Financial Performance - For the first half of 2024, the Group reported a revenue of RMB 616.836 billion, representing a year-on-year growth of 5.0%[19] - The total revenue for the reporting period was approximately RMB 58.42 million, a year-on-year increase of about 12.63% or RMB 6.55 million[28][27] - The company reported revenue of RMB 58,416,000 for the six months ending June 30, 2024, representing a 12.9% increase from RMB 51,873,000 in the same period of 2023[79] - The company reported a profit of RMB 4,548,000 for the six months ended June 30, 2024, compared to a loss of RMB (9,201,000) in the same period of 2023, indicating a significant turnaround in performance[96] - The group recorded a profit before tax of approximately RMB 60.6 million for the reporting period, an increase of about RMB 152.5 million compared to a loss of RMB 91.9 million for the same period in 2023[42] - The group reported a net profit of approximately RMB 60.3 million for the reporting period, an increase of about RMB 152.6 million compared to a loss of RMB 92.0 million for the six months ended June 30, 2023[44] Industry Growth - The value added of the primary industry was RMB 30.66 billion, with a year-on-year increase of 3.5%[19] - The value added of the secondary industry reached RMB 236.53 billion, growing by 5.8% year-on-year[19] - The value added of the tertiary industry was RMB 349.646 billion, reflecting a year-on-year growth of 4.6%[19] - The Chinese credit leasing market was valued at RMB 162.2 billion in 2020 and is projected to reach RMB 714.7 billion by 2025, with a compound annual growth rate (CAGR) of 34.3%[20] - The company aims to integrate advanced leasing SaaS platforms and blockchain technology to develop a reliable risk control system[20] Service Industry Performance - In June 2024, the service industry production index increased by 4.7% year-on-year[19] - The operating income of large-scale service enterprises grew by 8.5% year-on-year in the first five months of 2024[19] - The business activity index for the service industry was recorded at 50.2 in June 2024, indicating stable growth[19] - The business activity expectation index for the service industry rose to 57.6%, an increase of 0.6 percentage points from the previous month[19] Revenue Breakdown - Revenue from automotive-related exhibitions and events decreased by approximately 12.94% year-on-year to RMB 24.84 million, accounting for 42.52% of total revenue[28][29] - Revenue from non-automotive-related exhibitions and events increased by approximately 26.38% year-on-year to RMB 23.86 million, representing 40.85% of total revenue[28][29] - The company recorded a gross profit of approximately RMB 6.84 million, an increase of about RMB 5.81 million year-on-year, primarily due to effective cost control measures[20] Cost Management - The cost of services increased to approximately RMB 51.58 million, a year-on-year increase of about 1.44% or RMB 0.73 million[32][31] - Sales expenses decreased by approximately 67.30% year-on-year to RMB 1.28 million, primarily due to reductions in various expense categories[36] - Administrative expenses for the six months ended June 30, 2024, amounted to approximately RMB 81.52 million, an increase of about 15.24% compared to RMB 70.74 million for the same period in 2023[38] - Employee costs for the period amounted to approximately RMB 6.67 million, a decrease from RMB 8.54 million in the previous year[55] Cash Flow and Liquidity - Cash and cash equivalents at the end of the reporting period were approximately RMB 111.77 million, compared to RMB 48.00 million as of June 30, 2023[46] - The company regularly monitors its cash reserves to meet both short-term and long-term liquidity needs[59] - The group continues to monitor cash flow forecasts to ensure sufficient liquidity for operational needs[90] Shareholder Information - The major shareholders include A&B Development holding 39,645,000 shares (31.97%) and Yongjia Yuan holding 11,987,500 shares (9.67%) as of June 30, 2024[70] - A&B Development and Yongjia Yuan entered a share option agreement on December 2, 2022, allowing Yongjia Yuan to purchase up to 12,000,000 shares at HKD 1.00 each within a two-year period[71] - The company has not granted, exercised, or canceled any share options during the reporting period, with a total of 12,000,000 options available for grant, representing approximately 10% of the issued share capital at listing[74] Corporate Governance - The company has complied with all applicable corporate governance codes, except for a deviation regarding the roles of the chairman and CEO[61] - The company has established an audit committee to oversee financial reporting and internal controls, ensuring compliance with applicable accounting standards[77] - The company has not engaged in any significant acquisitions or disposals during the reporting period[53] Future Plans - The company aims to enhance its digital service capabilities through the development of a SaaS solution integrating supply chain management and risk control[26] - The company plans to expand its business layout by developing advertising and other exhibition and promotion services[20] - The company plans to improve the management of exhibitions and events to enhance customer service and create sustainable returns for shareholders[60]
天平道合(08403) - 2024 - 中期财报