Financial Performance - For the six months ended June 30, 2023, total revenue was RMB 2,231,691, a decrease of 27.7% compared to RMB 3,085,905 for the same period in 2022[51]. - Domestic revenue from Mainland China accounted for 90.02% of total revenue at RMB 2,008,934, down from 97.19% in the previous year[51]. - Overseas revenue increased to RMB 222,757, representing 9.98% of total revenue, compared to 2.81% in the prior year[51]. - Construction contracts revenue for the six months ended June 30, 2023, was RMB 11,376, significantly down from RMB 49,979 in 2022[56]. - Sale of products revenue decreased to RMB 133,187 from RMB 168,569 in the same period last year[56]. - Total income for the six months ended June 30, 2023, was RMB 14,991,000, representing a 22.5% decrease from RMB 19,296,000 in 2022[57]. - Service income significantly declined to RMB 698,000, a decrease of 75.7% compared to RMB 2,869,000 in the same period last year[57]. Cash Flow and Financing Activities - For the six months ended June 30, 2023, the net cash used in financing activities was RMB (20,213,000), a significant decrease compared to RMB 760,791,000 in the same period of 2022[3]. - The total cash and cash equivalents at the end of the period were RMB 435,660,000, down from RMB 934,870,000 at the end of June 2022, indicating a decrease of approximately 53.4%[3]. - The Group's capital injection by a non-controlling shareholder was RMB 39,995,000, a decrease from RMB 542,198,000 in the previous year[3]. - Interest paid during the period was RMB (153,808,000), a slight decrease from RMB (158,733,000) in the previous year[3]. - The cash outflow for leases for the six months ended June 30, 2023, was RMB 2,646,000, compared to RMB 3,045,000 for the same period in 2022, showing a decrease of about 13.1%[95]. - Cash flows used in investing activities totaled RMB 380,128,000 for the six months ended June 30, 2023, a decrease from RMB 818,615,000 in the same period of 2022, indicating a 53.6% reduction[120]. - The Group's cash generated from operations was RMB 361,447,000, with income tax paid amounting to RMB 21,361,000 for the six months ended June 30, 2023[120]. Borrowings and Liabilities - The Group's borrowings, including interest payable, amounted to RMB 2,798,796,000 as of June 30, 2023, compared to RMB 1,456,861,000 at the end of the previous year, reflecting an increase of approximately 92.3%[7]. - The Group's trade and bills payables stood at RMB 3,102,262,000, indicating a stable liability position[7]. - Total segment liabilities as of June 30, 2023, were RMB 13,915,722, compared to RMB 7,852,744 in borrowings[44]. - The Group's total liabilities were RMB 13,915,722,000 as of June 30, 2023, slightly up from RMB 13,900,638,000 at the end of 2022[188]. - Current liabilities increased to RMB 8,296,531,000 as of June 30, 2023, compared to RMB 7,986,369,000 at the end of 2022[188]. Assets and Investments - The total assets of the group as of June 30, 2023, were RMB 19,362,007, compared to RMB 13,900,638 in the previous year[24]. - Segment assets after elimination as of June 30, 2023, totaled RMB 19,342,965, compared to RMB 13,915,722 as of December 31, 2022[44]. - The net carrying amount of property, plant, and equipment was approximately RMB 4,948,491,000, down from RMB 5,338,928,000 as of December 31, 2022, representing a decrease of about 7.3%[90]. - The Group's non-current assets decreased to RMB 91,849,000 as of June 30, 2023, from RMB 116,057,000 in the previous year[68]. - The total contract assets as of June 30, 2023, amounted to RMB 3,912,221,000, slightly up from RMB 3,904,782,000 as of December 31, 2022, indicating a marginal increase of 0.4%[99]. - The net carrying amount of investment properties as of June 30, 2023, was RMB 338,526,000, slightly up from RMB 334,797,000 as of December 31, 2022, representing an increase of approximately 1.1%[97]. Shareholder and Equity Information - The equity attributable to the equity holders of the Company was RMB 4,327,854,000 as of June 30, 2023, down from RMB 4,357,557,000 at the end of 2022[188]. - Non-controlling interests increased to RMB 1,099,389,000 as of June 30, 2023, from RMB 1,103,812,000 at the end of 2022[188]. - The Group did not recommend the distribution of an interim dividend for the period[155]. Accounting and Compliance - The financial statements for the six months ended June 30, 2023, have not been audited and are presented in Renminbi (RMB)[133]. - The company adopted several new and amended accounting standards effective January 1, 2023, without making retrospective adjustments, which may impact future financial reporting[111]. - The company has not recognized any share option expense during the reporting period, as all expenses related to the share option scheme had been fully amortized prior to January 1, 2022[109]. Other Notable Events - The acquisition of 51% equity in Shuifa Clean Energy was completed on March 29, 2023, for a total subscription price of RMB 503,774,500 (approximately HK$569,265,185)[133]. - Tongyu Gaodengsai Electric Power Co., Ltd. disposed of 100% equity interests in Tongyu Qiangfeng Power Co., Ltd. for a cash consideration of RMB 67,000,000, resulting in a gain of RMB 15,904,000 recorded in "Other gains – net"[137].
水发兴业能源(00750) - 2023 - 中期财报