泰凌医药(01011) - 2025 - 中期业绩

Financial Summary Consolidated Performance The Group swung to a net loss in H1 2025 due to a sharp revenue decline and soaring finance costs Summary of Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30 (2025) | Six Months Ended June 30 (2024) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 11,995 (RMB'000) | 31,297 (RMB'000) | -61.7% | | Gross Profit | 10,012 (RMB'000) | 5,706 (RMB'000) | +75.5% | | Finance Costs | (14,597) (RMB'000) | (6,005) (RMB'000) | +143.1% | | (Loss)/Profit Before Income Tax | (16,906) (RMB'000) | 785 (RMB'000) | From Profit to Loss | | (Loss)/Profit for the Period | (16,906) (RMB'000) | 661 (RMB'000) | From Profit to Loss | (Loss)/Earnings Per Share | Indicator | Six Months Ended June 30 (2025) | Six Months Ended June 30 (2024) | | :--- | :--- | :--- | | Basic and Diluted (RMB cents) | (3.03) | 0.25 | Consolidated Financial Position The Group's severe financial position is marked by significant net current liabilities and a total capital deficiency Summary of Consolidated Statement of Financial Position | Indicator (RMB'000) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 344,410 | 334,075 | | Current Liabilities | 620,912 | 725,065 | | Net Current Liabilities | (592,693) | (708,880) | | Net Liabilities | (276,877) | (399,108) | | Total Capital Deficiency | (276,877) | (399,108) | Notes to Financial Statements Basis of Preparation and Going Concern Material uncertainties regarding the Group's going concern ability arise from net losses and severe liquidity issues - As of June 30, 2025, the Group recorded a net loss of approximately RMB 16.906 million, net current liabilities of about RMB 593 million, and total borrowings of around RMB 316 million due within the next twelve months, while its unrestricted cash balance was only about RMB 4.634 million, indicating material uncertainties about its going concern ability[12] - To address liquidity pressure, management is taking several measures: negotiating with lenders to extend loan repayment dates; focusing on developing a full-cycle platform for "detection, treatment, and rehabilitation" in the bone health sector and expanding into AI detection and health management services; and actively seeking new financing sources and strategic capital[14] - The Group's ability to continue as a going concern depends on the successful implementation of these measures, including successful debt negotiations, stable revenue generation from new businesses, and securing new financing and strategic investments; failure to achieve these may render the Group unable to operate on a going concern basis[15][16] Revenue and Segment Information Total revenue declined sharply, with business restructured into agency and medical services showing a major geographic shift Revenue by Business Type | Business Type | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Agency service income | 6,054 | – | | Medical service income | 5,941 | 31,297 | | Total | 11,995 | 31,297 | Revenue and Profit by Business Segment (H1 2025) | Business Segment | Revenue (RMB'000) | Segment Profit (RMB'000) | | :--- | :--- | :--- | | Agency services | 6,054 | 2,692 | | Medical services | 5,941 | 3,400 | | Total | 11,995 | 6,092 | Revenue by Geographical Location | Region | H1 2025 (RMB'000) | H1 2024 (RMB'000) | | :--- | :--- | :--- | | Hong Kong | 291 | 30,793 | | China | 11,704 | 504 | | Total | 11,995 | 31,297 | Key Asset and Liability Items The Group's high-risk liability structure includes significant current borrowings and substantial financial guarantee obligations Composition of Other Borrowings | Item (RMB'000) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Current borrowings | 315,659 | 367,495 | | Non-current borrowings | – | 7,993 | | Total | 315,659 | 375,488 | - The Group provides financial guarantees for bank and other borrowings of its former subsidiary, Suzhou First Pharmaceutical; as of June 30, 2025, the carrying amount of this financial guarantee contract (i.e., provision for credit losses) was RMB 133 million[39][42] - On February 21, 2025, the company completed a loan capitalization with one of its lenders, discharging a financial guarantee contract of RMB 44 million by issuing new shares[40] Management Discussion & Analysis Business Review and Outlook The Group is actively transforming towards a bone health ecosystem to counter declining revenue and recent losses - During the review period, the Group's total revenue was approximately RMB 12.0 million, a year-on-year decrease of RMB 19.3 million; it recorded a loss of about RMB 16.9 million, compared to a profit of RMB 0.7 million in the same period last year[44] - In the future, the Group will focus on developing a full-cycle intelligent health ecosystem for "detection, treatment, and rehabilitation" in the bone health sector, planning to expand its AI bone health diagnosis and detection robot business through acquisitions and establish smart health management centers in cooperation with state-owned enterprises[45] Financial Review A sharp rise in finance costs offset gross profit growth, leading to a net loss despite lower sales costs Changes in Key Financial Indicators | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 12.0 | 31.3 | -61.7% | | Cost of sales | 2.0 | 25.6 | -92.3% | | Gross profit | 10.0 | 5.7 | +75.5% | | Finance costs | 14.6 | 6.0 | +143.1% | | (Loss)/profit attributable to owners of the Company | (16.9) | 0.7 | From Profit to Loss | Liquidity and Financial Resources The Group faces extreme financial strain with high net debt and a gearing ratio indicating severe insolvency Group's Debt Position | Indicator (RMB'000) | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Debt | 449,731 | 552,962 | | Less: Cash and cash equivalents | (4,634) | (9,623) | | Net Debt | 445,097 | 543,339 | Gearing Ratio | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Debt (RMB'000) | 449,731 | 552,962 | | Total Assets (RMB'000) | 344,410 | 334,075 | | Gearing Ratio | 130.58% | 165.52% | Other Corporate Matters The period saw strategic acquisitions, significant staff reductions, and a decision to withhold interim dividends - In April 2025, the company entered into an agreement to acquire 100% of the shares of a target company by issuing consideration shares, thereby indirectly acquiring a 58.11% interest in Zhejiang Kangyuan Medical Device Co., Ltd[66] - As of June 30, 2025, the Group had 8 full-time employees, a significant decrease from 22 as of December 31, 2024[68] - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[74]