Financial Performance - For the six months ended June 30, 2023, the company reported revenue of RMB 2,976,775,000, an increase from RMB 1,991,881,000 in the same period of 2022, representing a growth of approximately 49.7%[13] - The gross profit for the same period was RMB 139,340,000, compared to a gross loss of RMB 5,385,000 in the prior year, indicating a significant turnaround[13] - The net profit attributable to the owners of the company for the six months ended June 30, 2023, was RMB 39,446,000, compared to a net loss of RMB 58,938,000 in the same period of 2022[13] - Basic and diluted earnings per share for the period were RMB 6.57, a recovery from a loss of RMB 9.82 per share in the previous year[13] - The company generated a net cash inflow of RMB 31,472,000 for the six months ended June 30, 2023, with operating cash inflow of RMB 1,132,000[36] - The company reported a net profit attributable to shareholders of RMB 39,446,000, compared to a loss of RMB 58,938,000 in the previous period, indicating a significant turnaround[76] - The company recorded a profit attributable to owners of approximately RMB 39.4 million in the first half of 2023, compared to a loss of approximately RMB 58.9 million in the same period of 2022[141] Revenue and Sales - The company reported total sales of cold-rolled steel products of RMB 2,976,775,000 for the six months ended June 30, 2023, up from RMB 1,991,881,000 for the same period in 2022, indicating an increase of approximately 49.6%[69] - The sales of galvanized steel products reached RMB 1,178,601,000 in the first half of 2023, significantly higher than RMB 463,653,000 in the same period of 2022, reflecting a growth of approximately 154.0%[69] - The company’s revenue from the Chinese market (including Hong Kong) was RMB 2,972,129,000 for the six months ended June 30, 2023, compared to RMB 1,974,402,000 for the same period in 2022, marking an increase of approximately 50.6%[70] - For the six months ended June 30, 2023, the company's revenue increased primarily due to higher sales volumes of cold-rolled and galvanized steel products[153] - The average selling price of cold-rolled steel products decreased from RMB 5,192 per ton in the first half of 2022 to RMB 4,249 per ton in the first half of 2023, while galvanized steel products dropped from RMB 5,443 per ton to RMB 4,329 per ton[153] - In the first half of 2023, the sales volume of cold-rolled steel products and galvanized steel products reached 655,828 tons, an increase of 297,628 tons or 83.1% compared to 358,200 tons in the first half of 2022[124] Assets and Liabilities - The company’s total liabilities as of June 30, 2023, were RMB 389,377,000, slightly up from RMB 382,845,000 at the end of 2022[19] - As of June 30, 2023, the company's non-current liabilities amounted to RMB 641,487,000, an increase of 42.7% from RMB 449,285,000 as of December 31, 2022[22] - The company's total assets less current liabilities stood at RMB 1,109,256,000 as of June 30, 2023, compared to RMB 874,623,000 at the end of 2022, indicating a significant increase[33] - The company's total equity increased to RMB 467,769,000 as of June 30, 2023, compared to RMB 425,338,000 at the end of 2022, reflecting a growth of 9.9%[22] - The company's net current liabilities as of June 30, 2023, were approximately RMB 268.0 million, down from RMB 452.1 million as of December 31, 2022[100] - The total borrowings as of June 30, 2023, were approximately RMB 1,410.5 million, down from RMB 1,516.1 million as of December 31, 2022, resulting in a debt-to-equity ratio of approximately 3.02 times[144] Costs and Expenses - Total employee benefits expenses amounted to RMB 60,445,000, an increase from RMB 58,286,000 in the previous period, reflecting a growth of approximately 3%[74] - Direct labor costs increased to approximately RMB 42.7 million in the first half of 2023, up by approximately RMB 1.4 million or 3.4% from RMB 41.3 million in the first half of 2022[131] - Sales costs rose to approximately RMB 2,837.4 million, an increase of about RMB 840.1 million or 42.1% compared to RMB 1,997.3 million in the first half of 2022[155] - Financial costs decreased to approximately RMB 35.1 million in the first half of 2023, down by approximately RMB 2.4 million or 6.4% from RMB 37.5 million in the first half of 2022[139] - Depreciation expenses increased to approximately RMB 40.7 million in the first half of 2023, a rise of about RMB 1.3 million or 3.3% compared to RMB 39.4 million in the same period of 2022[107] Corporate Governance and Compliance - The company’s board of directors confirmed that the financial statements were prepared in accordance with applicable accounting standards and fairly presented the financial position and performance of the group[3] - The board emphasizes high standards of corporate governance to ensure transparency and accountability[191] - The company has confirmed compliance with the established standards for securities trading by all directors during the reporting period[192] - The group is committed to balancing profitability and sustainable development as part of its corporate governance principles[180] Market Strategy and Future Outlook - The company plans to continue its market expansion strategy, focusing on increasing sales in Southeast Asia, which contributed RMB 4,646,000 in revenue for the first half of 2023, down from RMB 17,479,000 in the same period of 2022[70] - The company is considering new business opportunities through investments to enhance revenue diversity and shareholder value[188] - The company expects to continue operating as a going concern based on the resources available in the foreseeable future[14] Employee and Operational Insights - As of June 30, 2023, the group had a total of 1,118 full-time employees, a decrease from 1,170 as of December 31, 2022[176] - The company has implemented a stock option plan to incentivize and reward eligible employees based on individual performance[176] - The group’s cold-rolled and galvanized steel processing services will continue to be the main business, providing stable revenue sources[188]
茂宸集团(00273) - 2023 - 中期业绩