Financial Performance - For the first half of 2021, the company's revenue was approximately RMB 96.1 million, a decrease of about RMB 16.1 million or 14.4% compared to RMB 112.2 million in the same period of 2020[19] - The net profit for the first half of 2021 was approximately RMB 8.7 million, a significant decrease of about RMB 9.2 million or 51.4% from RMB 17.9 million in the first half of 2020[19] - The gross profit for the first half of 2021 was RMB 24.8 million, down 42.8% from RMB 43.4 million in the first half of 2020[15] - The group's revenue for the first half of 2021 was approximately RMB 96.1 million, a decrease of about RMB 16.1 million or 14.4% compared to RMB 112.2 million in the first half of 2020[24] - The group's gross profit for the first half of 2021 was approximately RMB 24.8 million, a decrease of about RMB 18.6 million or 42.8% compared to RMB 43.4 million in the first half of 2020[34] - The total comprehensive income for the first half of 2021 was RMB 8,301,000, a decrease of 57.7% compared to RMB 19,631,000 in the first half of 2020[116] - The company reported a net profit attributable to ordinary equity holders of RMB 8,744,000 for the six months ended June 30, 2021, down from RMB 17,875,000 in the same period last year[162] Profitability Metrics - The gross profit margin decreased to 25.8% in 2021 from 38.6% in 2020, reflecting a decline of 12.8 percentage points[15] - The group's net profit for the first half of 2021 was approximately RMB 8.7 million, compared to RMB 17.9 million in the first half of 2020, resulting in a net profit margin of about 9.1%[40] - The company reported a basic and diluted earnings per share of RMB 1.3 for the first half of 2021, down from RMB 2.7 in the same period of 2020[119] - The effective tax rate for the period was 15% due to the recognition as a high-tech enterprise, compared to the standard rate of 25%[156] Revenue Breakdown - Revenue from automotive molds was approximately RMB 45.1 million, an increase of about RMB 8.7 million or 24.0% compared to RMB 36.4 million in the first half of 2020[28] - Revenue from electrical molds was approximately RMB 40.5 million, an increase of about RMB 14.2 million or 53.6% compared to RMB 26.3 million in the first half of 2020[28] - The company did not record any sales revenue from health protection equipment molds in the first half of 2021, contrasting with significant demand in the same period of 2020[19] - Overseas revenue decreased significantly to RMB 2,222,000 from RMB 4,989,000, a decline of 55.5% year-over-year[150] Expenses and Costs - The group's selling and distribution expenses increased to approximately RMB 2.2 million in the first half of 2021, up about RMB 0.3 million or 17.4% from RMB 1.9 million in the first half of 2020[36] - General and administrative expenses decreased to approximately RMB 13.6 million in the first half of 2021, down about RMB 5.9 million or 30.3% from RMB 19.5 million in the first half of 2020[37] - The total employee cost for the first half of 2021 was approximately RMB 19.5 million, an increase from RMB 16.6 million in the same period of 2020, mainly due to higher direct labor costs and pension contributions[55] Assets and Liabilities - The total assets as of June 30, 2021, were RMB 460,118 thousand, a decrease of 3.3% from RMB 475,687 thousand at the end of 2020[16] - The total liabilities decreased by 11.5% to RMB 169,222 thousand from RMB 191,229 thousand at the end of 2020[16] - As of June 30, 2021, the total current assets and current liabilities of the group were approximately RMB 366.3 million and RMB 156.1 million, respectively, resulting in a current ratio of approximately 2.3 times[42] - The company's net asset value increased to RMB 290,896,000 as of June 30, 2021, up from RMB 284,458,000 on December 31, 2020, showing a growth of about 2.5%[124] Cash Flow and Investments - The net cash flow from operating activities was RMB (4,992,000), a significant decrease from RMB 40,882,000 in the prior period[133] - The company incurred a loss of RMB 389,000 from the sale of property, plant, and equipment during the current period[133] - The company’s investment cash outflow was RMB (4,141,000), a decrease from RMB (31,320,000) in the prior period, indicating improved cash management[133] - The company signed an investment framework agreement with the Zhangpu government for the potential sale of existing facilities and acquisition of new land and buildings, with an expected transaction value of approximately RMB 15.1 million[61] Corporate Governance - The company is committed to maintaining high corporate governance standards and has adopted the principles and code provisions of the corporate governance code as its governance framework[70] - The chairman and CEO roles are currently held by the same individual, which the board believes enhances decision-making efficiency[70] Shareholder Information - As of June 30, 2021, the major shareholders include Mr. Lin Wan Yi, holding 49.125% of the shares, and other directors with minor holdings[73] - Shine Art International Limited directly owns 49.125% of the company, with Mr. Lin Wan Yi holding 58.312% of Shine Art[2] - The total number of shares held by major shareholders includes 324,225,000 shares (49.125%) by Shine Art and 91,080,000 shares (13.80%) by Friendly Holdings (HK) Co., Limited[80] Stock Options and Incentives - As of June 30, 2021, the company had granted a total of 9,248,000 stock options at an exercise price of HKD 0.405, with no options exercised by June 30, 2021[88] - The stock options granted to directors include 832,000 for Mr. Lin, 704,000 for Mr. Zheng, and 344,000 for Mr. Lu, all of which are unvested[86] - The company has a stock option plan adopted on June 6, 2019, aimed at incentivizing selected participants for their contributions[88]
勋龙(01930) - 2021 - 中期财报