Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 951,936 thousand, an increase of 4.9% compared to RMB 907,053 thousand for the same period in 2023[1] - Gross profit for the same period was RMB 126,924 thousand, representing a gross margin of 13.3%, up from RMB 107,375 thousand and a gross margin of 11.8% in 2023[1] - Net profit for the six months ended June 30, 2024, was RMB 28,255 thousand, a 46.5% increase from RMB 19,309 thousand in the prior year[2] - Basic and diluted earnings per share increased to RMB 0.0436 from RMB 0.0303, reflecting a growth of 44.0%[1] - Total comprehensive income for the period was RMB 28,413 thousand, compared to RMB 19,544 thousand in the previous year, marking a 45.3% increase[2] - The pre-tax profit for the six months ended June 30, 2024, was RMB 27,731,000, compared to RMB 19,309,000 for the same period in 2023, representing an increase of approximately 43.5%[15] - The gross profit for the six months ended June 30, 2024, was approximately RMB 126,924,000, up about 18.2% from RMB 107,375,000 in the previous year, with the gross margin increasing from 11.8% to 13.3%[22] - The profit attributable to shareholders for the six months ended June 30, 2024, rose to approximately RMB 27,731,000, compared to RMB 19,309,000 for the same period in 2023[23] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 1,289,142 thousand, up from RMB 1,205,021 thousand at the end of 2023[3] - Current liabilities decreased to RMB 1,454,859 thousand from RMB 1,474,576 thousand, indicating improved liquidity management[3] - Cash and cash equivalents at the end of the period were RMB 58,879 thousand, down from RMB 79,047 thousand in the previous year[5] - Trade receivables, net of impairment losses, amounted to RMB 579,927,000 as of June 30, 2024, down from RMB 656,910,000 as of December 31, 2023, reflecting a decrease of approximately 11.7%[16] - The average payment period for purchases is between 30 to 120 days, with total payables at RMB 578,871,000 as of June 30, 2024, compared to RMB 675,085,000 as of December 31, 2023, a decrease of about 14.3%[18] - As of June 30, 2024, total equity was approximately RMB 924,935,000, an increase from RMB 896,522,000 as of December 31, 2023[23] - The group's leverage ratio as of June 30, 2024, was 36.6%, up from 26.8% as of December 31, 2023[23] Cash Flow - The company reported a net cash outflow from operating activities of RMB (122,998) thousand, compared to a cash inflow of RMB 12,244 thousand in the same period last year[5] Corporate Governance and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards, which did not have a significant financial impact on the interim financial statements[2] - The audit committee, composed of three independent non-executive directors, has reviewed and approved the condensed consolidated financial statements for the six months ending June 30, 2024, confirming compliance with applicable accounting standards and sufficient disclosures[36] - The company has adhered to the corporate governance code as outlined in the listing rules, with no need for directors' and officers' insurance due to the straightforward nature of its business[40] Shareholder Information - The company did not declare any dividends for the period[1] - The board of directors has proposed not to declare an interim dividend for the six months ending June 30, 2024, consistent with the previous year[29] - The company’s major shareholders include Conpri, which holds a 36.65% stake, and Superview International Investment Limited, which holds 17.42%[32] - Conpri Limited holds a 36.65% stake in the company, with its ownership distributed among Masuda (40.0%), Masuda Toshimitsu (40.0%), and the employees' organization of Yushin Co., Ltd. (20.0% non-voting)[38] Operational Insights - Research and development expenses for the six months ended June 30, 2024, amounted to approximately RMB 38,421,000, with a focus on mold development and automation improvements[20] - The company is investing heavily in automation equipment and advanced production machinery to improve production efficiency and reduce labor costs[27] - The company plans to enhance product quality and expand its customer base by leveraging its expertise in mold and plastic component production, aiming to strengthen its leading position in the high-end mold market[27] - The company is actively engaging with European, American, and Japanese clients to understand industry developments and customer needs better[27] - The company is continuously expanding its international business to capture market opportunities and increase market share[27] - The company has established wholly-owned subsidiaries in Mexico and Serbia to produce and sell automotive parts molds and components, with plans to invest in land and factory construction as customer demand grows[28] - The company has established financial risk management policies to ensure all payables are settled within the payment terms[19] - The company is cautious in selecting new customers, considering factors such as product pricing and the customer's reputation in the industry[27] - The company did not engage in any significant acquisitions or disposals of subsidiaries during the six months ended June 30, 2024[26] - The company has not implemented any foreign currency hedging policies to mitigate exchange rate risks, although it is monitoring the situation[26] Employee Information - The group employed approximately 3,186 employees as of June 30, 2024, compared to about 3,150 employees in the previous year, with total employee compensation costs around RMB 140,000,000[24] Competition and Market Position - A non-competition agreement was established to clearly delineate the business activities of the company and Yushin Co., Ltd., preventing any competition between the two entities[39] - The company and Yushin Co., Ltd. operate independently in different target markets, with the latter focused on Japan while the company targets mainland China, Taiwan, Hong Kong, and Macau[38]
YUSEI(00096) - 2024 - 中期业绩