Financial Performance - For the six months ended June 30, 2025, the total cargo throughput was approximately 1,302,000 tons, a decrease of about 429,000 tons or 24.8% compared to the same period last year[7]. - Revenue for the six months ended June 30, 2025, was approximately RMB 181.5 million, a decrease of about 15.7% from RMB 215.4 million in the same period last year[11]. - Revenue from cargo handling services decreased by approximately 25.8% to about RMB 26.1 million, primarily due to a decline in overall demand[12]. - Oil product sales revenue was approximately RMB 154.6 million, down about 13.8% from RMB 179.4 million in the same period last year[9]. - The overall gross profit decreased from approximately RMB 25.0 million to about RMB 15.4 million, with the gross profit margin dropping from approximately 11.6% to 8.5%[16]. - The gross profit margin for the cargo handling and related services segment decreased from approximately 48.0% to about 33.6% due to reduced revenue[16]. - Profit attributable to owners of the company was approximately RMB 4.9 million for the six months ended June 30, 2025, down from approximately RMB 12.4 million for the six months ended June 30, 2024[21]. - Operating profit decreased to RMB 9,319,000, a decline of 56.5% from RMB 21,414,000 in the previous year[50]. - Net profit for the period was RMB 6,180,000, representing a 60.2% decrease from RMB 15,534,000 in 2024[50]. - Basic and diluted earnings per share were RMB 0.008, down from RMB 0.021 in the same period last year[50]. Expenses and Costs - Sales and administrative expenses increased from approximately RMB 6.2 million for the six months ended June 30, 2024, to approximately RMB 6.5 million for the six months ended June 30, 2025, primarily due to increased depreciation of right-of-use assets[18]. - Total employee costs for the six months ended June 30, 2025, were approximately RMB 10.4 million, down from approximately RMB 11.0 million for the same period last year, primarily due to a reduction in the number of employees and bonuses[31]. - The cost of goods sold for the six months ended June 30, 2025, was RMB 147,696, a decrease of 14% compared to RMB 171,712 for the same period in 2024[8]. - Total sales, general and administrative expenses amounted to RMB 172,646, down 12% from RMB 196,593 in the previous year[8]. - Fuel expenses incurred from purchasing fuel from Maoming Tianyuan amounted to RMB 870,000 for the six months ended June 30, 2025, an increase of 39.9% from RMB 622,000 in 2024[104]. Assets and Liabilities - Current assets net value was approximately RMB 175.2 million as of June 30, 2025, compared to approximately RMB 177.9 million as of December 31, 2024[23]. - The company had total assets of RMB 1,000,000,000 as of June 30, 2025[51]. - Total assets decreased from RMB 403,907 thousand in December 2024 to RMB 374,307 thousand in June 2025, a decline of approximately 7.4%[52]. - Current assets decreased from RMB 211,767 thousand in December 2024 to RMB 200,690 thousand in June 2025, a decline of about 5.2%[52]. - Cash and cash equivalents significantly decreased from RMB 34,265 thousand in December 2024 to RMB 7,616 thousand in June 2025, a drop of approximately 77.8%[52]. - Total liabilities decreased from RMB 36,212 thousand in December 2024 to RMB 25,861 thousand in June 2025, a reduction of about 28.6%[53]. - Trade receivables from third parties decreased to RMB 5,739,000 as of June 30, 2025, down from RMB 14,327,000 as of December 31, 2024, indicating a reduction of about 59.9%[92]. - The total amount of trade and other receivables decreased to RMB 29,082,000 as of June 30, 2025, from RMB 36,280,000 as of December 31, 2024, indicating a decline of approximately 19.7%[92]. - Trade payables as of June 30, 2025, totaled RMB 8,278,000, a decrease of 15.4% from RMB 9,784,000 as of December 31, 2024[96]. Taxation and Income - Income tax expenses decreased by approximately 46.3% from about RMB 5.9 million for the six months ended June 30, 2024, to approximately RMB 3.1 million for the six months ended June 30, 2025, mainly due to lower taxable profits recorded during the reporting period compared to the same period last year[20]. - Income tax expense for the six months ended June 30, 2025, was RMB 3,146, a decrease of 46% from RMB 5,855 in the same period of 2024[82]. Shareholder Information - As of June 30, 2025, Mr. Yang Jinming holds 213,000,000 shares, representing approximately 35.5% of the company's equity[40]. - Mr. Yang Jinming is also the founder and beneficiary of a family trust holding 210,000,000 shares, which accounts for approximately 35.0% of the company's equity[40]. - Mr. Yang Fan holds 27,000,000 shares, representing approximately 4.5% of the company's equity[40]. - The company’s major shareholders include Hanfu Enterprises Limited with a 35.5% stake and Zhang Dan with a 70.5% stake[42]. Corporate Governance - The company has adhered to the corporate governance standards as per the listing rules, with no purchases, sales, or redemptions of its listed securities in the six months ending June 30, 2025[38]. - The board consists of three independent non-executive directors, ensuring a balance of power and independent advice on board matters[39]. - The company plans to hire external consultants for an internal review of the audit committee's scope in the second half of the year[39]. - The board will periodically review the necessity of establishing an internal audit function based on the group's operational scale and complexity[39]. - The company has not established an independent internal audit department but has implemented appropriate measures for internal audit functions[39]. - The company believes that its current organizational structure and close management oversight are sufficient for risk management and internal control[39]. Business Strategy and Outlook - The group plans to optimize cargo structure, strengthen cost control, and solidify customer relationships while focusing on market expansion for oil product sales[36]. - The group will continue to actively seek new business and investment opportunities to enhance diversification[37]. - The group operates primarily in China, providing bulk cargo unloading services and selling oil products along with related value-added port services[57]. - The group has not made any changes to its risk management policies since the fiscal year ending December 31, 2024[65]. - The group anticipates continued internal cash flow generation and borrowing from financial institutions to meet future cash flow needs[66]. Related Party Transactions - The company has ongoing significant transactions with related parties, including leasing office space and providing handling services[99]. - Revenue from providing handling services to related parties was RMB 1,670,000 for the six months ended June 30, 2025, a decrease of 65.9% compared to RMB 4,889,000 for the same period in 2024[102]. Other Information - The company reported a net cash outflow from operating activities of RMB 13,649 thousand for the six months ended June 30, 2025, compared to a net inflow of RMB 622 thousand for the same period in 2024[56]. - The company paid dividends of RMB 30,000 thousand during the six months ended June 30, 2025, with no dividends paid in the same period of 2024[56]. - There were no significant events occurring after June 30, 2025, up to the date of the interim report[48]. - The company has not issued any share options under its share option scheme during the reporting period[44]. - The financial information was approved by the board on August 28, 2025, but has not been audited[58].
天源集团(06119) - 2025 - 中期财报