Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 60,563,000, a significant increase of 111.1% compared to RMB 28,701,000 in the same period of 2023[2] - Gross profit decreased to RMB 4,439,000, down 36.5% from RMB 7,015,000 year-over-year[2] - The company reported a loss before tax of RMB 3,183,000, compared to a profit of RMB 204,000 in the previous year[2] - The basic and diluted loss per share for the period was RMB 0.05, compared to earnings of RMB 0.03 per share in the previous year[2] - For the six months ended June 30, 2024, the company recorded a loss attributable to owners of approximately RMB 3.2 million, compared to a profit of RMB 0.2 million in the same period last year[36] - The gross profit for the six months ended June 30, 2024, was approximately RMB 4.4 million, a decrease of approximately RMB 2.6 million from RMB 7.0 million in the same period last year[30] Revenue Breakdown - Revenue from food supply business reached RMB 47,032,000, up from RMB 15,056,000 in the previous year, indicating a growth of about 212%[16] - The supply chain management services generated revenue of RMB 3,124,000, compared to RMB 4,515,000 in the prior year, reflecting a decrease of approximately 31%[16] - The supply chain management business accounted for 22.3% of total revenue, while the food supply business accounted for 77.7% for the six months ended June 30, 2024[29] - Major customers contributed significantly to revenue, with Customer A generating RMB 19,851,000 and Customer B RMB 19,581,000, together accounting for RMB 39,432,000, which is a substantial increase from RMB 12,246,000 in the prior year[15] Cash Flow and Assets - Cash generated from operating activities increased significantly to RMB 28,856,000, compared to RMB 2,184,000 in the same period last year[6] - The company’s cash and cash equivalents increased to RMB 92,671,000 from RMB 65,349,000 at the beginning of the period[6] - Total assets as of June 30, 2024, were RMB 294,905,000, down from RMB 318,076,000 at the end of 2023[3] - Trade receivables decreased significantly to RMB 25.694 million as of June 30, 2024, from RMB 64.626 million as of December 31, 2023, indicating improved collection efforts[22] - Trade payables also decreased to RMB 6.708 million from RMB 25.369 million, reflecting better cash flow management[24] - The net current assets increased from approximately RMB 93.6 million as of December 31, 2023, to approximately RMB 94.9 million as of June 30, 2024[37] Expenses and Cost Management - The company’s administrative expenses increased to RMB 8,896,000 for the six months ended June 30, 2024, compared to RMB 7,946,000 in the same period last year[11] - Employee benefits expenses, excluding directors and CEO remuneration, decreased to RMB 3.341 million from RMB 4.128 million, indicating cost control measures[25] - Administrative expenses for the six months ended June 30, 2024, were approximately RMB 8.9 million, an increase of approximately RMB 1.0 million from the previous year, primarily due to increased consulting fees[34] Governance and Compliance - The company has not reported any significant impact from the new or revised Hong Kong Financial Reporting Standards effective from January 1, 2024[8] - The company has adopted all provisions of the corporate governance code as per the listing rules, with no known non-compliance issues[48] - The audit committee has reviewed the unaudited consolidated performance for the six months ending June 30, 2024, ensuring compliance with accounting principles and internal controls[56] - The audit committee consists of three independent non-executive directors, ensuring effective oversight of financial reporting and risk management systems[55] - The company has established a remuneration committee to recommend compensation policies for directors and senior management[54] - The board comprises three executive directors and three independent non-executive directors, ensuring a balanced governance structure[58] Future Outlook - The company plans to focus on diversifying supply chain management, enhancing food supply business profitability, and expanding into other goods, services, or technology supply chains in the second half of 2024[27] - The company aims to improve the competitiveness of core products and expand into more profitable high-value products based on market changes[27] - The company is focusing on enhancing service quality and processes in its supply chain management business to adapt to the challenging economic environment[25] Other Information - The company did not declare any interim dividends for the six months ended June 30, 2024, nor for the year ending December 31, 2023[20] - The group had no significant investments, acquisitions, or disposals of subsidiaries or joint ventures during the six months ended June 30, 2024[42] - There were no significant events requiring disclosure after the reporting period[46] - The interim report for the six months ending June 30, 2024, will be sent to shareholders and uploaded to the stock exchange and company website at an appropriate time[57]
双桦控股(01241) - 2024 - 中期业绩