Financial Performance - Revenue from continuing operations for the six months ended June 30, 2024, was approximately RMB 128.8 million, a decrease of about 53.5% compared to the same period last year[1] - Gross profit from continuing operations for the same period was approximately RMB 29.2 million, down approximately 66.4% year-on-year[1] - Profit attributable to equity holders from continuing operations was approximately RMB 11.9 million, representing a decrease of about 19.7% compared to the previous year[1] - Basic and diluted earnings per share for the period were RMB 2.89, a decrease of approximately 19.7% year-on-year[1] - Operating profit for the period was RMB 5.0 million, down from RMB 42.4 million in the same period last year[2] - Profit before tax for the period was RMB 15.3 million, compared to RMB 44.8 million in the previous year[2] - Total comprehensive income for the period was RMB 14.7 million, significantly lower than RMB 371.7 million in the same period last year[4] - Total revenue for the six months ended June 30, 2024, was RMB 128,824,000, a decrease from RMB 276,808,000 in the same period of 2023, representing a decline of approximately 53.5%[12] - Revenue from the liquor segment was RMB 94,772,000 for the six months ended June 30, 2024, compared to RMB 239,015,000 in the same period of 2023, indicating a decrease of about 60.4%[12] - Adjusted EBITDA for the reporting segments totaled RMB 39,911,000 for the six months ended June 30, 2024, compared to the previous period's figures[14] - The group recorded a gross profit of approximately RMB 29,200,000, a decrease of about 66.4% compared to RMB 86,800,000 in the same period last year, with a gross margin of 22.6%, down 8.8% from 31.4%[33] - The group reported a profit from continuing operations of approximately RMB 14,000,000, a decrease of about 49.4% from RMB 27,600,000 in the same period last year[38] Dividends and Shareholder Returns - The board of directors did not recommend the payment of an interim dividend for the six months ended June 30, 2024[1] - The company did not declare an interim dividend for the period[32] - A special interim dividend of HKD 0.121 per share (equivalent to RMB 0.106) was declared after receiving the second payment, distributed on August 1, 2024[50] Assets and Liabilities - Current assets as of June 30, 2024, totaled RMB 822.1 million, an increase from RMB 720.0 million as of December 31, 2023[5] - Total liabilities as of June 30, 2024, were RMB 717.3 million, compared to RMB 706.0 million as of December 31, 2023[6] - The total assets for the reporting segments as of June 30, 2024, amounted to RMB 1,346,661,000, while total liabilities were RMB 293,438,000[14] - As of June 30, 2024, the group had total bank loans and borrowings of approximately RMB 187,300,000, with cash and cash equivalents totaling approximately RMB 276,300,000[39] Operational Highlights - The company continues to focus on its core segments, with significant revenue generated from the Qingping Expressway and liquor distribution[10] - Toll revenue from the Qingping Expressway Phase I was approximately RMB 34.1 million, down about 9.9% from RMB 37.8 million in the same period last year[32] - Total vehicle traffic on the Qingping Expressway was approximately 11.4 million, a decrease of about 4.2% from approximately 11.9 million in the same period last year[32] - The liquor trading business is expected to improve following the digestion of accumulated inventory, with the company confident in the performance of this segment and planning more sales and marketing activities[51] - The company anticipates steady growth in traffic volume and toll revenue from the Qingping Expressway due to the recovery of economic activities in Shenzhen, which is expected to be a major source of stable cash flow[51] Discontinued Operations - The company has discontinued the operation of the Suizhou-Yueyang Expressway, which was sold in April 2023, and is no longer a subsidiary[10] - The company completed the sale of a 60% stake in Hunan Daoyue Expressway Co., Ltd. for RMB 555,700 thousand on April 25, 2023[20] - The net profit from the discontinued Daoyue Expressway operations for the period from January 1, 2023, to April 25, 2023, was RMB 342,400 thousand, including a gain from the sale of RMB 320,307 thousand[21] Financial Adjustments and Standards - The company has applied new and revised Hong Kong Financial Reporting Standards during the accounting period, but these changes did not have a significant impact on the financial performance or position[9] - The financial report is unaudited, but it has been reviewed by an independent auditor in accordance with the relevant standards[8] Employee and Administrative Costs - The company incurred total employee costs of RMB 16,462 thousand for continuing operations during the six months ended June 30, 2024[17] - Administrative expenses decreased by approximately 42.8% to RMB 20,000,000 from RMB 35,000,000 in the same period last year[35] - Sales and distribution costs were approximately RMB 5,500,000, a decrease of about 39.1% from RMB 9,100,000 in the same period last year[36] Investments and Acquisitions - The group increased its stake in Guizhou Renhuai to 51%, with plans to develop a winery and an integrated operation center on a site of at least 150,000 square meters, expected to be completed in the first half of 2025[47] - The group acquired a 28% stake in Huajia, which became an associate company, with Huajia primarily investing in Guizhou Zunpeng, which reported revenue of approximately RMB 298,600,000 and a net profit of RMB 69,200,000 during the period[48]
华昱高速(01823) - 2024 - 中期业绩