Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 49,241 thousand, a decrease of 60.3% compared to RMB 123,806 thousand for the same period in 2023[2] - The gross profit for the same period was RMB 43 thousand, significantly down from RMB 9,608 thousand in 2023, indicating a drastic decline in profitability[2] - Operating loss for the six months was RMB 14,988 thousand, compared to a loss of RMB 3,715 thousand in the previous year, reflecting a worsening operational performance[2] - The net loss for the period was RMB 15,070 thousand, which is a 174.5% increase from the net loss of RMB 5,467 thousand in 2023[2] - Basic and diluted loss per share for the period was RMB 0.053, compared to RMB 0.018 in the same period last year[2] - The company reported a total comprehensive loss of RMB 15,088 thousand for the period, compared to RMB 5,478 thousand in 2023, indicating a significant increase in overall losses[3] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 464,596 thousand, down from RMB 518,339 thousand as of December 31, 2023, indicating a decrease of 10.4%[4] - Current liabilities increased to RMB 208,326 thousand from RMB 244,078 thousand, a decrease of 14.6%[4] - The company's cash and cash equivalents decreased to RMB 36,701 thousand from RMB 55,824 thousand, a decline of 34.3%[4] - Non-current assets decreased to RMB 137,936 thousand from RMB 141,226 thousand, a decline of 2.0%[4] - Trade receivables and notes receivable, net of loss provisions, amounted to RMB 140,998,000 as of June 30, 2024, compared to RMB 212,660,000 as of December 31, 2023[28] - Trade payables decreased to RMB 59,357 million as of June 30, 2024, from RMB 77,581 million as of December 31, 2023, a reduction of approximately 23.4%[39] - Other payables decreased to RMB 41,103 million as of June 30, 2024, down from RMB 46,322 million as of December 31, 2023, reflecting a decline of about 11.5%[41] Revenue Breakdown - The revenue from the sales of pitch control systems and related components was RMB 19,921 thousand, down 80.7% from RMB 103,021 thousand year-over-year[10] - The energy storage business saw significant growth, with revenue increasing to RMB 14,297 thousand from RMB 551 thousand, representing a growth of 2,493.1%[10] - Total revenue for the first half of 2024 was approximately RMB 49.24 million, a decrease of 60% compared to RMB 124 million in the first half of 2023, primarily due to a reduction in sales orders for the pitch control system[55] - Revenue from the pitch control system business in the first half of 2024 was approximately RMB 19.92 million, a decrease of about RMB 83 million or approximately 81% compared to the same period in 2023[56] - The company reported a gross profit of approximately RMB 0 million for the first half of 2024, a decrease of approximately 100% from RMB 10 million in the first half of 2023, resulting in a gross margin of 0%[59] - The energy storage business generated revenue of approximately RMB 14.3 million in the first half of 2024, significantly up from RMB 0.55 million in the same period of 2023[55] Expenses and Costs - The cost of inventory recognized as an expense for the six months ended June 30, 2024, was RMB 44,917,000, down from RMB 108,166,000 in 2023[22] - Sales and distribution expenses increased to approximately RMB 4 million in the first half of 2024 from RMB 3 million in the same period of 2023, primarily due to increased promotional costs for the energy storage business[61] - The group incurred capital expenditures of approximately RMB 3 million in the first half of 2024, a decrease of about RMB 17 million from RMB 20 million in the first half of 2023[69] Financing and Cash Flow - The net financing cost for the six months ended June 30, 2024, was RMB 1,714,000, compared to RMB 1,277,000 for the same period in 2023[21] - As of June 30, 2024, cash and cash equivalents in mainland China amounted to RMB 28,666 million, a decrease from RMB 44,573 million as of December 31, 2023, reflecting a decline of approximately 35.7%[33] - Pledged deposits for notes payable were RMB 10,674 million as of June 30, 2024, down from RMB 20,097 million as of December 31, 2023, representing a decrease of about 46.9%[34] - Total bank loans and other borrowings increased to RMB 93,606 million as of June 30, 2024, compared to RMB 68,561 million as of December 31, 2023, marking an increase of approximately 36.5%[35] - As of June 30, 2024, the group had bank and other borrowings of approximately RMB 94 million, an increase of about RMB 25 million from RMB 69 million as of December 31, 2023[67] Strategic Focus and Market Position - The company has maintained deep cooperation with high-quality customers, expanding its market share in pitch control systems, now covering five of the top ten wind turbine manufacturers in China[48] - The company plans to strengthen its energy storage team and enhance research and development of energy storage products and systems, aiming to make energy storage a core business[53] - The company is focused on maintaining its market share in the pitch control system and stabilizing its mature wind power generation and operation and maintenance business[54] - The group faces risks related to policy uncertainty that could adversely affect demand in the wind power and energy storage sectors[72] Employee and Corporate Governance - The group employed 174 staff as of June 30, 2024, an increase from 151 employees as of December 31, 2023[71] - The board does not recommend the distribution of an interim dividend for the six months ended June 30, 2024[79] - The group has no significant contingent liabilities as of June 30, 2024[69] - The group has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2024[75] - The company has not declared or paid any dividends for the six months ended June 30, 2024[42] Accounting and Compliance - The company did not adopt any new accounting standards or interpretations that would significantly impact the financial statements for the current accounting period[3] - The group has not entered into any forward foreign exchange contracts to hedge foreign exchange risks as of June 30, 2024[74]
纳泉能源科技(01597) - 2024 - 中期业绩