VTR(SZ:300381)2021-08-20 16:00Financial Performance - The company's operating revenue for the first half of 2021 was ¥871,145,680.75, a decrease of 5.06% compared to ¥917,554,527.33 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥60,441,377.69, down 13.05% from ¥69,512,111.84 in the previous year[21]. - The net profit after deducting non-recurring gains and losses increased by 6.55% to ¥54,198,469.66 from ¥50,865,689.57 year-on-year[21]. - The basic earnings per share decreased by 21.21% to ¥0.1233 from ¥0.1565 in the same period last year[21]. - The company reported a net cash flow from operating activities of ¥118,858,939.19, a decrease of 2.40% from ¥121,786,868.91 in the same period last year[21]. - The company's revenue for the reporting period was ¥871,145,680.75, a decrease of 5.06% compared to ¥917,554,527.33 in the same period last year, primarily due to the recovery of sales in the biopharmaceutical sector after the pandemic[44]. - The company's operating costs decreased by 16.23% to ¥497,818,430.66 from ¥594,285,158.79, indicating improved cost management[44]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,596,421,263.20, a decrease of 1.62% from ¥4,672,225,564.65 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased by 0.90% to ¥3,004,834,878.65 from ¥2,978,092,925.07 at the end of the previous year[21]. - The company's total assets at the end of the reporting period were ¥4,598,000,000, with cash and cash equivalents amounting to ¥223,636,042.74, a decrease from ¥303,095,521.39 at the end of the previous year[51]. - Long-term borrowings increased by 114.76% to ¥152,480,000.00, reflecting the company's increased financing needs[51]. - Accounts receivable decreased by 32.65% compared to the beginning of the year, totaling CNY 12,458,991.86[52]. - Prepayments increased by 44.21% compared to the beginning of the year, reaching CNY 37,362,807.80[52]. - Other receivables grew by 40.06% compared to the beginning of the year, amounting to CNY 47,544,762.95[52]. - Employee compensation payable decreased by 53.62% compared to the beginning of the year, totaling CNY 17,876,330.16[52]. - Tax payable decreased by 39.26% compared to the beginning of the year, amounting to CNY 15,259,885.09[52]. - Other payables decreased by 43.67% compared to the beginning of the year, totaling CNY 34,992,324.91[52]. - Current liabilities due within one year decreased by 94.18% compared to the beginning of the year, amounting to CNY 793,640.82[52]. - Other current liabilities decreased by 40.24% compared to the beginning of the year, totaling CNY 283,351.07[52]. Investments and Projects - The company has multiple ongoing investment projects in steroid hormone APIs, biological enzyme preparations, and functional feed additives, which are supported by national policies and have significant market demand[6]. - The company made a significant equity investment of 79,750,000 yuan in Changsha Shiyi Technology Co., Ltd., acquiring an 80% stake[58]. - The company established a new subsidiary, Macao Yiduo Li Co., Ltd., with an investment of 573,384 yuan, holding a 70% stake[58]. - The total investment in the annual production of 1,200 tons of steroid intermediates project reached 31,797,364 yuan, with a cumulative actual investment of 245,382,921 yuan, achieving 89.61% of the planned investment[61]. - The company has invested 5,929,789 yuan in the annual production of 20,000 tons of biological enzyme preparations, with a cumulative actual investment of 42,735,282 yuan, representing 40.22% of the planned investment[61]. - The investment in the annual production of 15,000 tons of food-grade biological enzyme preparations reached 19,591,574 yuan, with a cumulative actual investment of 159,530,000 yuan, achieving 89.20% of the planned investment[62]. - The company has not yet commenced production on several projects, including the biological enzyme preparations and steroid intermediates[61][62]. - The company is focusing on expanding its market presence through strategic investments and acquisitions in the biotechnology sector[75]. Market and Industry Position - The company focuses on the development, production, and sales of biological enzyme preparations, steroid hormone raw materials, and functional feed additives, targeting the biopharmaceutical and agricultural sectors[29]. - The biological enzyme products include feed enzymes, energy enzymes, food enzymes, paper-making enzymes, textile enzymes, and environmental enzymes, which are essential for various industrial applications[30]. - The steroid hormone raw materials primarily consist of corticosteroid and reproductive health system drugs, with