Revenue and Profitability - Revenue for the six months ended June 30, 2023, was RMB 11,551,515 thousand, an increase of 15.7% compared to RMB 9,980,131 thousand in the same period of 2022[11]. - The net profit attributable to equity shareholders for the period was RMB 170,012 thousand, compared to RMB 206,096 thousand in the previous year, reflecting a decline of 17.5%[12]. - The operating profit decreased slightly to RMB 781,198 thousand from RMB 792,280 thousand year-on-year[11]. - The adjusted profit before tax from continuing operations for the six months ended June 30, 2023, was RMB 180,006 thousand, compared to RMB 421,378 thousand for the same period in 2022, indicating a decrease of approximately 57.3%[104]. - The company reported a loss attributable to equity shareholders from continuing operations of RMB 172,544,000 for the six months ended June 30, 2023, compared to a loss of RMB 94,776,000 for the same period in 2022[130]. Expenses and Costs - Gross profit for the same period was RMB 1,854,183 thousand, representing a gross margin of 16.1%, up from RMB 1,453,318 thousand in 2022[11]. - Total operating expenses for the six months ended June 30, 2023, were RMB 10,957,054 thousand, an increase of 15% from RMB 9,530,764 thousand in the previous year[119]. - Financing costs increased to RMB 604,576 thousand in the first half of 2023, compared to RMB 379,175 thousand in the same period of 2022, marking a rise of 59.5%[121]. - The company reported a significant decrease in current tax expenses in China, which fell to RMB 135,752 thousand from RMB 423,247 thousand year-on-year[123]. Assets and Liabilities - The company’s total assets as of June 30, 2023, were RMB 25,000,000 thousand, reflecting a growth from the previous year[11]. - Total liabilities decreased slightly to RMB 29,801,175 thousand as of June 30, 2023, from RMB 30,181,512 thousand as of December 31, 2022[24]. - The net asset value was RMB 17,962,008 thousand as of June 30, 2023, compared to RMB 18,120,248 thousand as of December 31, 2022[24]. - The company’s total equity attributable to equity shareholders decreased to RMB 11,586,104 thousand as of June 30, 2023, from RMB 12,039,043 thousand as of December 31, 2022[24]. Cash Flow and Financing - The net cash generated from operating activities was RMB 74,022 thousand, down 77.2% from RMB 324,333 thousand year-on-year[30]. - Cash and cash equivalents at the end of the period were RMB 4,504,742 thousand, a decrease of 19.4% from RMB 5,579,164 thousand at the end of the previous period[35]. - The cash flow from financing activities generated a net cash inflow of RMB 1,205,574 thousand, down 71.2% from RMB 4,190,912 thousand in the same period last year[35]. - The company raised new bank and other borrowings amounting to RMB 4,460,744 thousand, a decrease of 21.5% from RMB 5,683,025 thousand in the previous period[35]. Research and Development - Research and development costs increased to RMB 459,359 thousand, up from RMB 365,701 thousand, indicating a focus on innovation[11]. - The company’s research and development costs increased to RMB 459,359 thousand, up from RMB 365,701 thousand, indicating a focus on innovation and development[119]. Financial Risks and Credit Losses - The group is exposed to various financial risks, including market risk, credit risk, and liquidity risk, and has established policies to manage these risks[50]. - As of June 30, 2023, the expected credit loss provision for trade receivables was RMB 739,320 thousand, with a total carrying value of RMB 7,197,444 thousand[60]. - The expected credit loss provision for other receivables as of June 30, 2023, was RMB 581,267 thousand, with a total carrying value of RMB 3,019,153 thousand and an expected loss rate of 19.25%[69]. - The expected credit loss model is based on historical loss rates and forward-looking macroeconomic data[66]. Fair Value and Investments - The fair value of financial assets measured at fair value is RMB 5,741,874,000, with RMB 158,967,000 classified as Level 1, and RMB 5,582,907,000 classified as Level 3[80]. - The company recognized a fair value gain of RMB 11,524,000 in profit or loss for the six months ended June 30, 2023[87]. - The total fair value loss recognized in other comprehensive income for the same period was RMB 459,974,000[87]. - The fair value of non-listed equity investments was RMB 878,333,000 as of June 30, 2023, reflecting a slight increase from the previous period[87]. Segment Performance - The real estate segment generated revenue of RMB 126,650 thousand, while the tourism segment reported RMB 160,994 thousand, and the financial services segment incurred a loss of RMB 21,491 thousand[103]. - The renewable energy segment reported sales of gear products amounting to RMB 8,250,777 thousand, up from RMB 6,641,397 thousand, representing a growth of 24.2%[108]. - Revenue from external customers in China for the six months ended June 30, 2023, was RMB 10,296,043 thousand, up from RMB 8,694,245 thousand in the same period of 2022, marking a growth of approximately 18.4%[106]. Management and Governance - Management is closely monitoring liquidity risk and believes that risks are under control due to sufficient collateral for guaranteed loans and the group's financial condition[41]. - The company did not declare any interim dividend for the six months ended June 30, 2023, and 2022[128]. - The company’s subsidiaries qualified as high-tech enterprises are expected to continue enjoying a preferential tax rate of 15% for three years from the approval date[124].
丰盛控股(00607) - 2023 - 中期财报