Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 889,462,000, an increase of 3.4% from RMB 856,517,000 in the same period of 2023[5]. - Gross profit for the same period was RMB 187,619,000, with a gross profit margin of 21.1%, down from 21.7% in 2023[5]. - Profit for the period was RMB 56,421,000, compared to RMB 53,608,000 in 2023, reflecting a year-over-year increase of 5.3%[5]. - Profit attributable to owners of the parent was RMB 50,807,000, up from RMB 48,539,000 in the previous year[5]. - Earnings per share attributable to ordinary equity holders of the parent was RMB 0.059, compared to RMB 0.057 in 2023[5]. - Total comprehensive income for the period also rose to RMB 56,421,000, up from RMB 53,608,000 year-over-year[8]. - Owners of the parent reported a profit of RMB 50,807,000, an increase from RMB 48,539,000 in 2023, reflecting a growth of 2.6%[8]. - Profit before tax was RMB 80,686,000, with income tax expenses of RMB 24,265,000[7]. - The total tax charge for the period was RMB 24,265,000, a decrease of 3.4% from RMB 25,118,000 in the previous year[56]. Revenue Breakdown - The property management business generated revenue of RMB 654,835,000, while the cleaning and greening business contributed RMB 229,571,000, and other businesses accounted for RMB 111,560,000[25]. - Revenue from contracts with customers for the six months ended June 30, 2024, was RMB 889,462,000, compared to RMB 856,517,000 in 2023, reflecting a growth of approximately 3.9%[44]. - Revenue from property management services was RMB 648,051,000, accounting for 72.9% of total revenue, while cleaning and greening business generated RMB 162,269,000, contributing 18.3%[50]. - Revenue from the property management business decreased by approximately RMB 10.1 million or 1.5% to RMB 648.1 million, primarily due to a decrease in the number of projects[148]. - Revenue from the cleaning and greening business increased by approximately RMB 43.1 million or 36.1% to RMB 162.3 million, driven by strong demand for these services[149]. Expenses and Costs - Selling and distribution expenses were RMB 96,643,000, reflecting an increase in operational costs[7]. - The Group's cost of sales and services increased by approximately 4.6% from RMB 670.9 million to RMB 701.8 million, mainly due to rising subcontracting costs[151]. - Employee benefit expenses, excluding directors' remuneration, amounted to RMB 505,201,000, a decrease from RMB 557,906,000 in the same period last year[52]. - Administrative expenses rose by approximately RMB 2.5 million to RMB 96.6 million, primarily due to exchange losses incurred during the period[160]. - Finance costs decreased to approximately RMB0.87 million for the six months ended June 30, 2024 from approximately RMB0.95 million for the same period in 2023, primarily due to a reduction in interest-bearing borrowings[163]. Assets and Liabilities - Total non-current assets decreased to RMB 654,667,000 as of June 30, 2024, from RMB 671,095,000 at the end of 2023, a decline of 2.4%[10]. - Total current assets increased to RMB 1,414,313,000, up from RMB 1,396,157,000, indicating a growth of 1.3%[10]. - Total assets as of June 30, 2024, amounted to RMB 2,068,980,000, while total liabilities were RMB 997,772,000[36]. - The Group's trade receivables as of June 30, 2024, totaled RMB 619,848,000, compared to RMB 538,334,000 as of December 31, 2023, representing an increase of approximately 15%[80]. - The Group's cash and cash equivalents amounted to RMB 489,215,000, a decrease from RMB 531,583,000 as of December 31, 2023[85]. Cash Flow and Financing - The net cash flows used in operating activities for the six months ended June 30, 2024, were RMB (36,413,000), compared to RMB (7,851,000) for the same period in 2023[17]. - New bank loans amounted to RMB 49,900,000, while repayments of bank loans were RMB (48,990,000) during the six months ended June 30, 2024[18]. - The Group maintained a net cash position of approximately RMB 435.9 million as of June 30, 2024, down from RMB 479.2 million as of December 31, 2023, indicating a strong financial position[172]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the six months ended June 30, 2024, except for the deviation regarding the roles of chairman and chief executive officer[181]. - Mr. Liu Jian served as both chairman and chief executive officer during the period, which constitutes a deviation from the Corporate Governance Code[182]. - The Audit Committee, consisting of three independent non-executive Directors, reviewed the interim results for the six months ended June 30, 2024[185]. Future Outlook and Strategy - The company continues to explore market expansion opportunities and new product development strategies[4]. - The Group plans to develop new business relationships from its existing customer base to ensure strong organic growth[142]. - The Group aims to expand its geographic presence by strategically selecting markets with developed economies and high per capita GDP[132]. - The Group's strategy includes diversifying property management services to create more value for property owners and customers[128]. Employee and Management - The number of employees increased to approximately 8,644 as of June 30, 2024 from 8,521 as of December 31, 2023, reflecting growth in the workforce[175]. - The Group invests in continuing education and training programs for employees to enhance their skills and knowledge[176].
中奥到家(01538) - 2024 - 中期财报