Financial Performance - The Group recorded a gross profit of RMB164.9 million for the first half of 2024, an increase of RMB12.1 million from RMB152.8 million in the first half of 2023[6]. - The gross profit margin improved to 28.4% for the six months ended June 30, 2024, up from 21.3% in the first half of 2023, marking the third consecutive year of significant year-on-year growth[7]. - Revenue for the six months ended June 30, 2024, was RMB581.0 million, a decrease from RMB718.4 million in the same period of 2023[8]. - The Group reported a net loss of RMB7.6 million for the first half of 2024, compared to a net profit of RMB2.9 million in the same period of 2023[8]. - EBITDA for the six months ended June 30, 2024, was RMB320.1 million, down from RMB476.0 million in the first half of 2023[8]. - The Group's revenue decreased from RMB 718.4 million in the same period of 2023 to RMB 581.0 million, a reduction of RMB 137.4 million or 19.1% due to the termination of several projects[20]. - The company reported a loss for the period of RMB 7,567,000, compared to a profit of RMB 2,869,000 in the same period last year[62]. - The loss attributable to owners of the company for the six months ended June 30, 2024, was RMB 13,979,000, compared to RMB 9,183,000 for the same period in 2023, representing a 52.5% increase in loss[158]. - Loss per share for the six months ended June 30, 2024, was RMB 4.2 cents, compared to RMB 3.2 cents in 2023, indicating a deterioration in per-share performance[158]. Revenue Breakdown - Airports segment revenue for the Period was RMB180.8 million, with a gross profit of RMB78.9 million and a gross profit margin of 43.6%[9]. - Metro lines and billboards segment recorded revenue of RMB187.1 million, with a gross profit of RMB54.2 million and a gross profit margin of 29.0%[9]. - The bus and others segment revenue increased to RMB213.0 million, with a gross profit of RMB31.8 million and a gross profit margin of 14.9%[11]. - Revenue from Mainland China was RMB 319,130,000 for the six months ended June 30, 2024, down 28.7% from RMB 447,251,000 in 2023[109]. - Revenue from Hong Kong and other countries was RMB 261,823,000 for the six months ended June 30, 2024, a slight decrease of 3.4% from RMB 271,179,000 in 2023[109]. Cost Management - The Group's operational optimization strategy focused on tighter cost control and selective exit from non-profitable media resources[7]. - The cost of revenue decreased by RMB 149.7 million or 26.5% from RMB 565.7 million to RMB 416.0 million, mainly due to project terminations and rent reductions[24]. - Sales and marketing expenses decreased by RMB 0.6 million or 1.0% from RMB 58.7 million to RMB 58.1 million[26]. - Administrative expenses reduced by RMB 3.1 million or 4.0% from RMB 78.0 million to RMB 74.9 million[27]. Strategic Initiatives - The Group secured cross-modal, cross-border, and cross-national projects in the mega transport sector, enhancing its media presence[8]. - The Group successfully regained advertising and media contracts at Haikou Meilan International Airport, enhancing profitability through effective resource allocation[9]. - The Group reacquired exclusive concession rights for advertising on nine Shenzhen Metro Lines, demonstrating successful optimization strategy[9]. - The Group's strategic actions reinforced its market position and improved overall profitability[9]. - The Group aims to enhance its position as a preferred partner for advertising strategies in the Greater Bay Area, leveraging its decades of experience and diverse media resources[18]. Financial Position - The financial position of the Group remained sound as of June 30, 2024, supported by stringent internal controls and cost measures[8]. - Total assets as of June 30, 2024, were RMB 2,610,454,000, down from RMB 2,877,536,000 as of December 31, 2023[60]. - Current liabilities decreased to RMB 1,178,162,000 from RMB 1,189,550,000 at the end of 2023, reflecting a reduction of 0.3%[61]. - Cash and cash equivalents and restricted cash decreased to RMB277.0 million as at 30 June 2024, down from RMB390.8 million as at 31 December 2023[45]. - Total bank borrowings amounted to RMB379.0 million as at 30 June 2024, with RMB243.8 million repayable within one year[51]. Employee and Shareholder Information - As of June 30, 2024, the Group had 612 employees, a decrease from 966 employees as of June 30, 2023, reflecting a reduction of approximately 36.6%[171]. - Total salaries and related costs for the period amounted to RMB 93.4 million, down from RMB 101.3 million in the corresponding period of 2023, representing a decrease of approximately 7.8%[171]. - Major shareholder Media Cornerstone Limited holds 254,921,500 shares, representing approximately 52.57% of the issued share capital[180]. - The issued share capital of the Company as of June 30, 2024, was 484,910,739 shares[4]. Governance and Compliance - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for certain deviations[12]. - The Company will continue to review and enhance its corporate governance practices to ensure compliance with the Corporate Governance Code[12]. - The controlling shareholders have adhered to a non-competition agreement, confirmed as effective for the year ending December 31, 2023[199].
雅仕维(01993) - 2024 - 中期财报