Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 142,483,000, a decrease of 22.6% compared to RMB 183,909,000 for the same period in 2023[2] - The gross loss for the period was RMB 3,897,000, compared to a gross profit of RMB 8,582,000 in the previous year, indicating a significant decline in profitability[2] - The company incurred a loss before tax of RMB 45,436,000, which is a 55.9% increase from the loss of RMB 29,125,000 reported in the same period last year[2] - The net loss for the period was RMB 44,648,000, compared to RMB 23,325,000 in the prior year, reflecting a year-over-year increase of 91.3%[2] - Basic and diluted loss per share was RMB 16.47, compared to RMB 11.90 in the previous year, representing a 38.5% increase in loss per share[2] - The group reported a total loss before tax of RMB 45,436,000 for the six months ended June 30, 2024, compared to a loss of RMB 29,125,000 for the same period in 2023[11] - The loss attributable to the owners of the company for the six months ended June 30, 2024, was approximately RMB 43,695,000, an increase of about RMB 20,333,000 compared to a loss of RMB 23,362,000 for the same period in 2023[41] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 170,863,000, down from RMB 201,429,000 at the end of 2023, indicating a decrease of 15.1%[4] - The company's total liabilities increased to RMB 347,825,000 from RMB 323,482,000, marking a rise of 7.5%[4] - The net liabilities of the company stood at RMB 239,196,000, up from RMB 198,422,000, reflecting an increase of 20.5%[5] - The group’s total assets amount to RMB 292,912,000, with total liabilities of RMB 532,108,000, resulting in a negative equity situation[12] - Total assets as of December 31, 2023, amounted to RMB 303,773,000, with liabilities totaling RMB 517,551,000[13] Cash Flow and Financing - The group is actively seeking additional financing options to improve liquidity, with significant uncertainty regarding its ability to continue as a going concern[7] - The company has utilized approximately HKD 13,000,000 of the proceeds from the rights issue to repay outstanding borrowings and for general working capital[44] - The company plans to raise a total of approximately HKD 15,780,000 through a rights issue, with the net proceeds expected to be around HKD 14,670,000 after expenses[43] - The outstanding loan balance owed to a related party was RMB 148,979,000, with an interest expense of RMB 1,518,000 for the period[28] - The group has a loan agreement with a principal amount of HKD 200,000,000, with an outstanding principal of HKD 155,000,000 (equivalent to RMB 144,000,000) due by June 30, 2024, at an interest rate of 18%[7] Revenue Segments - The group’s segment revenue from packaging products and components was RMB 141,112,000 for the six months ended June 30, 2024, compared to RMB 183,494,000 in the same period of 2023, indicating a decline of approximately 23.1%[11] - Revenue for the packaging products and components business decreased to RMB 141,112,000, a decline of approximately RMB 42,382,000 or 23.1% compared to RMB 183,494,000 for the same period last year[30] - The four major products contributing to revenue were televisions, washing machines, air conditioners, and refrigerators, totaling approximately RMB 135,823,000, accounting for 96.3% of segment revenue[31] Operational Challenges - The company reported a significant overdue loan amounting to RMB 233,711,000, raising concerns about its ability to continue as a going concern[6] - The group is facing legal proceedings related to overdue loans, with case management meetings scheduled for April 24, 2025, and July 23, 2025[7] - The gross profit margin declined primarily due to rising sales costs and a lack of competitive advantage in large-scale production[33] Shareholder and Governance - The group has received ongoing financial support from major shareholders, which is critical for its operations[7] - The company has adopted the corporate governance code and has been in full compliance with applicable code provisions during the reporting period[59] - The audit committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2024, in conjunction with the management team[60] Capital and Investments - The company issued 130,435,000 shares at a subscription price of HKD 0.092 per share, raising a total of HKD 12,000,000[26] - A capital restructuring was approved, including a consolidation of every four existing shares into one share with a par value of HKD 0.16, effective November 29, 2023[27] - The company completed a rights issue of 133,699,000 shares and a placement of 63,580,000 new shares, raising a total of HKD 15,782,000[27] - The company did not engage in any significant acquisitions, disposals, or investments during the six months ended June 30, 2024[55] Market Outlook - The Singapore real estate market is expected to stabilize at high levels in 2024, despite a slowdown in market activity due to economic uncertainties[39] - The company anticipates that the new business ventures in filtration media and equipment, as well as hardwood furniture, will help diversify its revenue streams[40] Other Financial Metrics - Interest income for the six months ended June 30, 2024, decreased to RMB 123,000 from RMB 223,000 in the same period of 2023, reflecting a decline of 44.8%[14] - The total financial costs for the six months ended June 30, 2024, were RMB 3,300,000, an increase from RMB 2,790,000 in the same period of 2023, reflecting an increase of 18.3%[15] - The company reported a net foreign exchange loss of RMB 1,832,000 for the six months ended June 30, 2024, compared to a loss of RMB 337,000 in 2023, indicating a significant increase in losses[14] - The company has no tax provisions for Hong Kong profits tax due to no taxable profits generated in the period[18] - The company had no significant contingent liabilities, consistent with the previous year[49] - The company pledged assets worth approximately RMB 23,117,000 to banks as of June 30, 2024, compared to RMB 22,502,000 as of December 31, 2023[50] - The debt-to-equity ratio increased to 1.56 as of June 30, 2024, from 1.42 as of December 31, 2023[51]
TEAMWAY INTL GP(01239) - 2024 - 中期业绩