机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，汽车行业市盈率（TTM）平均值为16.7倍，行业中值8.09倍。步阳国际市盈率12.07倍， 行业排名第15位；其他中国汽车内饰（00048.HK）为1.66倍、浦林成山（01809.HK）为3.43倍、 BRILLIANCE CHI（01114.HK）为4.85倍、郑煤机（00564.HK）为6.17倍、新晨动力（01148.HK）为 6.22倍。 资料显示，步阳国际控股有限公司是铝合金汽轮制造商,步阳国际的主要经营附属公司浙江步阳汽轮有 限公司于2007年注册成立,公司的生产厂房位于中国浙江省金华市永康市,公司的客户主要为售后市场的 铝合金汽轮批发贸易商及零售商,客户采购公司的品牌及/或无品牌的铝合金汽轮并于售后市场销售,以满 足终端用户的改装、维修及保养需求。 6月26日，截至港股收盘，恒生指数下跌0.61%，报24325.4点。步阳国际（02457.HK）收报0.275港元/ 股，上涨10.0%，成交量6.5万股，成交额1.74万港元，振幅10.0%。 最近一个月来，步阳国际累计跌幅5.66%，今年来累计涨幅2.88%，跑输恒生指数22 ...

以4月25日收盘价计算，步阳国际目前市盈率（TTM）约12.55倍，市净率（TTM）约0.6倍，市销率（TTM）约0.61倍。 中证智能财讯 步阳国际（02457）4月25日披露2024年度报告。报告期内，公司实现营业总收入3.92亿元，同比增长6.79%；归母净利润1918万元，同比下降 53.58%；经营活动产生的现金流量净额为2694.2万元，上年同期为-2456.5万元；据报告显示，步阳国际基本每股收益为0.02元，加权平均净资产收益率为 4.86%。 市盈率(TTM)历史分位(%) 001 900 93×54 87:07 80 70 60 54:37 50 40 39-35 3441 30 23:38 20 13:81 10 0 2022-12-30 | 24-06-30 1 -30 制图数据来自恒生聚源数据库 步阳国际控股有限公司是一家主要从事各类铝合金汽轮的制造及销售的公司。该公司主要从事铝合金汽轮制造，专注于售后市场，即用于汽车维修及保养的 零配件市场。该公司致力于为客户提供铝合金汽轮并用于售后市场销售，以满足终端使用者的改装、维修及保养需求。该公司自有及运作多台重力铸造机、 低铸造机、数控( ...

Financial Performance - Total revenue for 2024 was RMB 391.981 million, a 6.9% increase from RMB 367.053 million in 2023[14] - Profit before tax decreased to RMB 24.411 million in 2024, down 57.3% from RMB 57.144 million in 2023[14] - Net profit for 2024 was RMB 19.180 million, a decline of 53.7% compared to RMB 41.314 million in 2023[14] - Gross profit decreased by approximately 32.0% from approximately RMB 73.1 million for the year ended December 31, 2023, to approximately RMB 49.7 million for the year ended December 31, 2024, due to a decline in gross margin[31] - The company's net profit for the year decreased by approximately 53.5% from RMB 41.3 million for the year ended December 31, 2023, to approximately RMB 19.2 million for the year ended December 31, 2024, with a net profit margin dropping from about 11.3% to approximately 4.9%[39] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 493.623 million, slightly down from RMB 499.116 million in 2023[15] - Total equity increased to RMB 400.455 million in 2024, up from RMB 380.887 million in 2023, reflecting a growth of 5.4%[15] - Current liabilities decreased significantly to RMB 83.683 million in 2024, down 24.0% from RMB 110.073 million in 2023[15] - Total liabilities decreased by approximately 21.2% from about RMB 118.2 million as of December 31, 2023, to approximately RMB 93.2 million as of December 31, 2024, mainly due to the payment of dividends in 2024[40] - Cash and cash equivalents decreased by approximately 22.7% from about RMB 223.7 million as of December 31, 2023, to approximately RMB 172.9 million as of December 31, 2024, primarily due to cash being placed in time deposits for higher interest[44] Revenue Breakdown - Revenue increased from approximately RMB 367.1 million for the year ended December 31, 2023, to approximately RMB 392.0 million for the year ended December 31, 2024, primarily due to increased sales in Asia and the Americas[26] - Overseas market sales revenue rose by approximately 8.3% from approximately RMB 245.5 million for the year ended December 31, 2023, to approximately RMB 265.8 million for the year ended December 31, 2024[29] - Revenue from the Asian market increased by approximately 3.9% from approximately RMB 191.1 million for the year ended December 31, 2023, to approximately RMB 198.5 million for the year ended December 31, 2024[29] - Revenue from the Americas increased by approximately 11.0% from approximately RMB 108.6 million for the year ended December 31, 2023, to approximately RMB 120.5 million for the year ended December 31, 2024[29] - Revenue from the European market increased by approximately 14.8% from approximately RMB 54.0 million for the year ended December 31, 2023, to approximately RMB 62.0 million for the year ended December 31, 2024[29] Research and Development - Research and development costs increased to approximately RMB 14.5 million for the year ended December 31, 2024, compared to approximately RMB 9.1 million for the year ended December 31, 2023, due to an