Financial Performance - For the six months ended June 30, 2022, Kasen International Holdings Limited reported a consolidated revenue of approximately RMB 491.4 million, a decrease of about 30.1% compared to RMB 702.6 million for the same period in 2021[4]. - The gross profit for the same period was approximately RMB 174.5 million, with an average gross margin of 35.5%, compared to RMB 249 million and 35.4% respectively in 2021, reflecting a gross profit decrease of about 29.9%[4]. - The net profit attributable to shareholders for the first half of 2022 was approximately RMB 35.5 million, a decrease of about RMB 11.3 million or 24.2% from RMB 46.8 million in the same period of 2021[4]. - Revenue for the six months ended June 30, 2022, was RMB 491,387 thousand, a decrease of 30% compared to RMB 702,551 thousand for the same period in 2021[64]. - Gross profit for the same period was RMB 174,478 thousand, down 30% from RMB 248,998 thousand year-on-year[64]. - The overall profit for the period was RMB 13,143,000, a decrease of approximately 75% compared to RMB 53,636,000 in the same period last year[94]. Segment Performance - The furniture manufacturing and trading segment achieved a total revenue of approximately RMB 335 million, down about 7.4% from RMB 361.9 million in 2021, while the property development segment saw a significant decline of 60.3%, with revenue of RMB 112.9 million compared to RMB 284.7 million in 2021[6][9]. - The overall profit for the furniture segment increased by approximately 37.8%, reaching RMB 35.7 million compared to RMB 25.9 million in the previous year, despite external challenges[8]. - The property development segment generated revenue of RMB 112,935,000, a significant drop from RMB 284,667,000, reflecting a decline of approximately 60%[90][92]. - The manufacturing segment's profit increased to RMB 35,701,000 from RMB 25,862,000, showing an increase of about 38%[94]. - The property development segment's profit decreased to RMB 4,783,000 from RMB 24,072,000, a decline of approximately 80%[94]. - The "other" segment incurred a loss of RMB 25,907,000, compared to a profit of RMB 3,172,000 in the previous year[94]. Costs and Expenses - For the six months ended June 30, 2022, the group's sales and distribution costs increased to approximately RMB 45,600,000, up from RMB 41,700,000 in the same period of 2021, representing an increase of approximately RMB 3,900,000[13]. - The ratio of sales and distribution costs to revenue for the first half of 2022 rose to approximately 9.3%, compared to about 5.9% in the same period of 2021[13]. - Administrative costs for the first half of 2022 were approximately RMB 89,800,000, a decrease of about RMB 11,100,000 from approximately RMB 100,900,000 in the same period of 2021[13]. - The total employee compensation for the first half of 2022 was approximately RMB 85,000,000, down from RMB 95,100,000 in the same period of 2021[23]. Assets and Liabilities - As of June 30, 2022, the company had cash and cash equivalents totaling approximately RMB 307,500,000, an increase from RMB 279,600,000 as of December 31, 2021[15]. - The group's total borrowings amounted to approximately RMB 814,300,000 as of June 30, 2022, compared to RMB 804,100,000 as of December 31, 2021[15]. - Inventory as of June 30, 2022, was approximately RMB 76,200,000, a decrease of about RMB 17,500,000 from approximately RMB 93,700,000 as of December 31, 2021[15]. - Current assets amounted to RMB 4,169,896 thousand as of June 30, 2022, slightly down from RMB 4,183,051 thousand at the end of 2021[70]. - The company's current liabilities totaled RMB 1,585,152 thousand, a decrease of 5.1% from RMB 1,670,370 thousand as of December 31, 2021[72]. - The total liabilities for the group decreased to RMB 2,252,265,000 as of June 30, 2022, from RMB 2,320,402,000 as of December 31, 2021, a reduction of 2.9%[98]. Cash Flow and Financing - The company's cash flow from operating activities for the six months ended June 30, 2022, was RMB 42,912 thousand, a significant decline of 58.6% compared to RMB 103,565 thousand for the same period in 2021[79]. - The company reported a net cash outflow from investing activities of RMB 3,643 thousand, a substantial improvement from RMB 87,551 thousand in the previous year[79]. - The group obtained additional bank and other borrowings of approximately RMB 190,243,800 during the period, compared to RMB 275,945,000 for the six months ended June 30, 2021[130]. - The group repaid bank and other borrowings amounting to RMB 180,066,000, compared to approximately RMB 276,281,000 for the six months ended June 30, 2021[130]. Shareholder Information - As of June 30, 2022, the major shareholder, Mr. Zhu, holds 568,005,113 shares, representing approximately 38.03% of the total issued shares[30]. - Major shareholders include Joyview1 and Prosperity and Wealth Limited1, each holding 555,645,113 shares, which is 37.20% of the issued share capital[43]. - Team Ease Limited2, beneficially owned by Chen Tian Er, holds 235,043,057 shares, representing 15.74% of the issued share capital[43]. - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[53]. Corporate Governance - The company has adopted the corporate governance code as its regular governance practices and believes it has complied with the code provisions[47]. - The audit committee, composed of three independent non-executive directors, reviewed the financial reports and internal control effectiveness for the six months ended June 30, 2022[49]. Future Outlook - The group will not develop new projects in the domestic real estate sector in the short term, instead focusing on sales and delivery of existing projects[27]. - The development of the "Phnom Penh Carson Garden" project in Cambodia is a priority to expand sales revenue[27]. - The company continues to assess the impact of the ongoing Covid-19 pandemic on its operations and investment strategies, indicating potential further negative performance and liquidity constraints[86].
卡森国际(00496) - 2022 - 中期财报