金泰丰国际控股(09689) - 2024 - 中期业绩

Financial Summary Consolidated Statement of Comprehensive Income H1 2024 revenue grew 2.8% to RMB 770 million, gross profit fell 69.8%, yet net loss significantly narrowed to RMB 0.75 million. Summary of Consolidated Statement of Comprehensive Income (For the Six Months Ended June 30) | Metric | 2024 (RMB thousands) | 2023 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 770,418 | 749,480 | +2.8% | | Gross Profit | 11,365 | 37,691 | -69.8% | | Operating Loss | (574) | (6,174) | -90.7% | | Loss Before Income Tax | (33) | (5,459) | -99.4% | | Loss for the Period | (747) | (8,499) | -91.2% | | Loss Per Share (RMB) | 0.1 fen | 0.9 fen | -88.9% | Consolidated Statement of Financial Position As of June 30, 2024, total assets increased to RMB 522.38 million, total liabilities rose, and total equity remained stable. Summary of Consolidated Statement of Financial Position | Metric | June 30, 2024 (RMB thousands) | December 31, 2023 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 23,906 | 24,479 | -2.3% | | Current Assets | 498,473 | 472,268 | +5.5% | | Total Assets | 522,379 | 496,747 | +5.2% | | Equity and Liabilities | | | | | Total Equity | 430,752 | 431,499 | -0.2% | | Non-current Liabilities | 24,112 | 24,052 | +0.2% | | Current Liabilities | 67,515 | 41,196 | +63.9% | | Total Liabilities | 91,627 | 65,248 | +40.4% | | Total Equity and Liabilities | 522,379 | 496,747 | +5.2% | Notes to the Financial Statements General Information and Accounting Policies This section provides detailed explanations and disclosures regarding accounting policies and financial statement items. - The Group's principal activities are the sale of refined oil products and other petrochemical products, and the blending and sale of fuel oil in China[3] - The Company's shares were transferred from GEM to the Main Board of the Stock Exchange on May 17, 2023[3] - The interim financial report is prepared in accordance with HKAS 34, with consistent accounting policies as the 2023 annual report[4] Revenue and Segment Information All Group revenue originates from China, with refined oil sales becoming the core in H1 2024 at RMB 746 million, and service income growing 36.6%. Revenue Analysis (For the Six Months Ended June 30) | Item | 2024 Revenue (RMB thousands) | 2023 Revenue (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Sales of Goods | | | | | — Refined Oil Products | 746,381 | 331,413 | +125.2% | | — Other Petrochemical Products | – | 400,470 | -100.0% | | Subtotal | 746,381 | 731,883 | +2.0% | | Service Income | 24,037 | 17,597 | +36.6% | | Total Revenue | 770,418 | 749,480 | +2.8% | Income Tax Expense Income tax expense significantly decreased to RMB 0.714 million, primarily due to reduced taxable profits from China operations. - Income tax expense decreased by 76.5% year-on-year, primarily due to reduced taxable profits from China operations[10][31] - The standard corporate income tax rate for the Group's entities in China is 25%[11] Loss Per Share Basic loss per share decreased from RMB 0.9 fen to RMB 0.1 fen due to a significant narrowing of net loss to RMB 0.75 million. Loss Per Share Calculation | Metric | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Loss for the Period (RMB thousands) | 747 | 8,499 | | Weighted Average Number of Ordinary Shares in Issue | 930,000,000 | 930,000,000 | | Basic Loss Per Share (RMB) | 0.1 fen | 0.9 fen | Dividends The Board resolved not to declare an interim dividend for H1 2024, consistent with prior policy. - The Board does not recommend the payment of an interim dividend for 2024[14] Management Discussion and Analysis Business Review This section provides management's perspective on the company's operational performance, financial condition, and future outlook. - The Group began exploring naphtha trading in H2 2023 to adapt to market changes driven by electric vehicle adoption[21] - Due to market price fluctuations, the company occasionally sold naphtha at a loss to maintain market position and reduce risk, resulting in a gross loss of approximately RMB 12.67 million from refined oil sales[21] - Service income from external transactions increased by 36.6% to RMB 24.04 million, helping to mitigate risks[21] Operating Results Analysis Total revenue increased 2.8% to RMB 770 million, but gross profit sharply declined, while significant expense reductions narrowed the loss for the period. Revenue Total revenue grew 2.8% to RMB 770 million, with refined oil product sales reaching RMB 746 million, increasing 