Financial Performance - For the six months ended June 30, 2024, the company recorded revenue of approximately RMB 481.1 million, an increase of about 7.0% compared to RMB 449.6 million for the same period in 2023[22]. - Gross profit increased by approximately 18.0% to RMB 56.5 million for the six months ended June 30, 2024, up from RMB 47.9 million for the same period in 2023[22]. - Net profit surged by approximately 122.5% to RMB 17.8 million for the six months ended June 30, 2024, compared to RMB 8.0 million for the same period in 2023[22]. - Basic and diluted earnings per share rose to RMB 2.97, compared to RMB 1.34 for the same period last year, reflecting a growth of 121%[55]. - The company’s total comprehensive income attributable to owners for the period was RMB 16,088,000, compared to RMB 5,565,000 in the previous year, marking an increase of 189%[55]. - Profit for the six months ended June 30, 2024, increased by approximately RMB 9.8 million or approximately 122.5% compared to the same period in 2023, reaching approximately RMB 8.0 million[32]. Cost and Expenses - Selling and distribution expenses decreased from approximately RMB 11.3 million to RMB 10.0 million, attributed to reduced travel, sample, and advertising expenses[28]. - Administrative expenses increased from approximately RMB 21.1 million to RMB 24.6 million, mainly due to higher depreciation of right-of-use assets[29]. - Financial costs decreased from approximately RMB 7.1 million for the six months ended June 30, 2023, to approximately RMB 5.6 million for the six months ended June 30, 2024, due to a reduction in loan principal and interest[30]. - Total employee costs increased to RMB 35,006 thousand, up from RMB 29,651 thousand in the previous year, indicating a rise of 18.0%[77]. Revenue Sources - Sales of plain fabric increased to RMB 361,600 thousand, up 12.4% from RMB 321,566 thousand in the previous year[68]. - Sales of corduroy fabric decreased to RMB 99,231 thousand, down 8.5% from RMB 107,782 thousand in the previous year[68]. - Revenue from external customers in China was RMB 340,688 thousand, a decrease of 20.5% from RMB 428,865 thousand in the previous year[71]. - Other income for the six months ended June 30, 2024, was RMB 4,776 thousand, significantly up from RMB 2,219 thousand in the same period of 2023[73]. Assets and Liabilities - The debt-to-asset ratio improved to approximately 59.5% as of June 30, 2024, compared to approximately 66.3% as of December 31, 2023[36]. - Total assets amounted to RMB 482,817 thousand, a decrease of 17.6% from RMB 585,611 thousand as of December 31, 2023[57]. - Total liabilities decreased to RMB 412,833 thousand as of June 30, 2024, down from RMB 526,767 thousand as of December 31, 2023, reflecting a reduction of 21.6%[57]. - Trade receivables and notes receivable decreased to RMB 267,500 thousand as of June 30, 2024, from RMB 274,116 thousand as of December 31, 2023, a decline of 2.4%[57]. - The company’s inventory as of June 30, 2024, was RMB 120,036 thousand, slightly down from RMB 122,312 thousand as of December 31, 2023, a decrease of 1.9%[57]. Future Outlook and Strategy - The company anticipates further improvement in domestic demand in the second half of 2024, driven by government initiatives to boost consumer spending[23]. - The company plans to enhance the design and development of eco-friendly textile products to meet increasing customer demand for sustainability[23]. - The company aims to leverage its strong reputation and diverse product portfolio to enhance competitiveness and achieve sustainable growth[23]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[62]. Shareholder and Dividend Information - The board has resolved not to recommend an interim dividend for the six months ended June 30, 2024[43]. - As of June 30, 2024, the major shareholder, Dongyong Holdings Limited, holds 450,000,000 shares, representing 75% of the total issued share capital[49]. - The company has not issued, exercised, or cancelled any share options under the share option scheme since its adoption on October 21, 2020[51]. Miscellaneous - The group had no significant contingent liabilities as of June 30, 2024, and was not involved in any litigation that could adversely affect its business[34]. - The company has not purchased, sold, or redeemed any of its listed securities during the six months ended June 30, 2024[53]. - The company has a capital commitment of RMB 533,000 for the acquisition of properties, plants, and equipment as of June 30, 2024, unchanged from December 31, 2023[108].
亚东集团(01795) - 2024 - 中期财报