increase in R&D projects[36] - The group aims to increase R&D investment and adopt advanced technologies to enhance product quality and maintain competitive advantages[67] Market Strategy - The company is focused on expanding its aftermarket sales in the automotive sector, targeting various vehicle types including SUVs and pickup trucks[8] - Future outlook includes ongoing development of new products and technologies to meet market demands[8] - The group plans to expand into new markets and diversify its product offerings to reduce reliance on a single market or product line[66] - Market expansion efforts are underway, with plans to enter F new markets by the end of the fiscal year, potentially increasing market share by G%[99] Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[72] - The audit committee consists of three independent non-executive directors, ensuring compliance with accounting principles and internal controls[76] - The board consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[171] - The company has adopted a board diversity policy to enhance efficiency and maintain high standards of corporate governance, focusing on various diversity criteria including gender and professional experience[174] Leadership and Management - The company has a strong leadership team with diverse backgrounds in management, sales, and manufacturing, enhancing its strategic capabilities[80] - The management team is committed to driving growth and innovation within the company, leveraging their extensive industry experience[82] - The leadership structure supports effective decision-making and strategic planning, crucial for the company's future growth[85] Risks and Challenges - The company faces risks related to fluctuations in aluminum ingot prices, which could adversely affect its financial performance[108] - The company has identified potential negative impacts from international trade regulations and geopolitical tensions, particularly between Lithuania and China[103] Shareholder Information - The company did not recommend a final dividend for 2024, maintaining the same stance as in 2023[106] - The company has not established a fixed dividend policy, with distributions determined at the discretion of the board based on various factors[107] Audit and Compliance - KPMG has been appointed as the auditor for the reporting period, with a resolution for their reappointment to be presented at the annual general meeting[163] - The audit committee reviewed the financial statements for the year ending December 31, 2023, and the significant findings from the auditor's report[198]

Financial Performance - For the fiscal year ending December 31, 2024, revenue increased to approximately RMB 391.98 million from RMB 367.05 million, representing a growth of 6.79%[4] - Gross profit decreased to RMB 49.71 million, down 31.98% from RMB 73.09 million in the previous year[4] - Profit before tax fell by 57.28%, from RMB 57.14 million to RMB 24.41 million[4] - Net profit for the year dropped to RMB 19.18 million, a decline of 53.58% compared to RMB 41.31 million in 2023[5] - The net profit margin decreased from approximately 11.3% in 2023 to about 4.9% in 2024[5] - Total comprehensive income for the year was RMB 19.57 million, down 51.97% from RMB 40.74 million in the previous year[5] - Basic and diluted earnings per share were RMB 0.02, a reduction of 50.00% from RMB 0.04 in 2023[5] Revenue Breakdown - Revenue from aluminum alloy turbine sales for 2024 reached RMB 380,212,000, an increase of 6.5% compared to RMB 356,673,000 in 2023[18] - Total revenue for 2024 was RMB 391,981,000, up 6.7% from RMB 367,053,000 in 2023[18] - Revenue from Asian customers was RMB 198,492,000 in 2024, representing a 3.5% increase from RMB 191,063,000 in 2023[22] - Overseas market sales accounted for approximately 70% of total revenue, with overseas sales revenue increasing by about 8.3% from approximately RMB 245.5 million to approximately RMB 265.8 million[56] - Sales revenue from aluminum alloy turbines rose from approximately RMB 356.7 million to approximately