Financial Performance - For the six months ended June 30, 2023, the company's revenue was approximately RMB 231.0 million, a decrease of about 24.7% compared to the same period last year[12]. - Gross profit for the same period was approximately RMB 32.8 million, down about 9.2% year-on-year[12]. - The period profit increased significantly to approximately RMB 10.6 million, representing a year-on-year increase of approximately 1,909.2%[21]. - Revenue from the sale of ready-mixed concrete decreased by approximately 48.5% to about RMB 112.0 million, while revenue from the sale of precast concrete components decreased by approximately 46.1% to about RMB 44.2 million[20]. - Revenue from the sale of iron ore tailings recovery and eco-bricks increased by approximately 907.5% to about RMB 74.8 million[20]. - Revenue for the six months ended June 30, 2023, was RMB 231,018 thousand, a decrease of 24.6% compared to RMB 306,675 thousand for the same period in 2022[105]. - Operating profit increased significantly to RMB 22,456 thousand from RMB 7,786 thousand, indicating a strong operational performance[105]. - Net profit attributable to the owners of the company for the period was RMB 10,649 thousand, compared to RMB 530 thousand in the previous year[105]. - The company achieved a net profit of approximately RMB 10.6 million, which is about 20 times that of the same period last year, with a net profit margin of approximately 4.6%[115]. Assets and Liabilities - As of June 30, 2023, trade payables amounted to RMB 385.5 million, compared to RMB 348.4 million as of December 31, 2022[30]. - The company reported a total equity of approximately RMB 364.7 million as of June 30, 2023[27]. - The company’s total liabilities increased to RMB 451,635,000 as of June 30, 2023, from RMB 443,595,000 as of December 31, 2022, marking a growth of 1.3%[36]. - Total assets as of June 30, 2023, amounted to RMB 1,416,780 thousand, an increase from RMB 1,385,099 thousand at the end of 2022[107]. - Total liabilities increased to RMB 963,061 thousand from RMB 942,029 thousand, indicating a rise in financial obligations[110]. - The debt-to-equity ratio as of June 30, 2023, was approximately 50.4%, a slight decrease from 51.5% as of December 31, 2022[137]. Cash Flow and Financing - For the six months ended June 30, 2023, the net cash flow from operating activities was RMB 40,175,000, a significant increase from RMB 1,927,000 in the same period last year, representing a growth of approximately 1,925%[79]. - The cash flow from investing activities showed a net outflow of RMB 37,758,000, compared to a net outflow of RMB 75,580,000 in the previous year, indicating a reduction in investment losses by about 50%[79]. - The company reported a cash inflow from bank borrowings of RMB 72,220,000, up from RMB 50,500,000 in the prior year, reflecting a 43% increase in financing activities[79]. - The total cash and cash equivalents at the end of the period were RMB 13,327,000, down from RMB 30,388,000 at the end of the previous period, marking a decrease of approximately 56%[79]. - The company’s financing costs included interest payments of RMB 11,065,000, which increased from RMB 7,285,000 in the previous year, indicating a rise of about 52%[79]. - The company has unutilized financing facilities amounting to RMB 7,012,000 as of June 30, 2023, compared to RMB 1,422,000 as of December 31, 2022[43]. Shareholder Information - The company has issued 748 million shares as of June 30, 2023, with a total share capital of approximately RMB 6.36 million[26]. - The largest shareholder, Zhi Xin Investment Holdings Limited, holds 274,706,100 shares, representing 36.73% of the total shares[65]. - The second largest shareholder, Yao He Holdings Limited, owns 121,568,700 shares, accounting for 16.25% of the total shares[65]. - The company did not declare an interim dividend for the six months ended June 30, 2023[72]. Operational Segments - The company operates primarily in three segments: ready-mixed concrete, precast concrete components, and iron ore tailings recovery and eco-bricks[23]. - The company is focused on expanding its operations in the concrete materials manufacturing sector in Xiamen, Fujian Province, China[23]. - The company completed the acquisition of 瑞圖明盛環保建材 (Ruitu Mingsheng) in December 2021, which has expanded its operations into the production and sale of eco-friendly bricks in Hainan Province[82]. - The company plans to continue expanding its market presence and product offerings, particularly in the eco-brick segment, which was established through the acquisition of a new subsidiary[176]. Management and Governance - The total remuneration for key management personnel was approximately RMB 2,379,000 for the six months ended June 30, 2023, compared to RMB 1,630,000 for the same period in 2022, reflecting a year-on-year increase of 46%[58]. - The strategic committee was formed on April 6, 2023, with four executive directors, including the newly appointed executive director, Mr. Lai Chuen Shui[68]. - The board of directors has not reported any conflicts of interest with competing businesses as of June 30, 2023[69]. - The company is in compliance with corporate governance codes and standards regarding securities trading by directors[60]. Taxation - For the six months ended June 30, 2023, the income tax expense was RMB 4,853,000 compared to a tax credit of RMB 45,000 in the same period of 2022, indicating a significant increase in tax liability[197]. - The current income tax for China was RMB 6,599,000, up from RMB 1,564,000 in the previous year, reflecting a substantial rise in taxable income[197]. - The group is subject to a corporate income tax rate of 25% in China, with a preferential rate of 15% applicable to Xiamen Zhixin Construction Technology Co., Ltd[200].
智欣集团控股(02187) - 2023 - 中期财报