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康耐特光学(02276) - 2025 - 中期业绩
CONANT OPTICALCONANT OPTICAL(HK:02276)2025-08-08 12:24

Performance Summary The company achieved approximately RMB 1,084.2 million in revenue, a 11.1% year-on-year increase, with profit attributable to owners of the parent growing by 30.7% Performance Indicators (RMB million) | Indicator | H1 2025 | Year-on-year Growth | | :--- | :--- | :--- | | Revenue | Approx. 1,084.2 | +11.1% | | Gross Profit | Approx. 444.3 | +16.2% | | Profit attributable to owners of the parent | Approx. 272.9 | +30.7% | | Earnings per share (RMB) | Approx. 0.59 | +18.0% | | Proposed interim dividend (RMB per share, pre-tax) | 0.15 | - | Financial Statements This section provides an overview of the Group's consolidated financial statements, including profit or loss, comprehensive income, and financial position Consolidated Statement of Profit or Loss In H1 2025, the Group's revenue reached RMB 1.084 billion, a 11.1% year-on-year increase; profit before tax was RMB 317 million, up 29.0%; and profit for the period was RMB 273 million, up 30.7%, with basic and diluted earnings per share at RMB 0.59 Consolidated Statement of Profit or Loss (RMB thousand) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,084,235 | 976,396 | +11.1% | | Gross Profit | 444,280 | 382,354 | +16.2% | | Profit before tax | 316,851 | 245,698 | +29.0% | | Profit for the period | 272,865 | 208,732 | +30.7% | | Earnings per share (RMB) | 0.59 | 0.50 | +18.0% | Consolidated Statement of Comprehensive Income Profit for the period was RMB 273 million, with an additional RMB 8.04 million from exchange differences on translation of overseas operations, resulting in a total comprehensive income of RMB 281 million for the period, a 29.6% year-on-year increase Consolidated Statement of Comprehensive Income (RMB thousand) | Item | H1 2025 (Unaudited) | H1 2024 (Unaudited) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Profit for the period | 272,865 | 208,732 | +30.7% | | Exchange differences on translation of overseas operations | 8,042 | 7,959 | +1.0% | | Total comprehensive income for the period | 280,907 | 216,691 | +29.6% | Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets increased to RMB 3.251 billion, total liabilities decreased to RMB 735 million, and net assets significantly grew to RMB 2.516 billion, with net current assets increasing substantially, indicating a sound financial position Consolidated Statement of Financial Position (RMB thousand) | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 842,954 | 769,809 | +9.5% | | Total current assets | 2,407,840 | 1,618,975 | +48.7% | | Total Assets | 3,250,794 | 2,388,784 | +36.1% | | Total current liabilities | 663,966 | 732,228 | -9.3% | | Total non-current liabilities | 70,981 | 70,999 | -0.03% | | Total Liabilities | 734,947 | 803,227 | -8.5% | | Net Assets | 2,515,847 | 1,585,557 | +58.7% | Notes to the Financial Statements This section details the Group's operating segments, revenue breakdown, income tax, dividends, and trade receivables, providing further context to the financial statements Operating Segments and Geographical Information The Group operates a single business segment, primarily manufacturing and selling resin spectacle lenses, with Mainland China and Asia (excluding Mainland China) being the main revenue sources, accounting for 33.1% and 27.3% of total revenue respectively, and non-current assets primarily concentrated in Mainland China, Japan, and Thailand - The Group primarily operates in a single business segment, manufacturing and selling resin spectacle lenses, thus no segment information is presented18 Revenue from External Customers (RMB thousand) | Region | H1 2025 | Percentage | H1 2024 | Percentage | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 359,151 | 33.1% | 301,823 | 30.9% | | Asia (excluding Mainland China) | 295,423 | 27.3% | 241,074 | 24.7% | | Americas | 220,120 | 20.3% | 224,178 | 22.9% | | Europe | 170,518 | 15.7% | 160,937 | 16.5% | | Other | 39,023 | 3.6% | 48,384 | 5.0% | | Total | 1,084,235 | 100.0% | 976,396 | 100.0% | - For the six months ended June 30, 2025, revenue from the single largest customer was approximately RMB 100 million, accounting for approximately 9.2% of total revenue21 Revenue, Other Income and Gains Total revenue of RMB 1.084 billion was entirely derived from contracts with customers, with standardized lenses contributing the most at RMB 513 million, a 19.9% year-on-year increase, while