Financial Performance - For the six months ended June 30, 2024, the company reported consolidated revenue of approximately RMB 405.83 million, an increase of about 5.8% compared to RMB 383.40 million in the same period last year[1]. - The profit attributable to shareholders for the period was approximately RMB 1.79 million, representing an increase of about 153.8% compared to RMB 0.70 million in the same period last year[2]. - Basic and diluted earnings per share for the first half of 2024 were RMB 1.12, up approximately 154.5% from RMB 0.44 in the same period last year[2]. - Gross profit for the six months ended June 30, 2024, was RMB 26.90 million, compared to RMB 18.39 million in the same period last year, indicating a significant improvement[2]. - Operating profit increased to RMB 15.43 million from RMB 8.41 million year-on-year, reflecting a strong operational performance[2]. - Customer contract revenue for the six months ended June 30, 2024, was RMB 405,828,000, an increase of 5.0% from RMB 383,402,000 for the same period in 2023[16]. - The group reported a pre-tax profit of RMB 7,119,000 for the six months ended June 30, 2024, compared to RMB 2,613,000 for the same period in 2023[22]. - The company’s pre-tax profit for the first half of 2024 was approximately RMB 7.12 million, an increase of about 172.4% compared to approximately RMB 2.61 million in the same period last year[57]. Cash Flow and Assets - The net cash generated from operating activities for the six months ended June 30, 2024, was RMB 40.72 million, a significant recovery from a cash outflow of RMB 64.89 million in the same period last year[6]. - The company’s total assets as of June 30, 2024, were RMB 1,076.27 million, compared to RMB 1,089.09 million as of December 31, 2023[3]. - The company’s non-current assets increased to RMB 757.63 million from RMB 738.03 million as of December 31, 2023, indicating growth in long-term investments[3]. - The company’s total equity as of June 30, 2024, was RMB 464.57 million, up from RMB 458.79 million as of December 31, 2023[4]. - The company reported a decrease in current liabilities to RMB 374.78 million from RMB 392.15 million as of December 31, 2023, indicating improved financial stability[3]. - As of June 30, 2024, the group's cash and cash equivalents decreased to RMB 134.17 million from RMB 144.31 million at the beginning of the year, representing a reduction of approximately 7.4%[7]. - The total assets decreased by approximately 1.2% to about RMB 1,076.27 million as of June 30, 2024, from approximately RMB 1,089.09 million at the end of 2023[60]. - The company’s cash balance as of June 30, 2024, was RMB 134,171, down from RMB 144,307 as of December 31, 2023[30]. Revenue Segments - Revenue from electricity distribution was RMB 103,731,000, up 6.6% from RMB 97,138,000 in the previous year[16]. - Revenue from energy production and supply reached RMB 284,996,000, a growth of 3.4% compared to RMB 276,519,000 in 2023[16]. - The revenue from the electricity distribution segment was approximately RMB 103.73 million, an increase of about 6.8% compared to approximately RMB 97.14 million in the same period last year[44]. - The revenue from the energy production and supply segment was approximately RMB 284.99 million, up about 3.1% from approximately RMB 276.52 million in the previous year[45]. Investments and Acquisitions - The company completed the acquisition of Yangzhou Qingchang, enhancing its operational capabilities[38]. - The company completed the acquisition of 95% equity in Yangzhou Qingchang for approximately RMB 15.37 million on December 28, 2023, with the business primarily focused on solar photovoltaic project development[65]. - The cash outflow for the acquisition of subsidiaries amounted to RMB 13.89 million, compared to RMB 26.04 million in the previous period[7]. - The group acquired a subsidiary, resulting in an increase in property, plant, and equipment valued at RMB 27,120,000 as of June 30, 2024[25]. - The goodwill increased to RMB 4,037,000 as of June 30, 2024, from RMB 537,000 at the end of 2023, primarily due to the acquisition of Yangzhou Qingchang[27]. Financial Stability and Liabilities - The group reported a net cash outflow from financing activities of RMB 10.92 million, a significant decrease from the inflow of RMB 86.46 million in the previous period[7]. - The group’s interest paid increased to RMB 8.58 million from RMB 5.76 million, reflecting a rise of approximately 48.5%[7]. - As of June 30, 2024, the group's current liabilities net amount was RMB 561.4 million, with available unused bank borrowings amounting to RMB 235.68 million[9]. - The company’s debt-to-equity ratio was 1.32, a slight decrease from 1.37 at the end of the previous year, attributed to the repayment of project payables for the Lingang Thermal Power Gas Distributed Energy Station[62]. - Total bank loans and borrowings as of June 30, 2024, were RMB 447,840, slightly down from RMB 450,367 as of December 31, 2023[34]. Operational Efficiency and Future Plans - The company aims to improve existing business efficiency by introducing new production capabilities and reducing operational costs, with a focus on customer needs and energy supply stability[75]. - For the second half of 2024, the company plans to expand its renewable energy business, focusing on distributed photovoltaic and energy management projects, aiming to enhance operational efficiency and asset returns[74]. - The company achieved a significant reduction in coal and water consumption for steam production through various operational improvements[39]. - The company is actively expanding its distributed photovoltaic power station projects in the industrial and commercial sectors[38]. Corporate Governance and Compliance - The group has adhered to the Corporate Governance Code and believes that high standards of corporate governance are key to protecting shareholder interests[79]. - The audit committee consists of three non-executive directors, with a majority being independent, and has reviewed the group's interim performance announcement[84]. - The board has not proposed any interim dividend for the six months ending June 30, 2024[86]. - The group has not experienced any violations of the standard code by directors or relevant employees during the reporting period[80]. - The company is committed to transparency and adherence to the Hong Kong Stock Exchange listing rules[90]. Employee and Training Initiatives - As of June 30, 2024, the company employed 71 staff members, with 49.3% in engineering and technology roles[76]. - The group has implemented 24 professional training sessions for employees across various departments, focusing on continuing education, policy regulations, safety education, and technical standards as of June 30, 2024[82]. - The group maintains a good working relationship with employees, who are unionized according to local labor laws[78].
天保能源(01671) - 2024 - 中期业绩