Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 2,804,434,000, representing an increase of 7.0% compared to RMB 2,619,532,000 for the same period in 2024[3] - Gross profit for the same period was RMB 132,388,000, up 20.4% from RMB 109,869,000 year-on-year[3] - The net profit for the six months ended June 30, 2025, was RMB 16,493,000, a decrease of 25.5% compared to RMB 22,125,000 in the prior year[3] - The company reported a basic earnings per share of RMB 0.013 for the first half of 2025, down from RMB 0.017 in the same period of 2024[3] - The company reported a pre-tax profit of RMB 17,747,000, a decrease of 25.4% from RMB 23,811,000 in the previous year[20] - The company reported a pre-tax profit of RMB 16,493,000 for the six months ended June 30, 2025, down from RMB 22,125,000 in the same period of 2024, indicating a decrease of 25.6%[32] - The company's unaudited net profit attributable to owners was approximately RMB 16.49 million in the first half of 2025, a decrease of about 25.49% from approximately RMB 22.13 million in the same period of 2024[71] Revenue Breakdown - The revenue from gasoline engines was RMB 2,389,029,000, up 9.8% from RMB 2,174,521,000 in the previous year[20] - The revenue from diesel engines increased to RMB 53,832,000, a rise of 15.0% from RMB 46,652,000 in 2024[20] - The revenue from engine components was RMB 361,573,000, down 9.2% from RMB 398,359,000 in the same period last year[20] - Revenue from the engine business segment rose by approximately 9.98%, from about RMB 2.22117 billion in the first half of 2024 to approximately RMB 2.44286 billion in the first half of 2025[68] - Revenue from the engine parts segment decreased by approximately 9.23%, from about RMB 398.36 million in the first half of 2024 to approximately RMB 361.57 million in the first half of 2025[68] Cash Flow and Liquidity - The company's cash and cash equivalents increased to RMB 92,457,000 from RMB 85,570,000 at the end of 2024, reflecting a positive cash flow trend[4] - For the six months ended June 30, 2025, the operating cash flow before changes in working capital was RMB 172,655,000, an increase of 14.4% from RMB 151,039,000 in the same period of 2024[10] - The net cash generated from operating activities was RMB 94,118,000, down 33.8% from RMB 142,005,000 in the prior year[12] - The cash and cash equivalents at the end of the period were RMB 92,457,000, up from RMB 41,369,000 at the end of June 2024[12] - As of June 30, 2025, the company's bank balance and cash amounted to approximately RMB 92.45 million, an increase from approximately RMB 85.57 million as of December 31, 2024[72] Assets and Liabilities - Total assets decreased to RMB 5,052,948,000 as of June 30, 2025, down from RMB 5,477,709,000 at the end of 2024[5] - Current liabilities decreased to RMB 2,919,842,000 from RMB 3,293,002,000 at the end of 2024, indicating improved liquidity[5] - The total equity increased to RMB 1,770,683,000 as of June 30, 2025, compared to RMB 1,754,154,000 at the end of 2024, showing a slight improvement in financial stability[5] - The company's debt-to-equity ratio decreased to approximately 1.85 as of June 30, 2025, down from 2.12 as of December 31, 2024[75] Inventory and Receivables - Inventory levels rose to RMB 553,186,000, up from RMB 479,583,000, indicating potential growth in sales or production[4] - As of June 30, 2025, the net trade receivables amounted to RMB 1,890,844,000, a decrease of approximately 19.7% from RMB 2,354,559,000 as of December 31, 2024[38] - The total amount of trade and other receivables was RMB 2,110,207,000 as of June 30, 2025, compared to RMB 2,528,579,000 as of December 31, 2024, reflecting a decrease of approximately 16.5%[38] - The aging analysis of trade receivables shows that as of June 30, 2025, RMB 1,780,334,000 (94.2%) was within one month overdue, down from RMB 2,297,558,000 (97.6%) as of December 31, 2024[38] Expenses - Employee benefits expenses totaled RMB 66,044,000 for the six months ended June 30, 2025, compared to RMB 62,663,000 for the same period in 2024, reflecting an increase of 5.7%[28] - The company's administrative expenses increased by approximately 9.84% to RMB 89.86 million in the first half of 2025, up from RMB 81.80 million in the same period of 2024[70] - The company recorded total depreciation and amortization expense of RMB 131,851,000 for the six months ended June 30, 2025, slightly up from RMB 130,908,000 for the same period in 2024[28] Shareholder Information - As of June 30, 2025, major shareholders hold approximately 31.20% of the company's shares, with significant stakes held by Huachen Investment and Xin Hua Investment[90] - New China Power Holdings Limited's direct subsidiary, Xin Hua Investment, holds approximately 31.20% equity in the company as of June 30, 2025, based on 1,282,211,794 shares issued[91][93] - Mr. Deng Han, a director, holds 2,994,258 ordinary shares, representing 0.23% of the company's equity, and has trustee and controlled entity interests of 33,993,385 ordinary shares, representing 2.65%[94] Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all provisions during the reporting period[97] - The audit committee, including independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the six months ending June 30, 2025[99] - The board of directors consists of two executive directors, one non-executive director, and three independent non-executive directors as of the report date[100]
新晨动力(01148) - 2025 - 中期财报