香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 獨立非執行董事辭任 及 暫未能符合上市規則 獨立非執行董事辭任 暫未能符合上市規則 董事會注意到，於上述董事辭任後，董事會的組成包括兩名執行董事及兩名獨立非執 行董事。因此，獨立非執行董事人數及董事會轄下審核委員會、薪酬委員會及 提名委 員會的成員人數低於香港聯合交易所有限公司證券上市規則（「上市規則」） 第 3.10 條、 第 3.21 條、第 3.25 條及第 3.27A 條所規定的最低人數。 董事會現正物色合適人選以填補空缺，並 將確保：(i)委任多一名獨立非執行董事；(ii) 盡快於本公告日期後三個月內對董事委員會的組成作出適當變動，以確保符合上述上 市規則的規定。本公司將於適當 時候作出進一步公告。 承董事會命 匯森股份集團有限公司 主席 吳潤陸 香港，2025 年 3 月 18 日 於本公告日期，董事會包括執行董事吳潤陸先生及曾明蘭女士；及獨立非執行董事劉 炯先生及馮昭威先生。 匯森股份集團有 ...

Financial Performance - The group's revenue for the twelve months ending December 31, 2024, was approximately RMB 1.01 billion, a decrease of about 72.3% compared to approximately RMB 3.64 billion for the twelve months ending December 31, 2023[3]. - The loss for the twelve months ending December 31, 2024, was approximately RMB 1,682.5 million, a significant decrease of about 928.79% compared to a profit of approximately RMB 203.0 million for the twelve months ending December 31, 2023[3]. - The basic and diluted loss per share for the twelve months ending December 31, 2024, was RMB 0.46, compared to a basic and diluted earnings per share of RMB 0.07 for the twelve months ending December 31, 2023[3]. - The group reported a gross loss of RMB 200.22 million for the twelve months ending December 31, 2024, compared to a gross profit of RMB 483.31 million for the same period in 2023[5]. - The company reported a net loss of RMB 168.25 million, a significant increase of 928.79% compared to the same period in 2023[53]. - The company's profit before tax for the year ending December 31, 2024, was RMB (1,680,105) thousand, compared to RMB 249,345 thousand for 2023, indicating a significant decline in profitability[30]. Assets and Liabilities - The total assets as of December 31, 2024, were RMB 4.90 billion, down from RMB 6.63 billion as of December 31, 2023[6]. - The net current assets as of December 31, 2024, were RMB 576.15 million, a decrease from RMB 1.97 billion as of December 31, 2023[6]. - The total liabilities as of December 31, 2024, were RMB 1.17 billion, compared to RMB 1.27 billion as of December 31, 2023[6]. - The company's equity attributable to owners as of December 31, 2024, was RMB 3.62 billion, down from RMB 5.25 billion as of December 31, 2023[7]. - The company's total inventory as of December 31, 2024, was RMB 527,267 thousand, a decrease from RMB 877,757 thousand in 2023[39]. - Trade receivables as of December 31, 2024, amounted to RMB 906,602 thousand, down from RMB 1,586,313 thousand in 2023, indicating improved collection or reduced sales[40]. - The company's trade payables decreased to RMB 155,018 thousand as of December 31, 2024, from RMB 434,071 thousand in 2023, suggesting improved cash flow management[44]. Revenue Breakdown - Revenue from external customers for the year ended December 31, 2024, was RMB 1,008,525 thousand, a decrease of 72.3% compared to RMB 3,640,712 thousand for the year ended December 31, 2023[17]. - The revenue breakdown by product for the year ended December 31, 2024, included RMB 717,399 thousand from panel furniture, RMB 231,486 thousand from soft furniture, and RMB 10,354 thousand from sports and custom furniture[21]. - Revenue from the United States for the year ended December 31, 2024, was RMB 460,776 thousand, a decrease of 80.1% from RMB 2,290,770 thousand in 2023[17]. - Sales to the United States accounted for 45.7% of total revenue in 2024, down from 62.9% in 2023, representing a decline of 17% in market share[59]. - Revenue from the top five customers totaled RMB 640.4 million, which is 63.5% of total sales, a decrease of approximately 8.1% from the previous year[61]. Expenses and Costs - The distribution and selling expenses increased