Financial Performance - For the first half of 2022, the company's revenue was approximately RMB 460 million, a decrease of 22.9% compared to RMB 597 million in the first half of 2021[12]. - The net loss for the first half of 2022 was approximately RMB 138 million, compared to a net loss of RMB 222 million in the same period of 2021[12]. - The sales volume of clothing products in the first half of 2022 was about 1.2 million pieces, a reduction of approximately 50% from 2.4 million pieces in the first half of 2021[14]. - The gross profit for the first half of 2022 increased to approximately RMB 105 million, with a gross margin of 22.9%, up from 10.4% in the first half of 2021, representing an increase of about 12.5 percentage points[22]. - The company recorded no sales from self-operated stores in the first half of 2022, while sales from self-operated stores were approximately RMB 66.3 million or 11.1% in the first half of 2021[16]. - The cost of sales decreased from approximately RMB 535 million in the first half of 2021 to RMB 355 million in the first half of 2022[21]. - Sales and distribution expenses for the first half of 2022 were approximately RMB 11.4 million, an increase of about RMB 2.8 million (or approximately 32.6%) from RMB 8.6 million in the first half of 2021[26]. - Administrative and other operating expenses decreased to approximately RMB 10.4 million in the first half of 2022, down about RMB 8.4 million (or approximately 44.7%) from RMB 18.8 million in the first half of 2021[28]. - The net loss for the period was approximately RMB 13.8 million, an improvement from a loss of approximately RMB 22.2 million in the first half of 2021[31]. - The company reported a loss attributable to shareholders of RMB 13,783,000, compared to a loss of RMB 22,194,000 for the same period in 2021, indicating a 38.2% reduction in losses[102]. - The group reported a pre-tax loss of RMB 13,783,000 for the six months ended June 30, 2022, an improvement from a loss of RMB 22,194,000 in the same period of 2021[141]. Cash Flow and Assets - Cash and cash equivalents increased by approximately RMB 35.6 million in the first half of 2022, compared to an increase of approximately RMB 3.8 million in the first half of 2021[38]. - As of June 30, 2022, the group recorded net current assets of approximately RMB 52.3 million, with a current ratio of 1.5, down from RMB 58.5 million and a ratio of 1.9 as of December 31, 2021[32]. - The company’s total assets as of June 30, 2022, amounted to RMB 236,646,000, an increase from RMB 216,539,000 as of December 31, 2021[130]. - The company’s current liabilities increased to RMB 150,515 thousand as of June 30, 2022, compared to RMB 121,984 thousand as of December 31, 2021, indicating a rise of about 23.4%[104]. - The company’s non-current assets, including property, plant, and equipment, totaled RMB 86,131 thousand as of June 30, 2022, down from RMB 94,555 thousand as of December 31, 2021, representing a decrease of approximately 8.9%[104]. - The total assets minus current liabilities amounted to RMB 138,447 thousand, a decrease from RMB 153,042 thousand as of December 31, 2021, representing a decline of approximately 9.5%[104]. - The company’s inventory as of June 30, 2022, was RMB 35,831 thousand, an increase from RMB 31,106 thousand as of December 31, 2021, indicating a rise of about 15.5%[104]. - Trade receivables as of June 30, 2022, totaled RMB 49,272,000, down from RMB 65,883,000 as of December 31, 2021, indicating improved collection efficiency[150]. Shareholder Information - The company did not declare any interim dividend for the first half of 2022, consistent with the previous year[66]. - Major shareholder 华智 holds 24,817,669 shares, representing 17.51% of the total shares[78]. - 丁丽真女士 holds 4,224,000 shares, which is 2.98% of the total shares[78]. - 丁培源先生 also holds 4,231,200 shares, accounting for 2.99% of the total shares[78]. - The total number of issued ordinary shares was 141,696,000 as of June 30, 2022[78]. - The company has granted options to acquire a total of 130,000 shares under the pre-IPO share option plan as of June 30, 2022[92]. - The total number of share options granted under the share option scheme is capped at 10% of the issued shares at the time of listing, which amounts to 80,000,000 shares[94]. - The maximum number of shares that can be issued upon the exercise of all share options granted under the scheme cannot exceed 30% of the issued shares at any time[96]. Operational Developments - The company plans to expand its supply chain management business in mainland China, which is expected to provide new revenue opportunities[12]. - The outlook for the second half of 2022 remains uncertain due to the potential impact of the COVID-19 pandemic, but the company maintains a long-term optimistic view on sustainable growth opportunities[13]. - There were no significant investments, acquisitions, or disposals of subsidiaries during the six months ending June 30, 2022[56]. - The company has not held any foreign currency investments, and its operations were not significantly affected by currency fluctuations[57]. - The company employed approximately 300 full-time employees as of June 30, 2022[58]. - The board consists of three executive directors and three independent non-executive directors, adhering to corporate governance codes[60]. Financing and Liabilities - The group’s bank borrowings were approximately RMB 20.2 million as of June 30, 2022, down from approximately RMB 43.3 million as of December 31, 2021[37]. - The planned use of proceeds from the placement of 23,616,000 shares includes RMB 8 million for loan repayment, representing 59.3% of the total proceeds[50]. - The company incurred a total financing cash outflow of RMB 13,503 thousand during the six months ended June 30, 2022, compared to a net inflow of RMB 5,001 thousand in the same period of 2021[111]. - The company’s assets pledged for bank loans included properties valued at RMB 36,841,000 as of June 30, 2022, compared to RMB 26,150,000 as of December 31, 2021[156]. - The interest rate for fixed-rate bank loans remained at 4.78% as of June 30, 2022, compared to a range of 4.78% to 5.52% as of December 31, 2021[158]. - The company has no significant contingent liabilities as of June 30, 2022[54]. Employee and Administrative Costs - Total employee costs for the first half of 2022 amounted to approximately RMB 96 million, a decrease from RMB 103 million in the first half of 2021[58]. - The group reported a decrease in employee costs to RMB 9,616,000 for the six months ended June 30, 2022, from RMB 10,328,000 in the same period of 2021[138]. - The group’s central administrative costs, including directors' remuneration, are included in the segment performance evaluation[128].
米格国际控股(01247) - 2022 - 中期财报