Core Insights - Urban Beauty, known as "China's first lingerie stock," reported a revenue of 3.01 billion yuan for 2024, marking a year-on-year increase of 9.18% and a net profit of 126 million yuan, up 196.96% [2][4] Revenue Breakdown - The revenue growth was significantly driven by over 300 million yuan from the sale of properties, while the core business of intimate apparel saw a slight decline in sales [2][5] - The main business, intimate apparel, generated 2.555 billion yuan, a slight decrease from 2.643 billion yuan the previous year [4][5] - Non-core business revenues included 132 million yuan from logistics and 323 million yuan from industrial project sales [4] Store Expansion and Strategy - Urban Beauty opened 850 new stores in 2024, bringing the total to over 4,500, with plans to exceed 5,000 stores by the end of the year [2][8] - The company is focusing on a "strong county in major provinces" strategy, targeting six populous provinces for store openings [9][10] E-commerce and Market Share - The company reported that its e-commerce gross merchandise volume (GMV) exceeded 1.5 billion yuan, with a year-on-year growth of over 100% [5] - A shift in e-commerce strategy has occurred, moving from self-operated to partnerships with large merchants, which is expected to drive further growth [5] Operational Adjustments - Urban Beauty has adjusted its ordering system from a futures model to a spot model, allowing for better inventory management and increased profitability for franchisees [10] - The company aims to enhance store efficiency and ensure sustainable growth for franchisees, with a focus on improving the overall health of the franchise network [10]

Core Viewpoint - The company, Urban Beauty (02298), reported unexpectedly strong financial results amidst a challenging macroeconomic environment, showcasing its robust recovery in profitability and significant growth in e-commerce sales [1][2]. Financial Performance - In 2024, Urban Beauty achieved revenue of RMB 3.01 billion, a year-on-year increase of 9.18% [1] - The profit attributable to the company's owners reached RMB 126 million, reflecting a remarkable year-on-year growth of 196.96% [1]. E-commerce Growth - The company's e-commerce GMV surpassed RMB 1.5 billion, with a year-on-year growth exceeding 100% [1] - The innovative "joint venture e-commerce" model has effectively reduced channel costs and improved overall business gross margins [1]. Store Expansion Strategy - Urban Beauty opened 850 new stores, bringing the total to over 4,500, focusing on third and fourth-tier cities and county markets [2] - The company aims to enhance its market share in key provinces such as Henan, Shandong, and Sichuan through a "strong county" strategy [2]. International Expansion - The company is exploring cross-border e-commerce opportunities in Southeast Asia rather than opening physical stores abroad [3]. R&D and Product Innovation - Urban Beauty has accumulated 561 patents, focusing on innovative products like invisible bras and lightweight down jackets [3]. - The brand positions itself as "good yet affordable," integrating deeply with sports and entertainment sectors for enhanced brand recognition [3]. Marketing and Supply Chain Optimization - The company has optimized its supply chain management, introducing flexible ordering and rapid replenishment systems, leading to a 200% year-on-year increase in instant sales [4]. - Urban Beauty's marketing strategy includes extensive high-speed rail media coverage across over 29 provinces and 160 cities [4]. Future Revenue Streams - The industrial park project completed in 2024 is expected to contribute to revenue in 2025, enhancing profitability and cash flow [5]. Shareholder Returns - Urban Beauty has shown commitment to shareholder returns with a total dividend payout of HKD 11.24 million, maintaining a dividend payout ratio of approximately 30% since the pandemic [5].

