ST有棵树(300209) - 2024 Q2 - 季度财报

Financial Performance - Revenue for the reporting period was RMB 228.08 million, a decrease of 3.04% compared to the same period last year[11] - Net profit attributable to shareholders of the listed company was RMB -30.88 million, an improvement of 47.92% compared to the same period last year[11] - Net cash flow from operating activities was RMB -43.11 million, a significant decrease of 1,122.91% compared to the same period last year[11] - Basic earnings per share were RMB -0.0731, an improvement of 47.97% compared to the same period last year[11] - Diluted earnings per share were RMB -0.0731, an improvement of 47.97% compared to the same period last year[11] - Weighted average return on equity was -7.34%, an improvement of 131.60% compared to the same period last year[11] - Total revenue for the reporting period was 228.08 million yuan, a decrease of 3.04% year-over-year[21] - The company's operating cash flow was -43.11 million yuan, a significant decrease of 1,122.91% compared to the same period last year[21] - The company's net profit from non-recurring gains and losses was 16.72 million yuan, including 13.85 million yuan from the reversal of impairment provisions for receivables[14][15] - Net profit for the first half of 2024 was RMB -29,585,097.83, an improvement from RMB -52,979,523.72 in the same period of 2023[93] - Total comprehensive income for the period was -3.357 billion yuan, reflecting significant financial challenges[109] - Owner's equity at the end of the period was -449.409 million yuan, indicating a substantial deficit[110] - The company's net profit for the first half of 2024 was -2.998 billion yuan, continuing a trend of losses from previous years[115] - As of June 30, 2024, the company's owner's equity was -4.364 billion yuan, with current liabilities exceeding current assets by 5.463 billion yuan[115] Assets and Liabilities - Total assets at the end of the reporting period were RMB 319.91 million, a decrease of 8.69% compared to the end of the previous year[11] - Net assets attributable to shareholders of the listed company were RMB -433.31 million, a decrease of 6.57% compared to the end of the previous year[11] - Inventory increased by 10.26% to 80,575,097.65 yuan, representing 25.19% of total assets[24] - Monetary funds decreased slightly to 38,248,287.64 yuan, accounting for 11.96% of total assets[24] - Fixed assets amounted to 87,986,442.67 yuan, making up 27.50% of total assets[24] - Restricted assets totaled 117,623,430.66 yuan, including 84,232,363.62 yuan in fixed assets used as loan collateral[26] - The company's total assets decreased from 350,363,915.77 yuan to 319,912,142.55 yuan, a reduction of approximately 8.7%[86][88] - Inventory increased significantly from 52,303,109.87 yuan to 80,575,097.65 yuan, a growth of approximately 54%[86] - Accounts receivable decreased from 45,016,796.78 yuan to 31,476,105.38 yuan, a reduction of approximately 30%[86] - Other receivables increased from 16,130,478.86 yuan to 24,238,205.13 yuan, a growth of approximately 50%[86] - The company's total liabilities decreased slightly from 760,933,180.03 yuan to 756,303,631.43 yuan, a reduction of approximately 0.6%[88] - Short-term borrowings increased from 31,551,573.00 yuan to 32,551,573.00 yuan, a growth of approximately 3.2%[88] - The company's net loss attributable to the parent company increased from 4,056,500,417.13 yuan to 4,087,376,378.87 yuan, a growth of approximately 0.8%[88] - The company's cash and cash equivalents decreased from 40,817,259.33 yuan to 38,248,287.64 yuan, a reduction of approximately 6.3%[86] - The company's fixed assets decreased from 93,102,217.55 yuan to 87,986,442.67 yuan, a reduction of approximately 5.5%[87] - The company's intangible assets decreased from 22,572,924.59 yuan to 20,145,815.90 yuan, a reduction of approximately 10.8%[87] - Total assets as of the end of the first half of 2024 were RMB 348,636,071.43, a decrease of 1.02% compared to RMB 352,237,348.80 at the beginning of the period[90][91] - Total liabilities as of the end of the first half of 2024 were RMB 798,045,108.92, an increase of 3.65% compared to RMB 769,972,102.15 at the beginning of the period[91] - Cash and cash equivalents as of the end of the first half of 2024 were RMB 1,992,459.73, an increase of 19.15% compared to RMB 1,672,215.31 at the beginning of the period[89] - Accounts receivable as of the end of the first half of 2024 were RMB 638,210.08, a decrease of 81.83% compared to RMB 3,511,918.81 at the beginning of the period[90] - Other receivables as of the end of the first half of 2024 were RMB 102,218,534.76, an increase of 73.19% compared to RMB 59,015,094.98 at the beginning of the period[90] - The total monetary funds at the end of the period amounted to RMB 38,248,287.64, with RMB 31,349,551.92 held overseas[200] - Platform account funds and deposits totaled RMB 21,155,817.38 at the end of the period[200] - Frozen funds amounted to RMB 2,505,581.37 at the end of the period[200] Revenue and Sales - The company's online sales revenue from cross-border e-commerce was 1.40 billion yuan, accounting for 77.27% of total cross-border e-commerce revenue[18] - The company's core product categories include apparel and footwear, electronics, and home goods, with