LONCIN(SH:603766)2024-08-29 10:35Financial Performance - The company's operating revenue for the first half of 2024 reached ¥7,666,050,221.08, representing a 28.23% increase compared to ¥5,978,163,567.50 in the same period last year[14]. - Net profit attributable to shareholders was ¥589,377,102.72, up 17.48% from ¥501,672,720.63 year-on-year[14]. - The net profit after deducting non-recurring gains and losses was ¥566,492,221.58, reflecting a 26.14% increase from ¥449,114,775.15 in the previous year[14]. - The basic earnings per share for the first half of 2024 was ¥0.2870, an increase of 17.48% compared to ¥0.2443 in the same period last year[15]. - The weighted average return on net assets rose to 6.90%, up from 6.22% in the previous year, marking an increase of 0.68 percentage points[15]. - The company's comprehensive gross profit margin was 18.68%, showing a stable increase[27]. - The total operating costs amounted to ¥7,006,260,293.96, up 27.7% from ¥5,484,228,795.49 year-over-year[89]. - The company reported a net profit of ¥30,765.43 from Chongqing Longxin Motorcycle Co., Ltd., with total assets of ¥702,166.39 and operating income of ¥482,015.79[44]. Assets and Liabilities - Total assets at the end of the reporting period were ¥14,717,273,509.53, a 5.56% increase from ¥13,941,609,309.86 at the end of the previous year[14]. - Total liabilities increased to CNY 5,930,040,574.16 from CNY 5,513,303,990.73, a rise of 7.6%[85]. - Total equity attributable to shareholders rose to CNY 8,630,141,649.24 from CNY 8,252,709,655.32, an increase of 4.6%[85]. - The company's overseas assets amounted to 1.19 billion yuan, accounting for 8.08% of total assets[38]. - The total equity at the end of the first half of 2024, including minority interests, was CNY 8,787,232,935.37[102]. Cash Flow - The net cash flow from operating activities decreased by 52.28% to ¥702,750,284.46, primarily due to increased cash outflows related to payments for goods from the previous quarter[15]. - The net cash flow from operating activities for the first half of 2024 was ¥461,941,168.47, a decrease of 50.8% compared to ¥938,169,627.11 in the same period of 2023[98]. - Total cash inflow from investment activities was ¥9,328,424,738.41, down from ¥12,510,652,168.61 in the first half of 2023, representing a decline of 25.4%[98]. - The total cash outflow from financing activities was ¥916,886,773.81, slightly down from ¥943,851,816.93 in the first half of 2023[100]. Research and Development - The company has a research and development team of over 1,400 personnel, structured as a "Group Technology Center + Business Unit Product Development Center"[21]. - Research and development expenses increased to ¥245,878,952.64, up 26.2% from ¥194,735,312.99 in the previous year[91]. - The company has 1,735 valid patents, including 349 invention patents and 755 utility model patents, with 135 new authorized patents during the reporting period[25]. Market and Sales - The revenue from self-owned brands was 2.459 billion CNY, up 75.21% year-on-year, accounting for 32.08% of total revenue, an increase of 8.60 percentage points[27]. - Motorcycle business revenue was 5.906 billion CNY, with a year-on-year growth of 42.51%[28]. - The sales revenue of the motorcycle products reached 4.764 billion CNY, growing by 55.47% year-on-year, with export revenue of 480 million USD, up 45.51%[28]. - The company launched two new products: SR150C and DS900X, enhancing its product matrix and market competitiveness[28]. Environmental Compliance - Environmental compliance is maintained, with no exceedances reported in wastewater discharge standards[58]. - The company has implemented emergency response plans for environmental incidents, ensuring timely control and safety[66]. - The company has completed environmental impact assessments for its production bases, complying with national regulations[64]. Governance and Shareholder Information - The company held its first extraordinary shareholders' meeting on August 29, 2024, where four proposals were approved, including the election of a new board of directors[54]. - Longxin Holdings holds 1,028,236,055 shares, accounting for 50.07% of the total share capital, with 99.94% of these shares pledged[53]. - The company has not distributed dividends or increased capital reserves, with no shares or cash dividends declared for every 10 shares[57]. Risks and Challenges - The company faces risks from raw material price fluctuations, as key materials constitute a significant portion of production costs[50]. - Export revenue accounts for 63.20% of total revenue, exposing the company to exchange rate fluctuations and potential financial losses[50]. - The company is working to diversify its customer base, as the top five customers account for 29.36% of total revenue, indicating a reliance risk[50]. Taxation - The company reported a tax rate of 15% for several subsidiaries benefiting from the Western Development policy[175]. - The company has a tax rate of 5% for small and micro enterprises, indicating a favorable tax environment for these entities[175]. - The company will apply a corporate income tax rate of 15% for the year 2024 under the Western Development Tax Incentive Policy[176].