Financial Performance - The group's revenue for the six months ended June 30, 2022, was approximately RMB 324.5 million, an increase of about 25.6% compared to RMB 258.4 million for the same period in 2021[8]. - The group's gross profit for the review period was approximately RMB 31.1 million, representing a significant increase of about 116.0% from RMB 14.4 million in the same period of 2021[9]. - The loss attributable to equity holders increased from approximately RMB 4.1 million in 2021 to about RMB 46.6 million in the review period[10]. - The basic and diluted loss per share attributable to equity holders for the review period was RMB 15.086[11]. - The group recorded a revenue of approximately RMB 324.5 million, an increase of about 25.6% compared to the same period in 2021, with a loss attributable to equity holders of approximately RMB 46.6 million, compared to a loss of RMB 4.1 million in the same period of 2021[14]. - The gross profit for the same period was RMB 31,091,000, compared to RMB 14,350,000 in the previous year, indicating a significant increase of approximately 116.7%[78]. - The company reported a loss of RMB 46,615,000 for the six months ended June 30, 2022, compared to a loss of RMB 4,137,000 for the same period in 2021, representing an increase in loss of approximately 1,030%[82]. - The basic and diluted loss per share for the period was RMB 15.086, compared to RMB 1.379 in the previous year, indicating a worsening financial performance[78]. Revenue Breakdown - Revenue from PCBAs increased by approximately 48.7% to RMB 157.3 million, driven by increased demand in the banking and financial sectors as well as smart devices[19]. - Revenue from fully assembled electronic products rose by approximately 9.5% to RMB 167.2 million, primarily due to increased procurement orders for mPOS products from the largest customer[20]. - For the six months ended June 30, 2022, the total segment revenue was RMB 324,464 thousand, with EMS business contributing RMB 91,918 thousand and RMB 232,546 thousand from banking and financial equipment[128]. - Revenue from sales of goods was RMB 250,231 thousand for the six months ended June 30, 2022, up from RMB 230,614 thousand in the previous year, indicating an increase of about 8.5%[134]. - The revenue from the Chinese market reached RMB 238,690 thousand, a significant increase of 32.3% from RMB 180,416 thousand in the prior year[135]. Expenses and Costs - Administrative expenses surged by approximately 299.4% to RMB 62.7 million, mainly due to increased salaries and professional fees related to the aerospace business[27]. - Sales and distribution expenses increased by approximately 40.9% to RMB 9.3 million, attributed to higher employee benefits in the EMS business and increased advertising expenses in the aerospace sector[26]. - The cost of raw materials used increased to RMB 227,988 thousand for the six months ended June 30, 2022, compared to RMB 184,571 thousand in the same period of 2021, reflecting a rise of approximately 23.5%[141]. - The cost of inventory recognized as an expense and included in cost of sales for the six months ended June 30, 2022, was approximately RMB 290,143,000, up from RMB 243,308,000 in 2021, marking an increase of about 19.2%[161]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 1,212,160,000, up from RMB 941,311,000 as of December 31, 2021, indicating a growth of approximately 29%[86]. - The company's total liabilities increased to RMB 861,720,000 as of June 30, 2022, compared to RMB 549,768,000 at the end of 2021, reflecting a rise of about 57%[86]. - The equity attributable to the company's shareholders decreased to RMB 350,440,000 as of June 30, 2022, down from RMB 391,543,000 at the end of 2021, a decline of approximately 10.5%[86]. - As of June 30, 2022, the net current assets were approximately RMB 32.0 million, down from RMB 55.6 million as of December 31, 2021, with a current ratio of about 1.1 for both periods[33]. - Trade payables decreased significantly to RMB 107,845 thousand as of June 30, 2022, down from RMB 176,118 thousand as of December 31, 2021[172]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2022, was RMB (90,656) thousand, compared to RMB (67,136) thousand for the same period in 2021, representing an increase of 34.9%[96]. - The net cash used in investing activities was RMB (94,031) thousand for the six months ended June 30, 2022, compared to RMB (58,467) thousand in the previous year, indicating a significant increase of 60.8%[96]. - The net cash from financing activities increased to RMB 195,770 thousand for the six months ended June 30, 2022, compared to RMB 35,477 thousand in the same period of 2021, reflecting a growth of 438.5%[96]. - The company has unutilized financing of approximately RMB 236 million from two banks as of June 30, 2022, to support manufacturing facility construction contracts[104]. - The company has secured a commitment from its ultimate controlling shareholder for an unsecured and interest-free revolving loan of up to RMB 256 million[104]. Corporate Governance - The company has established an Audit Committee, a Remuneration Committee, and a Nomination Committee to ensure compliance with corporate governance standards[64][66][67]. - The company has appointed new independent non-executive directors as part of its board changes, enhancing governance and oversight[70]. - The company continues to review and monitor its corporate governance practices to ensure adherence to high standards[68]. Strategic Outlook - The group primarily engages in electronic manufacturing services (EMS) and aerospace business, including satellite manufacturing, control, and launch[13]. - The group plans to establish a satellite manufacturing center and a satellite operation control and application center to generate new revenue streams in the aerospace business[15]. - The board remains optimistic about the aerospace business outlook despite challenges posed by ongoing COVID-19 variants and trade tensions between the US and China[14]. - The group aims to continue strengthening its research and development capabilities to uncover more business opportunities[15]. Shareholder Information - As of June 30, 2022, the company’s major shareholder, Hong Kong Aerospace Technology Holdings (BVI), holds 158,213,153 shares, representing 51.20% of the total issued shares[57]. - Vision International Group Limited owns 203,255,353 shares, accounting for 65.78% of the total issued shares[57]. - Mr. Wen Yichuan holds 203,255,353 shares through controlled entities, which is 65.78% of the total issued shares[49]. - Dr. Lin Jiali's spouse has an interest in 4,257,002 shares, representing 1.38% of the total issued shares[52]. - Dr. Ye Zhongxian and his family members hold 2,277,496 shares, which is 0.74% of the total issued shares[52].
香港航天科技(01725) - 2022 - 中期财报