total revenue of 181.76 million yuan and 2.14 million orders[19] - The company's sales revenue from the Shopee platform was 51.75 million yuan, accounting for 28.47% of total online sales[18] - The company's sales revenue from the Amazon platform was 38.78 million yuan, a decrease of 22.28% year-over-year[18] - The company's offline sales revenue increased significantly by 1,388.53% to 41.31 million yuan[18] - The company's total cross-border e-commerce revenue was 181.76 million yuan, an increase of 7.11% year-over-year[18] - Total revenue for the first half of 2024 was RMB 228,080,238.41, a decrease of 3.04% compared to RMB 235,228,032.27 in the same period of 2023[92][93] - Revenue for the first half of 2024 was 822,547.38 yuan, a decrease from 1,250,519.05 yuan in the same period last year[96] - Sales of goods and services received 243,612,224.36 yuan in cash for the first half of 2024, a slight decrease from 249,868,991.02 yuan in the same period last year[98] Expenses and Costs - The company's financial expenses increased by 1,205.18% to 8.50 million yuan due to reduced foreign exchange gains[21] - Operating costs for the first half of 2024 were RMB 251,520,413.03, a decrease of 8.02% compared to RMB 273,486,874.75 in the same period of 2023[93] - Operating costs for the first half of 2024 were 77,264.70 yuan, significantly lower than 1,773,916.46 yuan in the same period last year[96] - Financial expenses for the first half of 2024 were 20,055,747.00 yuan, an increase from 8,256,709.42 yuan in the same period last year[96] - R&D expenses for the first half of 2024 were RMB 2,620,058.50, a decrease of 68.25% compared to RMB 8,252,546.95 in the same period of 2023[93] - Income tax expense for the first half of 2024 was 399,216.34 yuan, compared to 1,881,437.00 yuan in the same period last year[94] Cash Flow - Net cash flow from operating activities for the first half of 2024 was -43,111,297.38 yuan, compared to -3,525,302.37 yuan in the same period last year[98] - The net cash flow from investment activities was RMB 47,422,998.61, with a significant inflow from the disposal of fixed assets and other long-term assets amounting to RMB 6,668,027.00[99] - The net cash flow from financing activities was negative at RMB -7,117,425.47, primarily due to debt repayments of RMB 1,200,000.00 and other financing-related payments of RMB 9,946,635.51[99] - The net increase in cash and cash equivalents was negative at RMB -4,282,086.06, with the ending balance of cash and cash equivalents at RMB 14,586,888.69[99] - The net cash flow from operating activities was negative at RMB -1,994,613.45, with cash inflows from sales of goods and services at RMB 2,298,366.81[100] - The net cash flow from investment activities was negative at RMB -323,636.12, with cash outflows for acquiring subsidiaries and other business units at RMB 400,000.00[101] - The net cash flow from financing activities was positive at RMB 1,899,146.99, mainly due to other financing-related cash inflows[101] Equity and Shareholders - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[2] - The company held its 2024 first extraordinary general meeting with a 7.39% investor participation rate[37] - The company's 2023 annual general meeting saw an 8.74% investor participation rate[37] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the first half of the year[39] - The total number of shares of the company is 422,107,330, with 100% ownership[74] - The number of restricted shares decreased by 4,385,757 shares, from 27,233,243 shares (6.45%) to 22,847,486 shares (5.41%)[73] - The number of unrestricted shares increased by 4,385,757 shares, from 394,874,087 shares (93.55%) to 399,259,844 shares (94.59%)[73] - The total number of ordinary shareholders at the end of the reporting period is 16,252[75] - Xiao Siqing holds 30,463,315 shares, accounting for 7.22% of the total shares, with 22,847,486 shares being restricted[76] - Wuxi Tonghui Capital Co., Ltd. holds 13,610,000 shares, accounting for 3.22% of the total shares[76] - Kelier Motor Group Co., Ltd. holds 11,230,100 shares, accounting for 2.66% of the total shares[76] - Hua Xin holds 7,972,800 shares, accounting for 2.37% of the total shares[76] - Ni Kui holds 7,851,100 shares, accounting for 1.89% of the total shares[76] - Kezhijie New Materials Group Fujian Co., Ltd. holds 7,361,500 shares, accounting for 1.74% of the total shares[76] Risks and Challenges - Global macroeconomic and political environment poses significant risks to the company's operations, with potential impacts on the performance of cross-border e-commerce businesses[33] - The company faces risks related to overseas operations and compliance due to differences in political, cultural, and legal environments in foreign markets[33] - Platform policy changes on major e-commerce platforms like Amazon, AliExpress, and Shopee could adversely affect the company's performance[33] - Exchange rate fluctuations have increased uncertainty for the company's financial performance, with transactions primarily conducted in USD and HKD[34] - Inventory management risks could impact the company's financial health if sales slow or inventory management efficiency does not match business scale[34] - The company is at risk of delisting due to negative net assets in 