Financial Performance - The company's operating revenue for the period was RMB 3,584.20 million, representing a year-on-year increase of 5.85%[2] - Gross profit for the period was RMB 1,430.08 million, with a gross margin of 39.90%, an increase of 1.69 percentage points year-on-year[2] - Net profit for the period was RMB 951.14 million, reflecting a year-on-year growth of 33.41%, with net profit attributable to the parent company reaching RMB 912.73 million, up 28.24%[2] - Earnings per share for the period was RMB 0.16, an increase of 23.08% compared to the previous year[2] - The company achieved a total comprehensive income of RMB 969.72 million for the period, compared to RMB 903.80 million in the previous year[8] - The total revenue for the first half of 2023 was RMB 3.58 billion, representing a year-on-year growth of 5.85%[59] - The gross profit for the first half of 2023 was RMB 1.43 billion, with a gross margin of 39.90%, up 1.69 percentage points from the previous year[60] - For the first half of 2023, the company's net profit attributable to ordinary shareholders was RMB 912.73 million, an increase of 28.2% compared to RMB 711.74 million in the same period of 2022[56] Assets and Liabilities - Total current assets as of June 30, 2023, amounted to RMB 6,091.85 million, up from RMB 5,275.28 million at the end of 2022[3] - Total liabilities as of June 30, 2023, were RMB 9,452.83 million, a decrease from RMB 9,715.62 million at the end of 2022[5] - The total assets as of June 30, 2023, were RMB 28,299.21 million, compared to RMB 27,940.70 million at the end of 2022[5] - The company’s cash and cash equivalents increased to RMB 5,682.31 million from RMB 4,847.76 million at the end of 2022[3] - The group’s accounts receivable as of June 30, 2023, totaled RMB 75,636,298.30, with a provision for bad debts of RMB 8,497,732.81, resulting in a net value of RMB 67,138,565.49[20] - The group reported a cash balance of RMB 11,113.99 as of June 30, 2023, down from RMB 25,508.88 on December 31, 2022, indicating a decrease of approximately 56.5%[15] - The group’s total liabilities as of June 30, 2023, were RMB 75,636,298.30, with a significant portion attributed to accounts receivable[20] Research and Development - The company reported a significant increase in R&D expenses, totaling RMB 43.06 million, compared to RMB 16.32 million in the previous year[7] Inventory and Fixed Assets - Inventory as of June 30, 2023, was valued at RMB 145,382,477.46 after accounting for a provision for inventory impairment of RMB 23,366,804.94[28] - Fixed assets increased from RMB 11,548,007,158.30 as of December 31, 2022, to RMB 13,245,266,834.25 as of June 30, 2023, indicating significant investment in fixed assets[31] - The total original value of fixed assets at the end of the period was approximately 26.19 billion, an increase from the beginning balance of approximately 25.97 billion, reflecting a growth of about 0.84%[33] - The accumulated depreciation at the end of the period was approximately 14.52 billion, compared to 13.46 billion at the beginning, indicating an increase of about 7.9%[33] - The net book value of fixed assets at the end of the period was approximately 11.54 billion, up from 12.41 billion at the beginning, showing a decrease of about 7%[33] Cash Flow and Debt Management - The net cash flow from operating activities was RMB 1,581.82 million, an increase of 7.03% compared to the previous year[77] - The company’s debt-to-asset ratio decreased to 33.40% from 34.77% at the end of 2022, a reduction of 1.37 percentage points[78] - As of June 30, 2023, the company's short-term borrowings remained unchanged at RMB 260 million, with interest payable decreasing from RMB 270,111.11 to RMB 245,555.55[40] - Long-term borrowings decreased from RMB 6,609,767,592.04 to RMB 6,025,988,135.57, a reduction of about 8.8%[44] Taxation - The group has a tax rate of 25% for corporate income tax, with certain subsidiaries enjoying tax incentives, such as a 16.5% rate for overseas subsidiaries[11] - Corporate income tax payable surged to RMB 59,410,075.43 from RMB 27,127,134.34, marking an increase of approximately 119%[43] - The company reported a total tax expense of RMB 202.37 million for the first half of 2023, down from RMB 224.07 million in the same period of 2022[55] Market and Operational Insights - The total cargo throughput for the first half of 2023 was 196.48 million tons, an increase of 4.15% from 188.66 million tons in the same period of 2022[61] - The throughput at Caofeidian Port increased by 13.68% to 61.66 million tons, driven by strong demand for iron ore[63] - The company completed coal throughput of 111.39 million tons, a decrease of 1.37% from 112.94 million tons in the previous year[65] - The company achieved a throughput of 12.96 million tons in bulk cargo handling services, an increase of 8.00% from 12.00 million tons in the same period of 2022, driven by enhanced market research and development efforts[69] Corporate Governance - The board of directors does not recommend the payment of an interim dividend for the six months ended June 30, 2023[88] - The interim financial report for the six months ended June 30, 2023, has been reviewed by the audit committee[88] - The company is committed to compliance with the Corporate Governance Code as per the Hong Kong Stock Exchange Listing Rules[89] - The company is registered under Chinese law and was established on March 31, 2008[92] - The company’s shares are listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange[89]
秦港股份(03369) - 2023 - 中期业绩