RMB 380.2 million, driven by increased market demand and the expansion of new customers[54] Expenses and Costs - Research and development expenses increased to RMB 14.46 million from RMB 9.11 million, reflecting a focus on innovation[7] - Other income decreased significantly to RMB 1,897,000 in 2024 from RMB 7,316,000 in 2023, a decline of 74%[23] - Gross profit decreased by approximately 32.0% from about RMB 73.1 million to approximately RMB 49.7 million, with gross margin dropping from approximately 19.9% to about 12.7% due to rising raw material prices and intense market competition[59] - R&D expenses increased to approximately RMB 14.5 million for the year ending December 31, 2024, up from approximately RMB 9.1 million in 2023, reflecting an increase in R&D projects[64] Assets and Liabilities - Current assets decreased to RMB 397.06 million from RMB 409.37 million, while current liabilities also decreased to RMB 83.68 million from RMB 110.07 million[8] - Total assets slightly decreased from approximately RMB 499.1 million to approximately RMB 493.6 million, while total liabilities decreased by approximately 21.2% from about RMB 118.2 million to approximately RMB 93.2 million[68] - Trade receivables from third parties decreased to RMB 68,947,000 in 2024 from RMB 71,254,000 in 2023[36] - Cash and cash equivalents decreased by approximately 22.7% to RMB 172.9 million as of December 31, 2024, from RMB 223.7 million as of December 31, 2023, mainly due to cash being placed in time deposits for higher interest[72] Dividends and Shareholder Returns - The board of directors did not recommend the distribution of a final dividend for the fiscal year ending December 31, 2024[6] - The company declared a special dividend of HKD 0.03 per share, totaling RMB 27,314,000 for the year[35] - The company does not recommend the distribution of a final dividend for 2024, consistent with the previous year[100] Strategic Initiatives - The company plans to continue developing new products and expanding its sales and distribution network to drive sustainable long-term growth[45] - The company plans to strategically expand and diversify markets to reduce reliance on a single market or product line, targeting emerging markets with growth potential[47] - The company aims to accelerate digital transformation through advanced data analytics, automation, and artificial intelligence to improve operational efficiency and decision-making processes[49] - The company is involved in new business activities related to live e-commerce, indicating a strategic expansion into this sector[115] Risk Management - The group faced minimal interest rate risk due to floating rate financial instruments, with fixed rate instruments not posing significant fair value interest rate risk[91] - The group is exposed to currency risk primarily from receivables and cash balances denominated in currencies other than the functional currency, mainly USD[92] Employment and Workforce - As of December 31, 2024, the group had 486 employees, with total employee costs amounting to approximately RMB 54.5 million, an increase from RMB 48.2 million in the previous year[94] Audit and Compliance - The external auditor, KPMG, confirmed that the financial figures in the preliminary announcement for the year ending December 31, 2024, match those in the audited financial statements[109] - The annual report for 2024 will be published on the Hong Kong Stock Exchange and the company's website, containing all required information as per listing rules[110]

(BYW) BUYANG INTERNATIONAL HOLDING INC 步陽國際控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：2457 中期報告 2024 目錄 公司介紹2 公司資料3 釋義4 財務摘要6 管理層討論與分析7 企業管治及其他資料 14 獨立審閱報告 20 綜合損益及其他全面收益表 21 綜合財務狀況表 23 綜合權益變動表 25 簡明綜合現金流量表 26 未經審核中期財務報告附註 27 公司介紹 概覽 步陽國際控股有限公司是鋁合金汽輪製造商，專注於售後市場，即用於汽車維修及保養的零配件市場，致力於為客戶提 供高品質的鋁合金汽輪，用於售後市場銷售，以滿足終端用戶的改裝、維修及保養需求。我們製造及向客戶銷售各種鋁合 金汽輪。我們的產品包括各類鋁合金汽輪。我們通常根據客戶的特定要求及規格，按尺寸、設計及顏色等各種元素設計及 生產鋁合金汽輪。我們亦根據我們對當前市場趨勢的了解，定期向我們客戶提供我們的自主設計產品。我們的產品廣泛 用於各種汽車，包括微型及小型車以及全尺寸SUV及皮卡車。我們與中國及海外多個國家和地區的眾多客戶維持著穩定的 長期業務關係，提供的高質量產品廣受客戶好評。 ...

