ZHI SHENG GP(08370)

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智升集团控股(08370) - 2022 - 年度财报
2022-09-27 10:37
Financial Performance - The furniture division achieved revenue of approximately RMB 768 million, an increase of about RMB 191 million or 33.1% compared to the same period last year[16]. - The data center division generated revenue of approximately RMB 349 million, an increase of about RMB 102 million or 41.4% year-on-year[18]. - The group confirmed construction management service revenue of approximately RMB 608 million, with a gross profit of approximately RMB 56 million after deducting costs[19]. - The group recorded a loss of approximately RMB 737 million during the reporting period, compared to a loss of RMB 270 million in the same period last year[19]. - The group achieved revenue of approximately RMB 172.5 million during the reporting period, an increase of about RMB 90.1 million or approximately 109.3% compared to the same period last year[20]. - The furniture manufacturing and sales segment generated revenue of approximately RMB 76.8 million, an increase of about RMB 19.1 million or approximately 33.1% year-on-year[21]. - The data center segment's original business revenue was approximately RMB 34.9 million, an increase of about RMB 10.2 million or approximately 41.4% compared to the previous year[22]. - The group's total sales cost was approximately RMB 162.8 million, an increase of about RMB 86.3 million or approximately 112.7% year-on-year[23]. - The gross profit increased from approximately RMB 5.9 million in the previous year to approximately RMB 9.7 million during the reporting period[27]. - The gross profit margin for the furniture segment slightly increased from approximately 7.5% to about 7.6%[27]. - The other net income for the group was approximately RMB 6.1 million, an increase of about RMB 2.3 million or approximately 59.9% compared to the previous year[29]. Financial Position - As of June 30, 2022, the group's net current assets were approximately RMB 631 million, a decrease from RMB 728 million as of December 31, 2020[49]. - The current ratio as of June 30, 2022, was approximately 1.9, compared to 2.1 as of December 31, 2020[49]. - The total equity attributable to the company's owners as of June 30, 2022, was approximately RMB 1,279 million, down from RMB 1,722 million as of December 31, 2020[50]. - The debt-to-equity ratio as of June 30, 2022, was approximately 0.72, compared to 0.42 as of December 31, 2020[53]. - The company's distributable reserves were approximately RMB 119.9 million as of June 30, 2022[133]. - As of June 30, 2022, the company had no outstanding bank borrowings[130]. Business Operations - The office building sales in China decreased by 6.9% year-on-year in 2021, with new construction area down by 20.9% year-on-year[6]. - The company faced significant pressure due to the reduction of financial institutions' physical branches, impacting sales from financial clients[6]. - The data center business experienced a decline in revenue due to early lease terminations and reduced business from existing clients[7]. - A management agreement was signed with Gu'an Fua Electronics Co., Ltd. to expand the company's data center business network in China, expected to bring new revenue sources[7]. - The company is actively exploring new business opportunities to improve profitability in the data center sector[7]. - The sales team will actively expand the customer base, targeting hotels, schools, and real estate clients to increase market share[10]. - The company plans to enhance its internal approval mechanisms to ensure effective resource utilization in Yunnan, Guizhou, and Tibet, aiming to increase market share and gross profit in these regions[10]. - The group will invest in billboard and vehicle advertising in key markets to expand brand influence and attract new customers[10]. - The company aims to establish its own proprietary data center to enhance competitiveness and increase market share[11]. - The company is actively seeking opportunities to expand its business scope in the data center sector, leveraging experience and expertise from construction management projects[11]. Costs and Expenses - Sales and distribution expenses for the reporting period amounted to approximately RMB 11.9 million, an increase of about RMB 3.2 million or 37.0% compared to the same period last year[31]. - Administrative and other expenses, including asset impairment losses, were approximately RMB 69.7 million, representing an increase of about 189.2% year-on-year[32]. - Financing costs for the reporting period were approximately RMB 9.4 million, an increase of about RMB 4.8 million or 105.2% compared to the previous year[34]. - The increase in administrative expenses was primarily due to share-based payment expenses of approximately RMB 16.5 million and convertible bond-related expenses of about RMB 13.8 million[32]. - The company recorded a gross profit decrease of approximately RMB 1.8 million despite a revenue increase of 35.6% due to a sales cost increase of 40.7%[36]. Corporate Governance - The board consists of eight directors, including four executive directors, one non-executive director, and three independent non-executive directors[69]. - The board held a total of six meetings during the reporting period, with all directors actively participating[71]. - All directors have attended training courses or reviewed materials related to corporate governance and regulations for continuous professional development[77]. - The company appointed independent non-executive directors, with changes effective from June 1, 2022, including the resignation of Mr. Guo Rui Xiong and the appointment of Mr. Li Sheng Zhi[78]. - The audit committee, chaired by Mr. Chen Yong Jie, consists of three independent non-executive directors, ensuring the effectiveness of internal controls and risk management systems[80]. - The remuneration committee, also chaired by Mr. Chen Yong Jie, oversees the overall remuneration policy for all directors and senior management, ensuring no self-determination of remuneration by directors[83]. - The company does not have a corporate governance committee; the board is responsible for executing corporate governance functions and ensuring compliance with legal and regulatory requirements[92]. - The audit committee reviewed the consolidated financial statements during the reporting period, ensuring transparency and integrity in financial reporting[82]. - The company adheres to the "comply or