Financial Performance - For the six months ended June 30, 2022, the company's revenue was RMB 16,123 thousand, a decrease of 44.0% compared to RMB 28,815 thousand for the same period in 2021[10]. - The net loss attributable to equity holders of the parent company was RMB 10,653 thousand, compared to a profit of RMB 793 thousand in the first half of 2021[10]. - Revenue for the reporting period was approximately RMB 16.1 million, representing a decrease of about RMB 12.7 million or 44.0% compared to the same period last year[21]. - Regular management fees recorded during the reporting period were approximately RMB 13.0 million, accounting for about 80.8% of total revenue, a decrease of approximately 45.9% year-on-year[27]. - The performance fees were not recorded during the reporting period due to market downturns, contrasting with RMB 1.0 million earned in the same period last year[28]. - Other income decreased significantly by approximately 82.1%, from RMB 3.4 million in the previous year to about RMB 0.6 million[33]. - The government subsidies received decreased from approximately RMB 1.5 million to about RMB 0.6 million, primarily due to reduced tax payments[38]. - The group recognized a loss of approximately RMB 10.7 million for the reporting period, a decrease of about RMB 11.5 million compared to a profit of RMB 0.8 million for the six-month period ended June 30, 2021[44]. - The company reported a loss before tax of RMB 10,890,000, compared to a profit of RMB 1,529,000 in the previous year[128]. - The net loss for the period was RMB 10,653,000, compared to a profit of RMB 793,000 in 2021[128]. - Basic and diluted loss per share for the period was RMB (6.76), compared to earnings of RMB 0.06 per share in the prior year[130]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to RMB 369,112 thousand, down from RMB 433,018 thousand as of December 31, 2021, representing a decrease of 14.8%[10]. - The total liabilities decreased to RMB 13,326 thousand from RMB 26,446 thousand, a reduction of 49.7%[10]. - The total equity as of June 30, 2022, was RMB 355,786 thousand, down from RMB 406,572 thousand, reflecting a decrease of 12.5%[10]. - The group’s cash and cash equivalents were approximately RMB 6.7 million as of June 30, 2022, down from RMB 26.8 million as of December 31, 2021[45]. - The group had no outstanding loans, borrowings, or bank overdrafts as of June 30, 2022, resulting in a debt-to-asset ratio of zero[46]. - Non-current assets as of June 30, 2022, totaled RMB 145,083,000, down from RMB 154,617,000 at the end of 2021, a decrease of 6.5%[133]. - Current assets amounted to RMB 224,029,000, a slight decrease from RMB 236,939,000 at the end of 2021[133]. - Total liabilities decreased to RMB 13,326,000 from RMB 25,192,000, reflecting a reduction of 47.3%[135]. - The company's equity attributable to owners of the parent was RMB 353,745,000, down from RMB 364,040,000 at the end of 2021[135]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2022, was a net outflow of RMB 21,660,000, compared to a net outflow of RMB 9,956,000 in the same period of 2021[151]. - Investment activities generated a cash inflow of RMB 2,775,000 for the six months ended June 30, 2022, compared to an outflow of RMB 30,434,000 in the same period of 2021[154]. - Cash and cash equivalents at the end of June 30, 2022, were RMB 6,726,000, down from RMB 14,021,000 at the end of June 30, 2021[154]. - The total reserves as of June 30, 2022, amounted to RMB 200,405,000, a decrease from RMB 210,700,000 as of December 31, 2021[148]. - The company recognized a loss of RMB 6,443,000 from joint ventures and associates for the six months ended June 30, 2022, compared to a loss of RMB 2,166,000 in the same period of 2021[151]. - The company received dividends from investments in joint ventures amounting to RMB 2,830,000 for the six months ended June 30, 2022, compared to RMB 1,876,000 in the same period of 2021[154]. Shareholder Information - As of June 30, 2022, Mr. Zhu Ping held 15,000,000 shares, representing 75% of the total issued share capital of the company[84][87]. - Major shareholder Shanghai Shengxuan Investment Consulting Co., Ltd. holds 15,000,000 domestic shares, representing 100.0% of the relevant class and 75.0% of the total share capital[92]. - Shanghai Weimian Investment Partnership (Limited Partnership) holds 79,012,675 domestic shares, accounting for 68.7% of the relevant class and 51.5% of the total share capital[92]. - Shanghai Weibo Investment Partnership holds 15,000,000 domestic shares, representing 13.0% of the relevant class and 98% of the total share capital[92]. - The total issued share capital as of June 30, 2022, is 153,340,000 shares[102]. - Shareholder Great Rainbow Investment holds 3,280,000 H shares, representing 8.6% of the total share capital[96]. - Shareholder Wang Qiong holds 2,392,800 H shares, accounting for 6.2% of the total share capital[96]. - China Everbright Fund Management Limited holds 2,000,000 H shares, representing 5.2% of the total share capital[99]. - Central Huijin Investment Limited holds 2,000,000 H shares, accounting for 5.2% of the total share capital[99]. - The company has a significant concentration of ownership among major shareholders, with the top three shareholders holding over 75% of the total share capital[92]. Operational Strategy and Management - The company adopted a more cautious investment strategy due to the adverse effects of COVID-19 on the Chinese economy and real estate sector[13]. - The company plans to leverage its experience in real estate and distressed assets to assist local governments and real estate companies in establishing relief funds[20]. - The company aims to enhance its competitiveness and improve risk management and internal control systems to ensure high-quality business development[20]. - The group maintained a prudent financial management policy, ensuring a stable liquidity position throughout the reporting period[47]. - The company maintained strict control over accounts receivable and has a credit monitoring team to minimize credit risk[194]. Legal and Regulatory Matters - The arbitration request amount against Shenzhen Haishi City Renewal Co., Ltd. totals approximately RMB 38,063,000 for unpaid equity transfer payments and related fees[69]. - As of January 12, 2021, the adjusted arbitration request amount increased to RMB 82,644,514, including payments for the 3rd and 4th phases of equity transfer[72]. - The final arbitration ruling on April 2, 2021, ordered Haishi City Renewal to pay RMB 69,722,494, which includes overdue payment penalties and legal fees[72]. - As of June 30, 2022, the fund had not received any payments under the execution settlement agreement, and legal measures were taken to freeze Haishi City Renewal's bank accounts[73]. Employee Information - The group employed a total of 98 employees as of June 30, 2022, down from 105 employees as of December 31, 2021[56].
瑞威资管(01835) - 2022 - 中期财报