Financial Performance - For the six months ending June 30, 2024, the group's unaudited revenue was RMB 16,237 million, an increase of 2.56% compared to RMB 15,832 million in the same period of 2023[2] - The group's unaudited EBITDA for the same period was RMB 3,698 million, a decrease of 1.88% from RMB 3,769 million in the prior year[2] - The profit attributable to equity holders for the six months was RMB 731 million, down 38.74% from RMB 1,192 million in the same period last year, with basic earnings per share of RMB 0.35[2] - The net profit for the first half of 2024 was RMB 1,022 million, down from RMB 1,350 million in the same period of 2023[5] - The company reported a decrease in total comprehensive income to RMB 1,188 million from RMB 1,456 million in the same period last year[5] - The total profit for the first half of 2024 is $1,343,287,311, a decrease from $1,738,266,841 in the same period of 2023, representing a decline of approximately 22.7%[17] - The weighted average return on equity for the company is 2.49%, with basic and diluted earnings per share both at $0.35 for the first half of 2024[18] - The net profit attributable to shareholders was CNY 731 million, a year-on-year decrease of 38.74%[29] Revenue and Sales - For the first half of 2024, the company's total revenue reached RMB 16,237,373,654, an increase from RMB 15,831,572,500 in the same period of 2023, representing a growth of approximately 2.56%[9] - Cement sales accounted for RMB 8,367,925,294 in the first half of 2024, down from RMB 9,191,200,494 in the same period of 2023, reflecting a decline of approximately 8.97%[10] - The company’s cement business revenue was CNY 8.666 billion, down 11.25% year-on-year, with domestic revenue declining by 31.57%[29] - Cement and clinker sales volume was 28.4844 million tons, down 4.9% year-on-year, while overseas sales increased by 47.0% to 7.5976 million tons[29] Costs and Expenses - Total operating costs for the first half of 2024 were RMB 14,939 million, with operating costs specifically at RMB 12,397 million, compared to RMB 14,092 million in the same period of 2023[4] - The cost of revenue for the first half of 2024 was RMB 12,396,833,893, compared to RMB 11,971,182,161 in the first half of 2023, indicating an increase of about 3.55%[9] - Financial expenses for the first half of 2024 totaled RMB 399,954,782, significantly higher than RMB 245,237,036 in the same period of 2023, marking an increase of approximately 62.93%[15] - The average selling price of cement decreased by CNY 21.76 per ton to CNY 304.24 per ton, while the cost fell by CNY 10.39 per ton to CNY 241.24 per ton[30] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 68,975 million, slightly up from RMB 68,800 million at the end of 2023[6] - The company's total liabilities as of June 30, 2024, amounted to RMB 35,992,702,978, an increase from RMB 35,505,385,821 as of December 31, 2023[7] - The total equity attributable to shareholders was RMB 28,687,519,804 as of June 30, 2024, down from RMB 28,932,949,847 at the end of 2023, a decrease of about 0.85%[7] - The total non-current liabilities reached RMB 17,092,323,471 as of June 30, 2024, up from RMB 16,571,170,755 at the end of 2023, representing an increase of approximately 3.15%[7] Cash Flow and Receivables - Cash and cash equivalents decreased to RMB 5,257 million from RMB 5,849 million at the end of 2023[6] - Accounts receivable as of June 30, 2024, total $3,185,256,332, an increase from $2,259,496,157 as of December 31, 2023, reflecting a growth of approximately 41%[19] - The allowance for bad debts increased to $262,665,491 as of June 30, 2024, compared to $235,701,561 at the end of 2023, marking an increase of about 11.4%[23] - The company has written off accounts receivable amounting to $3,085,320 during the current period[24] Strategic Focus and Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[2] - The company anticipates continued challenges in revenue generation due to market conditions, impacting future earnings guidance[17] - The company is focusing on improving its collection processes to manage accounts receivable more effectively[19] - The company plans to enhance its overseas business, with new production lines in Mozambique and Malawi expected to add a total of approximately 3 million tons of clinker capacity per year[31] - The company anticipates a seasonal recovery in cement demand in the second half of 2024, although overall demand is expected to decline for the year[33] - The company aims to become a leading multinational building materials enterprise, focusing on overseas multi-business development and digital AI-driven strategies[33] Governance and Compliance - The audit committee has been established to oversee the financial reporting process, risk management, and internal control systems[36] - The company adhered to the principles and code provisions of the Corporate Governance Code during the reporting period[37] - The company did not engage in any significant litigation or arbitration matters during the reporting period[34] - No significant events affecting the group occurred from the end of the reporting period until the announcement date[38]
华新水泥(06655) - 2024 - 中期业绩