上海青浦消防(08115) - 2024 - 中期业绩

Interim Results Highlights Overall Performance The Group achieved robust revenue and profit growth for the six months ended June 30, 2024, with revenue up 6.8% and profit attributable to owners significantly increasing Key Financial Indicators for H1 2024 (RMB) | Indicator | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. 39,571,000 | Approx. 37,047,000 | +6.8% | | Profit Attributable to Owners of the Company | Approx. 3,773,000 | Approx. 2,136,000 | +76.6% | Unaudited Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss The Group achieved revenue growth with significant improvements in gross profit and margin, as pre-tax profit and profit for the period more than doubled, substantially increasing earnings per share Key Profit or Loss Data for H1 2024 (RMB thousands) | Item | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 39,571 | 37,047 | +6.8% | | Gross Profit | 11,839 | 9,391 | +26.1% | | Profit Before Tax | 6,236 | 2,828 | +120.5% | | Profit for the Period | 5,265 | 2,372 | +122.0% | | Profit Attributable to Owners of the Company | 3,773 | 1,637 | +130.5% | | Basic Earnings Per Share (RMB cents) | 2.01 | 0.87 | +131.0% | Condensed Consolidated Statement of Financial Position As of June 30, 2024, the Group's total assets and net assets increased, with current assets rising due to inventory and trade receivables, and current liabilities also increasing, maintaining a stable overall financial position Key Financial Position Data (RMB thousands) | Item | June 30, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 26,032 | 26,878 | -3.1% | | Current Assets | 175,746 | 167,036 | +5.2% | | Total Assets | 201,778 | 193,914 | +4.1% | | Current Liabilities | 17,715 | 13,975 | +26.8% | | Non-current Liabilities | 14,854 | 16,915 | -12.2% | | Total Liabilities | 32,569 | 30,890 | +5.4% | | Net Assets | 169,209 | 163,024 | +3.8% | Condensed Consolidated Statement of Cash Flows The Group's operating cash flow turned negative, recording a net outflow, while cash and cash equivalents at period-end slightly decreased but remained ample at RMB 141.8 million H1 2024 Cash Flow Statement Summary (RMB thousands) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | (1,157) | 3,030 | | Net Cash Flow Used in Investing Activities | (340) | (204) | | Net Cash Flow Used in Financing Activities | (69) | (402) | | Net Decrease in Cash and Cash Equivalents | (1,566) | 2,424 | | Cash and Cash Equivalents at Period-End | 141,825 | 132,064 | Notes to the Financial Statements Operating Segment Information The Group operates six segments, with Aquarium Products as the largest profit contributor showing significant growth, while Fire Fighting Equipment revenue increased but remained at a loss, and Testing Services and Property Investment segments also grew profitably - The Group's business is divided into six reportable operating segments: Fire Fighting Equipment, Aquarium Products, Marine Fire Fighting Equipment, Testing Services, Property Investment, and Trading[15] Revenue and Performance by Segment (RMB thousands) | Segment | H1 2024 Revenue | H1 2023 Revenue | H1 2024 Performance | H1 2023 Performance | | :--- | :--- | :--- | :--- | :--- | | Fire Fighting Equipment | 14,735 | 13,391 | (57) | (41) | | Aquarium Products | 13,868 | 12,868 | 2,744 | 183 | | Marine Fire Fighting Equipment | 4,719 | 5,394 | 428 | (398) | | Testing Services | 2,711 | 1,772 | 511 | 262 | | Property Investment | 3,538 | 3,622 | 1,260 | 2,409 | | Trading | – | – | – | – | Revenue and Geographical Information The Group's total revenue grew by 6.8%, driven by increased sales of pressure vessels, aquarium products, and testing services, with the EU market showing a 14.3% revenue increase and positive overseas business momentum Revenue by Business Type (RMB thousands) | Revenue Source | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Sales of Pressure Vessels | 14,735 | 13,391 | +10.0% | | Sales of Aquarium Products | 13,868 | 12,868 | +7.8% | | Testing Service Fees | 2,711 | 1,772 | +53.0% | | Sales of Marine Fire Fighting Equipment | 4,719 | 5,394 | -12.5% | | Total Rental Income | 3,538 | 3,622 | -2.3% | Revenue by Geographical Region (RMB thousands) | Region | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | China | 25,743 | 24,945 | +3.2% | | European Union | 13,828 | 12,102 | +14.3% | Dividends The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2024 - The company neither paid nor declared any dividends during the reporting period, consistent with the prior corresponding period[27] Management Discussion and Analysis Financial Performance Review The Group's strong H1 financial performance was driven by a 6.8% revenue increase from key product sales, with gross margin improving from 25% to 30% due to profitable contracts, resulting in a 122% surge in profit for the period - Revenue growth was primarily driven by increased sales of pressure vessels, aquarium products, and testing services[43] - Gross profit margin increased from 25% to 30% compared to the same period last year, mainly due to more profitable contracts signed by the Marine Fire Fighting Equipment segment[44] - Profit for the period increased by 122% year-on-year, reaching approximately RMB 5.27 million[50] Liquidity and Capital Resources The Group maintains a sound financial position with a stable 19% capital gearing ratio; despite a current ratio decrease from 12 to 9.9, it remains healthy, with increased inventory turnover days reflecting future sales preparation and ample working capital from internal resources and a RMB 50 million unutilized facility Key Financial Ratios | Indicator | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Current Ratio | 9.9 | 12 | | Capital Gearing Ratio | 19% | 19% | - Inventory turnover days significantly increased from 59 days to 167 days, primarily due to stocking up in advance for future sales orders[52] - The direct controlling company, Liancheng, committed to providing the Company with an unsecured, interest-free shareholder loan facility of up to RMB 50 million, which remained unutilized at period-end[55] Business Review and Outlook The Group affirms its H1 2024 operating performance as a solid foundation for full-year development, with management optimistic about China's economic outlook and planning to explore opportunities for profitable business development and acquisitions - Despite a decline in marine fire fighting equipment sales, the overall performance improved due to increased sales of pressure vessels, aquarium products, and testing services[58] - The company maintains an optimistic outlook on China's economic prospects for 2024 and plans to explore opportunities for developing and acquiring profitable businesses to strengthen its market position in fire fighting equipment and services[59] Other Disclosures Interests of Directors, Supervisors and Substantial Shareholders Mr. Zhou Jinhui, as the ultimate controlling shareholder, holds 71.05% of the company's shares through controlled entities; additionally, controlling shareholder Liancheng has pledged all its domestic shares (approximately 70.36% of total share capital) to an independent third party for a loan - Mr. Zhou Jinhui is deemed to have an interest in 133,170,000 shares of the Company, representing approximately 71.05% of the total issued share capital[60] - Controlling shareholder Liancheng Fire Fighting Group Co, Ltd has pledged 131,870,000 domestic shares to an independent third party as collateral for a loan of RMB 198 million[63] Corporate Governance and Audit Committee The company states compliance with the GEM Listing Rules' Corporate Governance Code; an Audit Committee, comprising three independent non-executive directors, has been established and reviewed the Group's unaudited financial statements for the current period - The company has complied with all code provisions of the Corporate Governance Code set out in Appendix 15 of the GEM Listing Rules[69] - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited financial statements for the six months ended June 30, 2024[72]