Revenue and Sales Performance - For the six months ended June 30, 2023, the total revenue was RMB 1,226,859,000, a decrease of 55.1% compared to RMB 2,735,253,000 for the same period in 2022[17] - Sales of industrial products amounted to RMB 1,209,564,000, down 55.4% from RMB 2,710,676,000 in the previous year[17] - Revenue from the mainland China market was RMB 196,576,000, a significant decline of 87.3% from RMB 1,545,853,000 in 2022[17] - Revenue from other countries/regions was RMB 1,030,283,000, a decrease of 13.4% compared to RMB 1,189,400,000 in the previous year[17] - Revenue from sales to related companies for the six months ended June 30, 2023, was approximately RMB 485,285,000, compared to RMB 1,016,830,000 for the same period in 2022[87] - In the first half of 2023, the total sales volume of the group's sales modules reached 21.2 million units, contributing RMB 1,209.6 million to the revenue, a decrease of 32.2% year-on-year[173] - The total sales for the six months ended June 30, 2023, reached 22.0 million units, a year-on-year decrease of 32.2%[194] Profitability and Loss - The company reported a loss per share of RMB 0.35 for the period, compared to a profit of RMB 6.44 per share in the previous year[31] - The net loss attributable to the parent company for the six months ended June 30, 2023, was RMB 7,418,000, compared to a profit of RMB 133,973,000 in the same period of 2022[51] - The total comprehensive loss for the period was RMB 16,771,000, which includes a loss of RMB 7,418,000 and an exchange difference of RMB 9,353,000[76] - The company reported a loss before tax of RMB (11,076) thousand for the six months ended June 30, 2023, compared to a profit of RMB 113,141 thousand in the same period of 2022[60] - The company reported a net loss attributable to shareholders of RMB 7.4 million, primarily due to reduced orders from major customers[195] Expenses and Costs - Gross profit for the same period was RMB 86,774,000, down 58.5% from RMB 208,896,000 in the previous year[51] - The cost of sales for the six months ended June 30, 2023, was RMB 1,140,085 thousand, a decrease of 56.5% compared to RMB 2,625,357 thousand in the same period of 2022[74] - Research and development expenses for the period amounted to RMB 52,136 thousand, down 32.7% from RMB 77,413 thousand in the same period of 2022[74] - The depreciation of property, plant, and equipment increased to RMB 51,559 thousand, up 93.0% from RMB 26,714 thousand in the same period of 2022[74] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 1,785,503,000, a decrease from RMB 1,904,750,000 at the end of 2022[51] - Current liabilities totaled RMB 1,590,324,000, an increase of 5.7% from RMB 1,504,381,000 at the end of 2022[51] - The company's cash and cash equivalents decreased significantly to RMB 690,800,000 from RMB 278,972,000, indicating a decline of 75.5%[51] - The total equity attributable to the parent company was RMB 983,394,000 as of June 30, 2023, down from RMB 1,000,165,000 at the end of 2022[36] - The total accounts payable decreased slightly to RMB 1,065,438,000 from RMB 1,072,636,000 year-on-year[121] Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2023, was RMB (147,362) thousand, a significant decrease from RMB 2,542 thousand in the same period of 2022[60] - Cash and cash equivalents, including bank balances and fixed deposits, amounted to RMB 690,800,000, up from RMB 278,972,000 at the end of 2022[119] Market and Industry Trends - The smartphone market is expected to decline by 5.2% year-on-year in 2023, with total shipments projected at 1,144 million units[179] - The overall average selling price (excluding processed modules) decreased by 34.1% to RMB 57.2[173] - The smartphone display panel shipment volume decreased by 9.0% quarter-on-quarter in Q1 2023, with a recovery in Q2 driven by low inventory levels[194] Strategic Focus and Development - The company plans to continue focusing on research and development, with R&D costs included in administrative expenses[21] - The company is actively engaged in research and development of new technologies to enhance its product offerings and market competitiveness[81] - The company is focusing on developing mid-size display modules and smart home devices to enhance competitiveness in the market[200] - The company is leveraging its subsidiary, Huizhou Keda Tezhixian Technology Co., Ltd., as a supplier for IoT-related products to capture potential market opportunities[200] - The company aims to mitigate external economic impacts through strict production cost control and increased production efficiency[195]
华显光电(00334) - 2023 - 中期财报