to RMB 286.21 million for the twelve months ending December 31, 2024, compared to RMB 73.66 million for the same period in 2023[5]. - Research and development costs for the year ended December 31, 2024, were RMB 68,253 thousand, a decrease of 55.3% compared to RMB 152,602 thousand in 2023[24]. - The cost of materials consumed decreased by 64.9% to RMB 921.3 million in 2024 from RMB 2,626.5 million in 2023, primarily due to reduced furniture sales[65]. - The total sales cost decreased by 61.7% to RMB 1,208.7 million in 2024 from RMB 3,157.4 million in 2023, attributed to lower sales volume and reduced material costs[65]. Cash Flow and Liquidity - The group reported a net cash outflow from operating activities of RMB 327.4 million for the year ended December 31, 2024, compared to an outflow of RMB 93.7 million in 2023, indicating a worsening cash flow situation[67]. - As of December 31, 2024, the group had cash and bank balances of approximately RMB 5.59 million, indicating a tight liquidity position[67]. - The company’s cash and bank balances significantly decreased to RMB 45,468 thousand as of June 30, 2024, from RMB 463,355 thousand as of December 31, 2023[104]. Corporate Governance and Future Plans - The company is committed to maintaining high standards of corporate governance and has adopted the corporate governance code as per listing rules[94]. - The company plans to continue expanding markets outside the U.S. and strengthen its ODM capabilities to enhance market share and long-term business development[81]. - The group plans to enhance its core competitiveness by closely monitoring market conditions and taking necessary measures to improve operational performance[50].

本公告由匯森股份集團有限公司（「本公司」）依據香港聯合交易所有限公司證券上市規則 （「上市規則」）第 13.19 條及 13.09 條及證券及期貨條例（香港法例第 571 章）第 XIVA 部項下的內幕消息（定義見上市規則）。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全 部或任何部份內容而產生 或因依賴該等內容而引致的任何損失承擔任何責任。 跟據上市規則第 13.19 條作出披露 和 內幕消息 贛州富家利商貿有限公司提出仲裁 2023 年 7 月 10 日，匯森傢俱（龍南）有限公司作為借款人（「匯森傢俱」）與贛州富佳 麗貿易有限公司作為貸款人（「贛州富佳麗」）訂立貸款協議（經日期為 2024 年 1 月 3 日 的延期補充協議），據此，匯森家俱同意人民幣 5 億元的貸款將於 2024 年 6 月 9 日償還。據 此，Pure Cypress Limited 及曾明先生（統稱「擔保人」）為匯森家俱的還款提供擔保。部 份貸款人民幣 1.54 億元已于 2024 年 6 月 10 日前償還。 2024 年 6 月 10 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準 確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全 部或任何部份內容而產生 或因依賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 匯森家居國際集團有限公司（「本公司」及其附屬公司，統稱「本集團」）董事會（「董事 會」） 兹通告謹定於 2025 年 2 月 28 日（星期五）舉行董事會會議，以考慮及通過（包括其 他事項）， 本集團截至二零二四年十二月三十一日止的十二個月第二次中期業績。 承董事會命 匯森股份集團有限公司 主 席 吳潤陸 香港，2025 年 2 月 5 日 於本公告日期，董事會包括執行董事吳潤陸先生及曾明蘭女士；及獨立非執行董事顏麗 瓊女士、劉炯先生及馮昭威先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全 部 或 任 何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Huisen Shares Group Limited 匯森股份集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2127） 更改財政年度結算日 本 公 告 由 匯 森 股 份 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）根 據 香港聯合交易所有限公司證券上市規則第13.51(4)條作出。 更改財政年度結算日 本 公 司 董 事（「董 事」）會（「董事會」）決 議 將 本 公 司 的 財 政 年 度 結 算 日 由12月31日 更 改為6月30日，即時生效。因此，本公司下一個財政年度結算日將為2025年6月30日， 而本集團下一份將刊發之經審核財務報表將涵蓋自2024年1月1日起至2025年6月 30日止十八個月期間。 作出更改之理由 董事會認為，將財政年度結算日更改為6月30日可令本集團更合理及 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 對 因 本 公 告 全 部 或 任 何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Huisen Shares Group Limited 匯森股份集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2127） 核數師辭任 本 公 告 由 匯 森 股 份 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司，統 稱 為「本集團」）根 據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.51(4)條作出。 本公司董事會謹此宣佈，中匯安達會計師事務所有限公司已提呈辭任本公司核數師， 自2024年11月29日起生效。 下文概述中匯安達會計師事務所有限公司於其日期為2024年11月29日的辭任函（「辭 任 函」）中 所 述 導 致 其 辭 任 的 因 素： 中 匯 安 達 會 計 師 事 務 所 有 限 公 司 已 確 認，截 至 辭 任 函 日 期，除 辭 任 函 中 所 披 露 的 情 況 ...