key products including prednisone and dexamethasone, which are used in treating various medical conditions[31]. - The functional feed additives have seen continuous growth, driven by the national policy promoting antibiotic-free farming, indicating a broad market prospect[32]. - The company has become a major supplier in the Chinese feed enzyme market and aims to solidify its leading position domestically while expanding internationally[38]. - The company is positioned as a core enterprise in the global steroid hormone raw material market, with a focus on technological innovation in key intermediates[38]. - The domestic steroid hormone raw material production capacity accounts for approximately one-third of the world's total output, with the company being a significant player in this sector[37]. - The functional feed additives market is expected to grow due to the ban on growth-promoting antibiotics, leading to increased demand for alternative products[39]. - The company has established itself as the first professional producer of biocatalysts in China and the largest in Asia, actively participating in setting national and industry standards[40]. - The aging population in China is expected to drive the demand for healthcare and raw materials, contributing to the growth of the steroid hormone market[37]. Environmental Compliance - Hunan Xinhai Biological Pharmaceutical Co., Ltd. is classified as a key pollutant discharge unit by the environmental protection department[104]. - The total discharge of hazardous waste by Hunan Hongying Biological Technology Co., Ltd. is 58.9 tons, with a maximum allowable limit of 120 tons[105]. - The company operates a wastewater treatment facility capable of processing 4,000 tons of wastewater daily, ensuring compliance with discharge standards[111]. - The company has established a contract for hazardous waste treatment, which is regularly monitored and managed by qualified third-party services[110]. - The company has implemented regular maintenance for air pollution control facilities, with no instances of exceeding emission standards reported[113]. - The company has achieved stable operation of all pollution control facilities, with all pollutants meeting discharge standards[114]. - The company conducts monthly sampling and testing of wastewater by a qualified third-party testing company, ensuring compliance with environmental regulations[113]. - The company has installed noise reduction measures for equipment, minimizing environmental impact[113]. - The company has a comprehensive emergency response plan for environmental incidents, which has been filed with local environmental protection bureaus[124][125][126][127]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[136]. Corporate Governance and Shareholder Relations - The company plans to implement a stock incentive plan, granting 8 million restricted stocks, with an initial grant of 7.2 million shares[99]. - The company will not distribute cash dividends or bonus shares for the half-year period[97]. - The company has established a stable profit distribution policy and dividend plan to ensure reasonable returns for investors[143]. - The company has no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[153]. - The company has not engaged in any major related party transactions during the reporting period, ensuring transparency in financial dealings[156]. - The company has 490,062,472 total shares outstanding, with 96.02% being unrestricted shares[176]. - The largest shareholder, Zhuhai Jindadi Investment Co., Ltd., holds 30.97% of the shares, totaling 151,767,378 shares[179]. - The company has not reported any significant changes in the financial condition or credit status of its guarantors during the reporting period[197]. Financial Management - The current ratio improved to 200.14%, up from 181.92%, reflecting an increase of 18.22%[200]. - The interest coverage ratio increased to 5.95, representing a 21.18% improvement from 4.91[200]. - The cash interest coverage ratio rose to 8.36, marking a 19.94% increase from 6.97[200]. - The EBITDA interest coverage ratio improved significantly to 10.3, an increase of 28.27% from 8.03[200]. - The debt-to-asset ratio decreased to 29.00%, down by 1.16% from the previous year[200]. - The quick ratio increased to 85.47%, up from 82.24%, reflecting a 3.23% improvement[200]. - The company maintained a loan repayment rate of 100.00%, consistent with the previous year[200]. - The interest payment ratio also remained stable at 100.00%, unchanged from the prior year[200]. - The EBITDA to total debt ratio improved to 13.21%, an increase of 0.80% from 12.41%[200].