Group 1 - The core viewpoint of the article highlights the significant growth in revenue and profit for the company, with a revenue of 3.01 billion yuan in 2024, representing a 9.18% increase year-on-year, and a net profit attributable to shareholders of 126 million yuan, up 196.96% [2] - The company's revenue growth is primarily attributed to the expansion of its e-commerce business, which has significantly improved its market share in China [2] - The company has made strides in brand building, product development, channel expansion, and supply chain management, contributing to overall performance improvement [2] Group 2 - The company reported that its e-commerce GMV exceeded 1.5 billion yuan, with a year-on-year growth of over 100% [2] - The company opened more than 850 new stores, bringing the total to over 4,500, with the number of pure cotton home brand stores exceeding 100 for the first time [2] - The company has accumulated 561 patents as of 2024, including products like soft size invisible underwear and black gold lightweight down clothing [2] Group 3 - The company optimized its supply chain management by introducing a flexible ordering system and rapid replenishment mechanism, effectively reducing inventory risk and improving cash flow turnover efficiency [3] - Instant sales for the company grew by over 200% year-on-year in 2024, addressing consumer demand for quick shopping [3] - The company plans to continue deepening its presence in the Chinese market, particularly in shopping centers and e-commerce channels, with expectations of doubling the number of pure cotton home brand stores and performance by the end of 2025 [3]

Core Viewpoint - Urban People, known as the "first stock in underwear," demonstrated strong market competitiveness and vitality by achieving impressive financial results in 2024 despite a challenging macroeconomic environment [1][3]. Financial Performance - In 2024, Urban People reported revenue of RMB 3.01 billion, representing a year-on-year growth of 9.18% [1]. - The company's profit attributable to shareholders reached RMB 126 million, a significant increase of 196.91% compared to the previous year [1]. - The total dividend payout for the year amounted to HKD 11.247 million, with a dividend per share of HKD 0.5, reflecting a dividend payout ratio of approximately 30% [1]. Operational Excellence - Urban People enhanced its online market share by strengthening partnerships with online affiliates, achieving an e-commerce GMV exceeding RMB 1.5 billion, which is over 100% growth year-on-year [3]. - The company opened more than 850 new stores, bringing the total to over 4,500, with the number of pure cotton home brand stores exceeding 100 for the first time [3]. - Urban People has maintained its position as the leading national underwear brand in terms of sales for seven consecutive years from 2017 to 2023 [3]. Product Innovation - The company has focused on its "good yet affordable" brand positioning, continuously launching new products that meet consumer needs, with a total of 561 patents as of 2024 [3]. - Notable products include the soft size invisible underwear and the black gold lightweight down clothing, which have gained widespread market recognition due to their unique design and technological advantages [3]. Brand Promotion - Urban People has actively integrated with sports and entertainment sectors, collaborating with the Chinese national synchronized swimming team and signing well-known celebrities as brand ambassadors [5]. - The company has utilized high-speed rail media to enhance brand recognition, covering over 29 provinces and more than 160 cities in China [5]. Supply Chain Management - Urban People optimized its supply chain management by introducing a flexible ordering system and rapid replenishment mechanisms, effectively reducing inventory risks and improving cash flow turnover efficiency [5]. - The company's instant retail business saw over 200% growth in 2024, catering to consumer demand for quick shopping experiences [5]. Future Outlook - Urban People plans to continue deepening its presence in the Chinese market, particularly in shopping centers and e-commerce channels, with expectations of doubling the number of pure cotton home brand stores and performance by the end of 2025 [5].

