ST有棵树(300209) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥1.18 billion, a decrease of 50.27% compared to ¥2.37 billion in the same period last year [31]. - The net profit attributable to shareholders of the listed company was a loss of approximately ¥948.80 million, a decline of 1,285.48% from a profit of ¥80.03 million in the previous year [31]. - The company's revenue for the reporting period was ¥1,176,915,753.38, a decrease of 50.27% compared to the same period last year, primarily due to adjustments in cross-border e-commerce platform policies and business transformation [48]. - The total sales revenue for the first half of 2021 was ¥109,192.33 million, down from ¥223,377.82 million in the first half of 2020, indicating a significant decline in overall performance [44]. - The company reported a significant increase in financial expenses, rising to ¥29,021,814.75 from ¥2,638,807.99, primarily due to increased interest expenses [152]. - The company reported a net loss of 1,396 million yuan for the current period, compared to a profit of 16,266 million yuan in the same period last year [170]. Cash Flow and Liquidity - As of the report date, the company and its subsidiary Yuanjiang Information have loans payable totaling 447.5 million yuan, with cash flow shortages posing a risk [15]. - The company will continue to communicate with relevant creditors and explore various financing channels to alleviate short-term cash flow pressures [15]. - The net cash flow from operating activities improved to a loss of approximately ¥53.31 million, an 80.48% increase compared to a loss of ¥273.16 million in the same period last year [31]. - The company’s cash and cash equivalents decreased by ¥91,276,819.44, a reduction of 64.09% compared to the previous year [48]. - The company has pledged 48.9991% of its shares in Youkeshu as collateral to alleviate the financial pressure on its subsidiary Yuanjiang Information, which is experiencing severe operational difficulties [68]. - The company is actively communicating with creditors and exploring various financing channels to address short-term cash flow shortages [72]. Inventory and Assets - The net inventory of Youkeshu as of the report date is 854.54 million yuan, with further impairment risks due to uncertain platform policies and intensified competition [16]. - Total assets at the end of the reporting period were approximately ¥3.35 billion, down 26.20% from ¥4.54 billion at the end of the previous year [31]. - The company’s inventory was valued at ¥868,017,448.01, representing 25.92% of total assets [55]. - The company’s cash and cash equivalents at the end of the period were ¥43,713,079.60, down from ¥344,935,794.27 at the end of the first half of 2020 [162]. Operational Challenges - Yuanjiang Information is facing severe operational difficulties, including cash flow depletion and significant overdue receivables, leading to a risk of normal business operations being disrupted [7]. - The subsidiary Youkeshu's revenue for the first half of 2021 decreased by 51.12% year-on-year due to changes in Amazon's platform policies and a significant decline in independent site business [9]. - Youkeshu is facing intensified competition and risks of further performance decline in the short term due to rising logistics costs and aggressive discounting strategies adopted by many companies to accelerate cash flow [68]. - The company has reduced its independent site business and team size due to increased funding scrutiny and cash flow issues, leading to an unexpected shrinkage of this segment [40]. Compliance and Governance - The company is committed to improving compliance with platform operations to avoid performance fluctuations caused by regulatory issues [9]. - The company has undergone changes in its management team, with a new deputy general manager appointed on February 1, 2021 [77]. - The company has fulfilled all commitments made by actual controllers and shareholders during the reporting period [85]. - There were no stock incentive plans, employee stock ownership plans, or other employee incentive measures implemented during the reporting period [79]. Future Outlook and Strategy - The company is optimistic about the long-term growth of the cross-border e-commerce sector, despite short-term challenges, and plans to continue developing its business on other platforms [40]. - The company plans to continue its focus on research and development of new products and technologies to drive future growth [31]. - The company plans to focus on enhancing its product offerings and expanding its market presence in the upcoming quarters [167]. - The company aims to improve operational efficiency and reduce costs to mitigate the impact of the current financial challenges [167]. Shareholder and Equity Information - The total number of shares before the change was 423,732,000, with a total number of shares after the change remaining the same [121]. - The largest shareholder, Xiao Siqing, holds 10.37% of shares, totaling 43,946,759 shares [128]. - The company has a total of 87,718,033 shares, with 2,317,389 shares locked up and 867,189 shares under other restrictions [126]. - The company has not reported any major related party transactions during the reporting period [103]. Audit and Financial Reporting - The semi-annual financial report has not been audited [95]. - The company received a qualified audit opinion for the 2020 annual financial report due to issues related to accounts receivable confirmations and performance compensation payments [96]. - The financial statements were approved by the board on August 27, 2021, indicating a commitment to transparency and compliance [177]. Environmental and Social Responsibility - The company does not belong to the key pollutant discharge units as published by environmental protection authorities, indicating minimal environmental impact from its operations [82]. - There were no administrative penalties due to environmental issues during the reporting period, reflecting compliance with environmental regulations [82]. - The company has not reported any major environmental protection issues or related administrative penalties [82].