Financial Performance - Total revenue for the six months ended June 30, 2023, was approximately RMB 928,462,000, an increase of about 37.93% compared to RMB 673,151,000 for the same period last year[2] - The unaudited net profit for the six months ended June 30, 2023, reached approximately RMB 7,613,000, compared to a net loss of approximately RMB 23,812,000 for the same period last year[2] - Basic earnings per share for the six months ended June 30, 2023, was approximately RMB 0.00966, compared to a loss per share of RMB 0.04719 for the same period last year[6] - The company reported a total profit of RMB 5,020 thousand for the six months ended June 30, 2023, recovering from a net loss of RMB (24,514) thousand in the same period of 2022[25] - The corporate income tax expense for the six months ended June 30, 2023, was RMB 600 thousand, slightly up from RMB 511 thousand in the same period of 2022[23] - The company recorded a net profit attributable to the owners of the parent company of approximately RMB 5,020,000 for the six months ended June 30, 2023, compared to a net loss of approximately RMB 24,514,000 in the same period last year, primarily due to asset disposal gains and increased gross profit from engineering projects and products[48] Revenue Breakdown - Revenue from drip irrigation products and accessories increased to RMB 41,990 thousand in 2023 from RMB 27,211 thousand in 2022, representing a growth of 54.3%[21] - Trade revenue slightly decreased from approximately RMB 427,746,000 to RMB 462,623,000, accounting for 49.83% of total revenue, down from 63.54%[43] Operating Costs and Expenses - The total operating costs for the six months ended June 30, 2023, were RMB 928,477,000, compared to RMB 698,478,000 for the same period last year[4] - Unaudited selling expenses decreased by approximately RMB 3,698,500 or about 21.93%, from RMB 16,863,500 to RMB 13,165,000, mainly due to significant reductions in rental and unloading labor costs[44] - Unaudited administrative expenses increased by approximately RMB 2,887,000 or about 15.16%, from RMB 19,046,000 to RMB 21,933,000[44] - The company reported unaudited financial expenses of approximately RMB -111,000, a decrease of about RMB 1,069,000 or approximately 111.59% compared to RMB 958,000 in the previous year, primarily due to increased interest income[44] Assets and Liabilities - The company's total assets as of June 30, 2023, amounted to RMB 1,190,662,000, compared to RMB 1,029,410,000 as of December 31, 2022[8] - Current assets totaled RMB 958,194,000 as of June 30, 2023, compared to RMB 794,590,000 as of December 31, 2022[8] - The company's total liabilities as of June 30, 2023, were RMB 721,815,000, compared to RMB 582,613,000 as of December 31, 2022[9] - The company’s capital debt ratio as of June 30, 2023, was 16.34%, up from 11.68% as of December 31, 2022, indicating a slight increase in leverage[51] Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2023, was RMB (60,277) thousand, compared to RMB (36,171) thousand for the same period in 2022, indicating a decline in operational cash flow[13] - The company’s financing activities resulted in a net cash outflow of RMB (8,900) thousand for the first half of 2023, compared to a net inflow of RMB 14,636 thousand in the same period of 2022[13] - The company’s investment activities generated a net cash inflow of RMB 26,657 thousand for the first half of 2023, a significant increase from RMB (150) thousand in the same period of 2022[13] - The company’s cash and cash equivalents decreased to RMB 196,226,000 as of June 30, 2023, from RMB 238,746,000 as of December 31, 2022[8] Dividend and Shareholder Information - The board of directors recommended not to declare an interim dividend for the six months ended June 30, 2023[2] - The company did not recommend the distribution of an interim dividend for the six months ended June 30, 2023, consistent with the previous year[26] - Major shareholders include Xinjiang Tianye Co., Ltd. holding approximately 63.75% of the domestic shares and Xinjiang Tianye (Group) Co., Ltd. holding approximately 35.23%[64] - Longmao Holdings Limited holds 14,407,000 H-shares, representing approximately 7.12% of the company's total issued shares[66] - The total number of issued shares for the company is 519,521,560, including domestic and H-shares[67] Employee and Governance - The company has approximately 381 full-time employees as of June 30, 2023, emphasizing the importance of employee quality for business growth and profitability[54] - The company has complied with the Corporate Governance Code as per the listing rules during the six months ending June 30, 2023[69] Investments and Acquisitions - The company completed the acquisition of 51% equity in Shihezi City Silk Road Tianyang Pre-mixed Concrete Co., Ltd. for RMB 15,647,200, approved by shareholders on February 3, 2023[61] - The company sold a batch of properties and equipment for RMB 26,608,400 to Xinjiang Tianye Co., Ltd., with the transaction approved by shareholders on March 31, 2023[61] - The company has no major investment plans as of June 30, 2023, indicating a focus on existing operations rather than new capital expenditures[58] Strategic Focus - The company aims to leverage opportunities in rural revitalization and agricultural development, focusing on water-saving digital agriculture services and expanding its business in modern agricultural industry clusters[49] - The company is committed to achieving higher quality, efficiency, and sustainable development through financial, research, and model innovations[49] Miscellaneous - There were no purchases, sales, or redemptions of the company's listed securities during the six months ending June 30, 2023[73] - The company did not have any mortgaged or secured assets during the six months ending June 30, 2023[74] - The company had no impairment losses for assets for the six months ended June 30, 2023, and the same period last year[46] - The company recorded a reversal of credit impairment losses of RMB 3.69 for the current period, compared to RMB 15,000 for the same period last year[47] - Accounts receivable increased from RMB 189,317,000 as of December 31, 2022, to RMB 251,569,000 as of June 30, 2023[29] - Accounts payable decreased slightly from RMB 333,094,000 as of December 31, 2022, to RMB 329,596,000 as of June 30, 2023[33]
天业节水(00840) - 2023 - 中期财报