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Able View (ABLV) - 2023 Q3 - Quarterly Report
ABLVAble View (ABLV)2023-10-27 20:20

Financial Performance - Total revenue for the six months ended June 30, 2023, was 81,663,901,representinganincreasefrom81,663,901, representing an increase from 60,809,982 in the same period of 2022, a growth of approximately 34%[11] - Gross profit for the same period was 19,670,215,comparedto19,670,215, compared to 14,323,051 in 2022, indicating a gross margin improvement[11] - Net income for the six months ended June 30, 2023, was 5,648,757,upfrom5,648,757, up from 3,906,347 in 2022, reflecting a year-over-year increase of about 45%[11] - The company reported earnings per share of 5.44forthesixmonthsendedJune30,2023,comparedto5.44 for the six months ended June 30, 2023, compared to 3.65 in the prior year[11] - For the six months ended June 30, 2023, Able View Inc. reported net revenue of 81.7million,a34.381.7 million, a 34.3% increase from 60.8 million in the same period of 2022[129] - The company's net income from operations for the six months ended June 30, 2023, was 8.1million,comparedto8.1 million, compared to 5.5 million for the same period in 2022, reflecting a 47.3% increase[129] - Net income increased by 1.7million,or451.7 million, or 45%, from 3.9 million for the six months ended June 30, 2022, to 5.6millionin2023[156]AssetsandLiabilities−Totalcurrentassetsincreasedto5.6 million in 2023[156] Assets and Liabilities - Total current assets increased to 53,517,048 as of June 30, 2023, from 52,131,395attheendof2022[3]−Totalliabilitiesdecreasedto52,131,395 at the end of 2022[3] - Total liabilities decreased to 47,548,590 as of June 30, 2023, down from 49,089,960attheendof2022,indicatingimprovedfinancialstability[7]−Cashandcashequivalentsroseto49,089,960 at the end of 2022, indicating improved financial stability[7] - Cash and cash equivalents rose to 6,149,339 as of June 30, 2023, compared to 5,773,380attheendof2022[3]−Thecompany’sretainedearningsincreasedsignificantlyto5,773,380 at the end of 2022[3] - The company’s retained earnings increased significantly to 5,536,297 as of June 30, 2023, from 7,540attheendof2022,showingstrongprofitabilityretention[8]−Totalassetsincreasedto7,540 at the end of 2022, showing strong profitability retention[8] - Total assets increased to 58.8 million as of June 30, 2023, from 54.6millionattheendof2022[159]CashFlow−NetcashprovidedbyoperatingactivitiesforJune2023was54.6 million at the end of 2022[159] Cash Flow - Net cash provided by operating activities for June 2023 was 7,277,110, compared to a net cash used of (12,453,162)in2022,indicatingasignificantimprovement[17]−Cashandcashequivalentsattheendoftheperiodwere(12,453,162) in 2022, indicating a significant improvement[17] - Cash and cash equivalents at the end of the period were 6,149,339 in June 2023, compared to 4,750,968inJune2022,reflectinganincrease[17]−Thecompanyreportedcashusedininvestingactivitiesof4,750,968 in June 2022, reflecting an increase[17] - The company reported cash used in investing activities of 1.8 million for the six months ended June 30, 2023, primarily for loans to third parties and related parties[185] - Cash used in financing activities for the six months ended June 30, 2023, was 5.2million,mainlyforrepaymentofshort−termborrowingsandrelatedpartyborrowings[186]Expenses−OperatingexpensesforthesixmonthsendedJune30,2023,totaled5.2 million, mainly for repayment of short-term borrowings and related party borrowings[186] Expenses - Operating expenses for the six months ended June 30, 2023, totaled 11,594,848, compared to 8,783,190in2022,reflectingincreasedinvestmentinoperations[11]−Sellingandmarketingexpensesincreasedto8,783,190 in 2022, reflecting increased investment in operations[11] - Selling and marketing expenses increased to 9.2 million for the six months ended June 30, 2023, up from 7.3millioninthesameperiodof2022,indicatingincreasedinvestmentinmarketingefforts[142]−Generalandadministrativeexpensesroseto7.3 million in the same period of 2022, indicating increased investment in marketing efforts[142] - General and administrative expenses rose to 2.4 million for the six months ended June 30, 2023, compared to 1.5millioninthesameperiodof2022,reflectinghigheroperationalcosts[144]Taxation−ForthesixmonthsendedJune30,2023,thecurrentincometaxexpensesamountedto1.5 million in the same period of 2022, reflecting higher operational costs[144] Taxation - For the six months ended June 30, 2023, the current income tax expenses amounted to 1,321,854, compared to 865,483forthesameperiodin2022,reflectinga52.7865,483 for the same period in 2022, reflecting a 52.7% increase[76] - The deferred income tax benefits for the same period were (299,220), a significant change from 7,882in2022,indicatingashiftintaxposition[76]−TheeffectivecorporateincometaxrateforPRCsubsidiariesis257,882 in 2022, indicating a shift in tax position[76] - The effective corporate income tax rate for PRC subsidiaries is 25%, while small and micro-sized enterprises are entitled to a reduced rate of 20%[74] Shareholder Information - The company has a total of 1,000,000 shares issued and outstanding as of June 30, 2023, consistent with the previous period[8] - The company did not declare dividends for the six months ended June 30, 2023, but had declared but unpaid dividends of 16,709,692[92] - Total dividends payable as of June 30, 2023, amounted to 28,629,568,comparedto28,629,568, compared to 18,350,020 as of December 31, 2022, reflecting an increase of approximately 56.5%[114] Related Party Transactions - Sales of products to related parties were 0forthesixmonthsendedJune30,2023,comparedto0 for the six months ended June 30, 2023, compared to 10,608 in 2022, showing a decline of 100%[103] - Rental expenses charged by related parties decreased to 13,218in2023from13,218 in 2023 from 109,786 in 2022, a reduction of approximately 87.9%[103] - The company borrowed 5,835,307fromrelatedpartiesduringthesixmonthsendedJune30,2023,comparedto5,835,307 from related parties during the six months ended June 30, 2023, compared to 8,681,171 in the same period of 2022, a decrease of approximately 32.5%[107] Market Position - Able View Inc. holds a 16.5% market share in beauty and personal care cross-border brand management in China, as of 2022[128] - The company completed a business combination with Hainan Manaslu Acquisition Corp. on August 2, 2023, which will enhance its market presence and operational capabilities[126] Operational Insights - The company is engaged in importing and selling cosmetics and beauty products to e-commerce platforms and distributor customers[25] - The company has not engaged in any research and development activities since inception[193] - The company has not experienced significant foreign exchange risk due to its operations primarily in RMB[189]