Financial Performance - Revenue for the period was SGD 9,433 thousand, a decrease from SGD 11,851 thousand in the previous period[10] - Net loss for the period was SGD 2,122 thousand, compared to a net profit of SGD 1,115 thousand in the previous period[10] - Total assets decreased to SGD 15,238 thousand from SGD 14,901 thousand, while total liabilities increased to SGD 11,553 thousand from SGD 9,028 thousand[11] - Cash and cash equivalents decreased to SGD 2,511 thousand from SGD 2,930 thousand at the beginning of the period[14] - The company's equity attributable to owners of the parent decreased to SGD 5,415 thousand from SGD 7,186 thousand[13] - Non-current assets decreased to SGD 6,120 thousand from SGD 6,235 thousand, primarily due to a decrease in property, plant, and equipment[11] - The company's net cash used in operating activities was SGD 550 thousand, compared to SGD 887 thousand generated in the previous period[14] - The company's total comprehensive loss for the period was SGD 2,139 thousand, compared to a comprehensive income of SGD 1,085 thousand in the previous period[10] - The company's basic and diluted loss per share was SGD 0.11, compared to a profit of SGD 0.06 in the previous period[10] - Revenue from customer contracts decreased to SGD 9,433 thousand in 2024 from SGD 11,851 thousand in 2023, with significant declines in modification, debugging, and beauty services (SGD 1,409 thousand vs. SGD 2,544 thousand) and brand management services (SGD 66 thousand vs. SGD 949 thousand)[18] - Pre-tax loss for the group was SGD 2,122 thousand in 2024, compared to a pre-tax profit of SGD 1,114 thousand in 2023[21] - Basic loss per share was SGD 0.11 cents in 2024, compared to a basic profit per share of SGD 0.06 cents in 2023[24] - Employee costs (excluding directors and top executives) increased to SGD 3,462 thousand in 2024 from SGD 3,251 thousand in 2023[19] - Net cash used in operating activities was SGD 0.55 million, while net cash used in investing activities was SGD 1.51 million, and net cash from financing activities was SGD 1.64 million[49] - The asset-to-liability ratio increased from 0.3x as of December 31, 2023, to 0.7x as of June 30, 2024[49] Company Structure and Leadership - The company's executive directors include Wang Lei (Co-Chairman, CEO), Feng Wei (Co-Chairman), Cai Wenhao, and Wu Mengmeng (appointed on May 30, 2024)[5] - The company's registered office is located in the Cayman Islands, with its China headquarters in Shandong Province and its Singapore headquarters at 160 Sin Ming Drive[7][8] - The company's shares are traded on the Hong Kong Stock Exchange under the stock code 8283[8] - Mr. Wang Lei holds a 29.54% beneficial interest in the company's shares, while Ms. Li Lidan, his spouse, holds the same percentage through spousal interest[50][55] - Mr. Li Jie holds a 14.30% beneficial interest in the company's shares, and Ms. Han Mei, his spouse, holds the same percentage through spousal interest[55] Financial Statements and Reporting - The company announced its unaudited condensed consolidated financial results for the six months ended June 30, 2024, along with comparative unaudited figures for the same period in 2023[9] - The interim report for 2024 is available on the Hong Kong Stock Exchange website (www.hkexnews.hk) and the company's website (www.zhongshiminanholdings.com)[1] - The company appointed Xianji Certified Public Accountants Limited as the new auditor following the resignation of Zhongzheng Tianheng Certified Public Accountants Co., Ltd.[67] Assets and Liabilities - The company's non-current liabilities decreased to SGD 5,837 thousand from SGD 6,000 thousand, primarily due to a decrease in bank and other borrowings[11] - Trade receivables decreased to SGD 1,127 thousand in 2024 from SGD 1,447 thousand in 2023, with a net trade receivables balance of SGD 1,070 thousand after impairment losses[25] - Prepayments and other receivables increased to SGD 9.74 million as of June 30, 2024, compared to SGD 9.71 million as of December 31, 2023, driven by higher short-term prepayments and other receivables[31] - Trade payables increased to SGD 1.5 million as of June 30, 2024, from SGD 1.42 million as of December 31, 2023, with 56% of payables aged less than 30 days[37] - Total bank and other borrowings increased to SGD 3.82 million as of June 30, 2024, from SGD 2.18 million as of December 31, 2023, primarily due to new short-term loans[38][40] - Trade and other payables increased to SGD 8.51 million as of June 30, 2024, from SGD 7.37 million as of December 31, 2023, mainly due to higher other payables[36] - The company's deposits for vehicle purchases and EV facility upgrades remained stable at SGD 5.68 million as of June 30, 2024[31] - The company's issued and paid-up capital remained unchanged at 2 billion ordinary shares as of June 30, 2024[42] - Cash and bank balances decreased from SGD 2.93 million as of December 31, 2023, to SGD 2.51 million as of June 30, 2024[49] - 99% of the company's cash and bank balances were denominated in the functional currency (SGD) as of June 30, 2024, compared to 89.4% as of December 31, 2023[49] - The company has 2,000,000,000 issued shares with a par value of HKD 0.0025 per share, totaling approximately SGD 0.9 million in issued share capital as of June 30, 2024[49] Business Operations and Strategy - The group acquired SGD 0.48 million in plant and equipment during the six months ended June 30, 2024, a significant increase from SGD 0.03 million in the same period in 2023[26] - The company plans to expand its passenger car and EV business, with expected deliveries starting in Q3 2024[31] - The company provided 17 auto financing loans totaling SGD 2.2 million as of June 30, 2024, with interest rates ranging from 3% to 7%[33] - Expected credit losses for third-party receivables remained minimal, with a total carrying amount of SGD 2.2 million as of June 30, 2024[32] - The top 5 auto financing loans accounted for 53% of total third-party receivables as of June 30, 2024[33] - The company terminated the acquisition of 100% registered capital of Shanghai Tianji Zhongwei Industrial Development Co., Ltd. for a total consideration of RMB 19,000,000 (approximately HKD 20,938,000) due to careful consideration[64] - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures were made during the six months ended June 30, 2024[65] Taxation and Regulatory Compliance - The group's Singapore subsidiary is subject to a 17% tax rate on estimated profits generated in Singapore, while the China subsidiary is subject to a 25% tax rate on estimated profits generated in China[20][22] Dividends and Shareholder Information - The group did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[23] - The company did not recommend any dividend payment for the six months ended June 30, 2024[66] Risk Management and Financial Instruments - The group's trade receivables are typically non-interest bearing with a 30-day term, and the expected credit loss provision was SGD 57 thousand as of June 30, 2024[27][28] - No assets were pledged as collateral as of June 30, 2024[57] - The company did not use any hedging instruments to mitigate foreign exchange risk as of the reporting date[58] Related Party Transactions - The company did not engage in any related party transactions during the six months ended June 30, 2024[54]
中食民安(08283) - 2024 - 中期业绩