Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 117,764 thousand, representing a 10.3% increase from RMB 106,783 thousand in the same period of 2023[2] - Gross profit decreased to RMB 23,012 thousand, down 23.3% from RMB 30,022 thousand year-over-year, resulting in a gross margin of 19.5%, a decline of 8.6 percentage points[2] - Net profit attributable to owners of the company was RMB 7,278 thousand, a decrease of 47.1% compared to RMB 13,771 thousand in the previous year, with a net profit margin of 6.2%, down 6.7 percentage points[2] - The total comprehensive income for the period was RMB 7,355 thousand, compared to RMB 14,841 thousand in the same period of 2023[5] - Basic and diluted earnings per share for the six months ended June 30, 2024, were both RMB 1.1, down 47.6% from RMB 2.1 in the same period of 2023[6] - The total profit before tax for the six months ended June 30, 2024, was RMB 9,618,000, down from RMB 12,335,000 in 2023, representing a decrease of approximately 22.1%[15] - For the six months ended June 30, 2024, the company's profit attributable to ordinary equity holders was RMB 7,278,000, compared to RMB 13,771,000 for the same period in 2023, representing a decrease of approximately 47.3%[20] - The total tax expense for the six months ended June 30, 2024, was RMB 1,299,000, a decrease of approximately 49.7% from RMB 2,576,000 in the same period of 2023[17] - Income tax expenses decreased from approximately RMB 2.6 million in the first half of 2023 to approximately RMB 1.3 million in the first half of 2024, with effective tax rates of 15.2% and 15.3% respectively[47] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 644,605 thousand, reflecting a 4.1% increase from RMB 619,063 thousand as of December 31, 2023[3] - Total liabilities increased by 7.1% to RMB 296,496 thousand from RMB 276,864 thousand year-over-year[3] - Cash and cash equivalents decreased by 22.1% to RMB 32,859 thousand from RMB 42,169 thousand year-over-year[3] - Current assets totaled RMB 439,014,000, up from RMB 417,863,000 in the previous year, indicating a year-over-year increase of about 5.0%[8] - The total current liabilities reached RMB 278,572,000, compared to RMB 259,961,000 as of December 31, 2023, reflecting an increase of approximately 7.1%[8] - The net asset value as of June 30, 2024, was RMB 348,109,000, which is an increase from RMB 342,199,000 as of December 31, 2023, showing a growth of about 1.1%[8] - The company reported a total equity of RMB 348,109,000, up from RMB 342,199,000, indicating a growth of approximately 1.7%[8] - As of June 30, 2024, total current assets were approximately RMB 439.0 million, an increase from RMB 417.9 million as of December 31, 2023, with a current ratio of approximately 1.6[50] Revenue Sources - Revenue from automotive molds was RMB 91,189,000 for the six months ended June 30, 2024, up from RMB 78,298,000 in the same period of 2023, reflecting a growth of about 16.5%[13] - The company reported a significant increase in overseas revenue, which rose to RMB 20,223,000 in the first half of 2024 from RMB 3,385,000 in 2023, showing a growth of over 497%[14] - Sales of automotive molds generated revenue of approximately RMB 91.2 million, an increase of about RMB 12.9 million or 16.5% compared to approximately RMB 78.3 million in the same period last year[39] - The sales of electrical molds remained stable, generating revenue of approximately RMB 19.3 million, compared to approximately RMB 19.1 million in the first half of 2023[39] Costs and Expenses - The cost of raw materials consumed increased to RMB 38,507,000 in the first half of 2024 from RMB 34,069,000 in 2023, indicating a rise of approximately 12.5%[15] - The direct labor cost for the first half of 2024 was RMB 14,660,000, compared to RMB 12,191,000 in 2023, marking an increase of around 20.3%[15] - The group's sales cost for the first half of 2024 was approximately RMB 94.8 million, an increase of about RMB 18.0 million or 23.4% compared to approximately RMB 76.8 million in the first half of 2023[41] - General and administrative expenses for the first half of 2024 were approximately RMB 13.9 million, an increase of about RMB 2.4 million or 20.9% compared to RMB 11.5 million in the same period of 2023[45] - Financing costs increased from approximately RMB 0.3 million in the first half of 2023 to approximately RMB 0.5 million in the first half of 2024, primarily due to an increase in bank loan interest expenses[46] Operational Highlights - The company successfully established cooperation with several new customers in the first half of 2024, despite facing significant pressure from market competition[33] - The automotive industry in China saw a year-on-year increase in sales volume of 4.9% and production volume of 6.1% in the first half of 2024, with new energy vehicles' market share rising to 35.2%[33] - The company faced increased operational pressures due to a decrease in revenue from a major customer, which had a higher gross margin compared to other automotive mold customers[34] - The company anticipates that the automotive industry will benefit from favorable policies such as vehicle replacement and new energy vehicle promotions in the second half of 2024[35] - The company noted that the overall competition in the automotive and automotive mold markets has intensified significantly, leading to increased operational pressures[33] - The company has increased its general and administrative expenses due to rising R&D costs, consulting fees, and impairment provisions for trade receivables[34] Investments and Future Plans - The group plans to complete the construction of a new factory in Kunshan, Jiangsu Province by the end of 2023, with renovations expected to be completed in the first half of 2024, aimed at improving production efficiency and reducing costs[36] - The group aims to expand its domestic and overseas markets while closely monitoring changes in the global political and economic environment[36] - The group will continue to explore new business opportunities and enhance its competitive advantage through effective production line planning and operational improvements[36] - The company plans to transfer assets valued at approximately RMB 15,059,000 to the Zhangpu Town Construction Bureau, with the transfer expected to be completed by November 2024[23] Corporate Governance - The company adheres to high corporate governance standards to protect shareholder interests and enhance corporate value[69] - The company has adhered to all corporate governance code provisions except for the separation of the roles of Chairman and CEO, which are currently held by the same individual, Mr. Lin Wan Yi[70] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the first half of 2024 and has no objections to the accounting treatment adopted by the company[72] - The company did not recommend the payment of an interim dividend for the first half of 2024, similar to the first half of 2023, where no dividend was paid[75]
勋龙(01930) - 2024 - 中期业绩