Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 681,356 thousand, a decrease of 10.1% compared to RMB 758,279 thousand in the same period of 2022[5] - Gross profit for the same period was RMB 79,487 thousand, down 4.0% from RMB 83,111 thousand in 2022[5] - Profit before tax decreased to RMB 21,952 thousand, a decline of 20.8% from RMB 27,703 thousand in the previous year[5] - Net profit attributable to the owners of the company was RMB 18,824 thousand, down 20.5% from RMB 23,604 thousand in 2022[5] - Basic and diluted earnings per share for the period were RMB 4.47, compared to RMB 6.56 in the same period last year[5] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 1,887,947 thousand, an increase from RMB 1,744,024 thousand at the end of 2022[8] - Current liabilities amounted to RMB 1,422,941 thousand, slightly up from RMB 1,404,586 thousand at the end of 2022[8] - The company's equity attributable to owners increased to RMB 485,012 thousand from RMB 359,731 thousand at the end of 2022[9] - Cash and cash equivalents decreased to RMB 71,596 thousand from RMB 151,661 thousand at the end of 2022[8] - The company reported a significant increase in contract assets to RMB 1,259,334 thousand, up from RMB 1,127,150 thousand at the end of 2022, indicating potential growth in future revenues[8] Cash Flow - Operating cash flow for the six months ended June 30, 2023, was RMB (178,362) thousand, a decrease from RMB (106,289) thousand in the same period of 2022, representing a decline of approximately 67.7%[14] - Cash flow from investment activities showed a net inflow of RMB 107,030 thousand, compared to a net outflow of RMB (240) thousand in the previous year[17] - The company’s financing activities resulted in a net cash outflow of RMB (8,733) thousand, compared to a net inflow of RMB 59,109 thousand in the same period of 2022[17] - Total cash and cash equivalents decreased to RMB 71,596 thousand at the end of June 2023, down from RMB 151,661 thousand at the beginning of the period, a reduction of approximately 52.8%[17] Revenue Breakdown - Revenue from civil construction projects was RMB 320,311,000, down 9.8% from RMB 355,068,000 in 2022[33] - Revenue from construction contracts decreased to approximately RMB 678.2 million in the first half of 2023, down RMB 76.5 million or 10.1% from RMB 754.7 million in the first half of 2022[78] - Revenue from municipal engineering fell to RMB 243.9 million, down RMB 22.2 million or 8.3% from RMB 266.1 million in the first half of 2022[82] - Revenue from foundation engineering significantly decreased by RMB 9.3 million or 55.0% to approximately RMB 7.7 million in the first half of 2023[83] - Other specialized contracting revenue increased to approximately RMB 15.0 million, up from RMB 3.4 million in the first half of 2022[85] Expenses and Costs - Financial costs increased to RMB 4,054 thousand in the first half of 2023, compared to RMB 2,436 thousand in the same period of 2022, marking an increase of approximately 66.5%[14] - Administrative expenses decreased from approximately RMB 46.2 million to approximately RMB 37.2 million in the first half of 2023, mainly due to a reduction in R&D costs by approximately RMB 5.2 million and a decrease in employee discretionary bonuses leading to a reduction in salaries and other benefits by approximately RMB 2.6 million[92] - Listing expenses for the first half of 2023 amounted to approximately RMB 11.0 million, compared to RMB 4.0 million in the same period of 2022[93] Shareholder Information - The company did not declare or pay any dividends for the six months ended June 30, 2023[51] - The authorized share capital increased to RMB 45,000,000 as of June 30, 2023, from RMB 342,000 as of December 31, 2022, representing a significant increase of 13,125%[71] - The company issued 120,000,000 new shares at a price of HKD 1.18 per share, raising approximately RMB 125,215,000, with RMB 1,061,000 allocated to share capital[72] Corporate Governance - The company has adopted and complied with the corporate governance code as per the listing rules since its listing date[132] - The company has established guidelines for employees regarding the trading of its securities, adhering to the standards set forth in the code of conduct[135] - The company has a non-competition agreement with its controlling shareholder, ZT (A), effective from March 17, 2023[138] Other Financial Metrics - The company reported a decrease in inventory by RMB 291 thousand, contrasting with a decrease of RMB 2,311 thousand in the previous year[14] - The company’s contract liabilities increased by RMB 33,307 thousand, up from RMB 7,111 thousand in the same period of 2022, indicating a growth of approximately 368.5%[14] - The total amount of unfulfilled performance obligations was RMB 1,880,885,000 as of June 30, 2023, compared to RMB 1,304,590,000 at the end of 2022[39]
中天湖南集团(02433) - 2023 - 中期财报