中国联塑(02128) - 2022 - 中期财报

Financial Performance - For the six months ended June 30, 2022, China Lesso reported revenue of RMB 14,889,613, representing a year-on-year increase of 1.1% compared to RMB 14,723,265 in 2021[9]. - Gross profit for the same period decreased by 9.9% to RMB 3,942,695 from RMB 4,373,801 in 2021[9]. - Profit before tax fell by 31.1% to RMB 1,558,028, down from RMB 2,260,090 in the previous year[9]. - Profit for the period attributable to owners decreased by 28.6% to RMB 1,295,174 compared to RMB 1,814,284 in 2021[9]. - Total comprehensive income for the period was RMB 690,578, down from RMB 1,601,003, a decrease of about 56.80%[138]. - Basic and diluted earnings per share attributable to owners of the company were RMB 0.42, down from RMB 0.59 in the previous year, representing a decline of approximately 28.81%[138]. - The company did not declare an interim dividend for the six months ended June 30, 2022, compared to HK12 cents per share in the first half of 2021[127]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 53,164,487, a decrease of 2.4% from RMB 54,483,189 at the end of 2021[9]. - Cash and bank deposits decreased by 27.0% to RMB 5,581,311 from RMB 7,646,249 at the end of 2021[9]. - Total debts amounted to RMB 17,507,802, down 4.2% from RMB 18,275,903 at the end of 2021[9]. - The Group's total equity increased to RMB 21,795 million, with current assets of RMB 21,801 million and current liabilities of RMB 18,260 million, resulting in a current ratio of 1.19[80]. - The Group's cash and bank deposits, including restricted cash, totaled RMB 5,581 million, providing sufficient working capital for operations and future development[80]. Revenue Breakdown - Revenue from plastic piping systems accounted for 85.7% of total revenue, amounting to RMB 12,763 million, up 1.5% from RMB 12,574 million in 2021[25]. - Southern China contributed 50.7% of total revenue, down from 54.1% in the first half of 2021, while other regions accounted for 49.3%[21]. - The building materials and home improvement segment generated RMB 1,219 million, a decrease of 3.1% compared to RMB 1,258 million in 2021[25]. - Revenue from the plastic piping systems business increased slightly to RMB 12,763 million, accounting for 85.7% of the Group's total revenue[38]. - Revenue from contracts with customers for the six months ended June 30, 2022, was RMB 14,889,613,000, compared to RMB 14,723,265,000 for the same period in 2021[174]. Market and Industry Outlook - The company anticipates that total investment in major infrastructure projects in China will exceed RMB 25 trillion in 2022, which is expected to drive demand in the piping industry[12]. - The government has proposed accelerating infrastructure construction, which is expected to create stable demand for the industry[12]. - The government’s policies aimed at stabilizing the real estate sector are expected to gradually restore stability in the building materials and home improvement industry[16]. - The real estate market is expected to gradually stabilize and recover in the second half of the year due to favorable policies[59]. Strategic Initiatives - The company is focusing on smart manufacturing and green business initiatives to enhance competitiveness and drive future growth[15]. - The Group is actively expanding its business into the photovoltaic industry, enhancing synergy among its various business segments[26]. - The Group aims to establish product research and development centers to innovate and upgrade eco-friendly products[59]. - The Group is committed to green development and has been recognized as a National Green Factory, focusing on low energy consumption and high energy efficiency[44]. Operational Efficiency - The Group's management emphasizes the importance of automation and intelligentization in improving operational efficiency and reducing costs[47]. - The Group's average selling price and sales volume for plastic piping systems remained stable, contributing to the overall revenue growth in this segment[38]. - The Group's sales volume of plastic piping systems decreased by 5% year-on-year due to intensified competition and weak market demand[40]. Investment and Financing - In 2022, the Group's capital expenditure was approximately RMB 2,241 million, primarily for improving automated facilities, expanding production bases, and constructing investment properties[79]. - The Group's investment properties amounted to RMB 8,692 million, with increases primarily due to ongoing construction of certain investment properties[83]. - The Group will closely monitor the performance of its investees and adjust investment strategies to minimize the impact of market volatility[85]. Governance and Compliance - The Company complied with all applicable code provisions of corporate governance during the reporting period[88]. - The audit committee reviewed the accounting policies and unaudited condensed consolidated financial statements for the six months ended June 30, 2022[89]. - The Company adopted a share award scheme on August 28, 2018, with a budget of up to HK$750 million to attract and retain talent, with 22,991,000 shares held in trust as of June 30, 2022[110].