Financial Performance - Total revenue for the six months ended June 30, 2024, was approximately RMB 219.4 million, an increase of about RMB 6.79 million or 3.2% compared to the same period in 2023[1]. - Loss attributable to owners of the company for the six months ended June 30, 2024, was RMB 59.2 million, compared to a loss of RMB 69.7 million in the same period of 2023[1]. - Basic loss per share for the six months ended June 30, 2024, was RMB 7.94, compared to RMB 9.36 for the same period in 2023[1]. - The company reported a total comprehensive loss of RMB 58.8 million for the six months ended June 30, 2024, compared to RMB 64.2 million for the same period in 2023[3]. - The company reported a net loss of RMB 59,169,000 for the six months ended June 30, 2024, with current liabilities exceeding current assets by RMB 205,349,000[9]. - The company did not declare an interim dividend for the six months ended June 30, 2024[1]. - The net loss before tax for the six months ended June 30, 2024, was RMB (56,934) thousand, an improvement from RMB (68,343) thousand in 2023, indicating a reduction of approximately 16.7%[18]. Revenue Segmentation - Total revenue for the MLCC segment was RMB 205,602,000, while the investment and financial services segment generated RMB 20,953,000, leading to a total revenue of RMB 226,555,000 for the six months ended June 30, 2024[15]. - Revenue from customer contracts for MLCC was RMB 205,602 thousand for the six months ended June 30, 2024, compared to RMB 194,252 thousand in 2023, reflecting an increase of about 5.5%[20]. - Revenue from the MLCC segment was RMB 205.6 million, up RMB 11.3 million or 5.8%, driven by an increase in average product prices[40]. Cost and Expenses - Research and development costs for the six months ended June 30, 2024, were RMB 27.8 million, down from RMB 31.4 million in the same period of 2023[2]. - Selling and distribution costs totaled RMB 10.2 million, an increase of 9.7% due to higher sales levels in the MLCC segment[43]. - Administrative expenses decreased to RMB 43.7 million, down RMB 2.0 million, mainly due to reduced employee costs[44]. - Financing costs increased to RMB 15.8 million, up RMB 7.7 million, primarily due to additional bank loan interest[46]. Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to RMB 1,243.7 million, an increase from RMB 1,008.3 million as of December 31, 2023[4]. - Current assets as of June 30, 2024, totaled RMB 844.8 million, a decrease from RMB 1,005.4 million as of December 31, 2023[4]. - Total liabilities as of June 30, 2024, were RMB 1,050.2 million, compared to RMB 963.6 million as of December 31, 2023[5]. - The current ratio decreased to 0.8 from 1.0, primarily due to an increase in bank loans[57]. - The group's debt-to-asset ratio increased to approximately 69.5% as of June 30, 2024, compared to 65.5% as of December 31, 2023, due to an increase in bank and other loans[59]. Cash Flow and Financing - As of June 30, 2024, the company's cash and cash equivalents amounted to RMB 63,308,000[9]. - Cash and bank balances totaled RMB 66.2 million, an increase of RMB 19.3 million, mainly from additional bank and other loans[51]. - The group had total bank credit facilities amounting to RMB 868.0 million, with RMB 760.4 million utilized[58]. - The company is actively negotiating loan terms with banks to address financial covenants and improve liquidity, including potential debt restructuring and capital injection[10]. Operational Developments - The company has established new production bases in Chuzhou and Dongguan, enhancing production capacity for high-end products to meet growing market demands[34]. - The company continues to invest in R&D and technical collaborations, focusing on ultra-micro, high-capacity, high-temperature, and high-reliability product developments[34]. - The company has successfully developed several niche products for specialized circuit applications, including three-terminal, copper terminal, and gold terminal MLCCs[34]. - The company’s MLCC division is experiencing a gradual recovery in demand, with inventory levels returning to normal after previous destocking and capacity adjustments[33]. Market and Strategic Initiatives - The group aims to enhance its core competitiveness through the development of new materials and processes, focusing on high-capacity and high-temperature products[63]. - The group plans to strengthen its fund management and risk control measures to protect investors' interests while exploring new business opportunities[63]. - The group is committed to expanding its market share by actively pursuing international strategies and enhancing product quality through continuous innovation[63]. - The group has implemented foreign exchange risk hedging measures to mitigate potential currency risks due to fluctuations in exchange rates[61]. Employee and Governance - The group reported a total of 1,223 employees as of June 30, 2024, down from 1,273 employees as of December 31, 2023[64]. - The group has maintained compliance with corporate governance codes as per the Hong Kong Stock Exchange regulations[67].
天利控股集团(00117) - 2024 - 中期业绩