Financial Performance - Total payment transaction volume (GPV) for the six months ended June 30, 2024, was RMB 116.62 billion, a decrease of 17.8% compared to RMB 141.92 billion for the same period in 2023[2]. - Revenue for the six months ended June 30, 2024, was RMB 1,577.7 million, down 23.5% from RMB 2,062.2 million in the same period of 2023[2]. - Profit for the six months ended June 30, 2024, was RMB 32.6 million, exceeding the full-year profit of RMB 30.4 million for 2023[6]. - Gross profit for the period was RMB 300,219 thousand, down 18.0% from RMB 366,001 thousand year-on-year, with a gross margin of 19.0%[7]. - Operating profit decreased to RMB 56,842 thousand from RMB 94,056 thousand, indicating a decline of 39.5%[65]. - The company reported a net profit of RMB 32,580 thousand, slightly up from RMB 30,350 thousand, showing a year-on-year increase of 4.1%[66]. - Adjusted EBITDA decreased by 43.9% from RMB 290.9 million for the six months ended June 30, 2023, to RMB 163.3 million for the same period in 2024[44]. Revenue Breakdown - Contribution from non-payment services increased from 11.0% of total revenue in the six months ended June 30, 2023, to 14.6% in the same period of 2024[2]. - One-stop payment service revenue decreased by 26.6% to RMB 1,346,561 thousand, while merchant solutions revenue increased by 21.2% to RMB 202,319 thousand[7]. - The gross profit margin for non-payment services increased from 52.6% in the first half of 2023 to 69.1% in the first half of 2024[5]. - The number of active merchants using merchant solutions increased by 5.8% year-on-year, reflecting strong capabilities in digital business and efficiency improvement[10]. - In-store e-commerce service revenue decreased by 51.9% year-on-year, but the gross margin increased by 4.6 percentage points to 81.5%[12]. Cost Management - Sales and administrative expenses decreased by 11.2% for the six months ended June 30, 2024, compared to the same period in 2023[6]. - Operating costs reduced by 24.7% from RMB 1,696.2 million to RMB 1,277.5 million, primarily due to a decrease in commission and fees associated with the decline in GPV[27]. - Sales expenses decreased by 36.9% from RMB 82.9 million to RMB 52.3 million, mainly due to broader applications of artificial intelligence and reduced employee benefits and outsourcing costs[31]. - The company reported a decrease in commission and marketing costs to RMB 1,199,748 thousand for the six months ended June 30, 2024, down from RMB 1,625,299 thousand in the same period of 2023, a reduction of approximately 26.2%[94]. Asset and Liability Management - The asset-to-liability ratio decreased to 41.1% as of June 30, 2024, due to early redemption of convertible bonds using internal cash flow[2]. - Total assets decreased from RMB 8,420.4 million as of December 31, 2023, to RMB 7,575.1 million as of June 30, 2024, while total liabilities decreased from RMB 5,803.0 million to RMB 4,993.8 million during the same period[45]. - The debt-to-asset ratio improved from 68.9% as of December 31, 2023, to 65.9% as of June 30, 2024[45]. - Cash and cash equivalents decreased by 23.0% from RMB 887.9 million as of December 31, 2023, to RMB 683.7 million as of June 30, 2024, mainly due to cash used for the repurchase of convertible bonds[46]. - The total debt as of June 30, 2024, amounted to RMB 1,101.2 million, down from RMB 1,237.0 million as of December 31, 2023[48]. Shareholder Returns and Capital Structure - A total of 35 million of convertible bonds at a discount in the first half of 2024, aiming to reduce interest expenses and optimize capital structure[16]. - The company has redeemed all $70 million of 6.25% convertible bonds due in 2027, significantly reducing interest expenses[18]. - The controlling shareholder has purchased 1,448,400 shares, representing 0.33% of the issued shares, reflecting confidence in the company's future prospects[17]. International Expansion - International payment business in Singapore saw GPV growth of over 50% year-on-year, with significant client acquisitions including luxury brands[9]. - The company serves over 20,000 stores across Southeast Asia, including brands like Starbucks and New Balance, enhancing profit quality through high customer payment willingness[14]. - The company aims to maintain its market leadership in one-stop payment services while expanding its international business and leveraging AI tools for commercialization[17]. Technology and Innovation - The company has enhanced its AI-driven products and services, improving operational efficiency and reducing costs[6]. - AI-driven products and services have improved operational efficiency, with customer service automation efficiency exceeding 80%[15]. - The company has established a strong foundation for international expansion supported by technology layout and merchant service insights[17]. Governance and Compliance - The company has adopted the corporate governance code principles to promote effective internal controls and high ethical standards, ensuring compliance with applicable laws and regulations[123]. - The board of directors has confirmed compliance with the standard code for securities trading by directors, with no violations reported since the last report until June 30, 2024[124]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ending June 30, 2024[125]. Risk Management - The company’s risk management plan focuses on minimizing potential adverse effects on financial performance due to market unpredictability[75]. - There have been no significant changes in risk management policies since December 31, 2023[75].
移卡(09923) - 2024 - 中期业绩