Financial Performance - For the six months ended September 30, 2022, the Group's revenue was approximately RMB 2,200,360,000, representing a decrease of approximately 7.2% compared to the same period in 2021[11]. - The Group's gross profit for the same period was approximately RMB 534,098,000, reflecting a decrease of approximately 18.9% year-on-year[12]. - The net profit attributable to shareholders of the Company was approximately RMB 300,693,000, a decrease of approximately 20.4% compared to the previous year[12]. - Basic earnings per share for the period were approximately RMB 0.79, down approximately 20.2% from RMB 0.99 in the same period last year[12]. - The gross profit margin decreased to 24.3% from 27.8% year-on-year, a decline of 3.5 percentage points[11]. - The profit before tax was approximately RMB 442,776,000, representing a decrease of approximately 20.9% compared to the same period in 2021[11]. - The net profit margin decreased to 13.7% from 15.9% year-on-year, a decline of 2.2 percentage points[11]. - Other income and gains decreased by approximately RMB 96,891,000 to approximately RMB 42,815,000, primarily due to a one-off insurance compensation of RMB 107,403,000 from a factory fire in the previous year[25][28]. - Profit for the period was RMB 300,693,000, representing a decrease of approximately 20.4% or RMB 76,964,000 compared to the same period last year[39][43]. - Total comprehensive income for the period was RMB 300,693, consistent with the profit for the period[86]. Revenue Breakdown - Sales of precision lathes decreased by approximately RMB 203,047,000 or approximately 9.8%, significantly impacting the Group's revenue[19]. - Sales of precision grinding machines also decreased by approximately 9.2% compared to the same period last year[19]. - The sales of precision machining centers recorded a growth of approximately 26.8%, driven by increased demand in the new energy vehicle parts and components industry[19]. - Revenue from the sale of CNC high precision machine tools was RMB 2,197,130, down from RMB 2,367,259, reflecting a decline of 7.2% year-over-year[100]. - The Group's revenue from Mainland China was RMB 1,650,339, down from RMB 2,017,233, indicating a decline of 18.1%[100]. - Overseas revenue increased to RMB 550,021, up from RMB 353,106, marking a growth of 55.8%[100]. Expenses and Costs - Selling and distribution expenses were approximately RMB 75,672,000, accounting for 3.4% of the Group's revenue, representing a decrease of approximately 4.7% compared to the same period last year[26][29]. - Administrative expenses increased by approximately 18.4% to approximately RMB 54,660,000, mainly due to increased customization and development expenses[31][32]. - Employee benefit expenses increased to RMB 157,042 from RMB 131,452, representing a rise of 19.4% year-over-year[101]. - The total tax charge for the period was RMB 142,083,000, down 22.1% from RMB 182,179,000 in the previous year[105]. Assets and Liabilities - As of September 30, 2022, total cash and cash equivalents amounted to approximately RMB 550,576,000, a slight decline from RMB 555,433,000 as of March 31, 2022[40]. - The Group recorded net current assets of approximately RMB 1,847,968,000, with a current ratio of approximately 2.9 times[41]. - Total non-current liabilities rose to RMB 2,489,640,000, compared to RMB 2,300,336,000, indicating an increase of 8.2%[87]. - The total equity attributable to owners of the parent reached RMB 2,390,402,000, up from RMB 2,221,342,000, representing a growth of 7.6%[89]. - Trade receivables as of September 30, 2022 amounted to RMB 298,976,000, down from RMB 404,317,000 as of March 31, 2022[110]. - Trade payables as of September 30, 2022, totaled RMB 703,214,000, down from RMB 820,172,000 as of March 31, 2022, indicating a reduction of about 14.3%[116]. Investments and Future Plans - The Group plans to continue investing in the equipment of Precision Tsugami (Anhui) Corporation and the construction of a new factory in Pinghu[17]. - The Group plans to expand production capacity by constructing two new factory buildings with a total investment of approximately RMB 150 million, expected to increase machine tool production capacity by approximately 2,000 units per year starting January 2024[47]. - The Group will strengthen sales expansion of key products and explore potential market demand[17]. Corporate Governance and Compliance - The Company has adopted the Corporate Governance Code and has complied with its provisions during the review period, despite Dr. Tang Donglei serving as both Chairman and Chief Executive Officer since April 1, 2022[76]. - The audit committee reviewed the Group's unaudited condensed consolidated interim financial results for the six months ended September 30, 2022, with external auditor Ernst & Young conducting a review in accordance with relevant standards[81]. - The Group's financial reporting remains aligned with the revised International Financial Reporting Standards adopted for the first time during this period[95]. Shareholder Information - An interim dividend of HK$0.4 per share has been declared for the six months ended September 30, 2022, consistent with the previous year[56]. - The register of members will be closed from December 6 to December 8, 2022, for the purpose of the interim dividend[58]. - As of September 30, 2022, Tsugami Japan holds 270,000,000 shares, representing 70.90% of the issued shares[70]. - The total number of shares held by substantial shareholders indicates a strong control over the company’s equity structure[70].
津上机床中国(01651) - 2023 - 中期财报