Financial Performance - Revenue for the first half of 2024 reached RMB 290.6 million, a 42.1% increase year-over-year[14] - Gross profit margin stood at 51.3% for the first half of 2024[14] - Net profit for the first half of 2024 was RMB 67.1 million, compared to RMB 45.9 million in the same period last year[12] - Revenue increased by 42.1% from RMB 204.4 million in the first half of 2023 to RMB 290.6 million in the first half of 2024, driven by new industrial products and deeper customer engagement[18] - Gross profit rose by 31.9% from RMB 112.9 million in the first half of 2023 to RMB 149.0 million in the first half of 2024, while gross margin decreased from 55.2% to 51.3% due to inventory provisions[22] - Profit before tax increased by 46.3% from RMB 45.9 million in the first half of 2023 to RMB 67.1 million in the first half of 2024, driven by a significant rise in sales revenue[32] - Net profit for the period increased by 46.3% from RMB 45.9 million in the first half of 2023 to RMB 67.1 million in the first half of 2024, reflecting strong revenue growth[34] - Adjusted net profit (non-HKFRS measure) for the first half of 2024 was RMB 67.1 million, compared to RMB 56.6 million in the first half of 2023, after adjusting for listing expenses and share-based payments[35] - Revenue for the six months ended June 30, 2024, increased to RMB 290.554 million, up 42.1% from RMB 204.422 million in the same period last year[91] - Gross profit rose to RMB 148.959 million, a 31.9% increase compared to RMB 112.895 million in the previous year[91] - Operating profit grew to RMB 70.496 million, up 47.9% from RMB 47.660 million in the same period last year[91] - Net profit for the period reached RMB 67.116 million, a 46.4% increase from RMB 45.864 million in the previous year[91] - Net profit for the first half of 2024 was RMB 67,116 thousand, a 6.0% increase compared to RMB 63,294 thousand in the second half of 2023[95] Product and Sales Performance - Power management product sales grew by 42.8% from RMB 179.6 million in the first half of 2023 to RMB 256.5 million in the first half of 2024, supported by new product launches and customer demand[19] - Signal chain product sales increased by 37.2% from RMB 24.8 million in the first half of 2023 to RMB 34.1 million in the first half of 2024, due to new product introductions and downstream demand recovery[20] - Distributor sales surged by 55.4% from RMB 168.2 million in the first half of 2023 to RMB 261.4 million in the first half of 2024, driven by increased purchases from major distributors and new distributor partnerships[20] - The H770 platform, focused on high-voltage and high-current products, contributed over 30% of total revenue, with strong performance in the new energy sector[16] - The C280 platform, featuring boost-type micro-modules, saw a 70% year-over-year revenue increase due to its widespread use in power-sensitive systems[16] - Revenue from sales of analog IC patterned wafers grew to RMB 290,554 thousand in the first half of 2024, a 42.1% increase compared to RMB 204,422 thousand in the same period of 2023[99] Gross Margin and Cost Analysis - Power management product gross margin declined from 54.5% in the first half of 2023 to 50.6% in the first half of 2024, primarily due to inventory provision impacts[24] - Signal chain product gross margin decreased from 60.7% in the first half of 2023 to 56.3% in the first half of 2024, also influenced by inventory provisions[25] - Distribution costs increased by 3.1% from RMB 2.9 million in the first half of 2023 to RMB 3.0 million in the first half of 2024, primarily due to the company's business model of selling to distributors[27] - Administrative expenses rose by 56.8% from RMB 11.6 million in the first half of 2023 to RMB 18.3 million in the first half of 2024, driven by increased employee compensation and higher depreciation on leased properties[29] - R&D expenses grew by 23.3% from RMB 57.4 million in the first half of 2023 to RMB 70.8 million in the first half of 2024, with material costs for R&D increasing by RMB 23.3 million, a 71.3% year-over-year growth[30] - Financing costs surged by 88.2% from RMB 1.8 million in the first half of 2023 to RMB 3.4 million in the first half of 2024, mainly due to an increase in short-term bank loans[31] - Research and development expenses for the six months ended June 30, 2024, were RMB 70,812 thousand, compared to RMB 57,411 thousand for the same period in 2023[106] Balance Sheet and Financial Position - Total assets as of June 30, 2024, were RMB 1,396.1 million, up from RMB 1,270.9 million at the end of 2023[12] - The company's total liabilities as of June 30, 2024, were RMB 490.8 million, compared to RMB 432.7 million at the end of 2023[12] - The company's equity as of June 30, 2024, was RMB 905.3 million, up from RMB 838.2 million at the end of 2023[12] - The company's current assets increased by 8.4% to RMB 1,264.4 million as of June 30, 2024, driven by increases in inventory, pledged bank deposits, and cash and cash equivalents[44] - Cash and cash equivalents decreased