Financial Performance - For the six months ended June 30, 2024, China Titans Energy Technology Group recorded a revenue of approximately RMB 148,007,000, representing a growth of about 6.56% compared to the same period last year[7]. - The group reported a loss attributable to the owners of the company of approximately RMB 29,290,000, a decline of about RMB 34,887,000 compared to a profit of RMB 5,597,000 in the previous year[8]. - The company's revenue for the six months ended June 30, 2024, was approximately RMB 148,007,000, representing a growth of about 6.56% compared to RMB 138,891,000 for the same period in 2023[21]. - For the six months ended June 30, 2024, the company recorded a loss attributable to owners of approximately RMB 29,290,000, a decrease of RMB 34,887,000 compared to a profit of RMB 5,597,000 for the same period in 2023[33]. - The basic and diluted loss per share for the six months ended June 30, 2024, was RMB 1.96, compared to a profit of RMB 0.52 per share for the same period in 2023[34]. - The company reported a net loss of RMB 29,564,000 for the six months ended June 30, 2024, compared to a profit of RMB 5,250,000 in the same period of 2023[59]. - The gross profit for the same period was RMB 47,276,000, slightly down from RMB 47,558,000, resulting in a gross margin of approximately 31.9%[58]. Revenue Breakdown - The sales revenue from power DC products was approximately RMB 60,122,000, an increase of about 11.72% from RMB 53,813,000 in the same period last year[9]. - The sales revenue from electric vehicle charging equipment was approximately RMB 75,914,000, reflecting a growth of about 6.31% compared to RMB 71,410,000 in the previous year[10]. - The sales revenue from electric vehicle charging services decreased by approximately 12.66%, amounting to RMB 11,892,000, down from RMB 13,616,000 in the same period last year[11]. - The company’s other business revenue, primarily from electric vehicle-related leasing, was approximately RMB 79,000, marking a growth of about 51.92% from RMB 52,000 in the same period last year[12]. - Revenue from electric vehicle charging services was approximately RMB 11,892,000, a decrease of 12.66% year-on-year due to reduced charging volumes at some bus charging stations[17]. - Revenue from the sale of electronic products reached RMB 147,928,000, with significant contributions from power DC systems (RMB 60,122,000) and charging equipment (RMB 75,914,000)[70]. Cost and Expenses - The cost of sales increased from approximately RMB 91,333,000 for the six months ended June 30, 2023, to approximately RMB 100,731,000 for the same period in 2024, primarily due to increased sales volume[22]. - Gross profit decreased from approximately RMB 47,558,000 in 2023 to approximately RMB 47,276,000 in 2024, with the overall gross margin declining from 34.24% to 31.94%[23][24]. - Selling and distribution expenses increased by approximately 14.99% from RMB 27,957,000 in 2023 to RMB 32,149,000 in 2024, driven by higher sales-related costs[27]. - Administrative expenses rose by approximately 23.67% from RMB 31,328,000 in 2023 to RMB 38,743,000 in 2024, mainly due to increased personnel costs and other operational expenses[28]. - Financial costs increased by approximately 5.41% from RMB 4,196,000 in 2023 to RMB 4,423,000 in 2024, although the percentage of financial costs to revenue decreased from 3.02% to 2.99%[31]. Assets and Liabilities - As of June 30, 2024, the company's short-term bank deposits, bank balances, and cash were approximately RMB 162,354,000, down from RMB 219,772,000 as of December 31, 2023[36]. - The net current assets as of June 30, 2024, were approximately RMB 476,953,000, compared to RMB 458,881,000 as of December 31, 2023[36]. - The total amount of bank and other borrowings as of June 30, 2024, was RMB 213,156,000, an increase of RMB 56,607,000 compared to RMB 156,549,000 as of December 31, 2023[39]. - The company's liquidity ratio (current assets divided by current liabilities) was 2.28 as of June 30, 2024, compared to 2.16 as of December 31, 2023[39]. - Total assets as of June 30, 2024, were RMB 849,990,000, a slight decrease from RMB 853,739,000 as of December 31, 2023[61]. - Current liabilities decreased to RMB 373,037,000 from RMB 394,858,000 at the end of 2023, indicating improved liquidity management[61]. - The total liabilities as of June 30, 2024, were RMB 487,653,000, an increase from RMB 460,210,000 as of December 31, 2023[74]. Investments and Future Plans - The company plans to utilize approximately RMB 94.14 million (50%) of the net proceeds from the subscription for expanding its electric vehicle charging services by the end of 2025[38]. - Approximately RMB 75.32 million (40%) of the net proceeds will be used for expanding the electric vehicle charging equipment business by the end of 2024[38]. - The company plans to enhance production capacity through a new factory in Tangshan, covering approximately 17,400 square meters, and optimize existing facilities in Zhuhai, Guangdong[50]. - The company aims to increase market penetration and share by solidifying existing partnerships and expanding investment in new product promotion[50]. - The company will focus on upgrading charging station operations and management, leveraging past investment experience to improve service levels[51]. - The company is committed to R&D, enhancing core competitiveness by upgrading existing charging products and developing new monitoring systems[52]. Corporate Governance and Compliance - The board has not declared an interim dividend for the six months ending June 30, 2024[54]. - The company has complied with all applicable corporate governance codes during the reporting period[55]. - There were no significant lawsuits or arbitration proceedings during the six months ending June 30, 2024[56]. - The company has no significant contingent liabilities as of June 30, 2024[46]. Shareholder Information - The major shareholder, Tangshan State-owned Assets Supervision and Administration Commission, holds 566,970,000 shares, accounting for 38.00% of the company's issued share capital[114]. - Mr. Li Xin Qing holds 205,709,875 shares, representing approximately 13.79% of the company's issued share capital[111]. - The company has a total of 84,096,000 shares held by both Zhongshan Dayang Electric Co., Ltd. and Mr. Lu Chu Ping, each representing 5.64% of the issued share capital[114]. - As of June 30, 2024, Ms. Zeng Zhen holds 206,309,875 shares, representing approximately 13.83% of the company's issued share capital[114]. Research and Development - The company is committed to R&D, enhancing core competitiveness by upgrading existing charging products and developing new monitoring systems[52]. - Research and development expenses amounted to RMB 11,265,000, a decrease from RMB 13,317,000 in the previous year, reflecting a reduction of 15%[83].
泰坦能源技术(02188) - 2024 - 中期财报