银之杰(300085) - 2024 Q2 - 季度财报

Financial Performance - Total operating revenue for the first half of 2024 was RMB 425.19 million, a decrease of 18.97% compared to RMB 524.72 million in the same period last year[117] - Operating costs for the first half of 2024 were RMB 460.65 million, a decrease of 14.22% compared to RMB 536.99 million in the same period last year[117] - Net loss for the first half of 2024 was RMB 50.03 million, compared to a net loss of RMB 27.37 million in the same period last year[118] - Total comprehensive loss for the first half of 2024 was RMB 49.16 million, compared to a comprehensive loss of RMB 21.72 million in the same period last year[118] - Parent company's operating income for the first half of 2024 was RMB 41.70 million, a decrease of 40.08% compared to RMB 69.58 million in the same period last year[119] - Parent company's net loss for the first half of 2024 was RMB 49.89 million, compared to a net loss of RMB 20.05 million in the same period last year[120] - Comprehensive income for the first half of 2024 was -49,025,243.00 yuan, compared to -14,399,457.35 yuan in the same period last year[121] - Basic and diluted earnings per share for the first half of 2024 were both -0.0706, compared to -0.0284 in the same period last year[121] Expenses and Costs - R&D expenses for the first half of 2024 increased by 10.36% to RMB 31.72 million compared to RMB 28.75 million in the same period last year[117] - Sales expenses for the first half of 2024 decreased by 10.78% to RMB 70.91 million compared to RMB 79.47 million in the same period last year[117] - Parent company's R&D expenses for the first half of 2024 increased by 49.77% to RMB 21.06 million compared to RMB 14.07 million in the same period last year[120] Cash Flow - Net cash flow from operating activities for the first half of 2024 was -50,135,863.23 yuan, compared to -6,064,393.92 yuan in the same period last year[122] - Net cash flow from investing activities for the first half of 2024 was -9,780,508.09 yuan, compared to -37,763,987.86 yuan in the same period last year[123] - Net cash flow from financing activities for the first half of 2024 was -69,454,443.74 yuan, compared to -1,703,368.76 yuan in the same period last year[123] - Cash and cash equivalents at the end of the first half of 2024 were 163,247,398.56 yuan, compared to 180,276,973.95 yuan at the end of the same period last year[123] - Net cash flow from operating activities for the parent company in the first half of 2024 was -105,675,343.41 yuan, compared to -56,354,406.52 yuan in the same period last year[124] - Net cash flow from investing activities for the parent company in the first half of 2024 was -20,264,050.22 yuan, compared to -44,701,112.07 yuan in the same period last year[125] - Net cash flow from financing activities for the parent company in the first half of 2024 was 86,945,932.96 yuan, compared to 99,897,403.87 yuan in the same period last year[125] - Cash and cash equivalents at the end of the first half of 2024 for the parent company were 109,590,011.47 yuan, compared to 130,588,814.04 yuan at the end of the same period last year[125] Equity and Capital - The company's total equity at the beginning of the period was RMB 668,423,760.32, with a capital reserve of RMB 337,347,550.05 and undistributed profits of -RMB 358,737,790.74[126] - The comprehensive income for the current period was RMB 867,170.87, while the total equity decreased by RMB 49,159,733.42 due to a reduction in capital reserves of RMB 50,026,904.29[127] - At the end of the period, the company's total equity was RMB 619,264,026.90, with a capital reserve of RMB 337,347,550.05 and undistributed profits of -RMB 408,764,695.03[128] - The company's total equity at the beginning of the previous year was RMB 776,921,087.94, with a capital reserve of RMB 340,556,865.38 and undistributed profits of -RMB 242,402,919.62[129] - The comprehensive income for the previous period was RMB 5,648,634.66, while the total equity decreased by RMB 16,910,440.39 due to a reduction in capital reserves of RMB 1,389,654.27[130] - The company's comprehensive income for the period decreased by RMB 49,025,243.00, primarily due to a reduction in undistributed profits of RMB 49,892,413.87[133] - The company's total equity at the end of the period was RMB 692,148,126.75, down from RMB 741,173,369.75 at the beginning of the period[134] - The company's capital reserve increased by RMB 4,806,449.94 due to capital contributions from equity holders[135] - The company's other comprehensive income decreased by RMB 1,050,000.00, which was transferred to retained earnings[136] - The company's undistributed profits at the end of the period were RMB -434,361,608.35, a decrease from RMB -384,469,194.48 at the beginning of the period[134] Business Operations and Industry - The company operates in the software and information technology services industry, providing software products, digital financial solutions, and technical services to banks and other financial institutions[138] - The company has 15 subsidiaries included in the consolidated financial statements, an increase of 2 compared to the previous year[138] - The company's total issued shares as of June 30, 2024, are 706,640,535, with a registered capital of 706.640535 million RMB[138] Accounting Policies and Standards - The financial statements are prepared based on the Chinese Accounting Standards and the guidelines issued by the China Securities Regulatory Commission[139] - The company has evaluated its ability to continue operations for the next 12 months and found no significant issues affecting its going concern assumption[140] - The company uses the accrual basis of accounting and historical cost as the measurement basis for its financial statements, except for certain financial instruments measured at fair value[141] - Important accounting estimates include inventory impairment and deferred tax assets, which are based on historical experience and future expectations[142] - The company's financial statements comply with the Chinese Accounting Standards and accurately reflect its financial position, operating results, and cash flows[143] - The company's operating cycle is 12 