Financial Performance - For the six months ended June 30, 2024, the company reported revenue of approximately RMB 21.236 billion, an increase from RMB 16.539 billion in the same period of 2023, representing a growth of 28.5%[1] - The gross profit for the same period was approximately RMB 1.614 billion, down from RMB 1.712 billion in the prior year, indicating a decrease of 5.7%[1] - The net profit attributable to shareholders was approximately RMB 203.4 million, a decline from RMB 254.4 million in the same period of 2023, reflecting a decrease of 20%[1] - Basic earnings per share for the period were RMB 0.18, compared to RMB 0.23 in the same period last year, representing a decrease of 21.7%[1] - The company reported a total comprehensive income of RMB 312.6 million for the period, compared to RMB 291.3 million in the same period last year, reflecting an increase of 7.3%[4] - For the six months ending June 30, 2024, the company's pre-tax profit reached RMB 203,355,000, a decrease from RMB 254,389,000 for the same period in 2023, representing a decline of approximately 20%[17] - The company's income tax expense for the first half of 2024 was RMB 95,724,000, down from RMB 116,277,000 in the same period of 2023, showing a decrease of about 17.6%[15] - The basic earnings per share for the six months ending June 30, 2024, was RMB 0.184, compared to RMB 0.230 for the same period in 2023, representing a decline of approximately 20%[17] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 6.347 billion, a decrease from RMB 6.638 billion as of December 31, 2023[5] - Current assets increased to RMB 16.689 billion from RMB 15.155 billion as of December 31, 2023, showing a growth of 10.1%[5] - The company reported net current assets of RMB 2,844,468 thousand, an increase from RMB 2,301,298 thousand, representing a growth of 23.6%[6] - Total assets minus current liabilities increased to RMB 9,191,763 thousand from RMB 8,939,276 thousand, showing a growth of 2.8%[6] - The company’s total equity rose to RMB 7,449,024 thousand from RMB 7,196,807 thousand, reflecting an increase of 3.5%[6] - The company has a total liability of RMB 13,844,183 thousand, compared to RMB 12,853,207 thousand, indicating a rise of 7.7%[6] - The total accounts receivable as of June 30, 2024, was RMB 2.616 billion, an increase from RMB 1.561 billion as of December 31, 2023[9] - The accounts payable as of June 30, 2024, was RMB 1.615 billion, slightly up from RMB 1.583 billion as of December 31, 2023[22] Revenue Breakdown - Revenue from lead-acid batteries amounted to RMB 8,596,208 thousand, up from RMB 7,857,739 thousand, reflecting a growth of 9.4%[11] - Lithium-ion battery revenue decreased to RMB 65,459 thousand from RMB 76,545 thousand, indicating a decline of 14.5%[11] - Lead-acid battery sales revenue reached approximately RMB 12.658 billion, accounting for about 59.6% of the total revenue[29] - Sales revenue from electric bicycle batteries was approximately RMB 8.596 billion, representing about 40.5% of total revenue[29] - Sales revenue from lithium-ion batteries amounted to approximately RMB 65 million, reflecting stable development in the sector[30] Operational Highlights - The company is focusing on expanding its market presence in the manufacturing and sales of lead-acid and lithium-ion batteries[7] - The company is evaluating the impact of new and revised international financial reporting standards on its accounting policies[9] - The company provides a credit period of 45 to 90 days to customers with good trading records, otherwise sales are conducted in cash[12] - The company aims to strengthen its position in the Chinese battery market while seizing opportunities to deepen its presence in overseas markets, promoting the widespread application of new energy technology globally[38] - The company plans to focus on the development of high-performance, longer-lasting, and more environmentally friendly efficient battery products, continuously enhancing its brand image[38] - The company is committed to achieving its vision of becoming a top ten global new energy enterprise, promoting green energy usage worldwide[38] Employee and Cost Management - Total employee costs for the first half of 2024 amounted to RMB 822,520,000, up from RMB 751,919,000 in the same period of 2023, indicating an increase of about 9.4%[5] - The group employed a total of 15,654 employees as of June 30, 2024, down from 17,973 employees as of June 30, 2023, indicating a reduction of approximately 12.9%[49] - The total depreciation and amortization expenses for the first half of 2024 were RMB 467,331,000, compared to RMB 359,980,000 in the same period of 2023, indicating an increase of approximately 30%[5] - The company's financing costs increased by approximately 17.8% to about RMB 230,246,000 from RMB 195,528,000 in the same period of 2023, primarily due to increased bank borrowing interest expenses[44] Market Trends and Regulations - The electric bicycle market in China saw a total shipment of 67.4 million units in 2023, representing a year-on-year growth of approximately 4.5%[25] - The Chinese instant delivery industry is projected to reach approximately 81.31 billion orders by 2028, with a compound annual growth rate of 14.7%[25] - New regulations for electric tricycles are expected to drive demand for upgrades and industry consolidation, with a focus on eliminating non-compliant vehicles[26] - The Chinese government continues to improve regulations for the electric bicycle and battery industry, promoting healthy development and quality standards[28] - The implementation of national standards for lithium-ion batteries will take effect on November 1, 2024, enhancing product quality and safety[28] Research and Development - R&D expenditure for the group reached approximately RMB 556 million, accounting for about 2.6% of total revenue[35] - Research and development expenses for the period were approximately RMB 555,867,000, an increase of about 11.8% from RMB 497,113,000 in the same period of 2023, driven by R&D spending on lead-acid power batteries and other new technology products[43] - The group has obtained 39 patents related to the application of graphene technology in lead-acid batteries, demonstrating its innovation capabilities[35] Corporate Governance and Future Outlook - The audit committee has reviewed the unaudited consolidated financial results for the period, confirming compliance with relevant accounting standards and regulations[55] - The board of directors has decided not to declare an interim dividend for the period[56] - The full interim report for the year 2024 will be sent to shareholders upon request and will be published on the stock exchange and the company's website[58] - The board expresses gratitude to shareholders and the public for their continued support, as well as to all employees for their efforts[59]
超威动力(00951) - 2024 - 中期业绩