Financial Performance - In the first half of 2024, the company's revenue reached approximately RMB 655.8 million, representing a growth of about 42.7% compared to the same period in 2023[4] - The gross profit margin improved to approximately 35.8%, an increase of about 8.8 percentage points year-on-year[4] - The net profit attributable to the parent company turned from a loss to a profit, amounting to approximately RMB 33.7 million[4] - Total revenue for the group increased by approximately 42.7% to about RMB 655,800,000 in the first half of 2024, up from approximately RMB 459,500,000 in the same period of 2023[29] - Gross profit rose by approximately 89% to RMB 234,800,000, with the gross margin increasing from 27.0% to 35.8%[31] - The company reported a profit before tax of RMB 36,349 thousand, compared to a loss of RMB 4,970 thousand in the previous year[71] - Net profit for the period was RMB 20,933 thousand, a significant recovery from a loss of RMB 13,382 thousand in the prior year[71] - The company reported a net profit of RMB 33,722 thousand for the period, which is a significant recovery from a loss of RMB 12,788 thousand in the previous period[76] Revenue Breakdown - The company reported significant growth in its conventional DC transmission and flexible transmission projects, generating revenue of approximately RMB 280 million, a substantial increase of about 186% year-on-year[5] - The revenue from the power distribution sector in the first half of 2024 was RMB 358.1 million, a 105% increase from RMB 175.1 million in the same period of 2023[15] - The revenue from conventional DC transmission increased by approximately 177% to RMB 146.9 million in the first half of 2024, compared to RMB 53.0 million in the same period of 2023[15] - The revenue from flexible transmission increased by approximately 196% to RMB 132.9 million in the first half of 2024, compared to RMB 44.9 million in the same period of 2023[17] - The revenue from the domestic market in the first half of 2024 was RMB 617.0 million, with a gross margin of 35.1%, compared to RMB 439.5 million and a gross margin of 26.8% in the same period of 2023[10] - The revenue from the foreign market in the first half of 2024 was RMB 38.7 million, an increase of approximately 94% compared to RMB 19.9 million in the same period of 2023[10] Market Position and Development - The company is positioned to benefit from the rapid development of the conventional DC transmission industry, with plans for new projects both domestically and internationally[5] - The company has developed a new flexible DC transmission capacitor that passed national-level certification in January 2024, which is expected to contribute to future revenue growth[5] - The company is the leading supplier of high-power insulated gate bipolar transistors (IGBT) for flexible DC transmission in China, enhancing its competitive position in the market[5] - The company aims to achieve a total sales revenue of RMB 1.6 billion in 2024, supported by the expected increase in demand for high-quality new energy development and large-scale equipment upgrades[8] Costs and Expenses - Research and development costs increased by approximately 30.9% to RMB 67,800,000, primarily due to higher expenses related to in-house IGBT development[35] - The company experienced a significant increase in financing costs, rising by approximately 112.5% to RMB 8,500,000 due to interest accruals from a repurchase agreement[37] - The group's income tax expense increased by approximately 83.3% from about RMB 8.4 million for the six months ended June 30, 2023, to about RMB 15.4 million for the six months ending June 30, 2024, mainly due to increased profits from businesses outside of self-produced IGBT[39] Shareholder Information - As of June 30, 2024, the company has repurchased a total of 18,244,000 shares at an approximate total cost of HKD 21,130,266[50] - The company does not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[56] - The company aims to improve the market price per share and enhance investor confidence through share repurchases[52] Financial Position - Total assets as of June 30, 2024, amounted to RMB 2,128,748 thousand, slightly down from RMB 2,145,798 thousand at the end of 2023[73] - Current assets totaled RMB 1,935,025 thousand, a decrease from RMB 1,993,430 thousand at the end of 2023[73] - The company's cash and cash equivalents were RMB 463,093 thousand, down from RMB 799,300 thousand at the end of 2023[73] - The net asset value increased to RMB 1,931,090 thousand from RMB 1,921,661 thousand at the end of 2023[75] - The total issued capital as of June 30, 2024, was RMB 139,885 thousand, showing a slight increase from RMB 139,768 thousand at the beginning of the year[76] Cash Flow and Investments - The net cash flow used in operating activities for the six months ended June 30, 2024, was RMB (231,324) thousand, compared to RMB (98,652) thousand for the same period in 2023[78] - The cash flow used in investing activities amounted to RMB (84,118) thousand, slightly increased from RMB (80,298) thousand in the previous year[78] - The company reported a financing cash flow net outflow of RMB (19,124) thousand, a significant decrease from an inflow of RMB 88,775 thousand in the prior year[78] Corporate Governance - The company emphasizes good corporate governance practices to enhance accountability and transparency[53] - The company’s board confirms compliance with the standard code for securities transactions by directors during the six months ended June 30, 2024[54]
赛晶科技(00580) - 2024 - 中期财报