Financial Performance - For the six months ended June 30, 2021, the group achieved sales revenue of approximately RMB 238 million, a decrease of about RMB 100 million compared to the same period last year[6]. - The group reported a profit attributable to owners of the company of approximately RMB 10 million, compared to a loss of approximately RMB 42 million in the same period last year[7]. - Revenue for the six months ended June 30, 2021, was RMB 23,768,000, a decrease of 29.6% compared to RMB 33,769,000 for the same period in 2020[76]. - The company reported a loss before tax of RMB 618,000, significantly improved from a loss of RMB 6,344,000 in the previous year, reflecting a reduction in operational losses[76]. - The net loss for the period was RMB 587,000, a substantial improvement compared to a net loss of RMB 5,388,000 in the same period last year[76]. Revenue Breakdown - The automotive parts business generated sales revenue of approximately RMB 193 million, with specific contributions from evaporators (RMB 37 million), condensers (RMB 19 million), and compressors (RMB 133 million)[6]. - The automotive parts business contributed RMB 19.3 million, accounting for 81.1% of total revenue, while supply chain management business generated RMB 4.5 million, representing 18.9% of total revenue[20]. - Revenue from the automotive parts business was RMB 19,282 thousand, down 42.9% from RMB 33,769 thousand in the previous year[108]. - Supply chain management business generated revenue of RMB 4,486 thousand, which was not present in the previous year[108]. Cold Chain Logistics Strategy - The company plans to focus on the cold chain logistics market, leveraging its strengths to capture market share and enhance its brand presence[10]. - The group aims to expand its cold storage and cold chain supply business, targeting growth in the cold chain market[10]. - The group plans to expand its cold chain supply business and establish the "Shuanghua" cold chain brand to capture market share in the rapidly growing cold chain logistics industry, which had a market size of approximately RMB 374 billion in 2020[14]. - The group intends to leverage AI, IoT, and big data to extend supply chain services, including cold chain processing, sorting, packaging, and logistics, to enhance competitiveness and sustainability[16]. Asset and Liability Management - As of June 30, 2021, the group's net current assets decreased from approximately RMB 134.4 million on December 31, 2020, to approximately RMB 128.1 million[32]. - The group's cash and cash equivalents, along with financial assets measured at fair value, amounted to approximately RMB 111.4 million as of June 30, 2021, down from RMB 121.9 million on December 31, 2020[33]. - Total liabilities increased to RMB 52,350 thousand as of June 30, 2021, compared to RMB 41,231 thousand at the end of 2020, representing a rise of 27%[79]. - The company's net asset value decreased slightly to RMB 334,151 thousand as of June 30, 2021, from RMB 339,385 thousand at the end of 2020, a decline of 1.4%[80]. Operational Efficiency - Gross profit for the six months ended June 30, 2021, was approximately RMB 7.7 million, slightly up from RMB 7.6 million in the same period of 2020, due to a shift from lower-margin automotive parts to higher-margin supply chain management services[21]. - The average turnover days for trade receivables and bills receivable decreased to 143 days as of June 30, 2021, from 165 days in the same period of 2020, due to improved collection efforts[35]. - The average turnover days for trade payables and bills payable increased to 181 days as of June 30, 2021, from 128 days in the same period of 2020, due to negotiations for more favorable terms with suppliers[35]. Corporate Governance - The company has adopted all provisions of the Corporate Governance Code and is committed to maintaining high standards of corporate governance[63]. - The board of directors has not identified any conflicts of interest or competition with the company's business as of the report date[67]. Shareholder Information - The total number of issued shares as of June 30, 2021, was 650,000,000 ordinary shares[51]. - Zheng Ping holds 282,750,000 shares, representing 43.5% of the issued share capital[52]. - Zhou Shuxian holds 120,160,000 shares, representing 18.5% of the issued share capital[55]. - The company did not recommend an interim dividend for the six months ended June 30, 2021, similar to the previous year[48]. Investment and Acquisitions - On February 10, 2021, the group acquired approximately 13.51% equity in Anhui Shuanghua Intelligent Technology Co., Ltd. for RMB 4.6 million[39]. - The group sold 100% equity of Shuanghua Automotive Technology Development Co., Ltd. for RMB 1 on May 25, 2021, as part of a strategic restructuring[41]. Financial Assets and Liabilities - The company's total financial assets amounted to RMB 145,527 thousand as of June 30, 2021, down from RMB 155,044 thousand at the end of 2020, reflecting a decrease of about 6.1%[144]. - The fair value of trade receivables and notes receivable was RMB 15,215 thousand as of June 30, 2021, compared to RMB 24,370 thousand at the end of 2020, indicating a decrease of approximately 37.5%[144]. - The total fair value of financial assets measured at fair value decreased from RMB 63,117 thousand as of December 31, 2020, to RMB 8,177 thousand as of June 30, 2021[148].
双桦控股(01241) - 2021 - 中期财报