智通财经APP讯，都市丽人(02298)发布截至2024年12月31日止年度业绩，收入30.1亿元(人民币，下 同)，同比增加9.18%;股东应占溢利1.26亿元，同比增加196.96%;每股基本盈利5.8分;拟派发末期股息每 股0.5港仙。 线下街铺渠道仍然是都市丽人的主要优势渠道。2024年，在复杂的市场环境下，集团的店铺实现了逆势 净增长，进一步巩固了在线下渠道的优势。 此外，集团通过"纯棉居物"品牌实现了在购物中心渠道的突破。纯棉居物定位于中高端市场，致力于为 消费者提供"纯棉、健康、舒适"的产品，打造一站式的家庭购物体验，形成与主品牌都市丽人的差异化 定位。凭借精致的产品和良好的购物体验，纯棉居物获得了消费者的广泛认可，2024年业绩较2023年同 比增长约50%。同时，凭借优异的业绩和盈利能力，纯棉居物赢得了众多加盟客户的青睐，开店意愿积 极。预计到2025年，纯棉居物有望实现店铺数量和业绩的翻倍增长，成为集团业绩增长的强劲动力。 于2024年，与截至2023年12月31日止年度相比，集团的毛利率维持稳定于约45.7%(2023年：47.5%)，其 中与截至2023年12月31日止年度相比，贴身衣 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of RMB 3,010,130, an increase of 9.2% from RMB 2,757,081 in 2023[2] - The profit attributable to the owners of the company rose significantly to RMB 126,157, compared to RMB 42,483 in the previous year, marking a growth of 196.5%[2] - Basic earnings per share increased to RMB 5.8 from RMB 1.9, reflecting a growth of 205.3%[5] - The gross profit for the year was RMB 1,375,667, up from RMB 1,308,659, indicating a growth of 5.1%[4] - Operating profit surged to RMB 188,966, compared to RMB 66,605 in 2023, representing an increase of 184.5%[4] - The total comprehensive income for the year was RMB 113,763, a significant rise from RMB 34,501 in the previous year, showing an increase of 229.5%[4] - The adjusted profit before tax for the year 2024 was RMB 168,303 thousand, significantly higher than RMB 48,002 thousand in 2023, marking an increase of over 250%[23] - The company's profit attributable to shareholders for the year ended December 31, 2024, was approximately RMB 126.16 million, a significant increase of about 197% compared to approximately RMB 42.48 million for the year ended December 31, 2023[38] Assets and Liabilities - The company's total assets decreased to RMB 3,696,808 from RMB 3,815,517, a decline of 3.1%[6] - Total equity increased to RMB 2,021,363 thousand in 2024 from RMB 1,928,439 thousand in 2023, reflecting a growth of approximately 4.8%[8] - Total liabilities decreased to RMB 1,675,445 thousand in 2024 from RMB 1,887,078 thousand in 2023, representing a reduction of about 11.2%[8] - Current liabilities decreased to RMB 1,465,386 thousand in 2024 from RMB 1,481,477 thousand in 2023, showing a decline of approximately 1.1%[8] - Non-current liabilities also decreased to RMB 210,059 thousand in 2024 from RMB 405,601 thousand in 2023, a decrease of about 48.3%[8] - The total accounts receivable increased to RMB 401,417,000 in 2024 from RMB 330,202,000 in 2023, showing a growth of approximately 21.5%[34] - The net accounts receivable, after deducting impairment losses, was RMB 385,245,000 in 2024, compared to RMB 320,681,000 in 2023, representing a growth of about 20.1%[34] - Accounts payable as of December 31, 2024, totaled RMB 404.11 million, compared to RMB 296.82 million in 2023, indicating a significant increase in liabilities[37] Cash Flow and Financial Management - Cash and cash equivalents rose to RMB 537,764, compared to RMB 506,157, marking an increase of 6.3%[6] - The company reported a decrease in financial expenses, with bank loan interest expenses reduced to RMB 15,062 thousand in 2024 from RMB 24,662 thousand in 2023, a decline of approximately 38.7%[23] - The company's income tax expense for the year ended December 31, 2024, was RMB 52,946,000, compared to RMB 7,316,000 in 2023, indicating a significant increase[25] - The income tax expense increased to approximately RMB 52,946,000 for the year ended December 31, 2024, compared to RMB 7,316,000 in 2023, primarily due to sales and profits from industrial projects generating a land value-added tax expense of about RMB 33,704,000[56] - The company’s deferred tax liabilities decreased from RMB 27,854,000 in 2023 to RMB 12,677,000 in 2024, indicating improved tax management[25] Business Operations and Strategy - The company plans to continue allocating additional resources to its logistics services and industrial project development, reaffirming these as key business areas[10] - The company has reclassified its operational segments to focus on the design, marketing, and sales of fitted clothing products, as well as industrial projects and logistics services[16] - The company successfully expanded its e-commerce business in China, achieving a GMV of approximately RMB 1.1 billion from related e-commerce platforms[51] - The logistics revenue increased to RMB 132,481 thousand in 2024, compared to RMB 114,121 thousand in 2023, representing a growth of approximately 16.1%[22] - The company maintained a focus on long-term strategies, emphasizing brand building and operational efficiency in response to economic cycles[38] - The company plans to continue optimizing and innovating its business operations while focusing on creating value for shareholders and improving product quality for consumers[45] Market Performance and Brand Development - The total merchandise transaction value (GMV) for the e-commerce segment exceeded RMB 1.5 billion for the year ended December 31, 2024, representing a year-on-year growth of over 100% compared to the year ended December 31, 2023[44] - The "Pure Cotton Home Goods" brand achieved