Financial Performance - Revenue for the first half of 2024 was RMB 169 million, a decrease of 59% compared to RMB 415 million in the same period of 2023[2]. - Loss attributable to owners of the parent company was RMB 4,432 million, compared to a loss of RMB 3,539 million in the first half of 2023, representing an increase in loss of approximately 25%[2][3]. - Basic and diluted loss per share was RMB 9.4 cents, compared to RMB 8.2 cents in the same period last year[2][3]. - Gross profit for the first half of 2024 was RMB 17.96 million, compared to a gross loss of RMB 119.98 million in the first half of 2023[4]. - The group reported a pre-tax loss of RMB 4,431,909,000 for the six months ended June 30, 2024, compared to a loss of RMB 3,538,956,000 for the same period in 2023[28]. - The group’s total revenue for the six months ended June 30, 2024, was RMB 224,233,000, compared to RMB 130,971,000 for the same period in 2023, reflecting a growth of 71%[22]. - The group reported a net loss attributable to the owners of the parent of approximately RMB 4,432 million, an increase of 25.23% compared to a loss of RMB 3,539 million in the same period last year[41]. - The pre-tax loss for the reporting period was approximately RMB 4,404 million, an increase of 22.03% compared to a loss of RMB 3,609 million in the same period last year[49]. Assets and Liabilities - Total non-current assets as of June 30, 2024, were RMB 23,264 million, down from RMB 24,472 million as of December 31, 2023[7]. - Current liabilities totaled RMB 40,526 million as of June 30, 2024, compared to RMB 38,259 million as of December 31, 2023[8]. - The net loss attributable to owners of the parent company increased to RMB 13,411 million as of June 30, 2024, from RMB 9,259 million as of December 31, 2023[8]. - The total assets less current liabilities resulted in a negative value of RMB 12,598 million as of June 30, 2024, compared to RMB 8,281 million as of December 31, 2023[8]. - The company has cash and cash equivalents of RMB 550 million as of June 30, 2024, while several borrowings have become overdue, leading to legal actions from banks[11]. - The company has secured bank loans amounting to RMB 502,833,000, down from RMB 1,425,784,000 as of December 31, 2023[36]. - The total amount of bank and other borrowings as of June 30, 2024, is RMB 22,852,541,000, compared to RMB 24,266,291,000 as of December 31, 2023[36]. - The company's total liabilities have increased, indicating a potential need for strategic financial management moving forward[32]. Cash Flow and Expenses - Operating expenses, including management and marketing expenses, were approximately RMB 747 million, down from RMB 2,083 million in the same period last year[41]. - The group's financial asset impairment loss for the reporting period was approximately RMB 927 million, a significant increase from RMB 18 million in the same period last year[46]. - Other expenses and losses amounted to approximately RMB 1,926 million, compared to RMB 279 million in the previous year, primarily due to losses from a subsidiary's bankruptcy of about RMB 1,502 million[47]. - The net cash flow from operating activities was approximately RMB 30 million, a significant improvement from a cash outflow of RMB 1,194 million in the same period last year[52]. - Cash and cash equivalents at the end of the reporting period were approximately RMB 55 million, down from RMB 66 million at the end of 2023[50]. Business Operations and Strategy - The company operates retail stores and an online sales network for electronics and consumer products in China[9]. - The company continues to focus on retail and home services, actively promoting innovation and cost reduction to address debt issues[41]. - The company is expanding its business model through innovative approaches such as franchise-like models and automotive experience centers[41]. - The company is actively communicating with creditors to facilitate debt resolution while divesting severely loss-making businesses and non-core assets[41]. - The management anticipates a recovery in the external environment, with expectations for more proactive policies to support economic stabilization in the second half of the year[60]. - The group plans to continue debt resolution efforts, including debt-to-equity swaps, and aims to expand its new business, particularly through the Gome Automotive Experience Centers[59]. Shareholder and Governance - The group did not recommend the payment of an interim dividend for the six months ended June 30, 2024[27]. - The board does not recommend the distribution of an interim dividend for the six months ending June 30, 2024[61]. - The company has maintained compliance with corporate governance codes, despite a temporary lack of gender diversity on the board[62]. - The audit committee has reviewed the interim results and internal controls for the six months ending June 30, 2024[64].
国美零售(00493) - 2024 - 中期业绩