Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 138,815, a decrease of 19.7% compared to RMB 172,971 for the same period in 2023[1] - Adjusted EBITDA attributable to owners increased by 124.6% to RMB 43,009 from RMB 19,146 year-on-year[1] - The net profit for the period was RMB 9,037, a significant recovery from a loss of RMB 13,467 in the previous year[1] - Basic and diluted earnings per share improved to RMB 0.21 from a loss of RMB 0.35[1] - Gross profit for the period was RMB 29,228, down from RMB 50,171 in the same period last year[3] - The company reported a net other comprehensive income of RMB 7,289, recovering from a loss of RMB 10,568 in the previous year[5] - The company reported a financial income of RMB 15,439,000 for the six months ended June 30, 2024, indicating a strong financial performance[14] - The profit attributable to owners for the six months ended June 30, 2024, was RMB 9,037,000, a recovery from a loss of RMB 13,467,000 in the same period of 2023[24] - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.21, compared to a loss per share of RMB (0.35) in the previous year[24] - The company reported a half-year profit of RMB 9 million, a turnaround from a loss of RMB 13 million in the first half of 2023[45] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 3,879,436, slightly down from RMB 3,985,556 at the end of 2023[1] - Equity attributable to owners increased to RMB 2,959,517 from RMB 2,855,761 at the end of 2023[1] - The total non-current assets decreased to RMB 2,300,400 from RMB 2,328,898 at the end of 2023[6] - Current liabilities decreased to RMB 873,366 from RMB 1,060,727 at the end of 2023, indicating improved liquidity[7] - Total assets as of June 30, 2024, amounted to RMB 3,985,556,000, with total liabilities of RMB 1,129,795,000[18] - The total liabilities for the water business segment were RMB 1,510,755,000, and for the beer business segment, it was RMB 373,186,000, resulting in total liabilities of RMB 1,883,941,000[15] - The expected credit loss provision for trade receivables was RMB 276,238,000, slightly up from RMB 265,320,000 in the previous year[27] - As of June 30, 2024, trade payables amounted to RMB 34,511,000, a decrease of 19.5% from RMB 42,840,000 as of December 31, 2023[29] - The aging analysis of trade payables shows that RMB 20,204,000 (58.5%) is due within 3 months, compared to RMB 18,834,000 (43.9%) as of December 31, 2023[29] - The debt ratio of the group was 17.19% as of June 30, 2024, compared to 20.94% as of December 31, 2023[49] Revenue Breakdown - Total revenue for the water business segment reached RMB 54,307,000, while the beer business segment generated RMB 83,581,000, contributing to a total revenue of RMB 138,815,000 for the six months ended June 30, 2024[14] - Revenue from water product sales reached RMB 50,935,000, while beer product sales generated RMB 83,581,000 for the six months ended June 30, 2024, compared to RMB 45,510,000 and RMB 122,226,000 respectively for the same period in 2023[19] - The beer business segment saw sales volume decline by 28.5% to 115,557 hectoliters, with revenue dropping 31.8% to RMB 83.58 million[39] Cost and Expenses - The cost of materials and consumables used was RMB 64,448,000, down from RMB 81,589,000 in the previous year[22] - The company reported a decrease in employee benefit expenses to RMB 32,606,000 from RMB 37,081,000 year-on-year[22] - Selling and distribution expenses increased by 16.7% to RMB 20 million, attributed to higher marketing costs and increased transportation expenses due to rising water sales[40] - The company's bank borrowings decreased by RMB 60 million due to repayments made in the first half of 2024[47] - As of June 30, 2024, the company's inventory decreased to RMB 99 million from RMB 119 million at the end of 2023, mainly due to a reduction in raw material stock[46] Strategic Initiatives - The company plans to continue expanding its market presence in China, focusing on both the water and beer segments to drive future growth[13] - The company is actively exploring new product development and technological advancements to enhance its competitive edge in the market[13] - The company aims to enhance brand value and expand overseas markets while optimizing sales layout and product variety[58] Shareholder Information - The company did not declare any dividends for the period ending June 30, 2024, consistent with the previous period[36] - The total number of ordinary shares increased to 4,579,188,000 as of June 30, 2024, following a successful placement of 500,000,000 shares[34][35] - The company completed a rights issue on January 30, 2023, issuing 1,019,797,000 shares at a price of HKD 0.385 per share[34] - The company plans to use the net proceeds from the share placement to repay part of the 2021 convertible bonds and for general working capital[35] Compliance and Governance - The company has adopted new accounting standards effective from January 1, 2024, which will not have a significant impact on the financial position or performance for the current and prior periods[11] - The company adhered to corporate governance codes and confirmed compliance by all directors during the first half of 2024[59]
西藏水资源(01115) - 2024 - 中期业绩