中国联塑(02128) - 2023 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 15,296,931, representing a 2.7% increase from RMB 14,889,613 in the same period of 2022[8]. - Gross profit increased by 8.0% to RMB 4,259,138 compared to RMB 3,942,695 in the previous year[8]. - Profit for the period rose by 10.1% to RMB 1,435,599, up from RMB 1,303,621 in the prior year[8]. - Profit attributable to owners of the Company increased by 15.2% to RMB 1,493,672 from RMB 1,296,710[8]. - Basic and diluted earnings per share increased by 16.7% to RMB 0.49 from RMB 0.42 in the previous year[8]. - EBITDA increased by 9.3% year-on-year to RMB 3.114 billion, with an EBITDA margin of 20.4%, up from 19.1% in 1H 2022[20]. - Profit before tax rose by 7.9% year-on-year to RMB 1.681 billion, with a net profit margin of 9.4%, compared to 8.8% in 1H 2022[20]. - Total comprehensive income for the period attributable to owners of the Company was RMB 1,650,364, compared to RMB 682,968 in the same period last year, showing a significant increase of around 142.5%[125]. - The total comprehensive income for the period was RMB 1,614,515, compared to RMB 692,699 in the previous year, indicating a substantial increase of about 133.0%[125]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 61,827,587, a 4.8% increase from RMB 59,004,001 at the end of 2022[8]. - Total debts increased by 17.1% to RMB 24,129,841 from RMB 20,614,088 at the end of 2022[8]. - Net debt rose by 28.4% to RMB 17,020,034 compared to RMB 13,252,318 at the end of 2022[8]. - Total non-current assets increased to RMB 38,523,333,000 as of June 30, 2023, compared to RMB 35,010,956,000 as of December 31, 2022, representing an increase of approximately 7.2%[127]. - Current assets totaled RMB 23,304,254,000 as of June 30, 2023, a decrease from RMB 23,993,045,000 as of December 31, 2022, reflecting a decline of about 2.9%[127]. - Total current liabilities amounted to RMB 21,067,332,000 as of June 30, 2023, slightly down from RMB 21,447,072,000 as of December 31, 2022, indicating a decrease of approximately 1.8%[127]. - Non-current liabilities rose to RMB 17,308,220,000 as of June 30, 2023, up from RMB 14,915,843,000 as of December 31, 2022, marking an increase of approximately 15.9%[129]. - Total equity reached RMB 23,452,035,000 as of June 30, 2023, compared to RMB 22,641,086,000 as of December 31, 2022, reflecting an increase of about 3.6%[129]. Revenue Breakdown - Revenue from plastic piping systems was RMB 12,233 million, representing 80.0% of total revenue, down from 85.7% in the previous year[18]. - Revenue from building materials and home improvement increased by 10.0% year-on-year to RMB 1,341 million, accounting for 8.8% of total revenue[18]. - Revenue from the building materials and home improvement business was RMB 1.341 billion, accounting for 8.8% of the Group's total revenue[44]. - Revenue from contracts with customers in Mainland China was RMB 13,267,916, while revenue from outside China was RMB 636,553, indicating a strong domestic performance[178]. - Revenue from the sale of goods related to building materials and home improvement business was RMB 13,168,623,000 for the six months ended June 30, 2023, compared to RMB 13,699,241,000 in the same period of 2022, indicating a decrease of about 3.86%[171]. Operational Efficiency and Strategy - The Group continued to enhance operational efficiency and optimize its product portfolio to increase market share[19]. - Strategic partnerships with government departments and leading infrastructure enterprises were strengthened to capitalize on national development projects[21]. - The Group is actively expanding its product applications in various fields, including agriculture, petroleum and natural gas transmission, and urban services, to broaden its customer base[35][36]. - The Group is focusing on strategic partnerships with government and state-owned enterprises to enhance market leadership and reduce business risks[41][45]. - The Group aims to enhance technology development capabilities and explore new cooperation models with various companies[66]. Market Conditions - The property sector remains under pressure, affecting consumer confidence and the building materials industry[11]. - The infrastructure construction sector is expected to maintain high growth in 2023, driven by government policies, which will increase demand for piping products[40][41]. - In the first half of 2023, China's GDP grew by 5.5% year-on-year, reaching approximately RMB 59.30 trillion, with an acceleration of one percentage point from the first quarter[10]. Corporate Governance - The Company is committed to high standards of corporate governance and has complied with all applicable code provisions during the reporting period[87]. - The Company has adopted the Model Code for securities transactions by directors, and all directors confirmed compliance during the reporting period[88]. - The independent non-executive directors confirmed compliance with the non-competition deed established with the controlling shareholder[102]. Dividends and Shareholder Returns - The Company did not declare an interim dividend for the six months ended 30 June 2023, compared to no dividend declared in the same period of 2022[110]. - A final dividend of HK$0.30 per share was paid on 25 May 2023 for the year ended 31 December 2022[110]. - The final dividend declared for 2022 was HK$0.30 per share, totaling HK$930,725,000, an increase from HK$0.26 per share in 2021, which totaled HK$806,629,000[199]. Investments and Acquisitions - The Group's investment properties were valued at RMB9,347 million at the end of the reporting period, with an increase mainly due to the collection of properties worth RMB1,130 million[80]. - The total consideration for the acquisition of Keda's interests was approximately RMB2,100 million during the reporting period[79]. - The Group aims to strengthen its connection with Keda by seeking business cooperation in overseas markets such as Africa[79]. Employee and Talent Management - The Group employed approximately 21,600 employees, with total staff costs amounting to RMB1,158 million during the reporting period[72]. - The Company is committed to attracting and retaining talent through the share award scheme[100].