Financial Performance - Total revenue for the six months ended June 30, 2024, was RMB 1,594.1 million, a decrease of 30.7% year-on-year[1][2] - The net loss for the period was RMB 564.9 million, with total comprehensive expenses amounting to RMB 565.1 million[1][3] - The company achieved a 34.6% reduction in net loss compared to the previous year, focusing on cost control[2] - The group reported a pre-tax loss of RMB 565,918,000 for the six months ended June 30, 2024[18] - The net loss for the six months ended June 30, 2024, was RMB 564.9 million, an improvement from a net loss of RMB 864.0 million for the same period in 2023[48] - The company reported a loss of RMB 498,416 thousand for the six months ended June 30, 2024, compared to a loss of RMB 725,885 thousand for the same period in 2023, indicating a reduction in losses[27] Revenue Breakdown - The total Gross Transaction Value (GTV) for real estate agency services was RMB 8.1 billion, while the GTV for real estate brokerage network services was RMB 9.2 billion[1] - Revenue from first-hand property agency services decreased by 36.6%, while revenue from real estate data and consulting services decreased by 15.9%[2] - Revenue from primary property agency services was RMB 81,603,000, down 36.6% from RMB 128,741,000 in the previous year[17] - Revenue from real estate data and consulting services totaled RMB 186,710,000, a decline of 16.0% from RMB 222,043,000 in the prior year[17] - The digital marketing services segment generated revenue of RMB 687,391,000, a decrease of 40.3% compared to RMB 1,150,154,000 in the same period last year[17] - Revenue decreased by 30.7% from RMB 2,299.5 million for the six months ended June 30, 2023, to RMB 1,594.1 million for the six months ended June 30, 2024, primarily due to a decline in digital marketing services revenue[34] Expenses and Cost Management - Total comprehensive expenses for the period were RMB 565.1 million, down from RMB 862.9 million in the previous year[3][5] - Employee costs reduced by 42.5% from RMB 622.2 million for the six months ended June 30, 2023, to RMB 357.5 million for the six months ended June 30, 2024, with employee costs as a percentage of revenue decreasing from 27.1% to 22.4%[35] - Marketing and promotional expenses decreased by 45.1% from RMB 1,003.3 million for the six months ended June 30, 2023, to RMB 551.0 million for the six months ended June 30, 2024, mainly due to reduced costs[36] - Distribution expenses decreased by 18.5% from RMB 749.7 million for the six months ended June 30, 2023, to RMB 610.8 million for the six months ended June 30, 2024, mainly due to reduced revenue from real estate brokerage network services[42] - Other operating costs decreased by 26.3% from RMB 182.0 million for the six months ended June 30, 2023, to RMB 134.1 million for the six months ended June 30, 2024, primarily due to a reduction in company costs[43] - Total depreciation and amortization expenses for the six months ended June 30, 2024, amounted to RMB 124,583 thousand, down from RMB 146,401 thousand in the same period of 2023, reflecting a decrease of approximately 14.9%[26] Financial Position and Liabilities - Current liabilities totaled RMB 9.9 billion as of June 30, 2024, compared to RMB 9.9 billion as of December 31, 2023[6] - As of June 30, 2024, the company's net current liabilities amounted to approximately RMB 8.77 billion[9] - Total liabilities net of current liabilities were approximately RMB 6.51 billion[9] - The company's total equity attributable to owners was approximately RMB 7.05 billion[9] - The capital debt ratio as of June 30, 2024, was 173.8%, up from 145.8% as of December 31, 2023, primarily due to a decrease in total assets[52] Cash Flow and Liquidity - The net cash outflow from operating activities was approximately RMB 118.11 million during the same period[12] - Cash and cash equivalents as of June 30, 2024, were RMB 312.9 million, down from RMB 638.8 million as of December 31, 2023[52] - The company is taking measures to improve its liquidity and financial position, including debt restructuring and asset sales[60] Debt Restructuring and Financial Strategy - The company is actively working on restructuring its offshore debt and plans to propose a new plan to bondholders[2] - The company is negotiating debt restructuring with creditors to improve its financial situation[12] - The company aims to maintain sustainable operations through effective cost control and debt restructuring[2] - The company is seeking opportunities to sell its investment properties as part of its financial recovery strategy[12] Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with all applicable provisions, except for the separation of the roles of Chairman and CEO[57] - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, and discussed accounting policies and internal controls with senior management[61] - The company has established a nomination committee and a remuneration committee in addition to the audit committee[62] - The company will continue to regularly review and monitor its corporate governance practices to ensure compliance with the Corporate Governance Code[57] Accounting Standards and Reporting - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2024, with no significant impact on its financial statements[13] - The company continues to assess the impact of new accounting standards that have been issued but are not yet effective[13] - The interim financial information has been prepared on a going concern basis, subject to uncertainties regarding the success of various financial measures[60]
易居企业控股(02048) - 2024 - 中期业绩