explain" principle regarding its corporate governance policies and practices[92]. - The company has adopted a board diversity policy considering various aspects such as age, cultural and educational background, professional experience, skills, and knowledge[94]. Risk Management - The company identified and classified major risks as strategic, operational, and financial risks during the reporting period[110]. - Strategic risks include the downturn in the office furniture industry due to the pandemic and customer concentration risks[111]. - The company employs a "three lines of defense" governance structure for risk management, involving operational management, financial and compliance teams, and external consultants[112]. - The company is committed to maintaining high transparency to enhance investor relations and regularly updates shareholders through various reports[103]. - The company has established an enterprise risk management framework since 2016 to effectively manage risks[108]. - The company will continue to review its internal control and risk management systems annually through external consultants[112]. Shareholder Information - The company has not repurchased any of its own shares since its listing on January 20, 2017[134]. - The board of directors has reviewed the company's dividend policy, considering various financial and operational factors[125]. - No interim or final dividends were recommended for the eighteen-month period ending June 30, 2022[127]. - The company maintains ongoing communication with shareholders, particularly through annual general meetings, ensuring timely updates on business developments[96]. - The largest customer contributed 35.2% of total revenue, while the top five customers accounted for 51.6% of total revenue, compared to 10.2% and 39.2% in the same period last year[182]. - The largest supplier accounted for 32.8% of total procurement, with the top five suppliers contributing 63.9%, compared to 17.4% and 48.9% in the same period last year[182]. Environmental and Regulatory Compliance - The group has implemented multiple environmental protection measures to minimize its impact on the environment and natural resources[62]. - As of the report date, the group has not faced any significant administrative sanctions, fines, or penalties for violating environmental laws or regulations[63]. - The company has not engaged in any significant acquisitions or disposals of subsidiaries or associates as of the report date[65]. - There are no undisclosed post-reporting events as of the report date[64]. Auditor Information - The company appointed Zhonghui Anda CPA as the new auditor effective June 15, 2022, following the resignation of the previous auditor, Hong Kong Lixin Dehao CPA[89]. - The total fees paid to auditors during the reporting period amounted to HKD 730,000, which includes HKD 720,000 for annual audit services and HKD 10,000 for non-audit services[91]. - The board believes that the change in auditors will help the company effectively control costs and reduce overall operating expenses, aligning with future business development needs[196].
智升集团控股(08370) - 2022 Q3 - 季度财报
2022-05-13 10:05
Revenue Performance - The group reported revenue of RMB 15,333,000 for the three months ended March 31, 2022, compared to RMB 14,467,000 for the same period in 2021, representing an increase of 6%[2] - For the fifteen months ended March 31, 2022, the group generated revenue of RMB 89,629,000, down from RMB 96,886,000 in the previous fifteen months, a decrease of 7.5%[2] - Revenue for the three months ended March 31, 2022, was RMB 15,333 million, an increase of 6% compared to RMB 14,467 million for the same period in 2021[20] - Revenue from furniture sales for the fifteen months ended March 31, 2022, was RMB 60,486 million, a decrease of 8% from RMB 65,704 million in the previous period[20] - Data center business revenue for the three months ended March 31, 2022, was RMB 5,439 million, a decrease of 16% compared to RMB 6,455 million for the same period in 2021[20] - The furniture manufacturing and sales segment generated revenue of RMB 60,486,000, down 7.5% from RMB 65,704,000 in the previous year[9] - The data center segment reported revenue of RMB 29,143,000, a decrease of 6.5% from RMB 31,182,000 in 2021[9] - The revenue from external customers in China was RMB 87,335,000, down from RMB 95,577,000 in the previous year, indicating a decline in market demand[15] Financial Losses - The gross loss for the three months ended March 31, 2022, was RMB 808,000, compared to a gross profit of RMB 1,271,000 for the same period in 2021[2] - The group incurred a net loss attributable to owners of RMB 3,995,000 for the three months ended March 31, 2022, compared to a loss of RMB 5,345,000 for the same period in 2021, showing an improvement of 25%[2] - The total comprehensive loss for the fifteen months ended March 31, 2022, was RMB 42,242,000, compared to RMB 33,199,000 for the previous fifteen months, indicating a worsening of 27.2%[3] - The company incurred a loss before tax of RMB 44,541,000, compared to a loss of RMB 33,409,000 in the previous year, indicating a worsening financial performance[9] - The company reported a net loss of RMB 43,383 million for the fifteen months ended March 31, 2022, compared to a net loss of RMB 32,298 million in the previous period[27] Expenses and Costs - The group’s financing costs increased to RMB 2,191,000 for the three months ended March 31, 2022, from RMB 669,000 in the same period of 2021, an increase of 227%[2] - The group’s administrative and other expenses rose to RMB 5,920,000 for the three months ended March 31, 2022, compared to RMB 3,658,000 for the same period in 2021, an increase of 62%[2] - Interest expenses for financing for the fifteen months ended March 31, 2022, totaled RMB 7,234 million, an increase from RMB 5,245 million in the previous period[22] - Administrative and other expenses increased to approximately RMB 42.5 million, up about RMB 13.4 million or 46.1% year-on-year, largely due to one-time legal and professional fees related to agreements[62] - The group’s sales cost for the reporting period was approximately RMB 87.8 million, a decrease of about RMB 1.9 million or 2.1% compared to the same period last year[53] Corporate Strategy and Future Plans - The company plans to continue its expansion in the data center business initiated in 2020, focusing on the Chinese and Hong Kong markets[4] - The company aims to diversify its operations by engaging in data center business