Financial Performance - The company's revenue for the first half of 2024 was RMB 459.0 million, a decrease of 21.2% compared to RMB 582.9 million in the same period of 2023[7]. - In the first half of 2024, the company's gross profit was RMB 98.8 million, a decrease of RMB 7.3 million or 6.9% compared to the first half of 2023[5]. - The overall gross margin for the first half of 2024 was 21.5%, an increase of 3.3 percentage points from the first half of 2023[5]. - The profit attributable to the owners of the company for the first half of 2024 was RMB 231 million, down RMB 19 million or 7.6% from RMB 250 million in the same period of 2023[22]. - The net profit for the period was RMB 22,624,000, compared to RMB 25,116,000 in the previous year, a decrease of 9.9%[38]. - The company reported a basic and diluted earnings per share of RMB 0.028, unchanged from the previous year[38]. - The company's interim profit for the six months ended June 30, 2024, was RMB 22,624,000, a decrease of 9.9% compared to RMB 25,116,000 for the same period in 2023[39]. - Total comprehensive income for the period was RMB 20,534,000, down from RMB 21,503,000 in the previous year, reflecting a decline of 4.5%[39]. Sales and Market Performance - Sales revenue from agar and carrageenan products accounted for 78.8% of total sales revenue, a decrease of 6.6% compared to the first half of 2023[7]. - Sales revenue from carrageenan decreased by RMB 141.3 million or 39.5% in the first half of 2024, primarily due to a drop in seaweed material prices[13]. - The sales value from the Chinese market accounted for 53.6% of total sales, while the overseas market accounted for 46.4%, with respective sales values of RMB 245.9 million and RMB 213.1 million[5]. - The company anticipates a recovery in global demand for hydrophilic colloid products in the foreseeable future due to reduced inventory levels among customers[5]. - The economic conditions in China and European countries remain weak, impacting overall market demand for the company's products[7]. Cost and Expenses - The sales cost for the first half of 2024 was RMB 360.2 million, a reduction of RMB 116.5 million or 24.4% compared to RMB 476.7 million in the first half of 2023[14]. - Administrative expenses for the first half of 2024 were RMB 491 million, up RMB 36 million or 8.0% from RMB 454 million in the same period last year[18]. - In the first half of 2024, the group's sales and distribution expenses amounted to RMB 94 million, an increase of RMB 9 million or 11.0% compared to the same period in 2023[17]. - The company reported financing costs of RMB 16.7 million for the six months ended June 30, 2024, with financing costs decreasing by RMB 3.0 million or 15.2%[16]. Financing and Cash Flow - Financing costs decreased in the first half of 2024 due to lower procurement prices of seaweed materials and reduced average loan balances in RMB, USD, and HKD[7]. - The company's financing income and costs were RMB 287,000 and RMB 16.7 million respectively, with financing costs decreasing by RMB 3.0 million or 15.2%[16]. - The company’s cash flow from operating activities was impacted by a significant increase in tax payments, which rose by approximately 122% year-over-year[17]. - The total cash and cash equivalents at the end of the period were RMB 64,556 thousand, up from RMB 46,620 thousand at the end of June 2023[17]. Assets and Liabilities - As of June 30, 2024, the group's cash and bank balances reached RMB 646 million, a decrease of RMB 80 million or 11.1% from the end of 2023[23]. - The total assets as of June 30, 2024, amounted to RMB 1,509,240,000, a decrease from RMB 1,543,603,000 at the end of 2023, representing a reduction of 2.2%[40]. - The company's equity attributable to owners increased to RMB 769,274,000 from RMB 745,243,000, reflecting a growth of 3.2%[40]. - Total liabilities decreased to RMB 731,736,000 from RMB 789,491,000, a reduction of 7.3%[41]. - The total bank borrowings amounted to RMB 5,843 million, with RMB 5,251 million due within one year[26]. Research and Development - The company has made progress in developing new applications and end products through its research and development efforts[6]. - The company aims to expand its business into high-tech and commercially attractive compound product markets to meet diverse customer needs[6]. - The company has set long-term goals to provide high-technology products, enhancing its product mix and profitability through continuous investment in R&D[5]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the first half of 2024[121]. - The company has adopted the corporate governance code and confirmed compliance with its applicable provisions during the first half of 2024, with one exception regarding the separation of the roles of chairman and CEO[119]. - The company has established strict guidelines for securities trading by directors and employees, confirming compliance with these standards during the first half of 2024[120]. Shareholder Information - The ownership structure shows that Mr. Chen Jincong holds a 19.48% equity interest and a 70.87% interest through a concert party agreement, reflecting significant insider ownership[97]. - Major shareholders include Chuangyu and Yingbo, each holding 161,700,000 shares, representing 19.39% of the total shares[99]. - The combined holdings of the concert party agreement amount to 588,000,000 shares, which is 70.49% of the total[99]. Dividend and Share Options - The board did not recommend the distribution of an interim dividend for the first half of 2024[12]. - The company did not propose an interim dividend for 2024, consistent with the decision in 2023[71]. - The company has no options granted, exercised, or canceled under the pre-IPO share option plan as of June 30, 2024[103].
绿新亲水胶体(01084) - 2024 - 中期财报