Revenue Performance - Revenue for the six months ended June 30, 2024, was RMB 1,088.2 million, an increase of 5.2% compared to RMB 1,034.2 million for the same period in 2023[2] - Total revenue for the six months ended June 30, 2024, was RMB 1,088,162 thousand, an increase of 5.2% from RMB 1,034,150 thousand for the same period in 2023[13] - Revenue from domestic contracts in mainland China reached RMB 535,336 thousand, up 53.8% from RMB 347,719 thousand in the previous year[13] - Domestic revenue for the company for the six months ended June 30, 2024, was approximately RMB 535.3 million, an increase of about RMB 187.6 million or 54.0% compared to the same period in 2023, accounting for approximately 49.2% of total revenue[44] - Overseas revenue for the company for the six months ended June 30, 2024, was approximately RMB 552.8 million, a decrease of about RMB 133.6 million or 19.5% compared to the same period in 2023, accounting for approximately 50.8% of total revenue[45] Profitability - Adjusted gross profit margin improved significantly to 18.5% from 5.6% year-on-year[2] - Profit attributable to shareholders for the period was RMB 6.0 million, slightly down from RMB 6.4 million in the previous year[2] - The company reported a pre-tax profit of RMB 9.4 million, compared to RMB 11.8 million in the prior year[3] - Total comprehensive income attributable to shareholders was RMB (23.2) million, a decrease from RMB (120.8) million in the previous year[4] - The company reported a pre-tax profit of RMB 9,369 thousand for the six months ended June 30, 2024, down from RMB 11,820 thousand in the previous year[18] - For the six months ended June 30, 2024, the company's profit attributable to shareholders was approximately RMB 6.0 million, a decrease of about RMB 0.4 million or 6.3% compared to the same period in 2023[40] Cash Flow and Financing - Net cash used in operating activities was RMB (198.6) million, a decline from RMB 185.1 million generated in the same period last year[2] - Cash and cash equivalents as of June 30, 2024, were RMB 124.34 million, down from RMB 274.52 million at the end of 2023[10] - The company plans to improve cash flow by accelerating invoicing and negotiating payment terms with suppliers[10] - The company is in discussions with banks for the renewal of short-term loans and additional credit facilities[10] - The board believes that the company has sufficient funds to meet its liabilities due within the next twelve months[10] Costs and Expenses - The company's cost of sales for the six months ended June 30, 2024, was approximately RMB 873.3 million, a decrease of about RMB 59.7 million or 6.4% compared to the same period in 2023, attributed to effective cost control measures[46] - Total financing costs for the six months ended June 30, 2024, were RMB 40,089 thousand, a decrease from RMB 44,278 thousand in the same period of 2023[18] - Research and development costs for the six months ended June 30, 2024, were RMB 12,435 thousand, slightly up from RMB 12,159 thousand in the previous year[20] - The company’s employee costs totaled RMB 199,668 thousand for the six months ended June 30, 2024, compared to RMB 197,574 thousand in the previous year[19] - Administrative expenses increased to approximately RMB 151.4 million, up about RMB 13.1 million or 9.5% from RMB 138.3 million in the previous year, accounting for approximately 13.9% of operating revenue[50] Assets and Liabilities - The contract assets as of June 30, 2024, amounted to RMB 1,167,712,000, a slight decrease from RMB 1,188,488,000 as of December 31, 2023[26] - The contract liabilities increased to RMB 536,676,000 as of June 30, 2024, from RMB 508,569,000 as of December 31, 2023[27] - Trade receivables and notes receivable (net of impairment) were RMB 1,602,477,000 as of June 30, 2024, compared to RMB 1,529,231,000 as of December 31, 2023[31] - The total trade payables and notes payable amounted to RMB 1,474,396,000 as of June 30, 2024, down from RMB 1,573,174,000 as of December 31, 2023[32] Corporate Governance - The audit committee has reviewed the unaudited consolidated interim financial information for the six months ended June 30, 2024, confirming compliance with applicable accounting standards and listing rules[62] - The company has adhered to all corporate governance code provisions as per the listing rules for the six months ended June 30, 2024[63] - The board has adopted the standard code for securities trading, confirming that all directors complied with the code during the six months ended June 30, 2024[64] Dividends and Securities - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[34] - The board decided not to declare an interim dividend for the six months ended June 30, 2024, consistent with the previous period[65] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the six months ended June 30, 2024[66]
远大中国(02789) - 2024 - 中期业绩