2023 and ongoing bankruptcy restructuring proceedings[34] - The company's stock trading was subject to delisting risk warnings and continued to be under other risk warnings starting from April 26, 2024[71] Subsidiaries and Investments - Shenzhen Youkeshu, a subsidiary, reported revenue of 89,216,694.67 yuan and net profit of 5,590,283.88 yuan[31] - Changsha Youkeshu, another subsidiary, generated revenue of 143,397,398.69 yuan with a net profit of 124,238.65 yuan[31] - The company sold 17% equity in Jiangsu Zhongjiao New Energy Technology Co., Ltd. for 40 million yuan on March 8, 2024[29] - The company uses the cost method for long-term equity investments in subsidiaries and the equity method for investments in associates and joint ventures[155] - For step-by-step disposal of subsidiary investments until loss of control, the company determines whether the transactions constitute a "package deal" based on specific criteria[155] - When control over a subsidiary is lost, the remaining equity is remeasured at fair value, and the difference between the consideration received and the share of net assets is recognized as investment income[156] Accounting and Financial Policies - The company's accounting policies and estimates are tailored to its actual production and operation characteristics, covering areas such as financial instrument impairment, inventory, fixed asset depreciation, intangible assets, and revenue recognition[116] - The company's financial statements comply with the requirements of the Enterprise Accounting Standards, accurately reflecting the company's financial position, operating results, and cash flows[117] - The company's operating cycle is short, with assets and liabilities classified based on a 12-month liquidity standard[119] - The company uses RMB as its functional currency[120] - Significant receivables are defined as those exceeding 0.5% of total assets, and significant write-offs are those exceeding 0.5% of total assets[120] - Significant subsidiaries are those whose profit or revenue exceeds 15% of the group's total profit or revenue[120] - The company's accounting treatment for business combinations under common control involves measuring assets and liabilities at their book value on the merger date[121] - The company's accounting treatment for business combinations not under common control involves recognizing goodwill if the merger cost exceeds the fair value of the acquired net assets[122] - The company's control criteria for consolidated financial statements include having power over the investee, participating in relevant activities, and having the ability to influence variable returns[123] - The company's financial assets are classified into three categories at initial recognition: amortized cost, fair value through other comprehensive income, and fair value through profit or loss[126] - The company uses a three-level hierarchy to determine the fair value of financial assets and liabilities, with Level 1 inputs being unadjusted quoted prices in active markets, Level 2 inputs being observable market data, and Level 3 inputs being unobservable data such as financial forecasts[132][133] - For financial assets measured at amortized cost, the company assesses credit risk at each reporting date and recognizes expected credit losses based on whether the credit risk has increased significantly since initial recognition[134] - The company calculates expected credit losses for trade receivables and contract assets using historical credit loss experience, current conditions, and forecasts of future economic conditions, with different methods applied based on customer type and aging[135][136] - Financial assets are derecognized when the contractual rights to receive cash flows have expired or when the asset is transferred and the transfer meets the criteria for derecognition under accounting standards[130][131] - The company recognizes expected credit losses for financial guarantees and loan commitments that are not measured at fair value through profit or loss, using the higher of the loss allowance determined under impairment rules or the initial amount less cumulative amortization[130] - B2C business has an expected credit loss rate of 0.50% for non-overdue accounts[137] - B2B business has an expected credit loss rate of 1.00% for non-overdue accounts[137] - Other business has an expected credit loss rate of 5.00% for non-overdue accounts[137] - Accounts overdue for 1-2 years have an expected credit loss rate of 20.00% for B2C business[137] - Accounts overdue for 1-2 years have an expected credit loss rate of 30.00% for B2B business[137] - Accounts overdue for 1-2 years have an expected credit loss rate of 50.00% for other business[137] - Accounts overdue for 2-3 years have an expected credit loss rate of 50.00% for B2C and B2B business[137] - Accounts overdue for 2-3 years have an expected credit loss rate of 100.00% for other business[137] - Accounts overdue for 3-4 years have an expected credit loss rate of 80.00% for B2C and B2B business[137] - Accounts overdue for 3-4 years have an expected credit loss rate of 100.00% for other business[137] Taxation - The company's main tax types and rates include VAT at 6%, 9%, 13%, corporate income tax at 15%, 16.5%, 19%, 23.84%, 25%, and property tax at