Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 21,479,000, a decrease of 8.1% compared to RMB 23,366,000 for the same period in 2023[2] - Net investment loss for the period was RMB (619,607,000), compared to RMB (226,291,000) in the previous year, reflecting a significant increase in losses[2] - Total revenue and investment income or loss decreased from a loss of RMB 202.9 million for the six months ended June 30, 2023, to a loss of RMB 598.1 million for the six months ended June 30, 2024[12] - The company's loss before tax increased from RMB 200.4 million for the six months ended June 30, 2023, to RMB 840.0 million for the six months ended June 30, 2024[19] - The company had a net loss attributable to owners of the company of RMB (740,511) million for the six months ended June 30, 2024, compared to RMB (194,045) million in the same period of the previous year[25] - The company reported a basic loss per share of RMB (1.07) for the six months ended June 30, 2024, compared to RMB (0.37) in the same period of 2023, indicating a decline in shareholder value[25] Investment and Assets - Total assets under management as of June 30, 2024, amounted to RMB 21.1 billion, with RMB 16.2 billion contributed by funds and RMB 4.9 billion from direct investments[3] - The average internal rate of return for the funds managed was 8.1% as of June 30, 2024[3] - As of June 30, 2024, the company managed investments in 187 existing portfolio companies, with 73 investments fully or partially exited[5] - The total assets less current liabilities amounted to RMB 14,127,884 million as of June 30, 2024, down from RMB 16,146,554 million at the end of 2023[27] Operational Expenses - Other operating expenses increased from RMB 14.6 million for the six months ended June 30, 2023, to RMB 28.8 million for the six months ended June 30, 2024, due to higher investment management-related consulting expenses[14] - Employee costs for the six months ended June 30, 2024, were RMB (27,262) million, slightly down from RMB (27,500) million in the previous year, indicating stable payroll expenses[24] Cash Flow and Debt - Cash and cash equivalents decreased from RMB 1,117.2 million as of December 31, 2023, to RMB 1,023.5 million as of June 30, 2024, primarily due to repayment of bank loans[20] - Total debt decreased from RMB 1,272.9 million as of December 31, 2023, to RMB 1,027.2 million as of June 30, 2024, mainly due to settlement of pre-received equity transfer payments[21] Tax and Deferred Assets - The company recorded a tax credit of RMB 97.8 million for the six months ended June 30, 2024, compared to RMB 10.7 million for the six months ended June 30, 2023, due to a decrease in deferred tax liabilities[18] - The deferred tax assets recognized for the six months ended June 30, 2024, amounted to RMB 108,788,000, compared to RMB 14,279,000 for the same period in 2023[33] Strategic Plans and Governance - The company plans to explore alternative financial instruments to enhance operational flexibility and returns amid market challenges[8] - The company aims to expand its investment coverage into evolving lifestyle-related sectors, including biotechnology and next-generation information technology[8] - The company remains committed to optimizing operational capabilities and maintaining robust risk management and corporate governance[8] - The company approved the 2024 H-share incentive plan on June 28, 2024, aimed at recognizing contributions and attracting talent[23] - The company has adopted a securities trading code for directors and senior management, ensuring compliance during the reporting period[43] Market and Foreign Exchange Risks - The company faced foreign exchange risks primarily due to its operations in mainland China and did not hedge against currency fluctuations[23] - The company did not enter into any foreign exchange forward contracts or other hedging contracts as of June 30, 2024[42] Shareholder Information - The company did not propose an interim dividend for the six months ended June 30, 2024[39] - The company proposed a final dividend of RMB 2 per share for the year ended December 31, 2022, totaling approximately RMB 103,955,000, which was approved by shareholders[34] Audit and Compliance - The audit committee has reviewed the interim results and confirmed compliance with applicable accounting principles and standards[44] - The independent auditor has conducted a review of the interim financial information in accordance with international auditing standards[45] Company Structure and Management - The board of directors includes executive directors Wang Yonghua, Feng Weidong, Zou Yunli, and Li Xiaoyi, along with non-executive directors Li Lan and Dai Yongbo, and independent non-executive directors Wang Shilin, Diao Yang, and Cai Lian[50] - Shenzhen Tian Tu Investment Management Co., Ltd. was established on July 25, 2017, as a limited partnership in China[50] - The company is focused on investments in small and micro enterprises[50] - The company operates under the regulations of the Hong Kong Stock Exchange[50] - The management team is dedicated to sharing insights and collaborating with stakeholders[50]
天图投资(01973) - 2024 - 中期业绩