approximately 50% year-on-year growth in performance for 2024, with expectations for store count and performance to double by 2025[43] - The company launched a series of brand activities around the "National Underwear" positioning, significantly enhancing brand value and consumer recognition[39] - The "Soft Size Underwear" product line was well-received, characterized by comfort and innovative technology, contributing to strong consumer acceptance[41] - The company successfully executed a large-scale marketing campaign around the Paris Olympics, enhancing brand visibility on global landmarks[40] Employee and Governance - The group had approximately 2,200 full-time employees as of December 31, 2024, down from 2,600 in 2023, with compensation linked to individual performance and overall business results[62] - The company has adopted the Corporate Governance Code as per the Listing Rules, except for Rule C.2.1 regarding the separation of roles between the Chairman and CEO[70] - The Audit Committee consists of four independent non-executive directors, ensuring effective oversight of financial reporting and internal controls[71] - The company's auditor, Ernst & Young, confirmed that the financial statements for the year ending December 31, 2024, are consistent with the approved draft[72] Environmental and Social Responsibility - The group has committed to environmental sustainability through compliance with regulations and operational practices, as outlined in its environmental, social, and governance report[63]

Core Viewpoint - Urban Beauty, known as the "first stock in underwear," has released a positive profit forecast, expecting a profit attributable to shareholders of approximately 180% increase compared to 42.483 million yuan in 2023 [2] Financial Performance - For the fiscal year 2024, Urban Beauty's revenue is projected to grow primarily due to e-commerce partnerships, cost control, and industrial project development [4] - The e-commerce segment achieved a breakthrough with a total gross merchandise volume (GMV) of approximately 1.1 billion yuan in 2024 [4] - In the first half of 2024, Urban Beauty reported revenue of 1.514 billion yuan, a year-on-year increase of 10.74%, and a net profit of 82.398 million yuan, up 215% from 26.13 million yuan in the same period last year [4] - The main business of intimate apparel generated revenue of 1.295 billion yuan, accounting for 85.5% of total revenue, while logistics revenue was 47 million yuan and property sales from industrial projects amounted to 172 million yuan [4] - Sales revenue from intimate apparel slightly declined to 1.295 billion yuan compared to 1.319 billion yuan in the same period last year, primarily due to a decrease in e-commerce revenue [4] Strategic Initiatives - To address market competition, Urban Beauty is accelerating its digital transformation and actively expanding its e-commerce channels, leveraging resources from various platforms to enhance customer acquisition capabilities across over 4,000 offline stores [5] - In early 2022, Urban Beauty signed a strategic cooperation agreement with JD Technology for deep collaboration in digital transformation [5] - In 2023, Urban Beauty launched JD's "hourly delivery" service, creating a new business model for instant retail [5] - The company aims to enhance its core competitiveness through brand building, product innovation, channel optimization, and service improvement, striving for stable performance growth [6] - Recently, Urban Beauty announced actress Guli Nazha as its new brand ambassador and launched a customized lingerie product in collaboration with JD, utilizing live streaming to create a new retail scenario [6]

Core Viewpoint - Urban Beauty, in collaboration with actress Gulnazar, has launched exclusive new products on JD Fashion, including popular items like bras and loungewear, with promotional offers available for consumers [1][3]. Group 1: Product Launch and Promotions - Urban Beauty's new collection features Gulnazar's signature "弹弹衣" bras and Lenzing Modal loungewear sets, exclusively available on JD Fashion [1][3]. - The launch coincides with JD's Super Star Fan Day, offering discounts such as 50 off for purchases over 100 [1]. - A live broadcast event will take place at the Shenzhen Underwear Expo, showcasing more promotional offers [1]. Group 2: Product Features - The "弹弹衣" bras are designed with high elasticity and soft support, providing 3D shaping and breathability, suitable for hot summer days [3][4]. - The Lenzing Modal loungewear is upgraded for softness, breathability, and environmental friendliness, featuring a delicate touch and a stylish pastel color palette [4]. - Additional products include various bra styles catering to different body types, such as strapless bras, soft support bras, and loungewear made from 100% Xinjiang cotton [6][4]. Group 3: Shopping Experience - Consumers can enjoy a fast shopping experience with delivery times as quick as 9 minutes for popular new items [8]. - JD Fashion emphasizes the ease of selecting lightweight and comfortable spring and summer lingerie [8].

