Financial Performance - For the six months ended June 30, 2024, the revenue was RMB 82,846,000, an increase of 3.3% compared to RMB 80,153,000 for the same period in 2023[5] - The gross profit for the same period was RMB 20,160,000, down 22.8% from RMB 26,123,000 in 2023[5] - Operating profit decreased to RMB 13,284,000, a decline of 39.1% from RMB 21,851,000 in the previous year[5] - Profit before tax was RMB 11,081,000, down 43.1% from RMB 19,431,000 in 2023[5] - The net profit for the period was RMB 9,385,000, a decrease of 44.4% compared to RMB 16,875,000 in the same period last year[5] - Basic and diluted earnings per share were RMB 2.04, down from RMB 4.23 in 2023[5] - Total comprehensive income for the period was RMB 8,905,000, down from RMB 14,705,000 in the previous year, reflecting a decline of 39.9%[7] Cost and Expenses - The cost of sales increased to RMB 62,686,000, up from RMB 54,030,000, reflecting a rise in operational costs[5] - Other net income decreased significantly to RMB 737,000 from RMB 3,581,000 in the previous year[5] - Selling and marketing expenses rose to RMB 151,000, compared to RMB 62,000 in 2023, indicating increased investment in marketing efforts[5] - General and administrative expenses slightly decreased to RMB 7,462,000 from RMB 7,791,000, showing cost control measures[5] - Research and development costs for the six months ended June 30, 2024, amounted to RMB 6,012,000, an increase of 5.9% from RMB 5,677,000 in the same period of 2023[32] - Employee costs rose to RMB 2,692,000 from RMB 2,497,000 in the previous year[71] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 64,000,000, a decrease from RMB 69,785,000 as of December 31, 2023, representing a reduction of 8.0%[8] - Inventory increased to RMB 171,523,000 from RMB 160,190,000, indicating a rise of 7.9%[8] - Trade receivables totaled RMB 153,959,000 as of June 30, 2024, up from RMB 136,918,000 as of December 31, 2023, marking an increase of about 12.4%[39] - Current liabilities, including bank loans, increased to RMB 65,600,000 as of June 30, 2024, compared to RMB 62,400,000 as of December 31, 2023, reflecting a growth of approximately 3.5%[44] - The total trade and other payables decreased to RMB 17,631,000 as of June 30, 2024, from RMB 28,308,000 as of December 31, 2023, indicating a reduction of approximately 37.7%[42] Cash Flow - Cash and cash equivalents at the end of the period were RMB 2,852,000, compared to RMB 1,167,000 at the beginning of the period, showing an increase of 143.8%[17] - Net cash generated from operating activities was RMB 851,000, a significant improvement from a net cash outflow of RMB 9,695,000 in the same period last year[17] - The company reported a net increase in cash and cash equivalents of RMB 1,685,000 for the period, compared to a decrease of RMB 5,886,000 in the previous year[17] Shareholder Information - The weighted average number of ordinary shares issued increased to 458,990,000 shares from 399,331,000 shares, reflecting a growth of approximately 14.9%[35] - The company holds 249,750,000 shares, representing 54.41% ownership, held through Bright Global Limited, which is fully owned by Wei Family Limited[98] Corporate Governance - The company is committed to improving corporate governance practices and believes that sound governance is crucial for sustainable development[107] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2024, and confirmed compliance with applicable accounting standards and GEM listing rules[110] - The company has adopted the corporate governance code as per GEM listing rules and has complied with all applicable provisions during the reporting period[107] Market and Industry Outlook - China's coated glass production is expected to grow from 130.8 million square meters in 2021 to 171.6 million square meters by 2026, with a compound annual growth rate (CAGR) of approximately 5.6%[94] - Demand for smart glass in new buildings is strong, with production expected to rise from 513,800 square meters in 2021 to 1,496,500 square meters by 2026, reflecting a CAGR of 23.8%[94] Dividend Policy - The company does not recommend any dividend distribution for the six months ended June 30, 2024, consistent with the previous year[57] - The board does not recommend the distribution of an interim dividend for the six months ending June 30, 2024[111]
中国宏光(08646) - 2024 - 中期业绩