since 2020 to stabilize revenue streams amid economic challenges[38] - The group plans to strengthen its market presence in the southwest region and expand into other markets when conditions permit[46] - The company is actively seeking new customers for its data center business to offset the loss of revenue from existing clients[41] - The company has established sales offices in Chengdu and Chongqing to enhance its market presence in the furniture sector[38] Shareholder Information - As of March 31, 2022, the company had a total of 907,333,333 ordinary shares issued[75] - Mr. Ma holds 245,300,400 shares, representing 27.04% of the company's issued share capital[72] - Mr. Yi has a beneficial interest in 116,580,000 shares, accounting for 12.85% of the issued share capital[72] - Mr. Lai is a beneficial owner of 100,000,000 shares, which is 11.02% of the issued share capital[72] - Sun Universal Limited, controlled by Mr. Ma, holds 27.04% of the company's shares[77] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the fifteen months ending March 31, 2022, and confirmed compliance with applicable accounting standards and GEM listing rules[87] - The company has adopted GEM listing rules as its own code of conduct for directors' securities transactions, confirming compliance by all directors during the reporting period[88] - The company has maintained high standards of corporate governance and adhered to the applicable provisions of the corporate governance code since its listing[93]
智升集团控股(08370) - 2022 - 中期财报
2022-02-11 12:37
Financial Performance - For the three months ended December 31, 2021, the company reported revenue of RMB 25,441,000, an increase of 6.06% compared to RMB 23,988,000 for the same period in 2020[4] - The gross profit for the twelve months ended December 31, 2021, was RMB 2,607,000, a decrease of 55.8% from RMB 5,891,000 in 2020[4] - The company incurred a loss before tax of RMB 40,994,000 for the twelve months ended December 31, 2021, compared to a loss of RMB 27,656,000 in 2020, representing an increase in losses of 48.1%[4] - The company reported a net loss attributable to owners of RMB 39,388,000 for the twelve months ended December 31, 2021, compared to RMB 26,953,000 in 2020, marking an increase in losses of 46.3%[4] - The company reported a basic and diluted loss per share of RMB 4.34 for the twelve months ended December 31, 2021, compared to RMB 2.98 in 2020, reflecting an increase in loss per share of 45.3%[4] - The company reported a net loss of RMB 39,388,000 for the year ended December 31, 2021, compared to a loss of RMB 26,953,000 in the previous year, representing an increase in losses of approximately 46.3%[8] - For the twelve months ended December 31, 2021, the total revenue was RMB 74,296,000, a decrease of 9.5% compared to RMB 82,419,000 for the previous year[19] - The office furniture segment generated revenue of RMB 50,592,000, down 12.2% from RMB 57,692,000 in 2020[19] - The data center segment reported revenue of RMB 23,704,000, a slight decrease of 4.1% from RMB 24,727,000 in 2020[19] Assets and Liabilities - Total assets as of December 31, 2021, were RMB 258,008,000, a decrease of 2.4% from RMB 265,297,000 in 2020[5] - The company's cash and cash equivalents decreased to RMB 45,471,000 from RMB 64,552,000 in 2020, reflecting a decline of 29.6%[5] - The total liabilities increased to RMB 111,338,000 in 2021, up from RMB 93,074,000 in 2020, indicating a rise of 19.6%[6] - The company's equity attributable to owners decreased to RMB 146,670,000 in 2021 from RMB 172,223,000 in 2020, a decline of 14.8%[6] - The company’s inventory as of December 31, 2021, was RMB 12,391,000, down 21.5% from RMB 15,667,000 in 2020[5] Cash Flow and Financing - Operating cash flow for the year was RMB 28,809,000, a significant improvement from a cash outflow of RMB 8,616,000 in 2020[10] - The company issued convertible bonds, raising RMB 50,054,000 after transaction costs during the financing activities[11] - The company incurred interest expenses on convertible bonds amounting to RMB 3,779,000, compared to RMB 872,000 in the previous year, indicating increased borrowing costs[24] - Financing costs for the twelve months ended December 31, 2021, totaled RMB 5,043,000, an increase of 10.2% from RMB 4,576,000 in 2020[34] Customer and Revenue Diversification - Major customers contributing over 10% of revenue included Customer A and Customer B, with revenues of RMB 4,686,000 and RMB 3,185,000 respectively for the three months ended December 31, 2021[29] - The company has diversified its customer base, with no single customer accounting for more than 10% of total revenue for the twelve months ended December 31, 2021[29] Corporate Governance and Management - The audit committee reviewed the unaudited consolidated financial statements for the twelve months ending December 31, 2021, confirming compliance with applicable accounting standards and GEM listing rules[121] - The company has adopted a code of conduct for directors' securities transactions, confirming compliance by all directors for the twelve months ending December 31, 2021[122] - The board appointed Mr. Ma as an executive director and compliance officer effective April 1, 2021, while Mr. Lai was appointed as an executive director on August 2, 2021[123] - The company has maintained high standards of corporate governance and complied with the applicable provisions of the corporate governance code during the reporting period[127] Future Plans and Strategies - The company plans to expand its data center business in China and Hong Kong, which commenced in January 2020, as part of its growth strategy[13] - The company plans to continue focusing on expanding its data center business and enhancing its furniture sales strategy in the upcoming fiscal year[32] - The company aims to enhance product design and invest in technology research and development to attract new customers and retain long-term clients[73] - The company is focused on consolidating its position in the southwestern market while considering expansion beyond this region when conditions permit[73]
智升集团控股(08370) - 2022 Q1 - 季度财报
2021-11-10 08:41
