SMTC(SH:600822)2024-08-30 08:19Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,649,309,722.55, a decrease of 27.81% compared to ¥3,669,780,725.65 in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was ¥27,129,884.78, down 82.73% from ¥157,073,810.76 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was ¥8,490,501.45, a decrease of 67.12% compared to ¥25,821,562.77 in the same period last year[12]. - Basic earnings per share for the first half of 2024 were ¥0.0547, down 82.73% from ¥0.3167 in the same period last year[13]. - The weighted average return on net assets decreased by 12.04 percentage points to 2.3232% from 14.3642% in the previous year[13]. - The company reported a net loss of CNY -737,780,670.32 for the first half of 2024, an improvement from a net loss of CNY -781,035,171.54 in the same period of 2023[58]. - The company's net profit for the first half of 2024 is CNY 22,362,923.64, a significant decrease from CNY 158,934,829.91 in the same period of 2023, representing a decline of approximately 86.0%[60]. - The total comprehensive income for the first half of 2024 is CNY 22,338,260.86, compared to CNY 156,292,775.78 in the same period of 2023, showing a decline of about 85.7%[60]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 99.00% to ¥139,713,511.68, compared to ¥70,208,454.78 in the previous year[12]. - The company reported a total of 148,938,980.60 RMB in deposits made during the reporting period, with a closing balance of 900,305,660.48 RMB[38]. - The ending cash and cash equivalents balance for the first half of 2024 is CNY 1,057,939,301.65, up from CNY 677,750,059.47 at the end of the first half of 2023[63]. - The company reported a cash balance of ¥1,148,714,843.47 at the end of the period, an increase from ¥1,040,271,999.33 at the beginning of the period[140]. - The company’s total cash and cash equivalents as of June 30, 2024, amounted to CNY 1,148,714,843.47, an increase from CNY 1,040,271,999.33 as of December 31, 2023, representing a growth of approximately 10.5%[53]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,922,446,823.73, a decrease of 6.70% from ¥3,132,372,432.67 at the end of the previous year[12]. - The total liabilities decreased from ¥1,938,826,769.85 to ¥1,706,927,134.95, a reduction of about 11.9%[55]. - The balance of long-term equity investments decreased to CNY 51,224,238.80, a reduction of CNY 6,619,132.47 or 11.44% compared to the beginning of the year[23]. - The total amount of bank acceptance bills payable at the end of the period is ¥1,098,708,773.00, down from ¥1,408,185,553.00 at the beginning of the period, indicating a decrease of approximately 22%[194]. - The total amount of short-term borrowings at the end of the period amount to ¥145,173,046.90, an increase from ¥89,760,974.60 at the beginning of the period[194]. Inventory and Receivables - Inventory decreased by 22.13% to ¥933,642,366.11 from ¥1,198,969,923.37, attributed to a reduction in automobile procurement[20]. - The accounts receivable at the end of the period amounted to ¥38,445,376.06, up from ¥31,272,538.03 at the beginning of the period, indicating a growth of approximately 22%[144]. - The total accounts receivable at the end of the period amounted to CNY 36,510,181.10, with a bad debt provision of CNY 364,589.70, representing a provision rate of 1.00%[147]. - The company wrote off accounts receivable totaling CNY 2,322,402.83 during the period, primarily due to a lawsuit settlement where the counterparty had no assets available for execution[149]. - The total balance of other receivables at the end of the period is 128,202,705.76 RMB, accounting for 70.84% of the total other receivables[165]. Investments and Equity - The investment in Shanghai Second-hand Car Trading Center decreased by CNY 6,072,253.50, representing a decline of 14.70%[23]. - The total balance of long-term equity investments at the end of the period is RMB 51,224,238.80, down from RMB 57,843,371.27 at the beginning of the period, reflecting a decrease of approximately 11.3%[173]. - The investment income recognized from Shanghai Second-hand Car Trading Center Co., Ltd. is RMB 1,879,009.89 for the current period[173]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 347,891,222.90 RMB, which represents 29.45% of the company's net assets[44]. - Bailian Group holds 48.10% of the company's shares, totaling 238,575,962 shares[47]. Compliance and Governance - The company did not report any significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[33]. - The company has strengthened its compliance management and internal control systems to ensure lawful operations and enhance management efficiency[18]. - The company is not listed as a key pollutant discharger by the Shanghai Environmental Protection Bureau[32]. - The company has not reported any significant changes in its integrity status or any penalties received during the reporting period, indicating compliance with regulations[33]. - The company has not engaged in any significant mergers or acquisitions during the reporting period, maintaining its current operational structure[33]. Market and Operational Insights - The company sold a total of 10,077 vehicles in the automotive trade business during the first half of 2024[15]. - The second-hand car market on Zhongshan North Road achieved a transaction volume of 42,400 vehicles[15]. - The company has made significant progress in expanding its automotive service offerings, including new energy vehicle business and second-hand car services[18]. - The company has identified a talent shortage as a potential bottleneck for future development and is enhancing its talent recruitment and training strategies[30]. - The automotive sales service industry is experiencing increased competition due to emerging technologies and innovative business models[27]. Accounting Policies and Standards - The company's financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance[71]. - The company recognizes revenue when control of goods or services is transferred to the customer, which occurs upon delivery and when the related costs can be reliably measured[122]. - The company applies the effective interest method for calculating interest on financial assets measured at amortized cost[87]. - The company recognizes deferred tax assets and liabilities based on the temporary differences between the tax basis and the book value of assets and liabilities[130]. - The company has implemented new accounting standards starting from 2024, which may affect the financial statements[139].