Der(SZ:002631)2023-08-28 16:00Financial Performance - The company's operating revenue for the first half of 2023 was ¥739,116,776.27, a decrease of 10.21% compared to ¥823,170,566.49 in the same period last year[22]. - The net profit attributable to shareholders of the listed company increased by 32.14% to ¥29,749,942.01 from ¥22,513,43.73 year-on-year[22]. - The net cash flow from operating activities improved significantly, reaching ¥127,712,684.35, compared to a negative cash flow of ¥209,573,600.45 in the previous year, marking a 160.94% increase[22]. - Basic earnings per share rose by 32.35% to ¥0.0045 from ¥0.0034 in the same period last year[22]. - Total assets at the end of the reporting period were ¥4,645,541,282.89, reflecting a 5.55% increase from ¥4,401,331,372.34 at the end of the previous year[22]. - The net assets attributable to shareholders of the listed company decreased by 0.96% to ¥1,780,261,193.94 from ¥1,797,547,562.96 at the end of the previous year[22]. - The company reported a significant increase in investment income of 270.87%, amounting to ¥23,115,771.97, primarily from the disposal of trading financial assets[72]. - The total cash and cash equivalents decreased by 19.83% to ¥808,642,103.83 from ¥1,298,075,859.52 at the end of the previous year[73]. - The company's total liabilities reached CNY 2,860,793,235.51, up from CNY 2,595,761,704.79 at the end of the previous year[197]. Operational Highlights - The company has over 1,000 stores and multiple brands under its flooring materials segment, including "德尔" and "Der·1863"[32]. - The company was recognized as one of the "Top 100 Brands in China's Home Furnishing Industry" in 2023[33]. - The company’s subsidiary, 百得胜, has advanced digital flexible production lines and holds several key patents in the field of eco-friendly custom furniture[35]. - The company’s graphene subsidiary has developed a chemical vapor deposition system for graphene with diameters ranging from 2 inches to 8 inches[37]. - The company has nearly 3,000 effective offline stores under its brands "Der," "Der·1863," "Bai Desheng," and "Chao Dai" across 32 provinces and municipalities in China[59]. Market and Industry Trends - The total sales area of commercial housing in China decreased by 5.3% year-on-year, with new construction area down by 24.3%[30]. - The overall economic recovery in China is supported by government policies aimed at stabilizing growth, employment, and prices[30]. - The gross margin for the home furnishing industry was 23.17%, an increase of 1.05% from the previous year[69]. - The total retail sales of furniture in China reached 685 billion yuan, with a year-on-year growth of 3.8%[34]. Strategic Initiatives - The company is focused on becoming a respected leader in the Chinese flooring materials industry, emphasizing quality and innovation in its product offerings[45]. - The "Der·1863" brand introduced a "1+1" model, providing customized services that include options for flooring color, size, and surface texture, significantly enhancing consumer choice[47]. - The company launched the "Whale Warehouse" mini-program to integrate the supply chain and provide platform services, aiming to achieve strategic goals in the flooring materials sector[49]. - The digital store operation tool "Del Cloud Field" mini-program has been piloted in Beijing and Jiangsu, enhancing operational efficiency and consumer experience in retail[46]. - The company is committed to a "C2M personalized customization" production model in its custom home segment, enhancing consumer engagement and satisfaction[41]. - The company launched the "Water-based Paint Whole House Customization Strategy" to meet consumer demands for aesthetic design, enhancing product design attributes and environmental advantages[52]. Research and Development - Research and development expenses increased slightly by 1.87% to ¥15,946,379.65, compared to ¥15,653,168.76 in the previous year[65]. - The company emphasizes R&D and innovation, maintaining industry-leading advantages in product design and environmental technology[60]. - The company has developed a complete "water-based paint" product matrix, leading the industry in the green and healthy development of customized home products[55]. - The company has received the "Pregnancy and Infant Product" recommendation certificate for its "7 Clean" series flooring products in the first half of 2023[61]. Risk Management - The company faces risks from the cyclical downturn in the real estate industry, with a reported 5.3% year-on-year decline in the sales area of commercial housing in the first half of 2023[91]. - The company aims to improve its risk management system to address potential debt default risks from upstream real estate companies[92]. - The company is taking a cautious approach to the use of raised funds due to the economic slowdown and fluctuations in the furniture market[83]. Corporate Governance - The company has appointed new independent directors following the expiration of terms for previous directors[98]. - The company has revised its internal control management system to comply with the latest laws and regulations, enhancing governance structure[107]. - The company disclosed that it has published 42 announcements during the reporting period to ensure transparency and protect shareholder interests[109]. Shareholder Information - The largest shareholder, Del Group Limited, holds 356,831,040 shares, representing 54.18% of total shares[168]. - The company has a total of 35,658 shareholders as of the reporting period[167]. - The report indicates that there were no significant changes in the number of shares held by the top 10 shareholders during the period[168]. - The company has not implemented any share buyback programs during the reporting period[164].