Financial Performance - For the six months ended June 30, 2023, the group's unaudited revenue was RMB 15,832 million, an increase of 10.02% compared to RMB 14,389 million for the same period in 2022[2] - The unaudited profit attributable to equity holders for the same period was RMB 1,193 million, a decrease of 24.85% from RMB 1,586 million in 2022[2] - Basic earnings per share for the first half of 2023 were RMB 0.58, down from RMB 0.77 in the same period of 2022[5] - The group's operating profit for the first half of 2023 was RMB 1,760 million, down from RMB 2,202 million in the same period of 2022[4] - The net profit for the first half of 2023 was RMB 1,350 million, compared to RMB 1,683 million in the same period of 2022[5] - Other comprehensive income after tax for the first half of 2023 was RMB 106 million, down from RMB 199 million in 2022[5] - The total comprehensive income for the first half of 2023 was RMB 1,456 million, compared to RMB 1,882 million in the same period of 2022[5] - The total income tax expense for the first half of 2023 was CNY 388,324,122, down 19.7% from CNY 483,159,383 in the same period of 2022[14] Operating Costs and Expenses - Total operating costs for the first half of 2023 were RMB 14,091 million, compared to RMB 12,268 million in the same period of 2022[4] - Financial expenses for the first half of 2023 totaled CNY 245,237,036, an increase of 48.7% compared to CNY 164,831,907 in the same period of 2022[13] - The cost of goods sold for the first half of 2023 was RMB 11,971,182,161, compared to RMB 10,357,040,560 in the first half of 2022, indicating an increase of about 15.5%[9] - Research and development expenses increased to RMB 58 million in the first half of 2023 from RMB 46 million in 2022, reflecting a growth of 27.8%[4] Assets and Liabilities - The company's total assets as of June 30, 2023, amounted to RMB 65,562,488,903, an increase from RMB 64,241,676,265 at the end of 2022[7] - The total liabilities increased slightly to RMB 33,500,219,995 as of June 30, 2023, compared to RMB 33,403,495,804 at the end of 2022[7] - The equity attributable to shareholders reached RMB 27,718,775,757, up from RMB 27,446,305,028 at the end of 2022, reflecting a growth of approximately 1%[7] - The company reported a significant increase in long-term borrowings, which stood at RMB 7,224,034,426 as of June 30, 2023, compared to RMB 7,282,088,824 at the end of 2022[7] - The non-current liabilities totaled RMB 17,019,408,935, an increase from RMB 16,778,611,504 at the end of 2022, indicating a rise in long-term financial obligations[7] Accounts Receivable and Financing - The company’s receivables financing decreased to RMB 440,987,622 from RMB 527,248,935 year-over-year, showing a reduction of approximately 16.4%[6] - Accounts receivable as of June 30, 2023, amounted to CNY 2,168,543,120, an increase of 57.0% from CNY 1,382,631,200 at the end of 2022[17] - The provision for bad debts increased to CNY 228,631,721 as of June 30, 2023, compared to CNY 177,857,087 at the end of 2022, reflecting a rise of 28.5%[23] - The company reported a total of CNY 1,781,603,416 in accounts receivable within 6 months as of June 30, 2023, compared to CNY 1,130,096,842 at the end of 2022, indicating a growth of 57.5%[17] - The provision for bad debts for accounts receivable categorized by aging shows that 96% of the total accounts receivable are covered by provisions as of June 30, 2023[18] Revenue and Sales Performance - Cement sales contributed RMB 9,191,200,494 to the total revenue in the first half of 2023, while concrete sales generated RMB 3,174,092,206, showing significant contributions from these segments[10] - In the first half of 2023, the company achieved cement and clinker sales of 29.95 million tons, a year-on-year increase of 2.13%[28] - The company's operating revenue for the first half of 2023 was 15.83 billion yuan, a year-on-year increase of 10.02%[28] - The company’s cement business generated operating revenue of 9.76 billion yuan, a year-on-year decline of 5.04%[29] - The overseas cement business saw an operating revenue increase of 30.57% to 2.302 billion yuan[29] Strategic Developments - The company completed the acquisition of a 59.58% stake in Oman Cement Company SAOG, enhancing its cement grinding capacity by 4.4 million tons per year[29] - The company plans to stabilize prices and increase efficiency in its domestic cement business while enhancing profitability in its aggregate and concrete businesses[31] - The company is actively advancing digitalization projects to support overseas development and integrated transformation strategies[30] - The company expects seasonal recovery in cement demand in the second half of 2023, despite ongoing industry challenges such as overcapacity and intensified competition[31] - The company signed an agreement to acquire 100% of Natal Portland Cement Company (Pty) Ltd. for $231.6 million, with the transaction currently progressing as planned[33] Corporate Governance and Compliance - The company has established an audit committee responsible for reviewing and supervising the financial reporting process and risk management[36] - The company adhered to the corporate governance code as outlined in the Hong Kong Stock Exchange Listing Rules during the reporting period[37] - All directors and supervisors confirmed compliance with the standard code for securities trading during the reporting period[37] - There were no significant lawsuits or arbitration matters involving the company or its subsidiaries during the reporting period[33] Future Outlook - The revenue amount corresponding to the performance obligations that have been signed but not yet fulfilled at the end of the reporting period is CNY 748,180,890, which is expected to be recognized in 2023[12] - The company expects to recognize a significant portion of its revenue from contracts signed in the current year, indicating a positive outlook for 2023[12] - The company received approval from the China Securities Regulatory Commission for a bond issuance registration of up to 3 billion yuan, which is currently progressing as planned[32] - The company plans to repurchase and cancel 17,604,206 A shares at a price of 0 yuan per share due to unmet performance targets[32]
华新水泥(06655) - 2023 - 中期业绩