SMM: according to the initial public offering announcement released by Qifan Cable on the evening of the 29th, the company achieved operating income of 3.54 billion yuan in the first half of 2020, up 2.96% from the same period last year; the net profit belonging to the owner of the parent company was 150 million yuan, up 2.08% from the same period last year; after deducting non-recurring profits and losses, the net profit attributed to the owner of the parent company was 129 million yuan, down 2.35% from the same period last year.

From January to June 2020, the company's current liabilities increased by 979.2989 million yuan compared with the end of 2019, mainly to meet the liquidity needs, and the issuer's bank borrowing increased.

From January to June 2020, the net cash flow generated by the company's operating activities decreased significantly compared with the same period last year, mainly due to the increase of accounts receivable and inventory.

On the one hand, the issuer's delivery and recognized income in the first half of 2020 were concentrated in the second quarter, and the proportion of direct sales model income with a longer period of accounts receivable increased; in addition, the approval process of some direct sales customers affected by the epidemic was extended, driving an increase in the balance of accounts receivable at the end of the period.

On the other hand, as the downstream customers gradually started work, the company's sales situation gradually improved, and the copper price rose rapidly at the end of June 2020, and the issuer increased stock at the end of the period to cope with the increase in subsequent periodic orders.

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