Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 110.8 million, a decrease of 26.9% compared to RMB 151.5 million in the same period last year[1]. - Loss attributable to equity shareholders was RMB 7.7 million, a decline of 146.9% from a profit of RMB 16.4 million in the previous year[1]. - Gross margin decreased to 36.5%, down 8.3 percentage points from 44.8% in the same period last year[1]. - Basic loss per share was RMB 0.03, compared to basic earnings of RMB 0.06 per share in the same period last year, a decrease of RMB 0.09[1]. - Total revenue for the six months ended June 30, 2024, was RMB 110,752,000, a decrease of 27% from RMB 151,538,000 for the same period in 2023[4]. - Revenue from aggregate products and others was RMB 88,021,000, down 17% from RMB 106,340,000 year-over-year[4]. - Revenue from concrete products was RMB 22,731,000, a decline of 50% compared to RMB 45,198,000 in the previous year[4]. - Basic loss per share for the six months ended June 30, 2024, was RMB 0.029, compared to earnings of RMB 0.064 per share in 2023[4]. - The company reported a pre-tax loss of RMB 9,738,000 for the six months ended June 30, 2024, compared to a profit of RMB 30,912,000 in the same period of 2023[4]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 2,109.8 million as of June 30, 2024, compared to RMB 1,210.9 million as of December 31, 2023[3]. - Non-current assets were RMB 1,955.1 million, slightly down from RMB 1,983.0 million at the end of 2023[3]. - Current liabilities increased to RMB 621.8 million from RMB 400.0 million at the end of 2023[3]. - Cash and cash equivalents increased significantly to RMB 566.7 million from RMB 340.7 million at the end of 2023[3]. - Total equity attributable to equity shareholders decreased to RMB 461.9 million from RMB 476.9 million at the end of 2023[4]. - Reportable segment assets as of June 30, 2024, totaled RMB 2,551,734,000, compared to RMB 2,137,178,000 as of June 30, 2023[4]. - Reportable segment liabilities were RMB 1,921,354,000 as of June 30, 2024, up from RMB 1,612,264,000 in the same period last year[4]. - Total trade and other payables as of June 30, 2024, were RMB 398,039,000, a slight decrease of 3.4% from RMB 414,168,000 as of December 31, 2023[23]. Dividends and Shareholder Returns - The board of directors does not recommend the payment of an interim dividend[1]. - The company has confirmed a dividend of RMB 0.028 per share for the year ended December 31, 2023, totaling RMB 7,392,000, compared to no dividend in 2022[26]. - The board has recommended not to declare an interim dividend for the six months ending June 30, 2024[54]. Market and Operational Insights - The company has no significant assets or operations outside of China, indicating a focused domestic market strategy[4]. - The company signed key agreements in June 2024 to sell at least 1.2 million tons of aggregate products within a year, supporting infrastructure projects[29]. - The second production line of Tongming Mining has commenced operations, producing three types of fine aggregates and four types of coarse aggregates for highway and high-speed rail construction[29]. - The construction market in Huai Bei is expected to benefit from government initiatives, including the renovation of 63 old communities covering approximately 2.45 million square meters in 2024[30]. - The company is closely monitoring market demand for construction aggregates in Huai Bei and surrounding cities, anticipating strong demand due to upcoming infrastructure projects[48]. Financial Management and Costs - Depreciation and amortization expenses for the six months ended June 30, 2024, were RMB 27,913,000, slightly down from RMB 28,395,000 in the previous year[4]. - The financial costs increased to RMB 35.2 million from RMB 33.1 million in the previous year due to an increase in interest-bearing borrowings[42]. - The company’s cash received from related parties decreased to RMB 190,100,000 from RMB 212,100,000, indicating a decline of 10.4%[23]. - The company’s financial liabilities measured at amortized cost increased to RMB 207,939,000 from RMB 202,068,000, reflecting a rise of 3.9%[23]. Corporate Governance and Compliance - The company has adhered to the corporate governance code as per the listing rules, with no known violations during the reporting period[51]. - The audit committee has reviewed the interim report and confirmed compliance with applicable accounting standards and regulations[53]. Future Plans and Investments - The company plans to invest RMB 83,999,600 in Tongming Mining, which will dilute its ownership from 67% to 60.1255%[27]. - The group aims to achieve an annual production capacity of 6 million tons by the end of the year, with plans to gradually increase output by 2025[48]. - The company has entered into a capital increase agreement for Tongming Mining, with an investment of RMB 83,999,600, resulting in ownership stakes of 60.1255%, 29.6141%, and 10.2604% respectively[50]. Market Risks - The group faces various market risks, including raw material price fluctuations, interest rate changes, and industry policy changes[45][46][47]. - The company has not utilized any interest rate swaps to hedge against interest rate risks during the reporting period[46]. - The average selling price of aggregate products decreased by 13.2% from RMB 58.5 per ton to RMB 50.8 per ton[36]. - The average selling price of ready-mixed concrete fell by 14.81% from RMB 402.4 per cubic meter to RMB 342.8 per cubic meter[37].
淮北绿金股份(02450) - 2024 - 中期业绩