Financial Performance - Dongjiang Environmental Company reported unaudited interim results for the six months ended June 30, 2024[1]. - Total operating revenue for the first half of 2024 was approximately $1.55 billion, a decrease of 22.5% compared to $2.01 billion in the same period of 2023[21]. - The net loss for the first half of 2024 was approximately $319.31 million, compared to a net loss of $254.09 million in the first half of 2023, representing a 25.7% increase in losses[23]. - The total comprehensive loss for the first half of 2024 was approximately -$319.33 million, compared to -$254.12 million in the first half of 2023[26]. - The company reported a basic loss attributable to ordinary equity shareholders of approximately RMB 257.36 million for the period, compared to a loss of RMB 198.92 million for the six months ended June 30, 2023[67]. - The company reported a total comprehensive income of -198,959,599.96 for the period, indicating a significant loss compared to the previous period[40]. - The company achieved a positive operating cash flow of approximately RMB 154 million, reversing from negative cash flow year-on-year[77]. Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 11,713,938,485.21, a decrease from RMB 12,161,497,644.55 at the beginning of the period, reflecting a decline of approximately 3.7%[12]. - Total liabilities were RMB 6,989,544,095.46, down from RMB 7,119,601,250.60, showing a reduction of around 1.8%[14]. - Current liabilities increased to RMB 4,159,596,583.52 from RMB 3,276,071,946.74, marking an increase of approximately 27%[13]. - The company's net current assets as of June 30, 2024, were negative at RMB -680.42 million, a decline from positive net current assets of RMB 384.89 million as of December 31, 2023[72]. - The total liabilities as of June 30, 2024, were RMB 4,159.60 million, compared to RMB 3,276.07 million as of December 31, 2023, indicating a significant increase in liabilities[72]. Revenue Breakdown - The revenue from industrial waste resource utilization was RMB 564,376,350.26, an increase of 9.5% from RMB 515,553,048.07 in the previous year[48]. - The revenue from precious metal recovery was RMB 396,750,877.20, a significant decrease of 53.0% compared to RMB 843,855,229.41 in the same period last year[48]. - The revenue from municipal waste treatment was RMB 61,648,664.38, down 26.0% from RMB 83,303,128.54 in the previous year[48]. - The revenue from environmental engineering and services increased to RMB 50,003,630.90, up 22.5% from RMB 40,919,720.05 in the previous year[48]. - The revenue from electronic waste dismantling was RMB 54,742,150.14, a decrease of 9.0% compared to RMB 60,256,200.01 in the previous year[48]. Shareholder Information - The major shareholder of the company is Baowu Group Environmental Resource Technology Co., Ltd.[5]. - Major shareholder Guangsheng Holdings Group holds 29.42% of A-shares and 12.58% of H-shares, representing significant ownership stakes[101]. - The board of directors does not recommend the payment of any interim dividend for the six months ended June 30, 2024, consistent with the previous year[109]. Corporate Governance - The company emphasizes compliance with the Hong Kong Stock Exchange listing rules in its announcements[1]. - The audit and risk management committee has reviewed the interim results and financial statements for the six months ended June 30, 2024, but the financial statements have not been reviewed by the company's auditor[107]. - The company has complied with all applicable provisions of the corporate governance code during the reporting period, with minor deviations noted[110]. Strategic Focus - The company has a strategic focus on environmental services and resource recycling[3]. - The company plans to focus on market expansion and new product development in the upcoming quarters[11]. - The company is focusing on high-end product development and has launched its first batch of fireworks-grade copper oxide products during the reporting period[79]. - The company is focusing on expanding its market presence and enhancing its service offerings, although specific new products or technologies were not detailed in the report[52]. Taxation and Financial Management - The effective corporate income tax rates for the company varied, with the main entity at 15%, while others ranged from 15% to 25% depending on the subsidiary[58]. - The company benefits from various tax incentives, including a 100% VAT refund on income from biogas generated from waste fermentation and a 70% VAT refund on waste treatment services[65]. - The current income tax expense for the first half of 2024 was approximately 4.76 million, compared to a negative income tax expense of 1.73 million in the same period of 2023, showing a significant turnaround[56]. Research and Development - Research and development expenses increased slightly to approximately $65.04 million, compared to $63.74 million in the same period of 2023[21]. - The company filed for 25 new patents during the reporting period, bringing the total to 688 authorized patents[80].
东江环保(00895) - 2024 - 中期业绩