富银融资股份(08452) - 2024 - 中期财报

Management Discussion and Analysis Business Overview In the first half of 2024, the Group's total revenue slightly decreased by 1.69% year-over-year to RMB 25.20 million, turning from profit to a net loss of RMB 2.97 million amidst a complex macroeconomic environment, as core finance lease and factoring businesses adopted a cautious strategy, energy storage business slowed due to intense market competition, and a new cross-border e-commerce business focusing on portable energy storage power supplies and Bluetooth speakers for overseas sales was launched with optimism for its prospects Business Review The Group's total revenue decreased by 1.69% to RMB 25.20 million, turning to a net loss of RMB 2.97 million, as core finance and factoring businesses remained cautious, energy storage slowed, and a new cross-border e-commerce venture commenced 2024 H1 Key Financial Indicators | Indicator | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | Year-over-year Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. RMB 25.20 million | Approx. RMB 25.63 million | -1.69% | | Net Profit/Loss | Net Loss Approx. RMB 2.97 million | Net Profit Approx. RMB 0.11 million | Turned from Profit to Loss | - The Group's diversified businesses include finance lease, factoring, consulting, medical equipment supply, energy storage, and a newly launched cross-border e-commerce business. The cross-border e-commerce business is primarily conducted through Shenzhen Anshi Energy Technology Co., Ltd., a 60% owned non-wholly owned subsidiary[6] - The energy storage business segment faces significant market competition due to declining lithium carbonate prices and reduced costs, leading to a slowdown in project acceptance and operation. The company aims to reduce costs and increase efficiency by improving its supply chain, enhancing quality systems, and strengthening internal management[6] - The newly launched cross-border e-commerce business focuses on portable energy storage power supplies and Bluetooth speakers, having established five proprietary brands like ANCOON and BROTATOBOT in the US and Europe, selling through multiple e-commerce platforms including Amazon and Walmart[6][7] Business Outlook Looking ahead, the Group maintains a cautiously optimistic view on its long-term prospects amidst complex international economic conditions, continuing to adopt a prudent financial management strategy, focusing on cost reduction and efficiency improvement, and further developing its cross-border e-commerce business to expand its revenue base for long-term stable development - The Group's future strategic core is: - Adopt a prudent financial management strategy - Continuously promote cost reduction and efficiency improvement, optimize the supply chain, and drive product upgrades and iterations - Further develop the cross-border e-commerce business to expand the revenue base[8] Financial Review The Group's revenue slightly decreased by 1.69% to RMB 25.20 million, leading to a net loss of RMB 2.97 million, primarily due to reduced energy storage revenue and a significant 46.97% increase in administrative expenses despite a 21.83% decrease in cost of sales 2024 H1 Financial Performance Summary | Item | 2024 H1 (RMB Million) | 2023 H1 (RMB Million) | Year-over-year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Revenue | 25.20 | 25.63 | -1.69% | Decrease in energy storage business revenue | | Net Profit/Loss | (2.97) | 0.11 | Turned from Profit to Loss | - | | Cost of Sales | 12.52 | 16.02 | -21.83% | Decrease in energy storage business cost of sales | | Other Income and Gains | 2.59 | 3.43 | -24.59% | Decrease in bank interest income | | Operating Expenses | 2.63 | 2.24 | +17.22% | Increase in payroll due to more sales personnel | | Administrative Expenses | 13.74 | 9.35 | +46.97% | Increase in payroll due to more management personnel for energy storage and cross-border e-commerce businesses | | Impairment Provision for Accounts Receivable | 1.37 | 1.23 | +11.38% | - | | Income Tax Expense | 1.11 | 1.87 | -40.61% | Prior period included supplementary income tax payment | Financial Position Analysis As of June 30, 2024, the Group's total assets remained stable at RMB 486 million, while total liabilities increased by 6.92% to RMB 38.22 million, slightly raising the debt-to-equity ratio to 8.53%, with accounts receivable comprising 46.99% of total assets Financial Position Summary | Indicator | June 30, 2024 | December 31, 2023 | Change | | :--- | :--- | :--- | :--- | | Total Assets | Approx. RMB 486.05 million | Approx. RMB 486.55 million | -0.10% | | Total Liabilities | Approx. RMB 38.22 million | Approx. RMB 35.75 million | +6.92% | | Debt-to-Equity Ratio | 8.53% | 7.93% | +0.60 ppt | | Accounts Receivable | Approx. RMB 228.39 million | - | 46.99% of Total Assets | Cash Flow Analysis Net cash used in operating activities significantly decreased to RMB 21.30 million, while financing activities turned to a net inflow of RMB 4.23 million, and investing activities remained stable at a net outflow of RMB 7.26 