Financial Performance - For the six months ended June 30, 2024, the company achieved sales revenue of approximately RMB 60.6 million, an increase of about RMB 31.9 million compared to the same period last year[5]. - The food supply business recorded revenue of approximately RMB 47.0 million, benefiting from the sales peak during the Chinese New Year[5]. - The company reported a loss attributable to owners of approximately RMB 3.2 million, compared to a profit of RMB 0.2 million in the same period last year[6]. - The gross profit for the same period was approximately RMB 4.4 million, a decrease of about RMB 2.6 million from RMB 7.0 million in the previous year, primarily due to reduced gross margins in the supply chain management business[11]. - The group reported a loss attributable to owners of the company of approximately RMB 3.2 million for the six months ended June 30, 2024, compared to a profit of RMB 0.2 million in the same period last year[19]. - The company incurred a loss before tax of RMB 3,183 thousand for the six months ended June 30, 2024, compared to a profit of RMB 204 thousand in the same period of 2023[48]. - The company reported a revenue of RMB 60,563 thousand for the six months ended June 30, 2024, compared to RMB 28,701 thousand for the same period in 2023, representing a growth of 111%[48]. - Gross profit for the six months ended June 30, 2024, was RMB 4,439 thousand, down from RMB 7,015 thousand in 2023, indicating a decline of 37.5%[48]. - The group recorded a pre-tax loss of RMB 3,183,000 for the six months ended June 30, 2024, compared to a pre-tax profit of RMB 204,000 for the same period in 2023[58]. Revenue Breakdown - The company's supply chain management business generated revenue of approximately RMB 13.6 million during the reporting period[5]. - The supply chain management business accounted for 22.3% of total revenue in 2024, down from 47.5% in 2023, while the food supply business increased to 77.7% from 52.5%[11]. - The supply chain management segment reported revenue of RMB 13,531,000, which is consistent with the previous year's performance of RMB 13,645,000, indicating a slight decrease of 0.8%[58]. - Major customers contributed significantly to revenue, with Customer A generating RMB 19,851,000 and Customer B contributing RMB 19,581,000, together accounting for RMB 39,432,000, which is a substantial increase from RMB 12,246,000 in the prior year[62]. - The food supply business generated revenue of RMB 47,032,000, up from RMB 15,056,000 in the previous year, marking a growth of 212%[63]. Cash Flow and Assets - Cash generated from operating activities increased significantly to RMB 28,856 thousand in 2024 from RMB 2,184 thousand in 2023, marking a substantial improvement[53]. - The company’s cash and cash equivalents increased to RMB 92,671 thousand as of June 30, 2024, compared to RMB 65,349 thousand as of December 31, 2023, representing an increase of approximately 41.8%[71]. - The company’s net assets as of June 30, 2024, were RMB 274,411 thousand, a slight decrease from RMB 277,594 thousand as of December 31, 2023[50]. - Total assets decreased to RMB 294,905 thousand as of June 30, 2024, down from RMB 318,076 thousand as of December 31, 2023, reflecting a reduction of 7.3%[49]. - Current liabilities were reduced to RMB 19,472 thousand as of June 30, 2024, compared to RMB 39,473 thousand as of December 31, 2023, showing a decrease of 50.7%[49]. Operational Efficiency - The average inventory turnover days improved to 5 days for the six months ended June 30, 2024, compared to 6 days for the same period in 2023, reflecting a focus on promoting the food supply business[22]. - The average turnover days for trade receivables and bills increased to 81 days for the six months ended June 30, 2024, compared to 45 days for the same period in 2023[23]. - The average turnover days for trade payables and bills decreased to 51 days for the six months ended June 30, 2024, down from 76 days for the same period in 2023[23]. Corporate Governance - The company has complied with all provisions of the corporate governance code as of June 30, 2024, except for the separation of roles between the Chairman and CEO[39]. - The roles of the Chairman and CEO are held by the same individual, which the board believes does not impair the balance of power and authority[40]. - The company has established a nomination committee to recommend suitable directors and management personnel to enhance corporate strategy[42]. - A remuneration committee has been formed to recommend compensation policies for directors and senior management[44]. - The board diversity policy was revised on August 31, 2023, emphasizing the importance of diversity in improving company performance and leadership structure[43]. Future Plans - In the second half of 2024, the company plans to focus on diversifying its supply chain management business and enhancing profitability in the food supply sector[7]. - The company aims to expand its supply chain business to include other goods, services, or technologies, promoting further diversification[7]. - The group plans to enhance its food supply business and improve profitability by expanding its supply chain and collaborating with strong suppliers and farms[9]. - The group aims to diversify its business by leveraging resources through acquisitions, investments, or strategic alliances focused on green and healthy consumption[10].
双桦控股(01241) - 2024 - 中期财报