Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 12,060,957 thousand, a slight increase from RMB 12,059,121 thousand in the same period last year[2] - Gross profit for the period was RMB 2,355,720 thousand, up from RMB 2,110,699 thousand, representing a growth of approximately 11.6%[2] - Profit before tax increased to RMB 1,122,610 thousand, compared to RMB 925,758 thousand in the previous year, reflecting a growth of about 21.3%[2] - Net profit for the period was RMB 938,486 thousand, an increase of 20.6% from RMB 777,559 thousand year-on-year[2] - Basic earnings per share rose to RMB 56.4, compared to RMB 44.8 in the same period last year, marking a growth of 26.8%[2] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 31,283,035 thousand, up from RMB 29,133,496 thousand at the end of 2023[3] - Current liabilities increased to RMB 11,475,772 thousand from RMB 10,443,581 thousand, indicating a rise of approximately 9.9%[4] - Total liabilities reached RMB 19,606,781 thousand, compared to RMB 18,622,498 thousand in the previous year, reflecting an increase of about 5.3%[5] - Net assets grew to RMB 11,676,254 thousand from RMB 10,510,998 thousand, representing an increase of approximately 11.1%[6] - Cash and cash equivalents increased significantly to RMB 2,014,075 thousand from RMB 1,162,558 thousand, showing a growth of about 73.5%[3] Revenue Breakdown - Urea sales revenue increased by approximately RMB 316 million or 9% to about RMB 3,834 million, driven by a 25% increase in sales volume despite a 13% decrease in average selling price[38] - The segment profit for urea was RMB 1,181,231,000, representing a significant increase from RMB 1,022,566,000 in the previous year[16][17] - Methanol sales revenue increased by approximately RMB 314,000,000 or 32% from RMB 977,000,000 in the first half of 2023 to RMB 1,291,000,000 in the first half of 2024, driven by a 1% increase in average selling price and a 31% increase in sales volume[41] - The segment profit for methanol was RMB 102,136,000, showing improvement from a loss of RMB 16,215,000 in the previous year[16][17] - Compound fertilizer sales revenue rose by approximately RMB 202 million or 6% to about RMB 3,410 million, with a 13% increase in sales volume[40] Expenses and Costs - The cost of sales for inventory was RMB 9,705,237,000 for the six months ended June 30, 2024, down from RMB 9,948,422,000 in 2023[19] - The company incurred financial costs of RMB 265,997,000 in 2024, a decrease from RMB 324,016,000 in 2023[18] - General and administrative expenses increased by approximately RMB 62,000,000 or 9.7% from RMB 640,000,000 in the first half of 2023 to RMB 702,000,000 in the first half of 2024, driven by higher personnel costs and increased operational expenses[47] Dividends and Shareholder Returns - The company declared a final dividend of RMB (292,503,000) for the year 2023, consistent with its commitment to return value to shareholders[8] - The proposed final dividend for the year ended December 31, 2023, is RMB 292,503,000, down from RMB 307,030,000 for the year ended December 31, 2022[22] - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the same period in 2023[22] Strategic Initiatives - The company plans to expand its market presence and enhance its product offerings through ongoing research and development initiatives[10] - The company is focused on strategic acquisitions to enhance its operational capabilities and market reach[10] - The company continues to optimize production processes and control energy consumption, achieving a 12% year-on-year increase in overall gross profit[37] Market Outlook - The outlook for the second half of the year indicates a recovery in the domestic economy and a balanced supply-demand situation in the fertilizer industry, with expectations for improved performance in compound fertilizers[51] Employee and Operational Metrics - The number of employees increased to 10,781 as of June 30, 2024, up from 10,390 as of December 31, 2023[63] - The company made payments of approximately RMB 1,894,882,000 for the purchase of property, plant, and equipment during the period, compared to RMB 1,737,713,000 for the same period in 2023[32]
中国心连心化肥(01866) - 2024 - 中期业绩