by 12.3% to RMB 483.3 million as of June 30, 2024, due to increased prepayments for goods as the company expanded[44] - The company's capital expenditures for the six months ended June 30, 2024, were RMB 32.0 million, compared to RMB 5.9 million in the same period last year, primarily for property, plant, and equipment[45] - The company's inventory increased to RMB 239.1 million as of June 30, 2024, up from RMB 218.1 million at the end of 2023, reflecting business growth and market demand[55] - Trade receivables rose to RMB 130.2 million as of June 30, 2024, from RMB 61.3 million at the end of 2023, due to increased revenue and extended credit terms for key customers[56] - Prepayments increased to RMB 354.2 million as of June 30, 2024, from RMB 261.3 million at the end of 2023, driven by higher demand for raw materials as the company expanded[57] - The company's bank loans increased to RMB 241.8 million as of June 30, 2024, from RMB 171.6 million at the end of 2023, to support daily operations and business expansion[49] - The company has unused bank financing facilities of RMB 454.6 million as of June 30, 2024[49] - Property, plant, and equipment increased to RMB 65.8 million as of June 30, 2024, from RMB 62.3 million at the end of 2023, due to the purchase of new R&D equipment[53] - Total assets as of June 30, 2024, stood at RMB 1.264 billion, compared to RMB 1.166 billion as of December 31, 2023[92] - Inventory increased to RMB 239.050 million as of June 30, 2024, from RMB 218.131 million as of December 31, 2023[92] - Cash and cash equivalents decreased to RMB 483.293 million as of June 30, 2024, from RMB 550.838 million as of December 31, 2023[92] - Total equity increased to RMB 905,345 thousand as of June 30, 2024, up from RMB 838,229 thousand at the beginning of the year, driven by a net profit of RMB 67,116 thousand for the six-month period[95] - Operating cash flow was negative at RMB (91,897) thousand for the first half of 2024, compared to a positive RMB 50,774 thousand in the same period of 2023[96] - Cash and cash equivalents decreased by RMB 65,233 thousand to RMB 483,293 thousand as of June 30, 2024, impacted by negative operating cash flow and foreign exchange rate effects[96] - The company raised RMB 104,321 thousand from loans and borrowings during the first half of 2024, significantly higher than the RMB 11,858 thousand raised in the same period of 2023[96] - Investment activities used RMB 32,037 thousand in the first half of 2024, primarily for the purchase of property, plant, and equipment, compared to RMB 5,829 thousand in the same period of 2023[96] - The company completed its IPO on the Hong Kong Stock Exchange on December 28, 2023, raising RMB 323,241 thousand, which contributed to the increase in share capital and share premium[95] - The company's basic earnings per share for the six months ended June 30, 2024, were RMB 1.12, based on a profit attributable to ordinary equity shareholders of RMB 67,116 thousand and a weighted average number of ordinary shares of 60,000 thousand[109] - The company acquired property, plant, and equipment worth RMB 5,722 thousand during the six months ended June 30, 2024, compared to RMB 3,862 thousand in the same period in 2023[110] - Inventory as of June 30, 2024, was RMB 239,050 thousand, up from RMB 218,131 thousand as of December 31, 2023[113] - The cost of inventory recognized as an expense and included in profit or loss for the six months ended June 30, 2024, was RMB 197,327 thousand, compared to RMB 123,587 thousand for the same period in 2023[114] - Trade receivables (net of impairment) increased to RMB 130,230 thousand as of June 30, 2024, up from RMB 61,257 thousand as of December 31, 2023[115] - Prepayments to suppliers rose to RMB 354,163 thousand as of June 30, 2024, compared to RMB 261,135 thousand as of December 31, 2023[116] - Cash and cash equivalents decreased to RMB 483,293 thousand as of June 30, 2024, down from RMB 550,838 thousand as of December 31, 2023[119] - Bank loans (due within one year or on demand) increased to RMB 241,771 thousand as of June 30, 2024, up from RMB 171,601 thousand as of December 31, 2023[120] - Trade payables and notes payable (within 3 months) amounted to RMB 104,529 thousand as of June 30, 2024, down from RMB 115,967 thousand as of December 31, 2023[121] - Capital commitments not provided for in the financial statements stood at RMB 66,364 thousand as of June 30, 2024, up from RMB 720 thousand as of June 30, 2023[124] R&D and Innovation - The company's self-developed EDA tools and reusable IP library enhance its competitive edge[15] - The company is expanding its R&D capabilities by establishing a backend process R&D center to improve efficiency and reduce costs[64] - The company is investing in R&D for analog AI computing and upgrading EDA tools to enhance product development[64] - R&D expenses grew by 23.3% from RMB 57.4 million in the first half of 2023 to RMB 70.8 million in the first half of 2024, with material costs for R&D increasing by RMB 23.3 million, a 71.3% year-over-year growth[30] - Research