Financial Performance - The Group recorded revenue of RMB422.0 million for the six months ended 30 June 2025, a decrease from RMB581.0 million for the same period in 2024[13]. - Gross profit for the period was RMB115.2 million, with a gross profit margin of 27.3%, compared to RMB164.9 million and 28.4% in the previous year[13]. - EBITDA amounted to RMB201.5 million, down from RMB320.1 million for the six months ended 30 June 2024[13]. - The Group achieved a profit of RMB14.6 million for the period, a turnaround from a loss of RMB7.6 million in the corresponding period last year[13]. - Revenue for the six months ended June 30, 2025, was RMB 421,955,000, a decrease of 27.3% compared to RMB 580,953,000 for the same period in 2024[81]. - Gross profit for the same period was RMB 115,198,000, down 30.1% from RMB 164,947,000 in 2024[81]. - Operating profit increased to RMB 49,998,000, up 8.5% from RMB 46,033,000 in 2024[81]. - Profit for the period was RMB 14,624,000, compared to a loss of RMB 7,567,000 in 2024[81]. - Total comprehensive income for the period was RMB 11,445,000, compared to a loss of RMB 6,317,000 in 2024[82]. - The profit attributable to owners of the Company for the six months ended June 30, 2025, was RMB 2,165, compared to a loss of RMB 13,979 in 2024, indicating a significant turnaround[191]. Revenue Segmentation - Revenue from the metro lines and billboards segment increased by 19.9% to RMB224.4 million, with gross profit rising to RMB81.9 million and gross profit margin improving by 7.5 percentage points to 36.5%[16]. - The bus and other segment generated revenue of RMB92.2 million, with gross profit of RMB30.5 million and gross profit margin surging by 18.2 percentage points to 33.1%[20]. - Airport segment revenue was RMB105.3 million, with a gross profit of RMB2.8 million and a gross profit margin of 2.7%[23]. - The metro and billboards segment revenue increased by RMB37.3 million or 20.0% from RMB187.1 million to RMB224.4 million, driven by the addition of exclusive metro lines and billboards in Mainland China and Hong Kong[34][37]. - The airports segment revenue fell by RMB75.5 million or 41.8% from RMB180.8 million to RMB105.3 million, primarily due to the early termination of the Kunming Airport project[33][36]. - The bus and others segment revenue decreased by RMB120.8 million or 56.7% from RMB213.0 million to RMB92.2 million, mainly due to the expiry of the bus body project[38]. Cost Management - The cost of revenue decreased by RMB109.2 million or 26.3% from RMB416.0 million to RMB306.8 million, attributed to project terminations and rent reductions[39][45]. - Gross profit decreased by RMB49.7 million or 30.2% from RMB164.9 million to RMB115.2 million, with a slight decline in gross profit margin from 28.4% to 27.3%[40][46]. - Selling and marketing expenses decreased by RMB20.7 million or 35.6% from RMB58.1 million to RMB37.4 million[41][47]. - Administrative expenses decreased by RMB21.8 million or 29.0% from RMB74.9 million to RMB53.2 million[42][48]. - Net finance costs decreased by RMB26.9 million or 50.3% from RMB53.4 million to RMB26.6 million, mainly due to reduced interest expenses from lease liabilities[43][49]. Cash and Liquidity - As of 30 June 2025, cash and cash equivalents totaled RMB200.2 million, compared to RMB232.5 million as of 31 December 2024[14]. - Cash and cash equivalents and restricted cash decreased to RMB200.2 million as of June 30, 2025, from RMB232.5 million as of December 31, 2024[62]. - The Group's current ratio remained stable at 0.75 as of June 30, 2025, consistent with December 31, 2024[63]. - Total bank borrowings amounted to RMB323.5 million as of June 30, 2025, with RMB220.5 million repayable within one year[65]. - The Group's liquidity risk management includes maintaining sufficient cash and cash equivalents and monitoring compliance with lending covenants[112]. Strategic Initiatives - The Group has successfully secured exclusive concession rights for media resources at Hong Kong Eastern Harbour Crossing, granted in August 2025[12]. - The exit of non-profitable media resources is nearing completion, which is expected to stabilize future revenue[13]. - The Group's strategy includes selective divestment of unprofitable resources and strategic re-acquisition of media resources with growth potential[12]. - The operational efficiency has been enhanced through continuous optimization of current assets[12]. - The Group's operational restructuring is expected to lead to full recovery in the airport segment, enhancing future profitability[23]. Advertising and Innovation - The Group won 23 industry awards for innovative advertising campaigns during the Period, showcasing its effective Outdoor and Online (O&O) New Media Strategy[24]. - The Group's innovative advertising solutions included immersive experiences, such as a giant lemon tea bottle installation that enhanced public engagement through multisensory interactions[24]. - The Group's collaboration with major movie distributors led to the installation of Singapore's first fog screen at Orchard MRT, creating an immersive cinematic experience for commuters[16]. - The Group's advertising initiatives in Hong Kong included high-visibility campaigns in key districts, leveraging premium billboard networks to promote local events and artists[19]. - The Group's strategic partnerships with programmatic advertising leaders improved the efficiency of outdoor advertising resource allocation and real-time optimization of promotional strategies[24]. - The Group's focus on innovative advertising techniques, such as 3D technology, has successfully transformed traditional advertising spaces into dynamic marketing platforms[19]. Financial Position - The Group's financial position remains healthy, laying a solid foundation for business recovery[14]. - Total liabilities decreased to RMB 1,523,342,000 from RMB 1,793,321,000 at the end of 2024, reflecting a reduction of 15.0%[79]. - Total equity as of June 30, 2025, was RMB 266,639,000, an increase from RMB 260,634,000 at the end of 2024[79]. - Non-current assets decreased from RMB1,179.0 million as of December 31, 2024, to RMB981.9 million as of June 30, 2025[78]. - The Group had no material contingent liabilities outstanding as of June 30, 2025[76]. Taxation and Compliance - Income tax expense decreased by 493.6% from an income tax credit of RMB1.8 million in 2024 to an expense of RMB7.3 million for the current period[56]. - Current income tax expense for the six months ended June 30, 2025, was RMB 526, down from RMB 1,677 in 2024, a decrease of 68.6%[188]. - The deferred income tax for the six months ended June 30, 2025, was RMB 6,744, compared to a credit of RMB (3,605) in 2024, indicating a significant change in tax position[188]. Shareholder Information - Basic and diluted loss per share attributable to owners of the Company for the period was RMB (0.8) cents, an improvement from RMB (4.2) cents in 2024[82]. - No dividends were paid or proposed during the six months ended June 30, 2025, and 2024[196].
雅仕维(01993) - 2025 - 中期财报