Huisen Shares Group Limited 匯森股份集團有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：2127） 龍南發展公司提起民事調解 本 公 司 亦 注 意 到，龍 南 經 濟 技 術 開 發 區 建 設 投 資 有 限 公 司（「龍南發展公司」）（作 為 原告）針對若干被告提起總金額為人民幣119百萬元的民事調解，被告包括但不限於(1) 曾 明 先 生；(2)曾明蘭 女 士；及(3)本集團若干附屬公司，包括匯森傢俱、匯森明達及 匯 森 智 能 家 居。由 於 曾 明 先 生 及 匯 森 傢 俱 未 能 結 清 索 賠 款 項，曾 明 蘭 女 士 須 承 擔 作為擔保人的還款義務。調解結果為最終結果且不得進行任何進一步上訴。 於本公告日期，江西省龍南市人民法院並無作出強制執行令。 針對本集團若干附屬公司之民事調解及執 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 Huisen Shares Group Limited 匯森股份集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2127） 委 任控股公司之聯合清盤人 本 公 告 乃 由 匯 森 股 份 集 團 有 限 公 司（「本公司」）根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規 則」）第13.25(1)(b)條 作出。 本 公 司 獲 悉，於2024年10月18日，Colin Wilson先生及Jocelyn Chi女士已根據英屬處 女群島的Eastern Caribbean Supreme Court日期為2024年10月8日的命令獲委任為淳柏 有 限 公 司（「淳 柏」）的 聯 合 清 盤 人。 就本公司所深 知 及 確 信，淳 柏 為 本 公 司 之 前 控 股 公 司（定 義 見 上 市 規 則 ...

