Financial Performance - For the six months ended June 30, 2022, the company achieved operating revenue of RMB 1,174,150 million, a year-on-year decrease of 0.56%[7] - The net profit attributable to the parent company was RMB 51,840 million, representing a year-on-year increase of 50.39%[7] - The gross profit reached RMB 178,179 million, up 41.67% year-on-year, with a gross margin of 15.18%, an increase of 4.52 percentage points[12] - Total revenue for the first half of 2022 was RMB 11,872,287,698.97, a slight decrease of 0.46% compared to RMB 11,927,880,095.72 in the same period of 2021[48] - Operating profit for the first half of 2022 was RMB 103,231,312.80, an increase of 52.73% from RMB 67,616,559.67 in the first half of 2021[51] - Net profit attributable to shareholders of the parent company for the first half of 2022 was RMB 51,835,303.42, up 50.73% from RMB 34,471,036.17 in the same period of 2021[53] - The company achieved a net profit margin of approximately 0.52% in the first half of 2022, compared to 0.37% in the same period of 2021, indicating improved profitability[53] - Total comprehensive income for the first half of 2022 reached RMB 78,845,945.78, a significant improvement from a loss of RMB 7,648,928.95 in the same period of 2021[56] Revenue and Orders - The total signed orders amounted to RMB 15,543 million, an increase of 73.61% compared to the same period last year[8] - Export orders reached RMB 2,901 million, a significant increase of 564.68% year-on-year[8] - Revenue from sales of goods and services amounted to RMB 11,698,804,483.53, up from RMB 10,465,262,095.18 in the first half of 2021, representing an increase of approximately 11.8%[57] - Revenue from domestic operations in China for the first half of 2022 was approximately RMB 9.39 billion, an increase from RMB 8.89 billion in the same period of 2021, representing a growth of about 5.7%[192] - Total overseas revenue decreased to approximately RMB 2.35 billion in the first half of 2022 from RMB 2.92 billion in the same period of 2021, a decline of about 19.5%[192] Assets and Liabilities - The company's total assets were RMB 62,187,530 million, an increase of 2.60% from the beginning of the period[15] - The total liabilities amounted to RMB 49,884,240 million, reflecting a growth of 3.03% compared to the beginning of the period[15] - The total current assets amounted to RMB 53.13 billion, an increase from RMB 51.50 billion as of December 31, 2021, reflecting a growth of approximately 3.16%[41] - The total liabilities increased to RMB 49.88 billion from RMB 48.42 billion, representing a growth of about 3.02%[45] - Long-term borrowings surged to RMB 2.27 billion from RMB 1.03 billion, indicating a significant increase of approximately 119.99%[45] Cash Flow - The net cash flow from operating activities during the period was RMB 82,536,000, while cash flow from investing activities was -RMB 28,770,000, and cash flow from financing activities was RMB 65,353,000[9] - The company reported a net increase in customer deposits and interbank deposits of RMB 20,804,715.81, contrasting with a decrease of RMB -130,499,825.05 in the first half of 2021[57] - The net cash flow from operating activities was RMB 825,359,071.13, a recovery from a negative cash flow of RMB -1,276,408,835.48 in the first half of 2021[59] - Cash inflow from financing activities totaled RMB 2,343,364,802.75, compared to RMB 1,159,416,283.33 in the same period last year, indicating a growth of approximately 102%[61] - The net increase in cash and cash equivalents for the first half of 2022 was RMB 1,202,775,281.46, compared to a decrease of RMB 359,748,671.24 in the same period of 2021, indicating a significant improvement in cash flow[62] Investments and Capital Expenditures - The company completed fixed asset investments of RMB 21,468,510 during the first half of 2022, primarily for biomass cogeneration projects and technological upgrades for subsidiaries[19] - The company incurred capital expenditures of RMB 202,334,500.10 in the first half of 2022, down from RMB 231,888,860.89 in the same period of 2021, reflecting a decrease of about 12.7%[152] - The company has no significant changes in its investment plans for 2022 and did not hold any major investments or acquisitions during the period[19] Employee and Compensation - The company has a total of 11,704 employees as of June 30, 2022, with total compensation amounting to RMB 71,987,000[25] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and confirmed compliance by all directors during the reporting period[33] - The audit committee has reviewed and approved the interim performance report for the six months ending June 30, 2022[37] - The company has maintained its accounting policies in accordance with the current enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[96] - The company has not identified any significant doubts regarding its ability to continue as a going concern for the next 12 months[95] Research and Development - The company has actively participated in the development of innovative products, including the world's first compressed air energy storage power station and the largest single-unit capacity hydropower station in the country[24] - Research and development expenses for the first half of 2022 were RMB 288,693,577.35, slightly up from RMB 280,898,742.51 in the same period of 2021[48] Taxation - The applicable tax rates include VAT at 3%, 6%, 9%, 10%, and 13%, and corporate income tax rates of 15% and 25%[122] - The company benefits from a reduced corporate income tax rate of 15% as a high-tech enterprise, while other subsidiaries in China are subject to a 25% tax rate[51] Accounts Receivable and Provisions - As of June 30, 2022, the total accounts receivable amounted to RMB 12,815,972,406.77, with a significant increase of 39.32% compared to RMB 5,038,916,455.52 as of December 31, 2021[126] - The provision for bad debts for accounts receivable was RMB 978,985,303.57, representing 13.12% of the total accounts receivable[126] - The expected credit loss rate for accounts aged within one year is 41.37%, down from 44.34% in the previous year[138] - The total other receivables as of June 30, 2022, is CNY 1,561,938,249.16, an increase from CNY 1,320,694,485.73 as of December 31, 2021[139] - The provision for bad debts for other receivables classified by credit risk characteristics is CNY 302,302,510.34, with an expected credit loss rate of 21.76%[144]
哈尔滨电气(01133) - 2022 - 中期财报