Financial Performance - As of June 30, 2024, the platform has accumulated over 16,700 clients, with a supply chain asset scale of approximately 216 billion yuan, representing a year-on-year growth of about 22.8% and 22.0% respectively[10]. - The adjusted net profit for the first half of 2024 reached 1.166 billion yuan, with digital financial solutions revenue of approximately 275 million yuan, and an average daily supply chain asset balance of about 20.429 billion yuan, reflecting a year-on-year increase of approximately 61.7%[10]. - The group's main business revenue decreased by 11.9% year-on-year to RMB 436.1 million for the six months ended June 30, 2024, down from RMB 494.8 million in the same period last year[14]. - Net profit for the first half of 2024 was RMB 165.1 million, a decrease of RMB 21.9 million or 11.7% from RMB 187.0 million in the same period of 2023[21]. - Adjusted net profit decreased by 11.8% to RMB 166.0 million in the first half of 2024 from RMB 188.3 million in the same period of 2023[22]. - The company reported a significant increase in investments in associates, rising to RMB 1,352,130 thousand from RMB 582,968 thousand, which is an increase of 132.9%[98]. - The company reported a total comprehensive income of RMB 194,712,000 for the six months ended June 30, 2024, compared to RMB 181,089,000 for the same period in 2023, indicating an increase of about 7.5%[102]. Revenue Breakdown - Revenue from platform technology services was approximately 154 million yuan, a year-on-year increase of about 82.9%, accounting for 35.3% of total revenue[10]. - Revenue from platform technology services increased significantly by 82.9% year-on-year to approximately RMB 153.8 million, driven by the expansion of inclusive matching services[16]. - Revenue from digital financial solutions decreased by 22.5% year-on-year to RMB 275.0 million, primarily due to the classification of Wuxi Guojin as a joint venture in February 2024[17]. - Revenue from the sale of supply chain assets dropped by 87.0% year-on-year to RMB 7.2 million, attributed to a decrease in the amount of sold supply chain assets[18]. - Other income increased by 331.7% year-on-year to RMB 27.2 million, mainly due to gains from fair value adjustments of financial assets and liabilities[19]. Expenses and Costs - Total operating expenses rose by 5.5% year-on-year to RMB 108.2 million, primarily due to an increase in employee costs by RMB 8.7 million[20]. - Employee costs amounted to RMB 69.1 million, reflecting a 14.3% increase compared to RMB 60.5 million in the previous year[20]. - The company’s financing costs decreased to RMB 185.4 million from RMB 200.0 million, a reduction of 7.9%[96]. - The company incurred a net cash outflow from investing activities of RMB 199,871,000 for the six months ended June 30, 2024, a slight improvement from RMB 217,709,000 in the same period of 2023[104]. Assets and Liabilities - As of June 30, 2024, the group's cash and cash equivalents amounted to RMB 741.1 million, up from RMB 658.2 million as of December 31, 2023[39]. - The total value of supply chain assets measured at fair value was RMB 5,720.3 million, a decrease of 28.9% year-on-year[26]. - Borrowings, including related party loans, amounted to RMB 5,874.8 million, a decrease of 10.6% year-on-year[30]. - The company's total liabilities amounted to RMB 364,505,000, an increase from RMB 294,752,000 as of December 31, 2023, representing a growth of approximately 23.6%[169]. - The company's total borrowings as of June 30, 2024, were RMB 3,039,825,000, a significant decrease from RMB 6,219,986,000 as of December 31, 2023, representing a decline of approximately 51.1%[177]. Strategic Initiatives - The company continues to focus on strategic partnerships with core enterprises to enhance its supply chain technology platform, targeting key industries such as infrastructure, pharmaceuticals, and commodities[38]. - The company plans to strengthen its presence in emerging industries such as cross-border e-commerce and energy storage, while deepening collaborations with core enterprises in these sectors[38]. - The company aims to maintain its industry-leading position by leveraging technology and investing in research and development to enhance risk control and drive sustainable growth[38]. - The company actively supports the national credit system construction and has received recognition for its data quality work from the People's Bank of China[12]. Shareholder and Equity Information - The company did not recommend any interim dividend for the period ending June 30, 2024, consistent with the previous period[40]. - The company successfully issued a total of 63,068,000 new shares at a price of HKD 8.80 per share, raising approximately HKD 550.8 million (equivalent to about RMB 456.2 million)[40]. - The company has diluted its indirect equity interest in Wuxi Guojin from 80% to 49% due to a capital increase agreement with Wuxi Taihu New City Asset Management Co., amounting to RMB 569.4 million[48]. - The company has a total of 444,500 unissued treasury shares as of June 30, 2024, compared to 225,000 shares as of December 31, 2023[181]. Research and Development - Research and development investment totaled approximately 223 million yuan, with 68 national invention patents and software copyrights held[10]. - The company is committed to investing in key strategic areas, particularly in industrial digitalization and digital finance, to strengthen its platform technology services[49]. - Research and development costs for the period were RMB 8,458,000, up from RMB 7,211,000 in 2023, marking an increase of about 17.3%[128]. Compliance and Governance - The independent auditor, Deloitte, confirmed that the financial statements were prepared in accordance with applicable accounting standards and regulations[95]. - The company has complied with the corporate governance code since its listing date and continues to uphold high standards of corporate governance[89]. - The company is actively participating in mandatory provident fund schemes in both Hong Kong and Singapore, ensuring compliance with local regulations[52].
盛业(06069) - 2024 - 中期财报