Financial Performance - Revenue for the six months ended June 30, 2024, increased by RMB 27.8 million or 9.0% to RMB 337.2 million compared to RMB 309.4 million for the same period in 2023[21] - Gross profit rose by RMB 14.3 million or 10.7% to RMB 147.7 million for the six months ended June 30, 2024, up from RMB 133.4 million in the prior year[21] - Net profit for the period was RMB 57.8 million, up from RMB 35.3 million in the same period last year, representing a growth of 63.8%[17] - Total revenue for the six months ended June 30, 2024, was RMB 337,214,000, an increase of 9.3% from RMB 309,431,000 in the same period of 2023[110] - Operating profit increased to RMB 69,484,000, up 22.0% from RMB 56,958,000 year-over-year[110] - Basic earnings per share rose to RMB 0.2891, compared to RMB 0.2337 in the same period last year, reflecting a growth of 23.8%[110] - Adjusted net profit (non-IFRS measure) for the period was RMB 77.3 million, a growth of 26.9% compared to RMB 60.9 million for the six months ended June 30, 2023[46] Revenue Breakdown - Revenue from vehicle monitoring services accounted for 91.1% of total revenue, amounting to RMB 307.2 million, while revenue from automotive dealership management services contributed 8.9%, totaling RMB 30.0 million[27] - Revenue from independent third-party users for vehicle monitoring services increased by 10.1% to RMB 307.1 million for the six months ended June 30, 2024[29] - Revenue from related party users decreased by 6.1% to RMB 28,427 thousand, accounting for 94.7% of total revenue[30] - Revenue from independent third-party users surged by 1,833.7% to RMB 1,605 thousand, representing 5.3% of total revenue[30] Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 628.4 million, a significant increase from RMB 335.9 million as of December 31, 2023[19] - The total liabilities increased to RMB 232.4 million as of June 30, 2024, compared to RMB 194.0 million as of December 31, 2023[19] - Trade receivables increased by RMB 67.4 million or 42.2% to RMB 227.3 million as of June 30, 2024, driven by business and revenue growth[50] - Cash and cash equivalents amounted to RMB 377.5 million as of June 30, 2024, with total interest-bearing bank loans reduced to zero from RMB 20.0 million as of December 31, 2023[53] Expenses - Research and development expenses rose by 29.9% to RMB 8.7 million, primarily due to increased employee costs and share-based payment expenses[40] - Selling and marketing expenses increased by 11.4% to RMB 3.9 million, driven by higher marketing and hospitality costs[39] - Total sales costs increased by 7.7% to RMB 189.6 million, primarily due to rising outsourcing costs[32] - Income tax expense decreased by 23.3% to RMB 15.5 million, with an effective tax rate of 21.2%[43] IPO and Capital Management - The company successfully raised net proceeds of HKD 254.1 million from its IPO on January 9, 2024[20] - The company successfully listed on the Hong Kong Stock Exchange on January 9, 2024, raising a net amount of HKD 254.1 million by issuing 50,540,000 shares at an offer price of HKD 5.95 per share[23] - As of June 30, 2024, the company has utilized 11.7% of the net proceeds from its IPO for business development purposes[26] - The planned allocation of the net proceeds includes 10% for recruiting R&D personnel, amounting to HKD 25.4 million, with no amount utilized as of June 30, 2024[64] Strategic Plans and Market Outlook - The company plans to enhance its vehicle collateral monitoring services and develop an integrated support system for the automotive circulation sector[22] - Future expansion plans include increasing overseas business and smart business capabilities[22] - The market demand for vehicle collateral monitoring services is expected to remain strong, aligning with the company's future plans[22] - The company aims to deepen its data products and services, leveraging accumulated data to assist automotive manufacturers and dealers in risk mitigation and cost control[22] Corporate Governance and Compliance - The company has adopted and complied with all applicable corporate governance codes since its listing on January 9, 2024, until June 30, 2024[65] - The audit committee reviewed the interim results for the six months ending June 30, 2024, and found them to comply with applicable accounting standards and regulations[71] - There were no significant legal disputes or arbitrations involving the company during the reporting period up to the report date[69] Employee and Management Information - As of June 30, 2024, the group employed 463 employees, with employee costs amounting to approximately RMB 69.7 million for the six months ended June 30, 2024[62] - The total remuneration for key management personnel for the six months ended June 30, 2024, was RMB 10,605,000, representing a 21.1% increase from RMB 8,751,000 in the same period of 2023[195] - The company has implemented a pre-IPO restricted share plan to attract and retain key personnel[77] Shareholder Information - The board approved a special dividend of HKD 0.43 per share on June 12, 2024, but no interim dividend was declared for the six months ending June 30, 2024[75] - The company declared dividends amounting to RMB 79,176 thousand during the reporting period[115] - Li Guiping holds a total of 60,000,000 shares, representing 29.68% of the company, through a controlled corporation[98] - Li Guiping's spouse, Bo Shijiu, also holds 90,000,000 shares, representing 44.52% of the company[98] Risk Management - The company has established a risk management and internal control system to manage business risks effectively[72] - The company will continue to monitor foreign exchange activities to protect its cash value, as it primarily operates in China with RMB as the main currency[58]
长久股份(06959) - 2024 - 中期财报