Financial Performance - Total revenue for the six months ended June 30, 2021, was RMB 526,572 thousand, a slight decrease of 0.3% compared to RMB 528,188 thousand in the same period of 2020[7]. - Revenue from supply chain financial technology solutions increased by 4.1% to RMB 493,554 thousand, up from RMB 474,230 thousand in 2020[7]. - Gross profit rose by 31.1% to RMB 406,884 thousand, with a gross margin of 77.3%, up from 58.8% in the previous year, representing an increase of 18.5 percentage points[7]. - The adjusted profit for the period (non-IFRS) was RMB 152,279 thousand, an increase of 81.4% from RMB 83,969 thousand in 2020, with an adjusted profit margin of 28.9%[7]. - The company reported a substantial loss attributable to equity shareholders of RMB 13,033,313 thousand, compared to a loss of RMB 288,734 thousand in the same period last year, marking an increase of 4,414%[7]. - The company reported a total comprehensive loss of RMB (279,191) thousand for the six months ended June 30, 2021, compared to a total comprehensive loss of RMB (278,958) thousand for the same period in 2020[116]. - Basic and diluted loss per share was RMB 11.06, compared to RMB 0.78 in the same period last year[108]. Customer Metrics - The number of core enterprise partners increased by 37.5% to 473, compared to 344 in the previous year[8]. - Customer retention rate decreased to 97% from 99% in the previous year[8]. - The number of core enterprise clients for the supply chain fintech solutions increased by 36.1% to 147, while financial institution clients grew by 15.3% to 98[13]. - The customer retention rate reached 97% in the first half of 2021, indicating strong customer loyalty and product usage[13]. Asset Management - Total supply chain assets processed by the company's technology solutions reached RMB 97,949 million, a 36.6% increase from RMB 71,697.9 million in 2020[11]. - The outstanding balance of self-financed transactions facilitated by the SME credit technology solutions was RMB 282.9 million as of June 30, 2021, a decrease of 10.4% from RMB 315.8 million at the end of 2020[20]. - The total amount of supply chain assets for small and medium-sized enterprise credit technology solutions reached RMB 282,927 thousand, with a book value of RMB 300,802 thousand[155]. Research and Development - R&D investment increased, with technical staff rising from 397 to 537, accounting for 67.5% of total employees[23]. - The company filed 40 new patent applications and 9 software copyright applications in the first half of 2021[23]. - R&D expenses increased by 147.2% to RMB 120.1 million for the six months ended June 30, 2021, compared to RMB 48.6 million in the prior year[33]. - The R&D expenses for the six months ended June 30, 2021, were RMB 93,016,000, significantly higher than RMB 33,975,000 in the same period of 2020, reflecting a focus on innovation[130]. Strategic Initiatives - The company is actively pursuing a multi-product strategy and enhancing R&D for new products and technologies to capture structural growth opportunities in supply chain finance[17]. - The company launched a new "Supply Chain Central Control Platform" solution to enhance supply chain data integration for core enterprises and their partners[17]. - The company proposed a joint venture with Standard Chartered to establish a digital trade financing platform, enhancing international growth strategy[25]. - The company is actively registering trademarks outside of China to promote its business internationally[95]. Financial Position - The total cash and cash equivalents increased from RMB 587.3 million on December 31, 2020, to RMB 4,433.0 million as of June 30, 2021, primarily due to net proceeds from a global offering[59]. - The capital-to-debt ratio as of June 30, 2021, was 22.1%, reflecting a stable financial position compared to the previous period[62]. - The company’s total liabilities decreased to RMB 1,543,612 thousand as of June 30, 2021, from RMB 2,710,037 thousand as of December 31, 2020, reflecting a reduction of approximately 43%[167]. Governance and Compliance - The company has complied with all corporate governance codes since its listing, ensuring accountability and shareholder protection[68]. - The governance committee has ensured compliance with corporate governance policies and regulations, including insider trading and board diversity policies[72]. - The company emphasizes the potential risks associated with investing in companies with different voting rights structures, as the interests of different voting rights beneficiaries may not align with those of all shareholders[75]. Market Presence - The company was included in the Hang Seng Composite Index and other indices effective September 6, 2021, enhancing its market visibility[61]. - The company went public on April 9, 2021, with B shares listed on the Hong Kong Stock Exchange[194]. - The company successfully completed its IPO on April 9, 2021, on the Hong Kong Stock Exchange, raising significant capital for future expansion[173]. Shareholder Structure - The company has a dual-class share structure, with Class A shares having ten votes per share and Class B shares having one vote per share[75]. - The ownership structure indicates significant control by major shareholders, including Tencent and CITIC Capital, impacting strategic decisions[86]. - As of June 30, 2021, Mr. Song holds 273,171,564 Class A shares, representing 57.12% of the voting rights, and 4,998,612 Class B shares, representing 0.24% of the voting rights[75].
联易融科技-W(09959) - 2021 - 中期财报