Financial Performance - For the six months ended June 30, 2023, the total number of cases achieved in domestic and international markets increased by 23.6% year-on-year to approximately 95,400 cases, compared to 77,200 cases for the same period in 2022[3]. - Revenue for the six months ended June 30, 2023, rose to approximately RMB 616.3 million, up from RMB 570.9 million for the same period in 2022, primarily due to stable growth in domestic invisible orthodontic solutions and continued investment in international business[3]. - Gross profit for the six months ended June 30, 2023, increased to approximately RMB 365.7 million, compared to RMB 331.4 million for the same period in 2022[3]. - The gross profit margin for the six months ended June 30, 2023, was 59.3%, up from 58.0% for the same period in 2022, with the domestic invisible orthodontic solutions gross profit margin at 61.7% compared to 60.2% in the previous year[3]. - Net profit for the six months ended June 30, 2023, decreased to approximately RMB 29.3 million, down from RMB 73.3 million for the same period in 2022, mainly due to initial investments in international business[3]. - Adjusted EBITDA for the six months ended June 30, 2023, was approximately RMB 45.3 million, down from RMB 111.9 million for the same period in 2022[3]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 130.3 million, compared to RMB 196.8 million for the same period in 2022[6]. - Total revenue for the six months ended June 30, 2023, was RMB 661,469,000, an increase from RMB 526,594,000 in the same period of 2022, representing a growth of approximately 25.6%[36]. - The net profit attributable to the company's owners for the six months ended June 30, 2023, was RMB 32,308,000, down from RMB 74,307,000 in the same period of 2022, indicating a decline of about 56.5%[44]. - The company reported a profit of RMB 32,308 thousand for the period, contributing to a total comprehensive income of RMB 128,744 thousand for the six months ended June 30, 2023[9]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 4,688.9 million, compared to RMB 4,486.2 million as of December 31, 2022[7]. - The equity attributable to the owners of the company as of June 30, 2023, was RMB 3,358.9 million, down from RMB 3,606.8 million as of December 31, 2022[7]. - Total liabilities increased to RMB 1,260,238 thousand as of June 30, 2023, compared to RMB 884,012 thousand as of December 31, 2022, representing a growth of 42.5%[8]. - The total equity attributable to owners reached RMB 3,358,866 thousand as of June 30, 2023, up from RMB 3,606,766 thousand at the beginning of the year, indicating a decrease of 6.9%[9]. - The company’s bank borrowings stood at RMB 8,881 thousand as of June 30, 2023, with total current liabilities amounting to RMB 830,697 thousand, an increase from RMB 781,490 thousand at the end of 2022[8]. - The company’s total equity and liabilities amounted to RMB 4,688,895 thousand as of June 30, 2023, compared to RMB 4,486,209 thousand at the end of 2022, indicating an increase of 4.5%[8]. Cash Flow and Financial Position - The net cash used in operating activities was RMB (93,027) thousand for the six months ended June 30, 2023, compared to RMB 31,496 thousand for the same period in 2022, reflecting a significant decline in cash flow[12]. - Cash and cash equivalents decreased by RMB 715,762 thousand, ending at RMB 3,028,317 thousand as of June 30, 2023, compared to RMB 3,519,974 thousand at the end of the previous period[12]. - The company’s cash position reflects a significant liquidity challenge, with a notable decrease in cash reserves compared to the previous year[65]. - The company maintains a net cash position as of June 30, 2023, consistent with the position on December 31, 2022[23]. - The company’s current ratio as of June 30, 2023, was 4.6, slightly down from 5.0 as of December 31, 2022[144]. Expenses and Costs - Employee benefits expenses increased to RMB 327,216,000 for the six months ended June 30, 2023, from RMB 256,761,000 in the same period of 2022, reflecting a rise of approximately 27.4%[36]. - Sales and marketing expenses increased by 59.7% to RMB 204.1 million, primarily due to international business expansion[120]. - Administrative expenses rose by 44.0% to RMB 120.7 million, mainly due to increased costs associated with international operations[121]. - The company incurred a total tax expense of RMB 6,267,000 for the six months ended June 30, 2023, down from RMB 9,260,000 in the same period of 2022, representing a decrease of approximately 32.3%[37]. - The company reported a significant increase in administrative expenses, which rose to RMB 6,595 thousand in the first half of 2023 from RMB 649 thousand in the same period of 2022[52]. Research and Development - The company achieved a research and development expenditure of RMB 86.1 million, accounting for 14.0% of its revenue as of June 30, 2023[104]. - R&D expenses increased by 14.2% to RMB 86.1 million, driven by professional and consulting fees related to ongoing R&D efforts[122]. - The company launched the angelLink system in June 2023, which is the first clear aligner mechanical interface designed to address clinical challenges in complex malocclusion cases[100]. - The company upgraded its digital remote diagnosis solution, MOOELI, was released in the first half of the year, improving diagnostic quality and patient interaction[103]. - The company established a strategic global partnership with 3Shape A/S for digital intraoral scanning, facilitating seamless data upload to its cloud service platform[102]. Market and Business Strategy - The company is focused on managing liquidity risk by monitoring cash reserves and cash flow forecasts[21]. - The company has plans for market expansion and new product development as part of its future strategy[48]. - The company continues to focus on digitalization and internationalization as part of its long-term strategic layout[99]. - The company has successfully established its position in the international market and expects this to drive future business growth[99]. - The company aims to enhance R&D capabilities and continue innovating orthodontic solutions to maintain market leadership[113]. Corporate Governance - The audit committee consists of three independent non-executive directors, with Mr. Zhou Hao serving as the chairman[153]. - The company has adopted the corporate governance code as per the listing rules and confirmed compliance during the review period[151]. - The company emphasizes the importance of high corporate governance standards to protect shareholder interests and enhance transparency[150]. - As of April 2023, the company did not meet certain corporate governance requirements but has since regained compliance following the appointment of Mr. Zhou Hao as an independent non-executive director[153].
时代天使(06699) - 2023 - 中期业绩