Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 3,741.54 million, an increase of 16% compared to RMB 3,225.68 million in the same period of 2023[3]. - The net profit attributable to the company's owners increased by 55% to RMB 331.03 million, compared to RMB 213.82 million in the same period of 2023[3]. - Basic earnings per share for the period were RMB 33.5 cents, compared to RMB 21.7 cents in the same period of 2023[3]. - Gross profit for the six months was RMB 1,327.73 million, compared to RMB 1,176.73 million in the same period of 2023[5]. - Total comprehensive income for the period was RMB 428.996 million, compared to RMB 334.192 million in the same period of 2023[6]. - The adjusted profit before tax for the group was RMB 560,615,000 for the six months ended June 30, 2024, compared to RMB 371,972,000 for the same period in 2023, indicating a significant increase of about 50.7%[13][14]. - The gross profit margin for the six months ended June 30, 2024, was impacted by an increase in cost of sales, which rose to RMB 2,362,706 thousand from RMB 1,962,497 thousand in the previous year, indicating a cost increase of approximately 20.3%[21]. - Operating profit before financing costs and taxes increased by 43% to RMB 623.31 million, compared to RMB 434.39 million in the same period of 2023[65]. - Profit attributable to equity holders increased by 55% to RMB 331.03 million, up from RMB 213.82 million in the same period of 2023[65]. Revenue Breakdown - AMI business revenue rose to RMB 1,451.12 million, up 28% from the same period last year[3]. - The revenue from the Electric Smart Metering Solutions segment was RMB 1,451,123,000, up from RMB 1,133,613,000 in the previous year, reflecting a growth of approximately 28%[13][14]. - The Communication and Fluid Smart Metering Solutions segment generated revenue of RMB 1,151,120,000, compared to RMB 979,546,000 in the prior year, marking an increase of around 17.5%[13][14]. - The Smart Distribution System and Solutions segment reported revenue of RMB 1,139,294,000, which is a slight decrease from RMB 1,112,523,000 in the previous year, showing a marginal growth of about 2.4%[13][14]. - The electric AMI business generated revenue of RMB 1,451.12 million, a 28% increase from RMB 1,133.61 million in the first half of 2023, accounting for 39% of total group revenue[36]. - The communication and fluid AMI business recorded a revenue of RMB 1,151.12 million, an 18% increase year-on-year, accounting for 31% of the group's total revenue[41]. - ADO business recorded revenue of RMB 1,139.29 million, a 2% increase year-on-year, accounting for 30% of the group's total revenue[46]. Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 3,715.63 million, compared to RMB 3,390.62 million as of December 31, 2023[7]. - Current assets totaled RMB 6,166.81 million, compared to RMB 6,227.71 million as of December 31, 2023[8]. - The company's total equity as of June 30, 2024, was RMB 6,851.87 million, compared to RMB 6,776.62 million as of December 31, 2023[8]. - Accounts receivable increased to 5,242,873,000 RMB as of June 30, 2024, from 4,644,367,000 RMB as of December 31, 2023, representing an increase of approximately 12.9%[25]. - Accounts payable increased to 2,848,150,000 RMB as of June 30, 2024, from 2,354,548,000 RMB as of December 31, 2023, marking a growth of 20.9%[29]. - As of June 30, 2024, total bank borrowings amounted to RMB 2,970.55 million, with a debt ratio increasing from 18% to 21%[66]. - The group has no significant contingent liabilities as of June 30, 2024[69]. Market and Growth Strategies - The company continues to focus on expanding its product offerings in smart metering solutions and enhancing operational efficiency across its segments[12]. - The company is committed to ongoing research and development in new technologies to support market expansion and improve service delivery[12]. - The group aims to enhance its market share in the overseas market by becoming a major supplier of electric meters in target countries, focusing on energy measurement and efficiency management solutions[40]. - The group plans to continue investing in R&D and market expansion strategies to enhance its competitive position in the smart metering and energy management sectors[20]. - The group is focusing on developing energy measurement and efficiency management solutions based on microgrid scenarios, targeting high-energy-consuming industries and communication operators[40]. - The group anticipates continued stable growth in the power grid market, driven by centralized procurement demands from national and local power companies[40]. Research and Development - Research and development expenses for the period were RMB 296,723 thousand, up from RMB 274,769 thousand in the previous year, reflecting a growth of about 7.9%[21]. - The group is committed to enhancing its R&D capabilities, with a focus on digital grid transformation and smart city development[56]. - The group achieved international leading level in power carbon emission measurement technology through collaboration on a key national R&D project[57]. - The group launched multiple high-end metering products, including E-level high-accuracy dynamic metering energy meters in cooperation with the State Grid[57]. Governance and Compliance - The audit committee is responsible for independent assessments of the group's financial reporting processes, internal controls, and risk management systems[72]. - The interim results for the six months ending June 30, 2024, have been reviewed by the auditors, Ernst & Young[72]. - The board of directors consists of both executive and independent non-executive directors, ensuring a balanced governance structure[73]. - The chairman of the board is Ji Wei, who is responsible for overseeing the company's strategic direction[73].
威胜控股(03393) - 2024 - 中期业绩