Financial Performance - For the six months ended June 30, 2023, the total revenue was RMB 710.8 million, an increase of 11.4% compared to RMB 638.2 million for the same period in 2022[19]. - The profit attributable to the owners of the company was RMB 79.3 million, representing a significant increase of 138.9% from RMB 33.2 million in the previous year[19]. - The basic and diluted earnings per share increased to RMB 0.35, up 133.3% from RMB 0.15 in the same period last year[19]. - Revenue from heating services was approximately RMB 645.5 million, up from RMB 571.0 million in the same period last year, driven by increased service area and price adjustments[22]. - Gross profit for the same period was RMB 194.6 million, with a gross margin of 27.4%, up from 21.6% in the prior year[34]. - Operating profit for the six months ended June 30, 2023, was RMB 161.1 million, compared to RMB 107.4 million in the same period of 2022[28]. - Net profit for the period was approximately RMB 113.3 million, a significant increase of 127.1% compared to RMB 49.9 million in the same period last year[60]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 5,038.7 million, a decrease of 3.9% from RMB 5,244.2 million at the end of 2022[19]. - Total liabilities decreased by 6.7% to RMB 4,032.8 million from RMB 4,321.7 million at the end of 2022[19]. - As of June 30, 2023, current assets were approximately RMB 987.2 million, down from RMB 1,158.5 million as of December 31, 2022[84]. - The current ratio as of June 30, 2023, was approximately 0.7 times, consistent with the ratio as of December 31, 2022[84]. - The company’s current net liabilities stood at RMB 447,264 thousand as of June 30, 2023, which includes contract liabilities of RMB 145,173 thousand[186]. Cash Flow and Financing - The company had cash and cash equivalents of approximately RMB 206.1 million as of June 30, 2023, down from RMB 378.1 million at the end of 2022[40]. - The net cash inflow from operating activities for the six months ended June 30, 2023, was RMB 26,866,000[163]. - The group reported a net cash used in investing activities of RMB (128,998) thousand for the first half of 2023, compared to RMB (119,678) thousand in the same period of 2022[182]. - The group’s cash flow from financing activities showed a net cash outflow of RMB (69,791) thousand in the first half of 2023, compared to a net inflow of RMB 58,436 thousand in the same period of 2022[182]. - The company has unutilized bank financing of RMB 1,039.0 million as of June 30, 2023, with RMB 834.0 million available for use within 12 months[200]. Market and Growth Prospects - The market size for the heating service industry in China is expected to grow to RMB 70.8 billion by 2027, driven by government policies and demand for clean heating solutions[20]. - The company plans to expand its heating service capacity and enter new heating service markets[72]. - The new heating service project in Xinmi is expected to commence in November 2023, contributing to an increase in the total actual heating service area[94]. Shareholder and Corporate Governance - Major shareholders collectively hold approximately 66.66% of the company's equity[100]. - The company successfully listed its H shares on the Hong Kong Stock Exchange on July 10, 2023, with net proceeds from the global offering amounting to approximately HKD 187.5 million after deducting underwriting fees and expenses[116]. - The company has adopted a set of conduct guidelines for securities trading by directors and supervisors, which meet or exceed standard codes[114]. - The company disclosed that no directors or their immediate family members were granted rights to acquire shares or debt securities during the reporting period[102]. Expenses and Other Income - Administrative expenses rose by 18.8% to approximately RMB 70.1 million, primarily due to increased employee welfare costs and marketing activities[34]. - Other income decreased by approximately 48.0% to RMB 17.1 million, mainly due to a reduction in government subsidies[35]. - Financial income decreased by approximately 23.6% to RMB 9.7 million, attributed to reduced interest income from lease receivables[38]. Future Plans and Utilization of Proceeds - The company plans to utilize the net proceeds from the global offering as outlined in the prospectus for future projects and purposes[142]. - The company plans to utilize 50% of the net proceeds from its global offering for the construction of the Lanzhou Peak Boiler Project, with an expected completion by December 31, 2024[166]. - The company has allocated 40% of the net proceeds for the Xinmi Heating Preparation and Expansion Project, also expected to be completed by December 31, 2024[166].
慧居科技(02481) - 2023 - 中期财报