中国联塑(02128) - 2025 - 中期财报

Financial Performance - For the six months ended June 30, 2025, revenue decreased by 8.0% to RMB 12,475,000 compared to RMB 13,563,523 for the same period in 2024[7]. - Gross profit for the same period was RMB 3,514,354, reflecting a decline of 5.7% from RMB 3,727,786 in 2024[7]. - Profit for the period was RMB 935,307, down 8.0% from RMB 1,016,596 in the previous year[7]. - The company reported a profit before tax of RMB 1,308,359, which is a 2.0% increase from RMB 1,283,304 in 2024[7]. - Profit attributable to owners of the Company was RMB 1,046 million, remaining stable compared to RMB 1,043 million in the first half of 2024[29]. - Total comprehensive income for the period attributable to owners of the Company was RMB 1,040,883, significantly up from RMB 394,373 in the previous year, representing a growth of 164.5%[138]. - Basic and diluted earnings per share remained stable at RMB 0.34 for both 2025 and 2024[138]. - The adjusted profit before tax for the Group was RMB 1,308,359, after excluding various income and expenses such as interest income and exchange losses[167]. Assets and Liabilities - Total assets decreased by 2.5% to RMB 56,897,790 from RMB 58,329,059[7]. - Cash and bank deposits fell by 25.7% to RMB 4,935,964 compared to RMB 6,642,551 at the end of 2024[7]. - The Group's total debts amounted to RMB 19,048 million, with a gearing ratio of 43.4%[60]. - The Group's total equity increased to RMB 24,793 million, with current assets of RMB 18,625 million and current liabilities of RMB 18,260 million, resulting in a current ratio of 1.02[61]. - The company's net assets rose to RMB 24,792,706,000, reflecting an increase from RMB 24,415,375,000[140]. - Total current liabilities decreased significantly by 15.38% to RMB 18,260,019,000 from RMB 21,581,685,000[139]. - Non-current liabilities increased by 12.24% to RMB 13,845,065,000 from RMB 12,331,999,000[140]. Revenue Breakdown - Revenue from Southern China accounted for 46.3% of total revenue, an increase from 44.7% in the first half of 2024[23]. - The plastic piping systems segment generated RMB 10,856 million, representing 87.0% of total revenue, although it declined by 3.2% from RMB 11,219 million in 2024[26]. - Revenue from the building materials and home improvement business was RMB 858 million, accounting for 6.9% of the Group's total revenue, down from RMB 1,080 million in 1H 2024[49]. - The Group's revenue from water supply applications increased by 4.1% to RMB 4,592 million, while drainage applications saw a decline of 8.3% to RMB 3,787 million[38]. - Revenue from the new energy business generated RMB 166 million, slightly up from RMB 157 million in 1H 2024[54]. - Revenue from logistics and other related services dropped sharply to RMB 20,719,000 from RMB 634,357,000, a decrease of 96.7%[179]. Operational Highlights - The Group actively expanded its overseas market presence through a light-asset model, contributing to long-term value and sustainable development[16]. - The management expressed confidence in industry recovery in the second half of 2025, supported by improved sales and operations in May and June[30]. - The Group's strategic focus on technological innovation and green manufacturing aligns with national policies promoting sustainable development[17]. - The Group continued to optimize its customer base structure, focusing on developing new customers with strong financial capabilities and actively participating in national projects[44]. - The Group's international strategy focuses on brand internationalization and localization, with Southeast Asia and North America as key development regions[45]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance and business ethics, which are essential for sustainable development and investor confidence[92]. - The company has implemented a comprehensive risk management framework to enhance risk identification, control, and prevention capabilities[90]. - The Board reviews corporate governance practices regularly to meet shareholder expectations for continual improvement[93]. - The company has adopted the Model Code for securities transactions by directors, ensuring compliance throughout the reporting period[97]. Dividends and Shareholder Information - The Board has resolved not to declare an interim dividend for the six months ended 30 June 2025, consistent with the previous year where no interim dividend was declared[96]. - A final dividend of HK20 cents per share was paid on 9 July 2025 for the year ended 31 December 2024[96]. - As of June 30, 2025, the controlling shareholder holds approximately 69.06% of the issued share capital of the Company[120]. - Wong Luen Hei and Zuo Xiaoping collectively hold 2,144,793,000 shares, representing 69.13% of the company's issued capital[105]. Cash Flow and Financing Activities - Net cash flows used in operating activities for the six months ended June 30, 2025, were RMB (337,573), compared to RMB 623,059 in 2024, indicating a significant decline[144]. - New bank borrowings raised amounted to RMB 5,201,688 thousand, while repayment of bank and other loans was RMB (5,805,408) thousand, resulting in a net cash outflow from financing activities of RMB (1,030,679) thousand[145]. - The Company entered into a facility agreement for dual currency syndicated term loan and revolving credit facilities amounting to US$600 million, potentially increasing to US$800 million[125]. - The interest rates for the loans are HIBOR plus 1.44% per annum for Hong Kong Dollar loans and SOFR plus 1.51% per annum for US Dollar loans[125].