Revenue Performance - Total revenue of Jiyi Holdings Limited increased by approximately RMB 24.7 million or approximately 13.6% from approximately RMB 182.1 million for the Prior Period to approximately RMB 206.8 million for the Reporting Period[10] - The increase in total revenue was mainly driven by the increase in the sale of bulk commodity trading, which rose by approximately RMB 36.4 million during the Reporting Period[11] - Revenue from the sale and distribution of merchandise increased by approximately RMB24.9 million or approximately 13.8% from RMB180.9 million for the Prior Period to RMB205.8 million for the Reporting Period[13] - Revenue for the six months ended June 30, 2024, was RMB 206,839,000, an increase from RMB 182,070,000 for the same period in 2023, representing a growth of approximately 13.6%[120] - Revenue from external customers in the PRC was RMB 206,839,000, compared to RMB 182,070,000 in 2023, indicating a year-over-year increase of 13.6%[120] Segment Performance - The Group's total revenue from merchandise sales and distribution was RMB 205.8 million, an increase of 13.8% from RMB 180.9 million in the Prior Period[10] - The sale and distribution of merchandise segment generated RMB 205,826,000, while the provision of interior design and engineering services contributed RMB 1,013,000 for the six months ended June 30, 2024[125] - The gross profit for the merchandise segment was RMB 3,495,000, while the gross profit for interior design services was RMB 132,000, resulting in a total gross profit of RMB 3,627,000[114] Revenue Declines - Revenue from building materials decreased by 82.7% to RMB 429,000 compared to RMB 2.5 million in the Prior Period[10] - Revenue from home improvement materials decreased by 86.1% to RMB 1.2 million compared to RMB 8.7 million in the Prior Period[10] - Revenue from furnishings decreased by 99.4% to RMB 11,000 compared to RMB 1.9 million in the Prior Period[10] - Revenue from the provision of interior design and engineering services decreased by 11.3% to RMB 1.0 million compared to RMB 1.1 million in the Prior Period[10] Profitability and Losses - Overall gross profit decreased by approximately RMB5.6 million or approximately 60.9% from RMB9.2 million for the Prior Period to RMB3.6 million for the Reporting Period[22] - The Group reported a loss of approximately RMB92.2 million for the reporting period, a decrease of approximately RMB92.8 million from a profit of approximately RMB0.6 million in the prior period[35][37] - Basic and diluted loss per share attributable to owners of the company was RMB 34.97 cents for the period[73] - The company reported a comprehensive loss of RMB 89,431 for the six months ended June 30, 2024, compared to a profit of RMB 1,478 for the same period in 2023[78] Financial Position - As of June 30, 2024, the Group's net current assets were approximately RMB209.7 million, down from approximately RMB297.5 million as of December 31, 2023[46] - Total bank borrowings amounted to approximately RMB154.3 million as of June 30, 2024, a decrease from RMB254.3 million as of December 31, 2023[46] - Total assets as of June 30, 2024, amounted to RMB 723,418,000, a decrease from RMB 902,165,000 as of December 31, 2023[75] - Total equity as of June 30, 2024, was RMB 293,798, a decrease from RMB 383,229 at the end of 2023, indicating a reduction of approximately 23%[76] Cash Flow and Liquidity - Cash used in operating activities for the six months ended June 30, 2024, was RMB (3,950), a significant decline from RMB 68,639 generated in the same period of 2023[81] - The cash flow projections prepared by management indicate that the Group will have sufficient working capital for at least 12 months from the end of the reporting period[101] - The Group's cash and bank balances decreased to approximately RMB1.6 million as of June 30, 2024, from RMB5.6 million as of December 31, 2023, primarily due to the repayment of trade payables[44] Debt and Liabilities - The Group plans to expand its presence in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on new energy supply chain and bulk commodity trading, which are seen as having promising growth potential[40][42] - The Company is allegedly indebted to a petitioner in the aggregate sum of HK$ 57,482,397.55, which includes HK$ 41,555,555.00 as outstanding principal and HK$ 15,926,842.55 as accrued interest[93] - The Group's current ratio as of June 30, 2024, was 1.51, compared to 1.60 as of December 31, 2023[49] Employee and Operational Changes - The total number of employees decreased to 20 as of June 30, 2024, down from 52 a year earlier, with total staff costs amounting to approximately RMB2.2 million[68] - The decrease in employee count and total staff costs was primarily due to the outsourcing of several functions in the construction department of the subsidiaries[68] Legal and Compliance Issues - A winding-up petition was filed on June 12, 2023, by Qingdao Rongshikaiyuan Trading Company Limited, with a hearing scheduled for August 23, 2023[56] - The Company is preparing an application for a validation order from the High Court of Hong Kong regarding the impact of the winding-up petition on share transfers[58] - The management believes that the winding-up petition is a strategy by creditors to facilitate negotiations on a comprehensive debt extension proposal[101] Future Outlook and Strategy - The management remains optimistic for 2024 despite a cautious outlook, citing a sizable portfolio of investment properties and hotels showing signs of recovery[36][38] - The Group is actively evaluating financial and operating conditions to formulate a comprehensive solution to unlock the intrinsic value of its business and assets as the domestic business environment recovers[96] - The Group plans to accelerate the transformation and upgrading of its business and the collection of pre-sale payments and other receivables[96]
集一控股(01495) - 2024 - 中期财报