Financial Performance - Total operating revenues for the period amounted to RMB1,944.7 million, representing a decrease of 12.3% compared to RMB2,218.2 million for the corresponding period of last year[5]. - Same store sales ("SSS") for the period decreased by 13.3%[6]. - Total gross sales proceeds ("GSP") for the period were RMB4,692.8 million, representing a year-on-year decrease of 12.5%[6]. - Profit from operations for the period was RMB193.8 million, a decrease of RMB71.0 million compared to RMB264.8 million for the corresponding period of last year[6]. - Loss attributable to owners of the Company for the period was RMB18.6 million, compared to a profit of RMB63.1 million for the corresponding period of last year[6]. - For the six months ended June 30, 2024, total revenue was RMB1,719,784,000, a decrease of 12.3% from RMB1,961,221,000 in the same period of 2023[43]. - Direct sales revenue amounted to RMB995,320,000, down 14.5% from RMB1,164,266,000 year-on-year[43]. - Commissions from concessionaire sales were RMB347,495,000, a decline of 12.8% compared to RMB398,340,000 in the previous year[43]. - Gross rental income decreased to RMB304,601,000, down 10.7% from RMB341,058,000 in the same period last year[43]. - Revenue from contracts with customers for the six months ended June 30, 2024, was RMB1,348,418,000, a decrease of 14.2% compared to RMB1,572,881,000 for the same period in 2023[45]. Expenses and Costs - The company’s total operating expenses were RMB1,750,947, a decrease of 10.4% from RMB1,953,406 in 2023[18]. - Staff costs decreased by RMB11.1 million or 4.4% to RMB239.7 million in 1H2024[134]. - Other operating expenses decreased by 3.1% from RMB358.0 million in 1H2023 to RMB346.8 million in 1H2024, primarily due to the closure of underperforming businesses[142]. - Rental expenses increased by RMB0.9 million or 2.1% to RMB44.1 million in 1H2024[141]. - Net finance costs decreased by RMB1.5 million or 0.7%, from RMB221.9 million in 1H2023 to RMB220.4 million in 1H2024, mainly due to reduced interest expenses on lease liabilities[143]. Cash Flow and Liquidity - Cash and bank balances were reported at RMB1,443,791,000, down from RMB1,583,414,000, indicating a decrease in cash liquidity[21]. - Net cash flows generated from operating activities decreased to RMB213,218,000 in 2024 from RMB582,504,000 in 2023, reflecting a drop of approximately 63.4%[28]. - Cash flows from investing activities generated a net inflow of RMB24,738,000 in 2024, down from RMB95,366,000 in 2023, representing a decline of about 74.0%[28]. - The company reported cash and cash equivalents of RMB1,576,341,000 as of June 30, 2024, down from RMB1,683,605,000 as of December 31, 2023, a decrease of about 6.4%[90]. Assets and Liabilities - As of June 30, 2024, total assets less current liabilities amounted to RMB8,510,357,000, an increase from RMB8,234,978,000 as of December 31, 2023[21]. - Non-current liabilities totaled RMB5,241,530,000 as of June 30, 2024, compared to RMB4,917,831,000 at the end of 2023, reflecting an increase in debt obligations[22]. - The company reported a net asset value of RMB3,268,827,000 as of June 30, 2024, down from RMB3,317,147,000 at the end of 2023[22]. - Trade receivables increased to RMB314,821,000 from RMB289,215,000, suggesting improved collection efforts or increased sales[21]. - The group reported trade payables of RMB514,502,000 as of June 30, 2024, down from RMB702,563,000 as of December 31, 2023, representing a reduction of approximately 26.8%[94]. Dividends and Shareholder Information - Declared interim dividend of RMB0.02 per share[7]. - The proposed interim dividend for 2024 is RMB0.02 per ordinary share, an increase from RMB0.01 per share in 2023, totaling RMB52,691,000 compared to RMB26,345,000 in 2023[62]. - An interim dividend of RMB0.02 per share has been approved, payable on September 27, 2024, to shareholders registered by the close of business on September 11, 2024[169]. Strategic Developments - The Group plans to open three new stores in Kunming City, Datong City, and Mianyang City from the second half of 2024 to 2026, including supermarkets, outlets, and shopping malls[121]. - The Group aims to adapt to changing market trends and consumer needs through strategic business expansion and innovation[120]. - The Group renewed tenancy agreements for stores in Guiyang, Shenyang, and Harbin during the first half of 2024, with plans to revamp and remodel these stores[122]. Market and Economic Conditions - As of June 30, 2024, the company’s financial position reflects ongoing challenges in the market, necessitating strategic adjustments moving forward[20]. - The Group operates primarily in the PRC, with significant revenues generated from retail activities including department stores and shopping malls[49]. - Various local government grants were received, with no unfulfilled conditions attached, supporting the Group's contributions to the local economy[48].
百盛集团(03368) - 2024 - 中期财报