Revenue Performance - The company reported revenue of RMB 48,473 thousand for the three months ended September 30, 2021, compared to RMB 15,180 thousand for the same period in 2020, representing a year-over-year increase of 219%[2]. - For the nine months ended September 30, 2021, the company achieved revenue of RMB 86,108 thousand, up from RMB 58,431 thousand in the same period of 2020, reflecting a growth of 47%[2]. - Revenue from the furniture manufacturing and sales segment decreased to RMB 30,401 thousand, down 23.9% from RMB 39,953 thousand in the previous year[10]. - The data center segment generated revenue of RMB 55,707 thousand, significantly up from RMB 18,478 thousand in the same period last year, marking a 201.5% increase[10]. - Total revenue for the nine months ended September 30, 2021, was RMB 86,108 thousand, an increase of 47.4% compared to RMB 58,431 thousand in the same period of 2020[17]. Profit and Loss - The gross profit for the three months ended September 30, 2021, was RMB 1,930 thousand, down from RMB 2,779 thousand in 2020, indicating a decrease of 31%[2]. - The company incurred a loss before tax of RMB 16,500 thousand for the three months ended September 30, 2021, compared to a loss of RMB 8,548 thousand in the same period of 2020, representing a deterioration of 93%[2]. - The net loss attributable to owners of the company for the nine months ended September 30, 2021, was RMB 27,353 thousand, compared to RMB 15,384 thousand for the same period in 2020, an increase of 78%[2]. - The total comprehensive loss for the nine months ended September 30, 2021, was RMB 27,390 thousand, compared to RMB 15,662 thousand for the same period in 2020, indicating an increase of 74%[2]. - The company reported a basic and diluted loss per share of RMB 1.80 for the three months ended September 30, 2021, compared to RMB 0.95 for the same period in 2020[2]. Operational Highlights - The company has been engaged in the manufacturing and sales of furniture products and started data center operations in China and Hong Kong since January 2020[5]. - The operating performance of the data center segment improved, with a profit of RMB 503 thousand, compared to a loss of RMB 2,401 thousand in the previous year[10]. - Major clients contributing over 10% of revenue included Client A from the data center segment, generating RMB 37,255 thousand in revenue for the nine months ended September 30, 2021[15]. - The group is actively expanding its data center business in China, which is expected to bring new revenue sources in the coming years[42]. Financial Position - The company’s total assets are primarily located in China, reflecting its operational focus in the region[13]. - The group recorded a comprehensive income of approximately RMB 86.1 million for the reporting period, an increase of approximately RMB 27.7 million or 47.4% year-on-year, mainly due to increased revenue from the data center segment[40]. - The group’s cost of sales was approximately RMB 81.3 million, an increase of about RMB 35.3 million or approximately 76.6% compared to the same period last year[48]. Shareholder Information - As of September 30, 2021, Mr. Ma Minghui held 245,300,400 shares, representing 27.04% of the issued share capital[63]. - Mr. Yi Cong held 116,580,000 shares, representing 12.85% of the issued share capital as of September 30, 2021[63]. - The total number of issued ordinary shares as of September 30, 2021, was 907,333,333 shares[66]. Corporate Governance - The company has maintained compliance with the GEM Listing Rules and corporate governance codes throughout the reporting period[83]. - The audit committee has reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2021, confirming compliance with applicable accounting standards[77]. - The company has established a non-competition commitment with its executive directors to avoid conflicts of interest in business opportunities[73].
智升集团控股(08370) - 2021 Q3 - 季度财报
2021-05-12 10:03
Financial Performance - The company's revenue for the three months ended March 31, 2021, was RMB 14,467,000, a decrease of 9.7% compared to RMB 16,016,000 for the same period in 2020[2] - Gross profit for the same period was RMB 1,271,000, down 62.8% from RMB 3,421,000 year-on-year[2] - The company reported a loss before tax of RMB 5,753,000, compared to a loss of RMB 5,032,000 in the previous year, indicating a 14.4% increase in losses[2] - The total comprehensive loss attributable to owners of the company for the period was RMB 5,422,000, compared to RMB 6,127,000 in the same period last year, showing a 11.5% improvement[2] - Basic and diluted loss per share for the period was RMB 0.59, slightly higher than RMB 0.56 for the same period in 2020[2] - The company incurred financing costs of RMB 669,000, down 29.7% from RMB 952,000 in the previous year[2] - Trade and other receivables impairment losses increased to RMB 1,346,000 from RMB 583,000, reflecting a 130.5% rise[2] - The company reported a loss of approximately RMB 5.345 million for the three months ended March 31, 2021, compared to a loss of RMB 4.990 million for the same period in 2020, reflecting an increase in loss of about 7.1%[28] - Other income for the reporting period was approximately RMB 361,000, a decrease of about 50.3% compared to RMB 727,000 in the same period last year, primarily due to the absence of interest income from other receivables this period[51] Revenue Segmentation - Revenue from the furniture manufacturing and sales segment was RMB 8,012,000, down 25.6% from RMB 10,782,000 year-over-year[21] - Data center segment revenue increased to RMB 6,455,000, up 23.3% from RMB 5,234,000 in the previous year[21] - The group recognized RMB 1,015,000 in revenue from IT management services, which was not present in the previous year[19] - The data center segment contributed approximately RMB 6.5 million in revenue during the reporting period, an increase from RMB 5.2 million in the same period last year, representing a growth of about 25%[38] - The data center segment recorded revenue of approximately RMB 6.5 million, an increase of about RMB 1.2 million or approximately 23.3% compared to the previous year[46] Cost Management - Unallocated expenses decreased to RMB 772,000 from RMB 1,386,000 year-over-year[19] - Sales and distribution expenses for the reporting period were approximately RMB 1.7 million, a decrease of about 13.6% from RMB 2.0 million in the same period last year, with the furniture manufacturing and sales segment seeing an 8.9% decrease[53] - Administrative and other expenses for the reporting period were approximately RMB 5.0 million, a decrease of about 19.9% from RMB 6.2 million in the same period last year, largely due to the absence of certain legal and pandemic-related expenses[54] - Financing costs for the reporting period were approximately RMB 700,000, down from RMB 1.0 million in the same