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飞扬集团(01901) - 2019 - 中期财报
FEIYANG GROUPFEIYANG GROUP(HK:01901)2019-09-20 11:49

Financial Performance - Revenue for the six months ended June 30, 2019, was RMB 302,591 thousand, an increase of 26.9% compared to RMB 238,382 thousand in the same period of 2018[7] - Gross profit increased by RMB 7,481 thousand or 15.3%, reaching RMB 56,253 thousand due to the rise in revenue[8] - Profit for the period decreased significantly by 91.8% to RMB 1,233 thousand from RMB 15,022 thousand in the previous year[7] - Adjusted net profit, excluding listing expenses, increased by RMB 5,309 thousand or 35.2%, totaling RMB 20,309 thousand[9] - The company reported a basic and diluted earnings per share of RMB 0.33, down from RMB 4.01 in the previous period[16] - The company reported a total comprehensive income of RMB 1,249 thousand for the period, which includes other comprehensive income of RMB 1,233 thousand[20] - The company’s total equity attributable to ordinary shareholders decreased significantly, reflecting the decline in profit attributable to shareholders[64] - Basic earnings per share for the six months ended June 30, 2019, was RMB 0.33, a significant decline of 91.8% from RMB 4.01 for the same period in 2018[65] Cash Flow and Liquidity - For the six months ended June 30, 2019, the net cash flow used in operating activities was RMB (35,626) thousand, an improvement from RMB (40,783) thousand in the same period of 2018[23] - The net cash flow from financing activities for the same period was RMB 132,042 thousand, significantly higher than RMB 22,031 thousand in 2018, indicating strong financing support[23] - The total cash and cash equivalents at the end of the period reached RMB 138,947 thousand, compared to RMB 31,570 thousand at the end of June 2018, reflecting a substantial increase[23] - The group’s cash and bank balances increased to RMB 138.9 million as of June 30, 2019, up from RMB 39.4 million as of December 31, 2018[118] Assets and Liabilities - Trade receivables rose to RMB 147,241 thousand, up from RMB 99,112 thousand as of December 31, 2018[19] - Current assets increased to RMB 428,411 thousand from RMB 249,499 thousand, indicating strong liquidity[19] - Total equity increased to RMB 178,512 thousand from RMB 76,794 thousand, reflecting improved financial stability[19] - The total liabilities increased by RMB 28,425 thousand due to the recognition of lease liabilities under the new standard[43] - Trade receivables increased to RMB 150,316,000 as of June 30, 2019, up 48.5% from RMB 101,178,000 as of December 31, 2018[69] - Trade payables rose to RMB 61,805,000 as of June 30, 2019, compared to RMB 40,012,000 as of December 31, 2018, marking a 54.4% increase[72] Expenses - The company experienced a significant increase in administrative expenses, which rose to RMB 35,559 thousand from RMB 15,404 thousand[12] - The group recognized a depreciation expense of RMB 2,539,000 for right-of-use assets during the period, with total operating costs amounting to RMB 246,338,000, compared to RMB 189,610,000 in the prior year[60] - The group incurred a total financing cost of RMB 3,625,000, which includes RMB 2,935,000 in bank loan interest and RMB 690,000 in lease liability interest[59] - Sales and distribution expenses rose from RMB 13.8 million to RMB 16.4 million, an increase of RMB 2.6 million due to higher employee costs and increased advertising expenditures[107] Market and Business Strategy - The company plans to continue expanding its market presence and enhancing its product offerings in response to growing demand for travel-related services[7] - The overall growth trend is attributed to increased demand for travel-related products and services due to rising disposable income among Chinese residents[92] - The company anticipates continued stable growth in travel-related product and service sales due to rising income levels and favorable government policies[117] Corporate Governance and Shareholding - The company has complied with the corporate governance code as per the listing rules, except for a deviation regarding the separation of the roles of Chairman and CEO[151][152] - The company holds a significant stake in its associated entities, with Mr. He owning 44,440,000 shares, representing approximately 95.2830%[132] - The company has a total of 350,162,000 shares held by major shareholders, accounting for about 70.0324% of the issued share capital[141] - The company has not granted any share options under its share option scheme since its adoption on June 11, 2019[147] Regulatory and Compliance - The company has implemented necessary measures to meet the qualification requirements for foreign investors in the telecommunications sector[160] - The board confirmed that there were no significant events after the reporting period[162] - The company has maintained high corporate governance standards and continues to review its practices[151]