Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 987,765,000, a decrease of 14.3% compared to RMB 1,152,914,000 for the same period in 2023[3] - Gross profit for the same period was RMB 144,084,000, down 52.9% from RMB 306,386,000 in 2023[3] - Profit before income tax decreased significantly to RMB 41,996,000, compared to RMB 245,663,000 in the previous year, representing a decline of 82.9%[3] - Profit for the period attributable to owners of the Company was RMB 42,357,000, a decrease of 74.5% from RMB 166,098,000 in 2023[3] - Basic earnings per share for the period was RMB 0.049, down 74.3% from RMB 0.191 in the same period last year[3] - Total comprehensive income for the period was RMB 34,587,000, a decrease of 81.9% compared to RMB 190,929,000 in 2023[4] - Other income and gains totaled RMB 18,166,000 for the six months ended June 30, 2024, compared to RMB 20,384,000 in the same period of 2023, reflecting a decline of 10.9%[24] - The profit attributable to owners of the Company for the period was approximately RMB42.4 million, a significant decrease from RMB166.1 million in the same period last year[78] Assets and Liabilities - As of June 30, 2024, total assets amounted to RMB 2,557,725, a decrease of 1.8% from RMB 2,604,003 as of December 31, 2023[5] - Total equity attributable to owners of the Company decreased to RMB 2,405,507 as of June 30, 2024, from RMB 2,442,917 at the end of 2023, reflecting a decline of 1.5%[14] - Current liabilities increased to RMB 432,568 as of June 30, 2024, from RMB 317,815 at the end of 2023, indicating a rise of 36%[5] - The net current assets were RMB 906,139, a decrease from RMB 924,181 as of December 31, 2023[5] - Trade receivables and bills receivable amounted to RMB 454,894,000 as of June 30, 2024, an increase from RMB 431,425,000 as of December 31, 2023[39] - The impairment loss allowance for trade receivables was RMB 456,723,000 as of June 30, 2024, compared to RMB 433,144,000 as of December 31, 2023[39] - The total impairment loss on other receivables was RMB 42,130,000 as of June 30, 2024, a decrease from RMB 50,261,000 as of December 31, 2023, indicating a reduction of approximately 16.4%[43] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 151,845, down 64.7% from RMB 429,545 in the same period of 2023[6] - Cash and cash equivalents at the end of the period were RMB 144,371, a significant decrease from RMB 441,699 at the end of June 2023[6] - The Group's total cash and cash equivalents were approximately RMB701.3 million as of June 30, 2024, compared to RMB616.4 million as of December 31, 2023[87] - The Group maintained a solid financial position with a net cash balance of approximately RMB629.6 million as of June 30, 2024[87] Operational Efficiency and Strategy - The company is focusing on enhancing operational efficiency and exploring new market opportunities to improve future performance[3] - The Group adjusted its sales and marketing strategies to expand its customer base and application coverage in downstream industries[64] - The Group's procurement strategies were refined to minimize overall raw material costs, contributing to improved cost-effectiveness[64] - The Group plans to invest in advanced energy-saving and emission-reducing technologies to optimize production processes and achieve low-carbon production[69][70] Research and Development - Research costs increased significantly to RMB 54,426,000 for the six months ended June 30, 2024, compared to RMB 26,115,000 in the same period of 2023, representing a growth of 108.5%[26] - The Group increased research and development expenditure to enhance production technologies and explore new products with strong market potential[67][71] Shareholder Information - The proposed final dividend for 2023 is HK$0.10 per share, totaling RMB 80,652,000, down from RMB 162,737,000 in 2022[34] - The interim dividend declared for the six months ended June 30, 2024, is HK$0.02 per share, compared to HK$0.03 for the same period in 2023[34] - As of June 30, 2024, the company has outstanding share options totaling 9,000,000, unchanged from December 31, 2023, representing 1.0% of the issued shares[52] Corporate Governance - The Company has complied with the Corporate Governance Code as set out in the Listing Rules during the review period[110] - The Audit Committee reviewed compliance with accounting principles, Listing Rules, internal controls, and financial reporting matters adopted by the Company[113] - There was no disagreement on the accounting treatment adopted by the Company during the period under review[113]
天德化工(00609) - 2024 - 中期财报