period last year, mainly due to the repayment of a bank loan[56] - The company aims to implement stricter cost control measures to reduce unnecessary energy consumption and achieve profit targets[41] Equity and Shareholder Information - The company’s total equity as of March 31, 2021, was RMB 166,801,000, a decrease from RMB 172,223,000 at the beginning of the year[3] - Major shareholders include Sun Universal Limited and its beneficial owner, holding 245,300,400 shares, representing 27.04% of the total shares[62] - The company’s director, Mr. Yi Cong, holds 116,580,000 shares, representing 12.85% of the total shares, through his spouse[60] - The company reported a weighted average number of ordinary shares of 907,333,333 for the calculation of basic loss per share for the three months ended March 31, 2021[27] Strategic Initiatives - The company aims to diversify its operations by expanding into the data center business, which began in 2020, to stabilize revenue streams amid economic challenges[36] - The company has established sales offices in Chengdu and Chongqing, focusing on furniture manufacturing and sales primarily in Sichuan, Chongqing, and Guizhou provinces[36] - The company plans to strengthen its presence in the southwestern market and expand into other markets when conditions permit, while increasing investment in product R&D to diversify product design[41] - The company is negotiating to establish a joint venture for data center operations in China, with expected demand for neutral data center services projected to grow at a compound annual growth rate of 31.8% over the next four years[43] - The company will collaborate with banks, investment funds, and other investors to minimize investment costs while maintaining an optimistic balance sheet for its capital-intensive data center business[43] Governance and Compliance - The company has adhered to the corporate governance code as per GEM listing rules from the listing date to the report date[69] - The board appointed Mr. Ma Minghui as an executive director effective April 1, 2021, responsible for financial and compliance matters[64] - The audit committee reviewed the unaudited consolidated financial statements for the three months ended March 31, 2021[65] - The company confirmed that all directors complied with the code of conduct regarding securities transactions for the three months ended March 31, 2021[66] - There have been no repurchases of the company's shares since the listing date up to the report date[67] Dividend Policy - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[26] Asset Management - The company has no non-current assets located outside of China, emphasizing its primary operational focus in the region[17] - As of the report date, the company repaid a bank loan of RMB 30.0 million, which was secured by land use rights and properties, and no other asset pledges exist[58]
智升集团控股(08370) - 2021 Q1 - 季度财报
2020-11-11 11:24
Revenue Performance - The group reported revenue of RMB 15,180,000 for the three months ended September 30, 2020, representing a 84.5% increase compared to RMB 8,227,000 for the same period in 2019[2]. - For the nine months ended September 30, 2020, the group achieved revenue of RMB 58,431,000, up 107.5% from RMB 28,124,000 in the same period of 2019[2]. - For the nine months ended September 30, 2020, total revenue was RMB 58,431,000, a significant increase from RMB 28,124,000 in the same period of 2019, representing a growth of 107%[16]. - The furniture manufacturing and sales segment generated revenue of RMB 39,953,000, up from RMB 28,124,000 in 2019, reflecting a growth of 42%[16]. - The newly acquired data center segment, Polyqueue Limited, contributed RMB 18,478,000 in revenue for the nine months ended September 30, 2020[16]. - Major customer A contributed RMB 6,199,000 in revenue from the data center segment, which was not present in the previous year due to the acquisition date of January 15, 2020[15]. - For the nine months ended September 30, 2020, the company reported a revenue of approximately RMB 584 million, an increase of approximately RMB 303 million or 107.8% compared to the same period last year[38]. - Excluding the acquisition impact, furniture sales revenue reached approximately RMB 39.9 million, up by about RMB 11.8 million or 42.1% year-on-year[47]. Profit and Loss - The gross profit for the three months ended September 30, 2020, was RMB 2,779,000, a 16.6% increase from RMB 2,383,000 in 2019[2]. - The group incurred a loss before tax of RMB 8,548,000 for the three months ended September 30, 2020, compared to a loss of RMB 3,829,000 in the same period of 2019[2]. - The total comprehensive loss attributable to owners of the company for the nine months ended September 30, 2020, was RMB 15,662,000, compared to RMB 5,043,000 in the same period of 2019[2]. - The company reported a consolidated loss before income tax of RMB 15,514,000 for the nine months ended September 30, 2020[12]. - The company recorded a loss of approximately RMB 15.4 million for the nine months ended September 30, 2020, compared to a loss of approximately RMB 5.7 million in the same period last year[38]. - The company reported a basic and diluted loss per share of RMB 0.95 for the three months ended September 30, 2020, compared to RMB 0.48 in 2019[2]. - The company reported a significant increase in losses due to a 35.4% decline in gross profit, attributed to lower product prices aimed at maintaining operational efficiency amid the COVID-19 pandemic[39]. Expenses - The company’s administrative and other expenses for the nine months ended September 30, 2020, were RMB 19,797,000, significantly higher than RMB 10,859,000 in 2019[2]. - Sales and distribution expenses rose by 47.6% year-on-year, primarily due to increased installation, handling, and travel costs related to the pandemic[39]. - Administrative and other expenses increased by 82.3%, driven by amortization of intangible assets from the acquisition of Polyqueue Limited and increased losses from inventory disposal and bad debt provisions[39]. - The increase in administrative expenses was primarily due to the amortization of intangible assets from the acquisition of Polyqueue Limited, amounting to approximately RMB 3.8 million, and increased legal professional fees of about RMB 0.6 million[52]. - The group’s financing costs for the nine months ended September 30, 2020, amounted to RMB 3,881,000, compared to no financing costs in the same period of 2019[2]. - The group reported a tax credit of