摩比发展(00947) - 2024 - 中期财报

Corporate Profile Corporate Overview MOBI Development Co., Ltd. is one of China's few one-stop suppliers of wireless communication antennas and base station radio frequency (RF) subsystems, offering comprehensive solutions from 2G to 5G-A, satellite communication, and microwave transmission networks to global operators and solution providers - The company is positioned as one of China's few one-stop suppliers of wireless communication antennas and base station radio frequency (RF) subsystems[3][5] - Business scope covers complete solutions from 2G to 5G-A, satellite communication, and microwave transmission networks[3][5] - Customer base includes network operators in China and overseas, as well as leading global wireless network solution providers integrating its products into their solutions[3][5] Financial Highlights Key Financial Indicators In the first half of 2024, the company's financial performance faced significant pressure, with total revenue decreasing by 27.7% and gross profit declining by 33.2%, leading to a loss attributable to shareholders expanding from RMB 3.5 million to RMB 31.6 million, while gross margin contracted from 20.1% to 18.6% Key Financial Data for H1 2024 (vs H1 2023) | Metric | H1 2024 (RMB Million) | H1 2023 (RMB Million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | 249.8 | 345.7 | -27.7% | | Gross Profit | 46.5 | 69.6 | -33.2% | | Loss Attributable to Shareholders | (31.6) | (3.5) | -802.9% | | Gross Margin | 18.6% | 20.1% | -1.5pp | Revenue Analysis by Business Segment (RMB Million) | Business Type | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Antenna Systems | 82.6 | 106.9 | -22.7% | | Base Station RF Subsystems | 138.3 | 217.9 | -36.5% | | Coverage Extension Solutions and Others | 28.9 | 21.0 | +37.7% | Management Discussion and Analysis Business and Financial Review In the first half of 2024, the Group's total revenue decreased by 27.7% due to cyclical impacts of domestic and international mobile communication network deployments and major clients adjusting production layouts; while core antenna and RF subsystem businesses declined, coverage extension solutions and other businesses achieved strong growth of 37.7% with new projects, though revenue decline led to gross margin contraction and a significant increase in net loss despite effective operating expense control Overall Performance Total revenue for the first half of 2024 was RMB 249.8 million, a 27.7% year-on-year decrease, primarily due to delayed domestic network construction plans, postponed tenders, and major international equipment manufacturer clients adjusting production layouts affecting shipments; despite challenges, the company achieved R&D breakthroughs in green antennas and multi-band modules, and actively developed 'communication + new energy/energy saving' as a second growth curve Key Financial Indicators H1 2024 vs H1 2023 | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Consolidated Revenue | RMB 249.8 million | RMB 345.7 million | | YoY Change | -27.7% | - | - Key reasons for performance decline include delayed domestic network construction plans, awarded projects not materializing as expected, and major international equipment manufacturer clients adjusting production layouts affecting shipments[9][10][12] - The company is actively developing a second growth curve in 'communication + new energy/energy saving', with ongoing projects including old community renovation, GPS Beidou antennas, and photovoltaic projects[9][10] Segment Performance Core businesses, Antenna Systems and Base Station RF Subsystems, saw revenue decline by 22.7% and 36.5% respectively, primarily due to delayed market network construction cycles; however, Coverage Extension Solutions and Other Products performed strongly with a 37.7% year-on-year revenue increase, mainly benefiting from newly awarded GPS Beidou antenna projects and successful implementation in the 'communication + new energy/energy saving' sector Revenue Performance by Business Segment (H1 2024) | Business Segment | Revenue (RMB) | YoY Change | | :--- | :--- | :--- | | Antenna Systems | RMB 82.62 million | -22.7% | | Base Station RF Subsystems | RMB 138.3 million | -36.5% | | Coverage Extension Solutions and Others | RMB 28.86 million | +37.7% | - Antenna Systems: Despite overall decline, customized antenna sales increased by 100% year-on-year to RMB 7.03 million; key breakthroughs in green antenna technology are expected to lead to bulk shipments in the second half of the year[14][15][16] - Base Station RF Subsystems: Decline primarily due to major international equipment manufacturer clients adjusting production layouts; the company maintains its position as a key supplier and has completed full in-house R&D for technologies such as multi-band ultra-wideband duplex modules and dielectric filters[18][20] - Coverage Extension Solutions and Others: Benefiting from newly awarded GPS Beidou antenna projects, sales of GPS and specialized products surged by 6,602.7% year-on-year to RMB 3.14 million; concurrently, over 30 old community renovation projects have been implemented in the 'communication + new energy/energy saving' sector[22][23] Customer Analysis Affected by market conditions, revenue from both domestic and international operators and equipment manufacturers declined; while international equipment manufacturer client revenue decreased by 33.6%, it remains the