龙泉股份(002671) - 2024 Q2 - 季度财报

Financial Performance - The company's operating revenue for the first half of 2024 was ¥419,038,122.08, a decrease of 14.45% compared to ¥489,797,725.78 in the same period last year[10]. - Net profit attributable to shareholders for the first half of 2024 was ¥16,527,877.47, an increase of 523.09% from ¥2,652,551.22 in the previous year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥13,906,546.97, up 678.83% from ¥1,785,578.55 in the same period last year[10]. - The basic earnings per share for the first half of 2024 was ¥0.029, representing a 480.00% increase from ¥0.005 in the previous year[10]. - The total operating revenue for the first half of 2024 was CNY 419,038,122.08, a decrease of 14.4% compared to CNY 489,797,725.78 in the same period of 2023[96]. - Net profit for the first half of 2024 was CNY 16,471,987.43, compared to CNY 1,035,705.15 in the first half of 2023, representing a significant increase[96]. - The total comprehensive income attributable to the parent company was ¥16,527,877.47, compared to ¥2,652,551.22 in the previous year, reflecting a substantial increase[97]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,683,656,064.37, an increase of 3.05% compared to ¥2,604,160,022.91 at the end of the previous year[10]. - The company's total assets increased to CNY 3,145,924,753.17, up from CNY 2,935,371,476.12 at the end of the first half of 2023, reflecting a growth of 7.2%[94]. - Total liabilities rose from ¥999,901,500.44 to ¥1,069,401,606.83, indicating an increase of about 6.9%[91]. - The total liabilities increased to CNY 1,181,187,824.00, compared to CNY 1,000,299,684.16 in the previous year, reflecting a growth of 18.1%[94]. - The company's short-term borrowings increased by 3.08% to CNY 462.50 million, representing 17.23% of total assets[34]. - Short-term borrowings increased from ¥368,439,676.77 to ¥462,499,392.32, an increase of approximately 25.5%[90]. Cash Flow - The net cash flow from operating activities was -¥29,657,338.03, a significant decrease compared to ¥32,373,067.92 in the same period last year, reflecting a decline of 191.61%[10]. - The company reported a net cash flow from operating activities of CNY -29.66 million, a decrease of 191.61% compared to the previous year[29]. - Cash and cash equivalents increased by CNY 61.68 million, a 154.20% increase year-on-year, primarily due to increased cash inflow from financing activities[29]. - The company reported a total cash inflow from financing activities of ¥602,945,270.52, up from ¥474,713,023.55 in the same period last year[101]. - The total cash balance of CNY 375,022,439.76 at the end of the period, up from CNY 276,631,852.23 at the beginning, representing an increase of approximately 35.4%[196]. Business Operations - The main business includes the production, sales, installation, and after-sales service of prestressed concrete pipes (PCCP) and high-pressure alloy metal fittings[14]. - The company operates on an order-driven model, with performance growth reliant on the quantity and quality of orders obtained[21]. - The company has established production bases for PCCP across more than ten provinces, covering a wide sales radius[23]. - The company has entered the underground pipeline lifecycle management service sector, providing comprehensive maintenance and management services[23]. - The company maintains a leading position in the PCCP industry, having successfully secured contracts for several major water diversion projects across China[20]. Research and Development - The company has invested in R&D and innovation, particularly in PCCP equipment design and development, contributing significantly to industry advancement[25]. - Research and development expenses for the first half of 2024 were CNY 8,897,597.19, up from CNY 7,906,855.71 in the first half of 2023, showing a growth of 12.5%[96]. Market and Competitive Position - The company has expanded its product offerings to include 3PE anti-corrosion steel pipes and stainless steel pipes, enhancing its competitive strength[22]. - The company has a strong brand presence, with its PCCP products recognized as "Shandong Province Famous Products" and "China Famous Trademark"[22]. - The company signed new supply contracts totaling approximately CNY 433 million during the reporting period[29]. - The total amount of unfulfilled and pending orders reached approximately CNY 1.955 billion by the end of the reporting period[29]. Environmental and Social Responsibility - The company adheres to various environmental protection laws and standards, ensuring compliance in its production activities[51]. - The company has implemented measures for pollution control, including the use of smoke purification systems and noise reduction facilities[51]. - The company invested approximately 985,800 RMB in environmental governance and protection in the first half of 2024, and paid an environmental protection tax of about 19,900 RMB[53]. - The company has provided employment opportunities and a platform for talent development as part of its social responsibility efforts[54]. Corporate Governance - The company has established a modern corporate governance structure to protect the rights of shareholders and creditors, ensuring accurate and timely information disclosure[53]. - The financial report was approved by the board of directors on August 28, 2024[113]. - The company maintains a continuous operating capability for at least 12 months from the reporting date[115]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 28,112[80]. - The total number of shares decreased from 565,536,368 to 564,566,759, a reduction of 969,609 shares[75]. - The company completed the repurchase of 3,290,000 shares, accounting for 0.58% of the total share capital, with a total transaction amount of 13,595,052.00 RMB[78]. Risk Management - The management has highlighted potential risks and countermeasures in the report, emphasizing the importance of market conditions and operational efforts[1]. - The company faces risks of delayed supply for signed contracts related to PCCP and metal pipe fittings, which may impact sales revenue due to construction project uncertainties[41]. - Fluctuations in raw material prices, particularly steel and cement, have adversely affected cost control; the company plans to implement centralized procurement and establish a price adjustment mechanism with clients[42]. Accounting Policies - The accounting policies comply with the requirements of the "Enterprise Accounting Standards" and reflect the financial status as of June 30, 2024[116]. - The company recognizes the fair value of remaining equity investments when control is lost, with the difference between the consideration received and the fair value of remaining investments recognized as investment income[126]. - The company recognizes expected liabilities when there is a current obligation likely to result in an outflow of economic benefits, and the amount can be reliably measured[175].