Financial Performance - The company's GPV for the six months ended June 30, 2024, was RMB 116.62 billion, a decrease of 17.8% compared to RMB 141.92 billion for the same period in 2023[5]. - Revenue for the six months ended June 30, 2024, was RMB 1,577.7 million, down 23.5% from RMB 2,062.2 million in the same period last year[5]. - The company's profit for the six months ended June 30, 2024, was RMB 32.6 million, exceeding the full-year profit of 2023[5]. - Profit for the period increased from RMB 30.4 million in the first half of 2023 to RMB 32.6 million in the first half of 2024, representing a growth of 7.3%[10]. - The gross profit for the six months ended June 30, 2024, was RMB 300.2 million, down from RMB 366.0 million in the same period of 2023[23]. - Operating profit decreased to RMB 56.8 million from RMB 94.1 million year-on-year[23]. - The net profit for the period was RMB 32,580, compared to RMB 30,350 in the previous year, representing a growth of 4.1%[89]. - The profit attributable to equity holders for the six months ended June 30, 2024, was RMB 31,628,000, a decrease of 4.6% from RMB 33,163,000 in 2023[129]. Revenue Breakdown - Non-payment services contributed 14.6% to total revenue for the six months ended June 30, 2024, up from 11.0% in the same period of 2023[5]. - Revenue from the one-stop payment service decreased by 26.6% to RMB 1,346.6 million, down from RMB 1,835.3 million in the previous year[26]. - Revenue from merchant solutions increased by 21.2% to RMB 202.3 million, compared to RMB 166.9 million in the same period last year[27]. - Revenue from in-store e-commerce services decreased by 51.9% year-on-year for the six months ending June 30, 2024, due to a strategic upgrade in the business model[14]. - Revenue from technology service income for the six months ended June 30, 2024, was RMB 18,654,000, a decrease from RMB 30,173,000 in the same period of 2023, representing a decline of approximately 38.4%[175]. Cost Management - Sales and administrative expenses decreased by 11.2% for the six months ended June 30, 2024, compared to the same period in 2023[5]. - Operating costs decreased by 24.7% from RMB 1,696.2 million in the first half of 2023 to RMB 1,277.5 million in the same period of 2024, mainly due to a decline in the total GPV of one-stop payment services[29]. - Financing costs decreased by 6.2% for the six months ended June 30, 2024, compared to the same period in 2023[5]. - The total operating expenses for the six months ended June 30, 2024, were RMB 1,613,771,000, a decrease of 21.3% from RMB 2,053,100,000 in the same period of 2023[122]. Operational Efficiency - The overall gross profit margin increased from 17.7% for the six months ended June 30, 2023, to 19.0% for the same period in 2024[5]. - Gross profit from non-payment services accounted for 69.1% of total gross profit for the six months ended June 30, 2024, up from 52.6% in the same period of 2023[5]. - The gross margin for merchant solutions rose from 87.6% in the first half of 2023 to 90.9% in the first half of 2024[13]. - The company continues to enhance its operational efficiency through the application of technologies such as artificial intelligence[7]. - AI-driven products and services have been launched to enhance marketing efficiency and reduce operational costs, with automation in customer service increasing efficiency to over 80%[17]. Market Expansion - The number of active merchants using the merchant solutions increased by 5.8% year-on-year, reflecting strong capabilities in digital business and efficiency enhancement[13]. - The company continues to expand its market presence in under-served regions, particularly in North China and Southwest areas[11]. - The number of brand stores served increased from over 13,000 at the end of 2023 to over 18,000 by June 30, 2024, representing a year-on-year growth of approximately 35%[14]. - The overseas payment business grew rapidly, with GPV in Singapore increasing by over 50% year-on-year[12]. - The company has expanded its overseas market presence, providing digital merchant solutions to over 20,000 stores across Southeast Asia, including brands like Starbucks and New Balance[16]. Financial Position - The asset-liability ratio decreased to 41.1% as of June 30, 2024, due to the early repurchase of convertible bonds using internal cash flow[5]. - Total assets decreased from RMB 8,420.4 million as of December 31, 2023, to RMB 7,575.1 million as of June 30, 2024, while total liabilities decreased from RMB 5,803.0 million to RMB 4,993.8 million during the same period[47]. - The debt-to-asset ratio improved from 68.9% as of December 31, 2023, to 65.9% as of June 30, 2024[47]. - Cash and cash equivalents decreased by 23.0% from RMB 887.9 million as of December 31, 2023, to RMB 683.7 million as of June 30, 2024, mainly due to cash used for repurchasing convertible bonds[48]. - The company maintains a strong cash position to meet potential business expansion and development needs[48]. Shareholder Actions - The company repurchased 10 million has been approved for share buybacks to enhance shareholder returns[18]. - The company repurchased a total of 1,448,400 shares, representing 0.33% of the issued shares as of the report date, signaling confidence in future growth[20]. - The company has not declared an interim dividend for the six months ending June 30, 2024, consistent with the previous period[55]. Governance and Compliance - The company has complied with most of the corporate governance code provisions, except for the separation of the roles of the chairman and CEO[81]. - All directors confirmed compliance with the standard code of conduct for securities transactions from the last report until June 30, 2024[82]. - The company has adopted a written guideline for employees regarding securities transactions to prevent insider trading[82]. Employee and Management Changes - The company appointed a new executive director, Ms. Liang Shengtian, effective June 5, 2024[72]. - As of June 30, 2024, the company employs 1,015 staff members, primarily located in China, with a focus on attracting and retaining qualified talent[56]. Future Outlook - The company aims to maintain its market leadership in one-stop payment services while expanding its international business and leveraging AI tools for greater efficiency[19]. - Future guidance indicates a projected revenue growth of 20% for the second half of 2024, aiming for HKD 1.5 billion[190]. - Overall, Yeahka remains optimistic about the growth trajectory, citing strong demand for digital payment solutions in the post-pandemic landscape[190].
移卡(09923) - 2024 - 中期财报