Financial Performance - For the six months ended June 30, 2025, the company reported revenue of RMB 1,024.7 million, representing a year-on-year increase of 31.0% compared to RMB 782.5 million in 2024[6]. - Gross profit for the same period was RMB 359.9 million, up 43.1% from RMB 251.5 million in the previous year[6]. - The company recorded a net loss of approximately RMB 48.0 million, a significant reduction of 91.3% compared to a loss of RMB 550.3 million in the same period last year[9]. - The adjusted net loss (non-IFRS measure) was approximately RMB 11.9 million, narrowing by 94.0% from RMB 197.2 million year-on-year[9]. - Revenue increased by approximately 31.0% from RMB 782.5 million for the six months ended June 30, 2024, to RMB 1,024.7 million for the six months ended June 30, 2025[19]. - Gross profit rose from RMB 251.5 million to RMB 359.9 million, with the overall gross margin improving from 32.1% to 35.1%[23]. - The company's net loss narrowed from RMB 550.3 million for the six months ended June 30, 2024, to RMB 48.0 million for the six months ended June 30, 2025, primarily due to increased revenue from robotic solutions and reduced interest expenses on redeemed liabilities[31]. - Adjusted net loss (non-IFRS measure) decreased by 94.0% from RMB 197.2 million for the six months ended June 30, 2024, to RMB 11.9 million for the six months ended June 30, 2025, reflecting the same reasons for the narrowed operating loss[32]. - EBITDA (non-IFRS measure) improved from a loss of RMB 522.966 million for the six months ended June 30, 2024, to a loss of RMB 24.445 million for the six months ended June 30, 2025, driven by increased revenue from warehousing robotic solutions[37]. Revenue Sources - Non-mainland China revenue reached RMB 815.1 million, accounting for 79.5% of total revenue, driven by strong demand from core verticals such as e-commerce and logistics[8]. - Revenue from robot solution sales increased by approximately 31.5%, from RMB 778.7 million to RMB 1,023.7 million, driven by higher delivery volumes and increased order quantities[20]. - Revenue from RaaS services decreased by approximately 71.5%, from RMB 3.8 million to RMB 1.1 million, due to strategic business adjustments[21]. - The company’s revenue primarily comes from the sale of robotic solutions and RaaS services, which include design, sales, installation, and debugging of robotic hardware and software solutions[61]. Expenses and Costs - R&D expenses increased from approximately RMB 133.1 million to RMB 147.2 million, reflecting increased investment in new technology research[24]. - Sales and marketing expenses grew from approximately RMB 229.7 million to RMB 240.2 million, driven by higher marketing, exhibition, and travel costs[25]. - Administrative expenses rose significantly from approximately RMB 87.6 million to RMB 134.8 million, primarily due to increased personnel costs and professional fees related to the IPO[26]. - The total salary cost for the six months ended June 30, 2025, is RMB 348.4 million, compared to RMB 306.0 million for the same period in 2024, indicating a 13.8% increase[49]. - Employee costs rose to RMB 348,422 thousand, an increase of 14% from RMB 305,974 thousand in 2024[68]. - The cost of inventory sold was RMB 664,808 thousand, up 27% from RMB 523,059 thousand in the previous year[78]. Cash Flow and Liquidity - As of June 30, 2025, the total cash and cash equivalents, along with time deposits, amounted to RMB 725.6 million, a decrease of approximately RMB 10.4 million from RMB 736.0 million as of December 31, 2024[38]. - The company's adjusted net current assets (excluding redeemable liabilities) were approximately RMB 457.3 million as of June 30, 2025, down from approximately RMB 572.8 million as of December 31, 2024[38]. - Cash used in operating activities for the six months ended June 30, 2025, was RMB 110,069,000, a reduction from RMB 281,658,000 in the same period of 2024, reflecting improved cash flow management[54]. - The company generated net cash from financing activities of RMB 130,871,000 for the six months ended June 30, 2025, compared to a net cash used of RMB 100,587,000 in the same period of 2024[54]. - The company’s cash and cash equivalents decreased by RMB 38,088,000 for the six months ended June 30, 2025, compared to a decrease of RMB 445,779,000 in the same period of 2024[54]. Debt and Liabilities - Total borrowings increased to RMB 563.5 million as of June 30, 2025, compared to RMB 413.9 million as of December 31, 2024, primarily due to working capital needs[39]. - As of June 30, 2025, the company's total liabilities amounted to RMB 6,292,230,000, with current liabilities at RMB 6,570,134,000, primarily due to redeemable liabilities[57]. - The total amount of redeemable liabilities decreased to RMB 7,027.5 million as of June 30, 2025, from RMB 7,048.6 million as of December 31, 2024[86]. - The company's capital debt ratio is 80.1%, up from 75.0% on December 31, 2024[44]. - The group's total capital debt ratio stands at 269.9% as of June 30, 2025, compared to 295.0% on December 31, 2024[44]. Corporate Governance and Future Plans - The company has complied with all applicable provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and CEO[104]. - The board believes that having the same person serve as both Chairman and CEO is beneficial for unified leadership and effective strategic planning[104]. - The company plans to utilize the net proceeds from the offering according to the future plans outlined in the prospectus[102]. - There are no significant future plans for investments or capital assets beyond those disclosed in the prospectus[43]. - The company did not declare or pay any dividends during the reporting period, consistent with its historical practice since incorporation[91]. - The company has not declared an interim dividend for the six months ended June 30, 2025[107]. - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2025, and discussed accounting policies and internal controls with senior management[105]. - The company has not yet implemented the execution plans mentioned in the prospectus as the new proceeds were received after June 30, 2025[102]. Market and Operational Highlights - The company secured orders totaling RMB 1,759.8 million in the first half of 2025, an increase of 30.1% compared to the same period in 2024[8]. - The company has delivered over 66,000 robots to more than 40 countries and regions, with a customer repurchase rate exceeding 80%[7]. - The establishment of a wholly-owned subsidiary focused on embodied intelligence technology was completed on July 30, 2025, to enhance R&D capabilities[13]. - The company plans to deepen its global market presence and expand its customer base by enhancing local sales and service teams[14]. - The Hyper + core algorithm platform supports the scheduling of over 5,000 robots, showcasing the company's technological advancements in the robotics sector[12].
极智嘉-W(02590) - 2025 - 中期业绩