Financial Performance - The company reported a consolidated loss attributable to shareholders of approximately RMB 84.84 million for the six months ended June 30, 2024, compared to a loss of RMB 67.35 million for the same period in 2023[5]. - For the period of 2024, the company's revenue (net of VAT and government surcharges) was approximately RMB 489,180,000, a decrease of about RMB 268,920,000 or 35.47% compared to RMB 758,100,000 in 2023[23]. - The gross profit for 2024 was approximately RMB 96,770,000, down by about RMB 39,460,000 or 28.97% from RMB 136,230,000 in 2023[23]. - The group reported a loss for the period of RMB 83,950,000, compared to a loss of RMB 91,055,000 in the same period of 2023[50]. - The group incurred a total employee cost of approximately RMB 24,480,000 for the period, a significant reduction of 48.7% from RMB 47,730,000 in the previous year[48]. - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency and financial health[56]. - The company reported a significant reduction in the cost of sold goods, which decreased from RMB 578,902,000 in 2023 to RMB 361,897,000 in 2024, reflecting improved cost management[75]. Business Strategy and Transition - The company is transitioning from heavy asset investments to a sustainable business model focused on food supply chain operations, initiated in 2019, to improve profitability and reduce financial costs[6]. - The company aims to develop a national food supply chain service platform, focusing on high-value imported meat and seafood transactions[10]. - The company plans to gradually reduce reliance on real estate development and focus on the development of the supply chain industry[19]. - The company aims to build a light-asset, low-risk, and strong cash flow S2B2C food supply service platform within three to five years[20]. - The company is actively seeking strategic partnerships to enhance its supply chain capabilities, having established collaborations with over 3,173 logistics companies nationwide[14]. Asset Management and Sales - The company completed the sale of two logistics warehouse assets and three industrial plant assets in 2022, but faced increased financial costs and declining asset prices due to various negative factors[6]. - The company completed the sale of 90% equity in the Beijing Tongzhou project in June 2022, with the remaining 10% sold in August 2023, recovering approximately RMB 180 million[7]. - The company sold projects in Xiamen and Hainan on October 10, 2023, recovering approximately RMB 386 million[7]. - The company’s joint venture project in Tianjin was sold on December 7, 2023, recovering approximately RMB 146 million[10]. - The company recognized a gain of approximately RMB 52,300,000 from the sale of the Jiaxing project, completed in January 2024[88]. Operational Efficiency and Capacity - The overall average occupancy rate of the company's warehouses as of June 30, 2024, was 57.87%[8]. - The average occupancy rate for the Tianjin Airport warehouse was 32.43% as of June 30, 2024, reflecting significant market pressure[8]. - The average occupancy rate for the Tongliao project was 83.92% as of June 30, 2024, showing steady improvement[9]. - The company’s cold storage capacity in Tianjin is 75,000 tons, with an operational capacity of 45,000 tons and an average occupancy rate of 35.44% as of June 30, 2024[11]. - The Qingdao warehouse has a total storage capacity of 8,000 tons, with a 100% occupancy rate[11]. - The Quzhou Agricultural Wholesale Market project has a total rental area of 162,003.86 square meters, with an average occupancy rate of 80.27% for the wholesale trading area and 80.88% for the storage service area as of June 30, 2024[13]. Financial Position and Liquidity - Cash and cash equivalents increased by RMB 1,594,620,000, mainly due to the issuance of guaranteed bonds and proceeds from the sale of subsidiaries[36]. - Total borrowings as of June 30, 2024, amounted to approximately RMB 8,969,500,000, with a capital debt ratio of about 238.63%[40]. - The current ratio and quick ratio as of June 30, 2024, were approximately 240.31% and 169.20%, respectively, indicating strong liquidity[40]. - The company's cash and cash equivalents surged to RMB 1,960,592,000, a substantial increase from RMB 366,010,000 at the end of 2023, marking a growth of over 436%[52]. - The company’s cash flow from financing activities resulted in a net cash inflow of RMB 1,164,949,000, compared to a net cash outflow of RMB 279,873,000 in the previous year[56]. Market and Economic Context - The food supply chain market in China is projected to reach a scale of 9.36 trillion yuan in 2023, with restaurant revenue reaching 5.29 trillion yuan[19]. - Cambodia's economy has maintained a growth rate of 5% to 7% since 2013, with China being the largest investor in Cambodia in 2023[17]. - The project in Cambodia aims to provide a comprehensive industrial platform for Chinese enterprises along the "Belt and Road" initiative[16]. Corporate Governance and Compliance - The board confirms compliance with all corporate governance codes as per the Hong Kong Stock Exchange listing rules[110]. - The audit committee has been established in accordance with the corporate governance code as per the listing rules, consisting of three independent non-executive directors[112]. - All members of the audit committee are independent non-executive directors, ensuring unbiased oversight[112].
北京建设(00925) - 2024 - 中期财报