Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 103,903,000, an increase of 13.7% compared to RMB 91,492,000 for the same period in 2023[2] - Gross profit for the same period was RMB 12,411,000, representing a gross margin of 11.9%, up from RMB 8,836,000 in 2023[2] - The company incurred a net loss attributable to shareholders of RMB 1,054,000, an improvement from a loss of RMB 1,382,000 in the prior year[2] - The company's revenue for the six months ended June 30, 2024, was RMB 103,903,000, a significant increase of 75.5% compared to RMB 59,226,000 for the same period in 2023[12] - Major customer A contributed RMB 12,719,000 to the revenue for the six months ended June 30, 2024, compared to RMB 8,195,000 in the same period of 2023, reflecting a growth of 55.5%[14] - The company recorded a net loss of approximately RMB 11 million for the period, an improvement from a loss of approximately RMB 14 million in the first half of 2023[38] Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 276,165,000, compared to RMB 173,963,000 as of December 31, 2023, reflecting a significant increase[4] - Current liabilities increased to RMB 153,858,000 from RMB 73,417,000, primarily due to higher trade and other payables[4] - Trade receivables as of June 30, 2024, amounted to RMB 62,326,000, a decrease from RMB 93,866,000 as of December 31, 2023[21] - Trade payables as of June 30, 2024, were RMB 55,706,000, an increase from RMB 32,992,000 as of December 31, 2023[22] - The current ratio as of June 30, 2024, was 1.8, down from 2.4 as of December 31, 2023[39] Cash Flow and Liquidity - The company's cash and cash equivalents stood at RMB 124,385,000, up from RMB 39,721,000 at the end of 2023, indicating improved liquidity[4] - The net cash generated from operating activities increased by approximately RMB 51.2 million, changing from a net cash outflow of approximately RMB 16.7 million in the first half of 2023 to a net cash inflow of approximately RMB 67.9 million in the first half of 2024[41] - The company has taken immediate actions to strengthen liquidity amid unprecedented challenges and market uncertainties[27] Income and Expenses - Other income for the period was RMB 1,896,000, an increase from RMB 1,080,000 in the previous year, indicating growth in non-operating income[2] - Employee costs, including director remuneration, totaled RMB 11,627,000 for the six months ended June 30, 2024, compared to RMB 9,899,000 for the same period in 2023, indicating an increase of 17.5%[16] - Sales and distribution expenses for the first half of 2024 were approximately RMB 86 million, an increase of about RMB 16 million (or approximately 22.9%) compared to RMB 70 million in the first half of 2023[33] - Administrative and other operating expenses for the first half of 2024 were approximately RMB 66 million, an increase of about RMB 9 million (or approximately 15.8%) compared to RMB 57 million in the first half of 2023[34] Corporate Governance and Structure - The board approved the unaudited interim results on August 28, 2024, and noted that the financial statements have not been audited by independent auditors[6] - The company has restructured its internal reporting framework, resulting in a change in the composition of its reportable segments, now operating as a single reportable segment[10] - The board of directors consists of four executive directors and three independent non-executive directors, maintaining compliance with corporate governance codes[51] - The chairman of the board is also the CEO, which deviates from the corporate governance code but is believed to ensure consistent leadership direction[51] Future Outlook - The company anticipates a complex and challenging business environment in 2024 and beyond, influenced by high inflation and weak consumer demand[27] - The company has not reported any significant changes in its business nature during the period, continuing its focus on the design, manufacture, and sale of apparel products[5] Shareholder Information - The company did not declare any interim dividends for the first half of 2024, consistent with the previous year[54] - The company confirmed it has maintained a sufficient public float of over 25% of its issued share capital as required by listing rules[55] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries in the first half of 2024[50] Miscellaneous - The company has established a wholly-owned subsidiary to support new supply chain management business in mainland China, which is expected to enhance revenue sources and profitability[27] - The company has not made any significant investments, acquisitions, or disposals of subsidiaries during the six months ended June 30, 2024[47] - As of June 30, 2024, the company had no significant capital commitments or contingent liabilities[45] - The company has no foreign currency investments and has not faced significant difficulties or impacts due to exchange rate fluctuations[48] - The unaudited interim results were published on the company's website and the Hong Kong Stock Exchange website[56] - The company expressed gratitude to the management team, employees, shareholders, and business partners for their support[57]
米格国际控股(01247) - 2024 - 中期业绩