Gian(300709)2024-08-29 12:11Financial Performance - Revenue for the reporting period reached RMB 1,001,908,338.30, a 28.04% increase compared to the same period last year[10] - Net profit attributable to shareholders of the listed company was RMB 59,212,576.46, a significant increase of 261.75% year-over-year[10] - Basic earnings per share (EPS) were RMB 0.32, up 260.00% from RMB -0.20 in the same period last year[10] - Weighted average return on equity (ROE) was 2.84%, an increase of 4.77 percentage points compared to the previous year[10] - Total assets as of the end of the reporting period were RMB 3,250,931,157.15, a 1.03% increase from the end of the previous year[10] - Net cash flow from operating activities was RMB 9,160,747.02, a 14.72% increase compared to the same period last year[10] - Revenue for the first half of 2024 reached RMB 1.002 billion, a year-on-year increase of RMB 219 million, up 28.04%[29] - Profit attributable to shareholders of the listed company was RMB 59.2126 million, with a significant improvement in profitability compared to the same period last year[29] - Revenue increased by 28.04% to 1,001,908,338.30 yuan compared to the same period last year[33] - Operating costs rose by 6.34% to 667,659,480.99 yuan[33] - Sales expenses surged by 53.00% to 18,039,417.94 yuan, primarily due to increased market expenses[33] - Financial expenses decreased by 105.43% to -567,924.00 yuan, mainly due to reduced loan interest and foreign exchange hedging business[33] - R&D investment grew by 7.33% to 90,839,933.22 yuan[35] - Net cash flow from operating activities increased by 14.72% to 9,160,747.02 yuan[35] - Net cash flow from investing activities decreased by 174.47% to -166,987,930.70 yuan, mainly due to increased purchase of financial products[35] - Net cash flow from financing activities decreased by 49.01% to -54,223,747.87 yuan, primarily due to reduced repayment of bank loans[35] - Credit impairment loss decreased by 162.52% to -5,423,113.44 yuan, mainly due to provision for bad debts of receivables[35] - Asset impairment loss increased by 166.72% to -90,026,631.47 yuan, mainly due to provision for inventory depreciation[35] - MIM parts and components revenue increased by 32.23% YoY to 643,683,393.59 RMB, with a gross margin of 41.89%[36] - Transmission and heat dissipation components revenue surged by 58.33% YoY to 214,238,092.85 RMB, but gross margin decreased by 9.65% to 15.39%[36] - Investment income reached 2,123,727.51 RMB, accounting for 4.53% of total profit, mainly from financial products and hedging[37] - Asset impairment loss was -90,026,631.47 RMB, representing -192.23% of total profit, primarily due to inventory write-downs[37] - Monetary funds decreased by 37.14% YoY to 405,960,516.07 RMB, mainly due to the purchase of financial products[38] - Accounts receivable increased by 12.10% YoY to 709,224,506.28 RMB, driven by higher revenue[38] - Inventory rose by 47.69% YoY to 451,219,970.30 RMB, mainly due to increased stockpiling[38] - Long-term equity investment surged by 1,606.16% YoY to 7,648,274.94 RMB, due to investment in an affiliated company[38] - GIAN TECH. AMERICA, INC. reported a loss of 166,627.48 RMB, accounting for 0.96% of the company's net assets[40] - Total investment in the reporting period increased by 620% YoY to 7,200,000 RMB[43] - The company invested a total of 10.983 million yuan in two major fixed asset investment projects during the reporting period, with a cumulative investment of 63.376 million yuan[44] - The company's financial derivative investments resulted in a fair value loss of 5.452 million yuan during the reporting period[49] - The company's total entrusted financial management amounted to 115.266 million yuan, with an outstanding balance of 13.818 million yuan[48] - The company's forward exchange settlement and sale business had an initial investment of 32.172 million yuan, with a fair value loss of 426,800 yuan during the reporting period[48] - The company's financial derivative investments accounted for 5.97% of the net assets at the end of the reporting period[48] - The company's total financial assets measured at fair value amounted to 141.735 million yuan at the end of the reporting period[46] - The company's financial derivative investments were primarily for hedging purposes, with no speculative investments during the reporting period[51] - The company's financial derivative investments were sourced from its own funds, with no external financing involved[49] - The company's financial derivative investments were managed under strict internal control measures to mitigate market, liquidity, and operational risks[49] - The company's financial derivative investments were approved by the board of directors on December 7, 2023, and by the shareholders' meeting on December 23, 2023[49][50] - Revenue for the first half of 2024 reached 1,001,908,338.30 RMB, a 28% increase compared to 782,483,727.25 RMB in the same period of 2023[120] - Operating costs for the first half of 2024 were 869,607,715.47 RMB, up 5.7% from 822,983,267.00 RMB in the first half of 2023[121] - R&D expenses increased to 90,839,933.22 RMB in the first half of 2024, a 7.3% rise from 84,639,495.13 RMB in the same period of 2023[121] - Accounts receivable grew to 712,215,436.51 RMB in the first half of 2024, a 13.2% increase from 629,053,730.27 RMB in the first half of 2023[118] - Inventory surged to 318,597,340.10 RMB in the first half of 2024, an 80.5% jump from 176,528,840.16 