Financial Performance - Revenue decreased by approximately 4.4% year-on-year to RMB 65,733,870,000[2] - Gross profit decreased by approximately 60.6% year-on-year to RMB 5,892,364,000[2] - Profit for the period decreased by approximately 65.8% year-on-year to RMB 2,972,024,000[2] - Net profit attributable to shareholders decreased by approximately 68.7% year-on-year to RMB 2,456,623,000[2] - Basic earnings per share decreased by approximately 69.5% year-on-year to RMB 0.259[2] - Total comprehensive income for the period was RMB 3,298,802,000, compared to RMB 8,972,516,000 in the previous year[4] - Total revenue for the six months ended June 30, 2023, was RMB 65,733,870,000, a decrease of 4.4% from RMB 68,738,652,000 in the same period of 2022[17] - Revenue from the Chinese market was RMB 62,456,431,000, down 3.1% from RMB 64,453,287,000 year-on-year[17] - Revenue from India increased significantly to RMB 926,023,000, up 48.9% from RMB 621,468,000 in the previous year[17] - Basic and diluted earnings per share for the six months ended June 30, 2023, were RMB 2,456,623,000, down 68.7% from RMB 7,846,289,000 in the same period of 2022[21] Dividends - The board declared an interim dividend of HKD 0.12 per share, down from HKD 0.41 in the same period last year[2] - The company declared an interim dividend of HKD 0.12 per share and a special dividend of HKD 0.22 per share, totaling approximately HKD 3,221,683,000[20] Assets and Liabilities - Non-current assets amounted to RMB 101,653,129,000 as of June 30, 2023, compared to RMB 98,174,101,000 at the end of 2022[6] - Current liabilities totaled RMB 73,033,867,000 as of June 30, 2023, compared to RMB 71,373,124,000 at the end of 2022[7] - Total equity increased to RMB 98,613,458,000 as of June 30, 2023, from RMB 96,305,777,000 at the end of 2022[7] - As of June 30, 2023, the group's net asset value was approximately RMB 11,524,906,000, a decrease from RMB 12,069,053,000 as of December 31, 2022[24] - The group's inventory value, net of impairment provisions, was RMB 35,846,442,000 as of June 30, 2023, down from RMB 37,267,620,000 as of December 31, 2022[25] - Trade receivables amounted to RMB 5,074,829,000 as of June 30, 2023, an increase from RMB 4,610,695,000 as of December 31, 2022[26] - Trade payables were RMB 10,925,409,000 as of June 30, 2023, down from RMB 12,693,831,000 as of December 31, 2022[30] - The total debt as of June 30, 2023, was approximately RMB 90,744,891,000, with a debt-to-asset ratio of about 47.9%[51] Revenue Breakdown - Revenue from liquid aluminum alloy decreased to RMB 40,359,290 thousand, down from RMB 44,912,495 thousand, representing a decline of approximately 12.3% year-over-year[16] - Revenue from aluminum alloy ingots increased slightly to RMB 5,619,977 thousand, compared to RMB 5,548,575 thousand, showing a growth of about 1.3% year-over-year[16] - Revenue from aluminum alloy processed products decreased to RMB 5,644,526 thousand, down from RMB 7,087,062 thousand, reflecting a decline of approximately 20.3% year-over-year[16] - Revenue from alumina products increased significantly to RMB 13,531,809 thousand, up from RMB 10,706,214 thousand, indicating a growth of about 26.5% year-over-year[16] - Revenue from steam supply increased to RMB 578,268 thousand, compared to RMB 484,306 thousand, marking an increase of about 19.5% year-over-year[16] Operational Highlights - The company operates primarily in the manufacturing and sales of aluminum products, with its subsidiaries located in various countries including Indonesia and Singapore[1] - The production of aluminum alloy products reached approximately 3.06 million tons, an increase of about 4.4% compared to the previous year[40] - The sales volume of alumina products increased by approximately 33.6% to about 5.38 million tons, contributing to a revenue increase of about 26.4%[44] - The sales volume of aluminum alloy processing products decreased by approximately 9.3%, with revenue declining by about 20.4% due to lower sales prices[42] Financial Management - The company invested approximately RMB 200,749,000 in property, plant, and equipment during the six months ended June 30, 2023, a decrease of 67.6% from RMB 618,497,000 in the same period of 2022[23] - The company’s depreciation expense for the six months ended June 30, 2023, was RMB 3,483,019,000, an increase of 17.3% from RMB 2,968,332,000 in the same period of 2022[23] - Financial expenses were approximately RMB 1.47 billion, a decrease of about 10.7% year-on-year due to optimized debt structure and lower financing costs[47] - Cash and cash equivalents increased by approximately 8.7% to about RMB 29.78 billion as of June 30, 2023, compared to December 31, 2022[47] Corporate Governance - The Audit Committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2023, and confirmed compliance with relevant accounting standards[66] - The company has adhered to the Corporate Governance Code principles, with the exception of the CEO also serving as the Chairman of the Board, which is believed to benefit the group's stable development[70] - The company has not violated any other provisions of the Corporate Governance Code during the six months ending June 30, 2023[71] Sustainability Initiatives - The company aims to achieve carbon peak by 2025 and carbon neutrality by 2055, with ten key initiatives for carbon neutrality[36] - The company is actively expanding its investment in wind and solar energy to replace fossil fuels and optimize its energy structure[37] - The Yunnan Honghe New Materials Company is set to begin construction on a low-carbon aluminum project with an annual capacity of 1.93 million tons[36] - The company received the first green electricity aluminum product evaluation certificate at the 2023 China Aluminum Processing Industry Annual Conference[37] - The company continues to enhance its competitive edge in the lightweight industry and aims for high-quality development through strategic transformation[37] Shareholder Information - Major shareholders include Shih Ping Trust Company with 64.13% and China Hongqiao Group with 64.13% of shares[59] - The total number of shares held by Zhang Hongxia and Zhang Yanhong, as concert parties, is 6,085,383,573, representing 64.22%[59] - CITIC Capital holds 803,190,170 shares, accounting for 8.48% of the total issued share capital[59] - As of June 30, 2023, the total issued share capital was 6,076,513,573 shares, with Zhang Bo holding 8,870,000 shares, representing approximately 0.09%[63]
中国宏桥(01378) - 2023 - 中期业绩