Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 173,602,000, a decrease of 8.7% compared to RMB 190,165,000 for the same period in 2023[2] - Gross profit for the same period was RMB 64,580,000, down from RMB 70,228,000, reflecting a gross margin decline[2] - Operating profit decreased to RMB 56,385,000 from RMB 64,711,000, indicating a decline of 12.8% year-over-year[2] - The company incurred a net loss of RMB 21,844,000, slightly higher than the loss of RMB 21,080,000 in the previous year[2] - Basic and diluted loss per share for the period was RMB 0.022, compared to a restated loss of RMB 0.041 for the same period last year[2] - The company reported a total of RMB 582,067,000 in current trade and other receivables as of June 30, 2024, an increase from RMB 520,211,000 at the end of 2023[17] - The company recorded a loss of approximately RMB 21,844,000 for the reporting period, compared to a loss of RMB 21,080,000 for the same period in 2023[31] - The reported loss for the period was approximately RMB 21,844,000, compared to a loss of RMB 21,080,000 in the same period last year, primarily attributed to decreased electricity generation and sales[39] Revenue Breakdown - Revenue from electricity sales was RMB 125,113,000, down from RMB 139,018,000, reflecting a decline in sales volume[7] - For the six months ended June 30, 2024, revenue from wind farm operations was approximately RMB 171,128,000, a decrease of about 10% compared to RMB 190,165,000 for the same period in 2023[28] - The company's total revenue for the reporting period was approximately RMB 173,602,000, down from RMB 190,165,000 for the six months ended June 30, 2023, representing a decrease of about 8%[31] - The group's revenue from wind power operations was approximately RMB 171,128,000, a decrease of about 10% compared to RMB 190,165,000 in the same period last year, primarily due to reduced electricity generation and sales[32] Expenses and Costs - For the six months ended June 30, 2024, the total sales and administrative expenses amounted to RMB 131,491,000, a decrease of 5.8% from RMB 138,637,000 for the same period in 2023[8] - Interest expenses on bank loans and other loans decreased to RMB 26,810,000, down 27.5% from RMB 37,042,000 in the previous year[9] - The income tax expense for the six months ended June 30, 2024, was RMB 14,446,000, an increase of 10.4% compared to RMB 13,089,000 for the same period in 2023[10] - Administrative expenses increased by approximately 20% to about RMB 22,469,000, compared to RMB 18,700,000 in the same period last year[36] - Financing costs for the reporting period were approximately RMB 63,765,000, a decrease from RMB 72,376,000 in the same period last year, mainly due to reduced interest expenses from other loans[37] - The tax expense increased from approximately RMB 13,089,000 to about RMB 14,446,000 due to an increase in taxable profits[38] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,755,965,000, down from RMB 1,865,469,000 at the end of 2023[4] - Total liabilities decreased to RMB 1,587,677,000 from RMB 1,653,481,000, showing a reduction of 4%[5] - Cash and cash equivalents decreased to RMB 244,468,000 from RMB 385,512,000, indicating a significant cash outflow[4] - The company’s total borrowings amounted to RMB 1,470,802,000 as of June 30, 2024, down from RMB 1,519,535,000 as of December 31, 2023[25] - The group's capital debt ratio was approximately 90% as of June 30, 2024, compared to about 89% at the end of the previous year, calculated as total liabilities divided by total assets[41] Shareholder Actions and Fundraising - The company did not recommend any interim dividend for the reporting period, consistent with the previous year[12] - The company raised approximately HKD 229.9 million through a rights issue, with a net amount of about HKD 211.0 million after expenses[48] - A total of 1,187,403,730 shares were issued during the rights issue, with a conversion ratio of 2 existing shares for 5 new shares[48] - The net proceeds from the rights issue are allocated for debt repayment, future business development, and general working capital[49] - The company plans to issue 590,615,905 new shares and RMB 933,689,137 convertible bonds, raising approximately RMB 1,020 million for upgrading power generation equipment and operational funding[56] Strategic Plans and Future Outlook - The company plans to continue focusing on renewable energy projects and expanding its market presence in the coming periods[1] - The company has ongoing construction for the first phase of the Baotou Silver Wind project, which is expected to contribute to future revenue[30] - The company aims to become a pillar in the renewable energy sector in Northern China, focusing on wind power and exploring opportunities in hydrogen energy[60] - The company plans to strengthen its operations in existing wind farms and expand maintenance services to surrounding areas[60] - The company will seek to raise funds in the capital market to support future development projects[60] Employee and Operational Metrics - The company’s employee benefit costs, including directors' remuneration, rose to RMB 24,686,000, an increase of 7.9% from RMB 22,875,000 in the previous year[8] - The total employee cost for the reporting period was approximately RMB 24,686,000, an increase from RMB 22,875,000 for the six months ended June 30, 2023[56] - The company has 140 full-time employees as of June 30, 2024, up from 136 employees as of December 31, 2023[56] - The average utilization hours for the Hong Song wind farm were approximately 969 hours for the six months ended June 30, 2024, compared to 1,063 hours for the same period in 2023[29] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the reporting period[61] - The audit committee reviewed the unaudited financial performance of the group during the reporting period[65]
瑞风新能源(00527) - 2024 - 中期业绩