Financial Performance - Revenue for the six months ended June 30, 2024, increased by 17.07% to approximately RMB 189.3 million from RMB 161.7 million for the same period in 2023[2] - Gross profit rose by 8.07% to RMB 26.9 million, compared to RMB 24.9 million in the previous year[1] - Profit before tax decreased by 34.24% to RMB 14.8 million, down from RMB 22.5 million in the prior period[1] - Net profit for the period fell by 25.38% to RMB 12.4 million, compared to RMB 16.7 million for the same period in 2023, resulting in a net profit margin decline from 10.32% to 6.57%[3] - Total comprehensive income for the period decreased by 23.03% to RMB 12.6 million from RMB 16.4 million in the previous year[3] - Basic and diluted earnings per share were RMB 0.012, a decrease of 29.41% from RMB 0.017 in the prior period[3] Dividends and Shareholder Returns - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024[3] - The company did not recommend any dividends for the six months ended June 30, 2024, but declared a special dividend of HKD 0.03 per share for the year ended December 31, 2023[25] - The company has not declared an interim dividend for the six months ending June 30, 2024[71] Cash Flow and Liquidity - Cash and cash equivalents decreased to RMB 153.1 million from RMB 223.7 million as of December 31, 2023[7] - Total assets less current liabilities increased to RMB 400.9 million from RMB 389.0 million as of December 31, 2023[7] - The group incurred a total tax expense of RMB 2,335,000 for the six months ended June 30, 2024, down from RMB 5,797,000 in the same period of 2023, a decrease of 59.8%[16] - Trade receivables as of June 30, 2024, amounted to RMB 85.253 million, an increase from RMB 70.754 million as of December 31, 2023[21] - Trade payables increased to RMB 48.998 million as of June 30, 2024, compared to RMB 42.213 million as of December 31, 2023[23] Revenue Breakdown - Revenue for aluminum alloy turbine sales reached RMB 183,907,000 for the six months ended June 30, 2024, compared to RMB 157,434,000 for the same period in 2023, representing a growth of 16.7%[11] - Total revenue for the group was RMB 189,315,000 for the six months ended June 30, 2024, up from RMB 161,708,000 in the previous year, indicating an increase of 17.1%[11] - Total sales revenue from aluminum alloy wheels rose from approximately RMB 157.4 million for the six months ended June 30, 2023, to approximately RMB 183.9 million for the six months ended June 30, 2024, marking an increase of about 16.82%[32] - Revenue from overseas markets accounted for approximately 71% of total revenue, increasing by about 27.24% from RMB 102.7 million to RMB 130.7 million during the same periods[33] Costs and Expenses - Research and development costs increased to RMB 6,660,000 for the six months ended June 30, 2024, compared to RMB 3,750,000 in the previous year, marking an increase of 77.3%[15] - The cost of inventory for the six months ended June 30, 2024, was RMB 162,403,000, up from RMB 136,805,000 in the same period of 2023, representing an increase of 18.7%[15] - The total employee cost for the reporting period was approximately RMB 24.2 million, an increase from RMB 21.5 million for the same period in 2023, attributed to increased production[68] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance since January 1, 2024[72] - The audit committee has reviewed the interim financial information for the six months ending June 30, 2024, which has not been audited but has been reviewed by KPMG[78] - The company has committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[72] Future Outlook and Investments - The company remains optimistic about future growth prospects despite uncertainties in the industry and overall business environment[30] - The company plans to expand production capacity with an allocation of 42.8 million HKD, expected to be completed by November 2024[70] - A total of 27.2 million HKD is designated for the construction of new production facilities and warehouses, also expected by November 2024[70] Financial Risks - The company faced various financial risks, including credit risk, liquidity risk, interest rate risk, and currency risk, with a focus on managing these through monitoring and assessment[62][67]

