥1,858,638,890.73 at the end of the previous year[27]. - The company reported non-recurring gains of ¥2,982,354.23, including government subsidies and investment income from financial products[31]. - The company achieved operating revenue of 141.33 million yuan, a year-on-year increase of 78.93%[39]. - The net profit attributable to shareholders was -14.03 million yuan, a year-on-year reduction in losses of 29.00%[39]. - The energy-saving segment generated revenue of 70.66 million yuan, up 38.82% year-on-year, with plasma ignition business revenue at 59.53 million yuan, growing 21.68%[39]. - The environmental protection segment reported revenue of 70.67 million yuan, a significant increase of 153.00% year-on-year, with low-nitrogen combustion business revenue rising by 172.95% to 57.42 million yuan[40]. Research and Development - The company aims to strengthen its innovation system and accelerate the application of innovative results in engineering practices to maintain a competitive edge in the market[6]. - The company has 27 ongoing research projects, including 3 national projects and 8 projects from energy groups[38]. - The company added 20 authorized patents during the reporting period, including 2 invention patents, bringing the total to 307 authorized patents[42]. - Research and development expenses amounted to ¥21,493,096.67, marking a 15.97% increase year-on-year, indicating a commitment to innovation[44]. - The company incurred research and development expenses of CNY 21,493,096.67 in the first half of 2021, compared to CNY 18,534,103.79 in the previous year, reflecting a focus on innovation[146]. Strategic Expansion - The company has secured desulfurization and denitrification projects with Shandong Laigang, Qianfu Mining, and Xingtai Steel, indicating a strategic expansion into the non-electric energy-saving and environmental protection market[5]. - The company is actively working on overseas projects in Zimbabwe, Turkey, and Indonesia, ensuring their smooth execution despite pandemic challenges[5]. - The company is expanding into non-electric fields and intelligent operation software for power plants, enhancing its comprehensive energy-saving capabilities[33]. - The company plans to explore investment directions for excess raised funds to enhance capital efficiency and overall performance[72]. - The company is exploring potential mergers and acquisitions to accelerate growth and market expansion[160]. Market and Competition - The company faces intensified market competition, leading to a potential reduction in profit margins due to increased industry rivalry and declining demand for coal power[71]. - Accounts receivable recovery remains a challenge due to the financial strain on coal power enterprises, necessitating targeted collection strategies[73]. - The company has a high proportion of related party transactions, with 41.66% of sales to China Energy Investment Corporation, which supports its market position[74]. Shareholder and Capital Management - The company will not distribute cash dividends or issue bonus shares, indicating a focus on reinvestment[10]. - The company completed the grant registration of the 2020 restricted stock incentive plan, awarding 9,364,000 shares to 78 incentive objects, increasing total shares from 51,321,600 to 52,258,000[25]. - The total share capital increased from 51,321,600 shares to 52,258,000 shares due to the granting of 9,364,000 restricted stocks[111]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[85]. - The company has not reported any expected inability to recover principal from entrusted financial management[66]. Financial Management and Cash Flow - The company reported a significant decrease in cash and cash equivalents, with a net increase of ¥61,785,759.69, down 92.65% from the previous year, primarily due to increased cash outflows from investment activities[46]. - The company's cash flow from financing activities showed a significant improvement, with a net outflow of -¥18,012,763.90, down 82.46% compared to the previous year, indicating better management of financing activities[46]. - The company reported a total investment cash inflow of CNY 1,047,976,716.61, while the cash outflow for investment activities was CNY 988,731,673.40, resulting in a net cash flow from investment activities of CNY 59,245,043.21[150]. - The financing activities resulted in a net cash outflow of ¥18,012,763.90, compared to a net outflow of ¥102,695,263.62 in the previous period, showing an improvement in financing cash flow[154]. Compliance and Governance - The company has not faced any penalties or rectification issues during the reporting period[94]. - The company has not changed its consolidation scope compared to the end of the previous year, which includes one subsidiary, Guoneng Longyuan (Yantai) Heat Exchange Equipment Co., Ltd.[169]. - The financial statements are prepared based on the assumption of going concern, indicating the company expects to have sufficient resources to continue operations for the next 12 months[171]. - The company adheres to the accounting standards for enterprises, ensuring that the financial statements reflect its financial position, operating results, and cash flows accurately[173].