Financial Performance - For the first half of 2023, the company reported revenue of RMB 3,998.6 million, a decrease of approximately RMB 1,322.4 million or 24.9% compared to the same period in 2022[7] - The gross profit for the first half of 2023 was RMB 940.1 million, down 35.1% from RMB 1,449.0 million in the same period last year[6] - The net profit attributable to the owners of the company was RMB 150.5 million, a decrease of approximately RMB 306.0 million or 67.0% compared to RMB 456.5 million in the first half of 2022[6] - The company sold approximately 12.0 million tons of cement in the first half of 2023, a decrease of about 1.4 million tons or 10.5% from approximately 13.4 million tons in the same period last year[7] - The average selling price of cement was approximately RMB 256.1 per ton, a decrease of RMB 66.6 or 20.6% compared to the same period last year[7] - The company's clinker sales revenue recorded approximately RMB 188.5 million, a decrease of RMB 270.1 million or 58.9% from RMB 458.6 million in the same period of 2022[11] - The company's other income for the first half of 2023 was approximately RMB 258.1 million, a decrease of RMB 133.3 million or 34.1% from RMB 391.4 million in the same period of 2022[13] - The company's profit attributable to owners was approximately RMB 150.5 million, a decrease of RMB 306.0 million or 67.0% from RMB 456.5 million in the same period of 2022[19] - The company reported a net profit and total comprehensive income of RMB 448,690,000 for the six months ended June 30, 2023, compared to RMB 539,288,000 for the same period in 2022[49] Market Conditions - The cement market is characterized by weak demand, high inventory, and declining prices, with significant regional differences observed[10] - The decline in cement demand is primarily driven by reduced real estate investment and insufficient new construction projects[10] - National cement production decreased by 2.4% year-on-year, with a reduction of approximately 24 million tons[10] - In the first half of 2023, real estate development investment decreased by 7.9% year-on-year, with new construction area down by 24.3%[9] - The average cement price in East and Central South regions fell by approximately 10% to 15%, with prices ranging from RMB 430 to RMB 441 per ton[10] Assets and Liabilities - The total assets as of June 30, 2023, were RMB 32,826.8 million, an increase of 1.5% from RMB 32,343.6 million at the end of 2022[6] - The total liabilities increased by 2.1% to RMB 16,081.3 million from RMB 15,753.5 million at the end of 2022[6] - Trade and other receivables decreased from RMB 9,240.2 million as of December 31, 2022, to RMB 8,689.1 million as of June 30, 2023[20] - Inventory increased slightly from RMB 1,043.0 million as of December 31, 2022, to RMB 1,047.7 million as of June 30, 2023, remaining relatively stable[21] - Total borrowings and bonds increased from RMB 9,622.7 million as of December 31, 2022, to RMB 10,430.2 million as of June 30, 2023, an increase of approximately RMB 807.5 million[25] Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 668,330,000, a decrease from RMB 1,962,002,000 in the same period of 2022[51] - The company expects cash flow to be sufficient to meet ongoing business needs and plans to expand financing channels to improve capital structure[26] - The company incurred a net cash outflow from investing activities of RMB 1,384,099,000 for the six months ended June 30, 2023, compared to RMB 900,768,000 in the same period of 2022[51] - The company paid interest of RMB 409,254,000 during financing activities, a decrease from RMB 513,781,000 in the previous year[51] Employee and Operational Metrics - As of June 30, 2023, the company employed 7,081 staff, a decrease from 7,384 staff on June 30, 2022[29] - Employee costs, including salaries, were approximately RMB 272.1 million for the first half of 2023, compared to approximately RMB 269.1 million for the same period in 2022[29] - The company continues to implement cost management strategies across various operations to enhance efficiency and maintain market order[32] Strategic Initiatives - The company is focusing on strengthening cost management and adjusting market strategies to mitigate the impact of declining demand and prices in the cement industry[7] - The company plans to focus on market expansion and new product development to improve future performance[46] - The company is committed to a "green" and "intelligent" transformation to ensure sustainable development[32] Shareholder Information - The company has a total of 2,044,484,822 shares outstanding, representing 69.58% ownership by major shareholders[34] - Major shareholders include China Huarong Asset Management Co., Ltd. with 470,000,000 shares (16.00%) and China Export-Import Bank with 315,000,000 shares (10.72%)[36] - The ownership structure indicates that 51.25% and 48.75% of the company are owned by Shen Ying and Yu Qi, respectively[37] - The company has a significant concentration of ownership, with major shareholders controlling 69.58% of the total shares[36] Corporate Governance - The company’s board has adopted the corporate governance code as its own to regulate its corporate governance practices[44] - The company has not declared an interim dividend for the reporting period[42] - The company has not engaged in any significant investments, acquisitions, or disposals during the reporting period[29]
中国天瑞水泥(01252) - 2023 - 中期财报