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新晨动力(01148) - 2024 - 中期财报
POWER XINCHENPOWER XINCHEN(HK:01148)2024-09-23 08:36

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 2,619,532,000, an increase of 4.4% compared to RMB 2,509,663,000 for the same period in 2023[2] - Gross profit for the same period was RMB 109,869,000, slightly up from RMB 107,160,000, reflecting a gross margin improvement[2] - Other income increased significantly to RMB 26,748,000 from RMB 11,508,000, indicating a growth of 132.5%[2] - The company recorded a net profit of RMB 22,125,000 for the period, compared to RMB 21,742,000 in the previous year, representing a year-on-year increase of 1.8%[3] - The company reported a decrease in pre-tax profit to RMB 23,811,000 for the six months ended June 30, 2024, down from RMB 25,267,000 in the same period of 2023, reflecting a decline of 5.8%[9] - The company recorded an unaudited total revenue of approximately RMB 2.61953 billion in the first half of 2024, an increase of about 16.43% compared to RMB 2.24981 billion in the same period last year[52] - The unaudited pre-tax profit decreased by approximately 5.76% to RMB 23.81 million in the first half of 2024 from RMB 25.27 million in the same period last year[53] Assets and Liabilities - Total assets decreased to RMB 5,081,466,000 as of June 30, 2024, down from RMB 5,501,103,000 at the end of 2023, a decline of 7.6%[4] - Current liabilities were reported at RMB 2,963,860,000, a decrease from RMB 3,308,163,000, indicating a reduction of 10.4%[6] - The company's total liabilities as of June 30, 2024, included a net current liability of approximately RMB 240,428,000, which raises concerns about liquidity[11] - The company's financial assets at amortized cost decreased to RMB 2,228,551,000 as of June 30, 2024, down from RMB 2,510,085,000 as of December 31, 2023, reflecting a decline of about 11.2%[44] - The total lease liabilities as of June 30, 2024, were RMB 468,619,000, compared to RMB 537,834,000 as of December 31, 2023, indicating a decrease of approximately 13.0%[42] Cash Flow and Investments - The operating cash flow before changes in working capital for the six months ended June 30, 2024, was RMB 151,039,000, a decrease of 8.4% from RMB 164,899,000 in the same period of 2023[9] - The net cash used in investing activities for the six months ended June 30, 2024, was RMB 102,136,000, compared to RMB 9,320,000 in the same period of 2023, indicating a significant increase in investment outflows[10] - The net cash used in financing activities for the six months ended June 30, 2024, was RMB 22,339,000, a decrease from a net cash inflow of RMB 26,504,000 in the same period of 2023[10] - Cash and cash equivalents increased by RMB 17,530,000, reaching RMB 41,369,000 as of June 30, 2024, compared to RMB 43,710,000 at the end of the previous year[10] Operational Efficiency and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[2] - The company aims to enhance operational efficiency and explore strategic partnerships to drive future growth[2] - The company is exploring new investment opportunities to expand its product portfolio and diversify revenue sources to maintain core competitiveness[64] - The company is actively seeking new customers and NEV component business opportunities due to a decline in demand for certain engine components[63] Market and Economic Outlook - The company expects to maintain its operational focus in China, where most of its revenue is generated, indicating a strategic emphasis on the domestic market[16] - The company anticipates that the overall automotive sales in China will achieve approximately 3% year-on-year growth in 2024, reaching a new normal of 30 million units sold[64] - In the first half of 2024, China's GDP grew by 5% year-on-year, with the automotive manufacturing sector contributing to this growth, despite signs of economic slowdown due to ongoing challenges in the real estate sector[62] Corporate Governance and Shareholder Information - The company did not declare any interim dividend for the six months ending June 30, 2024, consistent with the previous year[65] - Major shareholders, including Huachen Investment and Xin Hua Investment, each hold 400,000,000 shares, representing approximately 31.20% of the issued shares as of June 30, 2024[69] - The total number of issued shares as of June 30, 2024, is 1,282,211,794 shares[70] - The company has complied with all provisions of the corporate governance code during the six months ending June 30, 2024[74] Employee and Operational Metrics - The total employee costs amounted to RMB 62,663,000 for the six months ended June 30, 2023, compared to RMB 62,048,000 for the same period in 2022, reflecting an increase of approximately 1%[20] - The group employed approximately 935 employees as of June 30, 2024, with employee costs for the six months ending June 30, 2024, amounting to RMB 62.66 million, slightly up from RMB 62.05 million in the same period of 2023[61] Future Initiatives and Innovations - The company is exploring innovative solutions to improve operational efficiency and customer satisfaction[77] - There is a strong focus on sustainability and corporate responsibility in the company's future initiatives[77] - Future outlook includes plans for new product development and technological advancements to drive growth[77]