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奥威控股(01370) - 2020 - 中期财报
AOWEI HOLDINGAOWEI HOLDING(HK:01370)2020-09-15 08:41

Financial Performance - For the six months ended June 30, 2020, the company's revenue was approximately RMB 226.8 million, a decrease of about RMB 203.8 million or 47.3% compared to the same period last year[12]. - The gross profit for the same period was approximately RMB 9.3 million, down by about RMB 154.0 million or 94.3%, resulting in a gross margin of approximately 4.1%[12]. - The company reported a loss attributable to equity holders of approximately RMB 85.3 million, compared to a profit of RMB 74.0 million in the same period last year[12]. - The basic and diluted loss per share for the period was RMB 0.05, while the same period last year reported earnings per share of RMB 0.05[12]. - The group's revenue for the reporting period was approximately RMB 226.8 million, a decrease of about RMB 203.8 million or 47.3% compared to the same period last year, primarily due to the impact of COVID-19 and the suspension of operations at Jiheng Mining for green mining construction[47]. - The group recorded a net loss of approximately RMB 85.3 million for the reporting period, compared to a profit of RMB 74.0 million in the same period last year, primarily due to the decline in gross profit[57]. - The total comprehensive loss for the six months ended June 30, 2020, was RMB 85,324,000, compared to a profit of RMB 73,961,000 for the same period in 2019[155]. - Basic loss per share for the six months ended June 30, 2020, was RMB 0.052, compared to a profit of RMB 0.045 for the same period in 2019[155]. Market Conditions - The domestic GDP for the first half of 2020 was RMB 45.66 trillion, reflecting a year-on-year decline of 1.6% due to the impact of the pandemic and international situation[24]. - The steel industry’s market demand decreased, with the steel PMI averaging 45.3%, down 5.5 percentage points year-on-year[24]. - The new export order index averaged 35.1%, a decrease of 10.6 percentage points compared to the same period last year, with total steel exports of 28.704 million tons, down 16.5% year-on-year[24]. - The outlook for the second half of 2020 indicates a recovery in steel demand due to increased infrastructure projects and economic recovery post-pandemic[80]. - The steel industry is undergoing structural adjustments and upgrades, with a focus on green development and environmental performance improvements[81]. Operational Performance - The group experienced significant operational disruptions due to COVID-19, impacting production and sales performance[27]. - In the first half of 2020, the group's iron concentrate production was approximately 332.5 thousand tons, a decrease of about 54.4% compared to the same period last year[27]. - The group's iron concentrate sales volume was approximately 338.0 thousand tons, a decrease of about 53.4% year-on-year[27]. - The average selling price of iron concentrate for the group was RMB 614.79 per ton, an increase of 3.74% compared to RMB 592.64 per ton in the previous year[28]. - The cash operating cost for iron concentrate from Jingyuan Cheng Mining was approximately RMB 570.0 per ton[27]. - The total iron ore output from the Zhijiazhuang mine was 450.46 thousand tons, a decrease of 13.73% from 522.16 thousand tons in the previous year[34]. - The total iron ore output from Wang'er Gou and Shuanma Zhuang mines was 3,999.16 thousand tons, a decrease of 5.12% from 4,215.04 thousand tons in the previous year[38]. Expenses and Costs - The group's sales cost for the reporting period was approximately RMB 217.5 million, a decrease of about RMB 49.8 million or 18.6% compared to the previous year, mainly due to reduced sales volume of iron concentrate[50]. - Distribution expenses increased by approximately RMB 10.5 million or 665.5% to RMB 12.1 million, primarily due to transportation costs for sand and gravel products sold during the trial production period[52]. - Administrative expenses rose by approximately RMB 24.6 million or 56.3% to RMB 68.2 million, mainly due to losses incurred during the suspension of operations[53]. - Financing costs increased by approximately RMB 2.5 million or 12.6% to RMB 22.4 million, attributed to an increase in bank loans[54]. - The cost of inventory for the six months ended June 30, 2020, was RMB 217,509,000, down from RMB 267,295,000 in the same period of 2019, reflecting a decrease of approximately 18.6%[147]. Assets and Liabilities - The net value of property, plant, and equipment as of June 30, 2020, was approximately RMB 755.8 million, a decrease of about RMB 39.3 million or 4.9% from the end of the previous year[58]. - Total non-current assets as of June 30, 2020, were RMB 1,287.670 million, a slight decrease from RMB 1,311.093 million as of December 31, 2019[115]. - Current assets decreased to RMB 988.307 million from RMB 1,023.242 million at the end of 2019[115]. - Current liabilities were RMB 687.780 million, down from RMB 841.677 million at the end of 2019[115]. - Non-current liabilities increased to RMB 352,082 thousand as of June 30, 2020, compared to RMB 171,388 thousand as of December 31, 2019, reflecting a significant rise of 105.5%[117]. - The company's net asset value decreased to RMB 1,236,115 thousand as of June 30, 2020, down from RMB 1,321,270 thousand as of December 31, 2019, representing a decline of 6.5%[121]. Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2020, was a cash outflow of RMB 111.5 million, compared to an inflow of RMB 387.8 million in 2019[66]. - The net cash outflow from investment activities during the reporting period was approximately RMB 33.0 million, mainly due to expenditures on property, plant, and equipment[69]. - The net cash inflow from financing activities was approximately RMB 43.0 million, primarily from new bank loans of RMB 390.0 million[70]. - As of June 30, 2020, the cash balance was approximately RMB 360.2 million, a decrease of about RMB 101.4 million from the end of last year[71]. - Cash and cash equivalents decreased to RMB 360,221 thousand as of June 30, 2020, down from RMB 548,788 thousand as of June 30, 2019, reflecting a decline of 34.4%[123]. Shareholder Information - As of June 30, 2020, Mr. Li Ziwei and Mr. Li Yanjun collectively hold 1,221,877,000 shares, representing approximately 74.72% of the issued shares[87]. - Major shareholders include Aowei International Development Limited and Credit Suisse Trust Limited, each holding 1,221,877,000 shares, which is 74.72% of the issued shares[88]. - Fresh Idea Ventures Limited holds a guarantee interest in 1,089,630,000 shares, representing 66.63% of the issued shares[88]. - The company did not adopt any share option schemes as of the report date[94]. Compliance and Governance - All directors confirmed compliance with the standard code of conduct for securities trading during the six-month period ending June 30, 2020[95]. - The company maintained compliance with public float requirements throughout the reporting period[107]. - The company did not declare any interim dividend for the six months ended June 30, 2020[108].