Financial Performance - Revenue increased by approximately 42.7% to about RMB 655.8 million[2] - Gross profit rose by approximately 89.0% to about RMB 234.8 million[2] - Gross margin improved from approximately 27.0% to about 35.8%[2] - Profit attributable to equity holders of the parent was approximately RMB 33.7 million[3] - Basic and diluted earnings per share were approximately RMB 2.09[3] - The company reported a pre-tax profit of RMB 36.3 million, compared to a loss of RMB 4.97 million in the previous year[2] - Other income for the six months ended June 30, 2024, totaled RMB 33,013 thousand, up from RMB 19,380 thousand in 2023, reflecting a growth of approximately 70.3%[10] - The company reported revenue from customer contracts for the sale of electronic power components of RMB 655,758 thousand for the six months ended June 30, 2024, compared to RMB 459,480 thousand for the same period in 2023, representing an increase of approximately 42.6%[9] - The company’s depreciation expense for property, plant, and equipment was RMB 21,413 thousand for the six months ended June 30, 2024, compared to RMB 19,756 thousand in 2023, reflecting an increase of about 8.4%[12] - The company reported a total tax expense of RMB 15,416,000 for the six months ended June 30, 2024, compared to RMB 8,412,000 in the same period of 2023[15] - Net profit margin improved from approximately -1.3% to 5.1%, with net profit attributable to shareholders increasing by approximately 652.5% from RMB -6.1 million to RMB 33.7 million[52] Assets and Liabilities - Total non-current assets amounted to RMB 965.9 million, up from RMB 844.0 million[4] - Current assets totaled RMB 1,935.0 million, compared to RMB 1,993.4 million[4] - Net assets increased to RMB 1,931.1 million from RMB 1,921.7 million[5] - Trade receivables as of June 30, 2024, amounted to RMB 911,349,000, an increase of 25.3% from RMB 727,260,000 as of December 31, 2023[19] - The total trade payables as of June 30, 2024, were RMB 371,911,000, up from RMB 301,529,000 as of December 31, 2023, reflecting a 23.3% increase[21] - Inventory increased by approximately 38.4% from RMB 229.9 million to RMB 318.2 million, primarily due to increased stockpiling[53] - Trade receivables and notes increased by approximately 31.9% from RMB 814.6 million to RMB 1,074.5 million, mainly due to increased revenue[54] Revenue Breakdown - Revenue from conventional direct current transmission increased by approximately 177% year-on-year, driven by the delivery of products for three ultra-high voltage projects[27] - Revenue from flexible transmission increased by approximately 196% year-on-year, attributed to the delivery of products for the German BorWin6 offshore wind flexible direct current transmission project[28] - Revenue from the electrified transportation sector decreased by approximately 15% year-on-year, with electric vehicle revenue dropping by 81%[30][33] - Revenue from the industrial and other sectors remained stable, with a slight increase of 0.1% year-on-year, while revenue from electrical equipment grew by 6%[36] - Revenue from international markets surged by approximately 94% year-on-year, reaching RMB 38.7 million, driven by increased sales from foreign subsidiaries[38] Research and Development - Research and development costs increased to RMB 67.8 million from RMB 51.8 million[2] - The company completed the R&D of SiC MOSFET chips, achieving a resistance of 13 milliohms, and plans to launch them by the end of August[40] - The flexible direct current support capacitors successfully passed national-level new product technical appraisal and achieved 100% domestic substitution[41] - R&D costs increased by approximately 30.9% from RMB 51.8 million for the six months ended June 30, 2023, to RMB 67.8 million for the six months ending June 30, 2024, primarily due to increased R&D costs for self-produced IGBTs[47] Costs and Expenses - The company's pre-tax profit for the six months ended June 30, 2024, was impacted by a cost of sold inventory amounting to RMB 420,321 thousand, compared to RMB 332,338 thousand in 2023, indicating an increase of about 26.4%[12] - Total financing costs for the six months ended June 30, 2024, were RMB 8,541 thousand, significantly higher than RMB 4,045 thousand in 2023, marking an increase of approximately 111.9%[13] - Sales and distribution costs increased by approximately 28.1% year-on-year, primarily due to increased marketing expenses for self-produced IGBT products[45] - Other expenses and losses surged by approximately 6,125.0% from RMB 0.4 million to RMB 24.9 million, mainly due to foreign exchange losses and forward contract losses[48] - Financing costs rose by approximately 112.5% from RMB 4.0 million to RMB 8.5 million, primarily due to interest accruals related to a repurchase agreement signed on July 27, 2023[49] - Income tax expenses increased by approximately 83.3% from RMB 8.4 million to RMB 15.4 million, mainly due to increased profits from businesses outside of self-produced IGBT operations[51] Corporate Governance and Future Plans - The company aims for sales revenue to reach RMB 1.6 billion in 2024, driven by enhanced operational management and marketing efforts[62] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22] - The company adheres to corporate governance practices, ensuring accountability and transparency, and has complied with all applicable code provisions[66] - The board confirmed that all directors complied with the standard code of conduct for securities transactions during the reporting period[67] - The audit committee reviewed the financial statements and confirmed no significant changes in business development or financial status since the last annual report[68] - A performance announcement web conference is scheduled for August 22, 2024, to discuss the interim results with shareholders and potential investors[70] Shareholder Information - The company did not declare any dividends for the six months ended June 30, 2024, consistent with the same period in 2023[16] - As of June 30, 2024, the company has issued 1,604,912,000 shares and repurchased 18,244,000 shares at a total cost of approximately HKD 21,130,266[63][64] - The share repurchase aimed to enhance the market price per share and improve investor confidence[64] - No significant acquisitions or disposals occurred during the six months ending June 30, 2024[65]
赛晶科技(00580) - 2024 - 中期业绩