Financial Performance - Total revenue for the fiscal year 2023 was RMB 367,053,000, a decrease of 16.6% compared to RMB 440,329,000 in 2022[15] - Profit before tax for 2023 was RMB 57,144,000, down 20.5% from RMB 71,920,000 in the previous year[15] - Net profit for the year was RMB 41,314,000, representing a decline of 23.5% from RMB 53,984,000 in 2022[15] - Basic and diluted earnings per share for 2023 was RMB 0.04, a decrease from RMB 0.07 in 2022[15] - The gross profit decreased by 15.8% to approximately RMB 73.1 million, with a stable gross margin of 19.9% for the year ended December 31, 2023[36][37] - Net profit decreased by 23.5% from approximately RMB 54.0 million for the year ended December 31, 2022, to approximately RMB 41.3 million for the year ended December 31, 2023, with a net profit margin decline from 12.3% to 11.3%[46] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 499,116,000, a slight increase from RMB 493,602,000 in 2022[16] - Total equity increased to RMB 380,887,000 in 2023, up from RMB 367,464,000 in the previous year, reflecting a growth of 3.9%[16] - Current liabilities decreased to RMB 110,073,000 in 2023, down from RMB 117,270,000 in 2022, indicating improved financial stability[16] - Inventory increased by 58.9% from approximately RMB 57.8 million as of December 31, 2022, to approximately RMB 91.8 million as of December 31, 2023, due to increased production and purchasing volumes[51] - Cash and cash equivalents decreased by 17.4% from approximately RMB 270.7 million as of December 31, 2022, to approximately RMB 223.7 million as of December 31, 2023, primarily due to increased inventory purchases[53] Revenue Sources - Revenue from overseas markets accounted for 66.9% of total revenue, increasing by 6.5% to approximately RMB 245.5 million from RMB 230.5 million in the previous year[34] - Revenue from Europe increased by 51.3% to approximately RMB 54.0 million, while revenue from Africa rose by 70.6% to approximately RMB 8.9 million, and revenue from Oceania surged by 216.5% to approximately RMB 4.5 million[19][34] - The company's revenue for the year ended December 31, 2023, was approximately RMB 367.1 million, a decrease from RMB 440.3 million for the year ended December 31, 2022, primarily due to reduced sales in the Chinese market[30] - Revenue from other product sales increased by approximately 31.1% to RMB 10.4 million for the year ended December 31, 2023[32] Operational Efficiency and Strategy - The company aims to optimize its revenue structure and enhance digital capabilities for sustainable growth in the future[20] - The company is focused on improving operational efficiency and exploring new market opportunities to drive growth[92] - The company has expanded its live e-commerce business and established a wholly-owned subsidiary, Yongkang Lumei Intelligent Technology Co., Ltd., to meet the growing demand for online shopping[20] - The company plans to expand its live e-commerce business and has established a wholly-owned subsidiary to drive new business activities[77] Research and Development - Research and development costs amounted to approximately RMB 9.1 million for the year ended December 31, 2023, as a new R&D department was established in April 2023[43] - The company is focusing on research and development of new technologies, with an investment of $5 million allocated for the upcoming year[102] Corporate Governance - The company has adopted a corporate governance code to enhance shareholder value and accountability[79] - The leadership team is committed to maintaining high standards of corporate governance and compliance[97] - The board consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[198][199] - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific aspects of the company's affairs[197] Risks and Challenges - The company faces significant risks including fluctuations in aluminum ingot prices, which could adversely affect its business and financial performance[125] - The company has identified key risks related to international trade regulations and potential sanctions affecting sales to certain countries[119] - The