Financial Performance - The group's revenue for the six months ended June 30, 2024, was approximately RMB 17,832,000, a decrease of about 72.7% compared to RMB 65,362,000 for the same period in 2023[2]. - The total gross profit for the group during this period was approximately RMB 6,405,000, down approximately 65.8% from RMB 18,737,000 in the same period of 2023[2]. - The loss attributable to the company's owners was approximately RMB 814,000, compared to a profit of approximately RMB 8,485,000 in the same period of 2023[2]. - The company reported a basic and diluted loss per share of RMB (0.003) for the six months ended June 30, 2024, compared to earnings of RMB 0.027 for the same period in 2023[3]. - The total comprehensive income for the period ended June 30, 2024, was RMB (858) thousand, compared to RMB (814) thousand for the same period in 2023, reflecting a slight increase in losses[7]. - The pre-tax loss for the six months ended June 30, 2024, was RMB 6,430 thousand, compared to a pre-tax loss of RMB 9,408 thousand for the same period in 2023, showing an improvement of approximately 31.3%[18]. - The company reported other income of RMB 2,414 thousand for the first half of 2024, down from RMB 3,281 thousand in the same period of 2023[17]. - The cost of sales for the period was approximately RMB 11,427,000, a decrease of about 75.5% or RMB 35,198,000 compared to RMB 46,625,000 in the same period of 2023[42]. - Gross profit for the period was approximately RMB 6,405,000, a decrease of about 65.8% or RMB 12,332,000 compared to RMB 18,737,000 in the same period of 2023[43]. - The group reported a loss of approximately RMB 814,000 for the period, compared to a profit of approximately RMB 8,485,000 in the same period of 2023[47]. Assets and Liabilities - The group's total assets less current liabilities as of June 30, 2024, amounted to RMB 80,748,000, compared to RMB 80,580,000 as of December 31, 2023[5]. - Current assets as of June 30, 2024, totaled RMB 178,481,000, down from RMB 194,239,000 as of December 31, 2023[4]. - Trade receivables and bills receivable were RMB 90,288,000 as of June 30, 2024, compared to RMB 103,764,000 as of December 31, 2023[4]. - The company's cash and bank balances were RMB 49,700,000 as of June 30, 2024, down from RMB 53,360,000 as of December 31, 2023[4]. - The total equity attributable to the company's owners was RMB 75,239,000 as of June 30, 2024, compared to RMB 75,006,000 as of December 31, 2023[5]. - The company's total assets as of June 30, 2024, were RMB 98,818 thousand, reflecting a stable asset base despite the revenue decline[6]. - As of June 30, 2024, the total segment assets amounted to RMB 171,026 thousand, while total segment liabilities were RMB 129,126 thousand[16]. - The capital debt ratio as of June 30, 2024, was 55%, a decrease from 57% as of December 31, 2023[49]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was RMB (3,613) thousand, compared to RMB (1,609) thousand for the same period in 2023, indicating a worsening cash flow situation[8]. - The cash and cash equivalents at the end of the period were RMB 49,700 thousand, a decrease from RMB 53,360 thousand at the beginning of the period[8]. - The company’s net cash used in financing activities was RMB (25,118) thousand for the six months ended June 30, 2023, indicating a significant outflow compared to the current period[8]. Revenue Breakdown - The service concession arrangement segment generated revenue of RMB 11,240 thousand, contributing significantly to the total revenue for the period[14]. - Revenue from EPC projects for the first half of 2024 was RMB 570 thousand, a drastic drop from RMB 53,269 thousand in the same period of 2023, indicating a decline of approximately 98.9%[17]. - Revenue from equipment projects amounted to RMB 4,147,000, with no revenue recorded in the same period of 2023[38]. - Revenue from service franchise arrangements for the period was approximately RMB 11,240,000, an increase of about 9.2% or RMB 943,000 compared to RMB 10,297,000 in the same period of 2023[39]. - Revenue from the other segment, including O&M projects and technical consulting services, was approximately RMB 1,731,000, a decrease of about 3.6% or RMB 65,000 compared to RMB 1,796,000 in the same period of 2023[40]. Share Options and Corporate Governance - The company has implemented a share option plan allowing for the issuance of up to 18,000,000 shares, representing 6% of the total shares issued as of the adoption date[20]. - The share options granted under the plan will vest over three fiscal years, with 40% vesting in the first year, 30% in the second year, and 30% in the third year[21]. - The stock option plan adopted on June 17, 2022, allows for the issuance of a total of 18,000,000 shares, representing 6% of the total shares issued as of the adoption date[54]. - The company maintains good corporate governance practices, with a board consisting of five executive directors and three independent non-executive directors, ensuring sufficient independence[67]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements and confirmed compliance with applicable accounting standards and GEM listing rules[76]. Employee and Operational Changes - As of June 30, 2024, the group employed 42 employees, down from 52 employees as of December 31, 2023[65]. - Employee costs for the six months ended June 30, 2024, were approximately RMB 5.5 million, compared to RMB 9.4 million in 2023, indicating a reduction of about 41%[65]. - The company is focusing on maintaining stable income and controlling costs while being cautious about new business developments due to extended payment terms and declining customer payment capabilities[34]. - The company plans to continue expanding its service concession arrangements, which are expected to provide stable revenue streams in the long term[12]. - The company has adjusted resource allocation for business development, increasing investment in the Vietnamese market, which is expected to become a key market for future growth[33].
中国天亿福(08196) - 2024 - 中期业绩