Financial Performance - For the six months ended June 30, 2024, the group reported revenue of RMB 54,344,000, a decrease of 12% compared to RMB 61,682,000 for the same period in 2023[2] - Gross profit for the same period was RMB 23,529,000, down from RMB 32,290,000, reflecting a decline in profitability[2] - The net loss attributable to equity holders for the six months was RMB 6,230,000, compared to a loss of RMB 3,417,000 in the prior year, indicating a worsening financial position[3] - The total comprehensive loss for the period was RMB 6,877,000, compared to RMB 3,080,000 in the previous year, highlighting increased financial challenges[2] - The company reported a total comprehensive loss of RMB 6,193,000 for the six months ended June 30, 2024, compared to a loss of RMB 3,200,000 for the same period in 2023[6] - The accumulated losses increased to RMB 60,839,000 as of June 30, 2024, reflecting ongoing financial challenges[6] - The company's net loss increased from approximately RMB 3.3 million for the six months ended June 30, 2023, to approximately RMB 6.9 million for the same period in 2024, an increase of about RMB 3.6 million[44] Assets and Liabilities - As of June 30, 2024, total assets were RMB 28,401,000, down from RMB 41,879,000 at the end of 2023, indicating a significant reduction in asset base[4] - Current liabilities decreased to RMB 32,492,000 from RMB 40,159,000, suggesting some improvement in short-term financial obligations[4] - The company reported a net current (liabilities)/assets position of RMB (4,091,000), a decline from RMB 1,720,000 at the end of 2023, indicating increased financial strain[5] - The company’s equity attributable to equity holders showed a capital deficit of RMB (6,426,000) as of June 30, 2024, compared to RMB (2,706,000) at the end of 2023, reflecting deteriorating financial health[5] - The company's cash and bank balances decreased to RMB 3,972,000 from RMB 7,445,000, indicating reduced liquidity[4] - The company's net current liabilities and capital deficiency as of June 30, 2024, were RMB 4,091,000 and RMB 8,177,000, respectively[16] Cash Flow - For the six months ended June 30, 2024, the company reported a net cash outflow from operating activities of RMB 967,000, compared to a net inflow of RMB 534,000 for the same period in 2023[7] - The net cash generated from investing activities was RMB 21,000, a slight increase from a cash outflow of RMB 2,000 in the previous year[7] - The net cash used in financing activities amounted to RMB 2,527,000, compared to RMB 2,408,000 in the prior year, indicating an increase in financing costs[7] - The total cash and cash equivalents decreased by RMB 3,473,000, down from a decrease of RMB 1,876,000 in the same period last year[7] - As of June 30, 2024, the company's cash and cash equivalents stood at RMB 3,972,000, a significant drop from RMB 7,783,000 at the end of the previous year[7] Revenue Breakdown - Revenue from external customers for the six months ended June 30, 2024, was RMB 54,344,000, a decrease of 11.9% from RMB 61,682,000 in the same period of 2023[17][20] - Online retail sales for the six months ended June 30, 2024, were RMB 51,886,000, down from RMB 54,907,000 in 2023[17] - The revenue from women's handbags for the six months ended June 30, 2024, was RMB 36.2 million, down approximately 12.1% from RMB 41.2 million in the same period of 2023[37] Operational Highlights - The company continues to focus on the design and sale of women's handbags, small leather goods, luggage, and travel products, indicating a commitment to its core business[8] - The company plans to enhance online sales of women's handbags through partnerships with major online platforms and focus on short videos and live streaming for marketing in the second half of 2024[38] - The company has not provided specific guidance on future performance or new product developments in the current report[2] Employee and Cost Management - Total employee costs decreased to RMB 4,519,000 for the six months ended June 30, 2024, down from RMB 4,761,000 in the same period of 2023, reflecting a reduction of about 5.1%[6] - The company has 44 employees as of June 30, 2024, down from 53 employees as of June 30, 2023[48] - Sales and distribution costs decreased from approximately RMB 30.1 million for the six months ended June 30, 2023, to approximately RMB 24.7 million for the same period in 2024, a decline of about 17.9%[41] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with applicable governance codes[56] - The Audit Committee was established on December 15, 2017, to oversee financial reporting processes and risk management[59] - The Audit Committee consists of three independent non-executive directors, including the chairman, Mr. Wen Jieji[59] Shareholder Information - Major shareholders include Yen Sheng BVI and Summit Time Resources Limited, holding 52.1141% and 22.8859% of shares, respectively[52] - The company holds a 52.1141% shareholding in Yen Sheng BVI, with significant interests held by directors[52] Tax and Compliance - The company has not accrued any provisions for Hong Kong profits tax or China corporate income tax due to the absence of taxable profits[22] - All directors have complied with the GEM Listing Rules regarding securities trading as of June 30, 2024[58] Risk Management - The company has not established any hedging arrangements for foreign exchange risks, as it primarily operates in RMB[47] - The board will periodically review the foreign exchange risks and may establish hedging arrangements as necessary[47]
森浩集团(08285) - 2024 - 中期业绩