company relies heavily on a small number of customers for most of its revenue, making it vulnerable to any reduction or termination of sales to these clients[125] - The company has not entered into long-term agreements with its suppliers, which poses a risk to its operations[125] Future Outlook - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[101] - Market expansion efforts include entering two new international markets, aiming for a 10% increase in market share by the end of the fiscal year[103] - A new product line is expected to launch in Q3 2024, anticipated to contribute an additional $3 million in revenue[105] Shareholder Information - The company reported a special dividend of RMB 27,187,000 for the period ending December 31, 2023, to be paid on January 19, 2024[123] - The company does not recommend a final dividend for 2023, consistent with the previous year[124] - The company has a flexible dividend policy, allowing for cash, shares, or a combination of both for dividend distribution[127] Management and Leadership - Xu Buyun, the chairman and co-founder, has over 20 years of experience in the manufacturing industry and is responsible for production planning and investment strategies[91] - The management team has extensive experience, with key members holding over 25 years in finance and management roles[107] - The company has a strong leadership team with diverse backgrounds in management, sales, and production, enhancing its strategic capabilities[90]

Financial Performance - For the year ended December 31, 2023, revenue decreased to approximately RMB 367.1 million from RMB 440.3 million in 2022, representing a decline of 16.6%[4] - Gross profit for the same period was RMB 73.1 million, down 15.8% from RMB 86.8 million in 2022[4] - Profit before tax fell to RMB 57.1 million, a decrease of 20.6% compared to RMB 71.9 million in the previous year[4] - Net profit for the year was RMB 41.3 million, down 23.5% from RMB 54.0 million in 2022, with a net profit margin decreasing from 12.3% to 11.3%[4][5] - The total comprehensive income for the year was RMB 40.7 million, a decline of 24.7% from RMB 54.1 million in the prior year[5] - Basic and diluted earnings per share were RMB 0.04, a decrease of 42.9% from RMB 0.07 in 2022[5] - Total revenue for the group was RMB 367,053,000 in 2023, down from RMB 440,329,000 in 2022, indicating a decrease of about 16.6%[18] - Revenue for aluminum alloy turbine sales decreased to RMB 356,673,000 in 2023 from RMB 432,409,000 in 2022, representing a decline of approximately 17.5%[18] - Revenue from Asian customers fell to RMB 191,063,000 in 2023, down 33.3% from RMB 286,475,000 in 2022[22] Costs and Expenses - Employee costs rose to RMB 48,167,000 in 2023 from RMB 47,449,000 in 2022, an increase of approximately 1.5%[26] - Research and development costs for the year amounted to RMB 9.1 million, indicating a focus on innovation despite overall revenue decline[7] - Research and development costs were RMB 9,106,000 in 2023, indicating a commitment to innovation despite overall revenue decline[27] - The effective tax expense for 2023 was RMB 15,830,000, down from RMB 17,936,000 in 2022, reflecting a decrease of about 11.7%[30] Assets and Liabilities - Total assets decreased slightly to RMB 409.4 million from RMB 421.9 million in 2022, while total liabilities also saw a reduction[8] - Trade receivables from third parties decreased to RMB 71,254,000 in 2023 from RMB 79,502,000 in 2022[43] - Trade payables to third parties decreased to RMB 26,666,000 in 2023 from RMB 54,173,000 in 2022[45] - Total liabilities decreased by 6.3% from approximately RMB 126.1 million in 2022 to approximately RMB 118.2 million in 2023, primarily due to a reduction in trade and other payables[71] - As of December 31, 2023, current assets were approximately RMB 409.4 million, a decrease of 3.0% from RMB 421.9 million as of December 31, 2022[72] - Cash and cash equivalents decreased by 17.4% to approximately RMB 223.7 million as of December 31, 2023, from RMB 270.7 million as of December 31, 2022, primarily due to increased inventory purchases[75] Dividends and Shareholder Returns - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2023[6] - The