Revenue and Financial Performance - Revenue for the reporting period was RMB 840 million, a decrease of 43.6% compared to the same period in 2023, with a net loss of RMB 380 million, a decrease of 336.3% year-on-year[7] - Total revenue from all product categories was RMB 836.6 million, with a gross margin of -22.1%, reflecting a 43.6% decline compared to the same period in 2023[8] - Revenue for the first half of 2024 decreased to RMB 836.569 million, a significant drop from RMB 1,482.052 million in the same period of 2023[58] - Gross loss for the first half of 2024 was RMB 184.956 million, compared to a gross profit of RMB 195.906 million in 2023[58] - Net loss attributable to the company's owners for the first half of 2024 was RMB 404.684 million, compared to a profit of RMB 161.328 million in 2023[58] - Total revenue from external customers fell to RMB 836.569 million in 2024 from RMB 1.482 billion in 2023[78] - The company's pre-tax profit for the six months ended June 30, 2024, was RMB -380.133 million, compared to RMB 183.716 million in the same period last year[89] - The company's basic and diluted earnings per share for the six months ended June 30, 2024, were RMB -0.11, compared to RMB 0.053 in the same period last year[92] Product Sales and Revenue Breakdown - ODM product sales accounted for over 80% of total sales during the reporting period, maintaining a consistent high proportion over the years[5] - Panel furniture revenue decreased by 52.6% to RMB 666.6 million, with a negative gross margin of 24.3%, primarily due to reduced demand from overseas markets like the US[8][9] - Soft furniture revenue increased by 289.6% to RMB 147.5 million, but gross margin declined to -17.2% due to lower average selling prices[8][10] - Revenue from sports furniture (e.g., ping pong tables, billiard tables) decreased by 73.1% to RMB 10.4 million due to reduced orders and lower product prices[12] - Revenue from panel furniture decreased to RMB 666.579 million in 2024 from RMB 1.405 billion in 2023[82] - Revenue from soft furniture increased to RMB 147.461 million in 2024 from RMB 37.846 million in 2023[82] - Revenue from sports furniture declined to RMB 10.353 million in 2024 from RMB 38.554 million in 2023[82] - Revenue from IT solution services was RMB 12.173 million in 2024, a new addition compared to no revenue in 2023[82] Market and Geographic Revenue - Total revenue from the US market decreased by 52.1% to RMB 425.5 million, with its share of total revenue dropping from 59.9% to 50.9%[12] - Revenue from external customers in the United States decreased to RMB 425.509 million in 2024 from RMB 887.552 million in 2023, a significant decline[78] - Revenue from China dropped to RMB 69.804 million in 2024 from RMB 99.993 million in 2023[78] Costs and Expenses - Total sales cost decreased by 20.6% to RMB 1.02 billion, primarily due to reduced material costs and the elimination of outsourcing fees[18] - Bank and other borrowing interest expenses increased to RMB 17.187 million in 2024 from RMB 9.601 million in 2023[84] - Depreciation expenses for property, plant, and equipment rose to RMB 83.211 million in 2024 from RMB 59.175 million in 2023[84] - R&D costs increased to RMB 44.590 million in 2024 from RMB 27.576 million in 2023[84] - Depreciation of property, plant, and equipment increased to RMB 83,211 thousand in 2024 from RMB 59,175 thousand in 2023[66] Cash Flow and Financial Position - Operating cash flow before working capital changes showed a loss of RMB 203.7 million, a 193% decline compared to the previous year's profit of RMB 219.1 million[21] - Cash and bank balances as of June 30, 2024, amounted to approximately RMB 45.5 million[23] - Trade receivables (net of impairment provisions) as of June 30, 2024, stood at approximately RMB 1,206.6 million, with impairment provisions of RMB 0.6 million during the reporting period[24] - Total assets decreased to RMB 5,931.803 million as of June 30, 2024, from RMB 6,634.296 million at the end of 2023[61] - Cash and bank balances dropped significantly to RMB 45.468 million as of June 30, 2024, from RMB 463.355 million at the end of 2023[61] - Trade receivables decreased to RMB 1,206.597 million as of June 30, 2024, from RMB 1,526.525 million at the end of 2023[61] - Total liabilities decreased to RMB 1,007.645 million as of June 30, 2024, from RMB 1,379.715 million at the end of 2023[61][62] - Operating cash flow for the six months ended June 30, 2024, was a net outflow of RMB 286,648 thousand, compared to a net outflow of RMB 218,879 thousand in the same period in 