Financial Performance - Revenue for the six months ended June 30, 2024, increased by approximately 9.6% or RMB 5.6 million to approximately RMB 63.7 million[1] - Gross profit for the same period decreased by approximately 23% or RMB 2.9 million to approximately RMB 9.8 million[1] - Profit attributable to owners of the company for the six months ended June 30, 2024, was approximately RMB 5 million[1] - Basic earnings per share for the same period was approximately RMB 0.91[1] - Total comprehensive income for the period was RMB 2.4 million, a significant decrease from RMB 13.9 million in the previous year[2] - The adjusted profit before tax for the ongoing and ceased operations was reported at 6,044,000 for the current period, compared to 27,049,000 for the previous period[13] - The group reported a pre-tax profit of RMB 1,581 thousand for the six months ended June 30, 2024, compared to RMB 1,379 thousand for the same period in 2023, indicating an increase of approximately 14.7%[26] - The income tax expense for the six months ended June 30, 2024, was RMB 2,605,000, compared to RMB 12,469,000 for the same period in 2023, indicating a significant decrease[28] - The profit before tax from discontinued operations for the six months ended June 30, 2023, was RMB 7,637,000, while the profit from continuing operations was RMB 4,964,000 for the six months ended June 30, 2024[31] - Basic and diluted earnings per share from continuing operations for the six months ended June 30, 2024, was RMB 0.91, down from RMB 1.27 for the same period in 2023[32] - The group reported a profit attributable to the owners of the company of approximately RMB 5 million for the six months ending June 30, 2024, down from RMB 16.7 million for the same period in 2023[50] Revenue Breakdown - Revenue from external customers for the six months ending June 30, 2024, was reported at 117,163,000, with a breakdown of 7,909,000 from property leasing and 55,783,000 from consumer paper and hygiene products[13] - Total revenue for the six months ended June 30, 2024, was RMB 63,692 thousand, compared to RMB 58,098 thousand for the same period in 2023, representing an increase of approximately 9.0%[18] - Rental income for the six months ended June 30, 2024, was RMB 7,909 thousand, while sales of goods amounted to RMB 55,783 thousand[19] - The revenue from the life paper and hygiene products segment was approximately RMB 55.8 million, a decrease of about 4% from RMB 58.1 million in the same period of 2023[42] - The property leasing segment generated revenue of approximately RMB 7.9 million during the reporting period[43] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 205.9 million, down from RMB 216.0 million as of December 31, 2023[4] - Current assets decreased to RMB 220.7 million from RMB 230.9 million as of December 31, 2023[4] - Total liabilities decreased from RMB 76.6 million to RMB 54.0 million, indicating improved financial stability[4] - The total trade receivables as of June 30, 2024, amounted to RMB 43,869,000, an increase from RMB 41,631,000 as of December 31, 2023[34] - The net trade receivables after impairment as of June 30, 2024, were RMB 42,472,000, compared to RMB 40,234,000 as of December 31, 2023[34] - The group’s total borrowings as of June 30, 2024, were approximately RMB 20.2 million, up from RMB 19.8 million as of December 31, 2023, while the debt-to-equity ratio decreased from about 9.4% to 7.7%[52] - The net current assets as of June 30, 2024, were approximately RMB 166.6 million, compared to RMB 154.3 million as of December 31, 2023[51] Operational Changes - The company ceased its new energy business operations on November 15, 2023, with profits from January 1, 2023, to November 15, 2023, recognized in the consolidated profit and loss statement for the year ending December 31, 2023[7] - The company has ceased operations in the new energy business as of November 15, 2023, following a lease agreement with an independent third party[29] - The group operates in three segments: property leasing, consumer paper and hygiene products, and the ceased new energy operations, with performance evaluated based on adjusted profit before tax[12] Expenses - The cost of goods sold for the six months ended June 30, 2024, was RMB 44,177 thousand, a decrease from RMB 45,416 thousand in the same period of 2023[26] - Selling and distribution expenses rose by approximately 33.6% to RMB 1.2 million for the six months ending June 30, 2024, primarily due to increased transportation costs[46] - Administrative expenses increased from approximately RMB 2.1 million for the six months ending June 30, 2023, to approximately RMB 2.8 million for the same period in 2024, mainly due to higher employee costs[47] Corporate Governance - The company has adhered to all applicable corporate governance codes as outlined in the listing rules during the reporting period[67] - The company has adopted a standard code for securities trading by directors, confirming full compliance during the reporting period[68] - The audit committee, consisting of three independent non-executive directors, has reviewed the interim results and confirmed compliance with applicable accounting standards[71] Dividends - The company did not declare any interim dividend for the six months ended June 30, 2024[1] - The company does not recommend the payment of any interim dividend for the six months ended June 30, 2024, consistent with the previous year[33] - The group has proposed no interim dividend for the six months ended June 30, 2024, consistent with the previous period[60] Future Outlook - The group anticipates that the Chinese economy will grow by around 5% in 2024, with a focus on job creation and a target of 12 million new urban jobs[65] - The group has no major investment or capital asset plans beyond those disclosed in the prospectus as of June 30, 2024[64] Miscellaneous - The interim financial data for the six months ending June 30, 2024, is prepared in accordance with Hong Kong Accounting Standards, and all amounts are presented in Renminbi, rounded to the nearest thousand[8] - The company has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which did not have a significant impact on the current or prior periods' performance and financial position[10] - The group has no significant contingent liabilities as of June 30, 2024, consistent with the situation as of December 31, 2023[57] - The group has no assets pledged as of June 30, 2024, maintaining the same status as of December 31, 2023[56] - The group has not utilized any derivative financial instruments to hedge against foreign currency fluctuations as of June 30, 2024[58] - There have been no significant events affecting the group after the end of the financial period[70] - The interim results announcement will be published on the company's website and the stock exchange website, with the interim report expected to be sent to shareholders by September 30, 2024[72] - The board expresses gratitude for the efforts and support from management, employees, shareholders, and business associates during the reporting period[73]
冠均国际控股(01629) - 2024 - 中期业绩