largest revenue source, accounting for 47.9%; domestic operator and equipment manufacturer businesses saw revenue decline by 20.2% and 32.2% respectively due to network construction delays and differing construction cycles; the company is diversifying its customer base by expanding into government and enterprise clients Revenue Performance by Customer Type (H1 2024) | Customer Type | Revenue (RMB) | Share of Total Revenue | YoY Change | | :--- | :--- | :--- | :--- | | International Equipment Manufacturers | RMB 119.7 million | 47.9% | -33.6% | | Chinese Equipment Manufacturers | RMB 44.88 million | 18.0% | -32.2% | | Chinese Operators | RMB 44.83 million | 17.9% | -20.2% | | International Operators | RMB 31.68 million | 12.7% | -12.0% | - Domestic operator business was affected by delayed network construction progress, with most base station antenna centralized procurements postponed to the second half of the year, but the company's 16% share obtained in the '2022 China Unicom Base Station Antenna Centralized Procurement Project' is expected to materialize in the second half[25][26] - The company is continuously seeking customer diversification, having made breakthroughs in the government and enterprise client sector, with ongoing projects including old community renovation, smart light poles, and photovoltaic projects, to reduce reliance on operator network construction cycles[30][31] Profitability and Expense Analysis Affected by declining sales revenue, the Group's gross profit decreased by 33.2% year-on-year, with gross margin falling from 20.1% to 18.6%; while the company strengthened cost control, leading to decreases in distribution and selling expenses and administrative expenses, the sharp decline in revenue and a nearly RMB 7 million reduction in exchange gains resulted in a significant increase in pre-tax loss from RMB 3.4 million in the prior period to RMB 31.56 million - Overall gross margin decreased from 20.1% to 18.6% compared to the same period last year, primarily due to declining sales revenue[32] Changes in Key Expense Items (H1 2024 vs H1 2023) | Expense Item | H1 2024 (RMB) | H1 2023 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Distribution and Selling Expenses | RMB 19.23 million | RMB 21.90 million | -12.2% | | Administrative Expenses | RMB 39.44 million | RMB 41.82 million | -5.7% | | Research and Development Expenses | RMB 35.91 million | RMB 35.78 million | +0.4% | | Finance Costs | RMB 2.06 million | RMB 3.08 million | -33.1% | - Pre-tax loss significantly increased by 828.2% from RMB 3.4 million to RMB 31.56 million compared to the same period last year[35] - Loss for the reporting period was RMB 31.58 million, an increase of 810.1% from RMB 3.47 million in the same period last year[39] Future Prospects Looking ahead, the Group will seize opportunities in 5G-A commercialization and 6G R&D, maintaining a dual-driven strategy of market and R&D; strategic priorities include expanding global markets, especially emerging ones; deepening 'communication + energy saving/new energy' as a second growth curve, exploring areas like photovoltaics and green lighting; continuously increasing R&D investment in cutting-edge technologies such as 5G-A and satellite communication antennas, and achieving dual growth in revenue and profit through cost control - The company will seize opportunities in the first year of 5G-A commercialization and 6G technology R&D, moderately advancing the construction of information infrastructure such as 5G and computing power[41] - The strategic core is to develop a second growth curve in 'communication + energy saving / new energy' and actively explore '5G+' vertical industry application opportunities[41][43] - Global 5G network construction is steadily advancing, with over 420 operators expected to commercialize 5G networks globally by 2025, providing significant market potential for the company, which will adhere to its international development strategy[42][44] - Product R&D will continue to focus on new technologies such as U6G and satellite internet, launching a series of products including 5G-A, satellite communication antennas, integrated sensing and communication antennas, and millimeter-wave antennas[53] Capital Structure, Liquidity and Financial Resources As of June 30, 2024, the Group's financial position remained solid, with net current assets of RMB 132.6 million; the current ratio slightly decreased to 1.20x, and the gearing ratio (bank loans/total assets) slightly increased from 7.6% to 8.8%; all turnover days extended, reflecting increased working capital pressure, but the Board believes the Group has sufficient resources to support operations and capital expenditures Key Financial Position Indicators (As of June 30, 2024) | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Current Assets | RMB 132.6 million | RMB 153.1 million | | Cash and Bank Balances | RMB 188.9 million | RMB 198.7 million | | Bank and Other Borrowings | RMB 100.5 million | RMB 95.0 million | | Current Ratio | 1.20x | 1.21x | | Gearing Ratio | 8.8% | 7.6% | Average Turnover Days (H1 2024 vs H1 2023) | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Inventory Turnover Days | 132 days | 125 days | | Trade Receivables Turnover Days | 238 days | 201 days | | Trade Payables Turnover Days | 478 days | 390 days | - The Board believes the Group's financial position is solid, with sufficient financial resources to meet