functional lenses revenue was RMB 382 million, up 8.8%, and other income and gains primarily stemmed from bank interest income and government grants Revenue by Product Type (RMB thousand) | Product Type | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Standardized lenses | 512,505 | 427,205 | +19.9% | | Functional lenses | 382,266 | 351,410 | +8.8% | | Customized lenses | 184,872 | 194,365 | -4.9% | | Other | 4,592 | 3,416 | +34.4% | | Total | 1,084,235 | 976,396 | +11.1% | - Other income and gains amounted to RMB 29.21 million, a 7.8% year-on-year increase, primarily due to bank interest income rising from RMB 2.39 million to RMB 9.70 million24 Income Tax Income tax expense for the period was RMB 43.99 million, a 19.0% year-on-year increase, mainly due to increased profit, with certain Chinese subsidiaries (Jiangsu Conant and Shanghai Conant) enjoying a 15% preferential tax rate for high-tech enterprises, while other subsidiaries apply statutory tax rates of their respective regions - Jiangsu Conant Optical Co., Ltd. and Shanghai Conant Optical Co., Ltd., subsidiaries of the Group, are recognized as "High-tech Enterprises" and enjoy a 15% preferential corporate income tax rate28 Income Tax Expense (RMB thousand) | Tax Item | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Current tax | 45,010 | 33,833 | +33.0% | | Deferred tax expense | (1,024) | 3,133 | - | | Total income tax expense for the period | 43,986 | 36,966 | +19.0% | Dividends The Board recommended an interim dividend of RMB 0.15 per share (pre-tax) for the six months ended June 30, 2025, and the 2024 final dividend of RMB 0.16 per share was approved and is scheduled for payment on August 11, 2025 - The Board recommended an interim dividend of RMB 0.15 per ordinary share (pre-tax) for 20253163 - The 2024 final dividend of RMB 0.16 per share (pre-tax), totaling RMB 76.79 million, was approved at the annual general meeting on June 14, 2025, and is scheduled for payment on August 11, 20253170 Trade and Bills Receivables Net trade receivables increased from RMB 356 million to RMB 419 million, with receivables within three months accounting for the largest proportion, and the Group has recognized an impairment provision of RMB 61.11 million using a provision matrix and purchased insurance to mitigate credit risk Aging Analysis of Trade Receivables (RMB thousand) | Aging Period | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 318,519 | 305,441 | | 3 to 6 months | 90,764 | 41,772 | | 6 to 12 months | 8,667 | 7,569 | | 1 to 2 years | 668 | 1,080 | | Total | 418,618 | 355,862 | - The Group uses a provision matrix to measure expected credit losses; as of June 30, 2025, the gross carrying amount of trade receivables was RMB 480 million, with an expected credit loss provision of RMB 61.11 million, resulting in an overall expected credit loss rate of 12.7%38 Management Discussion and Analysis This section analyzes the Group's business performance, financial results, capital structure, and outlines significant investments and future strategic plans Business Review and Outlook In H1 2025, the company achieved double-digit growth in revenue and profit through steady expansion of domestic and international business, primarily driven by increased sales of high-value-added products and optimized production efficiency, with future plans to increase R&D, expand overseas production capacity (Japan, Thailand), and actively advance XR business - H1 2025 performance growth is primarily attributable to: (i) orderly expansion of international and domestic business, with stable growth in sales of high-value-added products; and (ii) upgraded automated production lines improving production efficiency and reducing costs42 - Future Outlook: - Continue to increase R&D and optimize product structure - Enhance automation levels and expand overseas production capacity, with Japan's customized production line and Thailand's production base to be advanced in the second half of the year - Maintain a differentiated high-end product strategy in the domestic market to increase market share - Continuously advance XR business, collaborating with domestic and international customers, with some projects already achieving product delivery4344 Financial Performance Analysis Revenue grew by 11.1% to RMB 1.084 billion, and the gross profit margin increased from 39.2% to 41.0%, primarily due to increased sales of high-refractive index and multi-functional lenses, with gross profit margins improving across all lens