Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 300.3 million, an increase of about 7.1% compared to the same period last year[1]. - The loss for the period was approximately RMB 46.9 million, compared to a loss of RMB 62.6 million for the six months ended June 30, 2023[2]. - Loss attributable to equity holders of the parent was approximately RMB 36.3 million, down from RMB 50.4 million for the same period last year[2]. - Basic loss per share was approximately RMB 0.18, improved from RMB 0.25 for the six months ended June 30, 2023[2]. - The group's pre-tax loss for the six months ended June 30, 2024, was RMB 36,276,000, compared to a loss of RMB 50,354,000 for the same period in 2023, indicating a 28% improvement year-over-year[24]. - The company recorded a post-tax loss of approximately RMB 46.9 million, a decrease from a post-tax loss of RMB 62.6 million for the previous period[48]. Revenue Breakdown - For the six months ended June 30, 2024, the group recorded revenue from customer contracts of RMB 300,346,000, an increase of 7.2% compared to RMB 280,258,000 for the same period in 2023[17]. - Water sales contributed RMB 292,227,000 to the total revenue, up from RMB 276,207,000 in the previous year, reflecting a growth of 5.8%[18]. - Installation services revenue increased significantly to RMB 8,119,000 from RMB 4,051,000, marking a growth of 100%[18]. - Revenue from raw water supply rose by RMB 2.8 million or 4.0% to approximately RMB 72.6 million during the same period[38]. - Revenue from municipal water supply increased by RMB 11.7 million or 6.4% to approximately RMB 194.7 million, primarily due to increased sales to Wenling Water Supply Co., Ltd. and Taizhou Luqiao Water Supply Co., Ltd.[39]. - Revenue from installation services surged by RMB 4.0 million or 97.6% to approximately RMB 8.1 million, driven by the increase in "one household, one meter installation projects"[41]. Assets and Liabilities - Total assets less current liabilities as of June 30, 2024, amounted to RMB 4,573.2 million, compared to RMB 4,543.5 million as of December 31, 2023[5]. - Non-current liabilities increased to RMB 3,543.9 million as of June 30, 2024, from RMB 3,465.6 million as of December 31, 2023[5]. - As of June 30, 2024, the group had net current liabilities of approximately RMB 657,106,000, including other payables and accrued expenses of RMB 893,308,000[9]. - The group's total assets decreased from RMB 4,372,312,000 as of December 31, 2023, to RMB 4,298,032,000 as of June 30, 2024, reflecting a decline of approximately 2%[11]. - Total borrowings and corporate debt amounted to approximately RMB 3,642.6 million as of June 30, 2024, compared to RMB 3,558.2 million as of December 31, 2023, reflecting an increase of about 2.4%[57]. - The group's asset-liability ratio increased to 353.9% as of June 30, 2024, from 330.1% as of December 31, 2023, primarily due to new bank and other borrowings of approximately RMB 84.4 million for the construction of the Taizhou water supply system[57]. Cash Flow and Financing - Cash and cash equivalents were RMB 349.2 million as of June 30, 2024, down from RMB 447.8 million as of December 31, 2023[4]. - The total available bank financing as of June 30, 2024, was RMB 3,872,500,000, which can be utilized within the next 12 months[9]. - The group's bank borrowings were approximately RMB 3,490.3 million at the end of the reporting period, up from RMB 3,406.8 million as of December 31, 2023, secured by trade receivables and future income rights from the Taizhou water supply system[61]. Operational Highlights - The group operates solely in the geographical area of mainland China, with all revenue generated from customers located there[14]. - The group has assessed its liabilities and concluded that the classification of liabilities as current or non-current remains unchanged after the adoption of revised accounting standards[11]. - The group has a designed raw water supply capacity of approximately 1,220,000 tons per day and a municipal water supply capacity of 984,000 tons per day[30]. - Raw water sales volume during the reporting period was 64.5 million tons, unchanged compared to the six months ending June 30, 2023[31]. - Municipal water sales volume increased to 80.7 million tons, up by 4.7 million tons from 76.0 million tons for the six months ending June 30, 2023[32]. - The group reported a self-supplied water sales volume of 5.6 million tons, compared to 5.3 million tons for the six months ending June 30, 2023[33]. Government Support and Grants - Other income, including VAT refunds, amounted to RMB 6,006,000, compared to RMB 5,179,000 in the previous year, showing an increase of 15.9%[18]. - Government grants received increased to RMB 5,104,000 from RMB 108,000, indicating a significant rise in support[18]. - Deferred government grants were approximately RMB 141.5 million as of December 31, 2023, and decreased to RMB 136.6 million as of June 30, 2024, mainly due to amortization[56]. Strategic Initiatives - The group established two new projects, Xianzhichuan and Bihui Technology, to expand packaged drinking water and direct drinking water projects[35]. - The Xianzhichuan project has completed production line verification with an expected annual capacity of 13,500 tons[35]. - The group plans to construct 16 direct drinking water projects in residential areas and commercial office buildings in 2024[35]. - The group aims to enhance core competitiveness and strengthen the water supply security system as part of its future strategy[29]. - The group is focused on optimizing its industrial layout and developing new productive forces in water services, environmental protection, and modern agriculture[29]. Employee and Administrative Costs - The group employed 251 staff as of June 30, 2024, an increase from 246 staff as of June 30, 2023, with employee benefits expenses amounting to approximately RMB 45.9 million[64]. - Administrative expenses rose by RMB 2.3 million or 5.9% to approximately RMB 41.3 million, attributed to increased depreciation and labor costs[45].
台州水务(01542) - 2024 - 中期业绩