Financial Performance - For the six months ended June 30, 2024, revenue was RMB 2,689,407,000, a decrease from RMB 4,105,099,000 in the same period of 2023, representing a decline of approximately 34.6%[9] - Gross profit for the period was RMB 132,980,000, down from RMB 646,005,000 in 2023, resulting in a gross profit margin of 5%, compared to 16% in the previous year[9] - The loss attributable to owners of the Company for the period was RMB 404,853,000, compared to a profit of RMB 195,784,000 in the same period of 2023[9] - Basic loss per share was RMB (0.258), a significant decline from earnings of RMB 0.125 per share in the prior year[9] - The financial highlights indicate a significant downturn in performance metrics compared to the previous year, necessitating strategic reassessment[6] - The company reported a loss for the period attributable to owners of the Company of RMB (404,853,000) for the six months ended June 30, 2024, compared to a profit of RMB 195,784,000 in 2023[43] - For the six months ended June 30, 2024, the Group reported a net loss of RMB 411,205,000, a decrease of RMB 611,522,000 from a net profit of RMB 200,317,000 for the same period in 2023[76] Financial Ratios and Assets - The current ratio and quick ratio calculations are based on current assets divided by current liabilities and current assets less inventories divided by current liabilities, respectively[7] - Current ratio improved to 5.14 as of June 30, 2024, compared to 4.92 at the end of 2023[10] - Quick ratio also increased to 4.85 from 4.65 in the previous period[10] - The gearing ratio improved to 0.13 from 0.15, indicating a reduction in leverage[10] - Total assets decreased to RMB 19,311,003 as of June 30, 2024, from RMB 20,282,899 at the end of 2023[10] - Net assets declined to RMB 16,731,355 from RMB 17,206,801 in the previous period[10] - The gearing ratio as of June 30, 2024, was 13%, a decrease from 15% as of December 31, 2023[77] Cash Flow and Operating Activities - The net cash from operating activities for the first half of 2024 was RMB 145,761, significantly lower than RMB 803,936 in the first half of 2023, indicating a decrease of about 81.8%[21] - The cash and cash equivalents at the end of the period were RMB 8,612,854, down from RMB 8,812,619 at the end of June 30, 2023, reflecting a decrease of approximately 2.3%[20] - The net decrease in cash and cash equivalents for the first half of 2024 was RMB 643,695, compared to a decrease of RMB 87,829 in the same period of 2023, indicating a significant increase in cash outflow[21] Segment Performance - The cement business generated external sales of RMB 2,621,481, while the concrete business contributed RMB 67,926, totaling RMB 2,689,407 for the period[28] - The segment result for the cement business was a loss of RMB 203,521, and for the concrete business, a loss of RMB 14,924, leading to a total segment loss of RMB 218,445[28] Market Conditions and Outlook - Cement production in China decreased by 10% year-on-year to 850 million tonnes from January to June 2024[66] - In the Yangtze River region, cement demand remained sluggish, with prices fluctuating at low levels due to tight funding for infrastructure projects and a deep adjustment in the real estate market[66] - The Group's performance was impacted by postponed infrastructure demand and extreme weather, leading to a persistently weak demand in the cement market[66] - Looking ahead, cement demand is expected to decline due to a lack of significant improvement in the real estate sector, despite accelerated infrastructure investment[88] Corporate Governance and Compliance - The Company has complied with all code provisions set out in the Corporate Governance Code during the six months ended June 30, 2024[107] - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and found compliance with applicable accounting standards[108] - The Independence Committee assesses potential conflicts of interest between the Group and related parties, with no new conflicts identified during the review period[108] Shareholder Information - As of June 30, 2024, Asia Cement holds a beneficial interest of approximately 67.73% in the Company, with an additional 5.34% interest through controlled corporations, totaling 73.07% of the issued share capital[100] - The total number of ordinary shares held by substantial shareholders includes 1,061,209,202 shares by Asia Cement, representing 67.73% of the issued share capital[100] - The Company did not recommend any dividend payment for the six months ended June 30, 2024, consistent with the previous year where no dividend was declared[110]
亚洲水泥(中国)(00743) - 2024 - 中期业绩