Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 135,621 million, a 3.0% increase from RMB 131,616 million in the same period of 2023[3]. - Gross profit for the same period was RMB 40,784 million, reflecting a 4.0% increase from RMB 39,216 million year-over-year[3]. - Adjusted operating profit rose by 18.8% to RMB 11,375 million compared to RMB 9,577 million in the previous year[3]. - Net profit for the period was RMB 10,607 million, up 17.3% from RMB 9,044 million in the prior year[3]. - Basic earnings per share increased to RMB 1.13, a 17.7% rise from RMB 0.96 in the same period last year[3]. - Total comprehensive income for the period was RMB 10,272 million, compared to RMB 9,180 million in the previous year[6]. - Other income for the six months ended June 30, 2024, amounted to RMB 1,844 million, compared to RMB 1,690 million in the same period of 2023, reflecting an increase of about 9.1%[24]. - Financing costs for the six months ended June 30, 2024, totaled RMB 1,217 million, up from RMB 884 million in the same period of 2023, indicating a rise of approximately 37.7%[26]. - Income tax expense for the six months ended June 30, 2024, was RMB 2,132 million, compared to RMB 2,070 million in the same period of 2023, showing an increase of about 3.0%[27]. - The company reported a pre-tax profit of RMB 12,739 million for the six months ended June 30, 2024, compared to RMB 11,114 million for the same period in 2023, marking a growth of around 14.6%[17]. Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 127,733 million, an increase from RMB 120,759 million at the end of 2023[7]. - Current assets amounted to RMB 134,517 million, up from RMB 132,621 million at the end of the previous year[7]. - Total non-current liabilities amounted to RMB 27,949 million, up from RMB 27,385 million, indicating a growth of 2.1%[8]. - The company's total equity reached RMB 108,584 million, an increase of 2.0% from RMB 105,912 million[8]. - The total assets of the company as of June 30, 2024, amounted to RMB 262,250 million, an increase from RMB 220,031 million reported previously[19]. - The total liabilities stood at RMB 153,666 million, reflecting a slight increase from the previous reporting period[19]. - The company's net asset value increased by 2.5% from RMB 105,912 million on December 31, 2023, to RMB 108,584 million on June 30, 2024[111]. Market and Segment Performance - The segment revenue from the Refrigerators and Freezers business was RMB 41,128 million, up from RMB 40,405 million, indicating a growth of about 1.8% year-over-year[18]. - The Air Energy Solutions segment reported revenue of RMB 29,235 million, compared to RMB 28,176 million in the previous year, reflecting an increase of approximately 3.8%[18]. - The kitchen appliance segment achieved global revenue of RMB 20.275 billion, a 0.3% increase year-on-year[42]. - The laundry care segment reported global revenue of RMB 29.737 billion, a 5.0% increase compared to the same period in 2023[45]. - The company’s overseas revenue maintained rapid growth, benefiting from long-term strategic investments in product iteration and professional channel network construction[51]. - In the North American market, the company achieved revenue of 39.079 billion yuan, outperforming the industry despite a decline in the overall market demand[63]. - The European market generated revenue of 14.505 billion yuan, reflecting a 9.2% year-on-year growth, with a market share increase of 0.1 percentage points[65]. - The South Asia market achieved a revenue of 6.542 billion yuan, with a year-on-year growth of 9.9%, and over 25% growth in the Indian market[68]. Strategic Initiatives - The company is focused on expanding its product offerings in smart home solutions, including refrigerators, kitchen appliances, and air conditioning systems[9]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[17]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[17]. - The company plans to leverage the old-for-new exchange program in the domestic market to drive retail growth in the second half of 2024[90]. - The company aims to enhance profitability through product upgrades and supply chain localization in overseas markets[90]. - The company is focusing on digital transformation across its production, procurement, and quality systems to improve cost competitiveness[91]. Operational Efficiency - The company reported a net cash flow from operating activities of RMB 7.818 billion, an increase of RMB 1.028 billion compared to the same period in 2023[37]. - The inventory turnover days improved by 3 days to 79 days in the first half of 2024, attributed to effective inventory management[112]. - The accounts receivable and notes turnover days increased to 41 days in the first half of 2024, up by 3 days compared to the end of 2023, due to increased sales revenue[112]. Challenges and Risks - The company faces risks from macroeconomic slowdowns, intensified industry competition, and fluctuations in raw material prices[92]. - The company anticipates that the second half of 2024 will see a recovery in demand in developed countries as interest rates decrease, benefiting the appliance market[87]. Employee and Governance - The total number of employees decreased by 2.3% from 112,458 on December 31, 2023, to 109,925 on June 30, 2024[127]. - The board did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[130]. - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing financial reporting matters without any objections[133].
海尔智家(06690) - 2024 - 中期业绩