and development expenses for the six months ended June 30, 2024, were RMB 70,812 thousand, compared to RMB 57,411 thousand for the same period in 2023[106] Market Expansion and Customer Base - The company has expanded its customer base, particularly in the new energy vehicle sector[13] - The company is entering new markets such as new energy vehicle thermal management, current sensors, and onboard chargers, aiming to increase market share[64] - 10% of the net proceeds (HKD 35.4 million) are allocated to expanding the customer base and strengthening customer relationships, with expected utilization by December 31, 2028[81] Risk Management - The company faces market risks, operational risks, investment risks, talent retention risks, financial risks, and foreign exchange risks, which are managed through various risk management procedures[37][38][39][40][41][42] Capital Management and Financing - The company's capital management aims to maintain a healthy capital structure, with a capital gearing ratio of 27.6% as of June 30, 2024, up from 25.1% in the same period last year[43] - The company's bank loans increased to RMB 241.8 million as of June 30, 2024, from RMB 171.6 million at the end of 2023, to support daily operations and business expansion[49] - The company has unused bank financing facilities of RMB 454.6 million as of June 30, 2024[49] - The global offering of H shares raised a net amount of approximately HKD 354.1 million, with an issue price of HKD 27.47 per share[79] - 30% of the net proceeds (HKD 106.2 million) are allocated to enhancing R&D and innovation capabilities, with expected utilization by December 31, 2028[81] - 20% of the net proceeds (HKD 70.8 million) are allocated to strategic investments and/or acquisitions, with HKD 27.1 million already utilized and HKD 43.7 million remaining[81] - 20% of the net proceeds (HKD 70.8 million) are allocated to investing in R&D infrastructure and upgrading R&D centers, with expected utilization by December 31, 2028[81] - 10% of the net proceeds (HKD 35.4 million) are allocated to developing mixed-signal IC product lines, with expected utilization by December 31, 2028[81] - 10% of the net proceeds (HKD 35.4 million) are allocated to expanding the customer base and strengthening customer relationships, with expected utilization by December 31, 2028[81] - 5% of the net proceeds (HKD 17.7 million) are allocated to upgrading R&D technology, with expected utilization by December 31, 2028[81] - 5% of the net proceeds (HKD 17.7 million) are allocated to establishing sales centers, with expected utilization by December 31, 2028[81] - The company raised RMB 104,321 thousand from loans and borrowings during the first half of 2024, significantly higher than the RMB 11,858 thousand raised in the same period of 2023[96] Employee and Management - The company has 115 full-time employees as of June 30, 2024, with 69 in R&D, 10 in sales and marketing, and 34 in business operations and administration[60] - Employee costs for the six months ended June 30, 2024, were approximately RMB 21.2 million, compared to RMB 16.3 million for the same period in 2023[61] - The company provides competitive salaries, performance bonuses, and incentives to attract and retain qualified employees[61] - The company offers a comprehensive training program, including a 2-3 week special training project for R&D employees to familiarize them with project management[62] - The company maintains a stable core management team and has not experienced any significant non-compliance with applicable laws and regulations as of June 30, 2024[63] - Total remuneration for key management personnel was RMB 2,517 thousand for the six months ended June 30, 2024, compared to RMB 2,147 thousand for the same period in 2023[125] Shareholder and Equity Information - As of June 30, 2024, the company's directors and senior executives hold significant equity interests, with the largest being 31.41% of domestic unlisted shares[70] - Zhang Guangping holds 15,436,645 domestic unlisted shares, representing 34.30% of the relevant category and 25.73% of the total share capital[71] - Li Yi holds 252,800 domestic unlisted shares, representing 0.56% of the relevant category and 0.42% of the total share capital[71] - Kong Jianhua holds 2,846,352 domestic unlisted shares through a controlled entity, representing 6.33% of the relevant category and 4.74% of the total share capital[71] - Zhang Jingwen holds 15,436,645 domestic unlisted shares through spousal rights, representing 34.30% of the relevant category and 25.73% of the total share capital[74] - Beckwatt Electronics holds 8,753,678 domestic unlisted shares, representing 19.45% of the relevant category and 14.59% of the total share capital[74] - Beckwatt Partnership holds 5,380,535 domestic unlisted shares, representing 11.96% of the relevant category and 8.97% of the total share capital[74] - Suzhou Rongxiang Beiying Venture Capital Partnership holds 2,846,352 domestic unlisted shares, representing 6.33% of the relevant category and 4.
贝克微(02149) - 2024 - 中期财报