months, which is used as the standard for classifying assets and liabilities[145] - The company uses RMB as its functional currency for financial reporting[146] Financial Instruments and Investments - The company recognizes goodwill when the merger cost exceeds the fair value of the identifiable net assets acquired, and any excess is recorded as a gain in the current period if the merger cost is less than the fair value[149] - The company includes all subsidiaries under its control in the consolidated financial statements, ensuring consistent accounting policies and periods across the group[151] - For non-controlling interests, the company separately presents minority shareholders' share of equity, net profit, and comprehensive income in the consolidated financial statements[151] - In the case of step acquisitions, the company re-measures previously held equity interests at fair value, with any differences recognized in current period investment income[152] - When disposing of subsidiaries, the company includes the subsidiary's income, expenses, and cash flows up to the disposal date in the consolidated financial statements[152] - The company treats multiple transactions as a single package if they are interdependent or collectively achieve a complete business outcome[152] - Any gains or losses from step disposals of subsidiaries are recognized in other comprehensive income until control is lost, at which point they are transferred to current period profit or loss[153] - The company uses the actual interest rate method to calculate the amortized cost of financial assets and liabilities, and to allocate interest income or expenses across accounting periods[158] - Financial assets are classified into three categories: those measured at amortized cost, those measured at fair value with changes in other comprehensive income, and those measured at fair value with changes in current profit or loss[158] - For financial assets measured at fair value with changes in other comprehensive income, the company recognizes interest income using the actual interest rate method, and changes in fair value are recorded in other comprehensive income[159] - The company may irrevocably designate non-trading equity instrument investments as financial assets measured at fair value with changes in other comprehensive income at initial recognition[159] - Financial assets that do not meet the criteria for classification as amortized cost or fair value with changes in other comprehensive income are classified as fair value with changes in current profit or loss[160] - The company adjusts the capital reserve for share premium in the consolidated balance sheet when there is a difference between the newly acquired long-term equity investment and the share of net assets attributable to the subsidiary from the acquisition date[154] - Cash equivalents are defined as investments that are short-term (generally maturing within three months), highly liquid, easily convertible to known amounts of cash, and subject to insignificant risk of changes in value[155] - Foreign currency transactions are initially recognized using the exchange rate at the beginning of the month when the transaction occurred, and monetary items are translated at the exchange rate on the balance sheet date[156] - When disposing of overseas operations, the company transfers the foreign currency translation differences related to those operations from other comprehensive income to current profit or loss[157] - The company recognizes financial assets or liabilities when it becomes a party to the financial instrument contract[158] - The company uses fair value for subsequent measurement of financial assets, with gains or losses from fair value changes and related dividend and interest income recognized in current period profit or loss[161] - Financial liabilities are initially measured at fair value, with transaction costs for fair value through profit or loss liabilities directly recognized in current period profit or loss[161] - Financial liabilities classified as fair value through profit or loss include trading financial liabilities and those designated as such at initial recognition[161] - The company may irrevocably designate financial liabilities as fair value through profit or loss to eliminate or significantly reduce accounting mismatches[163] - Financial liabilities not classified as fair value through profit or loss are measured at amortized cost using the effective interest method[163] - Financial assets are derecognized when the contractual rights to receive cash flows expire or the asset is transferred meeting derecognition criteria[163] - Financial liabilities are derecognized when the present obligation is discharged, typically through repayment or modification of terms[163] - The company assesses the extent of risks and rewards retained when transferring financial assets to determine appropriate accounting treatment[164] - The company transferred financial assets and recognized the difference between the book value and the consideration received as profit or loss for the period[165] - Financial assets that do not meet the derecognition criteria continue to be recognized, and the consideration received is recognized as a financial liability[165] - The company uses valuation techniques to determine the fair value of financial assets or liabilities when there is no active market[166] - Expected credit losses are calculated based on the weighted average of credit losses, with the risk of default as the weight[167] - The company measures loss provisions for contract assets and receivables at an amount equal to the lifetime expected credit losses[167] - Financial instruments are classified into three stages based on the increase in credit risk, with different methods for measuring loss provisions[167] - The company assesses whether the credit risk of financial instruments has increased significantly by comparing the risk of default at the reporting date with the initial recognition date[169] - Evidence of credit impairment includes observable information such as significant financial difficulties of the debtor or breaches of contract[169] - The company determines expected credit losses