125.2% and replacing other petrochemical sales. Revenue, Sales Volume, and Average Price by Product Line (For the Six Months Ended June 30) | Product Line | 2024 Revenue (RMB thousands) | 2024 Sales Volume (tonnes) | 2023 Revenue (RMB thousands) | 2023 Sales Volume (tonnes) | | :--- | :--- | :--- | :--- | :--- | | Sales of Goods | | | | | | Refined Oil Products | 746,381 | 106,218 | 331,413 | 50,003 | | Other Petrochemical Products | – | – | 400,470 | 60,959 | | Service Income | | | | | | Refined Oil Products | 24,037 | 180,229 | 7,294 | 11,458 | | Fuel Oil | – | – | 10,303 | 36,100 | | Total | 770,418 | 286,447 | 749,480 | 158,520 | Gross Profit and Gross Margin Overall gross profit sharply declined 69.8% to RMB 11.37 million, with gross margin falling to 1.5%, primarily due to a RMB 12.67 million gross loss from goods sales. Gross Profit and Gross Margin Analysis (For the Six Months Ended June 30) | Item | 2024 Gross Profit/(Loss) (RMB thousands) | 2024 Gross Margin | 2023 Gross Profit (RMB thousands) | 2023 Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Sales of Goods | | | | | | Refined Oil Products | (12,672) | (1.7%) | 5,320 | 1.6% | | Other Petrochemical Products | – | Not Applicable | 14,774 | 3.7% | | Subtotal | (12,672) | (1.7%) | 20,094 | 2.7% | | Service Income | 24,037 | Not Applicable | 17,597 | Not Applicable | | Total | 11,365 | 1.5% | 37,691 | 5.0% | Expenses and Profitability Distribution expenses decreased 69.8% to RMB 5.16 million, and administrative expenses fell 52.9% to RMB 6.84 million, significantly narrowing the loss for the period. - Distribution expenses decreased by 69.8%, primarily due to reduced short-term lease expenses and handling charges[27] - Administrative expenses decreased by 52.9%, mainly due to no professional fees related to the Main Board transfer being recognized in the current period[28] - Loss for the period significantly decreased from RMB 8.5 million to RMB 0.75 million, primarily due to no provision for litigation losses and Main Board transfer fees in the current period, partially offset by reduced gross profit[32] Liquidity and Financial Resources Net cash outflow from operating activities was RMB 119 million, leading to a decrease in cash and cash equivalents to RMB 85.78 million. Summary of Condensed Consolidated Cash Flow Statement (For the Six Months Ended June 30) | Item | 2024 (RMB thousands) | 2023 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (118,996) | (2,413) | | Net Cash From Investing Activities | 571 | 653 | | Net Cash From/(Used in) Financing Activities | 14,444 | (379) | | Net Decrease in Cash and Cash Equivalents | (103,981) | (2,139) | - As of June 30, 2024, the Group had no borrowings and was in a net cash position[36][37] Future Plans and Prospects The Group plans to leverage its refined oil market experience to play a larger role in Guangdong's energy supply chain, with IPO proceeds for oil depot renovation completed and pier berth enhancement ongoing. - The Group expects to leverage its experience and customer network in the refined oil market to play a greater role in the local supply chain, in response to energy security strategies[45] - Plans to enhance the berth capacity of Zengcheng oil depot are still under discussion with relevant government departments, with progress delayed by the pandemic, and construction expected to be completed in H2 2024[46][48] Use of Net IPO Proceeds (As of June 30, 2024) | Purpose | Allocated Amount (RMB thousands) | Amount Utilized (RMB thousands) | Unutilized Amount (RMB thousands) | | :--- | :--- | :--- | :--- | | Enhancing Pier Berth Capacity | 11,038 | 7,564 | 3,474 | | Renovating Oil Depot Facilities | 9,765 | 9,765 | – | | Total | 20,803 | 17,329 | 3,474 | Corporate Governance and Other Information Dividends and Securities Transactions The Board does not recommend an interim dividend for 2024, and no listed securities were purchased, redeemed, or sold by the company or its subsidiaries. - The Board does not recommend the payment of any dividend for the six months ended June 30, 2024[52] - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[53] Corporate Governance and Compliance The company complied with HKEX Listing Rules' Corporate Governance Code, all directors adhered to securities dealing standards, and the Audit Committee reviewed the interim financial statements. - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules throughout the reporting period[54] - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024, and this announcement[58]