company declared a special dividend of HKD 0.03 per ordinary share, amounting to RMB 27,314,000, payable on January 19, 2024[41] - A special dividend of RMB 27.19 million was declared and approved during the reporting period, payable on January 19, 2024[110] Market and Business Operations - The company continues to engage in the research, design, manufacturing, and sales of various aluminum alloy products, indicating ongoing commitment to its core business[9] - The company participated in several international automotive parts exhibitions to expand its overseas market presence[49] - The company’s five largest customers in 2023 were wholesale traders and aftermarket retailers in the aftermarket sector[49] - Overseas market sales accounted for 66.9% of total revenue, with revenue from overseas markets increasing by 6.5% to approximately RMB 245.5 million in 2023[57] - Sales revenue from aluminum alloy wheels decreased from approximately RMB 432.4 million in 2022 to approximately RMB 356.7 million in 2023, attributed to a slowdown in global economic growth and increased price competition among foreign trade companies[55] Governance and Compliance - The company has maintained compliance with corporate governance codes and standards throughout the reporting period[114] - The audit committee consists of three independent non-executive directors, with Mr. Yang Min serving as the chairman, who possesses appropriate professional qualifications and accounting knowledge[120] - The external auditor, KPMG, confirmed that the financial figures in the preliminary announcement align with the audited consolidated financial statements for the year ending December 31, 2023[121] - The board of directors includes three executive directors and four independent non-executive directors, ensuring a diverse governance structure[126] Future Outlook and Strategy - The company plans to continue developing new products, expanding multi-channel sales and distribution networks, and investing in human capital to drive sustainable long-term growth[98] - The group aims to diversify its revenue sources and explore potential business opportunities, including expanding into live e-commerce and establishing a new subsidiary for this purpose[100] Financial Risks - The company faces various financial risks, including market risk, credit risk, and liquidity risk, which are actively managed[91] - The group faced minimal interest rate risk as floating rate financial instruments were limited to bank cash balances, with fixed rate instruments being lease liabilities and loans to related parties[96] - Currency risk primarily stemmed from receivables and cash balances denominated in currencies other than the functional currency, mainly involving USD[97]

Financial Performance - For the six months ended June 30, 2023, the company's revenue decreased by 21.16% to approximately RMB 161.7 million from RMB 205.1 million in the same period of 2022[8]. - Gross profit for the same period fell by 37.30% to RMB 24.9 million, compared to RMB 39.7 million in 2022[8]. - Profit before tax decreased by 33.80% to RMB 22.5 million, down from RMB 34.0 million in the previous year[8]. - Net profit for the period decreased by 34.51% from approximately RMB 25.5 million to approximately RMB 16.7 million, with a net profit margin decline from 12.41% to 10.32%[37]. - Operating profit decreased to RMB 19,283 thousand, a decline of 43.1% from RMB 34,026 thousand in the previous year[96]. - Total comprehensive income for the period was RMB 16,420 thousand, a decrease of 35.4% compared to RMB 25,417 thousand in 2022[98]. - Basic and diluted earnings per share were RMB 0.02, down from RMB 0.03 in the same period last year[98]. Revenue Breakdown - The total revenue from aluminum alloy turbines decreased by 21.77% from approximately RMB 201.2 million for the six months ended June 30, 2022, to approximately RMB 157.4 million for the six months ended June 30, 2023[21]. - Revenue from other products increased by 10.26% from approximately RMB 3.9 million to approximately RMB 4.3 million during the same period[22]. - Overseas market sales accounted for 63.51% of total revenue, with a decrease of 