Financial Performance - Revenue for the six months ended June 30, 2022, was RMB 89,712,000, a decrease of 22.8% compared to RMB 116,276,000 in 2021[4] - Gross profit for the same period was RMB 10,111,000, down 53.7% from RMB 21,823,000 in 2021[4] - Profit attributable to shareholders was RMB 3,218,000, reflecting a significant decline of 74.5% from RMB 12,624,000 in the previous year[4] - Earnings per share decreased to RMB 0.013, compared to RMB 0.050 in 2021, marking a 74% decline[4] - The Group's total revenue for the six months ended June 30, 2022, was 89,712,000, compared to 116,276,000 in the previous period, reflecting the impact of market conditions[29] - For the six months ended 30 June 2022, the Group recorded total revenue of approximately RMB90 million, a decrease of 22.4% from approximately RMB116 million in the first half of 2021[30] - The gross profit for the Group was approximately RMB10 million, a decrease of 54.5% from approximately RMB22 million in the first half of 2021, with an overall gross profit margin of 11%, down approximately 8 percentage points[41] - The profit for the period amounted to approximately RMB 3 million, representing a decrease of approximately RMB 10 million or 76.9% from approximately RMB 13 million in the first half of 2021[58] Revenue Breakdown - Revenue from the pitch control system business amounted to approximately RMB69 million, representing a decrease of approximately RMB22 million or 24.2% from the first half of 2021, primarily due to a slowdown in wind farm investment caused by COVID-19[31] - Revenue from the wind power generation business was approximately RMB9 million, a decrease of approximately RMB3 million or 25% from the same period in 2021, attributed to weaker wind resources[33] - The total revenue from pitch control system related integration, manufacturing, and sales was 68,574,000, while wind power generation revenue was 9,420,000 for the six months ended June 30, 2022[29] - The Group's wind farm operation and maintenance revenue was 11,661,000, showing a stable performance in this segment[29] Cash and Liabilities - Cash and cash equivalents and pledged deposits totaled RMB 56,912,000, down 31.4% from RMB 83,020,000[4] - Total liabilities decreased by 14.3% to RMB 209,938,000 from RMB 244,850,000[4] - The Group's cash and cash equivalents as of June 30, 2022, amounted to approximately RMB 29 million, a decrease of approximately RMB 42 million from approximately RMB 71 million as of June 30, 2021[68] - As of June 30, 2022, the balance of pledged bank deposits and cash and cash equivalents was approximately RMB 56.9 million, a decrease of approximately RMB 26.1 million from approximately RMB 83.0 million as of December 31, 2021[66] Operational Developments - The company has established a mature business network in Northern, Eastern, and Southern China, focusing on wind power pitch control systems and energy storage[5] - The Group completed the construction of a 4MW/4MWh wind power storage demonstration project, which is about to enter the commissioning stage[21] - The Group aims to strengthen research and development of energy storage products and improve the product system to enhance profitability in the energy storage sector[25] - The Group maintains stable partnerships with customers, ensuring the delivery of orders despite challenges posed by COVID-19[26] Market and Industry Context - The Chinese government aims for non-fossil energy consumption to reach about 25% and total installed capacity of wind and solar energy to exceed 1.2 billion kilowatts by 2030[6] - Energy storage is becoming a crucial technology for enhancing the flexibility of new energy generation systems, with rapid development expected in China's energy storage market[7] Employee and Operational Changes - The Group employed a total of 158 employees as of June 30, 2022, down from 169 employees as of December 31, 2021[69] - The Group plans to recruit 70 additional service personnel to expand wind farm operations and maintenance services, with an estimated utilization of RMB 3.6 million[84] Shareholder Information - The Company did not recommend the payment of an interim dividend for the six months ended June 30, 2022[124] - As of June 30, 2022, Mr. Cheng Liquan Richard holds 187,500,000 shares, representing a 75% interest in a controlled corporation[109] - The total number of shares in issue as of June 30, 2022, is 250,000,000[120] Compliance and Governance - The Audit Committee consists of three independent non-executive directors and has reviewed the Group's unaudited interim consolidated financial statements[123] - The auditor's report on the financial statements was unqualified, indicating no significant issues were raised[143] Future Plans and Investments - The Group is investing RMB 31.3 million into the development of a new distributed wind farm in Lingqiu, Shanxi[84] - The company plans to use the remaining net proceeds to continuously recruit appropriate operation and maintenance personnel in the second half of 2022[90]
纳泉能源科技(01597) - 2022 - 中期财报