中联重科(01157) - 2024 - 中期财报

Financial Performance - Revenue for the first half of 2024 reached RMB 24,535,498,960.57, representing a 1.91% increase compared to RMB 24,075,171,438.22 in the same period last year[12] - Net profit attributable to shareholders was RMB 2,288,046,921.87, marking a 12.15% increase from RMB 2,040,104,177.20 year-on-year[12] - The net profit excluding non-recurring gains and losses decreased by 12.35% to RMB 1,479,991,356.91 from RMB 1,688,492,820.41 in the previous year[12] - Basic earnings per share increased to RMB 0.28, up 12.00% from RMB 0.25 in the same period last year[12] - The total comprehensive income for the period was RMB 2,020 million, compared to RMB 2,256 million in the previous year[16] - The company reported a diluted earnings per share of RMB 0.27, an increase of 8.00% from RMB 0.25 in the same period last year[12] - The company achieved operating revenue of RMB 24.535 billion in the first half of 2024, representing a year-on-year increase of 1.91%[21] - Net profit attributable to shareholders reached RMB 2.288 billion, an increase of 10.94% compared to the previous period[19] - The total comprehensive income reported under Chinese GAAP for the six months ended June 30, 2024, is RMB 2.028 billion, compared to RMB 2.239 billion for the same period in 2023[164] Assets and Liabilities - Total assets at the end of the reporting period were RMB 130,690,024,506.75, a slight decrease of 0.13% from RMB 130,862,389,408.99 at the end of the previous year[13] - Net assets attributable to shareholders decreased by 1.00% to RMB 55,842,461,346.07 from RMB 56,407,020,348.19 at the end of the previous year[13] - The company’s leverage ratio was reported at 55.00% as of June 30, 2024, slightly up from 54.80% at the end of 2023[18] - The total equity attributable to shareholders was RMB 55,807 million, a decrease from RMB 56,371 million at the end of 2023[81] - The company’s total equity as of June 30, 2024, was RMB 58,788 million, a decrease from RMB 59,131 million at the start of the year[86] Cash Flow - Cash flow from operating activities was RMB 824,534,396.52, down 11.45% from RMB 931,174,530.98 in the previous year[12] - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 676 million, primarily due to a pre-tax profit of RMB 2.857 billion after adjustments for interest expenses of RMB 320 million and depreciation and amortization of RMB 679 million[46] - The net cash used in investing activities for the same period was RMB 1.441 billion, which included proceeds from the disposal of financial assets at fair value of RMB 1.061 billion and interest income of RMB 149 million[47] - The net cash generated from financing activities was RMB 758 million, mainly from new bank borrowings of RMB 5.952 billion and repayment of bank borrowings of RMB 4.801 billion[48] Market Performance - The company’s overseas revenue grew significantly by over 39.2% in the first half of 2024, indicating a diversification in international market presence[28] - The sales scale of agricultural machinery increased by over 112% year-on-year, with the company maintaining a leading position in the domestic market for certain products[26] - The concrete machinery, engineering hoisting machinery, and construction hoisting machinery segments maintained a solid domestic market position while enhancing overseas market scale[23] - The sales scale of earthmoving machinery grew by over 16% year-on-year, supported by a comprehensive product lineup[24] - Emerging businesses, including mining machinery and emergency equipment, saw sales growth exceeding 26% in the first half of 2024[27] Digital Transformation and Innovation - The company is focusing on digitalization, intelligence, and green transformation to enhance its competitive edge and foster new growth points[21] - The company has launched 361 new main products, with 114 achieving domestic leading and international advanced technical levels, including 22 new energy products[34] - The company has implemented 71 digitalization projects, with 11 achieving prototype validation, enhancing product competitiveness through digital technology[36] - The company is accelerating its digital transformation by adopting internet thinking to reshape management and business models[200] - The digital system enables the company to directly address the real needs of global customers, enhancing R&D innovation and product iteration[200] Shareholder Information - The total number of shares as of the reporting date was 8,677,992,236, with 99.71% being unrestricted shares[58] - The largest shareholder, HKSCC NOMINEES LIMITED, holds 18.19% of the shares, totaling 1,578,273,711 shares[59] - Hunan Xingshang Investment Holding Group Co., Ltd. owns 14.48% of the shares, amounting to 1,256,337,046 shares[59] - The employee stock ownership plan (Phase II) holds 4.89% of the shares, equivalent to 423,956,766 shares[61] - The total number of shares held by the top five shareholders represents approximately 51.70% of the total issued shares[59] Employee and Governance - As of June 30, 2024, the total number of employees was 31,430, with no significant changes in employee numbers or compensation policies compared to the 2023 annual report[49] - The board of directors did not recommend the distribution of an interim dividend for the period[50] - The company has complied with the Corporate Governance Code and has no significant deviations from the applicable provisions during the reporting period[54] Research and Development - The company applied for nearly 900 global patents during the reporting period, a 26.1% increase year-on-year, with 463 invention patents accounting for 56.3% of the total[40] - Research and development expenses were RMB 1,306 million, a decrease of 17.6% from RMB 1,585 million in the same period of 2023[97] Financial Instruments and Risks - The company has strengthened risk control measures, implementing an end-to-end management system to monitor risks at every customer and order level[41] - The company monitors the credit status of customers receiving loans and advances to mitigate risk concentration[122] - The maximum loss exposure related to bank acceptance bills endorsed to suppliers was RMB 1.266 billion as of June 30, 2024, down from RMB 1.998 billion as of December 31, 2023[120]