Financial Performance - For the six months ended June 30, 2024, the total cargo throughput was approximately 1,731,000 tons, an increase of about 156,000 tons or 9.9% compared to approximately 1,575,000 tons for the same period last year[6]. - Revenue for the six months ended June 30, 2024, was approximately RMB 215.4 million, compared to approximately RMB 215.1 million for the same period last year, reflecting a slight increase of 0.2%[8]. - The revenue from handling services increased by approximately 2.8% to about RMB 35.2 million, primarily due to an overall increase in cargo throughput driven by rising demand[8]. - The sales revenue from oil products was approximately RMB 179.4 million, slightly down from approximately RMB 179.8 million for the same period last year, representing a decrease of 0.2%[7]. - The overall gross profit increased slightly from approximately RMB 24.5 million for the six months ended June 30, 2023, to approximately RMB 25.0 million for the six months ended June 30, 2024[11]. - The overall gross margin improved from approximately 11.4% for the six months ended June 30, 2023, to approximately 11.6% for the six months ended June 30, 2024[11]. - Profit attributable to the owners of the company increased to approximately RMB 12.4 million for the six months ended June 30, 2024, from approximately RMB 8.3 million for the same period last year[16]. - Net profit for the period was RMB 15,534,000, compared to RMB 11,729,000 in the same period last year, indicating a growth of 32.5%[42]. - Basic and diluted earnings per share increased to RMB 0.021 from RMB 0.014, reflecting a 50% increase year-on-year[42]. Expenses and Costs - The sales cost for the six months ended June 30, 2024, was approximately RMB 190.4 million, a slight decrease from approximately RMB 190.6 million for the same period last year[10]. - Selling and administrative expenses decreased from approximately RMB 6.4 million for the six months ended June 30, 2023, to approximately RMB 6.2 million for the six months ended June 30, 2024[13]. - The total employee cost for the six months ended June 30, 2024, was approximately RMB 11.0 million, down from approximately RMB 12.0 million for the same period last year[24]. - The total sales and administrative expenses for the six months ended June 30, 2024, were RMB 196,593, a decrease of 0.16% from RMB 196,914 in the same period of 2023[64]. - The total income tax expense for the six months ended June 30, 2024, was RMB 5,855, compared to RMB 5,648 for the same period in 2023, indicating an increase of 3.67%[67]. Assets and Liabilities - The net value of current assets was approximately RMB 166.9 million as of June 30, 2024, compared to approximately RMB 145.7 million as of December 31, 2023[17]. - As of June 30, 2024, the company had no interest-bearing borrowings, and the debt-to-asset ratio was approximately 0.2%[18]. - Total assets increased to RMB 392,838 thousand as of June 30, 2024, compared to RMB 385,409 thousand as of December 31, 2023, reflecting a growth of 1.1%[43]. - Total liabilities decreased to RMB 31,334 thousand from RMB 39,439 thousand, a reduction of 20.6%[44]. - The company’s retained earnings increased to RMB 170,930 thousand from RMB 159,015 thousand, reflecting a growth of 7.1%[45]. Cash Flow and Investments - Net cash generated from operating activities was RMB 589 thousand, significantly down from RMB 27,117 thousand in the same period last year, a decrease of 97.8%[46]. - Cash and cash equivalents at the end of the period were RMB 27,833 thousand, up from RMB 26,265 thousand, an increase of 5.9%[46]. - The company has no significant investments, major acquisitions, or sales as of June 30, 2024[21]. - The company holds a 6.37% equity interest in 富地天源石化有限公司 as of June 30, 2024, down from 30% following a capital increase agreement[78]. - The investment in the joint venture is valued at RMB 12,543,000 as of both December 31, 2023, and June 30, 2024, with no significant change in fair value[77]. Operational Developments - The company is in the preparatory stage for its international import trade business, which is expected to commence in the second half of 2024 or in 2025[7]. - The group aims to enhance operational capabilities and efficiency by consolidating core businesses and expanding cargo handling and distribution services[29]. - The group plans to strengthen sales and marketing strategies in oil sales, improve inventory management, and steadily expand the market[29]. - The company enhanced service quality and strengthened relationships with key customers during the reporting period[6]. Governance and Risk Management - The board believes that the existing organizational structure and close supervision by management ensure sufficient risk management and internal control[31]. - The company has not established an independent internal audit department but will consider the necessity of establishing one in the future[31]. - The board has adhered to corporate governance standards and internal procedures to enhance shareholder value[30]. - The group is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with no changes to risk management policies since December 31, 2023[53]. - The group maintains sufficient cash and cash equivalents to manage liquidity risk and reduce cash flow volatility[54]. Shareholder Information - As of June 30, 2024, Mr. Yang Jinming holds 423,000,000 shares, representing 70.5% of the company's equity[32]. - Mr. Yang Fan holds 27,000,000 shares, representing 4.5% of the company's equity[32]. - The company has no plans to buy, sell, or redeem any of its listed securities as of June 30, 2024[32]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[71]. Other Information - The company reported no significant events after June 30, 2024, up to the date of the interim report[41]. - The audit committee reviewed the unaudited interim results and found them to comply with applicable accounting standards[39]. - The financial information is prepared in accordance with Hong Kong Accounting Standards, specifically HKAS 34 for interim financial reporting[48]. - The group has not made any changes to its accounting policies or made retrospective adjustments due to the adoption of new or revised standards[50].
天源集团(06119) - 2024 - 中期财报