Financial Performance - For the six months ended June 30, 2024, the Group's revenue was RMB 90.3 million, an increase of 4.2% compared to RMB 86.7 million for the same period in 2023[2]. - The Group's gross profit for the same period was RMB 26.4 million, with a gross profit margin of 29.3%, representing a decrease of 6.1% and a decline of 3.2 percentage points from the previous year[2]. - The net loss for the six months ended June 30, 2024, was RMB 4.8 million, resulting in a net loss margin of 5.3%, compared to a net loss of RMB 1.5 million and a margin of 1.7% for the same period in 2023[2]. - Loss attributable to owners of the Company was RMB 5.3 million for the reporting period, compared to a profit of RMB 0.5 million for the same period in 2023[3]. - Basic and diluted loss per share attributable to owners of the Company was RMB 0.395 cents, compared to earnings per share of RMB 0.034 cents for the same period in 2023[3]. - Total comprehensive expense for the period was RMB 4.8 million, compared to RMB 1.5 million for the same period in 2023[5]. Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 312.96 million, an increase from RMB 307.65 million as of December 31, 2023[9]. - Current assets decreased to RMB 455.64 million as of June 30, 2024, from RMB 535.51 million as of December 31, 2023[9]. - Cash and cash equivalents were RMB 52.92 million as of June 30, 2024, down from RMB 73.62 million at the end of 2023[9]. - As of June 30, 2024, current liabilities decreased to RMB 234,622,000 from RMB 307,612,000 as of December 31, 2023, representing a reduction of approximately 23.7%[10]. - Total equity as of June 30, 2024, was RMB 523,021,000, down from RMB 527,820,000 as of December 31, 2023, reflecting a decline of approximately 0.9%[10]. - Total liabilities decreased to RMB 245,574,000 as of June 30, 2024, from RMB 315,337,000 as of December 31, 2023[26]. Revenue Segments - Segment revenue for solid waste treatment was RMB 36,872,000 in H1 2024, down 32.4% from RMB 54,560,000 in H1 2023[24]. - Hazardous waste incineration solutions revenue dropped to RMB 17,939,000 in H1 2024 from RMB 47,855,000 in H1 2023, a decrease of 62.5%[32]. - Oilfield auxiliary services revenue rose significantly to RMB 53,472,000 in H1 2024, compared to RMB 32,173,000 in H1 2023, marking a growth of 66.2%[32]. - Revenue from hazardous waste incineration solutions decreased by 62.6% from RMB 47.9 million for the six months ended June 30, 2023, to RMB 17.9 million for the six months ended June 30, 2024[83]. - Revenue from oilfield auxiliary services increased by 66.1% from RMB 32.2 million for the six months ended June 30, 2023, to RMB 53.5 million for the six months ended June 30, 2024[83]. Research and Development - Research and development costs for the six months ended June 30, 2024, were RMB 3.34 million, an increase from RMB 2.94 million for the same period in 2023[5]. - Research and development costs rose to RMB 3,336,000 for the six months ended June 30, 2024, compared to RMB 2,939,000 in 2023, reflecting a growth of 13.5%[45]. - The Group aims to capitalize on the growing demand for solid waste treatment driven by supportive national policies, including the "Waste-Free City" initiative and the "Environmental Infrastructure Construction Standard Improvement Action (2023–2025)"[123][125]. Corporate Governance and Strategy - The Group is committed to maintaining stringent corporate governance, ensuring compliance with applicable laws and enhancing transparency and accountability to shareholders[137]. - The Group intends to leverage its strong capital position to enter the solid waste treatment sector via technology cooperation, investments, and mergers and acquisitions, aiming to build an integrated environmental industry group[131][134]. - The Group plans to enhance its market position in hazardous waste incineration by improving treatment techniques and expanding customer relationships both domestically and internationally[127][129]. Employee and Remuneration - As of June 30, 2024, the Group employed 350 employees, with over 250 dedicated to R&D and project management[136][138]. - The Group's remuneration policy is aligned with market standards and performance, offering monthly salaries and discretionary bonuses based on individual and company performance[136][138]. Other Financial Information - The income tax expense for the six months ended June 30, 2024, was RMB 411,000, a decrease of 80.1% from RMB 2,064,000 in 2023[40]. - The Group recorded a net loss of RMB 4.8 million for the six months ended June 30, 2024, with a net loss margin of 5.3%, compared to a net loss of RMB 1.5 million and a margin of 1.7% for the same period in 2023[103]. - No dividends were paid, declared, or proposed during the six months ended June 30, 2024, and 2023[47].
维港环保科技(01845) - 2024 - 中期业绩