时代电气(03898) - 2021 - 中期财报

Financial Performance - The company's operating revenue for the six months ended June 30, 2021, was RMB 5,298,119,555, a decrease of 4.88% compared to RMB 5,570,059,638 for the same period in 2020[5]. - Total profit for the same period was RMB 801,311,568, down 4.88% from RMB 842,456,376 in the previous year[5]. - Net profit attributable to shareholders was RMB 695,234,768, an increase of 1.03% from RMB 688,150,248 in the same period last year[5]. - Operating revenue for the first half of 2021 was RMB 5,298,119,555, a decrease of 4.87% compared to RMB 5,570,059,638 in the same period of 2020[16]. - Net profit for the first half of 2021 reached RMB 702,972,674, representing an increase of 2.73% from RMB 684,788,602 in the first half of 2020[16]. - The total comprehensive income for the first half of 2021 was RMB 697,257,819, slightly down from RMB 708,585,986 in the first half of 2020[17]. - Earnings per share for the first half of 2021 remained stable at RMB 0.59, consistent with the same period in 2020[17]. Assets and Liabilities - As of June 30, 2021, total current assets amounted to RMB 27,127,702,892, an increase from RMB 26,425,482,492 as of December 31, 2020, reflecting a growth of approximately 2.65%[11]. - Total liabilities as of June 30, 2021, were RMB 9,892,569,232, compared to RMB 9,606,130,854 at the end of 2020, marking an increase of about 2.98%[12]. - The total equity attributable to shareholders reached RMB 24,547,454,368, up from RMB 23,852,468,161, reflecting an increase of approximately 2.9%[13]. - The company's inventory rose to RMB 5,484,433,293 from RMB 4,258,490,200, showing an increase of about 28.7%[11]. - Accounts receivable increased significantly to RMB 9,321,203,467, up from RMB 7,936,895,209, indicating a growth of approximately 17.4%[11]. - Total liabilities as of June 30, 2021, were RMB 8,458,568,428, an increase from RMB 8,230,252,894 at the end of 2020[15]. - Total equity as of June 30, 2021, was RMB 23,996,241,615, up from RMB 22,349,504,985 at the end of 2020, reflecting a strong financial position[15]. Cash Flow and Investments - Cash flow from operating activities showed a net outflow of RMB (2,133,688,525), compared to a net inflow of RMB 103,334,215 in the same period of 2020[20]. - Total cash inflow from investment activities was RMB 9,750,812,114, down from RMB 12,640,671,465 in the same period last year, reflecting a decrease of approximately 22.4%[22]. - Cash outflow for investment activities was RMB 8,258,568,360, compared to RMB 10,215,649,809 in the previous year, representing a reduction of about 19.2%[22]. - The company reported a net increase in cash and cash equivalents of RMB (1,065,681,324) for the first half of 2021, compared to an increase of RMB 1,479,711,117 in the same period of 2020[24]. - The company received cash from investments totaling RMB 8,400,000,000, down from RMB 10,892,400,000 in the previous year, marking a decline of about 22.9%[22]. Research and Development - Research and development expenses for the first half of 2021 amounted to RMB 640,930,972, up from RMB 605,241,313 in the same period of 2020, indicating a focus on innovation[16]. - The company aims to strengthen its research and development in IGBT markets across rail transportation, power grids, new energy vehicles, and high-end industrial sectors[8]. - The company continues to focus on the production and sales of rail transit equipment, reflecting its commitment to the industry[29]. Financial Reporting and Compliance - The financial statements have been reviewed but not audited, ensuring compliance with Chinese accounting standards[10]. - The consolidated financial statements were approved by the board of directors on August 9, 2021[31]. - The financial statements reflect the company's financial position and operating results as of June 30, 2021, in accordance with accounting standards[37]. Taxation and Government Grants - The corporate income tax rate applicable to the company and its subsidiaries in China is 25%[175]. - The corporate income tax rate for high-tech enterprises is reduced to 15%, applicable to the company and its subsidiaries for the periods of 2020 and January 1 to June 30, 2021[178]. - R&D expenses incurred by the company and its subsidiaries can be deducted at a rate of 75% for tax purposes, with intangible assets being amortized at 175% of their cost for the periods of 2020 and January 1 to June 30, 2021[183]. Inventory and Receivables - Inventory is primarily composed of raw materials, work-in-progress, finished goods, and consumables, measured at cost[89]. - The company’s accounts receivable aging analysis showed that receivables within 6 months amounted to RMB 5,443,148,816, a decrease of 26.0% from RMB 7,344,531,992 as of December 31, 2020[199]. - The provision for credit losses on accounts receivable was RMB 380,449,436 as of June 30, 2021, compared to RMB 343,177,260 as of December 31, 2020, indicating an increase in credit risk[199].