Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 258,715,000, representing a 48.0% increase compared to RMB 174,763,000 in the same period of 2023[15]. - Gross profit for the same period was RMB 56,374,000, reflecting a 61.8% increase from RMB 34,850,000 year-on-year[15]. - Net profit after deducting listing expenses was RMB 20,289,000, up 41.9% from RMB 14,303,000 in the previous year[15]. - Revenue increased by 48.0% from RMB 174.8 million for the six months ended June 30, 2023, to RMB 258.7 million for the six months ended June 30, 2024, primarily due to increased revenue from the API market and data management solutions[27]. - Revenue from the query business rose by 49.7% from RMB 122.6 million to RMB 183.5 million, driven by increased procurement from existing customers[28]. - Revenue from data management solutions surged by 122.7% from RMB 15.0 million to RMB 33.4 million, attributed to an increase in the number of projects delivered and overall project revenue[29]. - Gross profit increased by 61.6% from RMB 34.9 million for the six months ended June 30, 2023, to RMB 56.4 million for the six months ended June 30, 2024, primarily due to increased revenue from API market and data management solutions[31]. - Overall gross margin rose from 19.9% for the six months ended June 30, 2023, to 21.8% for the six months ended June 30, 2024, mainly due to an increase in gross margin from query business[31]. - Net profit for the period increased by 6.3% from RMB 7.9 million to RMB 8.4 million, while net profit after deducting listing expenses rose by 42.0% from RMB 14.3 million to RMB 20.3 million[39]. Cash and Assets - Cash and cash equivalents increased to RMB 384,177,000, a significant rise of 208.8% from RMB 124,417,000 as of December 31, 2023[16]. - Total assets increased by 44.6% from approximately RMB 772.1 million to approximately RMB 1,116.2 million, mainly due to an increase in cash balance from the net proceeds of the global offering[40]. - Trade receivables increased from RMB 175.1 million to RMB 248.4 million, primarily due to extended payment terms granted to several key customers[42]. - Cash and cash equivalents rose significantly from RMB 124.4 million to RMB 384.2 million, mainly due to funds raised from the global offering[43]. - Total liabilities decreased to RMB 127,235 thousand from RMB 143,642 thousand, a reduction of approximately 11.4%[80]. - The company's net assets rose to RMB 989,001 thousand, up from RMB 628,417 thousand, representing an increase of about 57.4%[80]. - Current assets reached RMB 855,278 thousand, up from RMB 480,963 thousand at the end of 2023, indicating a significant increase of about 77.7%[79]. - Trade receivables, net of impairment losses, increased to RMB 248,384,000 as of June 30, 2024, compared to RMB 175,077,000 as of December 31, 2023, representing a growth of 41.8%[105]. Research and Development - The company launched ChatArts, a private deployment large language model for vertical industries, which passed algorithm review in June 2024[21]. - The company achieved full domestic replacement in the RPA field with its product QuickBot, which is now compatible with various domestic hardware and software[20]. - The company plans to enhance its research and development capabilities and expand its technical advantages to meet digital transformation demands[24]. - Research and development costs decreased by 6.2% to RMB 6.1 million from RMB 6.5 million, primarily due to a reduction in salaries and a slight decrease in the number of R&D personnel allocated to data management solutions[36]. Market and Business Expansion - The API market processed over 70 billion API requests in the first half of 2024, with over 790 proprietary APIs developed since its launch[18]. - The company has expanded its digital police project to cover over 115 provincial-level administrative units by June 30, 2024[19]. - The company’s data management solutions are tailored for various sectors, including government, manufacturing, finance, and telecommunications[19]. - The company aims to facilitate digital transformation through its comprehensive API data circulation services and customized data management solutions[17]. - The company aims to explore cooperation opportunities with the government in data openness, leveraging the increasing number of state-owned data exchanges[23]. Shareholder and Governance - As of June 30, 2024, major shareholders include Mr. Zuo with a beneficial interest of 39.40% in H shares, and Mr. Qiu with 8.06%[62]. - The total number of issued shares as of June 30, 2024, is 50,118,200[63]. - The company has confirmed compliance with the Corporate Governance Code, emphasizing the importance of good governance for enhancing management and protecting shareholder interests[67]. - The Audit Committee, consisting of one non-executive director and two independent non-executive directors, reviewed the interim financial results for the six months ending June 30, 2024, and found them to comply with applicable accounting standards[72]. - The company has established a strong board structure with four executive directors, two non-executive directors, and three independent non-executive directors, ensuring effective governance[67]. Financial Instruments and Investments - The company invested RMB 92,761,000 in financial assets measured at fair value through profit or loss during the six months ended June 30, 2024, compared to RMB 85,000,000 in the same period of 2023[84]. - The company reported a significant increase in inventory, which rose to RMB 22,916 thousand from RMB 20,850 thousand, an increase of approximately 9.9%[79]. - The fair value of non-listed equity investments decreased to RMB 36,589 thousand from RMB 61,700 thousand, a decline of 40.7%[102]. - The company recorded a decrease in contract liabilities of RMB 4,719,000 for the six months ended June 30, 2024, compared to an increase of RMB 1,701,000 in the same period of 2023[84]. Initial Public Offering - The company completed its initial public offering on June 28, 2024, which led to the release of obligations related to the repurchase of its own equity instruments[124]. - The offering price for shares is set at HKD 83.33, excluding a 1.0% brokerage commission and other fees[128]. - The company raised approximately RMB 366,442,000 from the issuance of new shares at HKD 83.33 per share on June 28, 2024, with RMB 345,052,000 allocated to share premium after deducting issuance costs[120].
天聚地合(02479) - 2024 - 中期财报