Financial Performance - Revenue for the six months ended June 30, 2023, was $276,932 thousand, representing a 24.0% increase from $223,297 thousand in the same period of 2022[2] - Gross profit for the same period was $125,118 thousand, up 42.9% from $87,554 thousand year-over-year[2] - The profit before tax increased significantly by 104.2% to $33,620 thousand compared to $16,466 thousand in the prior year[4] - Net profit attributable to the owners of the parent company was $32,619 thousand, reflecting a 110.7% increase from $15,480 thousand in the previous year[2] - Basic earnings per share rose to 2.89 cents, a 110.9% increase from 1.37 cents in the same period last year[5] - The company reported a gross margin of 45.2%, up from 39.2% in the previous year, indicating improved profitability[2] - Other income and gains for the period were $8,581 thousand, compared to $3,506 thousand in the same period of 2022[4] - The pre-tax profit for the six months ended June 30, 2023, was $128,242,000, compared to $102,696,000 for the same period in 2022, reflecting a year-over-year increase of approximately 24.9%[23] - The profit attributable to the owners of the parent company for the six months ended June 30, 2023, was approximately $32.6 million, an increase of about 110.7% from approximately $15.5 million in the same period of 2022[63] Assets and Liabilities - Total assets less current liabilities amounted to $317,613 thousand as of June 30, 2023, compared to $289,042 thousand at the end of 2022[6] - Current assets totaled $418,543 thousand, an increase from $396,065 thousand at the end of 2022[6] - The company’s non-current liabilities decreased to $9,162 thousand from $11,585 thousand at the end of 2022, indicating improved financial stability[7] - Non-current assets totaled $32,098,000 as of June 30, 2023, a slight decrease from $33,135,000 as of December 31, 2022[16] - The total trade receivables and notes receivable as of June 30, 2023, amounted to $169.471 million, an increase from $149.217 million as of December 31, 2022[34] - The total trade payables and notes payable as of June 30, 2023, were $82.533 million, compared to $60.751 million as of December 31, 2022[35] - Cash and cash equivalents increased from approximately $93.6 million as of December 31, 2022, to approximately $116.8 million as of June 30, 2023[64] - As of June 30, 2023, the total bank loans amounted to $11,708 thousand, an increase from $9,236 thousand as of December 31, 2022, representing a growth of approximately 27%[67] Revenue Breakdown - North America generated $199,017,000 in revenue for the six months ended June 30, 2023, compared to $171,946,000 in 2022, reflecting a growth of 15.7%[15] - Europe revenue increased significantly to $65,293,000 in 2023 from $42,911,000 in 2022, marking a growth of 52.2%[15] - Asia revenue rose to $12,622,000 in 2023, up from $8,440,000 in 2022, representing a growth of 49.4%[15] - Revenue from Amazon channels in the first half of 2023 was approximately $219.6 million, a growth of about 13.9% compared to $192.7 million in the same period of 2022[43] - Revenue from non-Amazon channels surged by approximately 87.7% in the first half of 2023, driven by significant increases in sales at retail chains[44] - Sales in the European market amounted to approximately $65.3 million, reflecting a growth of about 52.2% compared to the same period in 2022[39] - Revenue from the Levoit brand increased by approximately $24.1 million in the first half of 2023, mainly driven by sales of air purifiers and fans[47] Expenses and Costs - The cost of goods sold for the six months ended June 30, 2023, was $128,242,000, representing an increase from $102,696,000 in the same period in 2022[23] - Sales and distribution expenses increased by approximately 26.7% from about $37.7 million for the six months ended June 30, 2022, to about $47.8 million for the six months ended June 30, 2023[52] - Administrative expenses rose by approximately 38.7% from about $31.0 million for the six months ended June 30, 2022, to about $43.0 million for the six months ended June 30, 2023[54] - Research and development expenses increased to $15.9 million for the six months ended June 30, 2023, from $12.3 million in the same period of 2022[54] - The group recorded other expenses of approximately $8.2 million for the six months ended June 30, 2023, compared to approximately $4.9 million in the same period of 2022, primarily due to investment losses[55] Corporate Governance and Compliance - The company has adhered to all applicable corporate governance codes during the reporting period, except for the deviation regarding the roles of the Chairman and CEO being held by the same person[80] - The Board believes that the current arrangement of having the same person serve as both Chairman and CEO enhances leadership consistency and decision-making efficiency[80] - The company will periodically review the separation of the roles of Chairman and CEO to ensure appropriate arrangements in response to changing circumstances[80] - The company emphasizes high standards of ethics, transparency, accountability, and integrity in its operations[79] - The company is committed to maintaining effective internal control measures across all business aspects[79] - The Audit Committee, composed of three independent non-executive directors, reviewed the unaudited interim consolidated financial information for the six months ended June 30, 2023[81] Product Development and Market Strategy - The company continues to invest in product development and innovation, which has led to improved operational efficiency and market performance in 2023[37] - The company plans to enhance its product portfolio and expand its geographical coverage, particularly increasing the market share of Cosori and Levoit products in Europe[74] - New product launches in the first half of 2023 included air purifiers, humidifiers, and air fryers, with additional new products planned for the second half, such as smart food probes and pet feeders[74] - The company's Levoit air purifiers captured approximately 39% of the U.S. market share in sales volume and 27% in sales revenue, marking increases of 7 percentage points and 5 percentage points respectively compared to 2022[39] - The number of activated devices on the Ve Sync app reached approximately 5.4 million, with an increase of about 1 million devices in the first half of 2023[41] Dividends and Shareholder Information - The group declared an interim dividend of HKD 0.0539 per share, totaling approximately HKD 62,696,000 (around $8,000,000) for the period ended June 30, 2023[31] - The board declared an interim dividend of HK$0.0539 per share, equivalent to approximately $0.0069, to be paid on October 20, 2023[76] - The interim report for 2023 will be timely sent to shareholders and published on the company's website and the Hong Kong Stock Exchange's disclosure website[82]
VESYNC(02148) - 2023 - 中期业绩