Revenue Performance - The group's revenue decreased by 15.2% from approximately RMB 581.9 million to approximately RMB 493.7 million due to a weak market atmosphere and consumer spending downgrade[1]. - The company's revenue decreased by 15.2% from approximately RMB 581.9 million to about RMB 493.7 million due to a weak market atmosphere and cautious consumer spending[12]. - Revenue for the six months ended June 30, 2024, was RMB 493,652 thousand, a decrease of 15.1% from RMB 581,872 thousand for the same period in 2023[28]. - Revenue from self-operated retail channels decreased by 18.9% to approximately RMB 404.4 million, primarily due to declines in retail store and consignment counter revenues[13]. - Revenue from self-operated retail channels decreased to RMB 404,381,000 in the first half of 2024, down from RMB 498,791,000 in the same period of 2023, reflecting a decline of 18.9%[41]. - The group’s revenue from wholesale channels increased to RMB 89,271,000 in the first half of 2024, up from RMB 78,111,000 in the same period of 2023, reflecting a growth of 14.0%[41]. Profitability and Loss - The net loss after tax recorded was approximately RMB 80.2 million, slightly improved from RMB 82.9 million in the previous period[1]. - The company recorded a net loss of approximately RMB 80.2 million, compared to a loss of RMB 82.9 million in the previous period[22]. - The net loss for the six months ended June 30, 2024, was RMB 80,220 thousand, compared to a net loss of RMB 82,869 thousand for the same period in 2023[29]. - The group incurred a net loss of RMB 80,220,000 for the six months ending June 30, 2024, compared to a net loss of RMB 82,869,000 for the same period in 2023[40]. - The company reported a basic and diluted loss per share of RMB (0.100) for the six months ended June 30, 2024, slightly improved from RMB (0.103) in the same period last year[46]. - The company recorded a net loss of RMB (80,154) thousand for the six months ended June 30, 2024, compared to RMB (82,689) thousand in the same period last year, reflecting a slight improvement of about 3%[46]. Expenses and Cost Management - Total selling, distribution, general and administrative expenses decreased by 9.3% from approximately RMB 263.6 million to approximately RMB 239.0 million[1]. - Other income decreased to approximately RMB 2.2 million, primarily due to a decline in government subsidies[16]. - The total rental expenses related to short-term leases increased to RMB 20,554 thousand from RMB 13,788 thousand, an increase of approximately 49% year-on-year[49]. - The total compensation for internal and external employees was approximately RMB 48.0 million and RMB 37.4 million respectively, compared to RMB 51.1 million and RMB 42.2 million in the previous period, showing a decrease of about 5.9% and 11.4% respectively[56]. Inventory and Cash Management - Inventory pressure reduced by 10.8%, with inventory turnover days decreasing to 159 days and cash conversion cycle improving to 117 days[2]. - Cash conversion cycle decreased from 151 days to 117 days, indicating improved efficiency in converting inventory into cash[23]. - As of June 30, 2024, the company's cash position was approximately RMB 21.9 million, down from RMB 24.5 million as of December 31, 2023[25]. - The current ratio and quick ratio as of June 30, 2024, were 1.1 and 0.4, respectively, compared to 1.2 and 0.5 as of December 31, 2023[25]. - The company’s accounts receivable aging analysis shows a significant increase in amounts due within 30 days, rising to RMB 29,215,000 from RMB 40,190,000[51]. Operational Efficiency - The company continues to enhance operational efficiency and optimize organizational structure to adapt to market challenges[3]. - The number of self-operated retail points decreased from 571 to 535, while online stores increased from 28 to 34[5]. - The number of distributors decreased from 344 to 304, with over 1,300 retail outlets selling the company's products[9]. - The number of distributors at the end of the period was 304, down from 344 in the previous year, with 49 distributors not renewing agreements[10]. - The total number of employees decreased to approximately 1,200 as of June 30, 2024, down from about 1,400 a year earlier, reflecting a reduction of approximately 14.3%[56]. Corporate Governance and Compliance - The company has adopted corporate governance practices in compliance with the relevant rules and has maintained a strong leadership structure with the same individual serving as both Chairman and CEO[58]. - The company has ensured compliance with all mandatory disclosure requirements and applicable governance codes during the reporting period[58]. - The company has not conducted any significant investments or acquisitions during the reporting period, maintaining a stable capital structure with no changes in its issued share capital of 800,000,000 shares[54][55]. - As of June 30, 2024, the company has not repurchased any of its listed securities and holds no treasury shares[54]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 395,372 thousand, down from RMB 431,539 thousand as of December 31, 2023[30]. - The company's total equity decreased to RMB 34,889 thousand as of June 30, 2024, from RMB 113,285 thousand as of December 31, 2023[30]. - Total bank loans and trade financing amounted to approximately RMB 134.3 million as of June 30, 2024, a decrease from RMB 167.2 million as of December 31, 2023[25]. - The company’s trade payables amounted to RMB 106,459,000 as of June 30, 2024, compared to RMB 117,154,000 as of December 31, 2023, indicating a decrease of about 9.1%[53]. - The company had no significant contingent liabilities as of June 30, 2024[27]. Foreign Exchange and Other Risks - The company is exposed to foreign exchange risks without any hedging policies currently in place[27]. - The net loss from foreign exchange was RMB (3,965) thousand, a significant improvement from RMB (13,018) thousand in the same period last year, representing a reduction of approximately 69%[43].
凯知乐国际(02122) - 2024 - 中期业绩