Financial Performance - Revenue decreased by 17% to approximately RMB 4,105,100,000 compared to RMB 4,947,000,000 in the same period last year[2] - Profit attributable to owners of the company was RMB 195,800,000, down from RMB 311,900,000 in the previous year, primarily due to a decrease in product selling prices[2] - Basic earnings per share were RMB 0.125, compared to RMB 0.199 in the previous year[4] - Gross profit was RMB 646,005,000, down from RMB 773,502,000 year-on-year[4] - The company reported a net profit of RMB 195,784 for the six months ended June 30, 2023, compared to RMB 311,892 in the same period of 2022, reflecting a decline of approximately 37.3%[25] - The company experienced a decline in sales prices due to increased competition and reduced demand in the market[39] - Net profit for the reporting period was RMB 200,300,000, a decrease of RMB 121,900,000 from RMB 322,200,000 in the same period last year, primarily due to a decline in product selling prices[45] Assets and Liabilities - The total assets less current liabilities amounted to RMB 18,086,496,000, compared to RMB 18,951,060,000 at the end of the previous year[6] - Non-current assets, including property, plant, and equipment, totaled RMB 6,304,214,000, down from RMB 6,583,410,000[5] - Current liabilities increased to RMB 2,402,053,000 from RMB 2,195,224,000 in the previous year[6] - The company's net assets were RMB 17,295,883,000, slightly down from RMB 17,390,864,000[6] - The company's total liabilities as of June 30, 2023, were RMB 1,085,909 thousand, an increase of 14.5% from RMB 948,248 thousand as of December 31, 2022[30] - Total assets as of June 30, 2023, were approximately RMB 20,488,500,000, down from RMB 21,146,300,000 as of December 31, 2022[46] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2023, was RMB 803,936 thousand, compared to RMB 819,214 thousand in the same period of 2022[8] - The company reported a net cash outflow from financing activities of RMB (786,294) thousand for the first half of 2023, contrasting with an inflow of RMB 630,870 thousand in the prior year[8] - The company’s cash and cash equivalents at the end of June 30, 2023, were RMB 8,812,619 thousand, compared to RMB 8,793,260 thousand at the same time last year[8] Income and Expenses - Other income was RMB 100,141,000, slightly down from RMB 105,162,000 in the previous year[4] - The income tax expense for the six months ended June 30, 2023, was RMB 194,660, an increase from RMB 165,106 in the same period of 2022[19] - Distribution and selling expenses increased by RMB 17,000,000 or 8% to RMB 223,000,000, attributed to higher freight, unloading, and packaging costs for cement products[44] - Administrative expenses rose by 8% to RMB 166,000,000, up from RMB 153,800,000 in the same period last year, mainly due to increased other expenses[44] - Financing costs increased to RMB 36,046,000 from RMB 13,565,000 in the previous year[4] Market Conditions and Outlook - The company anticipates a recovery in demand in the second half of 2023, although it is expected to remain below the levels of the same period last year[37] - The company plans to maintain smooth sales channels and market share in the second half of 2023 as demand improves[37] - The cement industry is expected to face challenges and opportunities in the second half of 2023, with a cautious optimistic outlook from the company[55] - National infrastructure investment increased by 7.2% year-on-year in the first half of 2023, which is 3.4 percentage points higher than the overall fixed asset investment growth rate[55] - The company anticipates that cement demand will continue to weaken but at a narrowing rate, with a potential recovery in demand expected in the fourth quarter of 2023[56] Corporate Governance - The company has adhered to all corporate governance codes as per the listing rules during the reporting period[57] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2023, confirming compliance with relevant accounting standards[59] - The company has not engaged in any purchase, sale, or redemption of its listed securities during the reporting period[60] - The company acknowledges the support from shareholders, business partners, banks, and auditors during the reporting period[62]
亚洲水泥(中国)(00743) - 2023 - 中期业绩