Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 236,020 thousand, a decrease of 9.1% from RMB 259,779 thousand in the same period of 2021[13] - Profit before tax for the same period was RMB 55,112 thousand, down 40.6% from RMB 92,749 thousand in 2021[13] - Net profit attributable to the owners of the parent company was RMB 31,597 thousand, a decline of 48.0% compared to RMB 60,892 thousand in the previous year[13] - Basic and diluted earnings per share for the period were RMB 0.16, down from RMB 0.30 in the same period of 2021, indicating a decrease of 46.7%[13] - The company's revenue decreased by RMB 23.8 million or 9.2% to approximately RMB 236.0 million for the six months ended June 30, 2022, compared to RMB 259.8 million for the same period in 2021[18] - The group's revenue from municipal water supply decreased by RMB 29.5 million or 17.2% to approximately RMB 142.1 million, primarily due to a reduction in sales volume[21] - The group's gross profit decreased by RMB 22.4 million or 19.0% to approximately RMB 95.7 million, with a gross margin decline from 45.5% to 40.6%[21] - The total comprehensive income for the period was RMB 37,378 thousand, down 45.6% from RMB 68,807 thousand in the same period of 2021[41] Assets and Liabilities - Total assets as of June 30, 2022, increased to RMB 5,236,486 thousand from RMB 4,855,907 thousand as of December 31, 2021, representing an increase of 7.8%[14] - Total liabilities rose to RMB 4,088,740 thousand from RMB 3,725,539 thousand, marking an increase of 9.7%[14] - The net asset value as of June 30, 2022, was RMB 1,147,746 thousand, compared to RMB 1,130,368 thousand at the end of 2021, reflecting a growth of 1.5%[14] - The group's cash and bank balances were approximately RMB 232.7 million as of June 30, 2022, compared to approximately RMB 190.7 million as of December 31, 2021[24] - The total borrowings of the group were approximately RMB 3,105.0 million as of June 30, 2022, compared to approximately RMB 2,742.0 million as of December 31, 2021[24] - The group's debt-to-equity ratio increased to 270.5% as of June 30, 2022, from 242.6% as of December 31, 2021, primarily due to new borrowings for the water supply system projects[24] - Trade receivables decreased to approximately RMB 90.5 million as of June 30, 2022, from approximately RMB 100.4 million as of December 31, 2021, due to reduced municipal water revenue[24] Operational Highlights - Water sales volume for raw water was 58.9 million tons, an increase of 0.4 million tons compared to 58.5 million tons for the six months ended June 30, 2021[17] - Municipal water sales volume decreased by 11.6 million tons to 58.7 million tons, down from 70.3 million tons for the same period in 2021[17] - The company reported installation service income of approximately RMB 11.9 million, an increase of RMB 5.1 million or 75% compared to RMB 6.8 million for the six months ended June 30, 2021[17] - The total designed raw water supply capacity is expected to reach 1,220,000 tons per day after the completion of the new water supply systems, representing an increase of 104.9% from the current two systems[17] - The construction of the Taizhou Water Supply System (Phase III) and (Phase IV) has been largely completed, with trial water supply starting in July 2022[15] Strategic Initiatives - The company continues to explore new strategies for market expansion and product development to enhance future performance[13] - The company is actively exploring ecological and environmental protection sectors, focusing on wastewater treatment, reclaimed water utilization, and solid waste disposal[15] - The company has successfully completed the integration of water services and acquired stakes in other local water supply companies to enhance its market position[15] - The company aims to become a leading water service provider in the Yangtze River Delta region through strategic development and resource integration[15] Shareholder Information - The group did not declare an interim dividend for the six months ended June 30, 2022, compared to no dividend declared for the same period in 2021[27] - Major shareholder Taizhou State-owned Capital Operation Group Co., Ltd. holds 43,250,855 shares, representing 28.83% of the domestic shares and 21.63% of the total issued shares[32] - The total number of shares held by major shareholders indicates a significant concentration of ownership within the company[32] - The company has multiple major shareholders, including state-owned enterprises and investment groups, reflecting a diverse ownership structure[32] Financial Costs and Income - The company reported income tax expenses of RMB (17,521) thousand, compared to RMB (23,942) thousand in the previous year, showing a reduction of 26.9%[13] - Other income and gains decreased by RMB 2.2 million or 29.7% to approximately RMB 5.2 million, mainly due to a reduction in revenue and VAT refunds[23] - Financial costs increased by RMB 0.9 million or 13.6% to approximately RMB 7.5 million, mainly due to new loans[23] - The group's bank borrowings were approximately RMB 3,105.0 million as of June 30, 2022, compared to 2,742.0 million as of December 31, 2021, indicating an increase in leverage[27] Employee and Management Information - The group had 230 employees as of June 30, 2022, up from 199 employees as of June 30, 2021, with employee benefit expenses amounting to approximately RMB 36.6 million during the reporting period[27] - The total compensation paid to key management personnel was RMB 2,441 thousand for the six months ended June 30, 2022, representing an increase of 4.4% from RMB 2,339 thousand in the same period of 2021[102]
台州水务(01542) - 2022 - 中期财报