HAITIAN INT'L(01882)2024-08-26 11:11Financial Performance - For the six months ended June 30, 2024, the company's revenue reached RMB 8,017.8 million, an increase of 25.7% compared to RMB 6,380.2 million in the same period of 2023[3] - Gross profit for the same period was RMB 2,591.6 million, reflecting a 26.9% increase from RMB 2,042.5 million year-on-year, with a gross margin of 32.3% compared to 32.0% in the previous year[5] - The net profit attributable to shareholders for the six months ended June 30, 2024, rose to RMB 1,520.6 million, a 23.5% increase from RMB 1,231.3 million in the same period of 2023[3] - Basic earnings per share for the reporting period was RMB 0.95, up 23.5% from RMB 0.77 in the previous year[5] - The company reported a profit of CNY 1,520,630 thousand for the six months ended June 30, 2024, compared to CNY 1,231,279 thousand for the same period in 2023, reflecting a growth of 23.5%[13] - The gross profit margin increased by 0.3 percentage points to 32.3% due to lower raw material prices compared to the previous year[40] - Shareholders' net profit for the first half of 2024 rose to RMB 1,520.6 million, a 23.5% increase compared to the same period in 2023[59] Cash Flow and Financial Position - The net cash generated from operating activities was RMB 1,205.4 million, slightly down from RMB 1,280.4 million in the same period of 2023[5] - The company's net cash position, including financial products, was RMB 10,650.0 million as of June 30, 2024, compared to RMB 10,835.2 million as of December 31, 2023[5] - Cash and cash equivalents at the end of June 2024 were CNY 2,379,795 thousand, down from CNY 5,437,087 thousand at the end of June 2023, a decrease of 56.3%[15] - The group maintained a net cash position of RMB 4,367.1 million as of June 30, 2024, down from RMB 6,706.0 million as of December 31, 2023[61] - The group's bank borrowings amounted to RMB 2,116.7 million as of June 30, 2024, down from RMB 2,747.4 million as of December 31, 2023[60] Dividends and Shareholder Returns - The board of directors decided not to declare an interim dividend for the reporting period, pending a review of the full-year performance[5] - The company declared dividends of CNY 957,735 thousand for the six months ended June 30, 2024, compared to CNY 768,277 thousand in the same period of 2023, an increase of 24.7%[15] - The company decided not to declare an interim dividend for the reporting period, with the decision on the annual dividend to be considered after the annual performance review[8] Operational Efficiency and Strategy - The company benefited from the restructuring of the global supply chain and accelerated exports in certain downstream industries, particularly in consumer goods[5] - The company maintains a strong operational flexibility and efficiency, supported by robust working capital management capabilities[5] - The company plans to enhance R&D efforts and introduce more differentiated products to meet market demands, focusing on energy-efficient and intelligent new generation products[49] - The company aims to deepen its overseas market presence and increase the proportion of overseas sales, with new factories under construction as part of its global supply chain strategy[50] Assets and Liabilities - Total assets increased to CNY 30,329,173 thousand in June 2024, up from CNY 29,093,858 thousand in December 2023, representing a growth of 4.25%[10] - Non-current liabilities decreased to CNY 2,208,456 thousand in June 2024 from CNY 2,749,473 thousand in December 2023, a reduction of 19.66%[11] - Current liabilities rose to CNY 8,803,556 thousand in June 2024, compared to CNY 7,502,105 thousand in December 2023, an increase of 17.38%[11] - The company’s total liabilities increased to CNY 11,012,012 thousand in June 2024 from CNY 10,251,578 thousand in December 2023, an increase of 7.4%[11] - Total equity increased to CNY 19,289,943 thousand in June 2024 from CNY 18,816,089 thousand in December 2023, an increase of 2.5%[13] - The company’s retained earnings reached CNY 15,512,298 thousand as of June 30, 2024, up from CNY 14,949,403 thousand in December 2023, an increase of 3.8%[13] Sales Performance - Sales from mainland China reached RMB 5,182,546 thousand, up 33.7% from RMB 3,876,296 thousand in the previous year[27] - The total sales from Hong Kong and overseas countries were RMB 2,835,265 thousand, an increase from RMB 2,503,931 thousand in the previous year[27] - Domestic sales amounted to RMB 5,182.5 million, representing a 33.7% increase from RMB 3,876.3 million in the same period of 2023[42] - Overseas sales reached RMB 2,835.3 million, a 13.2% increase from RMB 2,503.9 million in the same period of 2023[42] - The company’s sales of injection molding machines accounted for 96.1% of total sales in the first half of 2024, with sales amounting to RMB 7,702.5 million, up 26.2% from RMB 6,105.7 million in the same period of 2023[43] - In the first half of 2024, the company's sales of injection molding machines increased by 26.2% to RMB 7,702.5 million, while parts and service sales rose by 14.9% to RMB 315.3 million[45] Expenses and Income - Selling and administrative expenses rose by 13.9% to RMB 1,142.3 million in the first half of 2024, primarily due to increases in sales commissions, labor costs, and R&D expenses[55] - Other income, mainly from government subsidies, increased by 24.3% to RMB 228.7 million in the first half of 2024[56] - Income tax expenses increased by 21.4% to RMB 333.3 million in the first half of 2024, with an effective tax rate of 18.0%[58] Accounting and Reporting - The company has adopted new accounting standards effective January 1, 2024, which may impact financial reporting but did not result in retrospective adjustments[23] - The group established an audit committee to oversee financial reporting and internal controls, comprising three independent non-executive directors[70] Other Financial Metrics - The company reported a decrease in financing costs, with net financing income rising to RMB 133.977 million from RMB 98.859 million year-on-year[6] - Net financing income for the same period was RMB 98,859 thousand, a decrease from RMB 133,977 thousand in 2023[29] - The income tax expense for the six months ended June 30, 2024, totaled RMB 333,343 thousand, compared to RMB 274,476 thousand in the previous year, reflecting an increase of 21.4%[29] - The group reported a foreign exchange loss of RMB 23,770 thousand for the six months ended June 30, 2024, compared to a gain of RMB 41,120 thousand in 2023[28]