Financial Performance - The company's revenue for the six months ended June 30, 2023, was RMB 5,890.7 million, a decrease of RMB 638.1 million or 9.8% compared to RMB 6,528.8 million in the same period of 2022[6]. - Gross profit for the same period was RMB 216.2 million, down RMB 609.0 million or 73.8% from RMB 825.2 million in 2022, resulting in a gross margin of 3.7% compared to 12.6% in the previous year[6]. - Net profit for the six months ended June 30, 2023, was RMB 29.6 million, a decline of RMB 454.5 million or 93.9% from RMB 484.1 million in 2022, leading to a net profit margin of 0.5% compared to 7.4%[6]. - The total comprehensive income for the period was RMB 29,976 thousand, down from RMB 486,056 thousand in the previous year[168]. - Basic earnings per share decreased to RMB 0.08 from RMB 0.58, representing a decline of 86.2%[168]. Dividends - The company maintained an interim dividend of RMB 0.05 per share, unchanged from the previous year[6]. - The company declared a final dividend of RMB 0.05 per share for the year-end 2022, totaling RMB 26,771,000, which was fully paid in June 2023[139]. - The interim dividend for H shares will be paid in RMB for shares converted under the "full circulation" plan, while other H shares will be paid in HKD at a rate of HKD 0.0544327 per share[140]. Assets and Liabilities - Total assets as of June 30, 2023, increased to RMB 11,786.5 million, up RMB 555.4 million from RMB 11,231.1 million at the end of 2022[6]. - As of June 30, 2023, the asset-liability ratio increased to 0.82 from 0.68 as of December 31, 2022[86]. - The company's total equity as of June 30, 2023, was RMB 4,672,685 thousand, a decrease from RMB 4,726,480 thousand at the end of 2022[170]. - Non-current liabilities decreased to RMB 1,863,477 thousand from RMB 1,971,364 thousand, indicating a reduction in long-term financial obligations[170]. - Current liabilities rose to RMB 5,250.30 million as of June 30, 2023, up from RMB 4,533.24 million at the end of 2022, indicating an increase of about 15.9%[199]. Cash Flow - In the first half of 2023, the net cash outflow from operating activities was approximately RMB 5.96 million, primarily due to changes in working capital and a decrease in trade and other receivables totaling RMB 213.7 million[77]. - The net cash used in investing activities was approximately RMB 540.5 million, mainly from the purchase of property, plant, and equipment amounting to RMB 599.2 million[78]. - The net cash generated from financing activities was approximately RMB 424.5 million, offset by a net decrease in bank and other borrowings of RMB 594.4 million[80]. Market Conditions - The company faces risks related to price fluctuations of its products and raw materials, which can impact its profit margins and operational cash flow[10]. - The market prices of coking coal and coke have shown volatility, with a narrowing price gap affecting the company's gross profit margin since mid-2021[14]. - The demand for the company's products is primarily driven by the domestic steel and chemical industries, with coking coal being a key raw material for steel production[10]. Strategic Initiatives - The company is actively expanding its LNG and hydrogen production and sales business, aiming to extend its industrial chain into higher-end new energy products[4]. - The company plans to launch a 200,000-ton benzene chemical production expansion project in Q3 2023, with a total investment of approximately RMB 375 million[35]. - The company is planning to enter the hydrogen energy industry chain, with hydrogen refueling stations established in Zhengzhou and Jiyuan, expected to operate in Q4 2023[36]. - The company plans to further expand and deepen investments in the coking value chain, including the hydrogen energy industry chain[59]. Employee and Management - As of June 30, 2023, the total number of employees in the group is 2,915, with employee costs amounting to RMB 132.10 million, an increase from RMB 110.8 million in the same period last year[192]. - The management's remuneration is based on annual salary and bonuses, with ordinary employees' remuneration consisting of basic salary, bonuses, and various allowances[161]. - The group has established an annual training plan for employees, focusing on management and financial training, to enhance workforce capabilities[193]. Compliance and Governance - The company has complied with all provisions under the listing rules and codes during the six months ending June 30, 2023[146]. - The board confirmed compliance with the standard code regarding securities trading by all directors and supervisors during the reporting period[147]. - The management continues to monitor credit risk by requiring prepayment from new customers and reviewing the recoverable amounts of overdue debts[137].
金马能源(06885) - 2023 - 中期财报