RMB in the same period of 2023[118] - Total assets slightly decreased to 3,059,564,004.69 RMB in the first half of 2024, down 0.6% from 3,079,379,439.65 RMB in the first half of 2023[118] - Net profit for the first half of 2024 was 46,832,551.99 RMB, a significant improvement from a loss of 51,863,699.71 RMB in the same period of 2023[121] - Short-term borrowings decreased to 91,997,557.23 RMB in the first half of 2024, down 22.1% from 118,119,060.99 RMB in the first half of 2023[118] - Accounts payable increased to 395,738,683.35 RMB in the first half of 2024, a 26.6% rise from 312,455,758.53 RMB in the same period of 2023[119] - Total equity grew to 2,193,370,406.83 RMB in the first half of 2024, a 2% increase from 2,149,620,683.83 RMB in the first half of 2023[119] - Net profit attributable to parent company shareholders was RMB 59.21 million, compared to a loss of RMB 36.61 million in the same period last year[122] - Operating income increased by 46.4% year-over-year to RMB 902.09 million[123] - R&D expenses increased by 7.5% year-over-year to RMB 61.35 million[124] - Operating profit was RMB 74.97 million, a significant improvement from a loss of RMB 34.84 million in the same period last year[124] - Total comprehensive income was RMB 73.52 million, compared to a loss of RMB 28.08 million in the same period last year[125] - Basic earnings per share were RMB 0.32, compared to a loss per share of RMB 0.20 in the same period last year[122] - Interest income increased by 33.1% year-over-year to RMB 3.96 million[124] - Credit impairment losses were RMB 5.04 million, compared to a gain of RMB 18.78 million in the same period last year[124] - Asset impairment losses increased by 153.7% year-over-year to RMB 80.33 million[124] - Other comprehensive income after tax was a loss of RMB 4.04 million, compared to a loss of RMB 1.06 million in the same period last year[125] - Sales revenue from goods and services in H1 2024 was 932.24 million yuan, a slight increase from 925.45 million yuan in H1 2023[126] - Net cash flow from operating activities in H1 2024 was 9.16 million yuan, up from 7.99 million yuan in H1 2023[126] - Cash received from tax refunds in H1 2024 decreased to 10.86 million yuan from 26.09 million yuan in H1 2023[126] - Cash paid for employee compensation increased to 286.17 million yuan in H1 2024 from 270.11 million yuan in H1 2023[126] - Net cash flow from investing activities in H1 2024 was -166.99 million yuan, a significant drop from 224.25 million yuan in H1 2023[127] - Cash received from other investing activities in H1 2024 was 1.23 billion yuan, up from 1.06 billion yuan in H1 2023[127] - Net cash flow from financing activities in H1 2024 was -54.22 million yuan, an improvement from -106.34 million yuan in H1 2023[127] - Cash and cash equivalents at the end of H1 2024 were 398.11 million yuan, down from 605.33 million yuan at the beginning of the period[127] - Parent company's sales revenue from goods and services in H1 2024 was 747.79 million yuan, a decrease from 761.59 million yuan in H1 2023[128] - Parent company's net cash flow from operating activities in H1 2024 was -38.78 million yuan, compared to 26.28 million yuan in H1 2023[128] - Share capital at the beginning of the period was 186,076,681.00 yuan[130] - Capital reserve at the beginning of the period was 1,221,003,318.09 yuan[130] - Other comprehensive income at the beginning of the period was 3,747,996.37 yuan[130] - Undistributed profit at the beginning of the period was 562,061,309.64 yuan[130] - Total owner's equity at the beginning of the period was 2,073,811,464.03 yuan[130] - Comprehensive income for the period decreased by 3,920,990.48 yuan[131] - Owner's equity decreased by 1,112,056.62 yuan due to capital reduction[131] - Total owner's equity at the end of the period was 2,098,218,724.43 yuan[132] - Share capital at the end of the period was 186,076,681.00 yuan[132] - Capital reserve at the end of the period was 1,219,891,261.47 yuan[132] - Comprehensive income for the first half of 2024 was RMB 430,524.54, a significant decrease from the previous period's RMB -36,607,745.82[134] - Owner's equity decreased by RMB 91,466.00 due to capital reduction, with a total reduction of RMB 2,643,947.30[134] - Share-based payments contributed RMB 1,625,234.16 to owner's equity[134] - The ending balance for the period was RMB 186,681.00, with total assets amounting to RMB 1,224,046.27[135] - The company's total owner's equity at the beginning of the period was RMB 2,149,620,683.83[136] - Comprehensive income for the period decreased by RMB 4,035,450.65, impacting the total owner's equity by RMB 73,521,991.96[136] - Profit distribution to owners (or shareholders) amounted to RMB -29,772,268.96[137] - The ending balance for the period was RMB 186,076,681.00, with total owner's equity at RMB 2,193,370,406.83[137] - Total equity at the beginning of the period was RMB 1,941,447,009.57, with a decrease of RMB 26,450,711.26 by the end of the period[139][140] - Comprehensive income for the period showed a loss of RMB 28,075,945.42[139] - The company issued a total of 186,076,681 shares as of June 30, 2024, with a registered capital of RMB 186,076,681[141] - The consolidated financial statements include 14 subsidiaries, with a reduction of 1 subsidiary compared to the previous period[144] - The company's financial statements are prepared in accordance with the Chinese Accounting Standards and the relevant regulations of the China