YADEA(HK:01585)2023-09-27 08:13Sales Performance - In the first half of 2023, Yadea Group Holdings Limited achieved a sales volume of approximately 8,210,700 electric two-wheelers, representing a 33.8% increase from approximately 6,136,200 units in the same period of 2022[8]. - Sales of electric bicycles increased by approximately 53.6% from about 3,606,800 units in the first half of 2022 to approximately 5,538,900 units in the first half of 2023[11]. - The electric scooter sales volume rose by approximately 5.6% from about 2,529,400 units in the first half of 2022 to approximately 2,671,800 units in the first half of 2023[11]. Revenue and Profitability - Revenue for the six months ended June 30, 2023, was approximately RMB 17,041.1 million, a 21.3% increase from approximately RMB 14,050.6 million in the same period of 2022[10]. - Total revenue for electric two-wheelers and related accessories increased from RMB 14,050.6 million for the six months ended June 30, 2022, to RMB 17,041.1 million for the six months ended June 30, 2023, representing a growth of approximately 21.2%[13]. - Gross profit rose from RMB 2,518.2 million for the six months ended June 30, 2022, to RMB 2,874.1 million for the six months ended June 30, 2023, an increase of about 14.1%[15]. - Profit for the period increased by approximately 31.2%, from RMB 904.5 million for the six months ended June 30, 2022, to RMB 1,186.8 million for the six months ended June 30, 2023[17]. - Basic earnings per share rose to RMB 39.9, compared to RMB 31.1 for the same period last year, reflecting a growth of 28.4%[63]. Market Strategy and Product Development - The company launched 29 new models in the first half of 2023, including the KANON Explore X7 and KANON Luxury Q9, targeting increased market share in second and third-tier cities in China[9]. - The company aims to capture additional market share by introducing new models tailored to the preferences of female users, emphasizing design and comfort[9]. - The increase in revenue was attributed to the recovery of market demand for daily commuting, expansion of the product portfolio, increased marketing efforts, and an expanded distribution network[10]. Financial Position and Cash Flow - Cash and cash equivalents increased by approximately 21.3%, from RMB 6,782.6 million as of December 31, 2022, to RMB 8,227.7 million as of June 30, 2023[18]. - Net cash inflow from operating activities for the six months ended June 30, 2023, was approximately RMB 2,572.8 million, compared to RMB 448.9 million for the same period in 2022[19]. - Total assets as of June 30, 2023, were RMB 25,589.9 million, an increase from RMB 24,952.7 million at the end of 2022[65]. - The company’s total equity reached RMB 7,011,189 thousand as of June 30, 2023, compared to RMB 6,642,594 thousand as of December 31, 2022, an increase of 5.5%[67]. Shareholder Information and Stock Options - As of June 30, 2023, the total issued shares of the company were 3,063,800,000, with major shareholders holding 1,910,996,943 shares, representing approximately 62.37% ownership[29]. - The company granted a total of 33,550,000 share options to 263 employees on January 17, 2023, with an exercise price of HKD 16.14 per share[34]. - The share options granted are subject to performance targets, and unexercised options as of June 30, 2023, totaled 32,220,000[34]. Expenses and Liabilities - Total employee costs increased to approximately RMB 1,426.0 million for the six months ended June 30, 2023, compared to RMB 1,108.1 million for the same period in 2022[24]. - Total liabilities increased to RMB 18,578,725 thousand as of June 30, 2023, compared to RMB 18,310,092 thousand as of December 31, 2022, reflecting a growth of 1.5%[67]. - The company reported a total comprehensive income of RMB 1,287,350 thousand for the six months ended June 30, 2023, compared to RMB 921,653 thousand for the same period in 2022, indicating a growth of 39.7%[70]. Investment and Acquisitions - The company acquired 70% of Huayu by the company's wholly-owned subsidiary involved a total cash consideration of RMB 311,500,000[108]. - The identifiable net liabilities acquired from Huayu amounted to RMB (531,940,000), with goodwill recognized at RMB 683,858,000[109]. - The net proceeds from the placement of shares amounted to approximately HKD 857.6 million, equivalent to approximately RMB 727.8 million[51].