Hisense V.T.(SH:600060)2020-08-24 16:00Financial Performance - The company's operating revenue for the first half of 2020 was ¥15,900,745,176.26, representing a 5.28% increase compared to ¥15,103,814,109.58 in the same period last year[14]. - The net profit attributable to shareholders of the listed company reached ¥365,823,113.97, a significant increase of 488.09% from ¥62,205,466.85 in the previous year[14]. - The net cash flow from operating activities was ¥1,325,983,769.09, up 53.92% from ¥861,488,945.84 in the same period last year[14]. - The basic earnings per share for the first half of 2020 was ¥0.280, an increase of 483.33% compared to ¥0.048 in the same period last year[15]. - The weighted average return on net assets increased to 2.48%, up 2.04 percentage points from 0.44% in the previous year[15]. - The total assets at the end of the reporting period were ¥29,302,328,415.45, a slight increase of 0.09% from ¥29,274,919,328.19 at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company were ¥14,906,496,760.37, reflecting a 2.25% increase from ¥14,578,610,616.01 at the end of the previous year[14]. Research and Development - The company continues to focus on R&D in display technology and smart cloud platform services to meet the growing demand for multi-scenario display solutions[17]. - The company has established a new display technology R&D platform, focusing on smart home, commercial, and AR/VR product lines[21]. - The company plans to launch the world's first self-developed screen drive chip in the second half of the year, supporting advanced algorithms and backlight technology[21]. - The company’s R&D expenses rose by 12.49% to approximately ¥734.70 million, compared to ¥653.12 million in the previous year[29]. Product Performance - The retail volume of laser TVs increased by 22.07% year-on-year, while the company's laser product sales grew by 41.85%[23]. - The retail volume of 65-inch and larger products grew by 27.14% year-on-year, while the retail volume of products below 65 inches decreased by 19.27%[21]. - The average price in the TV market decreased by 11.33% year-on-year due to intensified price competition[18]. - The company is actively developing 8K products, with the first 8K HDR dual-screen TV launched, supporting high bandwidth and transmission rates[23]. - The retail volume of 8K products is expected to grow significantly as consumer demand for ultra-high-definition content increases[23]. - The company introduced the 88-inch all-sound screen laser TV, achieving a perfect audio-visual experience[22]. Market Expansion - The company's internet TV global user base surpassed 57.48 million, a year-on-year increase of 29.7%[25]. - Daily active users in China peaked at over 24.9 million, reflecting a 38.3% year-on-year growth, with average viewing time increasing by 84 minutes to 412 minutes[25]. - The company’s online retail market share increased by 1.95 percentage points to 16.67%, while offline retail market share rose by 1.62 percentage points to 22.46%[27]. - Sales of products 75 inches and above grew by 129.62%, maintaining a market share of 24.36%[27]. - In the North American market, sales increased by 142%, with market share in the U.S. rising by 5.6 percentage points[27]. Financial Management - The company’s investment activities saw a net cash flow of approximately -¥337.18 million, a significant improvement from -¥1.48 billion in the previous year, reflecting a 77.22% reduction in outflows[29]. - The company’s financial expenses turned from a positive of ¥32 million in the previous year to a negative of approximately -¥14.11 million this year, indicating a significant change in financial management[29]. - The company reported a total profit of RMB 563,286,437.00, a decrease from RMB 130,247,965.99 in the previous year, highlighting challenges in profitability[74]. - The financial expenses showed a significant reduction, with interest expenses decreasing to RMB 19,065,767.09 from RMB 34,475,167.98, indicating better financial management[74]. Compliance and Governance - The company appointed Xinyong Zhonghe Accounting Firm for the 2020 financial report audit, with a total audit fee of RMB 1.45 million, including RMB 1.05 million for financial statement audit and RMB 0.4 million for internal control audit[47]. - The company has committed to maintaining its independence and avoiding competition with its main business following the acquisition of shares from Hisense Group[44]. - There were no significant litigation or arbitration matters during the reporting period[48]. - The company has no major related party transactions that have not been disclosed in temporary announcements[49]. - The company has no significant changes in the integrity status of its controlling shareholders or actual controllers during the reporting period[48]. Accounting Policies - The company implemented the new revenue recognition standards starting January 1, 2020, as mandated by the Ministry of Finance, impacting retained earnings and related financial statement items[60]. - The company’s financial statements comply with the requirements of the enterprise accounting standards, reflecting a true and complete picture of its financial status[98]. - The group recognizes revenue when control of goods or services is transferred to customers, with revenue measured based on the transaction price allocated to performance obligations[150]. - The company has adjusted its financial statements to reflect the new revenue and lease standards, with significant impacts on contract liabilities[159]. Assets and Liabilities - The company's total assets at the end of the current period were CNY 15,418,911,181.18, indicating a solid asset base for future growth[88]. - The total liabilities decreased to CNY 12.71 billion from CNY 13.01 billion, a reduction of approximately 2.21%[69]. - The total equity remained stable at CNY 16.58 billion, with no significant changes reported[69]. - The total accounts receivable at the end of the period amounted to ¥1,111,655,562.02, accounting for 51.29% of the total accounts receivable balance[177]. Inventory and Receivables - The inventory balance as of June 30, 2020, was CNY 3,620,213,668.33, with a provision for inventory impairment of CNY 111,300,565.87[188]. - The total amount of bad debt provision for the aging combination was ¥39,616,465.14, with a provision ratio of 5.00% for accounts receivable within one year[175]. - The total amount of other receivables at the end of the period increased to ¥88,766,393.47 from ¥61,997,621.79 at the beginning of the period[181]. Taxation - The company reported a tax rate of 15% for various subsidiaries, while other domestic subsidiaries are subject to a 25% tax rate[162]. - The company incurred a total tax expense of CNY 7,607,576.18, compared to CNY 24,853,857.51 in the previous year, indicating a decrease of about 69.49%[78].