Financial Performance - Revenue decreased by approximately RMB 91.5 million or about 7.3% to approximately RMB 1,159 million for the six months ended June 30, 2024[1]. - Gross profit margin declined by approximately 0.3 percentage points to about 12.3%[1]. - Profit for the period increased by approximately RMB 6.4 million or about 18.5% to approximately RMB 40.9 million compared to RMB 34.5 million in the first half of 2023[1]. - Net profit margin increased from approximately 2.8% to approximately 3.5%[1]. - Earnings per share rose from RMB 1.93 to RMB 2.28[1]. - The group reported total revenue of RMB 1,159,039 thousand for the six months ended June 30, 2024, compared to RMB 1,250,560 thousand for the same period in 2023, indicating a decrease of approximately 7.3%[10]. - The gross profit for the group was RMB 142,219 thousand for the six months ended June 30, 2024, down from RMB 157,394 thousand in the same period of 2023, reflecting a decline of about 9.6%[11]. - The group’s net profit for the six months ended June 30, 2024, was RMB 40,876 thousand, compared to RMB 34,489 thousand for the same period in 2023, representing an increase of approximately 18.5%[12]. - Profit before tax for the six months ended June 30, 2024, was RMB 1,013,872,000, compared to RMB 1,088,420,000 for the same period in 2023, reflecting a decrease of 6.9%[16]. - Tax expenses for the six months ended June 30, 2024, amounted to RMB 9,862,000, an increase of 9.5% from RMB 9,007,000 in the same period of 2023[17]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 3,586.3 million as of June 30, 2024, compared to RMB 3,543.9 million as of December 31, 2023[3]. - Current assets net value increased to RMB 3,213.8 million from RMB 3,163.8 million[3]. - Trade receivables net amount as of June 30, 2024, was RMB 4,104,472,000, slightly up from RMB 4,097,807,000 as of December 31, 2023[20]. - Trade payables aged 0 to 90 days as of June 30, 2024, were RMB 130,722,000, significantly higher than RMB 61,768,000 as of December 31, 2023[22]. - The net debt of the group as of June 30, 2024, was approximately RMB 1,642,100,000, which includes bank borrowings of approximately RMB 1,202,000,000[54]. - The capital-to-debt ratio decreased from approximately 27.4% as of December 31, 2023, to approximately 25.4% as of June 30, 2024[55]. - The group has no significant contingent liabilities as of June 30, 2024[57]. Dividends and Shareholder Information - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2024[1]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[18]. - The company’s deferred tax liabilities related to undistributed profits were calculated at a 10% withholding tax rate for the expected dividend flow[18]. - The board did not recommend the distribution of an interim dividend for the six months ended June 30, 2024[59]. - The interim results were published on the Hong Kong Stock Exchange and the company's website, covering the six months ending June 30, 2024[65]. - The company will send the interim report to shareholders as required, containing all information mandated by listing rules[65]. Research and Development - Research and development costs rose to RMB 28.98 million from RMB 23.71 million[2]. - The group’s research and development costs for the six months ended June 30, 2024, amounted to RMB 28,977 thousand, compared to RMB 23,713 thousand for the same period in 2023, indicating an increase of about 22.5%[11]. - Research and development costs rose by approximately RMB 5.3 million or 22.2% to about RMB 29 million, influenced by the progress of research projects[50]. - The company is focusing on expanding its 5G millimeter-wave products, anticipating significant contributions to business growth[39]. Market and Industry Trends - The group is focusing on the development of 5G small base station solutions to capture market opportunities as demand increases[26]. - The government is promoting the evolution of 5G networks towards 5G-Advanced (5G-A), which will enhance network performance and create new business opportunities[25]. - The optical fiber and cable industry is anticipated to undergo transformation and upgrades, with the market size expected to reach RMB 27.27 billion by 2026 according to Yidu data[36]. - 5G-A commercial launch is underway, with plans for deployment in 300 cities by the end of 2024, marking a significant upgrade before the formal commercialization of 6G technology[37]. Customer and Revenue Breakdown - The group’s operating segments include feeder series, flame-retardant soft cable series, optical cable series, new electronic components, and others, with the feeder series generating the highest revenue of RMB 542,802 thousand for the six months ended June 30, 2024[11]. - Major customers include China Mobile, China Unicom, and China Telecom, contributing approximately 52.7%, 21.2%, and 16.4% to total revenue respectively[31]. - The flame-retardant soft cable series accounted for approximately 39.9% of total revenue, with a year-on-year decline of about 1.8% to approximately RMB 462.3 million, and a gross margin decrease of about 0.9 percentage points to approximately 9.9%[29]. - The optical cable series and related products saw a year-on-year revenue increase of approximately 1.3% to about RMB 84.7 million, with sales volume rising by approximately 229,000 core kilometers to about 1,574,000 core kilometers, and a gross margin increase of about 1.2 percentage points to approximately 14.7%[30]. Operational Efficiency - The group’s sales cost for the six months ended June 30, 2024, was RMB 1,016,820 thousand, compared to RMB 1,093,166 thousand for the same period in 2023, showing a decrease of approximately 7.0%[12]. - The cost of goods sold also declined by approximately RMB 76.3 million or 7.0% to about RMB 1,016.8 million in the first half of 2024[42]. - The group reported a decrease in inventory provision from RMB 1,908,000 in 2023 to RMB 808,000 in 2024, indicating improved inventory management[16]. - Impairment losses on trade receivables decreased by approximately RMB 16.3 million or 68.5% to about RMB 7.5 million in the first half of 2024[46]. Future Outlook - The group expects the application of the revised Hong Kong Accounting Standards to impact the disclosures related to liabilities and cash flows from supplier financing arrangements in the consolidated financial statements for the year ending December 31, 2024[9]. - The group’s liquidity risk disclosures will be enhanced due to the revised accounting standards, which require more detailed information on supplier financing arrangements[9]. - The company plans to enhance its global presence by actively developing overseas markets, particularly in Japan and Malaysia[40]. - The global economic activity is expected to continue a moderate recovery, with the IMF predicting a 3.2% growth rate for 2024, and China's economic growth forecast raised to 5.0%[36].
俊知集团(01300) - 2024 - 中期业绩