Financial Performance - For the six months ended June 30, 2025, the Group reported revenue of RMB 696,727,000, a significant increase of 106.7% compared to RMB 337,214,000 for the same period in 2024[16]. - Gross profit for the same period was RMB 152,281,000, slightly up from RMB 147,650,000 in 2024, indicating a stable gross margin[16]. - Profit before taxation increased to RMB 83,961,000, compared to RMB 73,307,000 in the previous year, reflecting a growth of 14.5%[16]. - The Group's profit for the period attributable to equity shareholders was RMB 67,085,000, compared to RMB 57,802,000 in the previous year, reflecting a growth of 15.5%[16]. - The Group's net profit increased by RMB9.3 million or 16.1% from RMB57.8 million for the six months ended June 30, 2024, to RMB67.1 million for the Reporting Period, while the net profit margin decreased from 17.1% to 9.6%[113][117]. - Adjusted net profit for the Reporting Period was RMB67.3 million, representing a decrease of 12.9% from RMB77.3 million for the six months ended June 30, 2024[116][119]. Revenue Breakdown - Revenue from new automobile circulation services was RMB378.3 million, accounting for 54.3% of the Group's total revenue during the reporting period[56]. - Revenue from pledged vehicle monitoring services was RMB290.9 million, representing 41.7% of total revenue, with a decrease attributed to a reduction in service agreements[65]. - Revenue from automobile dealership operation management services was RMB27.5 million, making up 4.0% of the Group's total revenue[67]. - The Group's revenue from related-party users in new automobile circulation services was RMB34.9 million, accounting for 9.2% of the segment's revenue[63]. Assets and Liabilities - The Group's total assets as of June 30, 2025, reached RMB 846,029,000, up from RMB 627,886,000 at the end of 2024, marking a growth of 35%[18]. - Total liabilities increased significantly to RMB 406,772,000 from RMB 132,323,000, indicating a rise of 207%[18]. - Trade receivables as of June 30, 2025, amounted to RMB 269.4 million, an increase of RMB 70.8 million or 35.6% compared to RMB 198.6 million as of December 31, 2024[130]. - Inventory as of June 30, 2025, was RMB 239.6 million, an increase from nil as of December 31, 2024, primarily due to the purchase of Corolla 1.2T vehicles[131]. - The Group's prepaid expenses and other current assets increased to RMB180.5 million as of June 30, 2025, representing a 9.6 times increase from RMB17.1 million as of December 31, 2024, mainly due to higher prepayments for automobile purchases[151]. Operational Highlights - As of June 30, 2025, the Group provided pledged vehicle monitoring services to approximately 16,910 automobile dealerships, contributing 41.7% of total revenue[21]. - The Group managed a total of 68 automobile dealerships, generating 4.0% of its revenue from automobile dealership operation management services[22]. - The upgraded "9CheGO" platform facilitated the sale of 5,747 vehicles, contributing to 54.3% of the Group's revenue from new automobile circulation services[31]. - The Group operates in over 500 cities across 31 provinces in China, leveraging its extensive network to maintain a dominant market position[20]. - The company plans to complete visits to 500 counties and districts by the end of September 2025 to expand the onboarding of new automobile dealerships on the 9CheGO platform[142]. Strategic Initiatives - The Group has established strategic partnerships with multiple automobile manufacturers, laying a solid foundation for future large-scale expansion[29]. - The Group is enhancing its risk prevention and control framework in pledged vehicle monitoring services to ensure sustainable business growth[45]. - The Group aims to optimize dealership networks and inventory management through data-driven insights and digital tools in its automobile dealership operation management services[46]. - The Group is focused on integrating resources across automobile dealerships, suppliers, and consumers to enhance the "9CheGO" platform's capabilities[47]. - The Group plans to complete the development of its data platform, adopting a subscription-based model to provide data labels, automated report generation, and intelligent modeling services[49]. Expenses and Costs - The cost of sales increased by RMB 354.8 million or 187.1% to RMB 544.4 million for the reporting period, compared to RMB 189.6 million for the six months ended June 30, 2024[80]. - Research and development expenses increased by 26.4% to RMB 11.0 million, primarily due to higher staff costs and an increase in the number of staff[98]. - General and administrative expenses decreased by RMB 10.0 million or 15.3% to RMB 55.3 million, mainly due to a reduction in listing expenses and share-based compensation[99]. - Sales and marketing expenses increased by RMB 1.0 million or 25.6% to RMB 4.9 million, attributed to higher staff costs and an increase in employees related to new automobile circulation services[97]. Financing and Capital Management - The Group's cash and cash equivalents were RMB131.0 million as of June 30, 2025[153]. - The gearing ratio as of June 30, 2025, was 50.5%, indicating a significant increase from nil as of December 31, 2024[154]. - The net cash used in operating activities for the Reporting Period was RMB364.7 million, primarily due to increases in inventories and prepaid expenses[169]. - The net cash generated from financing activities was RMB91.9 million, mainly from bank loans and other borrowings, partially offset by dividends paid[169]. - The Group plans to utilize approximately HK$254.1 million from the global offering, with 32.0 million already utilized and 158.5 million remaining unutilized as of June 30, 2025[185]. Corporate Governance - The Group has confirmed compliance with the Corporate Governance Code during the reporting period, ensuring high standards of corporate governance[187]. - The Group has adopted the Model Code for Securities Transactions, ensuring that all directors and senior management comply with securities transaction regulations[188]. - The Company was not involved in any material legal proceedings or arbitrations during the reporting period, indicating a stable legal standing[198].
长久股份(06959) - 2025 - 中期财报