Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 1,146,000, a decrease of 85.4% compared to RMB 7,853,000 for the same period in 2023[14] - The company incurred a loss attributable to owners of RMB 3,979,000, compared to a loss of RMB 3,790,000 in the previous year, reflecting an increase in loss of 5%[14] - The basic and diluted loss per share for the period was RMB (1.61), compared to RMB (1.54) in the prior year, indicating a worsening in per-share performance[14] - The total comprehensive income for the six months ended June 30, 2024, was RMB (3,708,000), compared to RMB (3,733,000) for the same period in 2023, showing a slight improvement[17] - The company reported a net loss of approximately RMB 4.0 million for the review period, compared to a net loss of RMB 3.8 million in the same period last year[40] Assets and Liabilities - Total assets decreased to RMB 16,291,000 as of June 30, 2024, down from RMB 21,234,000 at the end of 2023, representing a decline of 23.3%[16] - The company's net asset value dropped to RMB 7,529,000 from RMB 11,237,000, a decrease of 32.8%[16] - Current liabilities were RMB 4,614,000, slightly down from RMB 4,748,000 at the end of 2023, indicating a stable short-term financial position[16] - As of June 30, 2024, the total equity attributable to owners decreased to RMB 16,658,000 from RMB 20,391,000 as of January 1, 2023, reflecting a decline of approximately 18.5%[17] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was RMB (650,000), an improvement from RMB (1,787,000) in the same period of 2023[18] - The cash and cash equivalents at the end of the period decreased to RMB 4,784,000 from RMB 6,384,000 at the beginning of the period, representing a reduction of approximately 25%[18] - The net cash from investing activities for the six months ended June 30, 2024, was RMB 63,000, a decrease from RMB 212,000 in the same period of 2023[18] - The net cash used in financing activities increased to RMB (1,284,000) for the six months ended June 30, 2024, compared to RMB (142,000) in the same period of 2023, indicating a significant increase in financing outflows[18] Revenue Sources - Revenue from real estate consulting and sales agency services for the six months ended June 30, 2024, was RMB 1,146,000, a significant decrease from RMB 7,630,000 in the same period of 2023[23] - The company’s revenue from comprehensive real estate consulting and sales agency services decreased to RMB 1.1 million, down from RMB 7.6 million in the previous year[43] - The company had no ongoing projects in its pure real estate planning consulting business, resulting in no recorded revenue for this segment during the review period[44] Market Conditions - The real estate market in China has been under significant downward pressure, with real estate development investment declining by 10.1% year-on-year from January to June 2024[38] - The sales area of new residential properties dropped by 19.0% year-on-year, totaling 47.916 million square meters, with residential sales area declining even more sharply by 21.9%[38] - The unsold inventory of commercial housing increased by 15.2% year-on-year, reaching an unprecedented high, indicating a clear oversupply in the market[38] - In Nantong, the sales area of new homes in the first half of 2024 was only 872,100 square meters, down 18.59% year-on-year, with a shocking inventory of 2.605 million square meters[39] - In Yancheng, the new home transaction volume was only 25,670 square meters, with a broad inventory of 1.381 million square meters and a depletion cycle of 354 months[39] Management and Governance - The company did not provide specific guidance for future performance or new product developments in the current report[14] - The company did not recommend any interim dividend for the review period, consistent with the previous year[28] - The company has complied with the corporate governance code during the review period, except for the separation of the roles of Chairman and CEO[74] - The audit committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ending June 30, 2024, with no objections to the accounting treatments used[77] Shareholder Information - As of June 30, 2024, the total number of issued shares of the company is 246,183,390[60] - Mr. Jiang holds 89,659,979 shares, representing 36.42% of the company's total shares[57] - Ms. Lin holds 43,722,460 shares, representing 17.76% of the company's total shares[58] - The company has granted stock options totaling 4,200,000 shares to Mr. Jiang and Ms. Zhang as part of its stock option plan[59] - The company has granted stock options totaling 1,500,000 shares to Mr. Han as part of its stock option plan[60] Employee Costs - The group recorded employee costs of approximately RMB 1.4 million for the six months ended June 30, 2024, down from RMB 2.7 million for the same period last year[56]
富阳(00352) - 2024 - 中期财报