2023[66] - Investment activities resulted in a net cash outflow of RMB 82,723 thousand in 2024, compared to a net cash outflow of RMB 332,893 thousand in 2023[68] - Cash and cash equivalents decreased by RMB 417,887 thousand in 2024, compared to a decrease of RMB 581,224 thousand in 2023[68] - The company's cash and bank balances stood at RMB 45,468 thousand as of June 30, 2024, down from RMB 924,584 thousand as of June 30, 2023[68] - The company repaid borrowings of RMB 450,047 thousand in 2024, compared to RMB 80,784 thousand in 2023[68] Capital and Share Issuance - Net proceeds from the global offering amounted to approximately HKD 1,280.69 million, with an additional HKD 121.06 million from the partial exercise of the over-allotment option[30] - The company fully utilized the net proceeds from the global offering, with 45.4% allocated to establishing new production workshops and 33.0% to the second phase of the factory in Ganzhou, Jiangxi[30] - The company successfully placed 306,910,000 shares at HKD 0.13 per share, raising a net amount of HKD 39.3 million, which will be fully utilized for purchasing raw materials (e.g., timber) for ODM product manufacturing[32] - The company completed a subscription of 306,908,000 shares at HKD 0.135 per share, raising a net amount of HKD 40.8 million, also allocated for purchasing raw materials for ODM product manufacturing[34] - As of June 30, 2024, the company had fully utilized the HKD 39.3 million raised from the placement for raw material purchases[32] - As of June 30, 2024, the company had fully utilized the HKD 40.8 million raised from the subscription for raw material purchases[34] - The company issued new shares worth RMB 72.734 million during the first half of 2024[64] - The company issued and fully paid 3,682,908 thousand ordinary shares with a par value of HKD 0.1 per share as of June 30, 2024[112] Shareholder and Ownership Structure - Mr. Zeng Ming, a director, holds a 55.55% interest in the company through controlled corporate interests, representing 2,045,750,000 shares[36] - Chun Bai Limited, wholly owned by Mr. Zeng Ming, holds 2,045,750,000 shares, representing 55.55% of the issued shares[39] - Yggles World Pte. Ltd. holds 306,910,000 shares, representing 8.33% of the issued shares[39] - Kwok Property Pte. Ltd. holds 306,910,000 shares, representing 8.33% of the issued shares[39] - The company adopted a share option plan on December 2, 2020, allowing eligible participants including suppliers, customers, shareholders, and consultants to participate[42] - As of June 30, 2024, the total number of share options granted but not yet exercised under the plan was 214,836,300, with an exercise price of HKD 1.878 per share[47] - The total number of share options available for grant under the plan at the beginning and end of the reporting period was 85,163,700[50] - All 214,836,300 share options granted to external consultants were canceled during the period ending June 30, 2024[113] Operational and Strategic Developments - The company completed the main structure construction of a new production facility in Longnan and is progressing with internal decoration and equipment procurement[5] - The company is advancing the second phase of its Ganzhou Nankang factory and has made progress in smart home R&D, with patent applications underway[5] - The company plans to expand markets outside the U.S., strengthen ODM capabilities, and increase market share in the second half of 2024[28] - The company's capital expenditure on property, plant, and equipment for the six months ended June 30, 2024, was RMB 212.5425 million, a decrease from RMB 335.434 million in the same period last year[94] - The company's inventory as of June 30, 2024, was RMB 921.983 million, an increase from RMB 877.757 million as of December 31, 2023[98] - The company's trade receivables as of June 30, 2024, were RMB 1.206597 billion, a decrease from RMB 1.526625 billion as of December 31, 2023[100] - The company's subsidiaries in China benefit from a preferential corporate income tax rate of 15% due to their location in the Western Development Zone and their status as high-tech enterprises[89] - The company's right-of-use assets as of June 30, 2024, were RMB 53.667 million, a decrease from RMB 55.05 million as of December 31, 2023[95] - The company's lease liabilities as of June 30, 2024, were RMB 2.418 million, a decrease from RMB 3.255 million as of December 31, 2023[98] - Prepayments increased significantly to RMB 57,869 thousand as of June 30, 2024, compared to RMB 4,017 thousand as of December 