*ST天山(300313) - 2023 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2023 was ¥47,356,894.61, representing a 63.14% increase compared to ¥29,027,767.83 in the same period last year[22]. - The net profit attributable to shareholders for the first half of 2023 was -¥13,137,015.15, a decrease of 9.37% from -¥12,011,071.53 in the previous year[22]. - The net cash flow from operating activities was -¥11,860,704.65, showing a significant decline of 386.73% compared to -¥2,436,813.41 in the same period last year[22]. - The total assets at the end of the reporting period were ¥315,585,297.38, down 4.99% from ¥332,145,607.55 at the end of the previous year[22]. - The net assets attributable to shareholders decreased by 15.59% to ¥71,124,465.24 from ¥84,261,480.39 at the end of the previous year[22]. - The basic earnings per share for the first half of 2023 was -¥0.0420, a decrease of 9.38% from -¥0.0384 in the same period last year[22]. - The diluted earnings per share also stood at -¥0.0420, reflecting the same percentage decrease as the basic earnings per share[22]. - The weighted average return on net assets was -16.91%, a decline of 4.66% from -12.25% in the previous year[22]. - The company reported a total comprehensive loss of -¥13,058,295.16 for the first half of 2023, compared to -¥12,335,826.45 in the first half of 2022[200]. Operational Strategy - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[5]. - The management has highlighted potential risks and countermeasures in the report, emphasizing the importance of investor awareness regarding investment risks[4]. - The company is expanding its live cattle breeding scale and has begun operations in Xinjiang to enhance its market presence[31]. - The company has implemented adjustments in procurement and sales strategies to mitigate the impact of declining cattle prices[33]. - The company is focused on expanding its beef cattle breeding business and improving operational efficiency through increased R&D investment and technological advancements[74]. - The company plans to enhance market development and customer communication to improve performance, including professional training for breeding personnel and technical services in ranches[91]. - The company aims to leverage favorable national policies to focus on the beef cattle industry, implementing a dual-drive strategy of breeding and beef cattle farming[137]. Market Conditions - The average price of fattened cattle in China dropped by 12.6% year-on-year to 31.08 yuan/kg in the first half of 2023[32]. - The company is positioned within a growing industry, with government support for livestock breeding and a focus on enhancing the quality and efficiency of meat production[53]. - The gap between domestic beef consumption and production has widened significantly, with a consumption shortfall of 2.69 million tons in 2022, which is 26% of total consumption[56]. - The average per capita beef consumption in China is only 7.3 kg/year, far below Argentina's 64.2 kg/year, highlighting significant growth potential in the market[56]. - The domestic beef import volume accounted for 27% of global beef exports in 2022, emphasizing the need to increase domestic production to meet demand[57]. Legal and Compliance Issues - The company is actively pursuing legal actions related to a contract fraud case involving the acquisition of Elephant Advertising[36]. - The company has been placed under delisting risk warning due to negative net profit for the last three accounting years and revenue below 100 million yuan in 2022[94]. - The company is currently involved in a legal case related to a contract fraud incident, which has impacted its financial stability and operational capacity[135]. - The company has received a judgment requiring Daxiang Advertising to return approximately 55.11 million yuan in compensation and related financial losses[146]. - The company is committed to taking effective measures to address issues raised in the audit report and protect investor interests[144]. Research and Development - The company reduced production costs by 15% through quality and yield improvement trials in frozen semen production[30]. - Research and development expenses rose by 101.55% to ¥461,185.97, primarily due to an increase in R&D personnel[74]. - The company holds several patents, including a utility model patent for a calf feeding device and an invention patent for a TMR feeding vehicle, enhancing its technological capabilities[73]. - The company has initiated technical training for breeding technicians to improve skills and enhance product promotion[68]. Infrastructure and Assets - The company reported a total land usage area of 16,568 acres for grassland and various agricultural development lands, with leases extending until 2046[70]. - The company has secured multiple agricultural development land rights, including 8,951.65 acres and 9,800 acres, both valid until February 2046[70]. - The company has invested in a new breeding barn with a total area of 14,510.62 m², enhancing its livestock capacity[71]. - The company has a total of 5,563.73 m² dedicated to the semen collection hall, crucial for its breeding technology[71]. Financial Position - Cash and cash equivalents decreased to CNY 25,588,950.76, representing 8.11% of total assets, down from 14.24% last year, a decrease of 6.13% due to repayment of bank loans and inventory purchases[81]. - Inventory increased to CNY 62,390,908.93, accounting for 19.77% of total assets, up from 16.31% last year, an increase of 3.46% attributed to the growth in cattle breeding[81]. - The company's total equity decreased from CNY 159,488,309.47 to CNY 148,172,204.55, a decline of about 7.1%[196]. - The company reported a net loss in retained earnings, with undistributed profits at CNY -413,384,722.85, worsening from CNY -400,247,707.70[194]. Future Outlook - The company provided a positive outlook for the second half of 2023, projecting a revenue growth of 10% to 12%[120]. - New product launches are expected to contribute an additional 200 million CNY in revenue by the end of the year[120]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of 300 million CNY allocated for this purpose[120]. - The company plans to enhance its online sales channels, aiming for a 50% increase in e-commerce revenue by the end of 2023[120].