Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 49,456,000, a decrease of 17.2% compared to RMB 59,742,000 for the same period in 2023[4] - Gross profit for the period was RMB 8,264,000, down 40.1% from RMB 13,884,000 in the previous year[4] - Loss for the period attributable to the owners of the Company was RMB 16,024,000, compared to a loss of RMB 1,125,000 in the same period last year[5] - The company reported a net loss of RMB 16,024,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,125,000 for the same period in 2023, indicating a significant increase in losses[8] - Basic and diluted loss per share was 9.15 cents, compared to 0.64 cents in the same period last year[5] - The group reported a net loss of RMB 12,745,000 for the six months ended June 30, 2024, compared to a loss of RMB 575,000 in the same period of 2023[14] - The group reported a loss before tax of RMB 16,003,000 for the six months ended June 30, 2024, compared to a loss of RMB 1,101,000 in the same period of 2023[18] Assets and Liabilities - Total assets decreased to RMB 249,869,000 as of June 30, 2024, from RMB 265,434,000 at the end of 2023, reflecting a decline of 5.9%[6] - Total liabilities decreased to RMB 106,755,000 as of June 30, 2024, from RMB 113,242,000 as of December 31, 2023, representing a reduction of approximately 5.3%[7] - Total equity attributable to the owners of the Company decreased to RMB 143,114,000 from RMB 152,192,000, a reduction of 5.9%[6] - The company’s net current assets decreased to RMB 54,983,000 as of June 30, 2024, from RMB 61,605,000 as of December 31, 2023, a decline of about 10.7%[7] - Trade and bills receivables dropped significantly to RMB 45,054,000 from RMB 73,310,000, a decrease of 38.6%[6] - Trade payables decreased to RMB 26,107,000 as of June 30, 2024, from RMB 30,447,000 as of December 31, 2023, representing a decline of approximately 14.5%[7] Cash Flow and Liquidity - Cash and bank balances increased to RMB 27,728,000 from RMB 26,043,000, showing a growth of 6.5%[6] - Cash and cash equivalents at the end of the period increased to RMB 27,728,000 from RMB 15,104,000 year-over-year, reflecting a growth of approximately 83.8%[10] - Net cash used in operating activities improved to RMB (3,443,000) for the six months ended June 30, 2024, compared to RMB (9,393,000) in the same period of 2023, showing a reduction in cash outflow[10] - The Group's liquidity ratio was 1.52 as of June 30, 2024, slightly down from 1.56 on December 31, 2023, while the gearing ratio remained stable at 0.43[71] Segment Performance - Revenue from nonwoven fabric products used in automotive interior decoration decreased to RMB 49,456,000 for the six months ended June 30, 2024, down 17.2% from RMB 59,742,000 in the same period of 2023[12] - Segment revenue from supply and procurement operations for the six months ended June 30, 2024, was RMB 49,456,000, compared to RMB 59,742,000 in 2023, representing a decrease of approximately 17.2%[18] - The segment results for the supply and procurement operations showed a loss of RMB 39,000 for the first half of 2024, an improvement from a loss of RMB 166,000 in the same period of 2023[18] Expenses and Costs - The cost of inventories recognized as cost of sales was RMB 9,199,000 for the six months ended June 30, 2024, compared to RMB 19,295,000 in 2023, reflecting a decrease of about 52.3%[25] - Administrative expenses increased by approximately RMB0.8 million from approximately RMB7.9 million to approximately RMB8.7 million for the six months ended 30 June 2024[58][62] - Unallocated corporate expenses increased to RMB (17,239,000) in the first half of 2024 from RMB (8,275,000) in 2023, indicating a significant rise in corporate costs[18] Investments and Share Options - As of June 30, 2024, the Group held significant investments in various companies, including approximately 8.0 million shares (1.9%) of China Investment and Finance Group Limited[65][67] - The fair value loss for significant investments was RMB5.774 million for China Investment and Finance Group Limited for the six months ended June 30, 2024[67] - A total of 15,030,000 outstanding share options lapsed during the period[77] - The total number of shares available for issuance upon exercise of all options to be granted under the scheme was 17,511,510 shares, which is 10% of the issued share capital of the Company[76] Corporate Governance and Compliance - The Company has complied with the corporate governance code, with a deviation regarding the roles of Chairman and CEO deemed appropriate for efficiency[88] - The Company has adopted a code of conduct for securities trading by Directors, confirming compliance by all Directors for the six months ended June 30, 2024[86] - The Audit Committee reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2024, confirming compliance with applicable accounting standards[91] Future Outlook and Strategy - The Board expects 2024 to be a challenging year due to continuously increasing production costs and enhanced safety requirements in the automotive industry[60][64] - The Group plans to upgrade production lines to improve efficiency and install new machinery to meet high-end product demands[60][64] - Research and development will be conducted to keep up with the latest technological trends in product specifications[60][64] - The Group will adopt a cautious approach in accepting orders due to the increasing risk of volatility in rubber prices linked to crude oil fluctuations[61] - The Group aims to strengthen its customer base in the food trading business by finding new customers[61]
中国汽车内饰(00048) - 2024 - 中期业绩