31, 2023[102] - Recoverable VAT increased to RMB 279,117 thousand as of June 30, 2024, from RMB 243,336 thousand as of December 31, 2023[102] - Trade payables decreased to RMB 201,869 thousand as of June 30, 2024, from RMB 263,071 thousand as of December 31, 2023[106] - Bank loans due within one year decreased to RMB 631,160 thousand as of June 30, 2024, from RMB 733,596 thousand as of December 31, 2023[109] - Total borrowings decreased to RMB 720,410 thousand as of June 30, 2024, from RMB 823,596 thousand as of December 31, 2023[109] - Other payables and accrued expenses decreased to RMB 4,000 thousand as of June 30, 2024, from RMB 35,456 thousand as of December 31, 2023[107] - Accrued expenses decreased to RMB 23,443 thousand as of June 30, 2024, from RMB 39,595 thousand as of December 31, 2023[107] - Other payable taxes decreased to RMB 6,862 thousand as of June 30, 2024, from RMB 8,906 thousand as of December 31, 2023[107] Corporate Governance and Compliance - The company maintains a public float of not less than 25% as required by the listing rules[53] - The audit committee reviewed the interim financial statements and found no disagreements with management[56] - The company's registered office is located in the Cayman Islands, and its primary business location is in Longnan Economic and Technological Development Zone, Jiangxi Province, China[70] Miscellaneous - The company's property and equipment with a book value of approximately RMB 562.23 million were used as collateral for bank loans as of June 30, 2024[24] - The company had no significant capital commitments or contingent liabilities as of June 30, 2024[24] - The company did not hedge foreign exchange risks during the reporting period, with most revenues settled in USD, exposing it to potential currency depreciation impacts[25] - The company employed 3,470 staff as of June 30, 2024, with total employee costs of approximately RMB 118.0 million[27] - No interim dividend was recommended for the reporting period[28] - The company sold a subsidiary, resulting in a reduction of RMB 22.731 million in equity[64] - The company acquired intangible assets and prepayments for property, plant, and equipment amounting to RMB 31,848 thousand in 2024, compared to RMB 745,568 thousand in 2023[68]

Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately RMB 840 million, a decrease of about 43.6% compared to RMB 1.48 billion for the same period in 2023[1]. - The loss for the six months ended June 30, 2024, was approximately RMB 380.4 million, a decline of about 336.3% compared to a profit of RMB 161 million for the same period in 2023[1]. - Basic and diluted loss per share for the six months ended June 30, 2024, was RMB 0.11, compared to a basic and diluted earnings per share of RMB 0.05 for the same period in 2023[1]. - Gross profit for the six months ended June 30, 2024, was a loss of RMB 184.96 million, compared to a gross profit of RMB 195.91 million for the same period in 2023[3]. - The operating profit before tax for the six months ended June 30, 2024, was a loss of RMB 380,133,000, compared to a profit of RMB 183,716,000 for the same period in 2023[25]. - The company reported a basic and diluted loss per share of RMB (11.0) for the six months ended June 30, 2024, compared to a profit of RMB 5.3 for the same period in 2023[27]. - The group's revenue for the reporting period was RMB 840 million, a decrease of 43.6% compared to the same period in 2023, with a net loss of RMB 380 million, a reduction of 336.3%[46]. - Total revenue for the six months ended June 30, 2024, was RMB 809.80 million, a decline of 45.0% compared to RMB 1,471.27 million in the prior year[55]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 5.93 billion, down from RMB 6.63 billion as of December 31, 2023[4]. - Current assets as of June 30, 2024, totaled RMB 2.51 billion, a decrease from RMB 3.24 billion as of December 31, 2023[4]. - The company's cash and bank balances as of June 30, 2024, were RMB 45.47 million, significantly reduced from RMB 463.36 million as of December 31, 2023[4]. - The company's non-current liabilities totaled RMB 100.58 million as of June 30, 2024, down from RMB 108.81 million as of December 31, 2023[5]. - The company's equity attributable to owners was RMB 4.92 billion as of June 30, 2024, compared to RMB 5.25 billion as of December 31, 2023[5]. - The company reported a significant decrease in trade receivables, which were RMB 1.21 billion as of June 30, 2024, down from RMB 1.53 billion as of December 31, 2023[4]. - Trade receivables as of June 30, 