HAXC (SZ:300928)2021-08-19 16:00Financial Performance - The company reported a revenue of RMB 300 million for the first half of 2021, representing a year-on-year increase of 25% compared to the same period in 2020[14]. - The net profit attributable to shareholders for the first half of 2021 was RMB 50 million, up 15% from the previous year[14]. - The company's operating revenue for the reporting period was CNY 379,775,721.79, a decrease of 3.92% compared to the same period last year[20]. - The net profit attributable to shareholders was CNY 24,053,740.43, down 19.90% year-on-year, primarily due to reduced acceptance income from high-margin software system development[20]. - The company's revenue for the reporting period was approximately ¥379.78 million, a decrease of 3.92% compared to the previous year[56]. - The company reported a significant cash flow from operating activities of -¥63.72 million, a decrease of 303.31% compared to the previous year, primarily due to increased procurement payments[56]. - The company reported a total owner's equity of 1,244,819,882.10 RMB at the end of the first half of 2021, an increase from 533,305,755.09 RMB at the end of the first half of 2020[168]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share by the end of 2022[14]. - The company is exploring potential mergers and acquisitions to enhance its technological capabilities and market reach[14]. - The company aims to expand its market share by focusing on the rapidly growing new energy vehicle sector and exploring opportunities in related fields such as vehicle networking and consumer electronics[85]. Research and Development - The company has allocated RMB 20 million for research and development in new technologies for the upcoming fiscal year[14]. - The company holds 4 invention patents, 21 utility model patents, 3 design patents, and 94 software copyrights, showcasing its strong R&D capabilities[50]. - The company has established a comprehensive R&D process to minimize risks associated with new product development and to keep pace with industry technology trends[86]. - The company's R&D investment increased by 29.67% to approximately ¥10.35 million, reflecting a focus on enhancing software and core component development[56]. Operational Challenges - The company faces risks related to supply chain disruptions and has outlined strategies to mitigate these risks in its management discussion[4]. - The automotive industry is experiencing a stable recovery, but challenges such as chip shortages and rising raw material prices continue to exert pressure on production costs[42]. Shareholder Information - No cash dividends will be distributed to shareholders for the current fiscal year, as the company focuses on reinvestment[5]. - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[95]. - The company distributed dividends totaling 24,000,000.00 RMB during the first half of 2021, compared to 30,151,838.03 RMB in the same period of 2020[167]. Financial Position - The total assets at the end of the reporting period were CNY 1,337,830,677.30, a decrease of 9.36% from the end of the previous year[20]. - The company's cash and cash equivalents decreased by 9.02% to approximately ¥590.13 million, primarily due to payments for supplier debts and issuance costs[62]. - The company's total liabilities were CNY 94,925,146.01, down from CNY 231,140,062.22, indicating a decrease of approximately 58.91%[148]. Corporate Governance - The financial report was approved by the board of directors on August 19, 2021, and includes 12 subsidiaries, with ownership stakes ranging from 51% to 100%[193]. - The company has assessed its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its sustainability[195]. - The semi-annual financial report was not audited[144]. Industry Trends - The penetration rate of new energy vehicles increased from 5.4% at the beginning of the year to 9.4% in the first half of 2021, with over 1 million pure electric vehicles sold[45]. - The market for automotive cockpit electronics is expected to continue growing, driven by increasing consumer demand for high-quality and intelligent products[46]. - The automotive cockpit electronics market is characterized by rapid development, with increasing functionality and technology upgrades driving demand[46].