Financial Performance - The Group recorded a turnover of approximately RMB 84,976,000 for the six months ended 30 June 2019, representing a decrease of approximately 49.4% compared to RMB 168,014,000 for the corresponding period in 2018[8]. - Profit attributable to owners of the Company for the six months ended 30 June 2019 amounted to approximately RMB 32,493,000, a decrease of approximately 39.6% from RMB 53,773,000 in the same period of 2018[8]. - Basic earnings per share for the six months ended 30 June 2019 was RMB 1.88 cents, down from RMB 3.11 cents in 2018[8]. - Revenue for the three months ended 30 June 2019 was RMB 42,001,000, compared to RMB 91,505,000 for the same period in 2018[10]. - Total comprehensive income for the period ended 30 June 2019 was RMB 35,209,000, compared to RMB 57,155,000 for the same period in 2018[10]. - For the three months ended June 30, 2019, the profit attributable to owners of the Company was RMB 14,114, a decrease of 56% compared to RMB 31,882 in the same period of 2018[11]. - For the six months ended June 30, 2019, the profit attributable to owners of the Company was RMB 32,493, down 40% from RMB 53,773 in the same period of 2018[11]. - Basic and diluted earnings per share for the three months ended June 30, 2019, were both 0.82 RMB cents, a decrease from 1.84 RMB cents in the same period of 2018[11]. - The total comprehensive income for the period was RMB 33,377,000, compared to RMB 60,471,000 in the previous year, indicating a decrease of about 44.8%[20]. - Profit attributable to the owners of the Company decreased by approximately 39.6% to approximately RMB 32.5 million from approximately RMB 53.8 million for the corresponding period last year[116]. Expenses and Costs - Employee benefit expenses for the six months ended 30 June 2019 were RMB 27,032,000, down from RMB 34,415,000 in 2018[10]. - Administrative expenses for the six months ended 30 June 2019 were RMB 32,832,000, compared to RMB 43,256,000 in the same period of 2018[10]. - Interest expenses decreased by approximately 43.8% to RMB 4.9 million from RMB 8.7 million for the corresponding period last year[107]. - Administrative and employee benefit expenses decreased by approximately 23.0% to approximately RMB 59.9 million due to tightened control of relevant expenses[109]. Assets and Liabilities - As of June 30, 2019, total assets less current liabilities amounted to RMB 1,534,355, an increase from RMB 1,496,168 as of December 31, 2018[17]. - Current liabilities decreased to RMB 201,968 as of June 30, 2019, from RMB 246,857 as of December 31, 2018[17]. - Net current assets increased to RMB 92,986 as of June 30, 2019, compared to RMB 31,772 as of December 31, 2018[17]. - The Company’s total equity as of June 30, 2019, was RMB 1,509,867, an increase from RMB 1,473,165 as of December 31, 2018[17]. - The Group's loans and accounts receivables increased to RMB 143,897,000 as of June 30, 2019, compared to RMB 127,297,000 as of December 31, 2018, reflecting a growth of approximately 13%[75]. - The net loans and accounts receivables after loss allowance were RMB 138,464,000 as of June 30, 2019, up from RMB 111,412,000 as of December 31, 2018[75]. - The loss allowance for loans and accounts receivables decreased to RMB 5,433,000 as of June 30, 2019, from RMB 15,885,000 as of December 31, 2018, indicating improved asset quality[75]. Cash Flow - Net cash used in operating activities was RMB 74,380,000, a significant decline from the cash generated of RMB 85,211,000 in the same period of 2018[22]. - Cash and cash equivalents at the end of the period stood at RMB 28,861,000, down from RMB 93,714,000 at the end of June 2018, reflecting a decrease of approximately 69.1%[22]. - The Group's bank balances and cash amounted to approximately RMB 103.4 million, down from approximately RMB 138.8 million at the end of 2018[117]. Business Operations - The company's principal business includes investment in property development projects and operation of a financial services platform primarily in the People's Republic of China[25]. - The Group's investment in property development projects is the main source of revenue, primarily located in Shenzhen and Dongguan, which are expected to experience strong GDP growth[88]. - The Group's strategy focuses on maintaining the security of principal while providing loans and making investments[82]. - The financial management service platform "匯理財" was launched in 2018, enhancing risk control through big data technology[91]. - The Group provides tailored financial products, including short-term and long-term loans, to meet the financing needs of corporate customers[92]. - The Group aims to strengthen risk control to increase average project revenue and expand cooperation with reputable property developers[128][130]. - The Group will develop its financial consultation business by introducing customized financial arrangements to meet customer needs, anticipating growth in the second half of the year[129][131]. Shareholder Information - Mr. Zheng Weijing holds a total of 408,369,769 shares, representing approximately 23.59% of the Company[169]. - Ming Cheng Investments Limited owns 367,739,567 shares, accounting for 21.24% of the total shares[180]. - Ms. Zhang Chushan, spouse of Mr. Zheng Weijing, holds 408,369,769 shares, which is 23.59% of the total shares[180]. - Sino-Africa Resources Holdings Limited has an interest of 255,676,042 shares, representing 14.77%[180]. - Peace Bloom Limited holds 145,429,087 shares, which is 8.40% of the total shares[180]. - Upsoar Limited owns 155,518,650 shares, accounting for 8.98% of the total shares[180]. - As of June 30, 2019, GF Investments (Hong Kong) Company Limited holds 419,649,769 shares, representing 24.24%[181]. Corporate Governance - The Group has implemented measures to strengthen internal control and streamline business operations[93]. - Directors' emoluments are reviewed based on individual experience, responsibility, workload, and the Group's operating results[163]. - The Group adopts a conservative treasury policy to reduce credit risk and closely monitors liquidity to meet funding requirements[156]. - The annual training plan requires each employee to attend at least 12 hours of training every year to enhance professional skills[161]. Share Option Scheme - The company has adopted a Share Option Scheme allowing for the issuance of 173,143,250 shares, which is approximately 10% of the total issued share capital[196]. - Each participant in the Share Option Scheme can be entitled to options not exceeding 1% of the issued share capital in any 12-month period[196]. - A total of 76,000,000 share options were granted on December 17, 2015, with varying exercise periods depending on the option category[200]. - All share options are contingent upon the fulfillment of specific profit targets set by the company[200]. - The Share Option Scheme aims to provide incentives to eligible participants for their contributions to the group[188].
丰银禾控股(08030) - 2019 - 中期财报