Financial Performance - For the six months ended June 30, 2023, the revenue was approximately RMB 20,829.9 million, a decrease of about 7.5% compared to the same period in 2022[2]. - The profit attributable to shareholders for the same period was approximately RMB 715.7 million, representing a decrease of about 58.8% year-on-year[2]. - Basic earnings per share for the six months ended June 30, 2023, was RMB 16.2 cents, down approximately 58.7% from the previous year[2]. - The gross profit for the six months ended June 30, 2023, was RMB 1,492.973 million, down from RMB 3,013.121 million in the same period last year[4]. - Operating profit for the period was RMB 818.058 million, significantly lower than RMB 2,204.302 million in the previous year[4]. - The total comprehensive income for the period was RMB 855.764 million, down from RMB 1,766.719 million in the same period last year[5]. - The company reported a pre-tax profit of RMB 373,402 thousand for the six months ended June 30, 2023, compared to RMB 2,086,433 thousand for the same period in 2022[20][26]. - Net profit for the six months ended June 30, 2023, was RMB 710.9 million, a decrease of RMB 1,025.1 million or 59.0% compared to RMB 1,736.0 million for the same period in 2022[86]. Dividends and Shareholder Returns - The board declared an interim dividend of RMB 4.90 cents per share, compared to RMB 12.30 cents per share for the same period in 2022, with a total dividend amounting to RMB 216.8 million[2]. - The interim dividend for the year ended December 31, 2022, was RMB 0.09 per share, totaling RMB 39,817,000, a decrease from RMB 279,153,000 in 2022[28]. - The board declared an interim dividend of RMB 4.90 per share, totaling RMB 216,783,000, which is not less than 30% of the company's net profit attributable to shareholders[52]. Assets and Liabilities - Total assets less current liabilities as of June 30, 2023, amounted to RMB 25,285.822 million, compared to RMB 21,055.545 million at the end of 2022[6]. - Non-current assets, including property, plant, and equipment, increased to RMB 27,314.492 million from RMB 22,168.357 million at the end of 2022[6]. - Non-current liabilities increased to RMB 10,825,833,000 as of June 30, 2023, up from RMB 8,460,516,000 at December 31, 2022, representing a growth of approximately 16.1%[7]. - Total liabilities rose to RMB 38,360,007 thousand as of June 30, 2023, compared to RMB 33,507,595 thousand as of December 31, 2022[22]. - The company's current assets stood at RMB 2,251,251,000 as of June 30, 2023, compared to RMB 1,023,563,000 at the end of 2022, marking a substantial increase[39]. - The company's total liabilities as of June 30, 2023, were RMB 9,230,653,000, slightly down from RMB 9,463,968,000 at the end of 2022, indicating a reduction in overall liabilities[41]. Cash Flow and Financing - The group reported a net cash inflow of RMB 500,000,000 from a third-party investment during the interim period, enhancing its financial position[8]. - Net cash generated from operating activities was approximately RMB 1,803.7 million for the six months ended June 30, 2023, an increase of approximately RMB 89.8 million compared to the same period in 2022[90]. - Total borrowings increased by approximately RMB 3.9 billion or 19.3% from RMB 202.3 billion as of December 31, 2022, to approximately RMB 241.0 billion as of June 30, 2023, primarily due to an increase in other loans[93]. - The company received bank loans totaling approximately RMB 10,765,760,000 during the reporting period, compared to RMB 10,671,872,000 for the same period last year, showing a slight increase[43]. Revenue Segmentation - Revenue from the coke and coking products segment fell by RMB 1,667.4 million or 18.0% to RMB 7,595.3 million, primarily due to a decrease in average selling price from RMB 3,218.7 per ton to RMB 2,369.4 per ton, despite an increase in sales volume by 367,500 tons[70][71]. - Revenue from fine chemicals increased by RMB 1,390.8 million or 19.2% to RMB 8,636.7 million, driven by an increase in sales volume of caprolactam from 194,900 tons to 335,300 tons and an increase in average selling price from RMB 10,011.6 per ton to RMB 10,302.1 per ton[71]. - Operating management revenue surged by RMB 421.8 million or 848.7% to RMB 471.5 million, mainly due to the addition of two new hydrogenation management services, contributing RMB 455.2 million to revenue[71]. Market Position and Strategy - The company holds the position of the largest independent producer and supplier of coke globally, and the largest producer of industrial naphthalene in China[50]. - The company is currently in the sixth five-year plan (2021-2025) and aims to increase annual coke production to 30 million tons or more by the end of this plan[52]. - The group has established three joint ventures in Indonesia, expanding its geographical footprint beyond China, and is actively seeking more opportunities in the Asia-Pacific region[58]. - The group is committed to supporting China's "carbon peak and carbon neutrality" policies by tracking carbon emissions and implementing energy-saving measures[60]. Governance and Compliance - The group has maintained compliance with all corporate governance codes except for the separation of the roles of Chairman and CEO[100]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[106]. - The interim results for the six months ending June 30, 2023, have not been audited but have been reviewed by the company's auditors according to international standards[107].
中国旭阳集团(01907) - 2023 - 中期业绩