Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately RMB 58.716 million, a significant decrease from RMB 1,352.004 million for the same period in 2023[4] - The gross profit for the same period in 2024 was RMB 20.989 million, compared to RMB 53.390 million in 2023, indicating a decline in profitability[4] - The company reported a loss attributable to owners of RMB 71.710 million for the six months ended June 30, 2024, compared to a loss of RMB 41.838 million in the previous year[4] - The company reported a net loss of RMB 63,858 thousand for the six months ended June 30, 2024, compared to a net loss of RMB 56,684 thousand in the prior year[34] - The company reported a total comprehensive loss of RMB (71,710) thousand for the period, primarily due to losses in retained earnings[41] - The company’s total comprehensive loss for the period was RMB 63,493 thousand, compared to RMB 61,973 thousand in the previous year[35] - The company reported a pre-tax loss of RMB 85,248 thousand for the first half of 2024, compared to a profit of RMB 21,390 thousand in the same period of 2023[47] - For the six months ended June 30, 2024, the company reported a pre-tax loss of RMB 71,710,000, compared to a pre-tax loss of RMB 41,838,000 for the same period in 2023, indicating a significant increase in losses[56] Property Development Segment - The property development segment's revenue dropped from approximately RMB 1,311.600 million in 2023 to about RMB 32 million in 2024, with a significant reduction in the net saleable area delivered to customers[6] - The total net saleable area delivered in the property development business was approximately 2,103 square meters in 2024, a significant decline from 80,294 square meters in 2023[6] - Property development segment reported external customer revenue of RMB 31,985 thousand for the first half of 2024, a significant decrease from RMB 1,311,593 thousand in the same period of 2023[47] - Total assets for the property development segment as of June 30, 2024, were RMB 3,898,237 thousand, an increase from RMB 3,768,270 thousand as of December 31, 2023[49] Equipment Manufacturing Segment - The equipment manufacturing segment's revenue decreased by approximately 34% from RMB 40.400 million in 2023 to about RMB 26.700 million in 2024, attributed to economic uncertainties in Southeast Asian markets[8] - The equipment manufacturing segment generated external customer revenue of RMB 26,731 thousand in the first half of 2024, down from RMB 40,411 thousand in the previous year[47] - Total liabilities for the equipment manufacturing segment were RMB (21,784) thousand as of June 30, 2024, compared to RMB (25,920) thousand as of December 31, 2023[49] Expenses and Cost Management - Sales and distribution expenses for the six months ended June 30, 2024, decreased by approximately 75% compared to the same period in 2023, mainly due to reduced promotional and marketing activities[9] - Administrative expenses for the six months ended June 30, 2024, decreased by approximately 6% compared to the same period in 2023, primarily due to effective cost control measures implemented by the group[10] - Interest expenses rose to RMB (18,507) thousand in the first half of 2024, compared to RMB (15,243) thousand in the same period of 2023, reflecting an increase of about 14.87%[53] Cash Flow and Financial Position - The company’s cash and cash equivalents decreased to RMB 54,855 thousand from RMB 61,553 thousand as of December 31, 2023[36] - Cash and cash equivalents at the end of June 30, 2024, were RMB 18,083 thousand, down 82.1% from RMB 100,964 thousand at the end of June 30, 2023[39] - The company’s restricted cash decreased significantly, reflecting a reduction in financing activities[39] - The company’s cash and bank balances decreased to RMB 54,855 thousand from RMB 138,730 thousand year-on-year[39] - The company’s total loans and borrowings as of June 30, 2024, were RMB 1,012,978,000, compared to RMB 810,187,000 as of December 31, 2023, reflecting an increase in debt[60] - The net capital debt ratio as of June 30, 2024, was approximately 58%, up from about 43% on December 31, 2023[23] - As of June 30, 2024, the net debt ratio increased to 58% compared to 43% on December 31, 2023, with net debt amounting to RMB 958,123 thousand[69] Shareholder Information - Major shareholders include Mr. Zhang Wei, holding approximately 46.41% of the shares, and Mr. Chen Zhiyong, holding approximately 20.52%[16][18] - The company did not declare any interim dividend for the six months ended June 30, 2024[28] - The company did not declare or recommend an interim dividend for the six months ended June 30, 2024, consistent with the previous year[63] Corporate Governance and Compliance - The company maintained its compliance with the corporate governance code throughout the reporting period[27] - The company has not adopted any new accounting standards that would significantly impact its financial position or performance during the reporting period[44] Employee Information - The group had 243 employees as of June 30, 2024, down from 283 in 2023, with total employee benefits expenses amounting to approximately RMB 15,100,000[20] - The company reported a total remuneration of RMB 1,580 thousand for key management personnel for the six months ended June 30, 2024, down from RMB 1,797 thousand for the same period in 2023[76] Strategic Outlook - The company aims to enhance its market presence and explore new strategies to recover from the current financial downturn[5] - The group anticipates continued challenges in the global economic environment, particularly in the real estate sector in China, and plans to adjust its business strategy accordingly[15] - The company continues to focus on developing residential and commercial properties in China, as well as HVAC and cleanroom equipment production and trade[42] Other Information - No significant acquisitions or disposals of subsidiaries occurred during the six months ended June 30, 2024[22] - There were no significant events after the reporting period up to the date of the report[29] - The company has no stock option plans as of June 30, 2024[70]
伟业控股(01570) - 2024 - 中期财报