Securities Regulatory Commission[145] - The company's financial statements are based on the assumption of continued operation, with the ability to continue operations for at least 12 months from the end of the reporting period[146] - The company's accounting policies and estimates are tailored to its specific business operations in the metal injection molding industry[147] - The financial statements accurately reflect the company's consolidated and parent company financial position as of June 30, 2024, and the operating results and cash flows for the first half of 2024[148] - The company's accounting period is divided into annual and interim periods, with the fiscal year running from January 1 to December 31[149] - The operating cycle is 12 months, used as the standard for classifying the liquidity of assets and liabilities[150] - The functional currency for the company and its domestic subsidiaries is RMB, while overseas subsidiaries use their local currency as the functional currency[151] - Significant standards for financial reporting include: important accounts receivable write-offs exceeding RMB 500,000, prepayments and payables over 1 year exceeding RMB 5 million, and significant cash flows related to investment and financing activities exceeding RMB 100 million[152] - For business combinations under common control, assets and liabilities are measured at their book value in the consolidated financial statements of the ultimate controlling party[154] - For step-by-step business combinations, transactions are treated as a single transaction if they are part of a package deal, otherwise, adjustments are made to capital reserves[155] - In non-common control business combinations, the acquisition date is when control is transferred, and goodwill is recognized if the purchase consideration exceeds the fair value of identifiable net assets[156] - Costs related to business combinations, such as audit and legal fees, are recognized in the current period's profit and loss[157] - Control is determined based on power over the investee, exposure to variable returns, and the ability to influence returns through power[158] - The consolidation scope includes all subsidiaries controlled by the company, and consolidated financial statements are prepared using uniform accounting policies[159] - The company re-measures the equity held before the acquisition date at fair value, with the difference between fair value and book value recognized as investment income in the current period[162] - Disposal of subsidiaries or businesses results in the inclusion of their income, expenses, profits, and cash flows in the consolidated financial statements up to the disposal date[162] - The company treats multiple transactions for disposing of subsidiary equity as a single transaction if they meet specific conditions, such as being economically interdependent[162] - When purchasing minority equity in a subsidiary, the difference between the new long-term equity investment and the share of net assets is adjusted in the capital reserve[163] - In partial disposals of subsidiary equity without losing control, the difference between the disposal price and the share of net assets is adjusted in the capital reserve[163] - The company classifies joint arrangements as either joint operations or joint ventures based on structure, legal form, and contractual terms[164] - For joint operations, the company recognizes its share of assets, liabilities, revenues, and expenses, and accounts for transactions with other participants accordingly[165] - Cash equivalents are defined as investments with a maturity of three months or less, high liquidity, and minimal value fluctuation risk[166] - Foreign currency transactions are initially recorded at the spot exchange rate on the transaction date, with exchange differences recognized in current period profits[167] - Financial assets or liabilities are recognized when the company becomes a party to the financial instrument contract[169] - Financial assets are classified into three categories: measured at amortized cost, measured at fair value with changes in other comprehensive income, and measured at fair value with changes in current profit or loss[170] - Financial liabilities are initially classified as measured at fair value with changes in current profit or loss or other financial liabilities[171] - Financial assets are derecognized when the contractual rights to the cash flows expire, the asset is transferred with substantially all risks and rewards transferred, or control is relinquished[173] - Financial liabilities are derecognized when the obligation is discharged, replaced with a new liability with substantially different terms, or the terms are substantially modified[174] - Financial assets and liabilities are offset when the company has a legally enforceable right to set off and intends to settle on a net basis or realize the asset and settle the liability simultaneously[175] - Fair value of financial instruments is determined using active market quotes or valuation techniques when no active market exists[176] - Equity instruments are treated as changes in equity, with related transaction costs deducted from equity, and no recognition of fair value changes[178] - The company uses expected credit loss as the basis for recognizing impairment losses on financial assets, including receivables, debt investments, and other financial instruments[179] - For financial assets with significantly increased