Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 44,424,000, an increase from RMB 31,286,000 in the same period of 2023, representing a growth of 42%[2] - Gross profit for the same period was RMB 3,861,000, compared to RMB 3,733,000 in 2023, reflecting a slight increase of 3%[2] - The net loss for the six months ended June 30, 2024, was RMB 4,497,000, up from RMB 2,832,000 in 2023, indicating a deterioration of 59%[2] - Basic and diluted loss per share increased to RMB 2.43 cents from RMB 1.53 cents year-on-year[2] - The company reported a total comprehensive income for the six months ended June 30, 2024, was RMB (5,478) thousand, compared to RMB (2,821) thousand for the same period in 2023[6] - The company reported a pre-tax loss of RMB 4,000 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 2,832 thousand for the same period in 2023[21] Assets and Liabilities - Total assets less current liabilities as of June 30, 2024, were RMB 57,864,000, down from RMB 60,097,000 at the end of 2023, a decrease of 4%[4] - Non-current assets totaled RMB 22,695,000 as of June 30, 2024, compared to RMB 24,972,000 at the end of 2023, a decline of 9%[4] - Current assets decreased to RMB 43,288,000 from RMB 44,188,000, a reduction of 2%[4] - The total assets as of June 30, 2024, amounted to RMB 65,983 thousand, compared to RMB 69,160 thousand as of December 31, 2023, showing a decrease of 4%[16] - The total liabilities as of June 30, 2024, were RMB 8,687 thousand, a slight decrease from RMB 9,875 thousand as of December 31, 2023, indicating a reduction of 12%[16] Cash Flow - For the six months ended June 30, 2024, the company reported a net cash used in operating activities of RMB (3,506) thousand, compared to RMB (1,729) thousand for the same period in 2023[8] - The company generated net cash from financing activities of RMB 2,932 thousand in the first half of 2024, a significant improvement from RMB (916) thousand in the prior year[8] - As of June 30, 2024, the company's cash and cash equivalents totaled RMB 27,913 thousand, down from RMB 31,281 thousand at the end of June 2023[8] Expenses - The company’s administrative expenses increased to RMB 7,722,000 from RMB 6,419,000, reflecting a rise of 20%[2] - The cost of goods sold for the six months ended June 30, 2024, was RMB 38,152 thousand, compared to RMB 20,618 thousand in 2023, indicating a significant increase of 85%[21] - Administrative expenses increased by approximately RMB 13 million or 20.3% to approximately RMB 77 million for the six months ended June 30, 2024, compared to RMB 64 million for the same period in 2023[40] Equity - The company reported a total equity of RMB 57,296 thousand as of June 30, 2024, compared to RMB 59,285 thousand as of January 1, 2024[6] - The company’s equity attributable to owners decreased to RMB 58,178,000 from RMB 60,093,000, a decline of 3%[5] Shareholder Information - The company’s directors and key executives hold a total of 76,125,000 shares, representing approximately 42.46% of the issued shares as of June 30, 2024[60] - Liu Yongcheng directly owns 100% of Yongsheng Industrial Co., which holds 19,392,500 shares, approximately 10.59% of the issued shares[61] - Liu Yongqiang directly owns 100% of Hongsheng, which holds 56,732,500 shares, approximately 30.97% of the issued shares[64] Stock Options - The company granted stock options totaling 1,375,000 and 280,900 shares during the period, with a total of 25,816,009 unexercised stock options remaining, representing approximately 14.09% of the issued shares as of the report date[69] - The fair value of the stock options granted during the period is estimated at approximately RMB 4,655,000, with no stock option expenses recognized during the six months ended June 30, 2023[68] Corporate Governance - The company has adopted and complied with the corporate governance code as per the GEM Listing Rules, with the exception of the separation of the roles of Chairman and CEO, which are held by the same individual, Mr. Liu Yongcheng[73] - All directors confirmed compliance with the trading standards set forth in the GEM Listing Rules during the reporting period[72] Future Outlook - The group is optimistic about the growth of natural gas consumption in China, supported by government policies promoting clean energy[41] - The group plans to take appropriate measures to mitigate risks and explore avenues to enhance shareholder value[41]
TL NATURAL GAS(08536) - 2024 - 中期财报