approximately RMB 0.1 million for the nine months ended September 30, 2020, compared to RMB 0.2 million in the same period last year[55]. Acquisition and Expansion - The group completed the acquisition of Polyqueue Limited on January 15, 2020, expanding its operations into the data center business in China[5]. - The company has begun operations in a new reportable segment, data center services, following the acquisition of Polyqueue Limited[11]. - The company plans to continue expanding its data center business in China, leveraging the recent acquisition to enhance service offerings[11]. - The company completed the acquisition of Polyqueue Limited on January 15, 2020, which is now a wholly-owned subsidiary contributing approximately RMB 185 million in revenue and RMB 14 million in profit since the acquisition[32]. - The acquisition of Polyqueue Limited was completed for a total consideration of HKD 37.2 million, with HKD 24.8 million paid through the issuance of shares and HKD 12.4 million through convertible bonds[31]. - The company is actively seeking new customers to enhance performance in the data center business following the acquisition of Polyqueue Limited[38]. - The company plans to expand its data center business, anticipating a compound annual growth rate of 31.8% in demand for neutral data center services in China over the next four years[43]. Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2020, and found them compliant with applicable accounting standards and GEM listing rules[68]. - The company has adhered to the corporate governance code as per GEM listing rules from the listing date until September 30, 2020[70]. - The company has not granted, exercised, canceled, or allowed any options to lapse under the share option scheme as of September 30, 2020[65]. - The company has not repurchased any of its own shares from the date of listing to September 30, 2020[69]. Shareholder Information - Sun Universal Limited holds 245,300,400 shares, representing 27.04% of the company's total shares[62]. - The weighted average number of ordinary shares for calculating basic loss per share was 901,676,399 for the nine months ended September 30, 2020, compared to 718,102,564 for the same period last year[26]. Other Financial Information - The company has not recorded any taxable profits in Hong Kong for the nine months ended September 30, 2020, and therefore has not made any provision for Hong Kong profits tax[6]. - The depreciation expense for property, plant, and equipment was RMB 2,796,000 for the nine months ended September 30, 2020[19]. - The company reported a total of RMB 1,441,000 in interest income from other receivables for the nine months ended September 30, 2020[19]. - As of the report date, the group has pledged land use rights and properties in Chengdu as collateral for a RMB 30.0 million loan obtained from CITIC Bank[56]. - The report date is November 11, 2020, indicating the latest financial performance review[72].
智升集团控股(08370) - 2020 Q3 - 季度财报
2020-05-08 09:45
Financial Performance - For the three months ended March 31, 2020, the company reported revenue of approximately RMB 16.0 million, an increase of about 106.9% compared to the same period last year, with RMB 5.2 million attributed to the acquisition of Polyqueue Limited[5] - The company recorded a loss of approximately RMB 5.0 million for the three months ended March 31, 2020, compared to a loss of RMB 1.5 million in the same period last year, primarily due to significant increases in administrative, sales and distribution expenses, and financing costs[5] - Basic loss per share for the three months ended March 31, 2020, was approximately RMB 0.56 cents, compared to RMB 0.22 cents in the same period last year[6] - Gross profit for the three months ended March 31, 2020, was RMB 3.4 million, compared to RMB 2.4 million in the same period last year[6] - The total comprehensive loss attributable to owners of the company for the three months ended March 31, 2020, was RMB 6.1 million, compared to RMB 1.5 million in the same period last year[6] - The company reported a loss of RMB 4,990,000 for the three months ended March 31, 2020, compared to a loss of RMB 1,475,000 in 2019, indicating a deterioration in performance[20] Revenue Breakdown - Total revenue for the three months ended March 31, 2020, was RMB 16,016,000, compared to RMB 7,741,000 for the same period in 2019, representing a growth of 106.5%[13] - Furniture product sales amounted to RMB 10,782,000, an increase of 39.3% from RMB 7,741,000 in 2019[13] - Data center business generated revenue of RMB 5,234,000, with no revenue reported in the same period of 2019[13] - Excluding the acquisition, revenue from furniture sales was approximately RMB 10.8 million, an increase of about RMB 3.1 million or approximately 39.3% year-on-year[36] Expenses and Costs - The company's administrative and other expenses for the three months ended March 31, 2020, were RMB 6.2 million, significantly higher than RMB 2.8 million in the same period last year[6] - The group's cost of sales for the three months ended March 31, 2020, was approximately RMB 12.6 million, an increase of about RMB 7.3 million or approximately 137.0% compared to the previous year[37] - Selling and distribution expenses were approximately RMB 2.0 million, an increase of about 56.2% compared to the previous year[42] - Administrative and other expenses were approximately RMB 6.2 million, an increase of about 126.1% year-on-year[43] Financing and Other Income - The financing costs for the three months ended March 31, 2020, were RMB 0.95 million, which was not present in the same period last year[6] - The company reported other income of RMB 0.7 million for the three months ended March 31, 2020, compared to RMB 0.1 million in the same period last year[6] - Other income for the three months ended March 31, 2020, was RMB 727,000, significantly up from RMB 71,000 in 2019, marking a growth of 927.4%[14] - Financing costs totaled RMB 952,000 for the three months ended March 31, 2020, with no financing costs reported in the same period of 2019[16] Acquisition Details - The company completed the acquisition of Polyqueue Limited on January 15, 2020, which expanded its operations into the data center business in China[8] - The acquisition of Polyqueue Limited contributed approximately RMB 5.2 million in revenue and RMB 0.3 million in profit to the group from the acquisition date to March 31, 2020[26] - The goodwill arising from the acquisition of Polyqueue Limited was valued