Company Overview - Horizon Construction Development Limited reported its interim results for the six months ended June 30, 2023, with a focus on its leading position in the equipment operation service market in China[11]. - The company has established a diverse and high-quality customer base, ranking first in the number of service outlets among equipment operation service providers in China[11]. - The company emphasizes its strong digital capabilities, which continuously enhance operational efficiency and customer service capabilities[11]. - Horizon Construction Development Limited's shares were officially listed on the Hong Kong Stock Exchange on May 25, 2023[11]. - The company aims to leverage synergies across its product lines and service categories to enhance market competitiveness and customer loyalty[11]. - The company is recognized for its comprehensive, multi-functional services covering the entire project lifecycle[11]. - The company has received numerous awards reflecting its leading market position and brand recognition[11]. - The company is committed to expanding its market presence and enhancing its service capabilities through strategic initiatives[11]. Financial Performance - Total revenue for the six months ended June 30, 2023, was RMB 4,205,971 thousand, an increase of 17.9% compared to RMB 3,565,169 thousand in the same period of 2022[14]. - The gross profit margin decreased to 34.1% in the first half of 2023 from 38.4% in the same period of 2022[14]. - Adjusted profit before tax for the six months ended June 30, 2023, was RMB 418,262 thousand, up from RMB 375,216 thousand in the same period of 2022, representing an increase of 11.5%[14]. - The company reported a net profit attributable to ordinary shareholders of RMB 237,141 thousand for the first half of 2023, compared to RMB 159,114 thousand in the same period of 2022, reflecting a growth of 48.9%[14]. - Basic earnings per share for the first half of 2023 were RMB 0.082, compared to RMB 0.056 in the same period of 2022, marking a 46.4% increase[14]. - The average return on equity for the first half of 2023 was 5.7%, up from 5.2% in the same period of 2022[14]. - The pre-tax profit of the group for the first half of 2023 was RMB 337.7 million, an increase of 37.9% compared to RMB 244.9 million in the same period last year[29]. - The company achieved a net profit of RMB 237,141 thousand, representing a significant increase of 49.0% from RMB 159,114 thousand in the previous year[30]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 30,601,785 thousand, an increase from RMB 30,288,394 thousand at the end of 2022[15]. - The debt-to-asset ratio improved to 67.1% as of June 30, 2023, down from 78.0% at the end of 2022[15]. - The company's total liabilities as of June 30, 2023, were RMB 20,548,944 thousand, a decrease of RMB 3,067,258 thousand or 13.0% compared to the end of the previous year[79]. - The company's cash and cash equivalents stood at RMB 2,364,040 thousand, ensuring sufficient liquidity for business development[77]. - The company's inventory balance was RMB 182,221 thousand, primarily consisting of raw materials and products for manufacturing new mold systems[78]. Operational Efficiency - The company continues to focus on expanding its equipment leasing and engineering services, aiming to enhance its market presence and operational efficiency[19]. - The management highlighted ongoing investments in new technologies and product development to drive future growth and competitiveness in the market[19]. - The utilization rate of aerial work platforms improved to 73.5% in 2023, up from 64.9% in 2022, demonstrating enhanced operational efficiency[36]. - The group is leveraging digital and technological means to optimize logistics and supply chain costs, enhancing overall operational efficiency[28]. Market Trends and Growth Potential - The high-altitude operation platform market in China has significant growth potential due to low penetration rates compared to mature markets[23]. - The new support system market is expected to see increased penetration due to stricter government and industry requirements for construction projects[25]. - The new formwork system market is gaining traction, with over 40 provinces promoting the use of this system to enhance construction efficiency and safety[26]. Strategic Initiatives - The company plans to continue leveraging its multi-functional service model to further enhance customer engagement and operational performance[35]. - The company is committed to expanding its presence in Southeast Asia as part of its growth strategy[106]. - The company plans to enhance operational capabilities and asset efficiency through digital upgrades and management improvements[106]. Governance and Compliance - The board of directors includes key executives such as the CEO and CFO, ensuring strong leadership and governance[5]. - The audit committee, consisting of three members, reviewed the financial statements for the six months ending June 30, 2023[118]. - The company adhered to the corporate governance code as per the listing rules during the reporting period[115]. - The company's financial statements were prepared in accordance with Hong Kong Accounting Standards[121]. Shareholder Information - As of June 30, 2023, the company's directors and senior management hold a total of 5.52% and 0.95% of the shares, respectively[108]. - As of June 30, 2023, the total issued shares of the company were 3,197,244,000[114]. - Far East Horizon holds a beneficial interest of 2,293,050,000 shares, representing 71.72% of the total shares[113]. - The company did not declare an interim dividend for the six months ended June 30, 2023[119].
宏信建发(09930) - 2023 - 中期业绩