Financial Performance - For the six months ended June 30, 2021, the company's revenue was approximately RMB 571.0 million, an increase of 85.0% compared to approximately RMB 308.7 million for the same period in 2020[5]. - The gross profit for the same period was approximately RMB 377.6 million, up 78.3% from approximately RMB 211.7 million in the prior year[5]. - The net profit for the six months ended June 30, 2021, was approximately RMB 95.7 million, representing a 55.8% increase from approximately RMB 61.4 million in the previous year[5]. - Adjusted EBITDA for the period was approximately RMB 195.4 million, a 60.8% increase from approximately RMB 121.5 million for the same period in 2020[5]. - The company's revenue increased by 85.0% from RMB 308.7 million for the six months ended June 30, 2020, to RMB 571.0 million for the six months ended June 30, 2021[11]. - Net profit rose from RMB 61.4 million for the six months ended June 30, 2020, to RMB 95.7 million for the six months ended June 30, 2021[11]. - Adjusted EBITDA increased from RMB 121.5 million for the six months ended June 30, 2020, to RMB 195.4 million for the six months ended June 30, 2021[11]. - The company reported a total comprehensive income of RMB 113,288 thousand for the first half of 2021, compared to RMB 61,728 thousand in the same period of 2020[72]. - The company reported a net profit before tax of RMB 120,973 thousand for the six months ended June 30, 2021, compared to RMB 75,146 thousand in the same period of 2020, indicating a growth of around 61%[107]. Operational Metrics - The number of completed cases increased from approximately 47,200 for the six months ended June 30, 2020, to approximately 79,500 for the same period in 2021[8]. - The number of dental practitioners served rose from approximately 11,700 to approximately 17,300 during the same period[8]. - The production capacity of clear aligners increased to 13,500 units in 2021 from 9,900 units in 2020, representing a growth of 36.4%[11]. - The production volume of clear aligners rose to 12,020 units in 2021 from 6,300 units in 2020, marking an increase of 90.5%[11]. - Utilization rate improved to 89.0% in 2021 from 63.6% in 2020, indicating enhanced operational efficiency[11]. Costs and Expenses - The company's costs increased by 99.6% from RMB 96.9 million for the six months ended June 30, 2020, to RMB 193.4 million for the six months ended June 30, 2021, primarily due to the increased use of invisible orthodontic solutions and the development of new intraoral scanner sales[18]. - Sales and marketing expenses increased by 118.5% from RMB 44.2 million for the six months ended June 30, 2020, to RMB 96.6 million for the six months ended June 30, 2021, due to the costs associated with the 2021 A-Tech conference and the resumption of marketing activities[21]. - Administrative expenses rose by 80.9% from RMB 61.4 million for the six months ended June 30, 2020, to RMB 111.1 million for the six months ended June 30, 2021, mainly due to global offering preparation costs and increased employee benefits[22]. - Research and development expenses increased by 55.8% from RMB 38.3 million for the six months ended June 30, 2020, to RMB 59.6 million for the six months ended June 30, 2021, reflecting adjustments in personnel and salary levels post-COVID-19[23]. Capital and Liquidity - Cash and cash equivalents increased significantly from RMB 877.6 million as of December 31, 2020, to RMB 3,165.0 million as of June 30, 2021, primarily due to cash received from the global offering[40]. - The company's property, plant, and equipment increased from RMB 105.3 million as of December 31, 2020, to RMB 167.0 million as of June 30, 2021, due to the acquisition of new machinery and ongoing construction projects[36]. - The total liabilities increased from RMB 238.6 million as of December 31, 2020, to RMB 278.9 million as of June 30, 2021, mainly due to increased procurement of raw materials[41]. - The company maintained a healthy financial position with current assets rising from approximately RMB 1,003.7 million as of December 31, 2020, to approximately RMB 3,271.2 million as of June 30, 2021[43]. - The current ratio as of June 30, 2021, was 4.9, indicating strong liquidity[52]. Shareholder Information - Major shareholders include Mr. Feng Dai with a 59.41% stake and Ms. Li Huamin with a 14.05% stake in the company[54]. - The company has issued a total of 168,331,500 shares as of the report date, excluding any shares that may be issued under the share incentive plan[58]. - The board has resolved not to recommend any interim dividend for the six months ended June 30, 2021[59]. - The company has adopted the Corporate Governance Code as the basis for its corporate governance practices since its listing date[59]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial statements for the six months ended June 30, 2021[61]. - The independent auditor has reviewed the unaudited interim financial data in accordance with international review standards[62]. - The company has complied with the minimum public float requirements as per the stock exchange regulations[67]. - The financial review report confirms that the interim financial information is prepared in accordance with International Accounting Standard 34[71]. Future Plans and Strategy - The company aims to enhance R&D capabilities and continue innovating orthodontic solutions as part of its growth strategy[12]. - The company plans to continue expanding its market presence and investing in new product development to sustain growth momentum[76]. - The company plans to manage liquidity risk by monitoring cash reserves and expected cash flows to meet future cash needs[96]. - The company plans to utilize the raised funds for market expansion and new product development initiatives[140].
时代天使(06699) - 2021 - 中期财报