Financial Performance - Revenue for the six months ended December 31, 2024, was RMB 33,687,000, a decrease of 14.3% compared to RMB 39,385,000 in 2023[5] - Gross profit for the same period was RMB 11,970,000, down from RMB 12,329,000, reflecting a gross margin of 35.5%[5] - Operating loss increased to RMB 7,237,000 from RMB 4,619,000, indicating a deterioration in operational efficiency[5] - Net loss for the period was RMB 7,330,000, compared to a net loss of RMB 4,983,000 in the previous year[5] - The company reported a loss of RMB 7,020 thousand for the six months ended December 31, 2024, compared to a loss of RMB 5,939 thousand for the same period in 2023, indicating an increase in losses of approximately 18.2%[14] - The company’s total comprehensive expenses for the six months ended December 31, 2024, amounted to RMB 7,916 thousand, compared to RMB 6,880 thousand for the same period in 2023, representing an increase of about 15%[14] - The company reported a pre-tax loss of approximately RMB 7,020,000 for the six months ended December 31, 2024, compared to a loss of RMB 5,939,000 for the same period in 2023, indicating an increase in losses of about 18.2%[32][33] - Operating loss for the period was RMB 7 million, compared to a loss of RMB 5 million in the previous year[46] Cash Flow and Assets - Cash generated from operating activities was RMB 627,000, an increase from RMB 249,000 in 2023[12] - Total assets decreased to RMB 193,192,000 from RMB 201,915,000, indicating a decline in asset base[9] - Cash and cash equivalents at the end of the period were RMB 87,559,000, a decrease from RMB 89,322,000[12] - The total equity of the group was RMB 192 million as of December 31, 2024, down from RMB 200 million on June 30, 2024[50] - The company held cash and cash equivalents of RMB 104 million as of December 31, 2024, slightly down from RMB 106 million on June 30, 2024[50] - The net book value of property, plant, and equipment decreased to RMB 24,650,000 as of December 31, 2024, from RMB 25,933,000 as of June 30, 2024, indicating a decline of approximately 4.9%[34] - Trade receivables aged analysis showed a total of RMB 13,442,000 as of December 31, 2024, down from RMB 15,743,000 as of June 30, 2024, reflecting a decrease of about 14.6%[40] Equity and Share Capital - Total equity as of December 31, 2024, was RMB 191,937,000, down from RMB 199,741,000[10] - The company’s total equity attributable to owners decreased from RMB 205,970 thousand as of June 30, 2023, to RMB 199,090 thousand as of December 31, 2024, reflecting a decline of approximately 3.4%[14] - The company’s share capital remained unchanged at RMB 333,149 thousand as of December 31, 2024[14] - As of December 31, 2024, the company had issued ordinary shares totaling 164,779,124 shares[62] Customer and Revenue Concentration - Revenue from agricultural product sales is recognized at the point of transfer of control to customers, with over 90% of the company's revenue coming from crop sales[19][21] - Major customers contributing over 10% of total revenue include Customer C with RMB 9,309 thousand and Customer D with RMB 4,080 thousand for the six months ended December 31, 2024[24] - The company’s revenue from external customers is predominantly located in Hong Kong, accounting for over 90% of total revenue[22] Operational Efficiency - Employee costs, including director remuneration, decreased to RMB 7,335,000 for the six months ended December 31, 2024, down from RMB 7,834,000 in the same period of 2023, reflecting a reduction of approximately 6.4%[27] - The cost of sold inventory was RMB 21,717,000 for the six months ended December 31, 2024, compared to RMB 27,056,000 in the previous year, representing a decrease of about 19.7%[28] - Depreciation expenses for property, plant, and equipment amounted to RMB 1,300,000 for the six months ended December 31, 2024, down from RMB 1,559,000 in the previous year, a decrease of about 16.6%[28] Corporate Governance - The company has complied with the Corporate Governance Code, except for the separation of roles between the Chairman and CEO, which is currently held by the same individual[82] - The audit committee, consisting of independent non-executive directors, has reviewed the interim financial report[81] - The company has confirmed that all directors have complied with the standards set out in the Securities Transactions Code during the six months ending December 31, 2024[86] - The company believes that good corporate governance is essential for maintaining shareholder value and long-term returns[82] - The company will continue to review its corporate governance policies to ensure they align with the interests of the company and its shareholders[84] Future Plans and Strategies - The company plans to focus on digital construction in agricultural production and promote its self-developed smart farm management system[49] - The company aims to align its new business model with national policies to address issues in agricultural production and sales[49] Stock Options and Shareholder Information - The company has granted stock options under the 2015 stock option plan, with a total of 12,061,500 shares adjusted and an exercise price of HKD 3.74[74] - The stock options granted to directors and key executives have a total of 2,000,000 options remaining for one participant, with 100,000 options unexercised[75] - The exercise period for the stock options extends until July 12, 2026, with an exercise price of HKD 0.187[75] - The total number of stock options granted under the share option scheme is 241,230,000, with an exercise price adjusted to HKD 3.74[77] Changes in Management - Professor Lin Shunquan resigned as an independent non-executive director effective November 16, 2024[69] - The company has appointed Li Ying as a member of the audit committee and nomination committee effective November 16, 2024[85]
超大现代(00682) - 2025 - 中期财报