Revenue Performance - The company reported a total revenue of approximately RMB 161.8 million for the six months ended June 30, 2021, representing an increase of 235.5% compared to RMB 48.2 million in the same period of 2020[26]. - Revenue from OEM business reached RMB 157.3 million, a significant increase of 237.0% from RMB 46.7 million in the previous year[29]. - Revenue from graphene-based products surged to RMB 3.3 million, marking a remarkable increase of 703.9% compared to RMB 412,000 in 2020[29]. - The Group's revenue increased by approximately RMB 113.6 million or 235.5% to approximately RMB 161.8 million during the Period, primarily due to a rise in OEM business revenue by approximately RMB 110.6 million to RMB 157.3 million[30]. - Revenue from Boree Products decreased by 39.8% to approximately RMB 0.7 million during the Period[31]. - Revenue from Graphene-based Products amounted to approximately RMB 3.3 million, with Graphener revenue increasing by 218.9% to approximately RMB 1.3 million[32]. - Revenue for the six months ended June 30, 2021, reached RMB 161,825,000, a significant increase of 235% compared to RMB 48,240,000 in the same period of 2020[180]. - Revenue from the US market was RMB 153,418,000, representing a substantial increase of 273% from RMB 41,106,000 in 2020[172]. Profitability and Loss - The gross profit for the period was RMB 44.3 million, with a gross profit margin of approximately 27.4%, up from 12.5% in the corresponding period of 2020[26]. - The net loss for the period was approximately RMB 3.8 million, a reduction from a net loss of RMB 11.4 million in the same period last year, indicating a 66.4% improvement[27]. - The gross profit increased by approximately RMB 38.3 million, contributing to the reduction in net loss[27]. - The loss attributable to owners of the company for the period was RMB 3,839,000, compared to a loss of RMB 11,412,000 in the same period last year, showing an improvement of 66%[117]. - Basic and diluted loss per share for the period was RMB 0.002, compared to RMB 0.008 in the previous year, reflecting a reduction of 75%[117]. Financial Position - Shareholders' equity increased to RMB 261.9 million, reflecting a substantial growth of 595.1% compared to the previous year[25]. - Current assets increased to RMB 340,369,000 as of June 30, 2021, from RMB 102,799,000 as of December 31, 2020, marking a growth of 231%[121]. - The company had net current assets of RMB 135,782,000, compared to net current liabilities of RMB 132,103,000 as of December 31, 2020, indicating a turnaround[121]. - Total assets less current liabilities amounted to RMB 268,180,000 as of June 30, 2021, compared to a negative balance of RMB 39,262,000 at the end of 2020[121]. - The total equity of the company was RMB 261,965,000, compared to a capital deficiency of RMB 44,889,000 as of December 31, 2020, indicating a significant improvement in financial position[122]. Cash Flow and Financing - The Group experienced a net cash outflow from operating activities of approximately RMB 38.5 million during the Period[38]. - The net increase in cash and cash equivalents for the six months ended June 30, 2021, was RMB 162,634,000, a substantial rise from RMB 6,645,000 in the prior year[140]. - The company’s financing activities generated RMB 276,038,000 in cash for the six months ended June 30, 2021, compared to RMB 3,558,000 in the same period of 2020[140]. - Cash and bank balances increased approximately 260 times to RMB 163.3 million as of June 30, 2021[38]. - The Group's short-term borrowings were approximately RMB 102.9 million as of June 30, 2021, down from RMB 130.1 million at the end of 2020[38]. Expenses and Costs - Selling and distribution expenses increased by 32.4% to approximately RMB 5.2 million, accounting for 3.2% of the Group's revenue[34]. - General and administrative expenses rose by approximately RMB 20.4 million or 102.9% to approximately RMB 40.3 million, mainly due to consultancy fees and increased wages[36]. - Employee benefit expenses, including wages and salaries, totaled RMB 38,892,000, up from RMB 21,884,000, reflecting a 77% increase[183]. - Research and development costs increased by approximately RMB 1.9 million as the company expanded its efforts in new product development[27]. - Research and development costs for the period amounted to RMB 7,006,000, up from RMB 5,104,000 in 2020, indicating a 37% increase[183]. Share Capital and Options - As of June 30, 2021, the company had 1,652,695,608 shares issued and a paid-up capital of approximately RMB 110,019,000, an increase from 1,486,859,608 shares and RMB 99,310,000 as of January 1, 2021[41]. - The company issued 88,836,000 shares during the period in respect of the exercise of share options[190]. - The total number of shares in issue as of June 30, 2021, was 1,652,695,608 shares[103]. - The company adopted a new share option scheme on July 2, 2021, to motivate and reward its directors and eligible employees[47]. - As of June 30, 2021, the total outstanding share options amounted to 313,600,000, with 223,964,000 remaining unexercised[89]. Corporate Governance and Management - The company has complied with the Corporate Governance Code, with some deviations noted[105]. - Mr. Zheng Jingdong performed both roles of Chairman and CEO until February 25, 2021, after which Mr. Leung Tsz Chung was appointed as Chairman and CEO[107]. - Independent non-executive Director Ms. An Na did not attend the annual general meeting on June 29, 2021, due to other business commitments[108]. - The chairperson of the remuneration committee, Ms. An Na, was also unable to attend the annual general meeting on June 29, 2021, due to other business commitments[109]. Business Operations and Strategy - The company is engaged in the manufacture and sale of various products, including graphene-based materials and solar cells, indicating a focus on innovative technologies[142]. - The Group's reportable segments include Boree branded products, Graphene-based products, OEM, and Photovoltaic products[150]. - The Photovoltaic Products segment manufactures and sells Cast-mono wafers and solar cells, indicating the Group's involvement in renewable energy[153]. - The Group plans to achieve commercial mass production of Cast-mono wafers in the second half of 2021[63]. - Future plans include combining the Cast-mono Flexible Module with energy storage batteries for a home solar power storage system[64].
金阳新能源(01121) - 2021 - 中期财报