Financial Performance - The company recorded revenue of approximately RMB 946.7 million for the period, a decrease of about RMB 115.8 million or approximately 10.9% compared to the same period last year[6]. - The net profit attributable to equity holders was approximately RMB 3.7 million, down about 58.4% from approximately RMB 8.9 million in the same period last year[17]. - The company's revenue for the six months ended June 30, 2023, was RMB 946.72 million, a decrease of 10.9% from RMB 1,062.50 million in the same period of 2022[31]. - Gross profit for the same period was RMB 158.11 million, slightly down from RMB 160.87 million, resulting in a gross margin of approximately 16.7%[31]. - The company reported a decrease in sales and distribution expenses to RMB 59.15 million from RMB 56.35 million, reflecting a rise of 5.1%[31]. - The total comprehensive income for the period was RMB 1.70 million, down from RMB 4.01 million in the same period of 2022[31]. - The company reported a net profit of RMB 3.7 million for the six months ended June 30, 2023, compared to RMB 8.9 million for the same period in 2022[47]. - The group's net profit attributable to shareholders was approximately RMB 3.7 million, a decrease of about 58.4% from approximately RMB 8.9 million in the same period last year, resulting in a net profit margin decrease from 0.8% to 0.4%[107][108]. Cash Flow and Investments - Cash inflow from operating activities was RMB 115.2 million, down from RMB 161.0 million in the same period last year[12]. - Cash used in investing activities decreased to RMB 6.5 million from RMB 44.3 million in the same period last year, primarily due to equipment purchases for existing factories[13]. - The company’s cash and cash equivalents at the end of the period were RMB 140.9 million, an increase from RMB 118.4 million at the end of the same period last year[12]. - Operating cash flow net amount was approximately RMB 115.2 million, a decrease of about RMB 45.8 million compared to RMB 161.0 million in the same period last year[86]. - As of June 30, 2023, the company's bank deposits amounted to RMB 10,446,000, compared to RMB 42,274,000 on December 31, 2022[70]. Dividends and Shareholder Returns - The company announced a special dividend of HKD 0.08 per share, expected to be paid around December 15, 2023[15]. - The company did not declare any interim dividends for the period[17]. - The company approved a final dividend of RMB 21,063,000 at the annual general meeting held on June 21, 2023, compared to RMB 19,555,000 for the final dividend in 2022[74]. Cost and Expenses - The cost of goods sold for the period was RMB 788.6 million, a decrease from RMB 901.6 million in the same period last year[5]. - Sales and distribution expenses increased by approximately 5.2% to about RMB 59.2 million from RMB 56.3 million in the same period last year, mainly due to increased sales expenses from new plants[81]. - Administrative expenses for the period were approximately RMB 77.1 million, a decrease of about 4.0% from approximately RMB 80.3 million in the same period last year, mainly due to enhanced cost control measures[105]. Market and Operational Insights - The company operates primarily in China, generating over 90% of its revenue and identifiable assets from this market[40]. - The group maintained a cautious optimism regarding performance recovery in the second half of 2023, considering the impact of the traditional peak season and the end of three years of pandemic control measures in the first half of 2023[102]. - The company has maintained its focus on optimizing customer order structures and enhancing technological and service upgrades to drive new growth[54]. - The group will continue to closely monitor market conditions and take appropriate measures to respond to ongoing market changes[102]. Accounting and Compliance - The company continues to apply the same accounting policies as in the previous financial year, with no early adoption of new or revised International Financial Reporting Standards[34]. - The company's actual tax rate for the period was 59.8%, compared to 37.3% in the same period last year[83]. - The average credit period for goods sales is between 30 to 120 days from the invoice date[68]. - The company had no significant contingent liabilities as of June 30, 2023[88]. - The average effective annual interest rate on bank loans during the period ranged from 3.52% to 3.90%, compared to 3.85% to 3.90% in the same period last year[97]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[118].
济丰包装(01820) - 2023 - 中期业绩