DIBAY(SH:603320)2023-08-22 16:00Financial Performance - The company's operating revenue for the first half of 2023 was ¥444,958,203.76, a decrease of 16.30% compared to ¥531,639,544.28 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2023 was ¥14,609,214.38, down 37.21% from ¥23,267,609.90 in the previous year[19]. - Basic earnings per share for the first half of 2023 were ¥0.11, down 38.89% from ¥0.18 in the same period last year[20]. - The weighted average return on equity decreased to 1.83%, down 1.11 percentage points from 2.94% in the previous year[20]. - The net profit attributable to shareholders was CNY 14.61 million, down 37.21% year-on-year, influenced by reduced production scale and increased depreciation costs[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 13.74 million, a decrease of 25.49% compared to the previous year, mainly due to industry downturn and increased operational costs[31]. - Operating profit for the first half of 2023 was CNY 21,315,005.35, compared to CNY 26,143,633.97 in the first half of 2022, reflecting a decline of approximately 18.4%[100]. - The company reported a net loss attributable to owners of CNY -10,401,702.72, indicating a challenging financial environment[114]. Cash Flow and Assets - The net cash flow from operating activities increased by 16.06% to ¥57,815,915.09, compared to ¥49,814,238.37 in the same period last year[19]. - Cash and cash equivalents as of June 30, 2023, amounted to CNY 240,861,411.54, an increase of 36.1% from CNY 176,931,534.00 at the end of 2022[94]. - The company's total assets amounted to CNY 1,895,186.49, with a notable increase in liabilities[116]. - Total cash inflow from operating activities was CNY 326,834,110.60, an increase from CNY 298,899,667.91 in the first half of 2022, reflecting a growth of about 9.3%[107]. - The company's total assets at the end of the reporting period were ¥1,858,136.52[123]. - The company's cash and cash equivalents increased to CNY 376,081,215.47 from CNY 285,914,883.10, representing a growth of about 31.5%[89]. Operational Highlights - The company sold 7.19 million units of various compressor motors during the reporting period, slightly down from 7.65 million units in the same period last year[30]. - The domestic sales of refrigerator compressors increased by 13% year-on-year, driven by low base effects and consumption stimulus policies[26]. - The company is transitioning from a single motor supplier to a system solution provider by developing motor drive controllers[27]. - The overall industry remains at the bottom of the cycle, with a significant inventory reduction trend impacting production and sales[30]. - The company has established long-term strategic partnerships with well-known compressor manufacturers such as Huayi and Danfoss[28]. Research and Development - R&D expenses increased by 25.91% to ¥23,599,873.15, mainly due to higher material costs for research and development[34]. - The company holds 85 authorized patents, including 12 invention patents, and has applied for 7 new patents during the reporting period[27]. - Research and development expenses for the first half of 2023 were CNY 23,599,873.15, an increase of 25.9% compared to CNY 18,743,085.24 in the same period of 2022[97]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 8,851[69]. - The top shareholder, Dibai Holdings Limited, holds 62,176,109 shares, representing 47.82% of the total shares[71]. - The total number of shares held by the top ten shareholders amounts to 89,000,000 shares, which is approximately 68.00% of the total shares[71]. - The company will not distribute profits or increase capital reserves in the first half of 2023[47]. Risks and Challenges - The company faces risks from declining demand in the refrigerator and freezer market, which may negatively impact orders for compressor motors[42]. - Foreign exchange rate fluctuations pose a risk, with potential adverse effects on performance if the RMB appreciates significantly[42]. - The company plans to enhance production efficiency and cost management to mitigate competitive pressures in the market[42]. Corporate Governance and Compliance - The company has established a comprehensive governance structure, including a shareholders' meeting, board of directors, and supervisory board[131]. - The company has committed to not infringe on company interests and to comply with regulatory requirements[57]. - There are no significant lawsuits or arbitration matters during the reporting period[59]. Future Outlook - The company plans to expand its market presence and invest in new product development to drive future growth[118]. - The company's future outlook remains cautious due to ongoing market conditions[121]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[118].