Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 657,625 thousand, an increase of 18.7% compared to RMB 554,251 thousand for the same period in 2023[1]. - Operating profit for the same period was RMB 136,705 thousand, up from RMB 122,206 thousand, reflecting a growth of 11.9%[2]. - Net profit attributable to equity shareholders was RMB 49,706 thousand, compared to RMB 41,061 thousand in the previous year, representing an increase of 21.1%[2]. - The operating profit margin decreased slightly to 20.8% from 22.0% year-on-year, while the net profit margin also declined to 6.2% from 6.9%[1]. - The company reported a total comprehensive income of RMB 38,669 thousand for the period, compared to RMB 35,872 thousand in the same period last year, indicating a growth of 7.9%[3]. - The company reported revenue of RMB 1,281,788,000 for the twelve months ending June 30, 2024, an increase from RMB 1,115,089,000 for the same period in 2023, representing a growth of approximately 14.9%[15]. - The reported segment profit (adjusted EBITDA) for the six months ending June 30, 2024, was RMB 300,088,000, compared to RMB 261,444,000 for the same period in 2023, reflecting an increase of about 14.7%[16]. - The company reported a basic earnings per share of RMB 49,706,000 for the six months ended June 30, 2024, compared to RMB 41,061,000 for the same period in 2023, reflecting an increase of approximately 21.5%[23]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 5,134,612 thousand, an increase from RMB 4,934,102 thousand at the end of 2023[1]. - The company’s total liabilities increased to RMB 1,819,837 thousand from RMB 1,760,055 thousand, indicating a rise of 3.4%[4]. - As of June 30, 2024, the total non-current liabilities amounted to RMB 2,057,645,000, an increase from RMB 1,931,472,000 as of December 31, 2023, representing a growth of 6.5%[5]. - The net assets of the company reached RMB 1,257,130,000, compared to RMB 1,242,575,000 at the end of 2023, indicating a slight increase of 1.2%[5]. - The company’s current liabilities exceeded its current assets by RMB 905,111,000 as of June 30, 2024, slightly improved from RMB 937,305,000 at the end of 2023[6]. - The company reported a total equity attributable to shareholders of RMB 1,080,270,000, down from RMB 1,132,990,000 at the end of 2023, indicating a decrease of 4.6%[5]. - The company’s total liabilities increased by 6% from December 31, 2023, to June 30, 2024, reflecting ongoing operational growth[33]. Cash Flow and Financing - Cash and cash equivalents were RMB 223,972 thousand, down from RMB 276,752 thousand at the end of 2023, reflecting a decrease of 19.0%[4]. - The company incurred financing costs of RMB 70,737,000 for the six months ending June 30, 2024, compared to RMB 65,590,000 for the same period in 2023, indicating an increase of about 7.3%[17]. - The company’s financing cost as a percentage of total borrowings was capitalized at an annual rate between 5.46% and 6.25% as of June 30, 2023[17]. - The company has confirmed its ability to continue as a going concern for the next twelve months based on projected cash flows and financing resources[6]. - The company has total capital commitments of approximately RMB 399.0 million as of June 30, 2024, compared to RMB 186.6 million as of December 31, 2023[77]. Revenue Segments - Revenue from the wastewater treatment and public utility segment was RMB 237,436,000 for the six months ended June 30, 2024, up from RMB 206,912,000 in the same period of 2023, reflecting a growth of 14.7%[10]. - Revenue from the sales of goods and related services increased significantly to RMB 190,229,000, compared to RMB 128,501,000 in the previous year, marking a rise of 48.1%[10]. - The total revenue for the six months ended June 30, 2024, was RMB 588,144,000, compared to RMB 489,694,000 in the same period of 2023, representing an overall increase of 20.1%[10]. - Revenue from leasing and facility services increased by approximately RMB 11.2 million or 5.1% to about RMB 230.0 million for the six months ended June 30, 2023[54]. - Revenue from wastewater treatment increased by approximately RMB 21.1 million or 19.3% to about RMB 130.7 million for the six months ended June 30, 2023[56]. - Revenue from sales of goods and related services increased by approximately RMB 58.5 million or 51.5% to about RMB 172.2 million for the six months ended June 30, 2023[59]. Operational Efficiency - The company continues to focus on expanding its market presence and enhancing operational efficiency through strategic initiatives[2]. - The company operates three reportable segments: leasing and facility management, wastewater treatment and public utilities, and sales of goods and related services[9]. - The company’s wastewater treatment and utility services are affected by seasonal factors, with lower demand typically observed during long holidays such as the Lunar New Year and National Day[15]. - The average daily wastewater treatment capacity utilization rates for the group's facilities were 74.0% in Guangdong, 31.6% in Tianjin, 25.0% in Huizhou, 2.4% in Binhai, and 11.0% in Central China, with an overall average of 38.1%[44]. Employee and Operational Costs - Employee costs, including director remuneration, rose to RMB 78,053,000 for the six months ending June 30, 2024, from RMB 67,634,000 in the same period of 2023, representing an increase of approximately 15.4%[18]. - The total cost of goods sold for the six months ended June 30, 2024, was RMB 221,802,000, up from RMB 168,042,000 in 2023, representing a year-over-year increase of about 32%[19]. - Depreciation and amortization increased by approximately RMB 19.9 million or 15.6% to about RMB 147.3 million for the six months ended June 30, 2023[61]. - Other expenses rose by approximately RMB 13.7 million or 22.3% to about RMB 75.2 million for the six months ended June 30, 2023, mainly due to higher professional consulting service fees and increased taxes and additional fees from revenue growth[65]. Strategic Initiatives and Future Outlook - The group aims to focus on environmental protection-related businesses and actively explore hazardous solid waste management to achieve green, low-carbon, and circular development[48]. - The group has applied to the relevant government departments to increase the maximum wastewater treatment capacity in the Huizhou area from 10,000 tons per day to 15,000 tons per day, which is currently under review[50]. - The group has acquired land use rights for several plots in Taixing City, Jiangsu Province, to further develop factories in the East China area, which will add approximately 340,000 square meters of rental factory space upon completion[49]. - The company has increased its full-time employees to 985 as of June 30, 2024, up from 867 a year earlier, reflecting a growth of approximately 13.6%[86].
金茂源环保(06805) - 2024 - 中期业绩