Greenland Technologies (US:GTEC)2024-08-14 20:05Financial Performance - Total revenue for the three months ended June 30, 2024, was $23,017,260, a decrease of 2.34% compared to $23,569,449 for the same period in 2023[21] - Gross profit for the six months ended June 30, 2024, was $12,421,124, slightly down from $12,451,267 in the same period of 2023, reflecting a gross margin of approximately 27.2%[21] - Net income attributable to Greenland Technologies for the three months ended June 30, 2024, was $4,650,910, compared to $2,399,138 for the same period in 2023, representing a year-over-year increase of 94%[20] - The company reported a total comprehensive income of $4,353,525 for the three months ended June 30, 2024, compared to a loss of $786,224 in the same period of 2023[20] - As of June 30, 2024, net income was $5,873,184, an increase from $2,940,196 in the same period of 2023, representing a growth of approximately 99%[26] - Total revenue for the six months ended June 30, 2024, was $45,740,851, a slight increase from $45,718,809 in the same period of 2023[87] Assets and Liabilities - Total current assets as of June 30, 2024, amounted to $102,437,766, an increase from $99,790,741 as of December 31, 2023[13] - Total liabilities decreased to $67,976,431 as of June 30, 2024, down from $79,823,566 as of December 31, 2023, indicating improved financial health[16] - Cash and cash equivalents as of June 30, 2024, were $17,119,889, down from $22,981,324 as of December 31, 2023, indicating a need for liquidity management[13] - The balance of advance to suppliers was $0.64 million as of June 30, 2024, up from $0.29 million as of December 31, 2023[72] - Accounts receivable as of June 30, 2024, totaled $23,295,414, up from $17,351,398 as of December 31, 2023[125] - The allowance for expected credit losses increased to $1,412,545 as of June 30, 2024, from $867,865 as of December 31, 2023[126] - Total notes receivable increased to $30,962,280 as of June 30, 2024, up from $27,135,249 as of December 31, 2023, representing an increase of about 14%[131] Cash Flow and Investments - For the six months ended June 30, 2024, cash flows from operating activities provided $2,924,158, compared to a cash outflow of $(391,716) in 2023[30] - The company incurred a net cash used in investing activities of $(1,975,178) for the six months ended June 30, 2024, compared to $(327,696) in 2023, indicating increased investment activity[33] - Proceeds from short-term bank loans in the first half of 2024 amounted to $5,544,006, compared to $2,598,040 in the same period of 2023, showing a significant increase of approximately 113%[33] - The company purchased bank management products totaling $5,544,006 (RMB40,000,000) in the six months ended June 30, 2024[118] Sales and Market Performance - Greenland sold 80,496 sets of transmission products in the six months ended June 30, 2024, up from 75,097 sets in the same period of 2023, indicating a growth of approximately 6%[37] - Domestic sales for the three months ended June 30, 2024, were $21,528,513, a decrease of 7% compared to $23,145,468 for the same period in 2023[183] - International sales increased significantly to $1,488,747 for the three months ended June 30, 2024, compared to $423,981 in the same period of 2023, representing a growth of 251%[183] Research and Development - Research and development expenses for the six months ended June 30, 2024, were $2,110,787, a decrease from $2,545,285 in the same period of 2023, reflecting a focus on cost management[21] - Research and development costs for the three months ended June 30, 2024, were approximately $1.12 million, down from $1.43 million in 2023, indicating a decrease of about 21.7%[91] Shareholder Information - The weighted average ordinary shares outstanding remained stable at 13,594,530 for both June 30, 2024, and December 31, 2023[20] - Basic earnings per share for the three months ended June 30, 2024, was $0.34, compared to $0.18 for the same period in 2023, reflecting an increase of 88.89%[181] - The weighted average shares used in basic computation for the six months ended June 30, 2024, was 13,594,530, consistent with the same period in 2023[181] Financial Health and Risk Management - The company has not experienced any losses in bank accounts maintained with various financial institutions primarily in mainland China and the U.S.[61] - The company has not experienced any losses in its bank accounts in both the PRC and the U.S. as of the reporting dates[108] - The company does not expect the adoption of recent accounting standards to have a material impact on its consolidated financial statements[114] Future Outlook - The company anticipates continued growth in net income and revenue, driven by strategic market expansions and new product developments[7] - The company expects to collect notes receivable within six months after the issuance date of bank acceptance notes, maintaining a strong cash flow position[131]