at RMB 35,883,000[25] - The financing cost included approximately RMB 0.6 million from the newly acquired Polyqueue Limited, primarily due to the adoption of new Hong Kong Financial Reporting Standard 16[45] Corporate Governance - The audit committee has reviewed the unaudited consolidated financial statements for the three months ended March 31, 2020, confirming compliance with applicable accounting standards and GEM listing rules[60] - The company has adopted the GEM Listing Rules as its own code of conduct for directors' securities transactions, confirming compliance by all directors as of March 31, 2020[61] - The company is committed to maintaining high standards of corporate governance based on the GEM Listing Rules Appendix 15[64] - The executive directors as of the report date are Mr. Yi Cong and Mr. Liang Xingjun, with independent non-executive directors including Mr. Luo Guoqiang, Mr. Chen Yongjie, Ms. Cao Shaomu, and Mr. Guo Ruihong[65] Shareholder Information - As of March 31, 2020, major shareholders included Sun Universal Limited with 245,300,400 shares, representing 27.04% ownership[54] - The company has not granted, exercised, canceled, or allowed any stock options to lapse under the stock option plan as of March 31, 2020[58] - No shares have been repurchased by the company or its subsidiaries since the listing date up to the report date[62] Future Outlook - The group plans to continue focusing on the furniture market despite challenges and intends to stabilize and expand its market presence in the southwest region[31] - The group is actively participating in bidding activities and renegotiating contracts to mitigate the economic impact of the COVID-19 pandemic[33]
智升集团控股(08370) - 2020 Q1 - 季度财报
2019-11-08 10:23
Financial Performance - For the nine months ended September 30, 2019, the company reported revenue of approximately RMB 28.1 million, a decrease of about 50.6% compared to RMB 56.9 million for the same period in 2018[4] - The company recorded a loss of approximately RMB 5.7 million for the nine months ended September 30, 2019, compared to a profit of RMB 6.4 million for the same period in 2018, primarily due to a weak overall economy and increased sales and administrative expenses[4] - Basic loss per share for the nine months ended September 30, 2019, was approximately RMB 0.80 cents, down from a profit of RMB 0.96 cents for the same period in 2018[4] - For the three months ended September 30, 2019, revenue was RMB 8.2 million, down from RMB 12.9 million in the same period of 2018, representing a decline of approximately 36.5%[5] - Gross profit for the nine months ended September 30, 2019, was RMB 8.8 million, a decrease of over 58% from RMB 21.0 million in the same period of 2018[5] - The company’s total comprehensive loss for the nine months ended September 30, 2019, was RMB 5.0 million, compared to a total comprehensive income of RMB 6.3 million for the same period in 2018[5] - The company reported a net loss of RMB 5,733,000 for the nine months ended September 30, 2019, compared to a profit of RMB 6,447,000 for the same period in 2018[22] - The group’s revenue for the nine months ended September 30, 2019, was approximately RMB 28.1 million, a decrease of about RMB 28.8 million or 50.6% compared to the same period in 2018[29] - Revenue from Sichuan Qingtian for the same period was approximately RMB 24.4 million, down RMB 26.1 million or 51.7% year-on-year[29] - Revenue in traditional sales regions such as Sichuan, Yunnan, Guizhou, Chongqing, and Tibet decreased by approximately RMB 10.5 million or 30.2% compared to 2018, with Sichuan province alone dropping by RMB 8.6 million or 30.8%[29] Expenses and Costs - The company’s administrative expenses for the nine months ended September 30, 2019, were RMB 10.9 million, significantly higher than RMB 8.6 million for the same period in 2018[5] - Administrative expenses increased by approximately 25.9% to RMB 10.9 million for the nine months ended September 30, 2019, primarily due to a significant rise in product R&D expenses[34] - Sales and distribution expenses rose by approximately 22.2% to RMB 4.5 million for the same period, mainly due to increased showroom renovation amortization[35] - The company’s financing costs for the nine months ended September 30, 2019, were reported as zero, indicating no interest expenses from bank and other borrowings[15] Shareholder Information - The company issued 134 million new shares at HKD 0.235 per share on June 25, 2019, raising a total of HKD 31.49 million, which will be used for the purposes mentioned in the announcement[7] - As of September 30, 2019, the company’s total equity was RMB 179.5 million, an increase from RMB 158.8 million as of September 30, 2018[6] - Sun Universal Limited holds 245,300,400 shares, representing 30.51% of the total shares[42] - Brilliant Talent Global Limited owns 116,580,000 shares, accounting for 14.50% of the total shares[42] - The company has not granted any stock options since the adoption of the stock option plan on December 19, 2016[45] Compliance and Governance - The audit committee reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2019, and found them compliant with applicable accounting standards[53] - The company has not repurchased any of its own shares from the listing date until September 30, 2019[54] - The company has adhered to the corporate governance code as per GEM listing rules from the listing date until September 30, 2019[55] - There are no reported interests or short positions in the company's shares by any individuals other than those disclosed[44] - The company confirmed compliance with the non-competition agreement by major shareholders from the listing date to the report date[50] - The compliance advisor, Eight Financial Limited, has no interests in the company as of September 30, 2019[51] - The company has established an audit committee consisting of three independent non-executive directors[53] Strategic Plans - The company faced challenges due to the ongoing US-China trade war and stricter environmental regulations, leading to a significant decline in revenue and increased product costs[24] - The company plans to consolidate resources in traditional advantageous provinces like Sichuan and Chongqing, pausing expansion into new markets to stabilize its market share[26] - The company aims to enhance its competitive edge by increasing investment in product technology research and development[26] - The group plans to acquire a target company engaged in data center