Financial Performance - For the six months ended June 30, 2025, the company reported total revenue of approximately RMB 172.7 million, a decrease of 8.76% compared to RMB 189.3 million in the same period of 2024[12]. - Gross profit for the same period was RMB 21.2 million, reflecting a decline of 21.15% from RMB 26.9 million year-on-year[12]. - Profit before tax decreased by 54.67% to RMB 6.7 million, down from RMB 14.8 million in the previous year[12]. - The net profit for the period was RMB 5.9 million, a decrease of 52.22% compared to RMB 12.4 million in 2024[12]. - Revenue for the six months ended June 30, 2025, was approximately RMB 172.7 million, a decrease of about 8.76% from RMB 189.3 million for the same period in 2024[24]. - Total sales revenue of aluminum alloy turbines decreased by approximately 9.03% to RMB 167.3 million for the six months ended June 30, 2025, compared to RMB 183.9 million in 2024[25]. - Operating profit decreased to RMB 4,839 thousand, a decline of 60.4% from RMB 12,238 thousand in the previous year[92]. - Net profit for the period was RMB 5,947 thousand, a decrease of 52.3% compared to RMB 12,447 thousand in 2024[93]. - Basic and diluted earnings per share were RMB 0.006, down from RMB 0.012 in the previous year[93]. Assets and Liabilities - The total assets as of June 30, 2025, amounted to RMB 498.9 million, representing a slight increase of 1.06% from RMB 493.6 million at the end of 2024[13]. - Total liabilities decreased by approximately 0.46% from RMB 93.2 million as of December 31, 2024, to RMB 92.7 million as of June 30, 2025[39]. - Current assets rose by approximately 5.48% from RMB 397.1 million as of December 31, 2024, to RMB 418.8 million as of June 30, 2025, primarily due to increases in inventory and loans to related parties[39]. - Current liabilities were approximately RMB 83.4 million as of June 30, 2025, slightly down from RMB 83.7 million as of December 31, 2024[40]. - The company's total equity increased to RMB 406,136 thousand from RMB 400,455 thousand at the end of 2024[96]. Sales and Market Performance - The company sold over 468.4 thousand aluminum alloy wheels during the reporting period, with domestic and overseas sales accounting for approximately 32.75% and 67.25% of total revenue, respectively[15]. - Revenue from small, medium, and large aluminum alloy wheels was approximately RMB 35.6 million, RMB 118.4 million, and RMB 13.3 million, respectively[15]. - Overseas market sales accounted for approximately 65.14% of total revenue, with overseas sales revenue decreasing by about 13.91% to RMB 112.5 million[27]. - The company had 110 customers in China and 85 customers in overseas markets as of June 30, 2025[17]. Research and Development - The company successfully developed 187 new products during the first half of 2025[16]. - The company’s research and development costs increased by 2.85% to approximately RMB 6.9 million for the six months ended June 30, 2025[34]. - Research and development costs for the six months ended June 30, 2025, totaled RMB 6,850,000, compared to RMB 6,660,000 in 2024, reflecting an increase of 2.9%[116]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2025, was RMB 10,125,000, compared to RMB 2,297,000 for the same period in 2024, representing a significant increase[101]. - Net cash generated from operating activities was RMB 9,409,000, a turnaround from a net cash used of RMB (429,000) in the previous year[101]. - The company incurred a net cash outflow from investing activities of RMB (31,194,000), an improvement from RMB (44,470,000) in the prior year[101]. Corporate Governance - The company has committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[79]. - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and internal controls for the financial reporting period[86]. - The company has complied with all applicable provisions of the corporate governance code since January 1, 2025[80]. Employee and Compensation - As of June 30, 2025, the total number of employees was 487, with total employee costs amounting to RMB 24.7 million, a slight increase from RMB 24.2 million for the same period in 2024[63]. - The board regularly reviews the compensation policy, which includes mandatory social insurance contributions for employees in China[63]. Stock Options and Dividends - The group has a stock option plan approved on November 18, 2022, allowing for a maximum of 10% of the total issued shares, equating to 100 million shares, to be granted under the plan[70][71]. - The company did not declare any interim dividend for the six months ended June 30, 2025, consistent with the previous period[132].
步阳国际(02457) - 2025 - 中期财报