Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 52,264,000, slightly down from RMB 52,289,000 in the same period of 2023[2] - Gross profit increased to RMB 13,460,000, compared to RMB 9,628,000 in the previous year, representing a growth of 39.1%[2] - The company reported a loss before tax of RMB 9,657,000, compared to a loss of RMB 9,782,000 in the same period last year, indicating a reduction in losses[2] - Basic loss per share improved to RMB 0.016 from RMB 0.020, indicating a reduction in loss per share[2] - The net loss for the period was approximately RMB 9.7 million, slightly improved from a net loss of RMB 9.8 million in the same period of 2023[34] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 422,564,000, up from RMB 371,125,000 at the end of 2023, reflecting a growth of 13.8%[3] - Total liabilities rose to RMB 264,229,000 from RMB 207,159,000, an increase of 27.5%[4] - The company’s net assets decreased to RMB 158,335,000 from RMB 163,966,000, a decline of 3.9%[4] - As of June 30, 2024, the net current assets were approximately RMB 113.4 million, down from RMB 122.1 million as of December 31, 2023[35] - The debt-to-asset ratio increased to 3.07% as of June 30, 2024, compared to 1.2% as of December 31, 2023, primarily due to increased bank borrowings[36] Inventory and Receivables - Inventory increased significantly to RMB 271,382,000 from RMB 220,199,000, marking a rise of 23.2%[3] - Trade receivables, net of impairment provisions, were RMB 15,298,000 as of June 30, 2024, compared to RMB 23,376,000 at the end of 2023, reflecting a decrease of about 34%[15] - Inventory costs recognized as expenses amounted to approximately RMB 38,804,000, down from RMB 42,661,000 in the previous year[14] Revenue Breakdown - Sales of flat denitration catalysts increased significantly to RMB 37,991,000 from RMB 7,195,000, representing a growth of approximately 426%[9] - Revenue from the sale of plate denitrification catalysts increased by 428% to approximately RMB 37.99 million, up from RMB 7.2 million in the same period of 2023[27] - Revenue from the sale of honeycomb denitrification catalysts decreased by 65.3% to approximately RMB 10.7 million, down from RMB 30.78 million in the same period of 2023[28] - The revenue from automotive denitration catalysts was approximately RMB 3.6 million, a decrease of 74.8% compared to RMB 14.3 million in the same period of 2023[29] Expenses - Research and development expenses were RMB 2,303,000, a slight increase from RMB 2,276,000 in the prior year[2] - Sales and marketing expenses increased by 20.4% to approximately RMB 11.8 million, representing 22.6% of total customer contract revenue for the six months ended June 30, 2024, compared to 18.7% in the same period of 2023[31] - Administrative expenses rose by 45.2% to approximately RMB 12.2 million, up from RMB 8.4 million in the same period of 2023, mainly due to increases in employee bonuses and professional fees[32] - Employee compensation for the period was RMB 15.7 million, an increase from RMB 11.9 million for the same period last year[48] Strategic Initiatives - The company plans to strengthen overseas sales efforts and has established an overseas branch with new technical and sales personnel[25] - The company is considering strategic adjustments for its vehicle catalyst division due to significant reliance on a single customer, which has led to order fluctuations[24] - The overall market for industrial plate and honeycomb catalysts is becoming increasingly competitive, prompting the company to optimize production processes and reduce costs[25] - The biomass power generation industry is expected to see growth opportunities in the next two to three years due to ultra-low emission requirements[21] Capital and Investments - The company invested approximately RMB 6.5 million in capital expenditures for purchasing properties, plants, and equipment during the period[43] - As of June 30, 2024, the company's capital commitment for investing in a joint venture was RMB 1.4 million, with an additional RMB 2.2 million for purchasing properties, plants, and equipment[44] - The company has approximately RMB 16.3 million remaining from the net proceeds of its listing, which is held in interest-bearing bank accounts[39] - The company plans to allocate RMB 171 million for various purposes, including R&D and market expansion, with specific allocations for developing diesel vehicle denitration catalysts and acquiring potential target companies[40] Governance and Dividends - The company did not declare or recommend any dividends for the six months ended June 30, 2024, similar to the previous year[14] - The company has complied with the corporate governance code, except for a deviation regarding the roles of the chairman and CEO[51]
迪诺斯环保(01452) - 2024 - 中期业绩