Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 3,206,463,000, an increase of 7.7% compared to RMB 2,976,775,000 for the same period in 2023[2] - The gross profit for the same period was RMB 94,189,000, down 32.3% from RMB 139,340,000 in the previous year[2] - The net profit attributable to the owners of the company was RMB 16,885,000, a decrease of 57.3% from RMB 39,446,000 in the prior year[2] - Basic and diluted earnings per share were both RMB 2.81, down from RMB 6.57 in the same period last year[2] - Financial costs for the six months ended June 30, 2024, totaled RMB 51,492 thousand, compared to RMB 32,606 thousand for the same period in 2023, indicating a significant increase in financial expenses[12] - The income tax expense for the period was RMB 2,592 thousand, a decrease from RMB 8,831 thousand in the previous year, reflecting a reduction in tax liabilities[13] - Employee benefits expenses increased to RMB 70,288 thousand from RMB 60,445 thousand, representing a rise of 16.4% year-on-year[14] - The company incurred administrative expenses and financial costs that contributed to the decrease in net profit for the first half of 2024[39] - Gross profit decreased to approximately RMB 94.2 million in the first half of 2024, down from RMB 139.3 million in the same period of 2023, resulting in a gross margin of about 2.9%[45] - Net profit attributable to the company was approximately RMB 16.9 million in the first half of 2024, down from RMB 39.4 million in the same period of 2023, resulting in a net profit margin of about 0.5%[52] Revenue Sources - Sales of cold-rolled steel products amounted to RMB 1,669,663 thousand, up from RMB 1,572,966 thousand, reflecting a growth of 6.2%[10] - The group generated revenue primarily from customers located in China (including Hong Kong) amounting to RMB 3,173,171 thousand, which is a 6.7% increase from RMB 2,972,129 thousand in the previous year[11] - The total sales volume of cold-rolled steel products and galvanized steel products combined was 678,887 tons in the first half of 2024, an increase of 23,059 tons or 3.5% from 655,828 tons in the first half of 2023[39] - Sales of cold-rolled steel products contributed RMB 1,737.6 million, accounting for 54.2% of total revenue, while galvanized steel products generated RMB 1,148.9 million, representing 35.8% of total revenue[41] Assets and Liabilities - As of June 30, 2024, total assets were RMB 4,254,846,000, compared to RMB 3,787,675,000 as of December 31, 2023[3] - The company had current liabilities exceeding current assets by RMB 510,737,000 as of June 30, 2024[5] - The company’s non-current liabilities included bank loans due after one year amounting to RMB 1,037,461,000, an increase from RMB 1,011,520,000 at the end of 2023[4] - The company’s total equity increased to RMB 531,884,000 from RMB 514,749,000 at the end of 2023[4] - The company reported a total of RMB 1,490,489,000 in receivables as of June 30, 2024, compared to RMB 1,311,308,000 as of December 31, 2023, reflecting an increase of approximately 13.7%[18] - The company reported fixed-rate borrowings of RMB 1,390,941,000 as of June 30, 2024, an increase of 14.1% from RMB 1,219,202,000 as of December 31, 2023[27] - Total borrowings increased to RMB 2,882,682,000 as of June 30, 2024, up 26.5% from RMB 2,277,902,000 at the end of 2023[27] Cash Flow and Financing - The company reported a net cash outflow of RMB 46,330,000 and an operating cash outflow of RMB 603,779,000 for the six months ended June 30, 2024[5] - As of June 30, 2024, the group's bank balance and cash decreased by approximately RMB 46.4 million or 47.2% to about RMB 52.0 million from RMB 98.4 million as of December 31, 2023[53] - The group's restricted bank deposits increased by approximately RMB 107.4 million or 43.4% to about RMB 355.1 million as of June 30, 2024, compared to RMB 247.7 million as of December 31, 2023[53] - The group had a total bank financing of approximately RMB 1,779.4 million as of June 30, 2024, compared to RMB 1,649.8 million as of December 31, 2023[54] Corporate Governance - The company has maintained compliance with the corporate governance principles as outlined in the Listing Rules Appendix C1, as of June 30, 2024[67] - The Audit Committee, along with external auditors, has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, confirming they are prepared in accordance with applicable accounting standards[70] - The company emphasizes the importance of effective corporate governance standards to ensure stable and transparent operations, which can attract investors and enhance shareholder value[66] Dividends and Share Capital - The company did not declare an interim dividend for the period ending June 30, 2024, consistent with the previous year[17] - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[40] - The company’s issued share capital remained at 600,000,000 shares as of June 30, 2024, unchanged from the previous reporting period[29] Operational Developments - The group completed the construction of Wharf No. 3 at Huajin Wharf in early 2024 and obtained the port operation permit on January 23, 2024[62] - The main business of cold-rolled and galvanized steel processing services will continue to provide stable revenue sources for the group[62] - The second phase of Huajin Wharf construction is expected to be completed around September 10, 2024[62]
华津国际控股(02738) - 2024 - 中期业绩