Financial Performance - For the six months ended June 30, 2024, the company reported a loss of RMB 3,979,000 compared to a loss of RMB 3,790,000 for the same period in 2023, representing an increase in loss of approximately 5%[2] - The group reported a net loss of approximately RMB 3,979,000 for the six months ended June 30, 2024, compared to a loss of RMB 3,790,000 for the same period in 2023[13] - The net loss for the review period was approximately RMB 4.0 million, compared to a net loss of approximately RMB 3.8 million in the same period last year[19] - The group recorded a gross loss of approximately RMB 0.24 million, down from a gross profit of approximately RMB 1.30 million in the same period last year, primarily due to a decline in demand in the Chinese real estate market[19] Revenue and Sales - Revenue from real estate consulting and sales agency services was RMB 1,146,000 for the six months ended June 30, 2024, a significant decrease of 85% from RMB 7,630,000 in the same period of 2023[8] - The group's revenue for the review period was approximately RMB 1.1 million, a significant decrease of about 86.1% compared to RMB 7.9 million in the same period last year[18] - Revenue from comprehensive real estate consulting and sales agency services accounted for 100% of the group's total revenue during the review period, with no revenue recorded from pure real estate planning consulting services[20] Assets and Liabilities - The company's total assets decreased from RMB 21,234,000 as of December 31, 2023, to RMB 16,291,000 as of June 30, 2024, indicating a decline of approximately 23%[3] - The net current assets decreased from RMB 8,033,000 as of December 31, 2023, to RMB 3,901,000 as of June 30, 2024, reflecting a decline of about 51%[3] - The company’s cash and bank balances decreased from RMB 6,384,000 as of December 31, 2023, to RMB 4,784,000 as of June 30, 2024, a reduction of approximately 25%[3] - The company’s total equity decreased from RMB 11,237,000 as of December 31, 2023, to RMB 7,529,000 as of June 30, 2024, a decline of approximately 33%[3] - The group's total unaudited assets were approximately RMB 20.9 million, a decrease from RMB 26.0 million as of December 31, 2023[27] - The group's current ratio decreased from 2.69 as of December 31, 2023, to 1.85 as of June 30, 2024[27] - The group's capital debt ratio increased to 94.3% as of June 30, 2024, compared to 72.1% as of December 31, 2023[28] Operational Highlights - The company operates primarily in the real estate consulting and sales agency services sector in China, with no significant changes in operational strategy reported[8] - The group executed 3 comprehensive real estate consulting and sales agency service projects during the review period, with a total building area of approximately 1,000 square meters sold[21] - As of June 30, 2024, the group had no ongoing projects in the pure real estate planning consulting segment, resulting in no revenue from this division[22] Market Conditions - Real estate investment in the first half of 2024 decreased by 10.1% year-on-year, with new construction area down by 23.7% compared to the same period last year[17] - The sales area of new residential properties dropped by 21.9% year-on-year, totaling 4,791,600 square meters[17] - The total sales revenue of new residential properties fell by 26.9%, amounting to RMB 47,133 billion[17] - The inventory of unsold commercial properties increased by 15.2% year-on-year, reaching unprecedented levels[17] Governance and Compliance - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may impact future financial reporting[5] - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[40] - The company’s governance practices are regularly reviewed to ensure compliance with corporate governance codes[38] - All directors confirmed compliance with the standard code of conduct for securities trading as of June 30, 2024[39] Employee and Cost Management - As of June 30, 2024, the group recorded employee costs of approximately RMB 1.4 million, a decrease of 48.15% compared to RMB 2.7 million for the same period in 2023[35] - The group maintained strict control over uncollected receivables, with a provision for credit losses of RMB 4,193,000 as of June 30, 2024[15] Other Financial Information - The group had no significant acquisitions or disposals of subsidiaries or associates during the review period[29] - The group reported no significant foreign exchange risk due to sales being denominated in RMB and USD, with no substantial foreign currency borrowings[30] - The group had no significant capital commitments as of June 30, 2024[34] - The group had no significant contingent liabilities as of June 30, 2024[33] - The group had no major investments or future capital asset plans as of the announcement date[32] - The group had no short-term borrowings and long-term borrowings amounted to RMB 7.1 million as of June 30, 2024[28] Future Reporting - The interim report for 2024 will be sent to shareholders and published on the company's and the stock exchange's websites[41]
富阳(00352) - 2024 - 中期业绩