Financial Performance - Revenue for the six months ended September 30, 2020, was RMB 62,940,000, compared to RMB 1,048,305,000 for the same period in 2019, representing a decrease of approximately 94%[7] - The gross profit for the period was RMB 12,415,000, down from RMB 62,125,000 in the previous year, indicating a decline of about 80%[7] - The operating loss for the current period was RMB 24,717,000, compared to an operating profit of RMB 9,954,000 in the prior year[7] - The net loss attributable to equity shareholders for the period was RMB 209,046,000, compared to a profit of RMB 102,385,000 in the same period last year[7] - The company reported a loss before tax from continuing operations of RMB 306,752,000, compared to a profit of RMB 73,414,000 in the previous year[7] - The total comprehensive income for the six months ended September 30, 2020, was RMB (209,046) thousand, compared to RMB (184,240) thousand for the same period in 2019[20] - Cash used in operating activities for the six months ended September 30, 2020, was RMB (313,214) thousand, a decrease from RMB 182,476 thousand in the same period of 2019[22] - The company reported a loss attributable to equity holders of RMB (4,203) thousand for the six months ended September 30, 2020, compared to a profit of RMB 102,385 thousand for the same period in 2019[16] - The company reported a loss before tax of RMB 13,103 thousand for the six months ended September 30, 2020, compared to a profit of RMB 10,454 thousand in the same period of 2019[51] - The company incurred a net foreign exchange loss of RMB 10,834 thousand for the six months ended September 30, 2020, compared to a gain of RMB 32,862 thousand in the previous year[50] Assets and Liabilities - Total assets as of September 30, 2020, were RMB 5,586,343,000, a decrease from RMB 5,919,448,000 as of March 31, 2020[13] - The company's cash and cash equivalents were RMB 9,293,000, down from RMB 17,305,000 at the end of the previous fiscal year[13] - The net asset value decreased to RMB 2,462,932,000 from RMB 2,647,172,000 as of March 31, 2020, reflecting a decline of approximately 7%[14] - The total liabilities as of September 30, 2020, were RMB 4,298,058,000, compared to RMB 4,661,569,000 as of March 31, 2020, indicating a reduction in liabilities[13] - The total assets as of September 30, 2020, were RMB 2,904,773 thousand, up from RMB 2,690,990 thousand as of March 31, 2020[18] - The company’s total liabilities as of September 30, 2020, were RMB 2,690,990 thousand, reflecting an increase from RMB 2,312,327 thousand as of March 31, 2020[18] - The total bank and other loans as of September 30, 2020, reached RMB 1,350,130,000, with secured loans from banks amounting to RMB 786,306,000[73] - The total trade payables and other payables as of September 30, 2020, were RMB 432,094,000, showing an increase from RMB 375,345,000 as of March 31, 2020[72] - The expected credit loss related to financial guarantees was RMB 39,119,000 as of September 30, 2020, slightly down from RMB 40,560,000 as of March 31, 2020[72] - The company had RMB 429,255,000 in bank and other loans that were overdue but not yet renewed or repaid as of September 30, 2020[74] Cash Flow and Financing - The company reported a net cash inflow from financing activities of RMB 210,219 thousand for the six months ended September 30, 2020, compared to a net cash outflow of RMB (58,851) thousand in the same period of 2019[23] - The company raised RMB 1,101,621 thousand from new bank and other loans during the six months ended September 30, 2020, an increase from RMB 535,708 thousand in the same period of 2019[23] - Cash and cash equivalents decreased by RMB (257,862) thousand for the six months ended September 30, 2020, compared to a decrease of RMB (26,918) thousand in the same period of 2019[23] - The company has received commitments from shareholders to provide ongoing financial support if necessary, ensuring continued operations for at least 12 months from March 31, 2020[28] - The company is actively negotiating with banks and other financial institutions to extend the maturity of its debts[28] Business Operations - The company’s main business includes providing automotive trading platform services, selling imported vehicles, and operating supermarkets and wholesale of liquor and electrical appliances[33] - The revenue for the automotive trading platform segment was RMB 63,212 thousand for the six months ended September 30, 2020, compared to RMB 1,048,337 thousand for the same period in 2019, representing a significant decline[46] - The gross profit for the automotive trading platform segment was RMB 12,415 thousand for the six months ended September 30, 2020, down from RMB 106,393 thousand in the previous year, indicating a decrease of approximately 88.3%[41] - The company has ceased operations in certain segments, impacting overall performance and revenue generation[40] - The company plans to expand its automotive business and divest non-automotive operations to improve cash flow and strengthen financial position amid economic challenges[95] Acquisitions and Investments - The company completed the acquisition of Robust Cooperation Limited, which indirectly holds the entire equity interest in the automobile city, on July 31, 2019, as part of its expansion into the promising automobile sales market[135] - The total consideration for the acquisition of 100% equity in Robust was HKD 915,363,000, which includes the issuance of 500,000,000 shares, a zero-interest promissory note of HKD 400,000,000, and cash payment of HKD 300,000,000[88] - The acquisition resulted in a negative goodwill of RMB 258,235,000, calculated based on the fair value of identifiable net assets acquired[88] - The company plans to allocate resources for acquisitions and improving operational efficiency, primarily funded by operating income and other financing sources[118] Shareholder Information - As of September 30, 2020, Mr. Li Lixin holds 2,755,137,680 shares, representing approximately 34.25% of the issued share capital of the company[139] - Major shareholders include Da Mei Manufacturing Limited and Shi Hui Holdings Limited, holding 1,382,141,014 shares (17.18%) and 1,355,174,666 shares (16.85%) respectively[143] - The company has not granted any share options under the share option scheme adopted since August 31, 2012, and there were no unexercised options as of September 30, 2020[142] Compliance and Governance - The company has complied with the corporate governance code during the six months ended September 30, 2020, except for the absence of the chairman at the annual general meeting[152] - All directors confirmed compliance with the standard code of conduct for securities transactions during the six months ended September 30, 2020[153]
利时集团控股(00526) - 2021 - 中期财报