Financial Performance - For the first half of 2024, the company's revenue was approximately RMB 100.8 million, a significant decrease of about 54.2% compared to RMB 220.0 million in the same period of 2023[1] - The net loss attributable to the company's owners for the first half of 2024 was RMB 11.0 million, reduced from RMB 15.0 million in the same period of 2023[1] - The gross profit for the first half of 2024 was RMB 26.7 million, compared to RMB 13.2 million in the same period of 2023[3] - The company reported a basic loss per share of RMB 0.01 for the first half of 2024, compared to RMB 0.02 in the same period of 2023[3] - The company reported a segment loss of RMB 10,331 thousand for the six months ended June 30, 2024, compared to a loss of RMB 15,395 thousand for the same period in 2023, showing an improvement in performance[10] - The company recorded a total loss before tax of RMB 13,114 thousand for the six months ended June 30, 2024, compared to a loss of RMB 20,905 thousand in the same period of 2023, indicating a narrowing of losses[10] - The basic loss per share for the six months ended June 30, 2024, was RMB (0.0089), compared to RMB (0.0121) for the same period in 2023, reflecting an improvement in per-share performance[18] - The company recorded a loss attributable to shareholders of approximately RMB 11.0 million for the first half of 2024, a decrease from RMB 15.0 million in the same period of 2023[43] Segment Performance - The jewelry retail segment experienced a decline in gold product sales, but silver product sales increased, leading to a rise in gross profit for this segment[1] - The jewelry retail segment generated revenue of RMB 98,509 thousand, while the fresh food retail segment generated RMB 2,248 thousand, indicating a significant drop in fresh food sales compared to RMB 78,106 thousand in the previous year[11] - The fresh food retail segment saw a decrease in sales volume due to ongoing business restructuring of the "Farmers" S2B2C platform, resulting in an impairment loss of goodwill of approximately RMB 8.5 million[2] - The fresh food retail business experienced a drastic revenue decline of approximately 97.1% in the first half of 2024 compared to the same period in 2023[37] - The fresh food retail segment faced a decline in sales due to ongoing business restructuring of the "Agricultural and Pastoral" S2B2C platform, resulting in an impairment loss of goodwill of approximately RMB 8.5 million[43] Asset and Equity Position - Total assets as of June 30, 2024, were RMB 1,575.2 million, compared to RMB 1,550.4 million as of December 31, 2023[4] - The company's total equity as of June 30, 2024, was RMB 1,312.7 million, a slight decrease from RMB 1,327.3 million as of December 31, 2023[5] - Non-current assets decreased to RMB 24.2 million as of June 30, 2024, from RMB 36.2 million as of December 31, 2023[4] Credit and Receivables - The expected credit loss provision for trade and other receivables was approximately RMB 6.1 million in the first half of 2024, compared to RMB 1.4 million in the same period of 2023[2] - The company reported a net impairment loss provision of RMB 6,063,000 for expected credit losses, significantly higher than RMB 1,424,000 in the previous period[23] - Trade receivables from customer contracts increased to RMB 83,036,000 as of June 30, 2024, compared to RMB 79,282,000 as of December 31, 2023, with expected credit loss provisions rising from RMB 22,221,000 to RMB 25,622,000[21] - The aging analysis of trade receivables shows that amounts overdue by more than 90 days increased to RMB 6,572,000 as of June 30, 2024, compared to RMB 4,923,000 as of December 31, 2023[22] Operational Strategy - All revenue for the periods reported was generated in China, indicating a focused operational strategy within the domestic market[12] - The company is adjusting its offline retail strategy and is not expanding existing stores due to the new business layout[30] - The company has launched a new brand, SISI, focusing on lab-grown diamonds, which is expected to expand market presence as consumer awareness increases[29] - Online sales accounted for over 50% of the total sales in the new retail business segment, leveraging third-party platforms and social media marketing[29] - The company has established 10 CSmall experience stores across six provinces and municipalities in China as of June 30, 2024[30] Cost Management - The cost of goods sold for the period was RMB 74,050 thousand, down from RMB 206,768 thousand in the previous year, reflecting a reduction in operational costs[16] - Selling and distribution expenses decreased by about 23.2% to approximately RMB 12.4 million in the first half of 2024 from RMB 16.1 million in the same period last year[40] - Administrative expenses were reduced by approximately 26.1% to about RMB 10.7 million in the first half of 2024 from RMB 14.5 million in the first half of 2023[41] - The cost of sales and services decreased by approximately 64.2% from about RMB 206.8 million in the first half of 2023 to about RMB 74.1 million in the first half of 2024[38] Future Outlook - The management estimated a future cash flow growth rate of 59.7% over a 7.5-year period, down from 70.1% over an 8-year period as of December 31, 2023[20] - The company has set a long-term growth rate assumption of 2.0% for cash flows beyond the forecast period[20] - The management believes that cash flow forecasts are appropriate as they cover the early development stage of the fresh food retail segment, which is expected to have high revenue growth rates[20] Compliance and Governance - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the first half of 2024[58] - The audit committee reviewed the financial reporting process and risk management for the group, affirming that the unaudited condensed consolidated financial statements for the first half of 2024 were prepared in accordance with applicable accounting standards[60]
金猫银猫(01815) - 2024 - 中期业绩