Revenue Performance - For the six months ended June 30, 2024, revenue was approximately RMB615.5 million, a decrease of approximately RMB1,403.2 million or 69.5% compared to RMB2,018.7 million for the same period in 2023[6]. - The decrease in revenue was mainly due to the Property Development and Investments segment, which did not generate one-off revenue of RMB1,299.3 million recognized in the last period from a project sold for approximately RMB2,170.0 million[6]. - The Trading and Logistics segment generated revenue of approximately RMB422.1 million, down from approximately RMB485.0 million in the last period, attributed to a shift in product mix towards higher-margin petrochemical products[6]. - The Printing segment's revenue was approximately RMB160.2 million, a decrease from approximately RMB199.2 million in the last period, due to strict inventory control by major customers deferring orders[6]. - Revenue from Property Development and Investments was approximately RMB10.7 million, significantly down from approximately RMB1,315.6 million in the Last Period[14]. - The decrease in revenue was primarily due to the lack of one-off revenue from property sales, which amounted to approximately RMB1,299.3 million in the Last Period[14]. - Total revenue for the six months ended June 30, 2024, was RMB615.5 million, a significant decrease from RMB2,018.7 million in the same period last year, representing a decline of approximately 69.5%[21]. - Revenue from the Printing segment was approximately RMB160.2 million, down from approximately RMB199.2 million in the Last Period[14]. - Revenue from the Trading and Logistics segment was approximately RMB422.1 million, a decrease from approximately RMB485.0 million in the Last Period[14]. Financial Performance - Gross profit for the Reporting Period was approximately RMB44.2 million, a decrease from RMB87.6 million in the Last Period, with a gross profit margin of 7.2% compared to 4.3% previously[15]. - The Group recorded a loss attributable to shareholders of approximately RMB408.0 million, compared to a loss of approximately RMB1,288.8 million for the Last Period[17]. - The loss for the period ended June 30, 2024, was RMB408,825,000, a significant improvement from a loss of RMB1,280,279,000 in the same period of 2023, representing a reduction of approximately 68%[24]. - Total comprehensive expense for the period was RMB409,938,000, compared to RMB1,238,073,000 in the prior year, indicating a decrease of about 67%[25]. - The Group recorded a loss on changes in fair value of investment properties of RMB100.0 million, significantly improved from a loss of RMB829.0 million in the Last Period[16]. - The Group recorded a loss before tax of RMB408,403,000 for the first half of 2024, compared to a loss of RMB1,308,016,000 in the same period of 2023, showing a significant reduction in losses[41]. - The Group's total comprehensive loss for the period ended June 30, 2024, was RMB6,724,171,000, reflecting a significant increase in accumulated losses compared to RMB4,858,755,000 for the same period in 2023[29]. Expenses and Costs - Selling and distribution expenses decreased by approximately RMB2.7 million or 8.5% to approximately RMB29.2 million, representing 4.7% of revenue for the Reporting Period[15]. - Administrative expenses decreased by approximately RMB11.9 million or 13.0% to approximately RMB79.6 million, accounting for 12.9% of revenue for the Reporting Period[15]. - Finance costs for the Reporting Period were approximately RMB248.2 million, down from RMB433.4 million in the Last Period[15]. - Cost of sales and services was RMB571.3 million, down from RMB1,931.1 million, resulting in a gross profit of RMB44.2 million compared to RMB87.6 million previously[21]. - The corporate administrative expenses for the first half of 2024 were RMB7,499,000, compared to RMB5,738,000 in the same period of 2023[37]. - Depreciation of property, plant, and equipment was RMB34,926,000, down from RMB38,428,000, indicating a decrease of approximately 9.8%[59]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB5,364,610,000, down from RMB5,637,956,000 as of December 31, 2023, reflecting a decrease of approximately 4.8%[44]. - Current assets were approximately RMB2,208.9 million as of June 30, 2024, down from approximately RMB2,344.5 million as of December 31, 2023[17]. - Total liabilities increased to RMB12,088,781,000 as of June 30, 2024, compared to RMB11,952,189,000 at the end of 2023, marking an increase of about 1.1%[44]. - The Group's current ratio was 0.18 as of June 30, 2024, compared to 0.20 as of December 31, 2023[17]. - The gearing ratio was 93.4% as of June 30, 2024, up from 89.9% as of December 31, 2023[17]. - The total deficiency attributable to shareholders was RMB(6,759,944,000) as of June 30, 2024, compared to RMB(6,350,809,000) at the end of 2023, indicating an increase in deficiency of about 6.4%[28]. Cash Flow and Financing - For the six months ended June 30, 2024, the net cash from operating activities was RMB109,793,000, compared to a net cash outflow of RMB966,255,000 in the same period of 2023[30]. - The net cash used in investing activities for the first half of 2024 was RMB128,000, contrasting sharply with a net cash inflow of RMB1,194,490,000 in the same period of 2023[30]. - Net cash used in financing activities for the six months ended June 30, 2024, was RMB117,203,000, compared to RMB213,027,000 for the same period in 2023[31]. - The Group's cash flow from financing activities was impacted by a repayment of borrowings totaling RMB67,115,000[31]. - The Group's total borrowings amounted to RMB4,916,553,000 as of June 30, 2024, down from RMB4,976,651,000 as of December 31, 2023[74]. - The Group has outstanding bank borrowings of RMB300,000,000, classified as current liabilities, with outstanding interest and penalties totaling approximately RMB148,630,000 as of June 30, 2024[102]. Legal and Restructuring Issues - The Group is negotiating with creditors to restructure borrowings by set-off of pledged assets, as certain subsidiaries face bankruptcy petitions due to overdue borrowings[33]. - Actions are being taken to cease or dispose of non-core loss-making business operations to maximize cash flows[33]. - An offshore debt restructuring scheme is underway to oppose a winding-up petition filed by a bondholder, with a hearing scheduled for 13 November 2024[33]. - The conditions indicate significant uncertainty regarding the Group's ability to continue as a going concern[32]. - The Group's financial position reflects significant defaults and ongoing legal proceedings related to its borrowings, impacting overall liquidity and operational control[82]. Shareholder Information - The company reported a basic and diluted loss per share of RMB(6.63) for the six months ended June 30, 2024, compared to RMB(20.94) in the same period of 2023[24]. - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the last period[127]. - The Company has confirmed compliance with the Model Code for Securities Transactions by Directors during the reporting period[129]. - The Group has a share capital of RMB55,983,000 and a share premium of RMB2,557,466,000 as of June 30, 2024, reflecting stable equity structure[29]. - Huajun Group Limited is the largest shareholder, holding 44,450,619 shares, which is approximately 72.22% of the issued share capital[144]. Corporate Governance - The Board has five Directors, with three being independent non-executive directors, ensuring a balance of power within the Board[128]. - The Company has complied with the Corporate Governance Code, except for the separation of the roles of Chairman and CEO, which are currently held by the same individual[128]. - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2024, and confirmed compliance with applicable accounting standards and legal requirements[162].
中国华君(00377) - 2024 - 中期业绩