Financial Performance - For the six months ended June 30, 2024, the total revenue was RMB 2,619,532,000, an increase from RMB 2,249,808,000 in the same period of 2023, representing a growth of approximately 16.4%[1] - The gross profit for the same period was RMB 109,869,000, compared to RMB 107,160,000 in the previous year, indicating a slight increase of about 2.5%[1] - The net profit for the period was RMB 22,125,000, up from RMB 21,742,000 year-on-year, reflecting a growth of approximately 1.8%[2] - The total comprehensive income for the period was RMB 22,125,000, compared to RMB 21,764,000 in the previous year, indicating a slight increase of about 1.7%[2] - The net profit before tax for the six months ended June 30, 2024, was RMB 23,811 thousand, compared to RMB 25,267 thousand for the same period in 2023, showing a decline of 5.8%[11] - The group recorded an unaudited profit attributable to the owners of the company of approximately RMB 22.13 million in the first half of 2024, an increase of about 1.79% compared to RMB 21.74 million in the same period last year[46] - The group's unaudited pre-tax profit decreased by approximately 5.76% from RMB 25.27 million in the first half of 2023 to RMB 23.81 million in the first half of 2024, primarily due to increased selling and distribution expenses, administrative expenses, and research and development costs[45] Revenue Breakdown - The revenue from gasoline engines was RMB 2,174,521 thousand, up from RMB 1,809,884 thousand, reflecting a growth of 20.2% year-over-year[11] - Diesel engine revenue increased to RMB 46,652 thousand from RMB 40,215 thousand, marking a growth of 15.4%[11] - The revenue from engine parts was RMB 398,359 thousand, slightly down from RMB 399,709 thousand, indicating a decrease of 0.3%[11] - Other income for the six months ended June 30, 2024, was RMB 26,748 thousand, compared to RMB 11,508 thousand for the same period in 2023, reflecting a substantial increase of 132.5%[11] - Total revenue from government subsidies increased to RMB 11,226,000, up from RMB 2,954,000 year-over-year, representing a growth of 278%[16] Assets and Liabilities - Total assets decreased to RMB 5,081,466,000 as of June 30, 2024, down from RMB 5,501,103,000 at the end of 2023, a decline of about 7.6%[3] - Current liabilities decreased to RMB 2,963,860,000 from RMB 3,308,163,000, showing a reduction of approximately 10.4%[4] - The company reported a net current liability of RMB 240,428,000, improving from RMB 295,690,000 in the previous period[5] - The company’s total assets related to right-of-use assets were approximately RMB 355,752,000 as of June 30, 2024, down from RMB 406,574,000 as of December 31, 2023[24] - As of June 30, 2024, net trade receivables amounted to RMB 1,920,653 thousand, a decrease from RMB 2,281,122 thousand as of December 31, 2023, representing a decline of approximately 15.8%[25] - The total trade receivables, net of expected credit losses, were RMB 2,012,011 thousand as of June 30, 2024, compared to RMB 2,369,834 thousand as of December 31, 2023, reflecting a decrease of about 15.1%[25] Cash Flow and Financing - The company anticipates sufficient cash resources to meet operational funding and financial obligations for the next 12 months, contingent on generating adequate financing and operational cash flow[6] - The company is currently negotiating with financial institutions for the renewal of short-term bank loans and new financing options to improve liquidity[5] - As of June 30, 2024, the group's bank balances and cash amounted to approximately RMB 41.37 million, an increase from RMB 23.84 million as of December 31, 2023[47] Cost Management - The company is implementing cost control measures to manage production costs and expenses effectively[5] - Employee costs totaled RMB 62,663,000, slightly up from RMB 62,048,000 in the previous year, indicating a 1% increase[18] - The company’s total depreciation and amortization expenses were RMB 130,908,000, up from RMB 124,840,000 year-over-year, marking a 4.3% increase[18] Shareholder and Governance - The major shareholder, Brilliance China Automotive Holdings Limited, has committed to providing ongoing financial support for the next 12 months[5] - The board does not recommend any interim dividend for the six months ending June 30, 2024, consistent with no interim dividend for the six months ending June 30, 2023[57] - The company has adhered to all provisions of the Corporate Governance Code as of June 30, 2024[58] - The Audit Committee has reviewed the accounting principles and practices adopted by the group, discussing matters related to audit, internal controls, and financial reporting for the six months ending June 30, 2024[59] - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors as of the announcement date[60] Market Trends - In the first half of 2024, China's GDP grew by 5% year-on-year, driven by strong industrial output and service sector indicators[54] - Sales in the passenger vehicle segment of the Chinese automotive sector increased by 6.3% year-on-year, while commercial vehicle sales grew by 4.9%[54] - The total sales of new energy vehicles (NEVs) reached 4.94 million units, representing a year-on-year increase of 31.7%, accounting for approximately 35.2% of total sales in the first half of 2024[54] - The group anticipates that the joint venture will continue to serve as a long-term strategic platform for providing quality and stable incremental gasoline engine supply in the coming years[55] - The automotive market in China is expected to achieve approximately 3% year-on-year growth in 2024, reaching a new sales volume of 30 million vehicles[56]
新晨动力(01148) - 2024 - 中期业绩