YADEA(HK:01585)2020-09-21 08:40Revenue Growth - For the six months ended June 30, 2020, the company recorded revenue of approximately RMB 7,638.7 million, an increase of 87.5% compared to RMB 4,074.5 million for the same period in 2019[9]. - Total sales volume of electric scooters and bicycles increased from approximately 2,033,000 units for the six months ended June 30, 2019, to approximately 4,058,800 units for the same period in 2020, representing a growth of about 99.8%[7]. - The increase in sales revenue was primarily driven by the rise in demand for alternative public transportation due to COVID-19 safety concerns and the growth of the shared micro-mobility industry[97]. - Revenue for electric scooters reached approximately RMB 3,635.5 million, accounting for 47.6% of total revenue, while electric bicycles generated approximately RMB 2,171.5 million, accounting for 28.4%[98]. - Total revenue for the six months ended June 30, 2020, reached RMB 7,638,691 thousand, a significant increase of 87.5% compared to RMB 4,074,536 thousand for the same period in 2019[143]. Profitability - The group's gross profit increased by approximately 103.8% from RMB 683.3 million for the six months ended June 30, 2019, to RMB 1,392.5 million for the six months ended June 30, 2020, with a gross margin of 18.2% compared to 16.8% in the previous period[13]. - Profit for the group increased by approximately 113.2% from RMB 181.3 million to RMB 386.5 million for the same periods[13]. - Net profit attributable to shareholders for the six months ended June 30, 2020, was RMB 385.0 million, up 113.3% from RMB 180.0 million in the prior year[40]. - Basic earnings per share for the period was RMB 13.3, compared to RMB 6.1 for the same period last year[40]. - The profit for the six months ended June 30, 2020, reached RMB 384,962,000, a significant increase from RMB 180,042,000 for the same period in 2019, representing a growth of 113.3%[63]. Costs and Expenses - The cost of sales increased from approximately RMB 3,391.2 million for the six months ended June 30, 2019, to approximately RMB 6,246.2 million for the same period in 2020, reflecting an increase of about 84.2%[11]. - Research and development expenses for the six months were RMB 214.6 million, an increase from RMB 123.5 million in the previous year[40]. - The company utilized approximately RMB 453.7 million for marketing and brand promotion, with a remaining balance of RMB 39.4 million expected to be used by December 31, 2020[30]. Cash Flow and Liquidity - As of June 30, 2020, cash and cash equivalents were approximately RMB 3,005.9 million, a 14.0% increase from RMB 2,636.6 million as of December 31, 2019[14]. - Net cash inflow from operating activities for the six months ended June 30, 2020, was approximately RMB 1,170.4 million, compared to RMB 101.5 million for the same period in 2019[14]. - The net cash generated from operating activities for the same period was RMB 1,170,437 thousand, up from RMB 101,546 thousand year-on-year[137]. - The company reported a net cash increase of RMB 365,702 thousand in cash and cash equivalents for the six months ended June 30, 2020, contrasting with a decrease of RMB 558,869 thousand in the prior year[137]. Assets and Liabilities - Total assets reached RMB 11,762,158 thousand, up 9.4% from RMB 10,746,333 thousand at the end of 2019[43]. - Total liabilities amounted to RMB 8,319,833 thousand, an increase of 9.4% from RMB 7,602,503 thousand at the end of 2019[43]. - The company's equity attributable to shareholders increased to RMB 3,429,309 thousand from RMB 3,132,386 thousand, reflecting a growth of 9.5%[42]. - Accounts receivable as of June 30, 2020, amounted to RMB 342,665,000, an increase from RMB 181,874,000 as of December 31, 2019[156]. - The total liabilities, including accounts payable and notes payable, were RMB 7,289,394,000 as of June 30, 2020, up from RMB 6,858,431,000 at the end of 2019[159]. Market Strategy and Outlook - The company plans to protect and expand its market share, enhance brand reputation, and continue to invest in core technology R&D for electric two-wheelers[7]. - The company remains cautiously optimistic about its performance despite the ongoing challenges in the business environment due to COVID-19[7]. - The group aims to further consolidate its competitive advantage through the expansion of its distribution network[7]. - The company plans to expand its market presence in China, focusing on electric vehicle sales and related components[56]. Employee and Management - The group employed 6,305 staff as of June 30, 2020, compared to 4,341 staff as of December 31, 2019, with total employee costs of approximately RMB 213.7 million[17]. - The total compensation for key management personnel for the six months ended June 30, 2020, was RMB 3,067 thousand, slightly down from RMB 3,151 thousand for the same period in 2019, a decrease of about 2.66%[175]. Compliance and Governance - The company fully complied with the corporate governance code during the reporting period[36]. - The audit committee reviewed the accounting principles and financial reporting matters during the reporting period[126].