Financial Performance - Total revenue for the six months ended June 30, 2024, was approximately RMB 617.0 million, a decrease of about 3.7% compared to the same period last year[1]. - Net profit for the same period was approximately RMB 68.6 million, down approximately 19.3% year-on-year[1]. - Profit attributable to the owners of the parent company was approximately RMB 63.3 million, a decrease of about 20.1% compared to the previous year[1]. - Basic earnings per share for the period were approximately RMB 0.07, down about 22.2% year-on-year[1]. - The board of directors did not recommend the distribution of an interim dividend for the six months ended June 30, 2024[1]. - Operating profit for the period was RMB 88.7 million, down from RMB 101.8 million in the previous year[2]. - The company achieved operating revenue of RMB 617.0 million, a decrease of 3.7% compared to RMB 640.5 million in the same period of 2023, primarily due to reduced engineering installation income impacted by the real estate market[33]. - Net profit for the six months ended June 30, 2024, was RMB 68,597 thousand, down 19.3% from RMB 84,990 thousand in the same period of 2023[10]. - The net profit attributable to the owners of the parent company for the six months ending June 30, 2024, was RMB 63,289,000, compared to RMB 79,193,000 for the same period in 2023, representing a decrease of approximately 20.1%[22]. - The earnings per share for the six months ending June 30, 2024, was RMB 0.07, down from RMB 0.09 in the same period of 2023, indicating a decline of 22.2%[22]. - The company’s gross profit decreased by 11.2% to RMB 193.7 million, with a gross margin decline from 34.1% to 31.4% due to lower margins in engineering installation and wastewater treatment[41]. - Net profit decreased to RMB 68.6 million, down 19.3% from RMB 85.0 million in the same period of 2023, with a net profit margin decline from 13.3% to 11.1%[50]. Revenue Breakdown - Water supply business revenue increased to RMB 188,391 thousand from RMB 184,886 thousand, representing a growth of 2.7%[10]. - Wastewater treatment revenue rose to RMB 323,894 thousand, up 17.8% from RMB 274,923 thousand in the previous year[10]. - The engineering business revenue decreased to RMB 95,447 thousand from RMB 155,182 thousand, a decline of 38.6%[10]. - Water sales revenue increased by 1.9% to RMB 188.4 million, up from RMB 184.9 million in the same period of 2023, accounting for 30.5% of total revenue[34]. - The revenue from wastewater treatment operations increased by 17.8% to RMB 323.9 million, up from RMB 274.9 million in the same period of 2023, accounting for 52.5% of total revenue[36]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 7,052.4 million, slightly down from RMB 7,054.8 million as of December 31, 2023[5]. - Total liabilities as of June 30, 2024, were RMB 4,023.2 million, compared to RMB 4,042.2 million as of December 31, 2023[5]. - Total equity attributable to shareholders of the parent company was RMB 2,817.4 million as of June 30, 2024, compared to RMB 2,798.5 million at the end of the previous year[5]. - Total assets as of June 30, 2024, were RMB 7,052,403 thousand, slightly up from RMB 7,038,075 thousand as of December 31, 2023[12]. - Total liabilities decreased to RMB 4,023,233 thousand from RMB 4,036,902 thousand, a reduction of 0.3%[12]. - The total borrowings of the group at the end of the reporting period amounted to approximately RMB 2,984.9 million, compared to RMB 2,922.6 million at the end of 2023[65]. - The net debt-to-equity ratio at the end of the reporting period was 101.5%, slightly down from 102.3% at the end of 2023[65]. Expenses and Costs - Total operating costs for the six months ended June 30, 2024, were RMB 541.2 million, compared to RMB 549.7 million in the same period last year[2]. - Current income tax expense for the six months ended June 30, 2024, was RMB 24,401 thousand, an increase of 14.8% from RMB 21,293 thousand in 2023[15]. - Sales expenses decreased to RMB 10.7 million, down 16.4% from RMB 12.8 million in the same period of 2023, mainly due to reductions in employee compensation and labor insurance costs[46]. - Management expenses increased to RMB 47.1 million, up 3.5% from RMB 45.5 million in the same period of 2023, primarily due to increases in social security, maintenance, and depreciation expenses[47]. - Financial expenses decreased to RMB 43.5 million, down 18.2% from RMB 53.2 million in the same period of 2023, mainly due to reduced loan principal and lower interest expenses on existing debt[48]. Operational Highlights - The company processed a total of approximately 81.4 million tons of wastewater, representing a 12% increase from approximately 72.6 million tons in the same period of 2023[32]. - The average utilization rate of water supply plants was 68.39%, with a total water supply capacity of approximately 77.4 million tons[31]. - The company operates 12 water supply plants and 9 urban sewage treatment plants, with a total daily treatment capacity of approximately 141.5 million tons[30]. - The company aims to achieve a rural tap water coverage rate of 90.2% by the end of 2024, with a focus on integrated urban-rural water supply construction[28]. - The company plans to strengthen product and service capabilities, focusing on industrial wastewater treatment and smart water management systems in the second half of 2024[29]. Shareholder Information - The company declared a final dividend of RMB 42,985,500 or RMB 0.05 per share (tax included) for the year ending December 31, 2023[21]. - The group maintained a public float of at least 25% of its total issued share capital throughout the reporting period[78]. - The board did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[73]. Other Information - The company has a weighted average number of ordinary shares issued of 859,710,000 for both periods reported[26]. - The group did not have any significant acquisitions or disposals during the reporting period[67]. - The group confirmed a net foreign exchange loss of approximately RMB 5,984.14 during the reporting period, with no hedging against foreign currency exposure[69]. - The group did not hold any significant investments at the end of the reporting period[71]. - The audit committee reviewed the interim financial statements for the six months ended June 30, 2024, ensuring compliance with accounting policies and internal controls[79].
兴泸水务(02281) - 2024 - 中期业绩