Financial Performance - Revenue for the six months ended June 30, 2023 was approximately RMB20,829.9 million, representing a decrease of approximately 7.5% compared to the same period in 2022[12]. - Profit attributable to owners of the Company for the six months ended June 30, 2023 was approximately RMB715.7 million, representing a decrease of approximately 58.8% compared to the same period in 2022[12]. - Basic earnings per share for the six months ended June 30, 2023 was RMB16.2 cents, representing a decrease of approximately 58.7% compared to the same period in 2022[12]. - Total gross profit decreased by approximately RMB1,520.1 million or 50.4% from approximately RMB3,013.1 million for the six months ended June 30, 2022 to approximately RMB1,493.0 million for the six months ended June 30, 2023[65]. - Profit before taxation decreased by RMB1,713.0 million or 82.1% from RMB2,086.4 million for the six months ended June 30, 2022, to RMB373.4 million for the six months ended June 30, 2023[76]. - The profit for the period ended June 30, 2023, was RMB 715,652,000, compared to a loss of RMB 1,736,960,000 for the same period in the previous year[168]. Dividends - The Directors declared an interim dividend of RMB4.90 cents per share for the six months ended June 30, 2023, down from RMB12.30 cents per share in the same period of 2022[12]. - Total dividend amount for the six months ended June 30, 2023 was RMB216,783,000, compared to RMB545,874,000 for the same period in 2022[12]. - Dividends paid to shareholders decreased to RMB 39,817,000 in the first half of 2023 from RMB 279,153,000 in the same period of 2022[174]. Operational Highlights - The Group continues to focus on refining chemicals production and market expansion strategies[14]. - The Group is the world's largest independent producer and supplier of coke by volume in 2022, according to Frost & Sullivan[15]. - The Group holds leading positions in several refined chemicals sectors, including being China's largest producer of industrial-naphthalene-based phthalic anhydride and coke-oven-gas-based methanol[15]. - The Group's coking project in Hohhot has an annual capacity of 3.0 million tons and commenced full-scale production in June 2023[18]. - The coking project in Sulawesi has an annual production capacity of 4.8 million tons, with the first facility of 1.6 million tons igniting in June and July 2023[18]. - The Group's annual coke processing volume is expected to increase to 30 million tons or more by the end of the Sixth Five-Year Plan[18]. Market and Product Development - Revenue from refined chemical manufacturing increased by RMB1,390.8 million or 19.2%, from RMB7,245.9 million in the first half of 2022 to RMB8,636.7 million in the first half of 2023[59]. - The Group's refined chemicals production includes three lines: carbon material chemicals, alcohol-ammonia chemicals, and aromatic chemicals, contributing to its diversified product portfolio[25][26]. - The Group's annual caprolactam (CPL) production capacity is 0.75 million tons, making it the world's second-largest producer of this high-value chemical[27][28]. - The Group aims to enhance its market position through strategic expansions and new product developments in the refined chemicals sector[60]. Financial Position - As of June 30, 2023, the Group's bank deposits, restricted bank balances, and cash amounted to approximately RMB 4.9 billion, an increase of approximately RMB 1.5 billion or 44% compared to RMB 3.4 billion as of December 31, 2022[52]. - The gearing ratio as of June 30, 2023, was 1.7x, slightly up from 1.6x as of December 31, 2022[55]. - The debt to asset ratio as of June 30, 2023, was 72.6%, compared to 72.7% as of December 31, 2022[55]. - The Group's total assets as of June 30, 2023, were RMB 13,019,415,000, reflecting growth from previous periods[168]. Cash Flow and Financing - Net cash generated from operating activities was approximately RMB1,803.7 million, an increase of approximately RMB89.8 million compared to RMB1,713.9 million for the same period in 2022[89][90]. - Net cash used in investing activities decreased significantly from approximately RMB7,226.1 million in 2022 to approximately RMB581.6 million in 2023, mainly due to reduced capital expenditures and cash inflow from acquisitions[92][94]. - Total borrowings increased by approximately RMB3.9 billion, or 19.3%, to approximately RMB24.1 billion as of June 30, 2023, from RMB20.2 billion as of December 31, 2022, mainly due to an increase in other loans[98][99]. Employee and Operational Management - Staff costs for the six months ended June 30, 2023, were RMB521.1 million, slightly down from RMB526.2 million in the same period of 2022[119]. - As of June 30, 2023, the Group employed 6,614 full-time employees, a decrease from 7,644 employees a year earlier[119]. - The Group expanded its operational management services to Shanxi and Shandong provinces, providing integrated marketing services to third-party companies with significant production capacities[32]. Sustainability and Digitalization - The Group is committed to reducing carbon emissions and supporting the "carbon peak and carbon neutrality" policy in China through energy-saving measures and carbon capture[39]. - The Group is enhancing its digitalization efforts by promoting the construction of intelligent factories and focusing on automation and information technology projects[41]. Compliance and Governance - The Company has complied with the Corporate Governance Code, except for the separation of the roles of chairman and CEO[141]. - The Audit Committee has reviewed the financial statements in accordance with the Listing Rules, ensuring compliance with International Accounting Standard 34[150].
中国旭阳集团(01907) - 2023 - 中期财报