Financial Performance - The company's revenue for the six months ended June 30, 2024, was RMB 164,089,000, a decrease of 25.6% compared to RMB 220,691,000 for the same period in 2023[1]. - Gross profit for the same period was RMB 18,758,000, down 74.6% from RMB 73,656,000 in 2023[1]. - The company reported a loss before tax of RMB 14,884,000, compared to a profit of RMB 44,935,000 in the previous year[2]. - Total comprehensive loss for the period was RMB 19,455,000, compared to a profit of RMB 24,986,000 in 2023[2]. - Basic and diluted loss per share was RMB 2.10, compared to RMB 0.33 in the previous year[2]. - The company incurred a net loss attributable to shareholders of RMB 31,522,000 for the six months ended June 30, 2024, compared to a loss of RMB 4,960,000 in the previous year[24]. - The company recorded a loss of approximately RMB 19,500,000 during the reporting period, compared to a profit of approximately RMB 25,000,000 in the first half of 2023[40]. Revenue Breakdown - The infrastructure and land reclamation business generated revenue of RMB 7,714,000, down from RMB 20,948,000 in the previous year, indicating a decline of about 63.2%[13]. - The environmental dredging and water management business saw revenue drop to RMB 265,000 from RMB 3,474,000, a decrease of approximately 92.4%[13]. - The company’s other maritime business generated revenue of RMB 152,122,000, down from RMB 191,822,000, reflecting a decrease of approximately 20.8%[13]. - The property management business reported revenue of RMB 3,988,000, compared to RMB 4,447,000 in the previous year, a decline of about 10.3%[13]. - Revenue from external customers in mainland China was RMB 161,090,000, a decrease of 22.8% compared to RMB 208,761,000 in the same period last year[19]. - Revenue for the reporting period was approximately RMB 164,100,000, a decrease of 26% compared to approximately RMB 220,700,000 in the same period of 2023[43]. - The infrastructure and reclamation dredging business segment saw a significant revenue decline of approximately 63.2%, with earnings of about RMB 7,700,000[43]. - The environmental dredging and water management business segment recorded revenue of approximately RMB 300,000, down 91.4% compared to the same period last year[43]. - Other maritime business revenue decreased by 20.7%, from approximately RMB 191,800,000 in the first half of 2023 to about RMB 152,100,000[41]. - The property management business generated revenue of approximately RMB 4,000,000, a decrease of 10% from approximately RMB 4,400,000 in the same period last year[43]. Assets and Liabilities - Non-current assets decreased to RMB 1,212,866,000 as of June 30, 2024, from RMB 1,257,257,000 as of December 31, 2023[3]. - Current assets increased slightly to RMB 380,198,000 from RMB 376,784,000 in the previous period[3]. - Total liabilities amounted to RMB 832,042,000, compared to RMB 829,732,000 at the end of the previous year[4]. - The company's total equity decreased to RMB 590,528,000 from RMB 617,927,000 as of December 31, 2023[4]. - The total assets of the company as of June 30, 2024, amounted to RMB 1,593,064,000, with the dredging business holding assets of RMB 338,796,000[18]. - The total liabilities of the company were approximately RMB 1,002,500,000, a decrease of about 2.2% compared to the previous year[53]. - The company's debt-to-equity ratio improved to 42% from 59.7% as of December 31, 2023, due to repayment of bank loans and other borrowings[53]. Financial Obligations and Uncertainties - The company has significant uncertainties regarding its ability to continue as a going concern due to its current liabilities exceeding current assets[7]. - The company expects to have sufficient operating funds to meet its financial obligations due within the next twelve months, supported by a commitment letter from Mr. Liu for RMB 78,467,000[8]. - The company anticipates renewing bank borrowings of approximately RMB 188,300,000 and other borrowings of RMB 59,541,000 due within the next twelve months[8]. - The company is actively seeking additional financing and lending sources to settle existing financial obligations and support future operational and capital expenditures[8]. Operational Costs and Expenses - The total operating costs for the period were RMB 145,331,000, slightly down from RMB 147,035,000 in the previous year[23]. - Administrative expenses increased by 23.5% to approximately RMB 27,600,000, primarily due to fixed operating costs and increased travel and entertainment expenses[48]. - The total employee cost during the reporting period was approximately RMB 25,900,000, a decrease of about RMB 13,300,000 compared to the same period last year[60]. Corporate Governance and Dividends - The company did not declare or propose any dividends for the six months ended June 30, 2024[25]. - The board has decided not to declare any dividends for the reporting period ending June 30, 2023[63]. - The company is committed to high standards of corporate governance and has adhered to all applicable codes during the reporting period[65]. Other Financial Information - The company reported a foreign exchange gain of RMB 465,000 for the current period, compared to a loss of RMB 692,000 in the previous year[20]. - The company’s income tax expense for the period was RMB 4,571,000, significantly lower than RMB 19,949,000 in the previous year[21]. - The group has recognized a total of RMB 39,053,000 in accounts receivable, net of expected credit loss provisions of RMB 2,202,000, which has been used to offset accounts payable, resulting in a recognized gain of RMB 2,202,000[36]. - The group has provided shareholder loans of RMB 7,135,000 and RMB 9,775,000 to Jiangsu Longxiang Shipping Engineering Co., Ltd. and an unlisted entity, respectively, for daily operations and shipbuilding[34]. - The group’s total liabilities decreased from RMB 431,453,000 as of December 31, 2022, to RMB 415,742,000 as of June 30, 2023[35]. - The group’s total equity remained unchanged at RMB 1,503,882,000 as of June 30, 2023, with no changes in share capital during the period[39]. - The group will review its overall capital structure and seek professional advice on financing activities to improve cash flow for business expansion opportunities[55]. - The group aims to enhance operational capabilities and broaden its business scope to improve competitiveness and profitability[61]. - There were no significant investments, acquisitions, or disposals during the reporting period, nor any clear plans for major capital asset investments[58]. - The group has no significant contingent liabilities as of June 30, 2024[59].
中国疏浚环保(00871) - 2024 - 中期业绩