Financial Performance - The company reported a total income of $81,565,305 for the six months ended June 30, 2023, compared to a loss of $25,122,304 for the same period in 2022[22]. - For the six months ended June 30, 2023, the company reported a pre-tax profit of $76,986,060, a significant recovery from a pre-tax loss of $90,204,275 in the same period of 2022[34]. - The total comprehensive income for the period was $43,159,651, compared to a comprehensive loss of $104,792,321 in the prior year[34]. - The company's net profit attributable to shareholders for the six months ended June 30, 2023, was $63.68 million, a turnaround from a loss of $70.99 million in the same period last year[93]. - Basic earnings per share for the first half of 2023 were $0.418, a recovery from a loss of $0.466 per share in the same period of 2022[56]. Assets and Liabilities - As of June 30, 2023, the total assets amounted to $730,812,765, an increase from $689,198,781 as of December 31, 2022, representing a growth of approximately 6%[12]. - The total liabilities decreased to $33,181,756 from $26,420,491, indicating a reduction of approximately 25.5%[12]. - The company's total liabilities increased to $159,927,728 as of June 30, 2023, compared to $144,048,819 at the end of 2022[33]. - The total other payables decreased to $22,067,378 from $24,695,000, a reduction of approximately 10.6%[12]. - The total deferred tax liabilities as of June 30, 2023, were $125,564,392, which includes $106,424,603 related to unrealized capital gains on securities investments[78]. Shareholder Value - The net asset value attributable to shareholders increased to $604,066,793 from $571,570,453, reflecting a rise of about 5.7%[12]. - The net asset value per share increased to $3.965 from $3.752, representing a growth of about 5.6%[12]. - The company declared a dividend payable of $10,663,311 for the period, which was not present in the previous year[12]. - The company declared a dividend of $10,663,311 for the year ended December 31, 2022, which was approved by shareholders and paid in cash on July 27, 2023[76]. Investment Activities - The company signed an investment agreement on July 7, 2023, to invest RMB 50 million ($7.02 million) in Beijing Hanwei Chuangxin Electronics Technology Co., acquiring a 6.42% equity stake[111]. - The company held 55.2 million shares of China Merchants Bank, representing 0.219% of its total issued share capital, with an investment cost of RMB 154.61 million ($19.79 million)[106]. - The company completed an exit from a listed investment project during the reporting period[96]. - The fund has invested a total of RMB 110 million in iFlytek Medical, holding a 3.514% equity interest as of June 30, 2023[139]. - The fund has received a total cash distribution of RMB 46.96 million from Kexin Venture Capital Fund as of June 30, 2023[134]. Cash Flow and Management - The cash and cash equivalents decreased to $19,211,903 from $25,489,216, a decline of about 24.6%[12]. - The cash and cash equivalents balance decreased by 24.64% to $19.21 million as of June 30, 2023, from $25.49 million at the end of the previous year, mainly due to administrative expenses[97]. - The management fees paid or payable to the investment manager amounted to $5,153,690 for the six months ended June 30, 2023, down from $6,228,528 for the same period in 2022[82]. - Administrative expenses decreased to $5,567,698 from $6,549,964 year-over-year, indicating improved cost management[34]. Market and Economic Outlook - The World Bank projects global economic growth to slow from 3.1% in 2022 to 2.1% in 2023, with emerging markets facing increased financial pressure[177]. - China's economic growth is expected to achieve a target of around 5.0% in 2023, supported by strong retail sales and industrial production recovery[177]. - The fund's investments, primarily operating in China, are expected to continue recovering in performance due to the overall stable economic growth environment[177]. Sector Performance - The financial services segment reported a decrease in assets to $412,858,699 from $454,236,174 year-over-year[33]. - The technology segment saw a significant increase in assets to $229,839,106, up from $162,887,995 in the previous year[33]. - China Merchants Bank reported an unaudited net profit of RMB 75.8 billion for the first half of 2023, an increase of 9.09% year-on-year[120]. - China Chengxin Trust's unaudited net profit for the first half of 2023 was RMB 637 million, a decrease of 0.67% year-on-year, with significant declines in fee and commission income and interest income[122].
招商局中国基金(00133) - 2023 - 中期财报