Revenue Breakdown - For the six months ended September 30, 2025, the interior design and project management business accounted for 80.4% of total revenue[16] - Leasing activities generated 19.6% of total revenue for the six months ended September 30, 2025[17] - The agricultural products trading segment accounted for 0% of total revenue for the six months ended September 30, 2025, due to significantly increased costs[18] - For the six months ended September 30, 2025, the company reported revenue of RMB 6,146,000, a decrease of 63.0% compared to RMB 16,584,000 for the same period in 2024[44] - The company reported total revenue of RMB 6,146,000 for the six months ended September 30, 2025, with contributions of RMB 4,942,000 from Thailand and RMB 1,204,000 from China[80] Profit and Loss - The group's consolidated revenue for the six months ended September 30, 2025, was approximately RMB 6.1 million, a decrease of about 62.9% compared to RMB 16.6 million for the same period in 2024[19] - The consolidated gross profit for the six months ended September 30, 2025, was approximately RMB 5.2 million, down about 48.9% from RMB 10.1 million for the same period in 2024, with a gross margin of 84.2% compared to 61.1% in 2024[19] - 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 for the same period in 2024, primarily due to the recovery of the plywood business[20] - The company recorded a profit before tax of RMB 1,368,000 for the same period, with no income tax expenses reported[81] - The company reported a net loss of RMB 1,581,000, resulting in total comprehensive income of RMB 1,368,000[47] Cash Flow and Assets - As of September 30, 2025, the group's current assets were approximately RMB 31.3 million, down from RMB 36.3 million as of March 31, 2025[23] - The group's cash and cash equivalents decreased from approximately RMB 9.5 million as of March 31, 2025, to approximately RMB 0.1 million as of September 30, 2025, primarily due to the settlement of other payables and repayment of loans[23] - The company's cash and cash equivalents decreased significantly to RMB 122,000 from RMB 9,489,000, a drop of 98.7%[46] - Operating cash flow for the six months was negative at RMB (4,067,000), compared to a positive RMB 904,000 in the same period last year[49] - Total assets as of September 30, 2025, were RMB 93,995,000, down from RMB 99,408,000 as of March 31, 2025[46] Liabilities and Equity - As of September 30, 2025, the group's total borrowings were approximately RMB 29.1 million, down from RMB 34.4 million as of March 31, 2025[25] - The company has a net current liability of RMB 51,300,000, with current borrowings amounting to RMB 29,118,000, raising concerns about its ability to continue as a going concern[52] - The company's total equity increased to RMB 11,215,000 from RMB 9,847,000, indicating a growth of 13.9%[46] - The company's total liabilities included RMB (39,421,000) in plywood and related services, indicating a diversified liability structure across different segments[84] Business Operations and Strategy - The company is actively seeking opportunities to acquire or collaborate with other plywood companies that have higher profit margins and overseas networks[12] - The company is developing new wood products with higher profit margins compared to traditional plywood products[12] - The referral business, initiated in 2023, aims to create stable and profitable income sources beyond plywood sales[13] - The company is modernizing its production base in Heze City to potentially produce high-quality wood products for overseas customers[12] - The group plans to resume plywood production and sell products overseas to achieve higher profit margins, utilizing the factory's capacity effectively[27] Credit Risk Management - The concentration of credit risk in Thailand accounted for 69% of total receivables as of September 30, 2025, up from 54% as of March 31, 2025[67] - The expected credit loss provision for trade receivables was RMB 165,998,000 as of September 30, 2025, unchanged from March 31, 2025[72] - The expected loss rates for overdue trade receivables were 0.32% for those overdue within 6 months and 5.65% for those overdue over 1 year as of September 30, 2025[70] - The credit risk management policy ensures that credit terms granted to customers do not exceed 90 days, with ongoing assessments of their creditworthiness[63] - The total loss provision for trade receivables as of September 30, 2025, includes RMB 270,000 for overdue amounts and RMB 165,728,000 for individually assessed receivables[70] Administrative and Employee Costs - Total sales and distribution expenses and administrative expenses amounted to approximately RMB 3.1 million, a decrease from RMB 7.7 million for the same period in 2024[19] - The company reported employee costs, including director remuneration, of RMB 511,000 for the six months ended September 30, 2025, significantly lower than RMB 1,379,000 in the previous year[85] - Total compensation for key management personnel for the six months ended September 30, 2025, was RMB 166,000, a decrease of 67.4% from RMB 509,000 for the same period in 2024[102] Investment and Property - The company has changed its investment property measurement policy to fair value, which is expected to better reflect its operational performance[56] - Investment properties located in China are valued at RMB 51,900,000, remaining unchanged since March 31, 2025[100] - The total assets pledged as collateral amount to RMB 58,375,000 as of September 30, 2025, slightly down from RMB 58,494,000 as of March 31, 2025[100] Other Financial Information - The company did not declare any interim dividend for the six months ended September 30, 2025[40] - The company has no outstanding share options under the share option scheme as of September 30, 2025[38] - The company faced foreign exchange risks primarily due to fluctuations between RMB and HKD, but reported no significant impact on its operations during the reporting period[42] - The company has not recognized any deferred tax liabilities due to the expectation that its subsidiaries in China will not distribute retained earnings in the foreseeable future[88] - There were no major acquisitions or disposals of subsidiaries and associates during the six months ended September 30, 2025[30]
大森控股(01580) - 2026 - 中期财报