Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 3,593,506 thousand, an increase of 28.0% compared to RMB 2,809,295 thousand for the same period in 2023[4] - Gross profit for the same period was RMB 430,096 thousand, representing a gross margin of approximately 11.97%, up from RMB 285,841 thousand in 2023[4] - Operating profit increased to RMB 195,912 thousand, a 62.0% rise from RMB 120,950 thousand in the previous year[4] - Net profit attributable to equity shareholders was RMB 140,937 thousand, up 30.8% from RMB 107,726 thousand in 2023[4] - Basic and diluted earnings per share for the period were RMB 15.97, compared to RMB 12.13 in the same period last year, reflecting a growth of 31.4%[4] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 4,111,015 thousand, an increase of 23.0% from RMB 3,341,358 thousand at the end of 2023[6] - Current assets increased to RMB 1,215,439 thousand, up 41.3% from RMB 860,205 thousand at the end of 2023[6] - The company’s cash and cash equivalents rose to RMB 700,931 thousand, compared to RMB 418,750 thousand at the end of 2023, marking a 67.2% increase[6] - Non-current liabilities increased to RMB 496,447 thousand, up from RMB 193,763 thousand at the end of 2023, indicating a significant rise in financial obligations[7] - The company’s total equity attributable to equity shareholders was RMB 2,085,672 thousand, an increase from RMB 1,961,661 thousand at the end of 2023, reflecting a growth of 6.3%[7] Cash Flow - For the six months ended June 30, 2024, the company reported a net cash outflow from operating activities of RMB 302,843,000, compared to RMB 184,668,000 for the same period in 2023[10] - The company incurred a net cash outflow from investing activities of RMB 77,202,000 for the six months ended June 30, 2024, compared to a net cash inflow of RMB 3,809,000 in the previous year[11] - Financing activities generated a net cash inflow of RMB 662,247,000 for the six months ended June 30, 2024, compared to RMB 343,935,000 in the same period of 2023[11] Revenue Sources - Revenue from high-precision copper strips amounted to RMB 3,435,293,000, up 28.7% from RMB 2,670,276,000 in the previous year[16] - The company reported a total comprehensive income of RMB 141,145,000 for the six months ended June 30, 2024, compared to RMB 140,937,000 for the same period in 2023[9] - The company reported no single customer contributing more than 10% of total revenue during the six months ended June 30, 2024[19] Costs and Expenses - The cost of inventory for the six months ended June 30, 2024, was RMB 3,161,144,000, compared to RMB 2,520,220,000 in the same period of 2023[23] - The company incurred a financial cost of RMB 27,740,000 for the six months ended June 30, 2024, compared to RMB 18,979,000 in the previous year[22] - Administrative expenses rose by 10.5% to RMB 167.4 million, attributed to increased labor costs and consulting fees[68] Market Conditions - The average price of copper on the London Metal Exchange (LME) reached a historical high of USD 11,104 per ton in May 2024, with a year-on-year increase of 15.8%[55] - The average price of copper on the Shanghai Futures Exchange (SHFE) was RMB 79,025 per ton as of June 30, 2024, reflecting a year-on-year increase of 16.9%[55] - The demand for conventional copper strips has slightly decreased, while high-precision copper strips are driven by the growth in the new energy industry[56] Production and Sales - In the first half of 2024, the group's copper strip business achieved a total production of 76,758 tons and total sales of 74,122 tons, representing increases of 22.1% and 21.0% respectively compared to the same period in 2023[58] - The sales revenue for the copper strip business reached RMB 3,590.7 million, a 28.2% increase from RMB 2,801.7 million in the same period of 2023[63] - The net profit for the copper business was RMB 143.4 million, up 32.0% from RMB 108.6 million in the same period of 2023, primarily due to increased sales volume and copper prices[58] Shareholder Information - As of June 30, 2024, the total number of issued shares is 899,558,173[91] - Director Hu Changyuan holds 274,200,000 shares, representing approximately 30.48% of the total shares[90] - The company has a total of 81,111,595 stock options available under the 2016 Stock Option Plan as of June 30, 2024[94] - The company did not declare an interim dividend for the six months ending June 30, 2024, consistent with the previous period[108] Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the reporting period[105] - The company’s board has confirmed compliance with the standard code of conduct throughout the reporting period[106] - There were no changes in director information that required disclosure under the listing rules from the last annual report to the date of this interim report[110]
兴业合金(00505) - 2024 - 中期财报