Financial Performance - Revenue for the six months ended June 30, 2021, was approximately RMB 198.8 million, an increase of about 96.5% compared to RMB 101.2 million in the same period last year[15]. - Revenue for the six months ended June 30, 2021, was RMB 198,759,000, an increase of 96.4% compared to RMB 101,162,000 for the same period in 2020[67]. - Revenue from the sale of oil products increased by approximately 187.3% to about RMB 155.9 million, driven by rising demand[17]. - The segment revenue from oil product sales was RMB 155,947 thousand for the six months ended June 30, 2021, significantly up from RMB 54,276 thousand in the same period of 2020, marking an increase of approximately 187.5%[110]. - Net profit for the period was RMB 13,525,000, down 15% from RMB 15,894,000 in 2020[67]. - Profit attributable to owners of the company decreased to approximately RMB 9.6 million for the six months ended June 30, 2021, from approximately RMB 11.4 million for the same period in 2020, primarily due to a decline in gross margin and losses from an associated company[29]. - Operating profit decreased to RMB 22,208,000, a decline of 5.1% from RMB 23,398,000 in the previous year[67]. - Basic and diluted earnings per share were RMB 0.016, compared to RMB 0.019 in the same period last year[67]. Costs and Expenses - The overall gross profit decreased by approximately 2.6% to about RMB 29.0 million, with the gross profit margin dropping from approximately 29.4% to 14.6%[21]. - Sales and administrative expenses increased from approximately RMB 6.6 million for the six months ended June 30, 2020, to approximately RMB 7.4 million for the six months ended June 30, 2021, primarily due to increased employee benefits and other expenses[25]. - The sales cost rose approximately 137.8% to about RMB 169.8 million, primarily due to the cost of sold oil products[18]. - Total sales, general, and administrative expenses amounted to RMB 177,163,000 for the six months ended June 30, 2021, compared to RMB 77,957,000 in 2020, reflecting an increase of 127%[112]. - The cost of goods sold for the six months ended June 30, 2021, was RMB 149,803,000, significantly up from RMB 52,385,000 in the same period of 2020, representing an increase of 185%[112]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to RMB 457,172,000, an increase from RMB 448,305,000 at the end of 2020[69]. - Total liabilities increased to RMB 103,101,000 from RMB 87,359,000 at the end of 2020, reflecting a rise of 17.9%[71]. - The group had net current assets of approximately RMB 134.1 million, down from approximately RMB 139.1 million as of December 31, 2020[31]. - The group’s interest-bearing borrowings remained at approximately RMB 45.7 million as of June 30, 2021, with a debt-to-equity ratio of approximately 13.2%, up from 12.8% as of December 31, 2020[32]. - Cash and cash equivalents decreased to RMB 24,972,000 from RMB 38,801,000, a decline of 35.6%[69]. Taxation and Financial Costs - Income tax expenses decreased by approximately 6.5% from approximately RMB 6.3 million for the six months ended June 30, 2020, to approximately RMB 5.9 million for the same period in 2021, mainly due to lower taxable profits[28]. - Net financial costs for the six months ended June 30, 2021, were approximately RMB 1.8 million, compared to approximately RMB 1.2 million for the same period in 2020[26]. Operational Highlights - The company maintained high standards in production safety, environmental protection, and hygiene during the ongoing COVID-19 pandemic[12]. - The company continued to enhance service quality and broaden its customer base during the reporting period[11]. - The company anticipates that the sale of oil products will continue to be the main growth driver for revenue, focusing on operational efficiency and diversifying cargo sources[45]. - The company plans to continue expanding its service offerings and enhancing operational efficiency to drive future growth[99]. Shareholder Information - The board does not recommend the payment of an interim dividend for the six months ended June 30, 2021, consistent with the same period in 2020[42]. - As of June 30, 2021, Mr. Yang Jinming holds 423,000,000 shares, representing 70.5% of the company's equity, through Hanfu Enterprises Limited[52]. - Mr. Yang Fan holds 27,000,000 shares, representing 4.5% of the company's equity, through Fugang Holdings Limited[53]. - The company has adopted a share option scheme, but no options were granted, exercised, cancelled, or lapsed during the reporting period[61]. Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim results for the six months ending June 30, 2021, and found them to comply with applicable accounting standards[63]. - The company has not established an independent internal audit department but has implemented appropriate measures to fulfill internal audit functions, including compliance with financial reporting and internal control principles[48]. Other Financial Information - The company did not receive any loan proceeds during the reporting period, compared to RMB 20,000,000 in the previous year[76]. - The company had no unrecognized lease liabilities that would result in potential future cash outflows as of June 30, 2021[124]. - The company had capital commitments for property, plant, and equipment of RMB 712,000 as of June 30, 2021, compared to RMB 3,484,000 as of December 31, 2020, reflecting a decrease of 80%[150]. - The company reported a rental expense of RMB 162,000 paid to the controlling shareholder for office space for the six months ended June 30, 2021, compared to RMB 218,000 for the same period in 2020, a decrease of 26%[154].
天源集团(06119) - 2021 - 中期财报