Financial Performance - Total revenue for the six months ended June 30, 2023, was $81,663,901, representing an increase from $60,809,982 in the same period of 2022, a growth of approximately 34%[11] - Gross profit for the same period was $19,670,215, compared to $14,323,051 in 2022, indicating a gross margin improvement[11] - Net income for the six months ended June 30, 2023, was $5,648,757, up from $3,906,347 in 2022, reflecting a year-over-year increase of about 45%[11] - The company reported earnings per share of $5.44 for the six months ended June 30, 2023, compared to $3.65 in the prior year[11] - For the six months ended June 30, 2023, Able View Inc. reported net revenue of $81.7 million, a 34.3% increase from $60.8 million in the same period of 2022[129] - The company's net income from operations for the six months ended June 30, 2023, was $8.1 million, compared to $5.5 million for the same period in 2022, reflecting a 47.3% increase[129] - Net income increased by $1.7 million, or 45%, from $3.9 million for the six months ended June 30, 2022, to $5.6 million in 2023[156] Assets and Liabilities - Total current assets increased to $53,517,048 as of June 30, 2023, from $52,131,395 at the end of 2022[3] - Total liabilities decreased to $47,548,590 as of June 30, 2023, down from $49,089,960 at the end of 2022, indicating improved financial stability[7] - Cash and cash equivalents rose to $6,149,339 as of June 30, 2023, compared to $5,773,380 at the end of 2022[3] - The company’s retained earnings increased significantly to $5,536,297 as of June 30, 2023, from $7,540 at the end of 2022, showing strong profitability retention[8] - Total assets increased to $58.8 million as of June 30, 2023, from $54.6 million at the end of 2022[159] Cash Flow - Net cash provided by operating activities for June 2023 was $7,277,110, compared to a net cash used of $(12,453,162) in 2022, indicating a significant improvement[17] - Cash and cash equivalents at the end of the period were $6,149,339 in June 2023, compared to $4,750,968 in June 2022, reflecting an increase[17] - The company reported cash used in investing activities of $1.8 million for the six months ended June 30, 2023, primarily for loans to third parties and related parties[185] - Cash used in financing activities for the six months ended June 30, 2023, was $5.2 million, mainly for repayment of short-term borrowings and related party borrowings[186] Expenses - Operating expenses for the six months ended June 30, 2023, totaled $11,594,848, compared to $8,783,190 in 2022, reflecting increased investment in operations[11] - Selling and marketing expenses increased to $9.2 million for the six months ended June 30, 2023, up from $7.3 million in the same period of 2022, indicating increased investment in marketing efforts[142] - General and administrative expenses rose to $2.4 million for the six months ended June 30, 2023, compared to $1.5 million in the same period of 2022, reflecting higher operational costs[144] Taxation - For the six months ended June 30, 2023, the current income tax expenses amounted to $1,321,854, compared to $865,483 for the same period in 2022, reflecting a 52.7% increase[76] - The deferred income tax benefits for the same period were $(299,220), a significant change from $7,882 in 2022, indicating a shift in tax position[76] - The effective corporate income tax rate for PRC subsidiaries is 25%, while small and micro-sized enterprises are entitled to a reduced rate of 20%[74] Shareholder Information - The company has a total of 1,000,000 shares issued and outstanding as of June 30, 2023, consistent with the previous period[8] - The company did not declare dividends for the six months ended June 30, 2023, but had declared but unpaid dividends of $16,709,692[92] - Total dividends payable as of June 30, 2023, amounted to $28,629,568, compared to $18,350,020 as of December 31, 2022, reflecting an increase of approximately 56.5%[114] Related Party Transactions - Sales of products to related parties were $0 for the six months ended June 30, 2023, compared to $10,608 in 2022, showing a decline of 100%[103] - Rental expenses charged by related parties decreased to $13,218 in 2023 from $109,786 in 2022, a reduction of approximately 87.9%[103] - The company borrowed $5,835,307 from related parties during the six months ended June 30, 2023, compared to $8,681,171 in the same period of 2022, a decrease of approximately 32.5%[107] Market Position - Able View Inc. holds a 16.5% market share in beauty and personal care cross-border brand management in China, as of 2022[128] - The company completed a business combination with Hainan Manaslu Acquisition Corp. on August 2, 2023, which will enhance its market presence and operational capabilities[126] Operational Insights - The company is engaged in importing and selling cosmetics and beauty products to e-commerce platforms and distributor customers[25] - The company has not engaged in any research and development activities since inception[193] - The company has not experienced significant foreign exchange risk due to its operations primarily in RMB[189]
Able View (ABLV) - 2023 Q3 - Quarterly Report