Financial Performance - The company reported a net loss attributable to owners of RMB 129,715 thousand for the six months ended June 30, 2023, compared to a loss of RMB 91,787 thousand for the same period in 2022[8]. - For the six months ended June 30, 2023, total revenue was RMB 962,944 thousand, a decrease of 8.9% compared to RMB 1,057,240 thousand for the same period in 2022[62]. - The company reported a basic loss per share for the period, calculated based on the loss attributable to shareholders divided by the weighted average number of ordinary shares in issue[74]. - The company reported a loss attributable to owners of the company of RMB 29,431,000, compared to a loss of RMB 38,065,000 for the same period in 2022[108]. - Basic loss per share improved to RMB (0.014) for the six months ended June 30, 2023, compared to RMB (0.019) for the same period in 2022[108]. - The loss for the reporting period was approximately RMB 21,080,000, an improvement from a loss of RMB 39,453,000 in the same period of 2022, primarily due to increased electricity generation and sales[189][197]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 1,940,091 thousand, a decrease of 3.4% from RMB 2,008,215 thousand as of December 31, 2022[7]. - Total liabilities decreased to RMB 1,851,662 thousand as of June 30, 2023, compared to RMB 1,893,058 thousand as of December 31, 2022, reflecting a reduction of 2.2%[8]. - The total equity attributable to the owners of the company was RMB 88,429 thousand as of June 30, 2023, down from RMB 115,157 thousand as of December 31, 2022, indicating a decline of 23.2%[8]. - Non-current assets, including property, plant, and equipment, totaled RMB 808,628 thousand as of June 30, 2023, compared to RMB 878,931 thousand as of December 31, 2022, representing a decrease of 7.9%[7]. - Current assets increased slightly to RMB 912,096 thousand as of June 30, 2023, from RMB 905,924 thousand as of December 31, 2022, showing a growth of 0.2%[7]. - The company’s total liabilities to total assets ratio was approximately 95.4% as of June 30, 2023, indicating a high level of leverage[8]. - Total borrowings of the group as of June 30, 2023, were approximately RMB 1,692,276,000, a decrease of about RMB 30,794,000 from RMB 1,723,070,000 as of December 31, 2022[172]. Revenue and Sales - Major customer A contributed RMB 190,165 thousand in revenue for the six months ended June 30, 2023, up from RMB 175,454 thousand in the same period of 2022, representing an increase of 8.9%[63]. - The company has recognized revenue from power sales of RMB 139,018,000 and electricity price subsidies of RMB 51,147,000 for the six months ended June 30, 2023, compared to RMB 127,025,000 and RMB 48,429,000 in the same period of 2022[84]. - Revenue from wind power business for the six months ended June 30, 2023, was approximately RMB 190.165 million, an increase of about 8% compared to RMB 175.454 million for the same period in 2022[120]. - The company's revenue for the first half of 2023 was approximately RMB 190,165,000, an increase of 6% compared to RMB 179,744,000 in the same period of 2022[189]. - Operating revenue from wind farm operations was approximately RMB 190,165,000, an increase of about 8% from RMB 175,454,000 in the same period of 2022[190]. Expenses and Costs - The cost of sales and administrative expenses totaled RMB 138,637 thousand for the six months ended June 30, 2023, compared to RMB 148,423 thousand for the same period in 2022, indicating a decrease of 6.0%[68]. - Interest expenses on bank loans and other loans were RMB 37,042 thousand for the six months ended June 30, 2023, down from RMB 53,442 thousand in the same period of 2022, reflecting a reduction of 30.6%[71]. - Administrative expenses decreased by approximately 13% to about RMB 18,700,000, compared to RMB 21,420,000 in the same period of 2022[193]. - Sales costs for the reporting period were approximately RMB 119,937,000, accounting for about 63% of the group's revenue, compared to approximately 71% in the same period of 2022[164]. - Tax expenses increased from approximately RMB 7,776,000 in the first half of 2022 to about RMB 13,089,000 in the reporting period due to increased taxable profits from the Hong Song project[196]. Strategic Initiatives - The company plans to continue its market expansion and product development strategies to enhance future performance[16]. - The company aims to enhance development quality and efficiency, striving for large scale, significant market share, and strong profitability and competitiveness in the renewable energy sector[157]. - The company is positioned to benefit from increased policy support for the clean energy sector as part of China's strategic initiatives in the 14th Five-Year Plan[157]. - The company plans to focus resources on accelerating the development of its wind power business and seeks new development opportunities in the renewable energy sector[184]. - The company aims to secure a solid market position in the renewable energy industry in the near future[184]. Cash and Financial Assets - The cash and cash equivalents as of June 30, 2023, were RMB 370,071 thousand, a decrease from RMB 420,843 thousand as of December 31, 2022, reflecting a decline of 12.0%[7]. - The company’s financial assets at fair value through profit or loss remained stable at RMB 4,260 thousand as of June 30, 2023, unchanged from December 31, 2022[36]. - The company has issued and outstanding bonds amounting to approximately HKD 147,504,000 and HKD 151,311,000 as of June 30, 2023, and December 31, 2022, respectively[175]. - The company issued convertible bonds totaling HKD 19.54 million, with a conversion price of HKD 0.06 per share, maturing in 2026[135]. - The company is currently negotiating with noteholders regarding the settlement of the remaining balance of the notes[123]. Operational Highlights - The company has one operating segment, which is the generation of wind power using wind turbine blades in China, with no further segment analysis presented[61]. - The company has a wind power plant under construction in Baotou, Inner Mongolia, with a first phase project capacity of 49.8 MW, expected to contribute to future revenues[160]. - The average utilization hours of the Hebei Hongsong Wind Power Plant were approximately 1,063 hours and 996 hours for the six months ended June 30, 2023, and June 30, 2022, respectively[160]. - The company recorded property, plant, and equipment acquisitions of approximately RMB 537,000,000 and disposals of approximately RMB 65,000,000 for the six months ended June 30, 2023, compared to RMB 1,094,000,000 and RMB 106,000,000 in 2022, respectively[99]. - The accounts receivable balance as of June 30, 2023, was approximately RMB 189,436,000, an increase from RMB 136,816,000 as of December 31, 2022[104].
瑞风新能源(00527) - 2023 - 中期财报