VTR(SZ:300381)2023-08-25 16:00Financial Performance - The company's operating revenue for the first half of 2023 was CNY 382,466,693.68, a decrease of 49.27% compared to CNY 753,881,379.40 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was CNY 7,407,072.13, down 52.39% from CNY 15,557,366.99 year-on-year[23]. - The net cash flow from operating activities was CNY -31,665,562.53, a decline of 112.19% compared to CNY 259,719,135.99 in the previous year[23]. - The basic earnings per share decreased by 52.37% to CNY 0.0151 from CNY 0.0317 in the same period last year[23]. - The total profit for the first half of 2023 was CNY 13.25 million, a significant decline of 86.2% from CNY 96.21 million in the same period last year[172]. - The company reported a total comprehensive income of CNY 13.11 million for the first half of 2023, compared to CNY 28.64 million in the same period of 2022[173]. - The net profit attributable to shareholders for the first half of 2023 was approximately 39.07 million, representing a decrease of 2.1% compared to the same period last year[184]. - The company reported a total revenue of approximately 303.31 million, with a year-on-year growth of 8.8%[185]. - The company reported a net profit of 490 million, which is a 3.0% increase compared to the previous year[187]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,063,904,300.49, a decrease of 3.41% from CNY 3,172,143,622.62 at the end of the previous year[23]. - The total liabilities decreased to CNY 271,352,533.53 as of June 30, 2023, down 23.8% from CNY 356,262,437.26 at the beginning of the year[166]. - The company's equity attributable to shareholders was CNY 2,678,854,604.64 as of June 30, 2023, a decrease of 1.0% from CNY 2,705,908,536.47 at the beginning of the year[166]. - The company's cash and cash equivalents increased to CNY 898,167,367.39 as of June 30, 2023, compared to CNY 754,538,363.71 at the beginning of the year, reflecting a growth of 19.0%[168]. - The total assets of the company at the end of the reporting period were approximately 1.9 billion, indicating a stable financial position[183]. - The total liabilities of the company were approximately 1.4 billion, maintaining a healthy debt-to-equity ratio[183]. Research and Development - The company has established a synthetic biology R&D team, focusing on developing high-value products through bioprocesses, with several products nearing industrial production levels[35][39]. - The company is committed to enhancing its R&D capabilities and has initiated a headquarters R&D center expansion project to facilitate resource sharing among research centers[39]. - Research and development expenses were ¥43,701,260.36, a decrease of 15.84% from ¥51,923,571.69, also due to the exclusion of the pharmaceutical segment[48]. - The company aims to increase its R&D investment by 7.5% in the upcoming fiscal year to support innovation[185]. - Research and development expenses increased by 15%, totaling 1.2 billion, to support innovation and new technology[187]. Market Expansion and Product Development - The company is actively involved in the development of feed additives and plant extracts, with products like the anti-inflammatory herbal extract showing significant market potential[36][39]. - The company plans to focus on market expansion and new product development to improve future performance[172]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by the end of 2024[187]. - New product launches include phospholipase, alkaline xylanase for papermaking, and hydrogen peroxide enzyme, which have received positive customer feedback[39]. - The company plans to launch two new products in Q3 2023, aiming to capture an additional 5% market share in the health supplement sector[192]. Corporate Governance and Shareholder Engagement - The annual shareholders' meeting had a participation rate of 31.48%, reflecting shareholder engagement in corporate governance[94]. - The company decided to cancel 1,727,000 shares of restricted stock due to not meeting performance targets for the 2022 fiscal year, adjusting the initial grant from 2,926,000 shares to 1,620,000 shares[97]. - The company has not implemented an employee stock ownership plan during the reporting period[98]. - The company has not reported any significant environmental penalties or issues, adhering to various environmental protection laws[101]. - There are no non-operating fund occupations by controlling shareholders or related parties during the reporting period[106]. Financial Management and Fundraising - The company has implemented strict budget management to control procurement costs and maximize the efficiency of raised funds usage[75]. - The total amount of raised funds (including interest income) transferred to the basic deposit account for working capital supplementation was 2,253,233.15 yuan on July 26, 2022[75]. - The company has completed the investment projects related to its initial public offering and will use the surplus funds of 7,435,317.35 yuan for permanent working capital supplementation[75]. - The company has a total credit limit of approximately RMB 1.62 billion from major banks, with a utilized credit of RMB 10 million[159]. - The company raised a total of RMB 64,461.42 million from the issuance of convertible bonds, net of fees[69]. Risk Management - The company faces risks related to project investments and sales cyclicality due to its reliance on the downstream breeding industry[4][5]. - The company has established a robust risk management framework for its foreign exchange hedging activities, ensuring compliance with legal and regulatory standards[83]. - The company highlighted the cyclical nature of sales in its biological enzyme products, closely tied to the seasonal cycles of the livestock industry, which may impact revenue[90]. - The company is pursuing multiple investment projects in biological enzyme and animal nutrition sectors, supported by favorable national policies, although uncertainties remain due to macroeconomic factors[90]. Legal and Compliance - The company is involved in a legal case with a claim amount of 70.4276 million RMB, which is currently pending[111]. - The semi-annual financial report has not been audited[108]. - The company has not engaged in any violations regarding external guarantees during the reporting period[107]. Share Buyback and Stock Performance - The company completed a share buyback of 10,887,600 shares, accounting for 2.22% of the total share capital, with a total transaction amount of RMB 100,111,991.32[137]. - The maximum transaction price during the buyback was RMB 10.74 per share, while the minimum was RMB 8.14 per share[137]. - The company has a total of 490,081,989 shares after the recent changes, with 13,452,471 shares subject to restrictions, representing 2.74%[135].