Revenue and Profitability - The total customer contract revenue for the six months ended June 30, 2023, was RMB 123,806,000, representing a 38% increase from RMB 89,712,000 in the same period of 2022[2]. - Revenue from the sale of pitch control systems and related components reached RMB 103,021,000, up 50% from RMB 68,574,000 year-over-year[2]. - The company reported a segment profit of RMB 9,608,000 for the six months ended June 30, 2023, down from RMB 10,111,000 in the same period of 2022[17]. - For the six months ended June 30, 2023, the company reported a loss of RMB 5,467,000 compared to a profit of RMB 3,218,000 in the same period of 2022, representing a significant decline in performance[40]. - Revenue for the six months ended June 30, 2023, was RMB 123,806,000, an increase of 38% from RMB 89,712,000 in the same period of 2022[43]. - The gross profit for the group for the six months ended June 30, 2023, was approximately RMB 10 million, remaining consistent with the same period in 2022, while the overall gross margin was 8%, a decrease of about 3 percentage points compared to the previous year[63]. - The gross profit from the pitch control system business was approximately RMB 3 million, with a gross margin decrease from 4% in the first half of 2022 to 3% in the first half of 2023[69]. - The gross profit from the wind power business was approximately RMB 6 million, remaining flat compared to the first half of 2022[70]. Costs and Expenses - The cost of sales increased to RMB 114,198,000 for the six months ended June 30, 2023, compared to RMB 79,601,000 in the previous year, leading to a gross profit decrease to RMB 9,608,000 from RMB 10,111,000[43]. - The sales cost of the variable pitch control system business for the first half of 2023 was approximately RMB 100 million, an increase of about RMB 34 million or 52% compared to the same period in 2022, primarily due to increased orders[59]. - The total sales cost for the group for the six months ended June 30, 2023, was approximately RMB 114 million, an increase of about RMB 34 million or 43% compared to the same period in 2022, mainly due to increased costs from variable pitch system orders[61]. - The sales cost for the wind farm operation and maintenance business was approximately RMB 9 million, a decrease of about RMB 1 million compared to approximately RMB 10 million in the first half of 2022[71]. - Administrative and other operating expenses were approximately RMB 11 million for the first half of 2023, an increase of RMB 3 million from approximately RMB 8 million in the same period of 2022, primarily due to increased management costs associated with the energy storage business team[118]. - Sales and distribution expenses were approximately RMB 3 million for the first half of 2023, an increase of RMB 1 million compared to RMB 2 million in the first half of 2022, mainly due to increased personnel and packaging costs[117]. Assets and Liabilities - The total assets for the reportable segments as of June 30, 2023, amounted to RMB 420,968,000, an increase from RMB 342,736,000 as of December 31, 2022[9]. - The total non-current assets increased to RMB 129,920,000 as of June 30, 2023, from RMB 100,866,000 at the end of 2022, reflecting growth in property, plant, and equipment[46]. - Current liabilities rose to RMB 373,738,000 as of June 30, 2023, compared to RMB 340,860,000 at the end of 2022, indicating increased financial obligations[46]. - The total trade and other payables reached RMB 173,820,000 as of June 30, 2023, compared to RMB 126,632,000 as of December 31, 2022[100]. - The current trade payables increased significantly to RMB 95,355,000 as of June 30, 2023, from RMB 41,057,000 as of December 31, 2022[100]. - As of June 30, 2023, trade receivables amounted to RMB 165,659,000, an increase of approximately 15% from RMB 144,123,000 as of December 31, 2022[98]. - The accounts receivable for electricity price surcharges amounted to RMB 53,815,000 as of June 30, 2023, compared to RMB 46,942,000 as of December 31, 2022[99]. - The debt-to-asset ratio increased to 47% as of June 30, 2023, up from 39% as of December 31, 2022, reflecting an increase of approximately 8% due to supplier credit from business growth[106]. Cash Flow and Financing - The balance of pledged bank deposits and cash equivalents was approximately RMB 493 million, a decrease of about RMB 163 million from approximately RMB 656 million as of December 31, 2022[109]. - Total cash and cash equivalents were approximately RMB 30 million as of June 30, 2023, a decrease of about RMB 14 million from approximately RMB 44 million as of December 31, 2022, primarily due to payments for the acquisition of energy storage project properties, plants, and equipment[122]. - The net financing costs increased to RMB 1,277,000 for the six months ended June 30, 2023, compared to RMB 1,125,000 in the previous year[43]. - The company is closely monitoring cash flow and credit risk management to mitigate financial risks associated with customer payment uncertainties[112]. - The company has fully utilized the net proceeds from its fundraising as of June 30, 2023, with no significant changes to the planned use of proceeds[113]. Government Support and Subsidies - The company received government subsidies of RMB 25,000 and RMB 4,230,000 for technology development and local economic contributions for the periods ended June 30, 2023, and 2022, respectively[25]. - Other income for the first half of 2023 was approximately RMB 1 million, a decrease of about RMB 4 million from approximately RMB 5 million in the first half of 2022, mainly due to fewer government subsidies received[116]. Corporate Governance - The board is committed to achieving good corporate governance standards to protect shareholder interests and enhance corporate value[141]. - The audit committee has been established according to the corporate governance code and consists of three independent non-executive directors[143]. - The audit committee has discussed the accounting principles and policies adopted by the group and reviewed the unaudited interim consolidated financial statements for the six months ended June 30, 2023[144]. - The board includes two executive directors and three independent non-executive directors as of the announcement date[145]. Operational Insights - The company’s operational focus includes the development and sales of wind energy-related consulting services, although specific revenue figures for this segment were not disclosed[5]. - The energy management system (EMS) products have matured and achieved sales, while the energy storage system products have completed preliminary investment stages and are moving towards self-developed products and sales[55]. - The group aims to deepen its market share in the pitch control system sector while enhancing the research and development of core products in the energy storage industry[74]. - The group has maintained stable customer orders, ensuring stable operations despite the overall new installations in the wind power industry being slightly below expectations[75]. - The company adjusted its operational maintenance team size in April 2023, leading to a reduction in labor costs while retaining the supply team for consumables[54]. - The company has not completed the equity transfer of the Lingqiu project as of June 30, 2023, due to unfulfilled delivery conditions[53]. - The group delivered 881 sets of pitch control system products in the first half of 2023, covering models from 4 MW to 14 MW[82]. - The group has not declared or distributed any dividends for the six months ended June 30, 2023[79]. Employment and Staffing - The group employed 113 staff as of June 30, 2023, a decrease from 218 staff as of December 31, 2022[136]. Capital Expenditures - Capital expenditures for the first half of 2023 amounted to approximately RMB 20 million, an increase of RMB 18 million compared to RMB 2 million in the same period of 2022, mainly for payments related to the acquisition of energy storage project properties, plants, and equipment[123]. Losses and Earnings Per Share - The company reported a basic and diluted loss per share of RMB 0.018 for the six months ended June 30, 2023, compared to earnings of RMB 0.013 in the same period of 2022[43]. - The group reported a loss of approximately RMB 5 million for the six months ended June 30, 2023, a decrease of about RMB 8 million compared to a profit of approximately RMB 3 million in the same period of 2022[107]. - The group reported a loss attributable to owners of approximately RMB 4 million for the six months ended June 30, 2023, a decrease of about RMB 7 million compared to a profit of RMB 3 million in the same period of 2022[120].
纳泉能源科技(01597) - 2023 - 中期业绩