Financial Performance - The group's revenue for the six months ended June 30, 2024, reached $118,510 thousand, a decrease of 0.4% compared to the same period last year[1]. - Gross profit for the group was $37,107 thousand, an increase of 13.5% year-on-year[1]. - Profit before tax amounted to $10,329 thousand, significantly up from $2,306 thousand in the same period last year[1]. - Profit attributable to owners of the company was $7,660 thousand, compared to $1,034 thousand in the previous year[1]. - Basic earnings per share for the period was 1.51 cents, up from 0.24 cents in the same period last year[1]. - Other income for the six months ended June 30, 2024, totaled $3.54 million, up from $3.28 million in the previous year[18]. - The company reported a pre-tax profit of $10.33 million for the six months ended June 30, 2024, compared to $2.31 million in the same period of 2023[13][14]. - The company recognized a total of $1.66 million in tax expenses for the six months ended June 30, 2024, compared to $0.92 million in the same period of 2023[17]. - The company’s financial expenses for the reporting period were $0.39 million, reflecting a decrease from the previous year[14]. - The company reported a profit attributable to shareholders of $7,660 thousand for the six months ended June 30, 2024, compared to $1,034 thousand for the same period in 2023, representing a significant increase[22]. - Net profit for the period, including non-controlling interests, was $8,854 thousand, while profit attributable to the owners of the company was $7,660 thousand[59]. Assets and Liabilities - Total assets less current liabilities as of June 30, 2024, were $509,620 thousand, slightly down from $512,925 thousand at the end of 2023[4]. - Cash and cash equivalents increased to $118,817 thousand from $108,273 thousand at the end of 2023[4]. - Non-current assets totaled $349,089 thousand, a slight decrease from $350,596 thousand at the end of 2023[4]. - The net asset value as of June 30, 2024, was $499,190 thousand, down from $502,601 thousand at the end of 2023[5]. - Current assets totaled $231,303 thousand, while current liabilities were $70,772 thousand, resulting in net current assets of $160,531 thousand[63]. - The liquidity ratio improved to 3.27 from 3.05 year-on-year, indicating sufficient working capital to meet current and future funding needs[64]. Sales and Market Performance - The international Raishi brand generated $16.81 million in sales, while domestic non-Raishi brand sales amounted to $5.06 million, and international non-Raishi brand sales reached $96.64 million[11][12]. - The overall segment performance showed a profit of $37.11 million for the six months ended June 30, 2024, compared to $32.69 million for the same period in 2023, indicating a year-over-year increase[13][15]. - The company’s performance in the international non-Raishi brand segment showed a profit of $29.07 million for the six months ended June 30, 2024, compared to $20.59 million in the same period of 2023[13][15]. - The company’s total sales to external customers in the international market were $96.64 million, representing a significant portion of the overall revenue[11][12]. - Sales revenue from China decreased by 24.1% to $5,063 thousand, while international sales increased by 1.0%[51]. Cost Management - Total employee costs decreased to $19,027 thousand in the first half of 2024 from $22,859 thousand in the same period of 2023, reflecting a reduction of approximately 16%[21]. - The company recognized a total depreciation and amortization expense of $6,363 thousand for the six months ended June 30, 2024, down from $8,807 thousand in the same period of 2023, indicating a decrease of about 28%[21]. - The cost of inventory recognized as an expense was $81,984 thousand for the six months ended June 30, 2024, compared to $86,855 thousand for the same period in 2023, reflecting a decrease of approximately 6%[21]. - The cost of sales decreased from 72.5% to 68.7% of revenue, resulting in a gross margin increase from 27.5% to 31.3%[52]. - The group is implementing cost control measures in procurement, including local sourcing in Vietnam to reduce logistics costs[48]. Strategic Initiatives - The company has implemented cost-reduction strategies, including local procurement in Vietnam and enhancing in-house production capabilities to lower logistics and packaging costs[32]. - The company plans to launch over 100 new lighting products in 2024, focusing on platformization, modularization, and standardization to enhance manufacturing competitiveness[40]. - The company is focusing on contractor/project markets rather than just wholesale buyers to alleviate pricing pressure from soft overall demand[37]. - The company aims to strengthen its brand presence in international markets, particularly in the Middle East and Southeast Asia, while optimizing its management structure[41]. - The company has introduced a series of new products in the Japanese market to boost sales performance amid declining demand[35]. Market Outlook - In the first half of 2024, the global economic growth is projected at 3.2%, indicating a stable but slow recovery amid challenges such as high interest rates and geopolitical tensions[32]. - The company expects market demand to increase in the second half of 2024, with a series of new products set to launch in September to boost sales[43]. - The company anticipates a recovery in market demand in the second half of 2024, driven by government measures to alleviate household spending pressures in Japan[42]. - The Japanese market's GDP growth rate for the first half of 2024 is only 0.9%, with LED lighting product demand down to 90% of 2023 levels[35]. - The UK and European markets continue to experience demand slowdown due to significant interest rate hikes in 2023, impacting the residential real estate sector[36]. Corporate Governance - The company operates under the regulations of the Hong Kong Stock Exchange and adheres to the Corporate Governance Code[93]. - The audit committee has reviewed and discussed the interim performance during the review period[87]. - The company has established a Compensation Committee to review the remuneration of individual executive directors and senior management, ensuring transparency in the compensation policy[88]. - The Nomination Committee is responsible for reviewing the board structure and developing procedures for the nomination and appointment of directors[89]. - The Strategic and Planning Committee advises on the company's strategic development plans for board consideration[90]. Employee and Community Engagement - The total number of employees increased to approximately 2,041 as of June 30, 2024, up from 1,967 as of December 31, 2023, reflecting a growth of about 3.8%[83]. - The company expresses gratitude to management and employees for their contributions during the review period[95].
雷士国际(新)(02222) - 2024 - 中期业绩