Financial Performance - For the six months ended September 30, 2025, the company's revenue was RMB 29,782,000, a decrease of 75.7% compared to RMB 122,497,000 for the same period in 2024[4] - The gross profit for the same period was RMB 3,208,000, down 72.1% from RMB 11,525,000 year-over-year[4] - The loss before tax from continuing operations was RMB 29,938,000, significantly improved from a loss of RMB 669,227,000 in the previous year[4] - The total comprehensive loss for the period was RMB 31,394,000, compared to RMB 593,936,000 for the same period in 2024, indicating a substantial reduction in losses[6] - The company reported a basic loss per share of RMB 9.21 for the period, compared to RMB 166.90 in the previous year, reflecting a significant improvement[5] - For the six months ended September 30, 2025, the group recorded a net loss from continuing operations of RMB 30,100,000[11] - The group reported a total loss before tax of RMB 33,014,000 for the six months ended September 30, 2025[19] - The company reported a basic and diluted loss per share of RMB 0.092 for the six months ended September 30, 2025, compared to RMB 1.670 for the same period in 2024, indicating a substantial improvement[28] - The total income tax expense for the six months ended September 30, 2025, was RMB 150,000, compared to a tax benefit of RMB 70,709,000 for the same period in 2024, reflecting a shift in tax position[24] - The company did not declare any interim dividends for the six months ended September 30, 2025, consistent with the previous year[29] Assets and Liabilities - As of September 30, 2025, total assets amounted to RMB 1,034,242,000, down from RMB 1,324,633,000 as of March 31, 2025[7] - Current liabilities totaled RMB 1,337,622,000, a decrease from RMB 1,856,925,000 at the end of the previous reporting period[8] - The net current liabilities were RMB 627,501,000, improved from RMB 942,524,000 in the previous period[8] - The group's current liabilities and total liabilities were RMB 627,500,000 and RMB 654,700,000, respectively[11] - The total value of development properties and properties held for sale decreased from RMB 382,908,000 as of March 31, 2025, to RMB 263,871,000 as of September 30, 2025[35] - The company has pledged investment properties valued at RMB 216,980,000 as collateral for bank loans as of March 31, 2025[33] - The company’s total liabilities decreased significantly from RMB 243,090,000 to RMB 128,182,000 over the six-month period[47] - As of September 30, 2025, the company's total liabilities were approximately RMB 1,374,400,000, with net debt at about RMB 654,700,000[83] Cash Flow and Financing - The net cash flow from operating activities for the six months ended September 30, 2025, was RMB 5,820,000, down from RMB 7,459,000 in 2024[71] - The company reported a net cash outflow from operating activities of RMB 55,400,000, compared to RMB 34,100,000 for the same period in 2024[111] - The company plans to explore financing options, including discussions with major shareholders for financial support and seeking professional advice on alternative strategies to improve financial conditions[82] - The company issued convertible bonds totaling HKD 60,000,000 (approximately RMB 55,734,000) on June 23, 2023, with a maturity date of June 22, 2026, and an annual interest rate of 6%[48] - The estimated effective interest rate for the convertible bonds is 16.23% as of September 30, 2025, compared to 4.61% to 16.23% as of March 31, 2025[53] Property and Development - The company continues to focus on property development and management in China, with ongoing projects in planning and design stages[9] - The group anticipates selling properties in Baishan and Yanji in the near future[15] - The company completed the sale of the Fushun property project for a total consideration of RMB 18,698,000, which was recognized as other income and gains[56] - The sale of the Dunhua project resulted in a gain of RMB 123,000, recognized in other income and gains[60] - The company is actively seeking potential properties for rental income or capital appreciation, focusing on resource allocation in other regions[63] - The company has classified certain investment properties as discontinued operations under Hong Kong Financial Reporting Standards No. 5[63] - The company’s management believes that exiting the Fushun and Dunhua businesses will allow for a more focused approach on other commercial opportunities[63] Operational Metrics - The company has reclassified certain property investment segments as discontinued operations, impacting the overall financial presentation[9] - The company has not adopted new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial performance[13] - The group’s financing costs for the six months ended September 30, 2025, amounted to RMB 34,079,000[19] - Financing costs for continuing operations totaled RMB 33,402,000 for the six months ended September 30, 2025, compared to RMB 19,634,000 for the same period in 2024, reflecting a significant increase of 70.5%[22] - The group recorded a gross loss margin of 22.3% for property sales in the six months ended September 30, 2025[92] Employee and Administrative Costs - The total employee costs for the six months ended September 30, 2025, were approximately RMB 8,500,000, a decrease from RMB 8,700,000 for the same period in 2024[117] - Administrative expenses decreased from RMB 17,300,000 for the six months ended September 30, 2024, to RMB 10,800,000 for the same period in 2025, due to ongoing cost control measures[94] - As of September 30, 2025, the company had 163 full-time employees, down from 178 as of March 31, 2025[117] Directors and Governance - The executive directors of China Changbaishan International Holdings Limited include Xu Yingchuan (acting chairman), Li Junjie, and Cong Peifeng[123] - The non-executive directors consist of Cui Mindong and Zhao Shanneng, while the independent non-executive directors are Zeng Hongji, Wang Xiaochu, and Wang Meirong[123]
中国长白山国际(00989) - 2026 - 中期业绩