一新篇章也让这场国民级的双向选择在网络上掀起热潮与都市丽人同行从不是配角而是贡献中国品牌神话的直笔人当纽约摩登古巷里流淌着东方肌理的温润 当伦敦太吾寺和尚敲动着中国制造的智慧当澀谷十字路口对东方的暖誉宫国美学对世界的宣礼嗨 哪吒嗨 都市丽人都市丽人 国民内衣全球内衣的中国大案 主任总裁郑永南先生自新董事兼首席秘书官险春祥先生副总裁首席财务官提出蔡维生先生 在接下来的会议将分为两部分首先会由葛贵华理财人回顾我们的有情况及介绍的未来发展策略第二部分就是论坛环节现在先由秦政总统总结2024年业绩主点好 谢谢我们线上和线下的各位投资人和媒体朋友大家下午好 欢迎各位来到中世纪未来的电子跑步会那我先简单的介绍一下2024年全面财务的一些重要的一些方面第一点的话呢是我们在2024年我们整个的收入是人民币30.1亿那比2023年增长了百分之九个亿电商的基金会资本盘的话也是人民币15.7亿比2023年增长了百分之一百零八 本公司拥有横滨币,应当利润是横滨币等级261,比2023年增长197。 在今年我们刚刚过去的这个峰会中我们决定每一股的泰息将是0.5仙这个从疫情之后恢复泰息的一个关键的一个点那我们这个2024年我们主要做的事 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,514.45 million, an increase compared to RMB 1,367.63 million in the same period in 2023[4] - Net profit attributable to owners of the company for the six months ended June 30, 2024, was RMB 82.398 million, a significant increase of approximately 215% compared to RMB 26.129 million in the same period in 2023[5] - Gross profit margin remained stable at 47.5% in 2024, compared to 47.4% in 2023[4] - Basic earnings per share for the six months ended June 30, 2024, were RMB 3.8 cents, up from RMB 1.2 cents in the same period in 2023[4] - The company's net profit attributable to owners for the first half of 2024 was RMB 82.398 million, a 215% increase compared to the same period in 2023[10] - Revenue for the six months ended June 30, 2024, was RMB 1,514,450 thousand, a 10.7% increase compared to RMB 1,367,631 thousand in the same period of 2023[29] - Gross profit for the six months ended June 30, 2024, was RMB 718,899 thousand, an 11.0% increase compared to RMB 647,622 thousand in the same period of 2023[29] - Operating profit for the six months ended June 30, 2024, was RMB 123,833 thousand, a significant increase compared to RMB 36,144 thousand in the same period of 2023[29] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 82,398 thousand, a 215.3% increase compared to RMB 26,129 thousand in the same period of 2023[29] - Total revenue for the six months ended June 30, 2024, was RMB 1,514,450 thousand, a 10.7% increase compared to RMB 1,367,631 thousand in the same period of 2023[51][52] - Gross profit for the period was RMB 718,899 thousand, an 11.0% increase from RMB 647,622 thousand in 2023[51] - Profit before tax for the six months ended June 30, 2024, was RMB 115,311 thousand, a significant increase from RMB 33,008 thousand in 2023[51] - The company's profit attributable to owners for the six months ended June 30, 2024, was RMB 82,398 thousand, up from RMB 26,129 thousand in the same period in 2023[65] Product Innovation and Market Expansion - The company launched a new Soft Sizing Invisible Bra series in March 2024, which received positive market feedback[7] - The company partnered with the Chinese National Synchronized Swimming Team in March 2024, enhancing brand recognition and aligning with its national brand positioning[7] - The company celebrated its 26th anniversary and 10th anniversary of listing on the Hong Kong Stock Exchange in June 2024, launching a marketing campaign with brand ambassador Xu Dongdong[7] - The company expanded its advertising presence through high-speed rail media, covering over 120 cities and nearly 1,000 premium media spots[7] - The company continued to focus on product innovation, improving quality while reducing production costs to enhance product competitiveness[7] - The company implemented a precise product-channel matching strategy, tailoring product assortments to different store types to meet diverse consumer needs[7] - The company's pure cotton homewear brand achieved a breakthrough in store growth in the first half of 2024, laying a foundation for performance growth[8] - The company's e-commerce business successfully expanded cooperation with joint operators in the first half of 2024, integrating online and offline layouts to increase market share[8] - The company aims to enhance its omnichannel capabilities and improve customer shopping experience through instant retail partnerships with platforms like Meituan and JD Daojia[8] Revenue Breakdown - The company's revenue from intimate apparel products, industrial projects, and logistics for the first half of 2024 was RMB 1.51445 billion, with intimate apparel products accounting for 85.5% of total revenue[11] - The company's GMV from e-commerce platforms reached RMB 230 million in the first half of 2024, contributing to service income[12] - The company's gross margin remained stable at 47.5% in the first half of 2024, with the gross margin of industrial projects and logistics increasing to 37.7%[13] - Revenue from retail sales increased to RMB 643,711 thousand in 2024, up 3.4% from RMB 622,579 thousand in 2023[52] - Revenue from e-commerce decreased to RMB 226,732 thousand in 2024, down 9.1% from RMB 249,553 thousand in 2023[52] - Revenue from industrial project property sales was RMB 171,875 thousand in 2024, a new segment not present in 2023[52] Cost and Expense Management - The company's sales and marketing expenses decreased by 7.7% to RMB 514.693 million in the first half of 2024, primarily due to reduced e-commerce platform service fees and promotional expenses[14] - General and administrative expenses decreased by 10.6% to approximately RMB 83,833,000 (H1 2023: RMB 93,793,000) due to effective cost control measures[15] - Net impairment loss on financial assets was approximately RMB 2,722,000, mainly due to provisions for accounts receivable, while net impairment loss reversal was approximately RMB 33,726,000 due to the reversal of previously provided accounts receivable[16] - Net finance expenses decreased to approximately RMB 8,713,000 (H1 2023: RMB 9,284,000) due to increased interest income and reduced interest expenses on bank loans[16] - Income tax expenses increased to approximately RMB 37,965,000 (H1 2023: RMB 8,451,000), mainly due to land value-added tax expenses of approximately RMB 15,811,000 and the reversal of deferred tax assets[16] - Cost of goods sold decreased to RMB 658,921 thousand in 2024, down 3.5% from RMB 683,130 thousand in 2023[57] - Financial expenses decreased slightly to RMB 12,715 thousand in 2024, compared to RMB 13,022 thousand in 2023[59] - Income tax expense for the six months ended June 30, 2024, was RMB 37,965 thousand, compared to RMB 8,451 thousand in the same period in 2023[60] Cash Flow and Financial Position - As of June 30, 2024, the company's restricted bank deposits, cash, and cash equivalents were approximately RMB 676,317,000 (December 31, 2023: RMB 681,933,000), with bank loans of approximately RMB 462,194,000 (December 31, 2023: RMB 392,480,000)[17] - The company's total debt ratio was 23.1% (December 31, 2023: 20.4%), and the net debt ratio was -10.7% (December 31, 2023: -15.0%), maintaining a net cash position[17] - Capital expenditures for property, plant, equipment, and intangible assets were approximately RMB 33,333,000 (H1 2023: RMB 253,150,000), primarily used for store renovations and refurbishments[22] - Total assets as of June 30, 2024, were RMB 3,838,514 thousand, a slight increase compared to RMB 3,815,517 thousand as of December 31, 2023[30] - Cash and cash equivalents as of June 30, 2024, were RMB 572,174 thousand, a 13.0% increase compared to RMB 506,157 thousand as of December 31, 2023[30] - Inventory as of June 30, 2024, was RMB 664,785 thousand, a 7.8% increase compared to RMB 616,454 thousand as of December 31, 2023[30] - Property, plant, and equipment as of June 30, 2024, were RMB 754,166 thousand, a 24.2% decrease compared to RMB 994,638 thousand as of December 31, 2023[30] - Operating cash flow from operating activities decreased to RMB 68,315 thousand in H1 2024 from RMB 212,578 thousand in H1 2023, a decline of 67.9%[37] - Net cash used in investing activities was RMB 24,986 thousand in H1 2024, significantly lower than RMB 256,662 thousand in H1 2023, a reduction of 90.3%[37] - Net cash from financing activities improved to RMB 29,138 thousand in H1 2024 from a net cash outflow of RMB 23,414 thousand in H1 2023[37] - Cash and cash equivalents increased by RMB 