江天化学(300927) - 2021 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 348,510,895.40, representing a 65.14% increase compared to CNY 211,040,717.56 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was CNY 40,864,166.08, up 36.26% from CNY 29,989,708.84 in the previous year[23]. - The net profit after deducting non-recurring gains and losses was CNY 39,114,950.56, reflecting a 40.99% increase from CNY 27,743,489.77 in the same period last year[23]. - The basic earnings per share for the reporting period was CNY 0.5095, a slight increase of 2.19% compared to CNY 0.4986 in the previous year[23]. - The company achieved operating revenue of 348.51 million yuan, a year-on-year increase of 65.14%[43]. - The net profit attributable to shareholders reached 40.86 million yuan, up 36.26% compared to the same period last year[43]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 39.12 million yuan, reflecting a growth of 40.99% year-on-year[43]. - Operating profit for the first half of 2021 was ¥46,208,234.48, up 40.2% from ¥32,941,090.86 in the first half of 2020[144]. - The total profit for the first half of 2021 was ¥48,088,350.27, up 35.8% from ¥35,389,391.66 in the first half of 2020[144]. Cash Flow and Financial Position - The net cash flow from operating activities was negative CNY 31,991,955.48, a decline of 184.39% compared to a positive CNY 37,911,341.08 in the same period last year[23]. - The company's cash flow from investing activities decreased by 53.21% to -5,311,614.09 CNY due to reduced engineering project expenditures[45]. - Cash flow from financing activities decreased by 115.38% to -49,014,866.00 CNY as the company reduced borrowing scale and repaid due short-term and long-term loans[45]. - The net increase in cash and cash equivalents was -86,501,023.01 CNY, a significant decrease compared to the previous period[45]. - Cash received from sales of goods and services in the first half of 2021 was ¥247,326,316.02, an increase from ¥212,008,875.08 in the first half of 2020[148]. - The ending balance of cash and cash equivalents was CNY 198.40 million, down from CNY 68.20 million at the end of the previous year[150]. - The cash and cash equivalents net increase was negative CNY 86.73 million, contrasting with a positive increase of CNY 8.96 million in the previous year[154]. Assets and Liabilities - Total assets decreased by 7.10% to CNY 707,106,298.71 compared to the previous period[24]. - The company's total assets as of June 30, 2021, were CNY 707,106,298.71, down from CNY 761,139,421.79, a decrease of approximately 7.09%[137]. - Total liabilities decreased to CNY 145,751,376.00 from CNY 223,806,665.16, reflecting a reduction of about 34.92%[136]. - The company's short-term borrowings decreased by 75% to 5,000,000.00 CNY, reflecting a strategy to reduce debt[51]. - The total equity attributable to shareholders increased to CNY 561,354,922.71 from CNY 537,332,756.63, marking an increase of about 4.47%[137]. Production and Capacity - The production capacity of polyoxymethylene increased from 45,000 tons to 80,000 tons, and formaldehyde capacity increased from 280,000 tons to 400,000 tons[36]. - The company focuses on high-end specialty fine chemicals derived from methanol, with products used in various industries including resins, adhesives, and pesticides[32]. - The company’s main product, granular polyoxymethylene, is recognized for its wide application and high customer acceptance[36]. - The company’s production model is based on sales-driven production, allowing for dynamic adjustments based on market conditions[35]. Research and Development - The company increased its R&D investment to 11.60 million yuan, a rise of 57.31% due to the commissioning of the 35,000-ton polyformaldehyde project[44]. - The company has obtained 9 invention patents and 37 utility model patents, with 8 invention patents and 5 utility model patents pending acceptance[39]. - The company is focusing on the development of high-end and environmentally friendly new products to enhance its competitive advantage[39]. Environmental and Safety Management - The company emphasizes safety production and environmental protection, enhancing green and energy-saving production levels[36]. - Environmental protection facilities are operating normally, and all pollutants are being discharged within the established standards[83]. - The company is classified as a key pollutant discharge unit by environmental protection authorities[82]. - The company has obtained environmental impact assessments and necessary permits for all construction projects[84]. - The company is enhancing its safety and environmental management practices in response to stricter regulatory requirements in the chemical industry[73]. Risks and Challenges - The company faces risks including environmental and safety issues, intensified industry competition, and macroeconomic fluctuations[6]. - The company is facing risks from macroeconomic fluctuations, including impacts from COVID-19, trade tensions, and geopolitical factors, which may affect profitability[71]. - Raw material costs, particularly methanol and hydrochloric acid, significantly influence the company's production costs, necessitating close monitoring of price trends[72]. - The competitive landscape in the fine chemical industry is intensifying, prompting the company to focus on product innovation and process optimization to strengthen its market position[73]. Corporate Governance and Shareholder Information - The company has established a modern corporate governance system to enhance governance levels and protect the rights of all shareholders, especially minority shareholders[86]. - The total number of shares increased from 60.15 million to 80.20 million after the IPO on January 7, 2021[118]. - The largest shareholder, Nantong Industrial Holdings Group Co., Ltd., holds 37.53% of the shares[120]. - The company has experienced changes in its board of directors, with new appointments aimed at ensuring effective governance and operational management[77]. Miscellaneous - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company has not made any adjustments or restatements to previous years' accounting data[23]. - The company has not made any changes to the fundraising projects during the reporting period[64]. - The company did not engage in any entrusted financial management, derivative investments, or entrusted loans during the reporting period[65][66][67]. - There were no significant lawsuits or arbitration matters during the reporting period[95].