types, and financial asset impairment losses significantly decreasing by 59.1% due to effective cost control - Revenue increased by 11.1% year-on-year, primarily due to (i) sales growth achieved through various channels; and (ii) continuous upgrading of products and services and optimization of product portfolio45 - Overall gross profit margin increased from 39.2% to 41.0%, primarily due to increased sales of high-refractive index lenses and multi-functional lenses47 Product Segment Gross Profit Margin | Product Segment | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Standardized lenses | 33.6% | 30.8% | | Functional lenses | 40.6% | 37.8% | | Customized lenses | 61.9% | 59.5% | - Impairment loss on financial assets significantly decreased by 59.1% year-on-year to RMB 3.20 million, primarily due to an increased collection rate of receivables53 Capital Structure, Liquidity and Funding As of the period end, total assets increased by 36.1%, total liabilities decreased by 8.5%, and the gearing ratio decreased from 33.6% to 22.6%, with the current ratio increasing from 2.2 times to 3.6 times, and cash and cash equivalents increasing to RMB 786 million, primarily due to proceeds from additional share issuance, leading to a decrease in the debt-to-equity ratio (total borrowings/total equity) to 8.2% Financial Ratios | Financial Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing ratio (Total liabilities/Total assets) | 22.6% | 33.6% | | Current ratio | 3.6 times | 2.2 times | | Debt-to-equity ratio (Total borrowings/Total equity) | 8.2% | 18.3% | - Cash and cash equivalents increased from RMB 499 million to RMB 786 million, a 57.5% year-on-year increase, primarily due to the receipt of proceeds from the additional share issuance by Hong Kong Goertek Co., Limited58 - As of June 30, 2025, total bank credit facilities amounted to RMB 722 million, with RMB 206 million utilized60 Material Investments and Future Plans In H1, the Group held financial wealth management products valued at RMB 531 million, and is advancing the construction of its Thailand production base, having paid RMB 92.27 million for land, while also planning to invest approximately USD 4 million in Japan to build a high-end customized lens production line to deepen its global footprint - As of June 30, 2025, the Group held financial assets measured at fair value through profit or loss amounting to RMB 531 million, primarily funds or wealth management products issued by large financial institutions68 - Material investment plans include: - Thailand investment: Accumulated land payments of RMB 92.27 million for the construction of factory buildings and supporting facilities - Japan investment: Plans to invest approximately USD 4 million through a subsidiary to build an automated lens production line for resin lenses, focusing on high-end customized lenses69 Other Information This section provides additional information on the Group's share repurchases, new share issuances, and the utilization of proceeds from past offerings Share Repurchases and Issuance In H1 2025, the company repurchased 2.2 million shares through the trustee of its share award scheme, and additionally, placed and issued 53.325 million new H shares to Hong Kong Goertek Co., Limited in January 2025 - In H1 2025, 2.2 million shares of the company's listed securities were repurchased through the trustee of the share award scheme80 - On January 6, 2025, 53,325,000 H shares were placed and issued to Hong Kong Goertek Co., Limited at a placing price of HKD 15.8680 Use of Proceeds As of June 30, 2025, approximately 98.6% of the net proceeds of HKD 474 million from the 2021 global offering have been utilized, and approximately HKD 49.3 million of the net proceeds of approximately HKD 829 million from the January 2025 H share placing have been used, primarily for R&D, design, and manufacturing of lenses and visual solutions for smart glasses and XR headsets - As of June 30, 2025, approximately HKD 467 million of the net proceeds of approximately HKD 474 million from the 2021 global offering have been utilized, representing a utilization rate of 98.6%82 - Approximately HKD 49.3 million of the net proceeds of approximately HKD 829 million from the January 2025 H share placing have been used for R&D, design, and manufacturing of lenses and visual solutions for smart glasses and XR head-mounted devices; approximately HKD 351 million of the remaining proceeds have been temporarily arranged for subscription of financial products84