based on both individual and collective assessments, considering past events, current conditions, and future economic forecasts[169] - The company classifies financial instruments based on common credit risk characteristics, including financial instrument type, credit risk rating, aging, overdue aging, contract settlement cycle, and debtor industry[170] - For financial assets, credit loss is the present value of the difference between the contractual cash flows the company is entitled to receive and the expected cash flows[170] - For lease receivables, credit loss is the present value of the difference between the contractual cash flows the company is entitled to receive and the expected cash flows[170] - For financial guarantee contracts, credit loss is the present value of the difference between the expected payment amount for credit losses incurred by the contract holder and the amount expected to be recovered from the contract holder, debtor, or any other party[170] - The company measures expected credit losses of financial instruments by considering unbiased probability-weighted amounts, time value of money, and reasonable and supportable information available without undue cost or effort[170] - The company writes off financial assets when it is no longer reasonable to expect full or partial recovery of contractual cash flows, and such write-offs constitute derecognition of the relevant financial assets[170] - The company offsets financial assets and liabilities in the balance sheet only if it has a legally enforceable right to set off the recognized amounts and intends to settle on a net basis or simultaneously realize the asset and settle the liability[170] - The company determines expected credit losses for receivables by grouping them based on credit risk characteristics and calculating expected credit losses on a portfolio basis when individual assessment is not feasible at a reasonable cost[171] - The company classifies receivables into different portfolios based on credit risk characteristics, such as aging and specific risk features, and calculates expected credit losses accordingly[172] - The company recognizes contract assets when it has the right to receive consideration from customers for goods transferred, and the right depends on factors other than the passage of time[176] - The company classifies non-current assets or disposal groups as held for sale if they meet specific criteria, including being immediately available for sale in their current condition and having a high probability of sale within one year[179] - For held-for-sale assets, the company does not depreciate or amortize them and recognizes impairment losses if the carrying amount exceeds the fair value minus selling costs[179] Fixed Assets and Long-term Investments - The company's fixed assets are depreciated using the straight-line method, with annual depreciation rates of 2.375% for buildings and 19% for machinery, transportation, and office equipment[192] - Fixed assets are initially measured at cost, including purchase price, import duties, and other directly attributable costs[191] - The company's construction-in-progress is measured at actual cost, including material costs, labor costs, and capitalizable borrowing costs[193] - Fixed assets are tested for impairment, and any impairment losses are recognized in accordance with the company's long-term asset impairment policy[192] - The company's joint arrangements are accounted for using the equity method if the company has rights to the net assets of the separate entity[187] - The company's significant influence over an investee is determined based on factors such as board representation, participation in policy-making, and provision of key technical information[188] - The company's fixed assets are reviewed annually for changes in useful life, residual value, and depreciation method, with adjustments made as necessary[192] - The company's fixed assets are derecognized when disposed of or when no future economic benefits are expected, with any gains or losses recognized in current profits or losses[192] - The company capitalizes borrowing costs that are directly attributable to the acquisition, construction, or production of qualifying assets, while other borrowing costs are expensed as incurred[194] - Borrowing costs are capitalized when three conditions are met: asset expenditures have occurred, borrowing costs have been incurred, and activities necessary to prepare the asset for its intended use or sale have begun[194] - Capitalization of borrowing costs ceases when the qualifying asset reaches its intended use or sale condition, or if parts of the asset are completed and usable separately[194] - Borrowing costs are suspended if the construction or production of the qualifying asset is interrupted abnormally for more than 3 months, unless the interruption is a necessary part of the process[195] - The company calculates capitalized borrowing costs for specific loans by deducting interest income from unused loan funds or temporary investments, and for general loans based on the weighted average of expenditures exceeding specific loans multiplied by the capitalization rate[195] - The company measures right-of-use assets at cost, including the initial measurement of lease liabilities, lease payments made before the lease commencement date, initial direct costs, and estimated costs for dismantling, removing, or restoring the leased asset[196] - Right-of-use assets are subsequently measured using the cost model, with depreciation calculated based on the asset's remaining useful life or the lease term, whichever is shorter[196] - The company determines the useful life of intangible assets, categorizing them as either finite or indefinite, with finite-lived assets amortized on a straight-line basis over their useful life[198] - Intangible assets with finite useful lives include self-developed software products (5 years), patents and software copyrights (5-10 years), office software (5 years), and trademarks and others (5-10 years)[198] - The company reviews the useful life and amortization method of finite-lived intangible assets at each reporting period and adjusts them if necessary[198]