Financial Performance - Revenue for the six months ended June 30, 2024, was approximately RMB 1,242.5 million, a decrease of about 15.9% compared to the same period last year[1]. - Gross profit for the same period was approximately RMB 201.2 million, down approximately 32.4% year-on-year[1]. - The net loss for the period was approximately RMB 923.9 million, compared to a loss of RMB 248.8 million in the same period last year, primarily due to decreased operating income and increased provisions for expected credit losses and goodwill impairment[1]. - Loss attributable to ordinary shareholders was approximately RMB 743.1 million, with a basic loss per share of RMB 0.623[1]. - Other income decreased to RMB 26.7 million from RMB 100.6 million year-on-year[2]. - Financial asset impairment losses increased significantly to RMB 275.5 million from a reversal of RMB 21.2 million in the previous year[2]. - The company recorded a net loss of RMB 923,942,000 for the six months ended June 30, 2024[8]. - The company reported a net loss attributable to ordinary shareholders of RMB (743,144) thousand for the six months ended June 30, 2024, compared to a loss of RMB (192,289) thousand for the same period in 2023, representing an increase in loss of approximately 286%[20]. - The basic loss per share for the six months ended June 30, 2024, was RMB (0.623), compared to RMB (0.161) for the same period in 2023, indicating a significant increase in loss per share[20]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 46,241.0 million, a decrease from RMB 46,844.5 million as of December 31, 2023[4]. - Total liabilities as of June 30, 2024, were RMB 43,709.8 million, compared to RMB 43,393.0 million as of December 31, 2023[5]. - Total equity decreased to RMB 2,531.2 million from RMB 3,451.5 million as of December 31, 2023[5]. - As of June 30, 2024, the company's current liabilities exceeded its current assets by RMB 6,656,230,000[8]. - Total borrowings amounted to RMB 31,013,528,000, with cash and cash equivalents at only RMB 725,168,000 as of June 30, 2024[8]. - The total daily processing capacity of the company's water-related projects is approximately 6,117,500 tons[34]. - The annual processing capacity of the company's solid waste treatment projects is approximately 4,117,280 tons as of June 30, 2024[34]. Operational Highlights - The company operates five business segments: wastewater treatment, water supply, construction and equipment sales, solid waste treatment, and other services[12]. - Revenue from external customers for the wastewater treatment segment was RMB 544,856 thousand, while the water supply segment generated RMB 370,160 thousand, reflecting a decrease of 29.3% and an increase of 5.1% respectively compared to the previous year[13][14]. - The average utilization rate for wastewater treatment projects was approximately 80.05%, with an average treatment fee of RMB 1.48 per ton[35]. - The average utilization rate for water supply projects was approximately 64.58%, with an average supply fee of RMB 2.31 per ton[36]. - The group had 24 solid waste treatment projects with an annual processing capacity of 4,117,280 tons, of which 12 projects with a capacity of 2,288,550 tons were in commercial operation[37]. Financial Management and Strategy - The company plans to divest certain concession and construction projects and is actively seeking strategic investors to strengthen its capital structure[9]. - The board has reviewed cash flow forecasts and believes there will be sufficient working capital to meet operational and financial obligations for at least the next 12 months[10]. - The company aims to secure policy-based relief funds and expand external funding channels to alleviate financial pressure[33]. - The company is committed to enhancing its risk management and compliance systems to mitigate legal risks associated with ongoing litigation[33]. - The company plans to strengthen its talent management by optimizing the structure of its workforce and aligning human resources with corporate development goals[33]. Governance and Compliance - The company has complied with all provisions of the corporate governance code as of June 30, 2024[73]. - The audit committee, along with management and independent auditors, reviewed the accounting policies and practices adopted by the group[73]. - The interim financial statements have been reviewed by the auditors and found to comply with accounting standards[73]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance by all directors and supervisors[69]. Dividends - The board of directors did not recommend any interim dividend for the six months ended June 30, 2024[1]. - The company does not recommend any final dividend for the year ended December 31, 2023, nor an interim dividend for the six months ended June 30, 2024, consistent with the previous year[22].
云南水务(06839) - 2024 - 中期业绩