Revenue Performance - Revenue for the six months ended June 30, 2024, was RMB 30,772,000, an increase of 104.6% compared to RMB 15,043,000 for the same period in 2023[1] - The group reported revenue of RMB 30,772 thousand for the six months ended June 30, 2024, compared to RMB 15,043 thousand for the same period in 2023, representing a growth of 104.5%[17] - The revenue from marble slag sales was RMB 27,676 thousand for the six months ended June 30, 2024, up from RMB 14,439 thousand in the previous year, indicating an increase of 92.0%[17] - The food brand segment generated revenue of RMB 3,096 thousand for the six months ended June 30, 2024, compared to RMB 604 thousand in the same period last year, reflecting a growth of 413.8%[17] - The revenue for the marble slag business reached approximately RMB 27,700,000 in the first half of 2024, an increase of approximately RMB 13,300,000 or 91.7% compared to RMB 14,400,000 in the first half of 2023[30] - The total revenue for the group increased from approximately RMB 15,000,000 in the first half of 2023 to approximately RMB 30,800,000 in the first half of 2024, representing a growth of approximately RMB 15,800,000 or 104.6%[33] - The sales volume of marble slag increased by 91.7% from 555,337 tons in the first half of 2023 to 1,064,477 tons in the first half of 2024[34] Profitability and Losses - The company reported a net loss of RMB 16,592,000 for the six months ended June 30, 2024, compared to a net loss of RMB 8,986,000 for the same period in 2023[2] - Basic loss per share was RMB (8.57) for the six months ended June 30, 2024, compared to RMB (6.19) for the same period in 2023[2] - The group reported a pre-tax loss of RMB 16,487 thousand for the six months ended June 30, 2024, compared to a loss of RMB 8,986 thousand in the same period last year[10] - The group recorded a loss of approximately RMB 16,600,000 in the first half of 2024, compared to a loss of approximately RMB 9,000,000 in the first half of 2023, an increase of approximately RMB 7,600,000[40] - Total other income and net profit for the six months ended June 30, 2024, was RMB 274,000, compared to RMB 1,883,000 for the same period in 2023, representing a decrease of approximately 85.5%[18] Gross Profit and Margins - Gross profit for the period was RMB 10,903,000, up from RMB 6,181,000 in the same period last year[2] - The gross profit rose from approximately RMB 6,200,000 in the first half of 2023 to approximately RMB 10,900,000 in the first half of 2024, an increase of approximately RMB 4,700,000 or 76.4%[34] - The gross margin decreased from approximately 41.1% in the first half of 2023 to approximately 35.4% in the first half of 2024, a decline of about 5.7 percentage points due to rising extraction costs[35] Assets and Liabilities - Total assets less current liabilities amounted to RMB 142,967,000 as of June 30, 2024, down from RMB 154,014,000 as of December 31, 2023[3] - Non-current assets were valued at RMB 146,740,000 as of June 30, 2024, compared to RMB 149,015,000 as of December 31, 2023[3] - The total assets of the group as of June 30, 2024, were RMB 212,447 thousand, slightly up from RMB 212,341 thousand as of December 31, 2023[13] - The total liabilities increased to RMB 72,595 thousand as of June 30, 2024, from RMB 61,440 thousand as of December 31, 2023, marking a rise of 18.0%[14] - The marble slag segment's assets increased to RMB 193,552 thousand as of June 30, 2024, compared to RMB 173,817 thousand at the end of 2023, showing a growth of 11.4%[13] - Trade receivables as of June 30, 2024, amounted to RMB 43,266,000, up from RMB 24,008,000 as of December 31, 2023, representing an increase of approximately 80.3%[25] - Trade payables as of June 30, 2024, were RMB 27,215,000, compared to RMB 10,268,000 as of December 31, 2023, showing an increase of about 164.5%[26] Cash Flow and Financial Condition - The company had current liabilities exceeding current assets by RMB 3,773,000 as of June 30, 2024, indicating significant uncertainty regarding its ability to continue as a going concern[5] - The company plans to take proactive measures to recover trade and other receivables to improve cash flow and financial condition[5] - The group has implemented various cost-saving measures to improve operating cash flow, ensuring sufficient working capital for future operations[6] - The group anticipates sufficient operating funds to meet its operational needs and fulfill its financial obligations in the foreseeable future[6] - As of June 30, 2024, the group's cash and bank balance was approximately RMB 3,800,000, down from RMB 4,700,000 as of December 31, 2023[42] Expenses and Costs - The cost of goods sold for the six months ended June 30, 2024, was RMB 1,714,000, significantly higher than RMB 463,000 for the same period in 2023, reflecting an increase of approximately 269.8%[21] - The administrative expenses increased from approximately RMB 11,500,000 in the first half of 2023 to approximately RMB 12,600,000 in the first half of 2024, primarily due to higher legal and professional fees[36] - Interest expenses for the six months ended June 30, 2024, totaled RMB 310,000, down from RMB 955,000 in the same period of 2023, indicating a reduction of about 67.5%[18] - Total employee costs for the first half of 2024 were approximately RMB 3,700,000, slightly up from RMB 3,600,000 in the first half of 2023[45] Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code, with some deviations noted regarding the roles of the chairman and CEO[50] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules appendix C3, confirming compliance for the first half of 2024[52] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the first half of 2024 and recommended adoption by the board[53] Future Plans and Strategies - The company plans to utilize net proceeds from share issuances for general working capital, including repayment of any outstanding loans[27] - The company will continue to consolidate production and operations while expanding its customer base to enhance business performance and seek new opportunities for greater shareholder returns[49] Other Information - The company did not declare any dividends for the six months ended June 30, 2024, and 2023[24] - The company has no tax provisions for corporate income tax in the UK and China for the periods ended June 30, 2024, and 2023 due to no taxable profits generated[20] - The company operates a beige marble mine located in Jiangyou City, Sichuan Province, China, focusing on the production and sale of marble slag[29] - The company has no significant contingent liabilities or capital commitments as of June 30, 2024[47] - The group has no significant foreign exchange risk as most transactions, assets, and liabilities are denominated in RMB[44] - The company issued a total of 12,099,213 shares upon the conversion of convertible notes worth HKD 2,000,000 on February 27, 2024[47] - No purchase, sale, or redemption of the company's listed securities occurred during the six months ending June 30, 2024[54]
中国金石(01380) - 2024 - 中期业绩