Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 715,208 thousand, a decrease of 30.2% compared to RMB 1,038,568 thousand for the same period in 2023[1]. - Gross profit for the same period was RMB 44,334 thousand, down 37.3% from RMB 70,663 thousand in 2023[1]. - The company recorded a loss before tax of RMB (99,163) thousand, compared to a profit of RMB 17,687 thousand in the previous year[1]. - The total comprehensive loss attributable to shareholders for the period was RMB (106,011) thousand, a significant decline from a profit of RMB 10,142 thousand in 2023[3]. - Basic and diluted loss per share was RMB (15.12), compared to earnings of RMB 1.47 per share in the previous year[3]. - The company reported a net loss of RMB 123,868 thousand for the six months ended June 30, 2024, compared to a profit of RMB 12,002 thousand for the same period in 2023[15][17]. - The company's operating loss for the first half of 2024 was RMB 89.8 million, a decline of 402.4% compared to an operating profit of RMB 29.7 million in the first half of 2023[55]. Assets and Liabilities - Total assets decreased to RMB 2,989,175 thousand from RMB 3,239,021 thousand as of December 31, 2023, reflecting a decline of 7.7%[4]. - Total equity as of June 30, 2024, was RMB 638,456 thousand, down from RMB 752,097 thousand at the end of 2023, representing a decrease of 15.1%[5]. - The company’s non-current assets decreased to RMB 562,078 thousand from RMB 614,769 thousand, a decline of 8.6%[4]. - Current liabilities decreased to RMB 2,161,774 thousand from RMB 2,278,435 thousand, a reduction of 5.1%[6]. - The total liabilities as of June 30, 2024, were RMB 2,350,719 thousand, with a significant portion attributed to the municipal engineering construction segment[16]. - The debt-to-asset ratio as of June 30, 2024, was 78.6%, up from 76.8% as of December 31, 2023, with bank borrowings amounting to RMB 313.7 million[60]. Revenue Segmentation - Revenue from the marine construction segment was RMB 300.0 million, while the municipal engineering segment generated RMB 415.2 million, reflecting a significant decline of 46% in the municipal engineering segment compared to the first half of 2023[50]. - Revenue from the China region for marine construction was RMB 147,017 thousand, while municipal engineering construction revenue was RMB 415,158 thousand, totaling RMB 562,175 thousand[19]. Expenses and Costs - The operating expenses for the period were RMB 139,198 thousand, which includes depreciation and amortization of RMB 8,394 thousand[15]. - The total sales cost for the first half of 2024 was RMB 670.9 million, down 30.7% from RMB 967.9 million in the same period last year[51]. - Administrative expenses rose by 14.9% to RMB 43.3 million in the first half of 2024, compared to RMB 37.7 million in the same period last year[56]. - The company reported a financial cost of RMB 9,374 thousand for the period, contributing to the overall net loss[15]. Taxation - The income tax expense for the six months ended June 30, 2024, was RMB 24,705 thousand, significantly higher than RMB 5,685 thousand for the same period in 2023, marking an increase of approximately 335.5%[21]. - The income tax expense for the first half of 2024 was RMB 24.7 million, an increase of 333.3% compared to RMB 5.7 million in the first half of 2023, primarily due to an increase in deferred tax during the reporting period[57]. Corporate Governance and Strategy - The company plans to optimize resource allocation and adjust business strategies in response to market changes, focusing on high-quality development and emerging market expansion[49]. - The company aims to enhance risk control capabilities and continue to explore opportunities in environmental engineering, including water resources and soil pollution prevention[49]. - The company will maintain its "going out" strategy to promote development in Southeast Asia and other overseas markets amid global infrastructure investment recovery[49]. - The group is committed to maintaining high standards of corporate governance, having adopted all applicable provisions of the corporate governance code as per the listing rules[70]. Employee and Remuneration - As of June 30, 2024, the group had a total of 519 employees, with employee costs amounting to RMB 38.2 million for the reporting period, compared to RMB 31.3 million for the six months ending June 30, 2023[67]. - The company has established a remuneration committee to review and recommend overall remuneration policies for directors and senior management, ensuring no conflicts in determining their own remuneration[68]. Dividends and Capital Commitments - The proposed final dividend for the year ended December 31, 2023, is HKD 0.0102 per share, totaling approximately HKD 8,419,000 (equivalent to RMB 7,630,000)[41]. - The board decided not to declare any dividends for the six months ended June 30, 2024, considering the need to maintain sufficient cash flow for daily operations and expansion[66]. - The company has no significant capital commitments as of June 30, 2024[42].
华滋国际海洋(02258) - 2024 - 中期业绩