Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 4,946,981, a decrease of 6.6% compared to RMB 5,300,944 in the same period of 2021[6] - Gross profit for the period was RMB 773,502, representing a gross profit margin of 16%, down from 35% in 2021[6] - Profit for the period attributable to owners of the Company was RMB 311,892, a decline of 70.0% from RMB 1,073,434 in the previous year[6] - Basic earnings per share decreased to RMB 0.199 from RMB 0.685, reflecting a significant drop in profitability[6] - Profit before tax for the period was RMB 487,282, down from RMB 1,512,922 in the same period last year[11] - The Company reported a profit for the period of RMB 322,176, significantly lower than RMB 1,106,396 in 2021[11] - The net profit for the period was RMB 322.2 million, a decrease of RMB 784.2 million from RMB 1,106.4 million in the same period of 2021, primarily due to reduced sales volume and increased coal costs[74] Assets and Liabilities - Total assets as of June 30, 2022, were RMB 21,615,089, an increase from RMB 21,416,855 at the end of 2021[8] - As of June 30, 2022, total assets less current liabilities amounted to RMB 18,234,559, a slight decrease from RMB 18,306,940 as of December 31, 2021[13] - The net assets as of June 30, 2022, were RMB 17,290,933, a decrease from RMB 17,673,840 at the end of 2021[14] - Total equity attributable to owners of the company decreased to RMB 16,879,279 from RMB 17,272,470[14] - The company’s total liabilities increased to RMB 3,182,296 from RMB 3,308,149, indicating a reduction in overall debt[14] Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of RMB 819,214 for the six months ended June 30, 2022, compared to RMB 928,245 in the same period of 2021[18] - Cash and cash equivalents at the end of the period were RMB 8,793,260, up from RMB 7,115,874 year-over-year[18] - Net current assets increased to RMB 8,065,307 from RMB 7,730,123, indicating improved liquidity[13] - The current ratio improved slightly to 3.44 from 3.43, indicating stable liquidity[8] - The gearing ratio increased to 0.20 from 0.17, suggesting a rise in leverage[8] Sales and Revenue Breakdown - Sales of cement products amounted to RMB 4,797,949, down from RMB 5,141,531 in 2021, reflecting a decline of 6.7%[21] - The concrete sales were RMB 149,032, a decrease of 6.5% from RMB 159,413 in the previous year[21] - Cement and related products accounted for 97% of total revenue, while ready-mix concrete accounted for 3% during the reporting period[67] - In the first half of 2022, the Group's cement sales volume totaled 13.36 million tonnes, a decrease of 780,000 tonnes or 5.5% compared to 14.14 million tonnes in the same period of 2021[60] Other Income and Expenses - Other income for the period was RMB 105,162, compared to RMB 89,429 in the previous year, indicating a positive trend in non-operating income[11] - Distribution and selling expenses were RMB 206.0 million, a decrease of 12% from RMB 233.0 million in the same period of 2021, attributed to lower transportation fees and handling charges[74] - Administrative costs increased by 7% to RMB 153.8 million from RMB 143.8 million in the corresponding period of 2021, due to higher other expenses[74] - The depreciation and amortization expenses for the period were RMB 432,301,000, down from RMB 447,572,000 in the previous year[33] Market Conditions and Future Outlook - The Group expects improved shipments in the second half of the year as demand is anticipated to recover following the pandemic-related disruptions[58] - The overall demand for the cement industry is on a downward trend, but infrastructure investment is expected to contribute to demand recovery, with Hubei's planned investment of RMB 303.8 billion, a 47% increase from the previous year[84] - Cement prices are expected to recover and rise in mid to late August 2022, indicating a potential turnaround in the cement market[85] Corporate Governance and Shareholding - The Company has complied with all provisions of the Corporate Governance Code during the six months ended June 30, 2022[101] - The Company did not grant any options under the Share Option Scheme that expired on April 26, 2018, as of June 30, 2022[101] - As of June 30, 2022, Asia Cement holds a beneficial interest of approximately 67.73% in the company, equating to 1,061,209,202 shares[98] - The total interest of Asia Cement, including both direct and controlled interests, is approximately 73.07% of the company's issued share capital[98]
亚洲水泥(中国)(00743) - 2022 - 中期财报