Appo(SH:688007)2023-08-17 16:00Financial Performance - The company's operating revenue for the first half of 2023 was approximately ¥1.07 billion, a decrease of 15.45% compared to the same period last year[39]. - Net profit attributable to shareholders increased by 62.98% year-on-year, reaching approximately ¥74.91 million[39]. - The net profit after deducting non-recurring gains and losses grew by 55.55% year-on-year, amounting to approximately ¥34.23 million[39]. - Basic earnings per share increased by 60.00% year-on-year to ¥0.16, while diluted earnings per share also rose by 60.00%[39]. - The total profit for the first half of 2023 was RMB 58,177,409.69, an increase of 53.9% from RMB 37,809,413.47 in the same period of 2022[174]. - Comprehensive income attributable to the parent company was RMB 81,628,924.45, compared to RMB 59,700,745.71 in the same period of 2022[176]. - The company reported a financial expense of RMB -17,021,406.56, compared to RMB -3,353,880.91 in the previous year, indicating a significant change in financial management[172]. Cash Flow and Investments - The net cash flow from operating activities increased by RMB 193.29 million year-on-year, primarily due to optimized supply chain management, reduced procurement payments, and net recovery of deposits[21]. - The net cash flow from operating activities was approximately ¥114.74 million, a significant recovery from a negative cash flow of ¥78.55 million in the same period last year[39]. - Cash inflows from operating activities amounted to CNY 1,212,329,008.00, a decrease of 17.3% from CNY 1,466,819,846.60 in the first half of 2022[183]. - Cash outflows for investment activities totaled CNY 1,030,307,187.79, slightly down from CNY 1,048,593,529.31 in the first half of 2022[184]. - The net cash flow from investment activities was negative at CNY -260,010,504.24, compared to a positive cash flow of CNY 5,167,457.19 in the same period last year[184]. - The company received CNY 765,000,000.00 from the recovery of investments, down from CNY 1,047,763,409.68 in the first half of 2022[184]. Research and Development - The company's R&D investment accounted for 11.78% of operating revenue, an increase of 2.72 percentage points compared to the previous year[39]. - Research and development expenses increased to RMB 126,406,142.12, up 10% from RMB 114,959,786.37 year-over-year[172]. - The company is expanding its application of semiconductor laser source technology into new fields such as automotive displays, AR, and robotics[44]. - The latest ALPD®5.0 technology integrates six light sources, effectively overcoming technical limitations of previous laser and LED technologies[48]. Market Position and Technology - The overall market for laser display technology is expanding, with new applications emerging in smart cockpits and AI industries[26]. - The company operates in the laser display industry, which is experiencing rapid growth driven by technological advancements and government support, with a focus on semiconductor laser light source technology[56]. - The ALPD® semiconductor laser light source technology, invented in 2007, has become the mainstream technology in the laser display industry, widely applied in various fields including automotive and home use[56]. - The company has established a strong patent moat around its core technology, making it difficult for competitors to bypass its foundational patents in laser fluorescence technology[60]. - The company maintains strong technical and manufacturing barriers across multiple fields including optics, electronics, and precision manufacturing[48]. Shareholder and Capital Structure - The company completed a share buyback of 900,000 shares, accounting for 0.1969% of the total share capital, with a total payment of 19,377,297.59 RMB[114]. - The company plans to repurchase shares with a total amount not less than RMB 10 million and not exceeding RMB 20 million, at a price not exceeding RMB 26.89 per share within 6 months[84]. - As of the end of the reporting period, the total number of common shareholders was 14,576[119]. - The company’s total share capital increased from 457,107,538 shares to 460,406,538 shares following the issuance of 3,299,000 shares under the 2022 restricted stock incentive plan[119]. Financial Assets and Liabilities - The company's cash and cash equivalents at the end of the period amounted to RMB 1,279,193,927.48, down from RMB 1,355,882,208.63 at the beginning of the period[98]. - The company reported trading financial assets with a year-end balance of RMB 564,877,200.00, an increase from RMB 352,880,000.00 at the beginning of the period[99]. - Total liabilities amounted to ¥1,585,825,981.75, a slight decrease from ¥1,591,831,636.49 in the previous period[163]. - Total equity attributable to shareholders increased to ¥2,725,371,454.07 from ¥2,647,663,487.59, reflecting a growth of approximately 2.9%[163]. Accounts Receivable and Provisions - The total accounts receivable at the end of the period amounted to CNY 147,138,170.86, representing 61.06% of the total accounts receivable balance[135]. - The provision for bad debts increased by CNY 3,143,542.32 during the period, resulting in a total provision of CNY 34,242,539.19[134]. - The company has recognized a bad debt provision of 179,159.25 RMB for commercial acceptance bills, which is 5.00% of the total receivables of 3,583,184.80 RMB[106]. - The total bad debt provision increased from 117,615.15 RMB at the beginning of the period to 179,159.25 RMB at the end, reflecting a change of 61,544.10 RMB during the period[107]. Inventory Management - The total inventory balance at the end of the period is CNY 831,569,317.92, with a total provision for inventory depreciation and contract performance cost impairment of CNY 73,850,313.50[200]. - The ending balance of raw materials inventory is CNY 476,094,221.57, with a provision for inventory depreciation of CNY 29,828,966.97[199]. - The ending balance of finished goods inventory is CNY 320,339,395.14, with a provision for impairment of CNY 38,858,676.06[199].