Revenue Performance - For the six months ended June 30, 2021, the total revenue was RMB 490.8 million, a decrease of 28.6% compared to RMB 687.7 million for the same period in 2020[8]. - The revenue from the power distribution sector was RMB 303.4 million, down 31.8% from RMB 444.6 million in the previous year[10]. - The flexible DC transmission revenue was RMB 197.4 million, a decrease of 38.9% from RMB 323.0 million in the previous year[10]. - Revenue from ultra-high voltage direct current projects fell by 45.4% compared to the same period in 2020, significantly impacting overall income[11]. - Revenue from flexible direct current projects decreased by 38.9% year-on-year, reflecting a notable decline in project scale[12]. - The electrified transportation sector reported a revenue of RMB 18.2 million, down 75.7% compared to RMB 75.0 million in the same period of 2020[14]. - Revenue from the industrial and other sectors remained relatively stable, with a slight increase of 0.7% to RMB 169.2 million[17]. - The company achieved a 104.5% increase in revenue from other power distribution and transmission sectors, driven by strong performance in online monitoring products and power capacitors[13]. - Revenue from sales of electronic power components decreased by 25% to RMB 490,784,000 for the six months ended June 30, 2021, compared to RMB 687,728,000 in 2020[87]. - 98% of the group's revenue is derived from customer contracts related to the sale of electronic power components in mainland China, up from 97% in 2020[88]. Profitability and Losses - The gross profit margin for the overall business was 25.8%, compared to 30.3% in the same period last year[8]. - Gross profit decreased by approximately 39.2% from RMB 208.6 million to RMB 126.8 million, with the gross margin declining from 30.3% to 25.8% due to a decrease in high-margin product sales and rising raw material costs[26]. - The company recorded a loss before tax of RMB (8,207,000) compared to a profit of RMB 95,561,000 in the previous year, reflecting a significant decline in profitability[73]. - The net loss for the period was RMB (12,713,000), contrasting with a profit of RMB 86,208,000 in the prior year, marking a year-over-year decrease of approximately 114.7%[73]. - The total comprehensive loss attributable to equity holders of the parent for the six months ended June 30, 2021, was approximately RMB 11.0 million, compared to a total comprehensive income of approximately RMB 91.7 million for the same period in 2020[37]. - The basic loss per share for the six months ended June 30, 2021, was RMB (10,957,000), compared to a profit of RMB 91,650,000 in 2020[95]. Research and Development - Research and development costs increased by approximately 16.0% to RMB 41.3 million, primarily due to increased expenses related to semiconductor development[30]. - The company is focusing on technological innovation as the primary driver for development, particularly in the fields of power semiconductors and advanced power electronics technology[5]. - The company launched its first IGBT production line, which is fully automated and designed for high efficiency and quality control[19]. - The newly developed impedance measurement products have secured orders in the European shipbuilding sector, indicating successful market expansion[20]. Financial Position and Cash Flow - As of June 30, 2021, the group's cash and cash equivalents were approximately RMB 561.7 million, down from approximately RMB 678.4 million as of December 31, 2020[39]. - The group's current ratio as of June 30, 2021, was approximately 2.8, compared to 3.0 as of December 31, 2020[39]. - The company reported a decrease in cash flow from operating activities before tax, which was RMB (8,207,000) for the first half of 2021, compared to RMB 95,561,000 in 2020[80]. - The net cash flow from operating activities for the six months ended June 30, 2021, was RMB 239,045 thousand, a significant improvement from a net outflow of RMB 52,265 thousand in the same period of 2020[81]. - The company incurred RMB 100,968 thousand in capital expenditures for property, plant, and equipment, a substantial increase from RMB 12,626 thousand in the prior year[81]. - The company raised RMB 205,000 thousand in new bank loans, while repaying RMB 276,775 thousand, resulting in a net cash outflow from financing activities of RMB 69,349 thousand[81]. Share Capital and Ownership - As of June 30, 2021, the company had issued 1,636,001,500 shares[57]. - Mr. Xiang Jie holds 381,958,347 shares, representing approximately 23.35% of the company's equity[56]. - Major shareholder Max Vision Holdings Limited owns 338,328,347 shares, accounting for 20.68% of the company's equity[59]. - China Hi-Tech Holding Company Ltd. holds 300,000,000 shares, representing 18.34% of the company's equity[59]. - The company has a stock option plan that allows for the issuance of up to 136,604,000 shares, representing approximately 8.35% of the total shares issued as of June 30, 2021[64]. Corporate Governance - The audit committee reviewed the accounting principles and practices adopted by the group and discussed audit, risk management, and internal control systems[49]. - The remuneration committee evaluates the performance of senior management and determines their compensation structure[50]. - The investment committee is responsible for advising the board on investments in fixed assets, equity, debt, and financial securities[52]. - The nomination committee reviews the board's structure and identifies qualified candidates for directorship[51]. - The company emphasizes the importance of corporate culture and regularly organizes activities to enhance team cohesion[54]. Market and Strategic Initiatives - The company launched its second module product, EV-Type, and completed the production line for IGBT module packaging testing[6]. - The company’s online monitoring for smart grids will participate in the power assurance project for the Winter Olympics[6]. - The high voltage direct current transmission sector is expected to maintain a high level of investment and construction during the 14th Five-Year Plan period, with an additional transmission capacity of 56 million kilowatts[10]. - The group aims to maintain its leading position in the high-voltage direct current transmission sector, with multiple projects initiated in 2021, including the Baihetan-Jiangsu and Baihetan-Zhejiang projects[44].
赛晶科技(00580) - 2021 - 中期财报