necessary operating capital requirements and foreseeable capital expenditures[58][60] Other Information Other Disclosures This section covers statutory disclosure information including directors' and shareholders' interests, share option schemes, connected transactions, and corporate governance; during the reporting period, the company repurchased and cancelled 2,225,000 shares and does not recommend an interim dividend; regarding corporate governance, there is a deviation where the Chairman and Chief Executive Officer are the same person, which the Board believes is beneficial for the company's development at this stage; the Audit Committee has reviewed the interim financial report - During the reporting period, the company repurchased a total of 2,225,000 shares on the Stock Exchange, which have since been cancelled[66] - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024[66] - As of June 30, 2024, share options granted but unexercised under the share option scheme involved 14,900,000 ordinary shares[76] - The company complied with most provisions of the Corporate Governance Code, with one deviation: the Chairman (Mr. Hu Xiang) and Chief Executive Officer are the same person, which the Board believes provides strong and consistent leadership for the company[92][93][96] - The company's Audit Committee, comprising three independent non-executive directors, has reviewed the Group's condensed consolidated interim financial statements[99][100] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This statement details the Group's revenue, costs, and expenses for the first half of 2024, showing total revenue of RMB 249.8 million, a 27.7% year-on-year decrease; gross profit declined by 33.2% as revenue fell more sharply than cost controls, resulting in a loss attributable to owners of RMB 31.58 million, compared to a loss of RMB 3.47 million in the prior period Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Item (RMB Thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 249,805 | 345,737 | | Cost of Sales | (203,338) | (276,177) | | Gross Profit | 46,467 | 69,560 | | Other Income and Expenses | 18,637 | 29,390 | | Research and Development Expenses | (35,912) | (35,779) | | Distribution and Selling Expenses | (19,228) | (21,900) | | Administrative Expenses | (39,445) | (41,816) | | Loss Before Tax | (31,563) | (3,399) | | Loss for the Period | (31,578) | (3,470) | | Basic Loss Per Share (RMB Cents) | (3.92) | (0.43) | Condensed Consolidated Statement of Financial Position As of June 30, 2024, the Group's total assets were RMB 1.141 billion and total liabilities were RMB 669 million; shareholders' equity (net assets) was RMB 473 million, a decrease from RMB 505 million at the end of 2023, primarily reflecting the operating loss during the period; net current assets stood at RMB 133 million Summary of Condensed Consolidated Statement of Financial Position | Item (RMB Thousand) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 341,433 | 353,706 | | Current Assets | 800,038 | 894,024 | | Total Assets | 1,141,471 | 1,247,730 | | Current Liabilities | 667,474 | 740,974 | | Non-current Liabilities | 1,334 | 2,204 | | Total Liabilities | 668,808 | 743,178 | | Net Assets | 472,663 | 504,552 | | Equity Attributable to Owners of the Company | 472,663 | 504,552 | Condensed Consolidated Statement of Cash Flows In the first half of 2024, the Group generated a net cash outflow of RMB 75.1 million from operating activities, a stark contrast to the net inflow of RMB 41.14 million in the prior period, primarily reflecting deteriorating operating performance; investing activities generated a net cash inflow of RMB 62.31 million, and financing activities generated a net inflow of RMB 1.17 million; cash and cash equivalents at period-end stood at RMB 189 million Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Item (RMB Thousand) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash From Operating Activities | (75,103) | 41,142 | | Net Cash From Investing Activities | 62,314 | (55,722) | | Net Cash From Financing Activities | 1,168 | 27,894 | | Decrease in Cash and Cash Equivalents | (11,621) | 13,314 | | Cash and Cash Equivalents at Beginning of Period | 198,674 | 174,275 | | Cash and Cash Equivalents at End of Period | 188,944 | 191,829 | Notes to the Condensed Consolidated Financial Statements The notes to the financial statements provide detailed explanations and supplementary information for key financial data, including revenue breakdowns by product category, major customers, and geographical regions; the notes indicate high revenue concentration among a few major customers, with Customer B1 contributing nearly 46% of revenue; geographically, Mainland China and other Asian regions are the two largest markets - Segment information indicates the company has three reportable segments: Antenna Systems, Base Station RF Subsystems, and Coverage Extension Solutions and Others[120] - High customer concentration: Revenue from Customers A1, B1, and C2 each exceeded 10% of total sales; specifically, Customer B1's revenue was RMB 115 million, and Customer A1's was RMB 44.88 million[127] Revenue by Geographical Region (H1 2024) | Region | Revenue (RMB Thousand) | Proportion | | :--- | :--- | :--- | | Mainland China | 110,929 | 44.4% | | Other Asian Countries/Regions | 62,158 | 24.9% | | Europe | 74,663 | 29.9% | | Americas and Others | 2,055 | 0.8% | | Total | 249,805 | 100% |