Financial Performance - The group's consolidated revenue for the six months ended September 30, 2024, was approximately RMB 16.6 million, an increase of about 54.8% compared to RMB 10.7 million for the same period in 2023[37]. - The group's gross profit for the six months ended September 30, 2024, was approximately RMB 10.1 million, up about 5.6% from RMB 9.6 million for the same period in 2023, with a gross margin of approximately 61.1%[37]. - The group recorded a pre-tax profit of approximately RMB 0.4 million for the six months ended September 30, 2024, compared to a pre-tax loss of approximately RMB 1.0 million for the same period in 2023[32]. - The group reported a profit attributable to owners of the company of approximately RMB 0.8 million for the six months ended September 30, 2024, compared to a loss of approximately RMB 0.2 million for the same period in 2023[43]. - Revenue for the six months ended September 30, 2024, was RMB 16,584,000, compared to RMB 10,711,000 for the same period in 2023, representing a 54% increase[76]. - Gross profit for the six months ended September 30, 2024, was RMB 10,137,000, up from RMB 9,598,000 in the previous year, indicating a growth of 5.6%[76]. - The group reported a total equity attributable to owners of the company of RMB (6.55) million as of September 30, 2024[68]. - The group reported a loss before tax of RMB 1,005,000, reflecting challenges in the leasing segment[164]. Revenue Sources - Revenue from the agricultural products trading segment accounted for approximately 36.7% of total revenue for the six months ended September 30, 2024[30]. - Revenue from plywood and related services reached RMB 9,248,000 in the latest period, contributing to a total group revenue of RMB 16,584,000[162]. - The revenue from leasing activities was RMB 1,242,000, while the trading of agricultural products generated RMB 6,094,000[162]. Cost Management - The company has implemented measures to control costs and reduce low-margin plywood orders, leading to increased segment revenue compared to the same period last year[23]. - The group has implemented new measures to promote sales, including launching high-margin products and controlling costs to strengthen operational cash flow[109]. - Employee costs, including director remuneration and related retirement benefits, were RMB 1,379,000, a decrease from RMB 2,166,000 in the previous period[183]. - The depreciation of investment properties was RMB 742,000, down from RMB 1,367,000 in the previous period[183]. Cash Flow and Liquidity - The net cash used in operating activities for the six months ended September 30, 2024, was RMB 904,000, a significant improvement from a net cash outflow of RMB 7,759,000 in the same period of 2023[70]. - As of September 30, 2024, the company had a net current liability of RMB 49,678,000, with cash and cash equivalents of only RMB 619,000[83]. - The group had cash and cash equivalents of approximately RMB 0.6 million as of September 30, 2024, down from approximately RMB 1.0 million as of March 31, 2024[45]. - The group has discussed extending repayment terms with its lenders to improve liquidity[109]. Assets and Liabilities - The total assets of the group amounted to RMB 82,283,000, with total liabilities of RMB 91,946,000[181]. - The group had non-current assets, including investment properties, valued at approximately RMB 33.4 million as of September 30, 2024[41]. - The group had total borrowings amounting to RMB 21.2 million, a decrease from RMB 22.4 million as of March 31, 2024[54]. - The group's accumulated losses decreased slightly to RMB 326.93 million as of September 30, 2024, from RMB 327.693 million as of March 31, 2024[68]. Credit Risk and Receivables - The credit risk primarily arises from trade and other receivables, with no collateral held to mitigate this risk[118]. - The expected credit loss provision for trade receivables as of March 31, 2024, was RMB 154,855,000, reflecting a credit loss rate of 42.83%[127]. - The concentration of credit risk is significant, with 50% of total receivables coming from China as of September 30, 2024, down from 66% as of March 31, 2024[142]. - The company has identified a total expected credit loss provision of RMB 154,855 thousand as of September 30, 2024, reflecting a significant increase in credit risk due to economic conditions[148]. Future Outlook - The company expects new project management and design services for plywood products to start generating revenue in the fourth quarter of 2024[23]. - The group is in negotiations for another property project referral in Dongguan, expected to generate additional income in the fiscal year ending March 31, 2025[56]. - The company anticipates further progress in financial performance with the next annual report, addressing issues that previously led to an unqualified opinion from auditors[1]. Shareholder and Financing Activities - The company has engaged in discussions with major shareholders and potential buyers to raise additional funds by selling certain assets[85]. - The company successfully extended the repayment period of its loans and implemented measures to improve sales and control costs[86]. - The group has no major acquisitions or disposals of subsidiaries and associates during the six months ended September 30, 2024[59]. Compliance and Risk Management - The financial statements for the six months ended September 30, 2024, were prepared in accordance with the International Financial Reporting Standards and have been reviewed by the audit committee[105]. - The group is facing significant uncertainty regarding its ability to continue as a going concern, dependent on generating sufficient financing and operational cash flow[110]. - The group has not experienced any changes in risk management policies since the last fiscal period[94].
大森控股(01580) - 2025 - 中期财报