Revenue Performance - For the six months ended June 30, 2024, the group's revenue increased by approximately RMB 7.1 million or about 30.4% to approximately RMB 30.6 million compared to the same period in 2023, primarily due to a significant increase in revenue from financing leasing consulting services[10]. - Total revenue for the six months ended June 30, 2024, was RMB 30,566,622, representing an increase of 30.5% compared to RMB 23,432,195 for the same period in 2023[69]. - Financing leasing consulting service revenue increased by approximately RMB 12.2 million or about 107.5% to approximately RMB 23.5 million during the reporting period, compared to RMB 11.3 million in the same period last year[13]. - Revenue from the group's second-hand car sale and leaseback business decreased significantly, with interest income from sale and leaseback arrangements amounting to approximately RMB 4.3 million, a decrease of about 44.8% from RMB 7.9 million in the same period last year[13]. - Interest income from sale-leaseback arrangements was RMB 4,338,501, down 44.9% from RMB 7,853,854 in the previous year[69]. Profit and Expenses - The group's profit before tax decreased by approximately 55.2% to about RMB 4.8 million, down from approximately RMB 10.8 million in the same period last year, mainly due to changes in provisions for lease receivables and increased operating expenses[10]. - Employee costs increased by approximately 5.3% to RMB 6.1 million from RMB 5.8 million in the same period last year[17]. - Other operating expenses rose by approximately 30.3% to RMB 20.6 million from RMB 15.8 million in the same period last year, primarily due to an increase in financing lease consulting service costs[19]. - The company's net profit attributable to the owners of the company was RMB 4,396,787, down 27.5% from RMB 6,057,086 in the same period last year[70]. - The total income tax expense for the six months ended June 30, 2024, was RMB 473,213, significantly lower than RMB 4,782,995 for the same period in 2023, indicating a reduction of over 90%[109]. Cash Flow and Liquidity - As of June 30, 2024, the group's cash and cash equivalents amounted to approximately RMB 59.9 million, compared to RMB 31.8 million as of June 30, 2023[24]. - Net cash generated from operating activities was approximately RMB 69.9 million, compared to RMB 17.9 million in the same period last year[26]. - Cash and cash equivalents increased significantly to RMB 59,874,229 from RMB 22,443,332, indicating a strong liquidity position[73]. - The company reported a net cash outflow from investing activities of RMB 8,403,996 for the six months ended June 30, 2024, compared to RMB 3,652,586 in the same period of 2023, indicating a higher investment activity[77]. Debt and Equity - The group's debt-to-equity ratio decreased to approximately 8.5% from about 21.0% as of December 31, 2023[27]. - The group had bank and other borrowings of approximately RMB 17.1 million and RMB 41.3 million as of June 30, 2024, and December 31, 2023, respectively, secured by receivables of approximately RMB 24.2 million and RMB 46.3 million from sale and leaseback arrangements[32]. - The company reduced its bank and other borrowings to RMB 17,058,867 as of June 30, 2024, down from RMB 37,894,159 at the end of 2023, reflecting a decrease of approximately 55%[74]. - The company's total equity as of June 30, 2024, reached RMB 200,975,906, compared to RMB 196,607,078 at the end of 2023, representing a growth of about 2%[74]. Asset Management - The group has experienced a significant reduction in overdue factoring receivables, indicating improved asset management practices[10]. - The company has implemented additional collateral requirements for finance lease receivables, including land use rights and vehicles[124]. - The impairment loss on receivables was RMB 971,864 for the six months ended June 30, 2024, compared to a loss of RMB 11,940,604 for the same period in 2023, indicating a significant improvement[106]. - The aging analysis of receivables shows that overdue amounts over 90 days increased significantly to RMB 488,295 from RMB 132,426, indicating a potential rise in credit risk[148]. Corporate Governance and Compliance - The company confirmed compliance with all corporate governance code provisions during the reporting period, except for deviation from code provision C.2.1[40]. - The company did not declare any interim dividends for the period[113]. - The company plans to consider revising the share option scheme to comply with the new GEM Listing Rules effective January 1, 2023[45]. Future Outlook and Strategy - The group is considering diversifying its existing business and expanding its revenue sources to enhance shareholder returns[12]. - The company expects to maintain a stable growth trajectory in its finance lease and sale and leaseback segments, supported by ongoing market demand[126]. - The company aims to invest its resources in other industries to create additional revenue streams and value for shareholders[12].
METROPOLIS CAP(08621) - 2024 - 中期财报