Financial Performance - For the six months ended June 30, 2024, revenue was approximately RMB 1,837,914,000, a decrease of 2.9% compared to RMB 1,893,621,000 for the same period in 2023[1]. - Gross profit for the same period was approximately RMB 114,156,000, down 20.8% from RMB 144,058,000 in the prior year[1]. - The company recorded a loss of approximately RMB 40,962,000, a significant reduction of 62.1% from RMB 107,994,000 in the same period last year[1]. - The loss attributable to the parent company was approximately RMB 34,342,000, a decrease of 67.2% compared to RMB 104,732,000 in the previous year[1]. - The group recorded revenue of approximately RMB 1,837.9 million for the review period, a decrease of 2.9% compared to RMB 1,893.6 million for the six months ended June 30, 2023[29]. - Gross profit for the group was approximately RMB 114.2 million, down from RMB 144.1 million for the six months ended June 30, 2023, representing a decrease of about RMB 29.9 million[29]. - The group reported a pre-tax loss of RMB 34,342,000 for the six months ended June 30, 2024, compared to a loss of RMB 104,732,000 for the same period in 2023, indicating a significant improvement[78]. Contract and Project Management - The total value of new contracts (net of estimated VAT) reached approximately RMB 2,744,031,000, an increase of 991.9% compared to RMB 251,298,000 in the same period of 2023[1]. - As of June 30, 2024, the total value of unfinished contracts (net of estimated VAT) was approximately RMB 24,147,152,000, compared to RMB 23,255,794,000 as of December 31, 2023, reflecting an increase of 3.8%[1]. - The company signed a total of 31 design and general contracting contracts, with new contracts amounting to RMB 2.74 billion for the first half of 2024[13]. - The company has strengthened project management capabilities through the implementation of a unified project management platform, enhancing cost and progress control[8]. - The company has completed 2 R&D projects, 3 engineering consulting projects, and 3 engineering design projects during the review period, contributing to improved project management levels[11]. Market and Business Strategy - The company is actively pursuing global development strategies, focusing on both domestic and international markets to capitalize on the recovering energy demand[12]. - The company is focusing on core products in the domestic market, enhancing order quality, and has signed several core competitive contracts in the petrochemical and coal chemical sectors[13]. - The company is actively exploring emerging fields, enhancing research and development in new energy and new materials technologies[5]. - The overall performance of the petrochemical market showed strong operational momentum, supported by international crude oil price fluctuations[4]. - The company plans to enhance its market expansion efforts, particularly in the Middle East and Southeast Asia, to drive future growth[70]. Financial Position and Assets - As of June 30, 2024, total current assets amounted to RMB 6,388,664,000, an increase from RMB 5,476,777,000 as of December 31, 2023[57]. - The company's debt-to-asset ratio increased to 75.5% as of June 30, 2024, compared to 72.7% as of December 31, 2023[45]. - The group’s total assets amounted to RMB 10,318,593 thousand, an increase from RMB 9,459,717 thousand as of December 31, 2023[69]. - Total liabilities as of June 30, 2024, were RMB 7,916,384 thousand, up from RMB 7,010,934 thousand at the end of 2023, reflecting a rise of 12.9%[69]. - The company's equity totaled RMB 2,402,209 thousand as of June 30, 2024, down from RMB 2,448,783 thousand as of December 31, 2023, representing a decline of approximately 1.9%[59]. Research and Development - The company has made significant breakthroughs in key technology transfers during the review period, enhancing its R&D capabilities in new materials and processes[15]. - The group’s research and development costs remained relatively stable at RMB 58,644,000 for the six months ended June 30, 2024, compared to RMB 58,708,000 in 2023[73]. - The company is collaborating with Dalian Institute of Chemical Physics on catalytic technology, which is expected to significantly reduce investment, energy consumption, and carbon emissions in ethylene production[16]. - The company has developed a new generation of energy-saving butene dehydrogenation catalysts, reducing steam consumption by 30% and wastewater by 40%, leading to a further decrease in production costs of butadiene by approximately RMB 1,400 per ton[18]. Compliance and Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules, ensuring compliance throughout the review period[99]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial statements and confirmed compliance with relevant accounting standards[101]. - The company has maintained its compliance with the standards for securities trading by directors during the review period[100]. Employee and Operational Efficiency - Employee costs totaled RMB 397,100,000, representing 21.6% of the group's revenue, an increase from 15.5% in the previous year[53]. - The group employed 1,757 employees, up from 1,608 employees as of December 31, 2023[53]. - Selling and distribution expenses rose by 25.4% to RMB 25.7 million, mainly due to increased overseas marketing activities and accrued bonuses for sales staff[36]. - The company has introduced over 100 high-level professionals in design, project execution, and contract management, enhancing talent structure and quality[26].
惠生工程(02236) - 2024 - 中期业绩