Financial Performance - The company reported revenue of RMB 81.4 million for the six months ending June 30, 2025, a decrease of 25.2% from approximately RMB 108.7 million for the same period in 2024[4]. - Gross profit fell from RMB 29.5 million for the six months ending June 30, 2024, to RMB 19.5 million in the current period, resulting in a net loss of RMB 1.1 million compared to a net profit of RMB 9.0 million in the previous period[5]. - The total revenue decreased by approximately 25.2% from RMB 108.7 million in the previous period to about RMB 81.4 million[15]. - The gross profit for the same period was RMB 19,479 thousand, down 34.2% from RMB 29,547 thousand in 2024[28]. - The company reported a net loss of RMB 1,078 thousand for the six months ended June 30, 2025, compared to a profit of RMB 9,005 thousand in 2024[28]. - Operating profit decreased significantly to RMB 811 thousand from RMB 13,689 thousand year-on-year[28]. - The reported segment profit was RMB 1,284,000, a significant decline of 6.5% from RMB 13,729,000 in the prior year[41]. - The company reported a loss before tax of RMB 1,080,000 for the six months ended June 30, 2025, compared to a profit of RMB 8,958,000 in 2024[55]. - Basic loss per share for the period was RMB (0.11), compared to earnings of RMB 0.90 per share in the previous year[55]. Revenue Breakdown - Sales of the all-steel raised floor contributed approximately 63.9% to total revenue, with sales dropping 40.4% from RMB 87.3 million to RMB 52.0 million due to reduced economic activity in the commercial building sector[8]. - Revenue from calcium sulfate raised floors increased by 37.1% to approximately RMB 29.4 million, driven by higher demand from high-end clients, particularly data center builders[9]. - The company’s sales in China accounted for 86.3% of total revenue, with RMB 70.2 million generated domestically, while sales to other countries totaled RMB 11.2 million[11]. - Revenue from external customers in China was RMB 70,212,000, a decrease of 22.1% from RMB 89,927,000 in 2024[44]. - Sales of raised access floors accounted for RMB 73,930,000, down 25.0% from RMB 98,451,000 in the previous year[45]. Cost and Expenses - Selling expenses increased by approximately RMB 1.2 million or 27.0% to about RMB 5.9 million, mainly due to rising employee costs and promotional expenses[14]. - The total employee costs for the six months ended June 30, 2025, were approximately RMB 10.5 million, up from RMB 9.4 million in the previous period[22]. - The gross profit for the full steel raised floor was RMB 12,935,000 with a gross margin of 24.9%, down from RMB 24,077,000 and 27.6% in the previous year[12]. - The overall gross margin declined from 27.2% in 2024 to 23.9% in 2025, primarily due to reduced product prices to maintain competitiveness[13]. - Total contract costs for goods sold and services provided were RMB 61,889,000, down 21.7% from RMB 79,168,000 in 2024[48]. Assets and Liabilities - Total assets as of June 30, 2025, were approximately RMB 459.2 million, down from RMB 492.3 million as of December 31, 2024[16]. - The total liabilities decreased to approximately RMB 135.3 million from RMB 167.3 million as of December 31, 2024[16]. - The capital debt ratio was approximately 24.4% as of June 30, 2025, compared to 28.0% as of December 31, 2024[17]. - Total assets decreased to RMB 459,230 thousand as of June 30, 2025, from RMB 492,328 thousand at the end of 2024[29]. - Total liabilities decreased to RMB 135,315,000 from RMB 167,335,000, reflecting a reduction of 19.1%[42]. Cash Flow and Financing - The net cash inflow from operating activities increased to approximately RMB 39.9 million, compared to RMB 25.8 million in the previous period[24]. - Cash and cash equivalents increased to RMB 67,283 thousand as of June 30, 2025, up from RMB 46,824 thousand at the beginning of the period[31]. - The company’s financing costs for the six months ended June 30, 2025, were RMB 1,322 thousand, compared to RMB 1,630 thousand in 2024[28]. - Financing costs decreased to RMB 1,322,000, down 18.9% from RMB 1,630,000 in the previous year[47]. Strategic Initiatives - The company plans to launch aluminum alloy flooring designed for telecommunications facilities and clean rooms in the first half of 2024, featuring corrosion resistance and excellent anti-static properties[4]. - The company is optimistic about the long-term prospects of the raised floor industry, focusing on product quality improvement and resource allocation for production line upgrades[6]. - The company has implemented stricter project selection criteria to focus on higher-margin opportunities and reputable clients, despite short-term revenue declines[4]. Shareholder Information - The company’s issued and fully paid ordinary shares remained at 10,000 thousand shares with a par value of RMB 8,856 thousand as of June 30, 2025[62]. - The company’s major shareholder, Mr. Shen Min, holds 504,000,000 shares, representing 50.40% of the company’s equity[65]. - Major shareholders include 嘉辰投資 with 272,625,000 shares (27.26%) and 鑫辰投資 with 231,375,000 shares (23.14%) as of June 30, 2025[73]. Corporate Governance - The company has adopted the standards for securities trading by directors as outlined in Appendix C3 of the listing rules, confirming compliance during the reporting period[79]. - The board believes that the company has adhered to all applicable corporate governance codes as per Appendix C1 of the listing rules during the reporting period[80]. - The Audit Committee, established on December 19, 2019, consists of three independent non-executive directors and is responsible for reviewing financial reporting procedures and internal controls[82]. - The unaudited condensed consolidated interim results for the period have been reviewed by the Audit Committee[82]. Other Information - The company has not applied any new accounting standards or interpretations that are not yet effective for the current accounting period[34]. - There have been no significant subsequent events for the company or the group after June 30, 2025, up to the date of this report[81]. - The company did not declare any interim dividends for the six months ended June 30, 2025, consistent with the previous year[54]. - The company did not purchase, sell, or redeem any of its listed securities during the period[77]. - There were no related party transactions that need to be disclosed under the Listing Rules during the period[75].
佳辰控股(01937) - 2025 - 中期财报