Revenue and Profitability - The Group's revenue decreased to approximately RMB179.8 million for the six months ended 31 December 2024, down from approximately RMB195.9 million for the same period in 2023, representing a decline of about 8.3%[19] - Revenue for the six months ended December 31, 2024, was RMB 179,825,000, a decrease of 8.2% compared to RMB 195,916,000 for the same period in 2023[95] - The Group recorded a loss of approximately RMB40.3 million during the Reporting Period, compared to a loss of RMB38.1 million for the same period in 2023[13] - Loss before income tax for the period was RMB 40,284,000, compared to a loss of RMB 38,127,000 in the same period last year[95] - The company reported a loss for the period attributable to owners of the Company of RMB 40,311,000 for the six months ended December 31, 2024, compared to a loss of RMB 38,127,000 for the same period in 2023, representing an increase in loss of approximately 5.7%[96] - Total comprehensive loss for the period was RMB 40,960,000, slightly higher than RMB 40,312,000 in the previous year[95] Gross Profit and Margins - Gross profit for the Reporting Period was approximately RMB10.3 million, with a gross profit margin of 5.7%, compared to RMB6.6 million and 3.4% respectively for the six months ended 31 December 2023[13] - The gross profit margin for the Group increased to approximately 5.7% for the six months ended December 31, 2024, compared to approximately 3.4% for the same period in 2023, mainly driven by the food and beverage business[30] - The Group's gross margin for food business slightly decreased from 3.4% in the previous year to 3.1% during the Reporting Period[19] Business Segments and Operations - Revenue from the newly commenced food and beverage business in Zhuhai amounted to RMB10.3 million, with no revenue reported for the same period in 2023[20] - The food business generated revenue of approximately RMB 169.5 million, accounting for 94.2% of total revenue for the six months ended December 31, 2024[25] - The Group offered over 100 types of dried seafood, 30 types of algae and fungi, and 60 types of seafood snacks during the Reporting Period, aiming to differentiate itself in the market[14] - The Group sells its products through various channels, including supermarkets, trading companies, convenience stores, and e-commerce retailers[18] Financial Position and Cash Flow - The Group's net current assets decreased from approximately RMB 199.2 million as of June 30, 2024, to approximately RMB 158.4 million as of December 31, 2024[37] - As of December 31, 2024, cash and cash equivalents were approximately RMB 7.3 million, down from approximately RMB 60.9 million as of June 30, 2024[38] - The gearing ratio increased to 0.372 as of December 31, 2024, compared to 0.256 as of June 30, 2024[39] - The company reported a total equity of RMB 150,053,000 as of December 31, 2024, down from RMB 178,375,000, indicating a decrease of about 16.0%[99] - The total cash and cash equivalents at the end of the period decreased to RMB 7,301,000 from RMB 41,982,000 in the previous year, reflecting a decline of approximately 83%[103] Employee and Management Information - The Group had 365 full-time employees as of December 31, 2024, a decrease from 405 employees as of June 30, 2024[49] - Total remuneration for key management personnel increased to RMB 4,927,000 for the six months ended December 31, 2024, up from RMB 2,568,000 for the same period in 2023, reflecting an increase of 92.0%[163] Corporate Governance and Compliance - The company has adopted the Corporate Governance Code as its own code of corporate governance and has complied with it, except for certain provisions regarding committee attendance at the annual general meeting[82][83] - The Audit Committee consists of three independent non-executive directors, with Mr. Shum Ching Hei as the chairman[89] - The company has adopted the Model Code for Securities Transactions, confirming compliance by all directors during the reporting period[88] Future Outlook and Strategic Initiatives - The Group plans to continue developing new businesses, particularly in the Internet sector, to diversify revenue sources and stabilize financial performance[67] - The Group's management anticipates that the changing mentality of domestic consumers will impact actual consumption behavior, focusing more on essential needs[62] Share Capital and Financing Activities - The Group completed a placing of 10,010,000 shares at a price of HK$1.40 per share, raising net proceeds of approximately HK$13.6 million for corporate development and marketing expenses[56] - A proposed rights issue aims to raise approximately HK$30.8 million by issuing 77,005,000 rights shares at a subscription price of HK$0.40 per share[57] - The company issued new shares, raising RMB 12,638,000 during the six months ended December 31, 2024[101] Inventory and Receivables Management - Trade receivables rose sharply to RMB 180,672,000 from RMB 89,913,000, representing an increase of approximately 100.8%[98] - Total inventories decreased to RMB 4,897,000 as of December 31, 2024, from RMB 74,716,000 as of June 30, 2024, reflecting a significant reduction of approximately 93%[146] - The impairment loss on trade receivables rose to RMB 736,000 from RMB 358,000, indicating a higher risk in receivables management[146]
中国升海集团(01676) - 2024 - 中期财报