72,467 thousand in H1 2024, compared to a decrease of RMB 67,498 thousand in H1 2023[37] - Ending cash and cash equivalents stood at RMB 572,174 thousand as of June 30, 2024, up from RMB 483,600 thousand as of June 30, 2023[37] Corporate Governance and Shareholder Information - The company's environmental, social, and governance (ESG) report for the year ending December 31, 2024, will be included in the annual report to be published next year[25] - Total equity increased to RMB 2,000,824 thousand as of June 30, 2024, compared to RMB 1,928,439 thousand at the end of 2023[32] - Net profit for the period was RMB 82,398 thousand, contributing to a total comprehensive income of RMB 76,784 thousand[33] - Non-controlling interests decreased to RMB (5,879) thousand from RMB (630) thousand at the end of 2023[32] - Total liabilities decreased to RMB 1,837,690 thousand from RMB 1,887,078 thousand at the end of 2023[32] - Contract liabilities increased significantly to RMB 220,677 thousand from RMB 48,456 thousand at the end of 2023[32] - Loans under current liabilities increased to RMB 312,400 thousand from RMB 162,038 thousand at the end of 2023[32] - Exchange differences on translation of foreign operations resulted in a loss of RMB 3,284 thousand[33] - Fair value changes of equity investments recognized in other comprehensive income amounted to a loss of RMB 2,330 thousand[33] - Equity-settled share-based payments amounted to RMB 850 thousand[33] - Dividends paid to non-controlling interests amounted to RMB 197 thousand[33] - The company's total bank loans increased to RMB 462,194,000 as of June 30, 2024, compared to RMB 392,480,000 as of December 31, 2023, with a corresponding debt-to-equity ratio of 23% (up from 20%)[45][46] - The company's total equity stood at approximately RMB 2,000,824,000 as of June 30, 2024, up from RMB 1,928,439,000 as of December 31, 2023[45] - The fair value of financial assets measured at fair value through other comprehensive income (FVTOCI) under Level 3 was RMB 21,451,000 as of June 30, 2024, down from RMB 24,761,000 as of December 31, 2023[47][48] - The discount rate used in the discounted cash flow (DCF) method for FVTOCI financial assets decreased to 14.9% as of June 30, 2024, from 15.5% as of December 31, 2023[49] - The long-term revenue growth rate assumption for FVTOCI financial assets decreased to 3% as of June 30, 2024, from 6% as of December 31, 2023[49] - The company's operating segments were reclassified, with the industrial projects and logistics services now designated as a major business segment, reflecting increased resource allocation[50] - The company adopted revised IFRS standards, including IFRS 16 amendments on lease liabilities and IAS 1 amendments on classification of liabilities, with no material impact on financial performance[42][43] - The company has recommended an interim dividend of HK$0.011 per share, totaling approximately HK$24,744,000, payable on October 8, 2024[98] - The company will suspend share transfer registration from September 23, 2024, to September 25, 2024, to ensure eligibility for the interim dividend[99] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2024[101] - The company has confirmed that all directors have complied with the standard code of conduct for securities transactions during the six months ended June 30, 2024[101] - The company has deviated from the Corporate Governance Code by having the same individual serve as both Chairman and CEO since November 30, 2021[100] - The Audit Committee consists of four independent non-executive directors, including Mr. Qiu Zhiming, Dr. Dai Yiyi, Mr. Chen Zhigang, and Dr. Lü Hongde[102] - Mr. Qiu Zhiming, who holds the relevant professional qualifications as required by the Listing Rules, serves as the Chairman of the Audit Committee[102] - The Audit Committee regularly reviews the company's financial data, financial reporting systems, and internal control procedures, including the interim financial data for the six months ended