Financial Performance - The company reported revenue of RMB 3,593,506 thousand for the six months ended June 30, 2024, representing a 13.5% increase from RMB 3,163,410 thousand in the same period of 2023[1] - Gross profit for the period was RMB 430,096 thousand, up from RMB 285,841 thousand, indicating a significant increase in profitability[1] - Operating profit rose to RMB 195,912 thousand, compared to RMB 120,950 thousand in the previous year, reflecting a growth of 62%[1] - Net profit for the period was RMB 141,135 thousand, an increase of 30.5% from RMB 107,886 thousand in the prior year[2] - Basic and diluted earnings per share increased to RMB 15.97, up from RMB 12.13, marking a 31.5% rise[2] - Total revenue for the six months ended June 30, 2024, was RMB 3,593,506,000, up 28% from RMB 2,809,295,000 in the previous year[10] - Revenue from high-precision copper strip sales reached RMB 3,435,293,000, an increase of 28.6% compared to RMB 2,670,276,000 in the same period last year[10] - The net profit for the copper business in the first half of 2024 was RMB 143.4 million, up from RMB 108.6 million in the same period of 2023[39] - Other income increased to RMB 26.8 million, up from RMB 14.0 million year-on-year, primarily due to increased government subsidies[45] - The company's net profit attributable to shareholders was RMB 140.9 million, an increase of RMB 33.2 million from RMB 107.7 million in the previous year[51] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 4,111,015 thousand, compared to RMB 3,341,358 thousand at the end of 2023, showing a growth of 23%[4] - Current assets increased to RMB 4,111,015 thousand, with inventory rising to RMB 1,532,074 thousand from RMB 1,319,351 thousand, indicating a 16.1% increase[4] - The company's non-current assets were valued at RMB 1,370,368 thousand, up from RMB 1,298,209 thousand, reflecting a growth of 5.5%[4] - The company’s total equity increased to RMB 2,089,360 thousand from RMB 1,964,651 thousand, representing a growth of 6.4%[5] - Total interest-bearing borrowings as of June 30, 2024, were RMB 1,960,669,000, a significant increase of 63.3% from RMB 1,200,679,000 as of December 31, 2023[28] - The company reported a decrease in trade payables to RMB 1,168,844,000, down 3.7% from RMB 1,213,057,000 as of December 31, 2023[31] - The total value of mortgaged assets is RMB 626.8 million, an increase from RMB 485.8 million as of December 31, 2023[56] - The debt-to-equity ratio is 41.0%, up from 32.1% as of December 31, 2023[55] Inventory and Receivables - As of June 30, 2024, total inventory amounted to RMB 1,532,074,000, an increase of 16.1% from RMB 1,319,351,000 as of December 31, 2023[20] - Trade and other receivables, net of credit loss provisions, reached RMB 895,856,000, up 26.6% from RMB 707,226,000 as of December 31, 2023[22] - The aging analysis of trade receivables shows that amounts within three months increased to RMB 669,021,000 from RMB 527,251,000, reflecting a growth of 26.9%[24] - The provision for inventory write-downs was RMB 17,929,000 as of June 30, 2024, slightly down from RMB 18,185,000 as of December 31, 2023[20] Operational Highlights - For the first half of 2024, the company's copper strip business achieved a total production of 76,758 tons and total sales of 74,122 tons, representing increases of 22.1% and 21.0% respectively compared to the same period in 2023[39] - The sales revenue for the copper strip business reached RMB 3,590.7 million, an increase of 28.2% year-on-year, with copper product sales contributing RMB 3,435.3 million, processing income of RMB 129.5 million, and copper trading income of RMB 25.9 million, reflecting increases of 28.6%, 18.6%, and 16.7% respectively[39] - The overall gross margin for the copper business improved from 10.0% in the previous year to 12.0% in the current period[44] Research and Development - Research and development expenses amounted to RMB 80,252,000, slightly down from RMB 84,870,000 in the previous year[15] Shareholder Information - The company has decided not to declare or distribute dividends for the six-month period ending June 30, 2024, consistent with the previous year[36] - The board of directors did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous period[70] Employee and Corporate Governance - The company employed a total of 1,706 employees as of June 30, 2024, an increase from 1,578 employees as of December 31, 2023[64] - The company has no significant contingent liabilities as of June 30, 2024[59] - The company has a good credit standing and maintains strong relationships with major lending banks, ensuring sufficient financial resources for operational needs[1] Market and Economic Conditions - The average price of copper on the LME for the first half of 2024 was USD 9,641 per ton, a year-on-year increase of 15.8%[38] - The average price of copper on the SHFE for the first half of 2024 was RMB 79,025 per ton, a year-on-year increase of 16.9%[38] Other Financial Information - The company recorded a net loss of RMB 60.5 million from metal futures contracts for the six months ended June 30, 2024, compared to a loss of RMB 3.1 million for the same period in 2023[61] - The company recorded a net foreign exchange loss of RMB 5.4 million during the reporting period, compared to a net gain of RMB 5.0 million for the same period in 2023[63] - The company has not entered into any interest rate swaps to hedge against interest rate risk[62] - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the reporting period[3] - There were no significant post-reporting period events up to the date of this announcement[71]
兴业合金(00505) - 2024 - 中期业绩