Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 9,524,822 thousand, a decrease of 47.4% compared to RMB 18,111,570 thousand in the same period of 2023[2]. - Gross profit for the same period was RMB 1,062,685 thousand, down 74.1% from RMB 4,110,450 thousand year-over-year[2]. - The company incurred a net loss of RMB 1,064,796 thousand for the six months ended June 30, 2024, compared to a profit of RMB 5,873,083 thousand in the prior year, representing a significant decline[3]. - The company reported a basic loss per share of RMB 0.38 for the period, down from earnings of RMB 2.92 per share in the prior year[2]. - Other comprehensive income for the period was RMB 197,917 thousand, compared to RMB 1,130,119 thousand in the same period of 2023[4]. - The adjusted pre-tax loss for the group was RMB 1,004,281 thousand, with segment losses of RMB 201,273 thousand for lithium metal and lithium compounds, RMB 109,621 thousand for lithium batteries, and RMB 366,283 thousand for lithium mining resources and others[14]. - The company reported a net loss of RMB 1,294,653 thousand in other expenses for the six months ended June 30, 2024, compared to RMB 917,105 thousand in the same period of 2023[22]. - The group reported a total income tax expense of RMB 60,515 thousand for the six months ended June 30, 2024, compared to RMB 377,635 thousand in 2023, reflecting a significant reduction of 84%[26]. - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[30]. Assets and Liabilities - The total assets as of June 30, 2024, were RMB 71,581,153 thousand, slightly up from RMB 71,426,604 thousand as of December 31, 2023[6]. - Current liabilities increased to RMB 26,383,263 thousand from RMB 20,271,297 thousand, indicating a rise in short-term financial obligations[6]. - The company's non-current assets reached RMB 74,048,407 thousand, an increase from RMB 63,513,503 thousand at the end of 2023[5]. - The total equity attributable to the owners of the parent company was RMB 52,589,133 thousand, up from RMB 52,315,862 thousand at the end of the previous year[7]. - The total liabilities as of June 30, 2024, were RMB 45,375,283 thousand, compared to RMB 39,382,039 thousand as of December 31, 2023, indicating an increase of about 15.5%[17]. - Trade receivables at the end of the reporting period totaled RMB 3,601,805,000, down from RMB 4,774,082,000 as of December 31, 2023, representing a decrease of approximately 24.6%[33]. - The company’s trade payables increased to RMB 4,001,271,000 as of June 30, 2024, compared to RMB 2,484,351,000 at the end of 2023, reflecting a growth of approximately 60.9%[35]. - The fair value of debt investments classified as other comprehensive income decreased to RMB 730,292,000 from RMB 1,765,677,000, indicating a decline of about 58.7%[34]. Revenue Breakdown - The revenue breakdown includes RMB 6,708,579 thousand from the lithium metal and lithium compound segment, RMB 2,708,183 thousand from the lithium battery segment, and RMB 108,060 thousand from the lithium mining resources and others segment[14]. - Revenue from lithium compounds and lithium metal accounted for 68.5% of total revenue, while lithium batteries contributed 28.4% for the six months ended June 30, 2024[79]. - Revenue from the mainland China market was RMB 6,879,318 thousand for the six months ended June 30, 2024, down from RMB 10,224,284 thousand in the same period of 2023, a decline of approximately 32.9%[19]. - Total revenue for the six months ended June 30, 2024, was RMB 9,524,822 thousand, a decrease from RMB 18,111,570 thousand for the same period in 2023, representing a decline of approximately 47%[18]. Costs and Expenses - The financing costs for the period were RMB 506,783 thousand, compared to RMB 342,583 thousand in the same period last year, reflecting increased borrowing costs[2]. - The cost of goods sold for the group was RMB 8,462,137 thousand for the six months ended June 30, 2024, down from RMB 14,001,120 thousand in 2023, indicating a 39.4% decrease[25]. - Selling and distribution expenses increased by 38.2% to RMB 68,395 thousand, primarily due to growth in sales volume[85]. - Administrative expenses rose by 1.6% to RMB 1,079,982 thousand, with no significant changes reported[86]. - Other expenses increased by 41.2% to RMB 1,294,653 thousand, mainly due to increased foreign exchange losses and fair value losses on financial assets[86]. - R&D expenditure decreased by 33.1% to RMB 459,115 thousand, representing 4.8% of revenue, influenced by a decline in lithium product prices[89]. Market and Industry Insights - The global lithium resource supply is projected to reach 1,294,100 tons of lithium carbonate equivalent (LCE) in 2024, representing a year-on-year growth of 20%[38]. - The average price of 5%-6% lithium spodumene concentrate in China was approximately USD 1,000-1,010 per ton as of June 2024, showing a slight increase from USD 900-1,000 per ton at the beginning of 2024[40]. - Global demand for lithium resources is projected to reach 1.1405 million tons LCE in 2024, driven by the rapid development of the new energy vehicle and energy storage industries[45]. - In the first half of 2024, global sales of new energy vehicles reached approximately 6.836 million units, representing a year-on-year increase of 16%[47]. - The lithium extraction cost from lithium mica is higher compared to lithium spodumene and salt lake lithium due to the complex composition and extraction process[42]. - The lithium hydroxide and carbonate prices in Asia have shown significant fluctuations, influenced by seasonal demand changes and supply-demand mismatches[43]. Strategic Initiatives and Future Plans - The company is expanding production capacity through technological upgrades and new production lines to meet the rapidly growing market demand for lithium products[53]. - The company plans to enhance processing capacity to meet the growing lithium demand, with several lithium product projects currently in planning and construction[66]. - The company plans to establish a total lithium product supply capacity of no less than 600,000 tons LCE by 2030 or earlier, including capacities for lithium extraction from ore, brine, clay, and recycling[68]. - The company is developing a lithium battery production capacity of 6 GWh in Jiangxi and 10 GWh in Dongguan, focusing on new energy lithium batteries and energy storage systems[70][71]. - The company is actively participating in the development of solid-state battery technology and aims to lead innovations in the lithium battery industry[69]. - The company is focusing on high-safety, long-life lithium battery systems and aims to provide high-performance solutions to customers[69]. Corporate Governance and Compliance - The company has adhered to the Corporate Governance Code, with a deviation from the requirement for directors to retire at least every three years due to ongoing evaluations of candidates[144]. - The current board members possess extensive experience in corporate governance and various professional backgrounds, ensuring stability in the company's operations[145]. - The company confirmed that all directors and supervisors complied with the standards for securities trading during the reporting period[146]. - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, and confirms compliance with applicable accounting standards and regulations[148].
赣锋锂业(01772) - 2024 - 中期业绩