Financial Performance - Revenue for the first half of 2021 reached RMB 27.893 billion, with a net profit attributable to shareholders of RMB 1.199 billion[7]. - For the six months ended June 30, 2021, the company achieved revenue of RMB 27.893 billion, an increase of RMB 6.930 billion or 33.06% compared to RMB 20.963 billion in the same period last year[14]. - The gross profit for the six months ended June 30, 2021, was RMB 6.011 billion, an increase of RMB 1.696 billion or 39.30% compared to RMB 4.315 billion in the same period last year[18]. - The net profit attributable to the owners of the parent company was RMB 1.199 billion, an increase of RMB 341 million or 39.74% compared to RMB 858 million in the same period last year[23]. - Net profit for the first half of 2021 was RMB 2,782,428,057, compared to RMB 1,830,809,417 in the same period of 2020, indicating a year-over-year increase of 52.0%[53]. - Total comprehensive income for the first half of 2021 was RMB 2,457,086,058, compared to RMB 1,604,820,042 in the previous year, marking an increase of 53.2%[54]. Revenue Segmentation - The revenue from the aviation complete machine segment was RMB 9.755 billion, a growth of 20.05% year-on-year, accounting for 34.97% of total revenue[17]. - The revenue from the aviation supporting systems and related businesses segment was RMB 14.515 billion, an increase of 47.81% year-on-year, representing 52.04% of total revenue[17]. - The revenue from the aviation engineering services segment was RMB 3.623 billion, up 20.09% year-on-year, contributing 12.99% to total revenue[17]. Cash Flow and Liquidity - As of June 30, 2021, the company's cash and cash equivalents amounted to RMB 16.213 billion, primarily sourced from operating activities[24]. - The cash and cash equivalents decreased to RMB 18,968,081,811 from RMB 25,138,489,217, reflecting a decline of about 24.5%[43]. - The total cash inflow from operating activities was RMB 30,818,550,360, while cash outflow was RMB 33,788,629,788, resulting in a net cash flow from operating activities of RMB (2,970,079,428)[60]. - The ending balance of cash and cash equivalents as of June 30, 2021, was RMB 16,213,304,192, up from RMB 14,507,725,220 at the end of June 2020[62]. Debt and Equity - The total borrowings as of June 30, 2021, were RMB 10.746 billion, with short-term borrowings of RMB 3.944 billion[24]. - The company's debt-to-equity ratio was 8.83% as of June 30, 2021, down from 10.09% as of December 31, 2020[27]. - The total equity attributable to shareholders of the parent company was RMB 23.89 billion, an increase from RMB 22.93 billion, representing a growth of about 4.2%[46]. - The total liabilities amounted to RMB 73.79 billion, compared to RMB 69.48 billion, reflecting an increase of approximately 6.5%[46]. Research and Development - Research and development expenses for the six months ended June 30, 2021, were RMB 1.347 billion, an increase of RMB 415 million or 44.53% year-on-year[21]. - Research and development expenses for the first half of 2021 were RMB 1,347,423,586, up from RMB 931,575,918 in the first half of 2020, marking a growth of 44.8%[53]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2021, amounted to RMB 4.546 billion, an increase of RMB 747 million or 19.66% compared to RMB 3.799 billion in the same period last year[30]. - The company has no significant contingent liabilities as of June 30, 2021[28]. Corporate Governance and Compliance - The company is committed to sustainable development and maintaining high corporate governance standards[10]. - The board of directors was re-elected during the annual general meeting, with new members appointed to the seventh board[31]. - The company has complied with the standards for securities trading as per the Hong Kong Stock Exchange regulations during the first half of 2021[32]. Market Position and Strategy - The company ranked 140th in the Fortune Global 500, improving by 23 positions from 2020, and is ranked 2nd in the aerospace and defense sector[8]. - The company is focusing on enhancing its core competitiveness in helicopter products, with significant progress in various helicopter models and projects[8]. - The company is actively expanding its general aviation business, with the Y12E aircraft operating a new interprovincial route[9]. - The company plans to enhance its capabilities in 5G communication and new energy vehicles, while promoting high-quality development[10]. Asset Management - As of June 30, 2021, total assets amounted to RMB 121.76 billion, an increase from RMB 115.59 billion as of December 31, 2020, representing a growth of approximately 5.1%[46]. - The company's inventory rose to RMB 33,392,536,519 from RMB 30,713,010,487, indicating an increase of around 8.7%[43]. Receivables and Credit Risk Management - The total accounts receivable as of June 30, 2021, was RMB 22,098,155,527, an increase of 27.5% from RMB 17,288,750,241 as of December 31, 2020[184]. - The company plans to continue monitoring credit risks and adjusting provisions as necessary based on customer financial conditions[183]. - The company is focusing on improving its collection processes to reduce the amount of overdue receivables in the future[183].
中航科工(02357) - 2021 - 中期财报