June 30, 2024[102] - The Audit Committee has reviewed the interim results for the six months ended June 30, 2024, and has no objections to the accounting treatments and principles adopted by the company[102] - There were no changes in the company's directors as required to be disclosed under Chapter 13, Section 51B(1) of the Listing Rules during the six months ended June 30, 2024, and as of the date of this interim report[103] Shareholder and Share Information - Mr. Zheng Yaonan and Ms. Wu Xiaoli each hold 800,464,201 shares, representing approximately 35.58% of the company's total issued ordinary shares[85] - TMF (Cayman) Limited holds 1,079,778,852 shares, representing 48.00% of the company's total issued ordinary shares[88] - Da Cheng Investment Limited holds 750,863,402 shares, representing 33.38% of the company's total issued ordinary shares[88] - Yao Li Investment Holdings Limited holds 750,863,402 shares, representing 33.38% of the company's total issued ordinary shares[88] - Da Tong Investment Limited holds 735,018,732 shares, representing 32.68% of the company's total issued ordinary shares[88] - Cai Shaoru holds 222,625,173 shares, representing 9.90% of the company's total issued ordinary shares[88] - Xin Feng Asset Holdings Limited holds 222,625,173 shares, representing 9.90% of the company's total issued ordinary shares[88] - Fidelity China Special Situations PLC holds 157,330,000 shares, representing 6.99% of the company's total issued ordinary shares[88] - The total number of issued ordinary shares as of June 30, 2024, is 2,249,457,213 shares[89] - Datong Investment Limited holds 735,018,732 shares, representing approximately 32.68% of the company's total issued share capital[89] - Fidelity China Special Situations PLC holds 157,330,000 shares in the company[90] - No share options were granted, exercised, expired, canceled, or lapsed under the new share option plan as of June 30, 2024[91] - The trustee holds 70,102,737 shares of the company for the management of the share award plan as of June 30, 2024[92] - The share award plan was amended on June 2, 2023, to incentivize eligible participants for their contributions to the group[92] - The share option plan was terminated on June 2, 2023, and no further share options were granted after this date[91] - The new share option plan, adopted on June 2, 2023, has a validity period of ten years[91] - The share award plan was initially adopted on June 28, 2019, and later amended on June 2, 2023[92] - The trustee for the share award plan was established to manage the trust property related to the plan[92] - The maximum number of shares that may be issued under the new share option plan and share award plan is 224,945,721 shares, representing 10% of the issued shares as of June 2, 2023[97] - The maximum number of shares that may be issued under the service provider sub-limit is 44,989,144 shares, representing 2% of the issued shares as of June 2, 2023[97] - No other share awards were granted apart from those disclosed, and no granted share awards were forfeited or canceled as of June 30, 2024[95] - The company has a standardized performance evaluation system for employees and service providers to assess their contributions and determine the vesting of share awards[94] - The company has not issued any shares under the share award plan during the six months ended June 30, 2024[97] Related Party Transactions and Remuneration - Related party transactions with Shantou Shengqiang and Shantou Maosheng totaled RMB 9,549 thousand for the six months ended June 30, 2024, down from RMB 14,961 thousand in the same period of 2023[81] - Accounts payable and bills payable to related parties increased to RMB 8,198 thousand as of June 30, 2024, up from RMB 1,752 thousand as of December 31, 2023[82] - Total remuneration for directors and key management personnel was RMB 5,776 thousand for the six months ended June 30, 2024, compared to RMB 5,896 thousand for the same period in 2023[83] Assets and Liabilities - The