Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 5,363,381 thousand, a 23.7% increase from RMB 4,336,159 thousand in the same period of 2023[11]. - The profit before tax was RMB 892,300 thousand, compared to RMB 378,064 thousand in the previous year, reflecting a significant increase of 135.5%[11]. - The net profit for the period was RMB 811,426 thousand, up from RMB 327,136 thousand, marking a year-on-year growth of 148.5%[11]. - Revenue for the reporting period reached approximately RMB 5,363.4 million, an increase of 23.7% year-on-year, with a gross profit of approximately RMB 1,320.5 million, up 60.4%[16]. - The profit attributable to the owners of the company was approximately RMB 811.4 million, reflecting a significant year-on-year increase of 148.0%[16]. - The EBITDA for the period was approximately RMB 1,195.3 million, marking an 82.5% year-on-year growth, with an EBITDA margin of 22.3%, up 7.2 percentage points[16]. - The group's operating profit for the six months ended June 30, 2024, was approximately RMB 911.3 million, a 120.9% increase from RMB 412.5 million in the same period of 2023[61]. - The net profit for the reporting period increased by RMB 484.3 million (or 148.0%) to approximately RMB 811.4 million, compared to RMB 327.1 million for the six months ended June 30, 2023[63]. - Total comprehensive income for the reporting period rose to approximately RMB 832.7 million, a 90.1% increase from RMB 438.0 million in the previous year[65]. Assets and Liabilities - Total assets as of June 30, 2024, reached RMB 10,654,682 thousand, an increase from RMB 10,028,405 thousand in the same period of 2023[11]. - The company’s total liabilities decreased to RMB 4,575,892 thousand from RMB 5,251,225 thousand year-on-year, indicating improved financial health[11]. - The group's cash and cash equivalents as of June 30, 2024, were approximately RMB 574.1 million, a decrease of RMB 151.9 million from RMB 726.0 million as of December 31, 2023[66]. - The group's inventory increased to approximately RMB 1,730.0 million as of June 30, 2024, up by RMB 92.5 million from RMB 1,637.5 million as of December 31, 2023, due to business expansion[67]. - Trade receivables increased to approximately RMB 2,216.7 million as of June 30, 2024, an increase of RMB 356.4 million from RMB 1,860.4 million as of December 31, 2023, attributed to higher sales revenue[68]. - The capital debt ratio as of June 30, 2024, was 5.1%, down from 8.7% as of December 31, 2023[75]. - The group's bank borrowings were approximately RMB 868.8 million as of June 30, 2024, a decrease from RMB 1,211.3 million as of December 31, 2023[66]. Sales and Market Performance - The company sold approximately 13.8 million tires in the first half of 2024, representing a year-on-year growth of 19.3%[16]. - Domestic dealer channel revenue was approximately RMB 1,244.6 million, a year-on-year increase of 10.3%, while international dealer channel revenue reached approximately RMB 3,511.9 million, up 28.8%[16]. - The company expanded its passenger car tire replacement channel, increasing the proportion of 17-inch and above products to 45.7%[23]. - The company is facing challenges in the commercial vehicle tire segment due to sluggish demand influenced by real estate investment and logistics issues, while passenger vehicle tire demand remains strong[14]. - The company is actively expanding its international market presence, launching new products in North America and Europe, including the "Hua Ren PLUS" ultra-high-performance tire[42]. Research and Development - The company has increased R&D investment in new materials, achieving 429 intellectual property rights, including 21 invention patents, enhancing tire safety, durability, and fuel economy[38]. - Research and development expenses decreased by approximately 14.2% from RMB 126.7 million to RMB 108.7 million, primarily due to the reversal of certain costs related to the 2021 equity incentive plan[56]. - The company launched the "H Heavy Duty Series" commercial tires, utilizing new technologies to enhance performance for complex transportation environments[20]. - The company developed 37 new overseas dealers during the reporting period, enhancing its international sales coverage[27]. Corporate Governance and Shareholder Information - The company has complied with the Corporate Governance Code during the reporting period[110]. - The controlling shareholder holds a direct and indirect beneficial ownership of 69.63% of the company's issued share capital[109]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2024[115]. - The shareholder annual general meeting was successfully held on May 31, 2024, with board members and external auditors present[115]. - The shareholding structure indicates significant control by a few major shareholders, with over 69% held by the top two shareholders[119]. Sustainability and Community Engagement - The company has been recognized as a "green factory" by the Ministry of Industry and Information Technology of China, demonstrating its commitment to sustainable development and environmental protection[45]. - The company is participating in community development initiatives, including volunteer actions for local road improvements and donations to local schools in Thailand[45]. Challenges and Outlook - The company is facing a slight decrease in orders due to a sluggish domestic market and international shipping price impacts, with expectations of a challenging economic outlook for the second half of 2024[46]. - The company is currently evaluating the impact of new accounting standards that will take effect in the upcoming fiscal years, indicating a proactive approach to compliance[137].
浦林成山(01809) - 2024 - 中期业绩