Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 337.2 million, an increase of 9.0% compared to the same period in 2023[2]. - Gross profit for the same period was RMB 147.7 million, reflecting a growth of 10.7% year-over-year[2]. - Net profit for the reporting period was RMB 57.8 million, representing a significant increase of 63.7% compared to RMB 35.3 million in the prior year[2]. - Adjusted net profit was RMB 77.3 million, up 26.9% from RMB 60.9 million for the six months ended June 30, 2023[2]. - Basic earnings per share for the period was RMB 0.2891, an increase of 23.7% from RMB 0.2337 in the same period last year[2]. - Total comprehensive income for the period was RMB 58.4 million, compared to RMB 35.3 million in the same period last year[4]. - The company reported a pre-tax profit of RMB 73,307,000 for the six months ended June 30, 2024, up from RMB 55,472,000 in the same period of 2023, representing a growth of 32.2%[24]. - Net profit increased by RMB 22.5 million or 63.7% to RMB 57.8 million, with a net profit margin rising from 11.4% to 17.1%[55]. - Adjusted net profit (non-IFRS measure) grew by 26.9% to RMB 77.3 million, compared to RMB 60.9 million for the previous period[56]. Revenue Breakdown - Revenue from vehicle monitoring services was RMB 307,182 thousand, up from RMB 279,067 thousand, reflecting a growth of 10.1%[11]. - Revenue from automotive dealer operation management services decreased slightly to RMB 30,032 thousand from RMB 30,364 thousand, a decline of 1.1%[11]. - Revenue from pledged vehicle monitoring services was RMB 307.2 million, accounting for 91.1% of total revenue, with a growth rate of 10.1% compared to the previous period[43]. - Revenue from automotive dealer operation management services was RMB 30.0 million, representing 8.9% of total revenue, with a decline of 1.1% compared to the previous period[43]. Cash and Assets - Cash and cash equivalents rose significantly to RMB 377.5 million, up from RMB 134.2 million at the end of 2023[5]. - As of June 30, 2024, the company's trade receivables amounted to RMB 227.3 million, an increase of RMB 67.4 million or 42.2% compared to RMB 159.9 million as of December 31, 2023, primarily due to business growth and an increase in the number of agreements for collateral vehicle monitoring services[61]. - As of June 30, 2024, the company's cash and cash equivalents were RMB 377.5 million, with interest-bearing bank loans reduced to zero from RMB 20.0 million as of December 31, 2023, resulting in a leverage ratio of zero[63]. - The company's current ratio improved to 2.6 as of June 30, 2024, compared to 1.6 as of December 31, 2023, indicating a stronger liquidity position[63]. Expenses and Liabilities - Employee costs increased to RMB 69,658,000 for the six months ended June 30, 2024, from RMB 63,455,000 in 2023, reflecting an increase of 9.3%[21]. - The company incurred a bank loan interest expense of RMB 124,000 for the six months ended June 30, 2024, down from RMB 1,219,000 in the same period of 2023, showing a decrease of 89.8%[20]. - The total liabilities under current liabilities decreased to RMB 78,938 thousand as of June 30, 2024, from RMB 85,924 thousand as of December 31, 2023, indicating a reduction of 8.5%[33]. - The company’s prepaid expenses decreased to RMB 5,061 thousand as of June 30, 2024, down from RMB 8,867 thousand as of December 31, 2023, a decline of 43.5%[31]. - The company’s accounts payable to third parties decreased to RMB 27,107 thousand as of June 30, 2024, compared to RMB 29,601 thousand as of December 31, 2023, a decrease of 8.4%[32]. Corporate Actions and Governance - The company successfully listed on the main board of the Stock Exchange on January 9, 2024, with net proceeds of approximately HKD 254.1 million after deducting listing expenses[2]. - The board believes that the public listing will enhance the company's image and brand recognition, providing broader access to capital markets for future financing[38]. - The company has adopted and complied with all applicable corporate governance codes since its listing on January 9, 2024[73]. - The company has established an audit committee to oversee financial reporting and risk management, consisting of three members[82]. - The board of directors includes three executive directors and four independent non-executive directors, ensuring a diverse governance structure[84]. Future Plans and Developments - The company launched the "久车GO" automotive supply chain service platform in March 2024, achieving over 24,000 certified automotive dealer partners by July 2024, marking a significant milestone in its growth[37]. - The group plans to enhance the operational management capabilities of automotive dealers through improved services and quality[39]. - The company plans to enhance its hardware and equipment, allocating 25% of the net proceeds (approximately HKD 63.6 million) for this purpose, with HKD 2.1 million already utilized[79]. - The company aims to enrich its software product functionalities, allocating 10% of the net proceeds (approximately HKD 25.4 million), with HKD 5.5 million already utilized[79]. Compliance and Reporting - The interim financial data for the six months ending June 30, 2024, has been reviewed by KPMG according to the Hong Kong Institute of Certified Public Accountants' standards[83]. - The interim results announcement and the 2024 interim report will be published on the Hong Kong Stock Exchange and the company's website, containing all information required by the listing rules[84]. - The company has confirmed compliance with the standards of the securities trading code since the listing date[74]. - There have been no significant legal proceedings or arbitrations involving the company from the reporting period until the announcement date[76].
长久股份(06959) - 2024 - 中期业绩