7.17% from approximately RMB 110.6 million to approximately RMB 102.7 million[23]. - Revenue from Asian customers for the six months ended June 30, 2023, was RMB 89,247 thousand, down 26.9% from RMB 122,237 thousand in 2022[118]. Cost and Expenses - Gross profit decreased by 37.28% from approximately RMB 39.7 million to approximately RMB 24.9 million, with a gross margin decline from 19.37% to 15.40%[25]. - Administrative and other operating expenses rose by 57.63% from approximately RMB 5.9 million to approximately RMB 9.3 million, attributed to the establishment of a new R&D department[30]. - Employee costs totaled RMB 21,464,000 for the six months ended June 30, 2023, down from RMB 22,127,000 in 2022, indicating a reduction of about 3.0%[124]. - The cost of inventory for the six months ended June 30, 2023, was RMB 136,805,000, a decrease from RMB 165,386,000 in 2022, reflecting a decline of approximately 17.3%[125]. Assets and Liabilities - The total assets as of June 30, 2023, were RMB 477.0 million, a decrease of 3.36% from RMB 493.6 million at the end of 2022[9]. - Total equity increased by 4.47% to RMB 383.9 million from RMB 367.5 million at the end of 2022[9]. - Cash and cash equivalents decreased by 22.31% from approximately RMB 270.7 million to approximately RMB 210.3 million[40]. - The company reported a decrease in trade and other payables to RMB 74,694 thousand from RMB 106,013 thousand at the end of 2022, reflecting a reduction of 29.5%[102]. - The company’s total liabilities decreased to RMB 74,694,000 from RMB 106,013,000 year-over-year[141]. Market and Product Development - The total number of aluminum alloy turbochargers sold exceeded 428,400 units, with approximately 262,300 units sold to overseas markets[12]. - The company successfully developed 196 new products during the reporting period[14]. - The company plans to continue expanding into new markets and acquiring new customers in the second half of 2023[15]. - The company maintained a strong focus on the aftermarket for automotive repair and maintenance parts, enhancing its competitive advantage[12]. Cash Flow and Investments - For the six months ended June 30, 2023, the company reported a net cash outflow from operating activities of RMB 14,286 thousand, a significant decrease from a net inflow of RMB 45,667 thousand in the same period of 2022[107]. - The company experienced a net cash outflow from investing activities of RMB 47,255 thousand, compared to RMB 3,999 thousand in the same period of 2022, indicating increased investment expenditures[107]. - Government grants received by the company amounted to RMB 5,630 thousand for the six months ended June 30, 2023, compared to RMB 898 thousand in 2022, reflecting a significant increase[120]. Shareholder Information - As of June 30, 2023, Xu Buyun holds a controlled interest in 750,000,000 shares, representing 75% of the company's equity[66]. - Xu Buyun indirectly owns 100% of First Oriental Limited, which holds 75% of the issued shares of the company[68]. - Xu Buyun's spouse, Chen Jiangyue, also holds a controlled interest in 750,000,000 shares, equivalent to 75% of the company's equity[69]. - The stock option plan adopted on November 18, 2022, allows for a maximum of 100,000,000 shares to be issued, representing 10% of the total issued shares at the time of listing[74]. Corporate Governance - The company has maintained compliance with the corporate governance code since its listing date[82]. - There have been no changes in director information that require disclosure under the listing rules[86]. - Public ownership of the company's issued share capital has remained above 25% since the listing date, in compliance with the listing rules[87].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 依賴該等內容引致的任何損失承擔任何責任。 Buyang International Holding Inc 步陽國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2457） 截至2023年6月30日止六個月之中期業績公告 財務摘要 截至6月30日止六個月 2023年 2022年 變動 （人民幣千元）（人民幣千元） 收益 161,708 205,106 (21.16)% 毛利 24,903 39,720 (37.30)% 除稅前溢利 22,478 33,953 (33.80)% 期內溢利 16,681 25,456 (34.47)% 期內全面收益總額 16,420 25,417 (35.40)% 每股盈利（基本及攤薄（）人民幣元） 0.02 0.03 (33.33)% 步陽國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公 ...