Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 2,087.3 million, representing a 7.6% increase from RMB 1,940.1 million in the same period of 2022[2]. - Gross profit increased to RMB 283.1 million, up 35.5% from RMB 209.0 million year-on-year[2]. - Operating profit rose to RMB 108.2 million, reflecting a 16.6% increase compared to RMB 92.8 million in the previous year[2]. - Profit before tax surged by 76.4% to RMB 65.1 million, compared to RMB 36.9 million in the same period last year[2]. - Net profit for the period was RMB 56.8 million, an increase of 82.6% from RMB 31.1 million in the prior year[2]. - Basic and diluted earnings per share were both RMB 0.04, up from RMB 0.02 in the same period of 2022[2]. - Total revenue for the six months ended June 30, 2023, was RMB 2,087,283 thousand, an increase from RMB 1,940,124 thousand for the same period in 2022, representing a growth of approximately 7.6%[16]. - Revenue from the sale of oil and gas pipes was RMB 1,337,357 thousand, up from RMB 1,113,416 thousand, indicating a growth of about 20.2% year-over-year[16]. - The segment for new energy pipes and special seamless steel pipes generated revenue of RMB 691,746 thousand, compared to RMB 801,918 thousand in the previous year, reflecting a decline of approximately 13.7%[20]. - Gross profit for the reportable segments for the six months ended June 30, 2023, was RMB 283,134 thousand, an increase from RMB 210,410 thousand in 2022, showing a growth of about 34.5%[21]. - The group's profit for the reporting period was RMB 56.8 million, an increase of approximately 82.6% compared to RMB 31.1 million in the same period of 2022, primarily due to increased revenue and gross profit[57]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 2,462.7 million, compared to RMB 2,354.9 million at the end of 2022[5]. - Total liabilities increased to RMB 1,070.5 million from RMB 1,004.3 million at the end of 2022[5]. - The company's equity attributable to shareholders was RMB 1,392.3 million, slightly down from RMB 1,404.3 million at the end of 2022[5]. - Trade receivables, net of loss provisions, amounted to RMB 660,855,000 as of June 30, 2023, compared to RMB 495,879,000 as of December 31, 2022, reflecting an increase of approximately 33.3%[32]. - Trade payables were RMB 684,643,000 as of June 30, 2023, up from RMB 545,263,000 as of December 31, 2022, indicating a growth of about 25.5%[35]. - The company’s total trade receivables and notes receivable amounted to RMB 1,277,982,000 as of June 30, 2023, compared to RMB 1,095,685,000 as of December 31, 2022[32]. - The company’s total trade payables and notes payable were RMB 710,122,000 as of June 30, 2023, compared to RMB 560,730,000 as of December 31, 2022, reflecting an increase of approximately 26.6%[36]. - The debt-to-equity ratio decreased to 103.4% as of June 30, 2023, from 105.0% as of December 31, 2022, due to a reduction in interest-bearing loans[59]. - The current ratio improved from 1.18 as of December 31, 2022, to 1.20 as of June 30, 2023[60]. Costs and Expenses - The financing costs for the six months ended June 30, 2023, totaled RMB 43,180 thousand, a decrease from RMB 55,879 thousand in the same period of 2022, representing a reduction of approximately 22.8%[24]. - Research and development costs increased to RMB 22,645 thousand for the six months ended June 30, 2023, compared to RMB 16,203 thousand in 2022, marking an increase of about 39.9%[25]. - Selling expenses rose by approximately 62.1% to RMB 86.7 million, primarily due to increased revenue[53]. - Administrative expenses increased by about 31.4% to RMB 92.9 million, mainly due to higher labor costs and R&D expenses[54]. - The total employee costs for the reporting period were RMB 114.4 million, compared to RMB 105.2 million in the same period of 2022[60]. Market and Product Development - The company continues to focus on the development and sales of oil and gas pipes, new energy pipes, and special seamless steel pipes[6]. - The company plans to continue focusing on expanding its market presence and enhancing its product offerings in the new energy sector[19]. - The group achieved a 51.27% year-on-year increase in exports in the first half of 2023, primarily driven by oil and natural gas pipes[39]. - The company focuses on high-end energy pipes and has expanded its product range to include specialized pipes for oil drilling and new energy applications[40]. - The group has successfully optimized its market and customer base, significantly increasing the proportion of overseas sales compared to last year[42]. - The company has developed a high-strength, high-toughness oil casing that has been widely used in major domestic oil fields during the reporting period[42]. - The group aims to enhance its product strategy focusing on specialized oil and gas pipes, new energy pipes, and special seamless steel pipes to meet and lead customer demand[45]. - The management believes that despite a challenging external environment, the demand for the group's products will positively impact due to national policies promoting energy security and green development[44]. - The group is committed to digital transformation and green low-carbon transition through intelligent manufacturing and equipment upgrades[45]. Compliance and Governance - The group has adopted new and revised International Financial Reporting Standards (IFRS), including IFRS 17 on insurance contracts, which will not significantly impact the financial statements as the group does not have contracts within its scope[8][9]. - The amendment to IAS 8 provides further guidance on distinguishing between changes in accounting policies and changes in accounting estimates, which aligns with the group's current practices and will not have a significant impact on the financial statements[10]. - The amendment to IAS 12 regarding deferred tax related to assets and liabilities arising from a single transaction will not affect the group as it has not applied the initial recognition exemption for lease transactions[11]. - The amendment to IAS 12 introduces temporary mandatory exceptions for deferred tax accounting related to the OECD's Pillar Two legislative framework, which will not have a significant impact on the financial statements[12]. - The company has adhered to all corporate governance codes during the reporting period[69]. - The audit committee reviewed the accounting principles and practices, confirming no disagreements on the interim financial statements[70]. - The company has confirmed compliance with the standards for securities trading by its directors during the reporting period[69]. Future Plans and Investments - The net proceeds from the initial public offering amounted to approximately RMB 383.7 million, which will be used for various purposes including the second phase of expansion and enhancing R&D capabilities[65]. - As of June 30, 2023, the total unused net proceeds amount to RMB 383.7 million, with RMB 339.2 million allocated for the second phase of expansion[66]. - The company plans to utilize the remaining unused proceeds by December 31, 2023, following delays due to the pandemic[67]. - The company aims to strengthen product R&D and innovation capabilities, expanding its customer base and overseas market sales, which are projected to be RMB 7.7 million[66]. - General working capital and other corporate purposes accounted for RMB 27.6 million of the proceeds[66]. - The company did not hold any significant investments or major acquisitions or disposals during the reporting period[63]. - The company has no significant events occurring after the reporting period[69].
达力普控股(01921) - 2023 - 中期业绩