Financial Performance - Revenue for the six months ended June 30, 2021, was RMB 2,240.7 million, an increase of 146.1% compared to RMB 910.4 million in 2020[3] - Gross profit reached RMB 131.4 million, up 429.8% from RMB 24.8 million in the previous year, with a gross margin of 5.9%[3] - The company reported a profit attributable to owners of RMB 54.8 million, compared to a loss of RMB 14.0 million in the previous year[3] - Basic earnings per share for the period was RMB 9.14, a significant improvement from a loss of RMB 2.33 per share in 2020[3] - The total comprehensive income for the six months ended June 30, 2021, was RMB 54,826 thousand, compared to a loss of RMB (14,001) thousand for the same period in 2020, indicating a turnaround in performance[55] - The net profit attributable to shareholders for the first half of 2021 was approximately RMB 54.8 million, compared to a loss of approximately RMB 14.0 million in the same period of 2020[135] Sales and Volume - Sales volume increased by 84.0% to 383,230 tons from 208,299 tons in the same period last year[3] - Sales of cold-rolled steel products amounted to RMB 1,569,980,000, up from RMB 628,770,000, representing a growth of 149.5% year-over-year[45] - The total sales volume of processed steel products and galvanized steel products was 383,230 tons, an increase of 174,931 tons or 84.0% compared to 208,299 tons in the first half of 2020[105] - Sales expenses increased to approximately RMB 17.3 million in the first half of 2021, a rise of RMB 6.1 million or 54.5% compared to RMB 11.2 million in the first half of 2020[129] Assets and Liabilities - The net asset value as of June 30, 2021, was RMB 576.7 million, reflecting a slight increase of 1.1% from RMB 570.4 million at the end of 2020[4] - Total borrowings rose by 42.1% to RMB 1,363.7 million from RMB 959.9 million at the end of 2020[4] - The company's debt-to-equity ratio increased to 236.5% from 168.3% at the end of 2020[4] - As of June 30, 2021, total assets minus current liabilities amounted to RMB 1,055,741 thousand, an increase from RMB 906,216 thousand in 2020, representing a growth of approximately 16.4%[19] Cash Flow - Cash and cash equivalents increased by RMB 152,417 thousand during the six months ended June 30, 2021, compared to a decrease of RMB 15,126 thousand in the prior year[30] - The company generated a net cash outflow from operating activities of RMB 91,269,000 for the six months ended June 30, 2021[32] - The company’s net cash used in financing activities was RMB 327,758 thousand, a turnaround from a cash outflow of RMB 2,747 thousand in the same period of 2020[30] Investments and Capital Expenditure - The group acquired property, plant, and equipment with a construction cost of RMB 103,215 thousand during the six months ended June 30, 2021, down from RMB 149,029 thousand in the same period of 2020[61] - Capital expenditure for properties, plants, and equipment was approximately RMB 103.2 million in the first half of 2021, with total capital commitments of about RMB 91.0 million as of June 30, 2021[106] Shareholder Information - As of June 30, 2021, the company has a total of 600,000,000 shares issued, with major shareholders holding 75.00% of the equity[163] - Mr. Xu and Mr. Luo each hold 450,000,000 shares, representing 75.00% of the company's issued share capital[161] - The company has granted share options totaling 6,000,000 shares to Mr. Chen, representing 1.00% of the issued share capital[168] Future Outlook - The company aims to continue expanding its market presence and enhancing product offerings in the upcoming periods[3] - The company anticipates continued growth in product demand, necessitating ongoing capacity enhancements through investments in new production facilities[106] - The group plans to install new production facilities to enhance capacity and flexibility, focusing on long-term growth and stability[154]
茂宸集团(00273) - 2021 - 中期财报