Customer Growth and Business Expansion - As of June 30, 2024, the total number of platform customers exceeded 16,700, representing an increase of approximately 22.8% from over 13,600 as of June 30, 2023[2] - The business scale continued to expand, with the number of small and micro enterprise customers accounting for approximately 96.69% of the total customer base[4] - The company established a commercial factoring company in collaboration with local quality state-owned enterprises, achieving a combined business scale exceeding RMB 15.7 billion[5] Financial Performance - For the six months ended June 30, 2024, revenue from platform technology services was RMB 153.8 million, an increase of approximately 82.9% compared to RMB 84.1 million for the same period in 2023, accounting for about 35.3% of total revenue[2] - The share of profit from joint ventures increased by approximately 698.0% to RMB 40.7 million for the six months ended June 30, 2024, compared to RMB 5.1 million for the same period in 2023[2] - The company's main business revenue decreased by 11.9% year-on-year to RMB 436.1 million for the six months ended June 30, 2024, down from RMB 494.8 million in the same period last year[9] - Revenue from digital financial solutions decreased by 22.5% year-on-year to RMB 275.0 million, primarily due to the sale of Wuxi Guojin in February 2024[12] - Revenue from the sale of supply chain assets dropped by 87.0% year-on-year to RMB 7.2 million, attributed to a reduction in receivables from sold supply chain assets[13] - Other income increased by 331.7% year-on-year to RMB 27.2 million, mainly due to gains from the fair value of financial assets and reduced losses from financial liabilities[14] Profitability and Costs - Adjusted net profit for the first half of 2024 was RMB 1.166 billion, with digital financial solutions revenue around RMB 275 million, and average daily supply chain asset balance of approximately RMB 20.429 billion, reflecting a year-on-year growth of about 61.7%[4] - Net profit for the first half of 2024 was RMB 165.1 million, a decrease of RMB 21.9 million or 11.7% compared to RMB 187.0 million for the same period in 2023[16] - Total operating expenses increased by 5.5% year-on-year to RMB 108.2 million for the six months ended June 30, 2024, primarily due to an increase in employee costs of RMB 8.7 million[15] - Adjusted net profit decreased by 11.8% year-on-year to RMB 166.0 million for the six months ended June 30, 2024, down from RMB 188.3 million[17] Research and Development - Research and development investment reached RMB 22.2 million, with a total of 68 national invention patents and software copyrights[4] - The company will continue to invest in R&D to enhance its technological capabilities and maintain its leading position in the supply chain ecosystem[35] Regulatory Compliance and Risk Management - The company actively embraced regulation and was recognized for its data quality work by the People's Bank of China Credit Center[7] - The company has established a comprehensive internal control system for digital financial solutions, integrating traditional risk control and industry-specific assessment models[28] - A dual credit approval mechanism is applied in the digital financial solutions business to manage risk exposure for individual customers and the overall business[29] Cash Flow and Liquidity - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 741.1 million, an increase from RMB 658.2 million as of December 31, 2023[36] - The net cash generated from operating activities for the first half of 2024 was RMB 574.6 million, a decrease of RMB 59.3 million compared to RMB 633.9 million for the same period in 2023[36] - The leverage ratio as of June 30, 2024, was 1.67, improved from 1.91 as of December 31, 2023[36] Shareholder and Equity Information - The company has diluted its indirect equity stake in Wuxi Guojin from 80% to 49% following a capital increase of RMB 569.4 million, resulting in Wuxi Guojin no longer being a subsidiary[46] - The company repurchased a total of 444,500 shares as treasury stock, equivalent to approximately 0.04% of the company's equity[56] - The company approved a new Share Option Plan in 2024, which will replace the 2017 Share Option Plan[61] Corporate Governance and Social Responsibility - The company has complied with the corporate governance code since its listing date and continues to adhere to the relevant rules[76] - The company has established the Shengye Public Welfare Foundation, with cumulative public welfare expenditures exceeding RMB 13.76 million and over 6,098 hours of volunteer service[8] - The company is committed to ESG principles and aims to provide inclusive financial services through a warm supply chain[8] Acquisitions and Investments - The company has entered into a share purchase agreement to acquire all issued shares of Ming Feng Holdings Limited for RMB 300 million, with potential additional payments of up to RMB 500 million based on performance targets in 2024 and 2025[78] - The acquisition of Mingfeng Holdings is accounted for as a business acquisition and was completed in July 2024[125]
盛业(06069) - 2024 - 中期业绩