Financial Performance - For the six months ended June 30, 2023, the company's revenue decreased by 21.16% to approximately RMB 161.7 million from RMB 205.1 million in the same period of 2022[8]. - Gross profit for the same period fell by 37.30% to RMB 24.9 million, compared to RMB 39.7 million in 2022[8]. - Profit before tax decreased by 33.80% to RMB 22.5 million, down from RMB 34.0 million in the previous year[8]. - Net profit for the period decreased by 34.51% from approximately RMB 25.5 million to approximately RMB 16.7 million, with a net profit margin decline from 12.41% to 10.32%[37]. - Operating profit decreased to RMB 19,283 thousand, a decline of 43.1% from RMB 34,026 thousand in the previous year[96]. - Total comprehensive income for the period was RMB 16,420 thousand, a decrease of 35.4% compared to RMB 25,417 thousand in 2022[98]. - Basic and diluted earnings per share were RMB 0.02, down from RMB 0.03 in the same period last year[98]. Revenue Breakdown - The total revenue from aluminum alloy turbines decreased by 21.77% from approximately RMB 201.2 million for the six months ended June 30, 2022, to approximately RMB 157.4 million for the six months ended June 30, 2023[21]. - Revenue from other products increased by 10.26% from approximately RMB 3.9 million to approximately RMB 4.3 million during the same period[22]. - Overseas market sales accounted for 63.51% of total revenue, with a decrease of 7.17% from approximately RMB 110.6 million to approximately RMB 102.7 million[23]. - Revenue from Asian customers for the six months ended June 30, 2023, was RMB 89,247 thousand, down 26.9% from RMB 122,237 thousand in 2022[118]. Cost and Expenses - Gross profit decreased by 37.28% from approximately RMB 39.7 million to approximately RMB 24.9 million, with a gross margin decline from 19.37% to 15.40%[25]. - Administrative and other operating expenses rose by 57.63% from approximately RMB 5.9 million to approximately RMB 9.3 million, attributed to the establishment of a new R&D department[30]. - Employee costs totaled RMB 21,464,000 for the six months ended June 30, 2023, down from RMB 22,127,000 in 2022, indicating a reduction of about 3.0%[124]. - The cost of inventory for the six months ended June 30, 2023, was RMB 136,805,000, a decrease from RMB 165,386,000 in 2022, reflecting a decline of approximately 17.3%[125]. Assets and Liabilities - The total assets as of June 30, 2023, were RMB 477.0 million, a decrease of 3.36% from RMB 493.6 million at the end of 2022[9]. - Total equity increased by 4.47% to RMB 383.9 million from RMB 367.5 million at the end of 2022[9]. - Cash and cash equivalents decreased by 22.31% from approximately RMB 270.7 million to approximately RMB 210.3 million[40]. - The company reported a decrease in trade and other payables to RMB 74,694 thousand from RMB 106,013 thousand at the end of 2022, reflecting a reduction of 29.5%[102]. - The company’s total liabilities decreased to RMB 74,694,000 from RMB 106,013,000 year-over-year[141]. Market and Product Development - The total number of aluminum alloy turbochargers sold exceeded 428,400 units, with approximately 262,300 units sold to overseas markets[12]. - The company successfully developed 196 new products during the reporting period[14]. - The company plans to continue expanding into new markets and acquiring new customers in the second half of 2023[15]. - The company maintained a strong focus on the aftermarket for automotive repair and maintenance parts, enhancing its competitive advantage[12]. Cash Flow and Investments - For the six months ended June 30, 2023, the company reported a net cash outflow from operating activities of RMB 14,286 thousand, a significant decrease from a net inflow of RMB 45,667 thousand in the same period of 2022[107]. - The company experienced a net cash outflow from investing activities of RMB 47,255 thousand, compared to RMB 3,999 thousand in the same period of 2022, indicating increased investment expenditures[107]. - Government grants received by the company amounted to RMB 5,630 thousand for the six months ended June 30, 2023, compared to RMB 898 thousand in 2022, reflecting a significant increase[120]. Shareholder Information - As of June 30, 2023, Xu Buyun holds a controlled interest in 750,000,000 shares, representing 75% of the company's equity[66]. - Xu Buyun indirectly owns 100% of First Oriental Limited, which holds 75% of the issued shares of the company[68]. - Xu Buyun's spouse, Chen Jiangyue, also holds a controlled interest in 750,000,000 shares, equivalent to 75% of the company's equity[69]. - The stock option plan adopted on November 18, 2022, allows for a maximum of 100,000,000 shares to be issued, representing 10% of the total issued shares at the time of listing[74]. Corporate Governance - The company has maintained compliance with the corporate governance code since its listing date[82]. - There have been no changes in director information that require disclosure under the listing rules[86]. - Public ownership of the company's issued share capital has remained above 25% since the listing date, in compliance with the listing rules[87].
步阳国际(02457) - 2023 - 中期财报