Financial Performance - For the six months ended June 30, 2023, the company reported revenue of RMB 478.56 million, a significant increase of RMB 471.6 million or 6,769.9% compared to RMB 6.966 million in the same period of 2022[6]. - Gross profit for the same period rose to RMB 30.77 million, an increase of RMB 28.0 million or 1,031.5% from RMB 2.719 million in 2022[7]. - The company recorded a net profit of RMB 15.9 million for the period, compared to a net loss of RMB 20.03 million in the previous year[8]. - The company reported a total comprehensive income of RMB 3.08 million for the period, compared to a loss of RMB 15.3 million in 2022[11]. - Earnings per share for the period were RMB 1.40, a recovery from a loss of RMB 2.71 per share in the previous year[11]. - The company reported a significant increase in inventory, which rose to RMB 6,453 thousand as of June 30, 2023, from RMB 4,817 thousand as of December 31, 2022[13]. - The company reported a pre-tax profit of RMB 11,219,000 for the six months ended June 30, 2023, compared to a loss of RMB 19,527,000 in the same period of 2022[43]. - The group recorded a profit attributable to owners of the company of RMB 11.2 million, a turnaround from a loss of RMB 19.5 million in the same period last year[95]. Revenue Sources - Revenue from external customers for the six months ended June 30, 2023, was RMB 478,560,000, a significant increase from RMB 6,966,000 for the same period in 2022[33]. - The group generated RMB 464,529,000 in revenue from mainland China for the six months ended June 30, 2023, compared to RMB 6,966,000 for the same period in 2022[33]. - Revenue from external customers in Hong Kong for the same period was RMB 14,031,000, with no revenue reported in the previous year[33]. - The total income from customer contracts for the six months ended June 30, 2023, was RMB 478,560,000, with significant contributions from various product sales including domestic tours and free travel products[38]. - Total tour sales increased by RMB 62.3 million or 2,471.3% from RMB 2.52 million in the same period last year to RMB 64.82 million, driven by increased demand following the easing of COVID-19 restrictions[76]. - Total revenue from free travel products reached RMB 396.2 million, a significant increase from zero in the same period last year[77]. - Traditional group tours generated revenue of RMB 54.33 million, accounting for 83.8% of total tour sales, while customized tours accounted for 16.2% with revenue of RMB 10.49 million[74]. Expenses and Costs - The company experienced a foreign exchange loss of RMB 12.82 million during the period, compared to a gain of RMB 4.73 million in the same period last year[10]. - The company’s administrative expenses increased to RMB 19.38 million from RMB 10.99 million in the previous year, reflecting higher operational costs[10]. - Sales costs surged to RMB 447.8 million, an increase of RMB 443.5 million or 10,443.8% from RMB 4.2 million in the previous year, due to the recovery of the tourism industry[86]. - The gross profit margin for the overall business was 6.4%, down from 39.0% in the previous year[87]. - Selling and distribution expenses increased by 68.7% to RMB 7.4 million, primarily due to a rise in employee costs as business operations resumed[90]. - Administrative expenses surged by 76.3% to RMB 19.4 million, driven by increased depreciation and higher employee costs from new business initiatives[91]. Assets and Liabilities - As of June 30, 2023, total assets amounted to RMB 457,580 thousand, a decrease from RMB 459,820 thousand as of December 31, 2022[13]. - The company reported a net loss of RMB 19,527 thousand for the six months ended June 30, 2023, compared to a net loss of RMB 42,782 thousand for the same period in 2022[14]. - Cash and cash equivalents decreased to RMB 18,109 thousand as of June 30, 2023, down from RMB 43,795 thousand at the beginning of the period[16]. - Trade receivables increased significantly to RMB 101,140 thousand as of June 30, 2023, from RMB 18,430 thousand as of December 31, 2022[13]. - The company's total equity as of June 30, 2023, was RMB 91,522 thousand, an increase from RMB 88,210 thousand as of December 31, 2022[13]. - The group recorded a share of losses from associates amounting to RMB 1.7 million during the period, compared to RMB 0.5 million in the same period last year[123]. - As of June 30, 2023, the group's current assets and current liabilities were RMB 323.1 million and RMB 358.2 million, respectively, with a current ratio of 0.9 times[111]. Business Strategy and Future Outlook - The company plans to continue expanding its travel-related products and services in response to the recovery of the tourism industry in China[6]. - The company plans to expand its health product sales, including NMN supplements, and will begin selling these products through its online platform[68]. - The company aims to open offline stores in Hong Kong to enhance the synergy between tourism and shopping[68]. - The company is diversifying its business by providing information system development services and selling digital asset products[68]. - The company anticipates continued improvement in tourism-related business performance in the second half of 2023[67]. - The travel market in China is expected to contribute over 150% growth to the GDP in 2023, indicating a strong recovery[67]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring robust oversight of financial reporting and compliance[142]. - The company has adhered to the corporate governance code, with the exception of a deviation regarding the separation of the roles of Chairman and CEO[144]. - The company maintains a high standard of corporate governance, regularly reviewing and enhancing its practices[144]. - The board believes that the current arrangement of Mr. He serving as both Chairman and CEO is in the best interest of the company for effective management[145]. Shareholder Information - The company’s directors and senior management held a total of 328,574,700 shares, representing approximately 41.07% of the company's issued share capital as of June 30, 2023[129]. - The company has not granted any share options under the share option scheme since its adoption on June 11, 2019[139]. - The company has established a share option plan approved by shareholders, but no options have been granted to date[139]. - The major shareholders include Mr. He with 41.0718% and Ms. Qian with 41.0718% of the company's shares[136].
飞扬集团(01901) - 2023 - 中期财报