Financial Performance - For the six months ended June 30, 2024, the company reported operating revenue of approximately RMB 1.794 billion, a decrease of 0.12% compared to the same period last year[4]. - Net profit attributable to shareholders was approximately RMB 348.09 million, a decrease of about 22.52% year-on-year[4]. - The comprehensive gross profit margin was 56.49%, down by 10.61 percentage points year-on-year[4]. - The company achieved a revenue of approximately RMB 1.794 billion in the first half of 2024, which is essentially flat year-on-year[24]. - Net profit for the first half of 2024 was RMB 339,684,234.43, down from RMB 463,997,407.12 in the same period of 2023, reflecting a decline of approximately 26.8%[48]. - Operating revenue for the first half of 2024 was RMB 1,794,095,311.26, a slight decrease from RMB 1,796,229,282.46 in the previous year, showing a marginal decline of 0.1%[48]. - Total comprehensive income attributable to shareholders of the parent company for the first half of 2024 was RMB 348,298,848.81, compared to RMB 451,147,814.32 in the previous year, reflecting a decline of about 22.8%[49]. Assets and Liabilities - The company's total assets as of June 30, 2024, were approximately RMB 86.66 billion, an increase of about 3.03% from the beginning of the reporting period[5]. - The net assets attributable to shareholders were approximately RMB 55.99 billion, an increase of about 5.59% from the beginning of the reporting period[5]. - As of June 30, 2024, total current assets increased to RMB 5,806,256,554.81, up from RMB 5,551,115,336.70 as of December 31, 2023, representing a growth of approximately 4.6%[45]. - The company's inventory at the end of the reporting period was valued at approximately RMB 3,231.74 million, representing 52.83% of total current assets[35]. - The total liabilities decreased to RMB 2,425,161,836.52 from RMB 2,449,649,077.25, a reduction of 1.00%[43]. - The company's cash and cash equivalents decreased to RMB 813,008,807.03 from RMB 1,003,337,496.96, a decline of 18.99%[42]. Research and Development - Research and development expenses accounted for 33.31% of operating revenue, compared to 32.74% in the previous year[4]. - The company invested RMB 598 million in R&D during the reporting period, accounting for 33.31% of total revenue, indicating a strong commitment to innovation[18]. - The company has established a multi-level R&D system, accumulating rich industry experience and key technologies across various product lines, including security chips and non-volatile memory[18]. - The company is advancing the development of new generation FPGA and PSoC products based on 1xnm FinFET technology, targeting applications in computer vision and machine learning[12]. Sales and Revenue Breakdown - The sales revenue of the security and identification product line was approximately RMB 370 million, down from RMB 410 million in the previous year[9]. - The non-volatile memory product line achieved sales revenue of approximately RMB 599 million, up from RMB 588 million in the previous year[10]. - The smart meter MCU product line achieved sales revenue of approximately RMB 212 million in the reporting period, compared to RMB 113 million in 2023, reflecting a significant increase[11]. - The FPGA product line generated sales revenue of approximately RMB 553 million, slightly down from RMB 586 million in 2023[12]. - The company’s testing services, primarily through its subsidiary, generated revenue of approximately RMB 130 million, with consolidated revenue of about RMB 58 million after offsets[27]. Cash Flow and Financial Health - The company generated a net cash flow from operating activities of approximately RMB 127.12 million, turning positive from a negative cash flow in the previous year[5]. - The net cash flow from operating activities turned positive at RMB 12,712.92 million, a significant improvement from a negative RMB 109,043.92 million in the previous year[38]. - Total cash inflow from operating activities increased to RMB 1,662,628,490.28, compared to RMB 1,374,897,125.25 in the previous year, reflecting a growth of approximately 20.9%[51]. - Cash outflow for purchasing goods and services decreased to RMB 746,651,031.68 from RMB 1,769,894,205.02, indicating a reduction of about 57.8%[51]. Market and Competitive Position - The semiconductor industry showed signs of recovery, with integrated circuit product output increasing by 28.9% year-on-year[8]. - The company is actively expanding into international markets, with subsidiaries established in the US, Singapore, Hong Kong, and Taiwan to enhance its global influence[21]. - The company is focusing on new product development, including next-generation FPGA platforms and applications in the renewable energy sector[27]. Risk Management - The company faced risks related to high supplier concentration and fluctuations in raw material prices, which could directly impact profitability[32]. - The company assesses credit risk significantly increased if overdue days exceed 30 days, indicating a proactive approach to risk management[164]. - The company’s market risk exposure is primarily related to interest rate and foreign exchange fluctuations, with a focus on maintaining an appropriate mix of fixed and floating rate financial instruments[169]. Corporate Governance and Compliance - The financial statements are prepared in accordance with the accounting standards set by the Ministry of Finance, ensuring compliance and transparency[60]. - The company maintains a corporate income tax rate of 15%, which is favorable for its profitability outlook[65]. - The company obtained high-tech enterprise certification, allowing a reduced corporate income tax rate of 15% for 2023[66].
上海复旦(01385) - 2024 - 中期业绩