Financial Performance - The company's revenue increased by approximately 148.3% from RMB 1,417.51 million for the six months ended June 30, 2023, to approximately RMB 3,520.19 million for the six months ended June 30, 2024[1]. - Gross profit rose by about 146.4% from RMB 590.50 million to approximately RMB 1,454.98 million during the same period[1]. - Net profit surged by approximately 198.8% from RMB 196.75 million to about RMB 587.81 million for the six months ended June 30, 2024[1]. - Basic and diluted earnings per share increased from RMB 1.44 to RMB 4.11[2]. - Total revenue for the six months ended June 30, 2024, reached RMB 3,520,185 thousand, a significant increase from RMB 1,417,512 thousand for the same period in 2023, representing a growth of approximately 148.5%[10]. - The company reported a pre-tax profit of RMB 587,812 thousand for the six months ended June 30, 2024, compared to RMB 196,754 thousand for the same period in 2023, representing a growth of approximately 198.5%[23]. - The total tax expense for the six months ended June 30, 2024, was RMB 192,584 thousand, significantly higher than RMB 62,825 thousand for the same period in 2023, indicating an increase of 206.5%[20]. - Same-store revenue growth rate for the six months ended June 30, 2024, was approximately 104.2%[33]. Assets and Liabilities - Total assets less current liabilities amounted to RMB 3,062.19 million as of June 30, 2024, compared to RMB 1,684.40 million as of December 31, 2023[2]. - Current assets increased significantly to RMB 3,406.11 million from RMB 1,775.84 million[2]. - The company's net asset value reached RMB 2,897.24 million, up from RMB 1,515.42 million[2]. - Inventory as of June 30, 2024, totaled RMB 2,108,428 thousand, up from RMB 1,267,932 thousand as of December 31, 2023, reflecting an increase of 66.1%[23]. - Trade receivables as of June 30, 2024, totaled RMB 369,912 thousand, a decrease from RMB 376,325 thousand as of December 31, 2023[26]. - Trade payables as of June 30, 2024, totaled RMB 226,219 thousand, an increase from RMB 57,662 thousand as of December 31, 2023[27]. - The company had interest-bearing bank borrowings of RMB 126,866 thousand as of June 30, 2024, compared to RMB 127,754 thousand as of December 31, 2023[29]. - The company's debt-to-asset ratio was approximately 24.6% as of June 30, 2024, down from 29.8% as of December 31, 2023[48]. Revenue Sources - Revenue from product sales amounted to RMB 3,519,833 thousand, while maintenance service revenue was RMB 352 thousand, compared to RMB 1,417,369 thousand and RMB 143 thousand respectively in the previous year[10]. - Revenue from mainland China was RMB 3,232,628 thousand, up from RMB 1,357,081 thousand, indicating a growth of about 138.3%[10]. - The revenue from physical stores was RMB 3,128,721 thousand, accounting for 88.9% of total revenue, with a significant year-on-year increase of 149.6%[38]. - Online platform revenue reached RMB 391,464 thousand, contributing 11.1% to total revenue, with a year-on-year increase of 138.9%[38]. - The revenue from gold products was RMB 1,372,085 thousand, representing 39.0% of total revenue, with a year-on-year increase of 110.1%[40]. - The revenue from gold-inlaid products was RMB 2,146,735 thousand, accounting for 61.0% of total revenue, with a year-on-year increase of 182.1%[40]. Expenses - Sales and distribution expenses were approximately RMB 532.15 million, an increase of about RMB 282.26 million or 113.0% compared to the same period in 2023[42]. - Administrative expenses rose to approximately RMB 124.63 million, an increase of about RMB 56.72 million or 83.5% compared to the same period in 2023[42]. - Research and development expenses increased to RMB 6.56 million from RMB 4.67 million, indicating a focus on innovation[2]. - Research and development expenses increased by approximately RMB 1.89 million or 40.5% to about RMB 6.56 million compared to the same period in 2023[43]. Corporate Governance and Structure - The company maintains a high standard of corporate governance, adhering to the principles and code provisions of the corporate governance code since its listing[55]. - All directors and supervisors have confirmed compliance with the standard code of conduct for securities trading since the listing date[56]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2024, and confirmed compliance with relevant accounting standards[59]. - The company is registered in China and was established on December 5, 2016, transitioning to a joint-stock company on November 25, 2019[62]. Market Position and Expansion - The company is recognized as a leading brand in the ancient method gold jewelry market in China, with significant brand influence and market presence[33]. - The company launched 6 new stores and expanded 1 store compared to the same period in 2023, contributing to incremental revenue growth[35]. - The flagship store in Hong Kong, opened on March 31, 2024, spans over 1,000 square meters, marking a significant step in the company's internationalization process[35]. - The company aims to expand its market influence and pursue internationalization, focusing on product innovation and craftsmanship[36]. - As of June 30, 2024, the company had approximately 275,000 loyal members, indicating an expanding consumer base[34]. Shareholder Information - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[21]. - The company raised approximately HKD 957.1 million from its IPO and the exercise of the over-allotment option, with 73.3% allocated for expanding the sales network[53]. - The planned use of the net proceeds includes HKD 701.6 million for sales network expansion, HKD 108.2 million for brand positioning, and HKD 95.7 million for general working capital[53]. - The over-allotment option was fully exercised on July 25, 2024, involving 3,355,300 H shares, representing approximately 15% of the total shares available for subscription[50]. - The board approved amendments to the company's articles of association on August 30, 2024, to align with the latest regulatory requirements in China[51]. - The company plans to implement full circulation of H shares, converting 40,388,900 unlisted shares into H shares, pending necessary approvals[52].
老铺黄金(06181) - 2024 - 中期业绩