Financial Performance - For the first half of 2021, Huisen Group reported revenue of approximately RMB 2.4 billion, representing a year-on-year growth of about 47.3%[12]. - The net profit for the same period was approximately RMB 420.8 million, reflecting a year-on-year increase of about 75.9%[12]. - Total revenue for the first half of 2021 was RMB 2.4 billion, up 47.3% from RMB 1.63 billion in the same period of 2020[17]. - Revenue for the six months ended June 30, 2021, was RMB 2,402,415 thousand, representing a 47.2% increase from RMB 1,630,742 thousand in the same period of 2020[63]. - Gross profit for the same period was RMB 630,489 thousand, up 72.0% from RMB 366,288 thousand year-over-year[63]. - The operating profit before income tax for the six months ended June 30, 2021, was RMB 488,585 thousand, compared to RMB 282,034 thousand for the same period in 2020, reflecting a 73.2% increase[108]. - Basic and diluted earnings per share increased to RMB 0.14 from RMB 0.11, reflecting a 27.3% growth[63]. - The profit attributable to ordinary shareholders for the six months ended June 30, 2021, was RMB 420,772,000, up from RMB 239,195,000 in the same period of 2020, indicating a growth of 76%[116]. Revenue Breakdown - Revenue from panel furniture accounted for 94.0% of total revenue, with a significant increase of 50.5% compared to the same period in 2020[13]. - Panel furniture revenue increased from RMB 1.5 billion to approximately RMB 2.3 billion, a rise of about 50.5%[14]. - Upholstered furniture revenue grew by approximately 27.3% compared to the same period in 2020[15]. - Revenue from the furniture segment was RMB 2,257,760 thousand, a significant increase from RMB 1,499,899 thousand in the previous year[105]. - Revenue contribution from original design manufacturing products increased to approximately 82.5%, up from 79.0% in the previous year[10]. - Sales to the US accounted for 66.8% of total revenue, despite a 39.5% increase in sales compared to 2020, indicating a decrease in market share from 70.5%[17]. - Revenue from the United States was RMB 1,603,946 thousand, up 39.4% from RMB 1,150,142 thousand in the previous year[102]. Cost and Expenses - Total sales costs rose by 40.1% to approximately RMB 1.77 billion, consistent with revenue growth trends[21]. - The cost of goods sold for the six months ended June 30, 2021, was RMB 1,771,926 thousand, an increase from RMB 1,264,454 thousand in 2020[106]. - The company reported a tax expense of RMB 67,813 thousand for the six months ended June 30, 2021, compared to RMB 42,839 thousand for the same period in 2020[106]. - The company’s interest expenses on bank and other borrowings decreased to RMB 19,012 thousand from RMB 21,613 thousand in the previous year[105]. Cash Flow and Liquidity - Net cash generated from operating activities decreased by 23.9% to RMB 399,390,000, down from RMB 524,696,000 year-on-year[24]. - Cash and cash equivalents rose significantly to RMB 3,060,225 thousand from RMB 2,647,848 thousand, marking a 15.5% increase[66]. - The company’s financing activities generated a net cash inflow of RMB 71,560 thousand, contrasting with a net outflow of RMB 63,622 thousand in the same period last year[72]. - The company raised RMB 101,249 thousand through the exercise of over-allotment options related to its IPO, contributing to financing activities[72]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 5,467,185 thousand, compared to RMB 4,983,659 thousand at the end of 2020, indicating a 9.7% increase[66]. - Current assets increased to RMB 4,514,673 thousand from RMB 4,036,661 thousand, a rise of 11.8%[66]. - Total liabilities decreased to RMB 1,221,088 thousand from RMB 1,043,310 thousand, a reduction of 17.1%[67]. - The company reported a significant increase in inventory, which rose to RMB 240,240 thousand from RMB 150,361 thousand, a 59.8% increase[66]. - Trade receivables (net of impairment) amounted to approximately RMB 1.2 billion as of June 30, 2021, with an impairment provision of approximately RMB 11.8 million during the reporting period[27]. Strategic Initiatives - The company ceased production of outdoor leisure equipment to optimize production space for panel and soft furniture[10]. - Huisen Group has established a strategic cooperation agreement with Jiangxi University of Science and Technology to enhance research and development in smart furniture[11]. - The company has entered into a land use rights agreement for RMB 20.8 million to acquire land for a new manufacturing facility focused on panel and soft furniture[11]. - The group plans to continue expanding its market presence outside the U.S. and enhance its original design manufacturing capabilities in response to potential risks in the real estate market[36]. - The group aims to invest in smart home product development to achieve better growth and expand its business coverage[37]. Corporate Governance - The board did not recommend any interim dividend for the six months ended June 30, 2021[38]. - The company has established an audit committee consisting of three independent non-executive directors, with Mr. Sun Duo Wei as the chairman[52]. - The company's auditor, Hong Kong Lixin Dehao CPA Limited, reviewed the interim financial statements for the six months ending June 30, 2021, confirming compliance with applicable accounting standards and regulations[53]. - The company has adopted a share option scheme effective from December 2, 2020, aimed at rewarding selected participants contributing to the group's success[55]. - The total number of shares available for issuance under the share option scheme is 300,000,000 shares, representing 9.77% of the company's issued share capital[56]. Market Conditions - The demand for furniture products surged due to the recovery of the real estate market in Europe and the United States, as well as the growth of the "stay-at-home economy"[8]. - The company plans to continue leveraging its operational efficiencies and market expansion strategies to drive future growth[99].

t HUISEN GROUP Huisen Household International Group Limited 匯 森 家 居 國 際 集 團 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號 : 2127 HSEN GROUP 年 報 2020 layout [For 目錄 公司資料 02 主席致辭 04 管理層討論及分析 08 企業管治報告書 18 董事及高級管理層簡歷 34 董事會報告 38 獨立核數師報告 49 only] 綜合損益及其他全面收入表 54 綜合財務狀況表 55 綜合權益變動表 57 綜合現金流量表 58 綜合財務報表附註 60 四年財務概要 122 匯森家居國際集團有限公司 薪酬委員會 孫多偉先生（主席） 劉正揚先生 蘇鑫林先生 企業管治委員會 風險管理委員會 曾明先生（主席） 曾明蘭女士 高建華先生 02 公司資料 執行董事 曾明先生（主席） 曾明蘭女士 吳潤陸先生 蘇鑫林先生 獨立非執行董事 孫多偉先生 劉正揚先生 高建華先生 審核委員會 孫多偉先生（主席） 劉正揚先生 高建華先生 提名委員會 劉正揚先生（主席） 孫多偉先生 曾明先生 孫多偉先生（主席） 劉正揚先 ...