Financial Performance - Consolidated revenue decreased by 62.9% to RMB 6.1 million compared to the same period last year[4] - Consolidated profit before tax decreased by 55.1% to RMB 1.4 million[4] - Gross profit decreased by 48.9% to RMB 5.2 million[4] - Profit attributable to owners of the company decreased by 52.9% to RMB 1.6 million[4] - Basic earnings per share decreased from RMB 0.31 to RMB 0.14[4] - For the six months ended September 30, 2025, total revenue was RMB 6,146,000, with a segment performance of RMB 3,534,000[39] - The group recorded a profit before tax of approximately RMB 1.4 million for the six months ended September 30, 2025, down from RMB 3.0 million in 2024[68] - Basic earnings per share for the six months ending September 30, 2025, were RMB 0.14, compared to RMB 0.31 for the same period in 2024[49] Dividends and Shareholder Returns - The board of directors did not declare an interim dividend[4] - The company did not declare any interim dividends for the six months ending September 30, 2025[47] - The company expects no withholding tax to be accrued as it does not anticipate distributing retained earnings in the foreseeable future[46] Assets and Liabilities - Total assets decreased from RMB 99.4 million to RMB 94.0 million[7] - Total liabilities decreased from RMB 89.6 million to RMB 82.8 million[8] - The total assets as of September 30, 2025, amounted to RMB 93,995,000, while total liabilities were RMB (82,780,000)[40] - The total current liabilities of the group were approximately RMB 82.6 million as of September 30, 2025, down from RMB 89.4 million as of March 31, 2025[71] Cash Flow and Liquidity - Cash and cash equivalents decreased significantly from RMB 9.5 million to RMB 0.1 million[12] - Net cash used in operating activities was RMB 4.1 million, compared to a net cash generated of RMB 0.9 million in the previous period[12] - The group has cash and cash equivalents of only RMB 122,000, raising significant doubts about its ability to continue as a going concern[15] - The group had cash and cash equivalents of approximately RMB 0.1 million as of September 30, 2025, a significant decrease from approximately RMB 9.5 million as of March 31, 2025[71] Trade Receivables and Credit Risk - The group has identified a concentration of credit risk, with 69% of trade receivables located in Thailand as of September 30, 2025, compared to 54% as of March 31, 2025[27] - The total trade receivables amount to RMB 165,728,000, with full impairment provisions recognized for individually assessed receivables[27] - The expected loss provision for trade receivables is RMB 165,998, with a total carrying amount of RMB 12,901[29] - The expected loss rate for overdue receivables exceeding 1 year is 5.65% as of September 30, 2025, compared to 3.59% as of March 31, 2025[29] - The total expected credit loss provision for trade receivables increased from RMB 270 as of March 31, 2025, to RMB 165,998 as of September 30, 2025[31] - The aging analysis of trade receivables shows that RMB 5,751,000 is within 3 months, while RMB 2,512,000 is between 7 to 12 months, indicating a shift in receivables aging[53] Operational Strategy and Future Plans - The group plans to enhance and implement measures to improve working capital and cash flow, including close monitoring of administrative expenses and operating costs[17] - The group plans to resume production of plywood products and sell them overseas to achieve higher profit margins[76] - The company is focusing on developing new wood products with higher profit margins compared to traditional plywood, indicating a strategic shift in product offerings[62] - The company aims to modernize its production base in Heze to enhance plywood product offerings for overseas customers, reflecting a strategy for market expansion[62] - The company continues to maintain minimum operational scale in its plywood sales business despite low profit margins due to intense competition in the industry[62] Corporate Governance and Reporting - The audit committee reviewed the unaudited consolidated interim financial information for the six months ending September 30, 2025[83] - The company has adhered to the principles of the corporate governance code as per the listing rules appendix C1 for the six months ending September 30, 2025[84] - The interim report will be sent to shareholders at an appropriate time and will be available on the Hong Kong Stock Exchange website[85] Employee Costs and Expenses - The company incurred employee costs of RMB 511,000, significantly lower than RMB 1,379,000 in the previous year[43] - Sales and distribution expenses and administrative expenses totaled approximately RMB 3.1 million, a decrease from RMB 7.7 million in the previous year[67]
大森控股(01580) - 2026 - 中期业绩