雅迪控股(01585) - 2024 - 中期业绩

Financial Performance - Revenue decreased by approximately 15.4% to RMB 14,413.8 million compared to the same period in 2023[3] - Gross profit decreased by approximately 9.8% to RMB 2,593.8 million compared to the same period in 2023[3] - Profit attributable to shareholders decreased by approximately 12.9% to RMB 1,033.9 million compared to the same period in 2023[3] - Basic earnings per share decreased by approximately 13.5% to RMB 34.5 cents compared to the same period in 2023[3] - Operating profit was RMB 1,327.96 million, a decrease from RMB 1,469.31 million in the same period last year[5] - Total comprehensive income for the period was RMB 1,047.34 million, compared to RMB 1,286.49 million in the same period last year[8] - The company reported a net profit margin of approximately 7.2% for the reporting period[5] - Other income decreased to RMB 295,576,000 in the first half of 2024 from RMB 348,004,000 in 2023, a reduction of approximately 15.1%[35] - The company's net profit attributable to owners was RMB 1,033,866,000 for the six months ended June 30, 2024, compared to RMB 1,187,643,000 in 2023, a decline of approximately 12.9%[41] Revenue Breakdown - Revenue from electric bicycles was RMB 6,239,374 thousand, down 18.3% from RMB 7,639,514 thousand in 2023[27] - Revenue from electric scooters decreased by 22.5% to RMB 3,546,576 thousand from RMB 4,577,196 thousand in 2023[27] - Revenue from batteries and chargers was RMB 4,065,296 thousand, a decline of 9.6% compared to RMB 4,498,171 thousand in 2023[27] - Total revenue for electric two-wheelers and related components reached RMB 14,205,169,000 for the six months ended June 30, 2024, compared to RMB 16,988,740,000 for the same period in 2023, representing a decrease of approximately 10.5%[32] - The company recorded a total revenue of RMB 9,785.9 million from electric bicycles and scooters, accounting for 67.9% of total revenue in the first half of 2024[82] Expenses and Costs - Research and development expenses were RMB 491.11 million, down from RMB 554.82 million in the previous year[5] - The total cost of sales, selling and distribution expenses, administrative expenses, and research and development expenses amounted to RMB 13,337,116,000 for the six months ended June 30, 2024, compared to RMB 16,014,035,000 in 2023, a decrease of approximately 16.7%[36] - The sales cost decreased by approximately 16.6% to RMB 11,820.0 million in the first half of 2024, consistent with the decline in revenue[86] Cash Flow and Assets - Cash and cash equivalents were reported at RMB 7,067,644 thousand, down from RMB 7,913,807 thousand[10] - Operating cash flow showed a net outflow of RMB 696,503 thousand compared to an inflow of RMB 2,572,802 thousand in the same period last year[14] - Investment activities resulted in a net cash outflow of RMB 1,086,722 thousand, compared to RMB 260,442 thousand in the previous year[16] - The net cash flow from financing activities was RMB 925,445 thousand, a significant improvement from a net cash outflow of RMB 924,874 thousand in the previous year[27] - As of June 30, 2024, total assets amounted to RMB 25,707,624 thousand, a slight increase from RMB 25,660,098 thousand in the previous year[10] Liabilities and Equity - Current liabilities increased to RMB 16,773,601 thousand from RMB 16,396,290 thousand, primarily due to a rise in borrowings to RMB 1,274,770 thousand from RMB 267,257 thousand[12] - The total liabilities rose to RMB 17,572,666 thousand from RMB 17,258,892 thousand, indicating a growing leverage position[12] - The net asset value decreased to RMB 8,134,958 thousand from RMB 8,401,206 thousand year-over-year[12] - The debt-to-asset ratio increased to 22.3% as of June 30, 2024, from 9.9% as of December 31, 2023, mainly due to increased borrowings[98] Inventory and Receivables - The company reported a significant increase in accounts receivable, rising to RMB 798,553 thousand from RMB 545,941 thousand[10] - As of June 30, 2024, accounts receivable reached RMB 818,507 thousand, up from RMB 554,702 thousand as of December 31, 2023, indicating a rise of 47.7%[49] - Inventory increased by approximately 73.0% from RMB 955.4 million as of December 31, 2023, to RMB 1,652.6 million as of June 30, 2024, primarily due to increased battery inventory to meet seasonal demand[97] Corporate Actions and Governance - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous period[113] - The company has fully complied with the corporate governance code during the reporting period[111] - The audit committee, consisting of four independent non-executive directors, reviewed the accounting principles and financial reporting matters during the reporting period[114] - The company repurchased 1,112,000 shares under the share incentive plan during the six months ended June 30, 2024[55] Future Outlook and Strategy - The company plans to continue investing in the development of new technologies for core components and expanding into overseas markets to promote the "Yadea" brand globally[79] - New regulations regarding battery design and manufacturing are expected to create a favorable environment for the company, potentially accelerating industry repositioning and growth[79]