Heshen New Materials loses another 46.41 million yuan in first half, with only two of nine major subsidiaries profitable

Earnings
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Summary · why it matters

Heshen New Materials disclosed its half-year report. In the first half, gross margins of its main products rose but performance remained in the red, with net profit attributable to the parent company at a loss of 46.4074 million yuan, compared with a loss of 36.6983 million yuan in the same period last year. The company achieved operating revenue of 1.283 billion yuan in the first half, up 5.33 percent year on year. Net profit after deducting non-recurring items was a loss of 46.8649 million yuan, compared with a loss of 40.1469 million yuan a year earlier. Net cash flow from operating activities was negative 331 million yuan, versus negative 269 million yuan in the prior-year period. The company said crude oil price gains in the first quarter drove product prices higher, but raw material prices fell back in the second quarter, the supply-demand imbalance did not fundamentally improve, operating gross profit failed to cover operating expenses, and increased inventory write-down losses led to the loss. Among nine major subsidiaries, only two achieved positive net profit in the first half. Xinhui Dehua Chip Company posted a relatively large loss because product prices fell more than raw material prices, while Nanchong Meihua Nylon Company recorded a relatively large loss this period because the prior-year period included asset disposal gains and a reversal of credit impairment losses. The company has suffered consecutive losses in recent years, with net profit attributable to the parent company accumulating a loss of 421.5 million yuan over four years. Short-term borrowings rose from 115.1 million yuan at the end of last year to 446.5 million yuan at the end of the second quarter.

Impact on stocks 1

Others▼ · 1 stocks
Guangdong Xinhui Meida Nylon Co Ltd
000782
▼ NegativeCapitalrelevance

Heshen New Materials (parent of Guangdong Xinhui Meida Nylon) reported a wider net loss of 46.41 million yuan in H1, with only two of nine subsidiaries profitable.

Off-coverage companies 2

南充美华尼龙有限公司Private▼ Negative
Capitalrelevance

Nanchong Meihua Nylon recorded a relatively large loss due to prior-year asset disposal gains and credit impairment reversals not repeating.

新会德华切片有限公司Private▼ Negative
Pricingrelevance

Xinhui Dehua Chip Company posted a large loss because product prices fell more than raw material prices, squeezing margins.

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