Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 5,418.1 million, a decrease of 2.2% compared to RMB 5,539.6 million in the same period of 2022[2] - Gross profit for the same period was RMB 1,027.3 million, down 11.4% from RMB 1,159.8 million, resulting in a gross margin of 19.0%, a decline of 1.9 percentage points[2] - EBITDA increased by 12.6% to RMB 811.9 million from RMB 721.1 million year-on-year[2] - Profit attributable to owners of the company rose by 16.5% to RMB 192.0 million, compared to RMB 164.8 million in the previous year[2] - Basic earnings per share increased to RMB 11.57, up 16.5% from RMB 9.93[5] - Total comprehensive income for the period was RMB 297.978 million, compared to RMB 256.424 million in the same period last year[5] Assets and Liabilities - Non-current assets as of June 30, 2023, amounted to RMB 8,823.175 million, a decrease from RMB 9,365.984 million as of December 31, 2022[6] - Current assets included inventory of RMB 1,184.971 million, slightly up from RMB 1,181.169 million[6] - Total liabilities increased to RMB 12,489.574 million from RMB 11,624.168 million at the end of 2022[7] - The company reported a net asset value of RMB 7,950.093 million as of June 30, 2023, compared to RMB 7,923.783 million at the end of 2022[7] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2023, was RMB 1,324,360, an increase of 121.2% compared to RMB 599,619 for the same period in 2022[8] - Cash used in investing activities amounted to RMB (700,466), compared to RMB (601,621) in the previous year, reflecting a 16.4% increase in cash outflow[8] - New borrowings for the six months ended June 30, 2023, were RMB 3,314,417, a decrease of 22.2% from RMB 4,263,922 in the same period of 2022[8] - Cash and cash equivalents at the end of June 30, 2023, totaled RMB 1,165,193, slightly down from RMB 1,178,296 at the end of June 30, 2022[8] - The net increase in cash and cash equivalents for the six months ended June 30, 2023, was RMB 321,317, compared to RMB 457,460 in the same period of 2022, indicating a decrease of 29.7%[8] Revenue Breakdown - Revenue from truck tire steel cord was RMB 2,712,444,000, while passenger car tire steel cord revenue was RMB 408,980,000 for the six months ended June 30, 2023[16] - Revenue from external customers in China was RMB 3,591,968,000, representing an increase from RMB 3,578,773,000 in the same period of 2022[20] Tax and Interest - The effective tax expense for the six months ended June 30, 2023, was RMB 66,656,000, a decrease from RMB 82,228,000 in the same period of 2022[25] - Interest expenses for bank loans amounted to RMB 114,876,000 for the six months ended June 30, 2023, up from RMB 106,672,000 in 2022[23] Employee and Operational Metrics - The total employee costs for the first half of 2023 amounted to RMB 463,082,000, up from RMB 451,075,000 in the same period of 2022, reflecting a growth of about 2.3%[27] - The company's accounts receivable as of June 30, 2023, stood at RMB 3,508,525,000, an increase from RMB 3,194,017,000 as of December 31, 2022, indicating a rise of approximately 9.8%[30] - The average credit period allowed to trade customers is 120 days, with accounts receivable aging analysis showing RMB 2,499,547,000 within 0 to 90 days as of June 30, 2023, compared to RMB 2,218,549,000 for the same period in 2022[30] Dividends and Governance - The company declared a final dividend of HKD 0.15 per share, totaling RMB 222,752,000, which was approved at the annual general meeting held on June 8, 2023[28] - The board of directors has proposed not to declare an interim dividend for the six months ending June 30, 2023[67] - The company has maintained high standards of corporate governance, including transparency, accountability, and independence[67] Market Outlook - The company anticipates continued growth in the radial tire market, supported by the government's logistics development plans and increasing vehicle ownership[36] - The overall automotive market in China has not fully recovered compared to pre-pandemic levels, but the new energy vehicle sector continues to grow rapidly[66] - The company plans to closely monitor national policies and global economic developments, adjusting strategies as needed to ensure stable growth in production and sales for the year[66]
兴达国际(01899) - 2023 - 中期业绩