Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 18,147,000, a decrease of 22% compared to RMB 23,425,000 for the same period in 2023[2] - Gross profit for the same period was RMB 3,432,000, down from RMB 6,348,000, reflecting a gross margin decline[2] - Loss before tax increased to RMB 5,262,000 from RMB 2,684,000 year-on-year[2] - The net loss attributable to owners of the company was RMB 2,348,000, compared to RMB 3,252,000 in the previous year, indicating a reduction in losses[2] - Total revenue for the group decreased by about 22.5%, from RMB 23.4 million in the six months ended June 30, 2023, to approximately RMB 18.1 million in the same period of 2024[37] - Gross profit fell from RMB 6.3 million to RMB 3.4 million, a decrease of RMB 2.9 million or about 45.9%, with gross margin dropping from 27.1% to 18.9%[40] - The loss attributable to owners of the company decreased from approximately RMB 3.3 million to approximately RMB 2.3 million, resulting in a loss margin of 12.9% for the six months ended June 30, 2024, compared to 13.9% for the same period in 2023[40] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 209,031,000, slightly up from RMB 205,695,000 at the end of 2023[3] - Current assets net increased to RMB 86,638,000 from RMB 77,104,000, showing improved liquidity[3] - Non-current liabilities remained stable at RMB 16,201,000 compared to RMB 16,126,000 in the previous year[4] - The company's equity attributable to owners increased to RMB 192,830,000 from RMB 189,569,000, reflecting a positive trend in shareholder value[4] - As of June 30, 2024, the total value of property, plant, and equipment is RMB 137,723 thousand, a decrease from RMB 139,581 thousand as of December 31, 2023[22] - The company's total interest-bearing borrowings amounted to approximately RMB 45.2 million, down from RMB 54.2 million as of December 31, 2023[58] Revenue Breakdown - Revenue from driving training services for the six months ended June 30, 2024, was RMB 18,147,000, a decrease of 22% compared to RMB 23,425,000 for the same period in 2023[10] - Standard course revenue increased significantly to RMB 10,263,000 from RMB 560,000, while advanced course revenue decreased to RMB 7,713,000 from RMB 22,646,000[10] - Revenue from large vehicle driving training services decreased by approximately RMB 5.2 million or 27.6%, from RMB 18.8 million to RMB 13.6 million, primarily due to a reduction in student numbers from 2,861 to 2,306[41] - Revenue from small vehicle driving training services slightly decreased by RMB 0.1 million or 2.2%, from RMB 4.6 million to RMB 4.5 million, despite an increase in actual training hours from 57,124 to 60,280 hours[42] - Revenue from large vehicle driving courses accounted for approximately 75.0% of total revenue for the six months ended June 30, 2024[35] - Revenue from standard courses for large vehicles generated approximately RMB 9.9 million, representing 54.5% of total revenue from large vehicles[37] Enrollment and Training Services - Total course enrollment decreased by 12.4% from 5,404 to 4,736 for the six months ended June 30, 2024, compared to the same period in 2023[35] - The number of students enrolled in Shun Da Driving School dropped by 40.8% to 511, down from 863 in the same period last year[35] - The number of students enrolled in Tong Tai Driving School slightly decreased by 7.0% to 4,225, compared to 4,541 in the previous year[35] - Total enrollment in driving courses decreased by approximately 12.0%, from 6,213 students in the six months ended June 30, 2023, to 5,469 students in the same period of 2024[37] Expenses and Financial Management - Total financial expenses for the six months ended June 30, 2024, were RMB 1,848,000, down from RMB 2,290,000 in the same period of 2023[15] - Employee benefits expenses decreased by RMB 1.7 million or 27.8%, from RMB 6.1 million to RMB 4.4 million, due to a reduction in training hours[44] - Fuel expenses decreased by RMB 1.5 million or 34.1%, from RMB 4.4 million to RMB 2.9 million, consistent with the decrease in actual training hours[44] - Depreciation of property, plant, and equipment increased by RMB 0.8 million or 15.7%, from RMB 5.2 million to RMB 6.0 million, due to fixed depreciation of training facilities and vehicles[44] - Sales and marketing expenses decreased by approximately RMB 0.1 million or 7.8% to RMB 0.9 million for the six months ending June 30, 2024, down from RMB 1.0 million for the same period in 2023[47] - Administrative expenses decreased by approximately RMB 0.3 million or 4.3% to RMB 6.4 million for the six months ending June 30, 2024, compared to RMB 6.7 million for the same period in 2023[48] Future Outlook and Strategic Plans - Future outlook remains cautious due to market conditions, with no specific guidance provided for the upcoming quarters[5] - The company plans to enhance service quality and invest in infrastructure to implement smart teaching, aiming to reduce training costs and maintain profit margins[39] - The company is exploring potential acquisitions and partnerships to expand enrollment, including discussions with local driving schools in Gansu and Xinjiang provinces[39] - The company has reached a cooperation agreement with a technical school in Wuwei City, Gansu Province, to attract students for large vehicle driving training[39] - The company aims to optimize training and examination services while focusing on enrollment growth to achieve better results in the second half of 2024[39] Compliance and Governance - The company has adopted the corporate governance code and has complied with all applicable provisions for the six months ending June 30, 2024[70] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements and found them compliant with applicable accounting standards and regulations[72] - The mid-term report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[73]
向中国际(01871) - 2024 - 中期业绩