Financial Performance - For the six months ended June 30, 2024, the company recorded interest income of approximately RMB 26.0 million, a decrease of about 0.4% compared to RMB 26.1 million for the same period in 2023[11]. - The company reported a post-tax loss of approximately RMB 9.4 million for the six months ended June 30, 2024, compared to a post-tax loss of approximately RMB 12.8 million for the same period in 2023, indicating a reduction in losses[11]. - The total comprehensive loss amounted to approximately RMB 9.8 million for the six months ended June 30, 2024, down from RMB 12.8 million for the same period in 2023[37]. - The company recorded a pre-tax loss of RMB 12,319,226 for the six months ended June 30, 2024, an improvement from a loss of RMB 16,179,311 in the previous year[75]. - The net loss for the period was RMB 9,363,560, compared to a net loss of RMB 12,766,371 in the same period last year, reflecting a decrease in losses of about 26.5%[71]. - The company reported a significant increase in impairment losses on receivables, totaling RMB 33,900,099 for the six months ended June 30, 2024, compared to RMB 33,896,751 in the previous year[75]. - The total comprehensive loss for the period was RMB 9,759,623, down from RMB 12,766,371 in the previous year, reflecting a 23.5% decrease[72]. Loan Portfolio and Credit Risk - As of June 30, 2024, the company's outstanding loans (before impairment losses) amounted to approximately RMB 934.5 million, an increase of about 1.1% from approximately RMB 924.0 million as of December 31, 2023[12]. - The total loan amount of the company was approximately RMB 934.5 million, with the top five borrowers accounting for 10.70% of the total loan amount[18]. - The loan portfolio classified by scale shows that loans exceeding RMB 4 million but less than or equal to RMB 5 million amounted to RMB 525.994 million, representing 56.3% of the total loans as of June 30, 2024, up from 41.1% in the previous period[15]. - The impaired loan ratio increased to 4.7% as of June 30, 2024, compared to 3.4% as of December 31, 2023[22]. - The total amount of impaired loans was RMB 43.5 million as of June 30, 2024, up from RMB 31.1 million as of December 31, 2023[22]. - The overdue loan balance was RMB 48.9 million as of June 30, 2024, with an overdue loan rate of 5.2%[24]. - The company has maintained a cautious operational approach, adjusting the client structure to reduce credit exposure to underperforming clients in the real estate sector[13]. - The company anticipates challenges in the real estate market, which may impact loan quality and increase non-performing loans[21]. Operational Efficiency and Cost Management - The company recorded a decrease in administrative expenses by approximately 19.3%, from RMB 5.2 million for the six months ended June 30, 2023, to RMB 4.2 million for the same period in 2024[33]. - The company will continue to implement stricter risk control measures and seek to reduce expenses to achieve cost efficiency[50]. - The company’s employee costs decreased to RMB 1,273,086 for the six months ended June 30, 2024, from RMB 1,529,910 in the same period of 2023, a reduction of approximately 16.7%[83]. - The company reported a significant decrease in other income from RMB 731,318 to RMB 22,621 due to a decline in business scale and commission income[34]. Shareholder and Corporate Governance - As of June 30, 2024, Jiangsu Baitai Group holds 180,200,000 domestic shares, representing approximately 40.04% of the relevant share class[52]. - The major shareholders include Jiangsu Baitai Group with 40.04% and Wang Zhengru with 30.03% of the total issued shares[55]. - The board of directors and supervisors were elected for a term of three years from January 19, 2024, to January 18, 2027[59]. - The company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests and positions held by directors and senior management[54]. - The company has complied with the corporate governance code as per the listing rules throughout the reporting period[64]. Assets and Liabilities - The total assets of the company as of June 30, 2024, were approximately RMB 882.3 million, a decrease of about 0.5% from approximately RMB 886.9 million as of December 31, 2023[12]. - The net asset value of the company as of June 30, 2024, was approximately RMB 862.0 million, down about 1.1% from approximately RMB 871.7 million as of December 31, 2023[12]. - The company’s total liabilities increased to RMB 20,293,068 as of June 30, 2024, up from RMB 15,191,353 as of December 31, 2023, marking a 33.5% increase[73]. - The total amount of other receivables prepared for bad debts increased significantly from RMB 57,695 to RMB 267,003 during the first half of 2024[99]. Future Outlook and Strategy - The company aims to become a leading regional microfinance company, focusing on short-term financing needs of small and micro enterprises[50]. - The company has shifted its focus towards lower-risk supply chain clients while managing the risks associated with its existing client base[13]. - The company will adjust its client structure to reduce credit exposure to underperforming clients while increasing credit limits for quality clients[50]. Compliance and Reporting - The financial data is prepared in accordance with International Accounting Standard 34, ensuring compliance with international reporting standards[78]. - The audit committee reviewed the interim report and confirmed that the financial statements were prepared in accordance with applicable accounting standards[63]. - The board of directors approved the publication of the interim consolidated financial information on August 23, 2024[116].
泰和小贷(01915) - 2024 - 中期财报