EWPT(SZ:300115)2023-08-30 16:00Revenue Recognition - The company recognizes domestic sales revenue when products are delivered to the agreed location and payment is received or the right to collect payment is established[1]. Government Grants - Government grants are recognized as monetary assets when the company meets the conditions attached to the grants and can receive them[2]. Deferred Tax Assets - Deferred tax assets are confirmed based on the difference between the book value of assets and liabilities and their tax bases, calculated at the applicable tax rate expected to be recovered[6]. - The company has adopted the new accounting policy effective January 1, 2023, regarding deferred tax related to single transactions, adjusting the financial statements accordingly[13]. - Deferred tax assets increased from ¥226,019,280.25 to ¥228,998,558.98, reflecting an adjustment of ¥2,979,278.73[16]. - The company has adopted the new accounting standard effective January 1, 2023, impacting the reporting of deferred tax assets and liabilities[17]. Corporate Income Tax - The corporate income tax rate for the company and its subsidiaries is generally 15%, with some entities subject to rates ranging from 10% to 39%[22]. - The company holds a high-tech enterprise certificate valid for three years, allowing it to apply a 15% corporate income tax rate[23]. - The company has obtained high-tech enterprise certification, which allows for a reduced corporate income tax rate of 15% for its subsidiaries[65]. Financial Performance - Net profit decreased from -¥262,371,328.15 to -¥262,532,858.47, with an adjustment impact of -¥161,530.32[16]. - The company's operating revenue for the first half of 2023 was approximately ¥4.01 billion, a decrease of 27.0% compared to ¥5.49 billion in the same period of 2022[64]. - The cost of goods sold was approximately ¥3.81 billion, down from ¥5.15 billion, reflecting a reduction of 26.0% year-over-year[64]. - The net profit for the first half of 2023 was a loss of approximately ¥69.15 million, compared to a loss of ¥7.46 million in the first half of 2022, indicating a significant increase in losses[64]. - The total profit for the first half of 2023 was a loss of approximately ¥106.44 million, compared to a loss of ¥36.31 million in the same period of 2022[64]. - The company reported a total comprehensive income of -69,146,709.87 yuan for the reporting period, indicating a significant loss compared to the previous period[90]. Assets and Liabilities - The total assets of the company amounted to approximately ¥17.42 billion as of June 30, 2023, compared to ¥17.58 billion at the end of the previous reporting period[60]. - The company's long-term equity investments were valued at ¥44.67 million, a decrease from ¥47.17 million in the previous period[60]. - Fixed assets increased to ¥5.07 billion from ¥5.01 billion, while construction in progress rose significantly to ¥1.24 billion from ¥865 million[60]. - The company's short-term borrowings were reported at ¥4.25 billion, down from ¥4.45 billion[60]. - The total liabilities of the company were not explicitly stated but can be inferred from the current liabilities and other financial obligations listed[60]. - The company's total liabilities amounted to CNY 6,958,814,422.43, slightly down from CNY 6,994,692,204.86 in the previous year[115]. - The total equity of the company was CNY 5,786,346,189.66, compared to CNY 5,820,062,418.67 in the same period last year, showing a minor decrease[115]. Shareholder Information - The total number of shares before the change was 1,201,027,716, and after the change, it increased to 1,203,429,623, reflecting a total increase of 2,401,907 shares[75]. - The proportion of shares held by the largest shareholder, Ningbo Changying Yufu Investment Co., Ltd., is 36.91%, holding 444,188,111 shares[78]. - The number of shares with limited sale conditions is 4,487,472, accounting for 0.37% of total shares[75]. - The number of shares with unlimited sale conditions is 1,196,540,244, representing 99.63% of total shares[75]. - The company has a total of 1,196,540,244 shares held without restrictions, with no new shares issued during the reporting period[75]. - The company did not undergo any major changes in shareholding among its top shareholders during the reporting period[53]. Cash Flow - Net cash flow from operating activities was CNY 474,214,218.52, a significant improvement from a negative CNY 109,671,576.05 in the first half of 2022[118]. - The cash inflow from sales of goods and services was ¥4,573,241,659.23, a decrease from ¥6,070,604,197.67 in the first half of 2022, indicating a decline of about 24.6%[119]. - The total cash inflow from investment activities was ¥50,583,871.66, down from ¥99,142,369.72 in the previous year, reflecting a decrease of approximately 48.9%[120]. - The net cash flow from financing activities was -¥228,275,533.57 for the first half of 2023, compared to ¥186,331,373.82 in the same period of 2022, showing a shift towards negative cash flow[120]. Operational Strategies - The company is actively investing in environmental protection measures, including the use of eco-friendly cutting fluids and waste treatment systems[26]. - The company has committed to distributing at least 10% of its distributable profits as cash dividends when conditions are met[30]. - The company plans to expand its market presence and invest in new product development to drive future growth[97]. - The company is currently focusing on cost reduction and improving cash flow management to enhance financial stability[115]. Accounting Policies - The company accounts for short-term leases and low-value asset leases using a straight-line method for lease payments during the lease term[7]. - The financial report is prepared based on the accounting policies related to financial instruments impairment, fixed asset depreciation, and revenue recognition[138]. - The company measures financial assets based on expected credit losses and recognizes loss provisions for various financial instruments, including loans and receivables[155]. - The company employs a simplified measurement method for lease receivables and contract assets, measuring loss provisions equivalent to the expected credit losses over the entire duration[156]. Risk Management - The company assesses expected credit risk and measures expected credit losses based on individual financial instruments or groups of financial instruments with similar risk characteristics[157]. - The expected credit loss rate for accounts receivable and commercial acceptance bills within 3 months is 3.74%[176]. - The expected credit loss rate for accounts receivable aged 3-6 months is 4.73%[176]. - The expected credit loss rate for accounts receivable aged 6-12 months is 17.59%[176]. - The expected credit loss rate for accounts receivable aged 12-24 months is 90.57%[176]. - The expected credit loss rate for accounts receivable aged over 2 years is 100.00%[176].