million Cash Flow Statement Summary | Cash Flow Item | Six Months Ended June 30, 2024 (RMB Million) | Six Months Ended June 30, 2023 (RMB Million) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (21.30) | (70.02) | | Net Cash Used in Investing Activities | (7.26) | (7.55) | | Net Cash From (Used in) Financing Activities | 4.23 | (1.54) | Risk Management and Internal Control The Group maintains a comprehensive risk management and internal control system covering various financial and operational risks, which the Board has reviewed and deemed effective and adequate during the reporting period - The Group has an internal audit department that regularly evaluates risk management and internal control systems, reporting to the Audit Committee and the Board. The Board considers the system design and operation effective[21] - Each department conducts regular internal control assessments to identify potential risks, with assessment results and recommended measures submitted to senior management for approval and oversight[21] Human Resources As of June 30, 2024, the Group's full-time employee count increased from 63 to 86, leading to a 37.10% year-over-year rise in employee benefit expenses to RMB 0.94 million - The number of full-time employees increased from 63 as of June 30, 2023, to 86 as of June 30, 2024[22] - During the reporting period, employee benefit expenses were approximately RMB 0.94 million, representing a year-over-year increase of approximately 37.10%[22] Liquidity, Financial Resources and Capital Structure As of June 30, 2024, the Group reported net current assets of RMB 294.27 million and cash and cash equivalents of RMB 37.93 million, with RMB 10 million in bank borrowings due within one year Liquidity Indicators | Indicator | June 30, 2024 (RMB Million) | December 31, 2023 (RMB Million) | | :--- | :--- | :--- | | Net Current Assets | 294.27 | 297.93 | | Cash and Cash Equivalents | 37.93 | 62.26 | | Bank Borrowings Due within One Year | 10.00 | 5.00 | Significant Acquisitions or Disposals and Material Investments The Group's subsidiaries agreed to sell 123 base stations for RMB 10.16 million, while also disclosing three material investments exceeding 5% of total assets, including an associate investment and two venture capital fund investments - On May 16, 2024, subsidiaries Huixin Zhida and Guangdong Yideng agreed to sell a total of 123 base stations to Zhejiang Xinzhan for a total consideration of approximately RMB 10.16 million (RMB 1.41 million + RMB 8.75 million)[27] Material Investment Details (Exceeding 5% of Total Assets) | Investment Name | Investment Type | Approximate Percentage of Total Assets | Carrying Amount as of June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | :--- | | Shanghai Kuaiyi Mingshang Cloud Technology Co., Ltd. | Investment in Associates | 10.29% | 51,600 | | Zhuhai Huihe Guangjing Venture Capital Fund | Financial Assets at Fair Value Through Profit or Loss | 6.17% | 23,968 | | Beijing Shuncheng Health Investment Enterprise | Financial Assets at Fair Value Through Profit or Loss | 6.17% | 21,835 | Other Information Disclosure of Interests This section discloses the major shareholders with significant interests in the Company's shares as of June 30, 2024, including Beijing Dayuan Tiandi Real Estate Development Co., Ltd. and Shenzhen Zhonglian Jinkong Investment Development Co., Ltd., holding various types of shares - Major shareholders include Beijing Dayuan Tiandi Real Estate Development Co., Ltd. (holding 22.26% of total share capital), Shenzhen Zhonglian Jinkong Investment Development Co., Ltd. (holding a combined 20.99% of total share capital), and Beijing Youke Yu Technology Development Co., Ltd. (holding 13.00% of total share capital)[35][37] Dividends The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2024 - The Board does not recommend the payment of any interim dividend for the reporting period[40] Corporate Governance The Company maintains high corporate governance standards, complying with GEM Listing Rules' code provisions, with the only deviation being the combined roles of Chairman and General Manager, which the Board believes enhances business strategy execution and efficiency - The Company complied with the Corporate Governance Code, but exists one deviation: the positions of Chairman and General Manager (equivalent to CEO) are not separated, both held by Mr. Li Peng[48] - The Board believes that combining the roles of Chairman and General Manager facilitates the execution of business strategies and operational efficiency, and the presence of three independent non-executive directors on the Board ensures a balance of power[48] Condensed Consolidated Interim Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2024, the Group's revenue decreased by 1.69% to RMB 25.20 million, resulting in a net loss of RMB 2.973 million, a reversal from the prior year's profit, with basic loss per share from continuing operations at RMB 0.04 Consolidated Statement of Profit or Loss Summary | Item (RMB Thousand) | Six Months Ended June 30, 2024 (Unaudited) | Six Months Ended June 30, 2023 (Unaudited) | | :--- | :--- | :--- | | Revenue | 25,202 | 25,634 | | Gross Profit | 12,681 | 9,617 | | Profit (Loss) Before Income Tax | (1,795) | 1,329 | | Total Profit (Loss) for the Period | (2,973) | 114 | | Profit (Loss) Attributable to Owners of the Company | 258 | 183 | Condensed Consolidated Statement of Financial Position As of June 30, 2024, the Group's total assets remained stable at RMB 486 million, with total liabilities at RMB 38.22 million and net assets at RMB 448 million, demonstrating good short-term solvency with net current assets of RMB 294 million Consolidated Statement of Financial Position Summary | Item (RMB Thousand) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 154,085 | 156,818 | | Current Assets | 331,966 | 329,731 | | Total Assets | 486,051 | 486,549 | | Liabilities and Equity | | | | Current Liabilities | 37,696 | 31,798 | | Non-current Liabilities | 522 | 3,945 | | Total Liabilities | 38,218 | 35,743 | | Total Equity | 447,833 | 450,806 | Condensed Consolidated Statement of Cash Flows Net cash used in operating activities was RMB 21.30 million, investing activities used RMB 7.26 million, and financing activities generated RMB 4.23 million, resulting in a net decrease of RMB 24.33 million in cash and cash equivalents, ending at RMB 37.93 million Consolidated Cash Flow Statement Summary | Item (RMB Thousand) | Six Months Ended June 30, 2024 (Unaudited) | Six Months Ended June 30, 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (21,299) | (70,016) | | Net Cash Used in Investing Activities | (7,258) | (7,554) | | Net Cash From (Used in) Financing Activities | 4,228 | (1,535) | | Net Decrease in Cash and Cash Equivalents | (24,329) | (79,105) | | Cash and Cash Equivalents at Beginning of Period | 62,263 | 182,949 | | Cash and Cash Equivalents at End of Period | 37,934 | 103,845 | Notes to the Condensed Consolidated Interim Financial Statements The financial statement notes detail the Group's three business segments—finance and consulting, trading operations, and energy storage—highlighting revenue sources from factoring and electronic product sales, the classification of 5G base station business as discontinued operations, and the significant portion of factoring receivables within accounts receivable Segment Information The Group's three reportable segments include finance and consulting, which was the primary income source with RMB 11.70 million revenue and RMB 5.07 million profit before tax, while new trading operations generated RMB 12.45 million revenue but a RMB 1.55 million loss, and energy storage revenue significantly shrank to RMB 1.05 million with a RMB 5.32 million loss 2024 H1 Segment Performance (RMB Thousand) | Segment | Revenue | Profit/(Loss) Before Income Tax | | :--- | :--- | :--- | | Finance and Consulting Business | 11,699 | 5,073 | | Trading Operations Business | 12,453 | (1,549) | | Energy Storage Business | 1,050 | (5,319) | | Total | 25,202 | (1,795) | Revenue Total revenue for the reporting period was RMB 25.20 million, primarily derived from customer contracts (electronic product sales and energy storage services) at RMB 13.50 million and other sources (factoring and finance lease) at RMB 11.70 million, with factoring income being the largest single contributor at RMB 11.58 million Revenue Composition (RMB Thousand) | Revenue Source | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Revenue from Contracts with Customers | | | | Sale of Goods - Electronic Products | 12,453 | – | | Energy Storage Services Revenue | 1,050 | 410 | | Energy Storage Solutions and General Construction | – | 9,181 | | Sale of Goods - Energy Storage Systems | – | 9,300 | | Revenue from Other Sources | | | | Factoring Income | 11,579 | 4,887 | | Income from Sale and Leaseback Transactions | 111 | 1,606 | | Finance Lease Income | 9 | 199 | | Total Revenue | 25,202 | 25,634 | Discontinued Operations The Group's base station business was classified as discontinued operations following an agreement to sell it on May 16, 2024, resulting in a post-tax loss of RMB 0.068 million and related net assets of RMB 5.779 million classified as held for sale as of June 30, 2024 - The Group agreed to sell its base station business, which has been classified as discontinued operations[68] Discontinued Operations Performance (RMB Thousand) | Item | 2024 H1 | 2023 H1 | | :--- | :--- | :--- | | Revenue | 808 | 2,256 | | Profit/(Loss) for the Period | (68) | 654 | Accounts Receivable As of June 30, 2024, total accounts receivable reached RMB 228.387 million, predominantly comprising factoring receivables with recourse at RMB 210.184 million, for which the company has made appropriate impairment loss provisions Accounts Receivable Composition (RMB Thousand) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Factoring Receivables with Recourse | 210,184 | 186,151 | | Trade Receivables | 15,762 | 21,737 | | Receivables from Sale and Leaseback Transactions | 1,940 | 4,932 | | Operating Lease Receivables | 501 | 1,479 | | Total | 228,387 | 214,299 |