XUSHENG(SH:603305)2024-08-29 07:51Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥2.15 billion, a decrease of 8.95% compared to ¥2.36 billion in the same period last year[13]. - The net profit attributable to shareholders of the listed company was approximately ¥264.76 million, down 32.78% from ¥393.90 million in the previous year[13]. - The net profit after deducting non-recurring gains and losses was approximately ¥238.01 million, a decrease of 36.40% compared to ¥374.24 million in the same period last year[13]. - Basic earnings per share decreased to ¥0.28, down 33.33% from ¥0.42 in the same period last year[14]. - The weighted average return on net assets was 4.18%, a decrease of 2.63 percentage points compared to 6.81% in the previous year[14]. - The decline in net profit was primarily due to weaker-than-expected terminal sales from some customers, rising aluminum ingot raw material prices, and a significant decrease in exchange gains compared to last year[15]. - The company reported a total comprehensive income attributable to shareholders of the parent company of approximately ¥249.27 million for the first half of 2024, down from ¥392.83 million in the same period of 2023[100]. - The total comprehensive income for the first half of 2024 was CNY 268,288,186.03, compared to CNY 406,573,562.17 in the same period of 2023, indicating a decrease of approximately 34%[103]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 48.76% to approximately ¥746.94 million, compared to ¥502.12 million in the previous year[13]. - The company's cash and cash equivalents at the end of the period were ¥5,737,703,018.10, representing 42.02% of total assets, up 177.87% from ¥2,064,918,682.11 last year[32]. - The net cash flow from operating activities for the first half of 2024 was CNY 1,189,301,845.42, a significant increase from CNY 136,606,141.50 in the same period of 2023, representing a growth of approximately 770%[107]. - The total cash inflow from financing activities was CNY 4,417,945,095.80 for the first half of 2024, significantly higher than CNY 1,290,390,560.00 in the same period of 2023, representing an increase of about 243%[105]. - The total cash and cash equivalents at the end of June 2024 reached CNY 5,737,481,922.21, compared to CNY 2,017,055,861.49 at the end of June 2023, indicating a year-over-year increase of about 184%[106]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately ¥13.66 billion, an increase of 35.69% from ¥10.06 billion at the end of the previous year[13]. - The company's total liabilities stood at CNY 7,144,033,626.28, compared to CNY 3,806,539,443.36, marking an increase of around 87.5%[94]. - The company's equity attributable to shareholders reached CNY 6,499,270,899.83, an increase from CNY 6,244,072,825.66, representing a growth of approximately 4.1%[94]. - The company's total assets at the end of the reporting period were 6,512,107,293.36 RMB, reflecting a stable financial position[113]. Market and Industry Position - In the first half of 2024, China's automobile production and sales reached 13.89 million and 14.04 million units, respectively, representing year-on-year growth of 4.9% and 6.1%[17]. - New energy vehicle (NEV) sales reached 4.93 million units, with a year-on-year increase of 30.1%, capturing a market share of 35.2%[17]. - The company has established itself as a leading manufacturer of precision aluminum alloy components, particularly in the NEV sector, and has extended its advantages into the energy storage field[19]. - The company has a competitive edge in the NEV industry, having partnered with leading global NEV manufacturers since 2013, thus accumulating significant experience and a stable customer base[21]. Research and Development - Research and development expenses increased by 23.07% to ¥107,421,557.75 from ¥87,284,638.59 in the previous year[31]. - The company plans to continue focusing on research and development to drive future growth and innovation[102]. Environmental Responsibility - The company has established wastewater treatment stations at all factories, ensuring that industrial wastewater meets discharge standards before entering municipal sewage systems[44]. - The company has implemented air pollution control measures, with emissions from various processes treated and discharged through stacks not lower than 15 meters[44]. - The company is committed to green low-carbon production, implementing advanced automated die-casting machines and processing centers to improve operational stability and reduce energy and material consumption[50]. - The company installed solar photovoltaic panels on a rooftop area of 10,000 square meters, generating 1MW of power, effectively reducing the use of conventional energy sources[51]. Governance and Compliance - The company has established a multi-tier governance structure, including a board of directors and various specialized committees[121]. - The management team has established a compensation system linked to the execution of the company's return compensation measures[59]. - The company has committed to strict adherence to its public commitments, including measures to protect investor interests in case of non-fulfillment[52]. Risks and Challenges - The company faces risks from industry fluctuations and intensified market competition, particularly in the electric vehicle sector, which is sensitive to macroeconomic trends[37]. - The company is exposed to international geopolitical risks, especially related to US-China trade tensions, which could impact pricing competitiveness and customer orders[37]. - Fluctuations in raw material prices, particularly for alloy aluminum, could adversely affect production costs and profit margins if not effectively managed[38].