operations in Shanghai, China, to diversify its business and expand revenue sources[27] - The group believes that entering the data center industry aligns with its overall interests and will enhance corporate value for shareholders[27] Tax and Other Income - The company’s tax expense for the nine months ended September 30, 2019, included a deferred tax expense of RMB (179,000), compared to RMB (179,000) for the same period in 2018[17] - The group reported a tax expense of approximately RMB (0.2) million for the nine months ended September 30, 2019, a decrease of about 106.9% compared to RMB 2.6 million in the same period of 2018, due to losses incurred[36] - The company reported a total other income of RMB 648,000 for the nine months ended September 30, 2019, compared to RMB 261,000 for the same period in 2018[14] - The company’s foreign exchange reserve showed a gain of RMB 690,000 for the nine months ended September 30, 2019, compared to a loss of RMB 110,000 in the same period of 2018[6]
智升集团控股(08370) - 2019 Q3 - 季度财报
2019-05-10 12:56
Financial Performance - For the three months ended March 31, 2019, the group reported revenue of approximately RMB 7.7 million, a decrease of about 68.0% compared to RMB 24.2 million for the same period in 2018[3] - The group recorded a loss of approximately RMB 1.5 million for the three months ended March 31, 2019, compared to a profit of approximately RMB 4.3 million for the same period in 2018, primarily due to a significant decline in sales[3] - Basic loss per share for the three months ended March 31, 2019, was approximately RMB 0.22 cents, compared to basic earnings per share of RMB 0.65 cents for the same period in 2018[4] - Gross profit for the three months ended March 31, 2019, was RMB 2.4 million, down from RMB 9.4 million in the same period of 2018, reflecting a decrease in revenue and an increase in sales and administrative expenses[4] - The group’s total comprehensive loss for the period was RMB 1.5 million, compared to a total comprehensive income of RMB 4.1 million for the same period in 2018[4] - The group’s sales of office furniture products accounted for the entirety of the revenue, with sales of RMB 7.7 million for the three months ended March 31, 2019, compared to RMB 24.2 million in 2018[12] - The revenue from Sichuan Qingtian was approximately RMB 6.6 million, a decrease of approximately RMB 15.8 million or about 70.5% compared to the same period in 2018[26] - The decrease in revenue was primarily due to the non-recurring nature of sales orders from major clients in Guangxi, Guangdong, and Jiangsu provinces, which did not carry over into 2019[21] - The sales in traditional provinces such as Sichuan, Chongqing, Tibet, Guizhou, and Yunnan also decreased by approximately RMB 0.8 million or 11.6% compared to the same period in 2018[27] - The group's cost of sales for the three months ended March 31, 2019, was approximately RMB 5.3 million, a decrease of about 64.1% compared to approximately RMB 14.8 million for the same period in 2018[28] - Gross profit decreased from approximately RMB 9.4 million for the three months ended March 31, 2018, to approximately RMB 2.4 million for the same period in 2019, with a gross margin decline from approximately 38.8% to approximately 31.3%[29] Expenses and Costs - The group’s administrative and other expenses increased to RMB 2.8 million for the three months ended March 31, 2019, compared to RMB 2.4 million for the same period in 2018[4] - Administrative and other expenses rose by approximately 16.9% to about RMB 2.8 million for the three months ended March 31, 2019, primarily due to increased R&D and office expenses[33] - Selling and distribution expenses increased by approximately 7.8% to about RMB 1.3 million for the three months ended March 31, 2019, attributed to higher office and renovation costs[34] - Income tax credit for the three months ended March 31, 2019, was approximately RMB 0.06 million, a decrease from an income tax expense of approximately RMB 1.6 million for the same period in 2018, due to losses incurred[35] Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the three months ending March 31, 2019, confirming compliance with applicable accounting standards and GEM listing rules[54] - The company has adopted GEM listing rules as its code of conduct for directors' securities transactions, confirming compliance by all directors for the period ending March 31, 2019[55] - The company has maintained high standards of corporate governance in accordance with the GEM listing rules[57] - No shares have been repurchased or traded by the company or its subsidiaries since the listing date[56] Strategic Outlook - The company plans to strengthen its market share in traditional provinces while actively participating in various bidding activities for office furniture[23] - The overall economic slowdown and increased competition in the office furniture bidding process are expected to pose significant challenges for the company moving forward[24] - The company aims to enhance its competitiveness through increased investment in innovative product development and technology research[23] Shareholder Information - Major shareholder Sun Universal Limited held approximately 245.3 million shares, representing 36.62% of the company[43] - The company has not granted any share options since the adoption of the share option scheme on December 19, 2016, and had no outstanding options as of March 31, 2019[46] - The company entered into a non-competition agreement with its major shareholders on December 19, 2016, to protect its interests[47] Operational Focus - The group continues to operate primarily in the manufacturing and sales of office furniture products, with its headquarters located in Chengdu, China[7] - The group primarily focuses on office furniture manufacturing and sales, while Myshowhome Group specializes in sofas, indicating potential competition[48] - Myshowhome International, a subsidiary of Myshowhome Group, holds 100% equity in a company engaged in sofa manufacturing with a registered capital of HKD 8 million[48] Financial Position - The group’s financing costs were reported as zero for the three months ended March 31, 2019, indicating no interest-bearing debt during this period[4] - The group’s cash and cash equivalents as of March 31, 2019, were not disclosed in the provided documents, but the financial position reflects a significant decline in profitability[4] - As of March 31, 2019, the group had no assets pledged as collateral[36]