Financial Performance - The company's revenue for the six months ended June 30, 2022, was approximately RMB 774,818,000, a decrease of about 13.2% compared to RMB 892,299,000 for the same period in 2021[4] - Profit attributable to equity holders for the six months ended June 30, 2022, was approximately RMB 27,259,000, down about 20.2% from RMB 34,170,000 in the same period of 2021[4] - Gross profit for the same period was RMB 207.77 million, down from RMB 230.84 million, reflecting a decline of 10%[47] - The net profit for the period was RMB 30.91 million, compared to RMB 36.44 million in the previous year, representing a decrease of 15.1%[47] - The group's profit before tax for the six months ended June 30, 2022, was RMB 27,259,000, a decrease of 20.3% compared to RMB 34,170,000 for the same period in 2021[75] Revenue Breakdown - Revenue from automotive interior and exterior structural and decorative parts was approximately RMB 626,785,000, accounting for about 80.9% of total revenue, with a gross margin increase from 25.9% to 28.1%[7] - Revenue from molds and tools was approximately RMB 53,963,000, representing about 7.0% of total revenue, with a gross margin decrease from 22.8% to 14.9%[7] - Revenue from air conditioning and heating components was approximately RMB 45,109,000, accounting for about 5.8% of total revenue, with a slight decrease in gross margin from 24.0% to 23.5%[7] - Revenue from non-automotive products was approximately RMB 25,833,000, representing about 3.3% of total revenue, with a gross margin decrease from 52.1% to 39.8%[7] - Revenue from raw material sales was approximately RMB 23,128,000, accounting for about 3.0% of total revenue, with a gross margin increase from 1.6% to 12.5%[8] Expenses and Costs - Selling and distribution expenses were approximately RMB 56,524,000, a decrease of about 18.0% from RMB 68,899,000 in the same period of 2021[10] - Administrative expenses were approximately RMB 121,721,000, a decrease of about 6.1% from RMB 129,638,000 in the same period of 2021, mainly due to reduced R&D expenses[11] - Financing income decreased by approximately 58.0%, from RMB 6,120,000 for the six months ended June 30, 2021, to RMB 2,568,000 for the same period in 2022[13] - Financing costs decreased by approximately 18.0%, from RMB 17,895,000 for the six months ended June 30, 2021, to RMB 14,676,000 for the same period in 2022[14] - Tax expenses increased by approximately 52.0%, from RMB 8,721,000 for the six months ended June 30, 2021, to RMB 13,260,000 for the same period in 2022[15] Cash Flow and Financial Position - The net cash flow from operating activities for the six months ended June 30, 2022, was approximately RMB 230,166,000, compared to a net cash outflow of RMB 15,168,000 for the same period in 2021[16] - As of June 30, 2022, the group's cash and cash equivalents amounted to approximately RMB 177,834,000, an increase from RMB 61,676,000 as of December 31, 2021[16] - The group's interest-bearing bank borrowings as of June 30, 2022, were approximately RMB 624,900,000, down from RMB 713,373,000 as of December 31, 2021[17] - The capital debt ratio as of June 30, 2022, was approximately 57.7%, a decrease from 62.0% as of December 31, 2021[23] - Total liabilities decreased to RMB 1,614,910,000 from RMB 1,873,141,000, indicating improved financial stability[50] Employee and Market Insights - The total number of employees as of June 30, 2022, was 2,991, an increase from 2,790 as of June 30, 2021[25] - In the first half of 2022, China's passenger car production and sales reached 10.434 million and 10.355 million units, representing year-on-year increases of 6.0% and 3.4% respectively[27] - The China Automobile Manufacturers Association forecasts that the total annual car sales in China could reach 27 million units, reflecting an approximate annual growth of 3%[27] - The company anticipates benefiting from the recovery in the automotive industry, expecting to secure more orders from automotive brand clients in the second half of the year and into next year[27] Acquisitions and Investments - The company agreed to purchase 15% equity in Ningbo Hualet Automotive Decoration Fabric Co., Ltd. for EUR 4.5 million (approximately RMB 31.3 million), increasing its indirect ownership to 65%[24] - The acquisition of an additional 15% stake in Ningbo Hualete Automotive Decoration Fabric Co., Ltd. was completed for a total cash consideration of approximately RMB 31,289,000[81] - Since the acquisition, Ningbo Hualete contributed RMB 13,228,000 to the group's revenue and incurred a loss of RMB 327,000 for the six months ended June 30, 2022[85] Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[44] - Major shareholder Huayou Holdings owned 74.61% of the issued shares as of June 30, 2022[39] - The company declared a final dividend of HKD 0.5276 per share, down from HKD 0.6080 per share in the previous year, totaling RMB 7,601,000[73] Other Financial Metrics - The company reported other income and gains of RMB 24.88 million, an increase from RMB 15.58 million in the previous year[47] - The company recognized a loss from the sale of property, plant, and equipment amounting to RMB 5 thousand, compared to a gain of RMB 638 thousand in the previous year[53] - The company reported a significant reduction in government subsidies received, with no new subsidies recorded in the current period compared to RMB 99 thousand in the previous year[54] - The fair value of financial liabilities is not significantly different from their carrying amounts due to their short maturity[17]
华众车载(06830) - 2022 - 中期财报