Financial Performance - For the six months ended June 30, 2024, total revenue was approximately RMB 1,017,421,000, an increase of about 9.58% compared to RMB 928,462,000 for the same period last year[1]. - The unaudited net profit for the six months ended June 30, 2024, reached approximately RMB 13,857,000, up from RMB 7,613,000 in the same period last year[2]. - The unaudited net profit attributable to the owners of the parent company for the six months ended June 30, 2024, was approximately RMB 16,487,000, compared to RMB 5,020,000 for the same period last year[2]. - Basic earnings per share for the six months ended June 30, 2024, were approximately RMB 0.0317, compared to RMB 0.00966 for the same period last year[3]. - The total operating costs for the six months ended June 30, 2024, were RMB 1,001,086,000, compared to RMB 928,477,000 for the same period last year[2]. - The company reported a total comprehensive loss of RMB 4,663 thousand for the six months ended June 30, 2024, compared to a loss of RMB 22,050 thousand in the same period of 2023, indicating an improvement in financial performance[6]. - The company’s gross profit margin for the six months ended June 30, 2024, was impacted by a decrease in sales of drip irrigation products, which totaled RMB 33,274 thousand, down from RMB 41,990 thousand in the same period of 2023[11]. - The company’s income from installation services significantly increased to RMB 416,650 thousand for the six months ended June 30, 2024, compared to RMB 266,857 thousand in the same period of 2023, reflecting a growth of approximately 56%[11]. - The unaudited gross profit for the six months ended June 30, 2024, reached approximately RMB 58,598,000, with a gross margin of about 5.76%, compared to RMB 39,062,000 and 4.21% in the same period last year, reflecting an increase of approximately 1.55% in gross margin[29]. - Trade revenue decreased from approximately RMB 462,623,000 in the same period last year to about RMB 390,258,000, accounting for 49.83% of total revenue, down to 38.36%[29]. - The unaudited net profit attributable to the owners of the parent company for the six months ended June 30, 2024, was approximately RMB 16,487,000, compared to RMB 5,020,000 in the same period last year, primarily due to increased gross profit from engineering projects and products[33]. Cash Flow and Assets - Net cash flow from operating activities for the six months ended June 30, 2024, was RMB 74,064 thousand, compared to a negative cash flow of RMB (60,277) thousand in the same period of 2023[7]. - The company’s cash and cash equivalents increased to RMB 417,649 thousand as of June 30, 2024, up from RMB 196,226 thousand at the end of June 30, 2023[7]. - The total assets as of June 30, 2024, amounted to RMB 1,417,829,000, an increase from RMB 1,219,950,000 as of December 31, 2023[4]. - Total liabilities as of June 30, 2024, were RMB 948,057,000, compared to RMB 769,279,000 as of December 31, 2023[5]. - The company reported a total of RMB 488,094,000 in accounts payable as of June 30, 2024, compared to RMB 436,695,000 as of December 31, 2023[4]. - The accounts receivable as of June 30, 2024, totaled RMB 292,507,000, an increase from RMB 223,213,000 as of December 31, 2023[19]. - The company has a provision for bad debts amounting to RMB 64,935,000, which represents 20.66% of total accounts receivable as of June 30, 2024[20]. - The company reported a bank balance of RMB 417,649,000 as of June 30, 2024, compared to RMB 196,226,000 for the same date in 2023[27]. Expenses and Investments - Research and development expenses for the six months ended June 30, 2024, were RMB 2,738,000, compared to RMB 2,461,000 for the same period last year[2]. - The company incurred a corporate income tax expense of RMB 4,334 thousand for the six months ended June 30, 2024, compared to RMB 600 thousand in the same period of 2023, indicating a higher taxable income[14]. - The company’s financing activities generated a net cash inflow of RMB 23,587 thousand for the six months ended June 30, 2024, compared to a net outflow of RMB (8,900) thousand in the same period of 2023[7]. - The company’s capital expenditure contracted but not provided for in the consolidated financial statements amounted to RMB 730,000 as of June 30, 2024, unchanged from December 31, 2023[23]. - The unaudited sales expenses for the six months ended June 30, 2024, were approximately RMB 8,284,000, a decrease of about RMB 4,881,000 or 37.08% compared to the same period last year[30]. Corporate Governance and Compliance - The company has complied with the corporate governance code during the six months ending June 30, 2024, with no known violations by the directors[50]. - The company has adopted a standard code for securities trading, and all directors and supervisors confirmed compliance during the six months ending June 30, 2024[51]. - The audit committee reviewed the accounting principles and practices adopted by the group and discussed internal controls and financial reporting matters, including the review of unaudited interim financial statements[49]. - There were no purchases, sales, or redemptions of any listed securities by the company or its subsidiaries during the six months ending June 30, 2024[53]. - The company does not have provisions regarding preemptive rights in its articles of association or under Chinese law[52]. - No conflicts of interest were reported among directors, supervisors, and senior management regarding the group's business during the six months ending June 30, 2024[48]. Strategic Focus and Future Plans - The company continues to focus on expanding its market presence in the irrigation systems sector, leveraging its capabilities in manufacturing and installation services[8]. - The company plans to enhance research and development investment in water-saving irrigation technology to maintain industry leadership and accelerate technology transformation[35]. - The company aims to expand its agricultural full industry chain layout, focusing on digital agricultural services and agricultural trade logistics[35]. Shareholding and Equity - As of June 30, 2024, Xinjiang Tianye (Group) Co., Ltd. holds 313,886,921 shares, representing approximately 98.98% of the total issued domestic shares and 60.42% of the total equity[44]. - The total number of issued shares is 519,521,560, which includes both domestic and H shares[45]. - Changmao Holdings Limited holds 14,407,000 H shares, accounting for approximately 7.12% of the total issued H shares and 2.77% of the total equity[46]. - The company and its subsidiaries did not engage in any arrangements for the purchase of shares or bonds by directors, supervisors, or senior management during the six months ending June 30, 2024[43]. - The company’s total equity attributable to owners increased to RMB 430,674 thousand as of June 30, 2024, from RMB 426,011 thousand at the beginning of the year[6].
天业节水(00840) - 2024 - 中期业绩