OGI(SH:600811)2024-02-28 16:00Financial Performance - The company's operating revenue for the first half of 2023 was ¥3,326,480,578.64, a decrease of 34.88% compared to ¥5,108,519,620.09 in the same period last year[19]. - The net profit attributable to shareholders was a loss of ¥143,441,846.57, a decline of 649.76% from a profit of ¥26,091,555.89 in the previous year[19]. - The net cash flow from operating activities was ¥247,188,560.37, down 36.55% from ¥389,578,536.13 in the same period last year[19]. - The total assets decreased by 4.46% to ¥40,347,347,863.13 from ¥42,230,306,536.92 at the end of the previous year[19]. - The net assets attributable to shareholders were ¥18,173,464,618.32, a slight decrease of 0.83% compared to ¥18,326,099,426.55 at the end of the previous year[19]. - The basic earnings per share for the first half of 2023 was -¥0.0392, a decrease of 652.11% from ¥0.0071 in the same period last year[20]. - The diluted earnings per share also stood at -¥0.0392, reflecting the same percentage decrease as the basic earnings per share[20]. - The weighted average return on net assets was -0.79%, a decrease of 0.92 percentage points from 0.13% in the previous year[20]. - The company reported a significant increase in losses when excluding non-recurring gains and losses, with a basic earnings per share of -¥0.0539, down 2,024.05% from ¥0.0028 in the previous year[20]. - The company achieved a revenue of CNY 3.326 billion in the reporting period, a year-on-year decrease of 34.88% due to reduced trading volume of bulk agricultural products[33]. Operational Developments - The company established a rice processing and sales system covering 27 provinces, with 13,000 acres of land leased for organic rice production[24]. - The oil processing segment has a daily processing capacity of 1,500 tons of cottonseed, positioning the company as a large-scale oil processing enterprise[24]. - The company expanded its product lines in the soybean processing sector, achieving significant sales growth through partnerships with major retailers like Walmart[24]. - The company established a joint venture to expand its supply chain business for bulk agricultural products, enhancing logistics and storage capabilities[32]. - The company has a total of 15 patents related to high-moisture plant protein meat technology, with ongoing development in seawater extraction technologies[30]. - The company’s digital management systems have been fully established across its main business areas, enhancing operational efficiency and supply chain management[32]. - The company’s agricultural supply chain integrates production, procurement, storage, logistics, and sales, reducing costs and improving efficiency[31]. Market Conditions - The overall supply of agricultural products in China remained sufficient in the first half of 2023, with fluctuating prices for key commodities like corn[27]. - The rice market is experiencing a shift towards quality and personalized consumption, with a decline in overall rice demand over the past three years[26]. - The oilseed market faced challenges with high inventory levels and fluctuating prices, impacting profit margins in the first half of 2023[26]. - The company is focusing on risk control in bulk agricultural product trading and plans to expand its business varieties to enhance profitability[28]. - The company is leveraging its resource advantages in Northeast China to build a comprehensive agricultural supply chain from breeding to market[28]. - The company has established a strong brand presence with products like "Tianyuandao" and "Yinxiang" in the rice and soybean markets[28]. Financial Position - The total liabilities were CNY 22.29 billion, slightly down from CNY 23.98 billion, representing a decrease of about 7.03%[117]. - Long-term borrowings increased by 96.85% to CNY 4,773,621,526.66 from CNY 2,425,000,000.00 year-on-year[41]. - The company has a total of 423,725.80 million in guarantees incurred during the reporting period (excluding guarantees to subsidiaries)[102]. - The total amount of debt guarantees provided for entities with a debt-to-asset ratio exceeding 70% is CNY 557,193.23 million[103]. - The total amount of guarantees exceeding 50% of net assets is CNY 321,816.70 million[103]. - The company’s loan balance with Minsheng Bank stood at RMB 4.529 billion at the end of the reporting period[88]. Environmental and Compliance - Xiamen Yinxiang Oil Co., Ltd. reported a total SO2 emission of 0.143 tons with a concentration of 1.3 mg/m3, NOX emissions of 10.664 tons at 95.2 mg/m3, and particulate matter emissions of 0.153 tons at 1.4 mg/m3[66]. - The company has implemented an energy online monitoring system to track energy consumption monthly, aiming to reduce carbon emissions by using rice husk for heating instead of coal[71]. - The company has established a self-monitoring plan for emissions, including quarterly and semi-annual monitoring of various pollutants[70]. - There were no administrative penalties due to environmental issues during the reporting period[71]. - The company has no reported cases of exceeding emission standards[66]. Legal and Regulatory Matters - The company is involved in a significant lawsuit with Shandong Tian Shang, claiming RMB 10 billion in damages, with interest calculated at an annual rate of 12%[79]. - The total amount involved in the litigation with Shandong Tian Shang is RMB 1,303,123,284.64[78]. - The company received a civil mediation document from the Beijing Second Intermediate People's Court regarding a contract dispute, resulting in a voluntary settlement[84]. - The company was issued a warning letter by the Heilongjiang Securities Regulatory Bureau for failing to implement a share repurchase plan as agreed, with a commitment to improve compliance[85]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 110,362[110]. - The largest shareholder, Tibet Dongfang Runlan Industrial Investment Co., Ltd., holds 608,854,587 shares, accounting for 16.64% of total shares[111]. - The company repurchased 405,800 shares during the reporting period, reducing the total shares from 3,659,150,735 to 3,658,744,935[108]. - The top ten shareholders include entities with significant pledges, such as Tibet Dongfang Runlan with 413,565,000 pledged shares[111]. Accounting and Financial Reporting - The company’s accounting policies comply with the requirements of the enterprise accounting standards, ensuring a true and complete reflection of its financial status[146]. - The company’s financial statements are prepared based on actual transactions and events, following the relevant regulations and guidelines[144]. - The company will account for business combinations under common control based on the book value of assets and liabilities at the final controlling party's financial statements[158]. - The company will recognize costs related to business combinations, such as audit and legal fees, as current period expenses[155]. - The company recognizes its share of interests in joint operations according to relevant accounting standards, confirming losses in case of asset impairment fully[164].