2024, amounted to RMB 1,265,723 million, down from RMB 1,586,313 million as of December 31, 2023, indicating a decline of about 20.2%[34]. - The total borrowings as of June 30, 2024, were RMB 720,410 million, down from RMB 823,596 million as of December 31, 2023, representing a decrease of approximately 12.5%[39]. Revenue Breakdown - Revenue from the United States was RMB 425,509 thousand, down 52.0% from RMB 887,552 thousand in the previous year[13]. - Revenue from the furniture segment was RMB 666,579 thousand, representing a decline of 52.5% from RMB 1,405,459 thousand in the same period last year[17]. - The company reported a new revenue stream of RMB 12,173 thousand from IT solutions services, which was not present in the previous year[17]. - ODM product sales accounted for over 80% of total sales during the reporting period, highlighting the group's strong design capabilities[46]. - The revenue from the U.S. market decreased by 52.1%, contributing 50.9% to total sales, down from 59.9% in the same period last year[51]. - The revenue from soft furniture increased by approximately 289.6% during the reporting period[49]. - ODM sales for the six months ended June 30, 2024, were RMB 740.15 million, accounting for 91.4% of total sales, a decrease of 39.5% from RMB 1,223.44 million in the same period of 2023[55]. - OEM sales for the same period were RMB 69.65 million, representing 8.6% of total sales, down 71.9% from RMB 247.83 million year-over-year[55]. Expenses and Costs - The company incurred research and development costs of RMB 44,590,000 for the six months ended June 30, 2024, compared to RMB 27,576,000 for the same period in 2023[20]. - The interest expense on bank and other borrowings was RMB 17,187,000 for the six months ended June 30, 2024, compared to RMB 9,601,000 for the same period in 2023[6]. - The income tax expense for the six months ended June 30, 2024, was RMB 292,000, significantly lower than RMB 22,757,000 for the same period in 2023[25]. - The company reported a total depreciation expense of RMB 94,701,000 for the six months ended June 30, 2024, compared to RMB 63,143,000 for the same period in 2023[20]. - Total expenses for property, plant, and equipment during the reporting period amounted to RMB 212,542,500, compared to RMB 335,434,000 for the six months ended December 31, 2023[29]. - Cost of materials consumed decreased by 21.6% to RMB 853.52 million from RMB 1,088.71 million in the previous year[57]. - Total sales costs fell by 20.6% to RMB 1,021.53 million from RMB 1,286.15 million year-over-year[57]. Market and Strategic Outlook - The company remains optimistic about the industry despite global economic downturns and continues to invest in R&D for better future planning[44]. - The ongoing trade tariffs between China and the U.S. continue to impact the company's profits, highlighting the need for strategic adjustments[44]. - The company has noted a decrease in domestic economic growth and consumer spending willingness, which may affect future performance[44]. - The company plans to enhance its market strategies and product development in response to the current economic challenges[44]. - The company expects the real estate market to stabilize and the furniture market to rebound in the second half of 2024, creating a favorable external environment[75]. - The group is actively expanding sales to mainland China and other regions to reduce reliance on the U.S. market[51]. - The company aims to continuously strengthen its ODM capabilities and expand its market share[75]. Corporate Governance and Management Changes - The financial statements are prepared in accordance with Hong Kong Accounting Standards and are unaudited[10]. - The company has not adopted any new accounting standards that would have a significant impact on its financial policies[10]. - The company has not declared any interim dividend for the six months ended June 30, 2024[26]. - The company does not recommend declaring any interim dividends for the reporting period, with no dividends declared as of June 30, 2023[76]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim performance without any dissenting opinions[89]. - The company has adopted corporate governance practices in compliance with the corporate governance code[84]. - The resignation of the executive director, Mr. Zeng Ming, will take effect on August 30, 2024, to allow him to focus on his professional development[91]. - Mr. Wu Runlu has been appointed as the chairman of the board effective August 30, 2024, to fill the vacancy left by Mr. Zeng's resignation[92].