Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 7,542.9 million, representing a 25.6% increase from RMB 6,003.4 million in the same period of 2023[1] - Profit attributable to equity holders of the parent rose by 5.6% to RMB 244.8 million, compared to RMB 231.8 million in the prior year[1] - The company reported a decrease in net profit for the period of 5.3%, down to RMB 241.7 million from RMB 255.3 million in the previous year[1] - Basic earnings per share for the period was RMB 0.18, compared to RMB 0.17 in the same period last year[3] - The company reported a pre-tax profit of RMB 5,614,959 thousand for the first half of 2024, compared to RMB 4,539,577 thousand in 2023, reflecting a growth of 23.7%[23] - The profit for the period was RMB 241.7 million, a decrease of 5.3% year-on-year, while the profit attributable to the parent company increased by 5.6% to RMB 244.8 million[54] Gross Profit and Margins - Gross profit increased by 29.8% to RMB 1,061.8 million, with a gross margin of 14.1%, up from 13.6% in the previous year[1] - The gross profit rose by 29.8% to RMB 1,061.8 million, with an overall gross margin increasing from 13.6% to 14.1%[58] Revenue Breakdown by Segment - The backup battery segment accounted for 41.6% of total sales, generating RMB 3,135.4 million in revenue, a 9.9% increase compared to the same period in 2023[43] - The starter battery segment contributed 37.7% to total sales, with revenue of RMB 2,841.1 million, marking a significant year-on-year growth of 93.4%[44] - The power battery segment represented 9.1% of total sales, achieving revenue of RMB 686.8 million, which is a 10.5% increase year-on-year[45] - The lead recycling business reported revenue of RMB 744.4 million, a decrease of 25.3% compared to the previous year, impacted by market challenges and lead price fluctuations[46] Revenue by Region - Revenue from mainland China increased to RMB 4,363,895 thousand in 2024, a rise of 19.2% from RMB 3,662,189 thousand in 2023[17] - The Americas region saw revenue of RMB 1,349.5 million, a substantial increase of 67.6% year-on-year, supported by high demand for lead-acid batteries in automotive and industrial applications[49] - Sales in the Europe, Middle East, and Africa region amounted to RMB 1,165.2 million, representing an 18.5% increase compared to the same period last year[50] - The Asia-Pacific region (excluding mainland China) generated revenue of RMB 664.4 million, a 20.2% increase year-on-year, driven by growth in automotive and industrial sectors[51] Financial Position and Assets - Total assets as of June 30, 2024, amounted to RMB 14,054.1 million, compared to RMB 14,095.2 million as of December 31, 2023[6] - Total non-current assets as of June 30, 2024, amounted to RMB 4,597,871 thousand, an increase from RMB 4,340,384 thousand as of December 31, 2023[18] - The net asset value of current assets was RMB 1,473,698 thousand, up from RMB 1,160,659 thousand, indicating a significant increase[7] - The company's total liabilities and equity as of June 30, 2024, were RMB 4,833,509 thousand, compared to RMB 4,588,640 thousand as of December 31, 2023[7] Liabilities and Financial Costs - Non-current liabilities, including interest-bearing bank loans, rose to RMB 1,257,911 thousand from RMB 956,169 thousand, reflecting a 31.5% increase[7] - The company incurred finance costs of RMB 160,085 thousand in the first half of 2024, significantly higher than RMB 98,058 thousand in 2023, marking a 63.3% increase[25] - The company's total liabilities related to bank loans due within one year were RMB 3,689,369,000 as of June 30, 2024, compared to RMB 3,501,194,000 as of December 31, 2023[38] Dividends and Shareholder Returns - The company maintained an interim dividend of 4 HK cents per share, consistent with the previous year[1] - The proposed interim dividend is 4 Hong Kong cents per share, consistent with the previous year, amounting to RMB 50,227,000 for the six months ended June 30, 2024, compared to RMB 50,219,000 for the same period in 2023[28] Research and Development - R&D expenses rose by 13.0% to RMB 181.5 million, mainly for enhancing product performance and developing new products[62] Administrative and Other Expenses - Administrative expenses increased by 14.0% to RMB 222.3 million for the six months ended June 30, 2023, primarily due to employee costs and office depreciation from business acquisitions[61] - Other income and gains decreased to RMB 65.9 million from RMB 124.0 million, indicating a decline in additional revenue streams[2] Strategic Focus and Innovations - The company continues to focus on technological innovations to enhance energy density, lifespan, and charging efficiency in response to market demands[42] - The company is actively expanding its lithium battery production capacity to meet the growing demand from various sectors, including communications and data centers[53] - The company plans to enhance its product performance and quality while deepening cooperation with clients across various fields to seize more market opportunities[52]
理士国际(00842) - 2024 - 中期业绩