Revenue Growth - The company's revenue for the six months ended June 30, 2021, was approximately RMB 250.7 million, representing a significant increase of about 78.9% compared to the corresponding period in 2020[7]. - Revenue from the Chinese market increased by approximately 79.2%, driven by strong demand from customers[7]. - Overseas market revenue also grew by approximately 78.5%, as major overseas markets began to recover from the adverse effects of COVID-19[7]. - For the six months ended June 30, 2021, the group achieved a revenue of RMB 250.7 million, compared to RMB 140.1 million for the same period in 2020, representing an increase of 78.9%[33]. - Revenue from external customers for the six months ended June 30, 2021, was RMB 250.7 million, a 78.9% increase from RMB 140.1 million in the same period of 2020[67]. - Revenue from China for the six months ended June 30, 2021, was RMB 152.4 million, up 79.0% from RMB 85.1 million in the same period of 2020[67]. Profitability - Gross profit increased to approximately RMB 53.4 million, a rise of about 73.6% from approximately RMB 30.7 million in the corresponding period[11]. - The group’s gross profit for the six months ended June 30, 2021, was RMB 53.4 million, up from RMB 30.7 million in the previous year, indicating a growth of 74.0%[33]. - The operating profit for the six months ended June 30, 2021, was RMB 15.1 million, compared to RMB 5.6 million in the same period of 2020, reflecting an increase of 168.4%[33]. - The company recorded a profit attributable to owners of approximately RMB 9.7 million, compared to RMB 3.4 million in the corresponding period[18]. - The company's net profit attributable to shareholders for the six months ended June 30, 2021, was RMB 9,659,000, compared to RMB 3,362,000 for the same period in 2020, representing an increase of 187.5%[82]. - The basic and diluted earnings per share for the six months ended June 30, 2021, were RMB 1.93, up from RMB 0.67 in the same period of 2020, reflecting a growth of 187.3%[82]. Expenses - Selling expenses rose by approximately 112.2% to about RMB 17.0 million, primarily due to increased transportation, travel, and marketing costs[12]. - Administrative expenses increased by approximately 21.7% to about RMB 21.8 million, mainly due to higher R&D costs for new product development[13]. - The net financial expenses increased by approximately 119.5% to about RMB 3.3 million, attributed to increased bank borrowings and reduced capitalized borrowing costs[16]. Financial Position - The current ratio as of June 30, 2021, was approximately 0.87, down from 0.98 as of December 31, 2020, primarily due to increased bank borrowings[19]. - As of June 30, 2021, total assets increased to RMB 544,238 thousand, up from RMB 501,051 thousand as of December 31, 2020, representing an increase of approximately 8.6%[39]. - Total liabilities increased to RMB 333,094 thousand, up from RMB 299,654 thousand, marking an increase of approximately 11.1%[39]. - The company's equity attributable to owners increased to RMB 211,144 thousand, compared to RMB 201,397 thousand, showing a growth of about 4.0%[41]. - Cash and cash equivalents decreased to RMB 9,322 thousand from RMB 14,839 thousand, a decline of approximately 37.5%[44]. - The group has no significant contingent liabilities as of June 30, 2021, maintaining a stable financial position[27]. Inventory and Receivables - Inventory rose significantly to RMB 60,792 thousand, an increase of 37% from RMB 44,415 thousand in the previous year[39]. - Trade receivables as of June 30, 2021, amounted to RMB 120,122,000, an increase from RMB 103,892,000 as of December 31, 2020, which is a rise of 15.5%[86]. - The total inventory as of June 30, 2021, was RMB 60,792,000, compared to RMB 44,415,000 as of December 31, 2020, indicating a 37% increase[85]. Cash Flow - Operating cash flow for the six months ended June 30, 2021, was a net outflow of RMB 2,345 thousand, compared to an inflow of RMB 11,176 thousand in the previous year[44]. - The company reported a net cash outflow from investing activities of RMB 23,303 thousand, compared to RMB 18,303 thousand in the previous year[44]. - Financing activities generated a net cash inflow of RMB 20,103 thousand, an increase from RMB 15,965 thousand in the previous year[44]. - The group anticipates generating positive operating cash flow in the future due to expected sales orders[54]. Capital Expenditure - The group’s capital expenditure commitments for property, plant, and equipment were approximately RMB 23.4 million as of June 30, 2021, down from RMB 37.8 million at the end of 2020[24]. - The company’s property, plant, and equipment additions during the period were approximately RMB 16,530,000, compared to RMB 11,923,000 in the corresponding period of 2020, marking an increase of 38.8%[83]. - Capital commitments for property, plant, and equipment were RMB 23,360,000 as of June 30, 2021, down 38.3% from RMB 37,843,000 as of December 31, 2020[98]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[123]. - The company has adhered to the corporate governance code, except for the deviation regarding the separation of the roles of Chairman and CEO[122]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance company value[122]. - The audit committee's main responsibilities include reviewing and supervising the company's financial reporting procedures[123]. Shareholder Information - Major shareholders include Mr. Sheng with a 51.89% stake, and Bright Commerce holding 47.99%[114]. - The company has maintained a consistent number of issued ordinary shares at 500,000,000 since December 31, 2020[90]. - The company reported no interim dividend for the six months ended June 30, 2021, consistent with the previous period[97].
盛龙锦秀国际(08481) - 2021 - 中期财报