Revenue Performance - Total revenue for the six months ended June 30, 2023, decreased by approximately 8.4% to about RMB 87.3 million from RMB 95.3 million in the same period of 2022[6] - Sales revenue from the all-steel raised floor products decreased by 13.5% to approximately RMB 73.3 million, contributing about 84.0% to total revenue[11] - Revenue from calcium sulfate raised floor products increased significantly by 32.3% to approximately RMB 14.0 million, driven by higher demand from high-end clients such as data center contractors[12] - Revenue for the six months ended June 30, 2023, was RMB 87.31 million, a decrease of 8.5% compared to RMB 95.32 million for the same period in 2022[37] - Total reported segment revenue decreased to RMB 87,310,000, a decline of 8.4% from RMB 95,319,000 in 2022[58] - Revenue from the full steel raised access floor segment was RMB 73,328,000, down 13.5% from RMB 84,749,000 in the same period last year[55] - Revenue from the calcium sulfate raised access floor segment increased by 32.9% to RMB 13,982,000 from RMB 10,570,000[55] - Revenue from installation services was RMB 5,006,000, a slight decrease from RMB 5,441,000 in the prior year[63] - Revenue from other countries and regions amounted to RMB 9,978,000, an increase of 26.1% from RMB 7,906,000 in 2022[62] Profitability - For the six months ended June 30, 2023, the total gross profit was approximately RMB 16,204,000, a decrease of 24.7% from RMB 21,481,000 for the same period in 2022, with a gross margin of 18.6%, down 3.9 percentage points from 22.5%[16] - Operating profit for the period was approximately RMB 3,100,000, a decline of 54.4% from RMB 6,700,000 for the six months ended June 30, 2022[20] - Gross profit for the same period was RMB 16.20 million, down 24.8% from RMB 21.48 million in 2022[37] - Operating profit decreased to RMB 5.71 million, a decline of 45.0% from RMB 10.40 million in the previous year[37] - Net profit for the period was RMB 3.07 million, down 54.4% from RMB 6.74 million in 2022[37] - Reported segment profit was RMB 5,183,000, down 50.5% from RMB 10,479,000 in the previous year[58] Expenses and Costs - Selling and distribution expenses increased by approximately RMB 1,300,000 or 55.3% to RMB 3,600,000, primarily due to higher employee and travel costs[18] - Total financing costs decreased to RMB 1,709,000 from RMB 1,767,000, a reduction of 3.3%[68] - Research and development costs were RMB 4,237,000, slightly up from RMB 4,147,000, indicating a growth of 2.2%[71] Assets and Liabilities - The total assets as of June 30, 2023, were approximately RMB 491,400,000, an increase from RMB 447,800,000 as of December 31, 2022[21] - The total liabilities increased to approximately RMB 181,300,000 as of June 30, 2023, compared to RMB 140,700,000 as of December 31, 2022, with bank borrowings rising to RMB 130,000,000[21] - The cash and cash equivalents increased significantly to approximately RMB 98,900,000 as of June 30, 2023, from RMB 47,200,000 as of December 31, 2022[21] - Total assets increased to RMB 491.44 million as of June 30, 2023, compared to RMB 447.82 million at the end of 2022, reflecting a growth of 9.7%[39] - Cash and cash equivalents rose significantly to RMB 98.91 million from RMB 47.25 million, an increase of 109.5%[39] - Trade receivables decreased to RMB 133,240,000 as of June 30, 2023, down 24.1% from RMB 175,490,000 as of December 31, 2022[84] - Contract assets as of June 30, 2023, totaled RMB 91,408,000, an increase of 6.5% from RMB 85,643,000 as of December 31, 2022[81] - Contract liabilities increased to RMB 3,584,000 as of June 30, 2023, from RMB 2,095,000 as of December 31, 2022, reflecting a growth of 71.2%[88] - The total trade payables as of June 30, 2023, were RMB 23,169,000, an increase of 21.1% from RMB 19,148,000 as of December 31, 2022[86] Cash Flow - The net cash inflow from operating activities was approximately RMB 13,400,000 for the period, down from RMB 44,800,000 for the same period in 2022[30] - Net cash generated from operating activities for the six months ended June 30, 2023, was RMB 13,403,000, a decrease of 70% compared to RMB 44,839,000 in 2022[45] - Total cash used in investing activities was RMB 9,989,000, an improvement from RMB 15,876,000 in the previous year[45] Corporate Governance and Management - The company did not declare any interim dividends for the six months ended June 30, 2023, consistent with the previous year[77] - The effective corporate income tax rate for the company is 15% due to its recognition as a "high-tech enterprise" in China[74] - The company has not granted any stock options since the adoption of the stock option plan on December 19, 2019, and there are no unexercised stock options as of June 30, 2023[96] - The company did not enter into any related party transactions or continuing connected transactions during the reporting period[102] - The board confirmed that there were no direct or indirect competitive businesses involving directors or their close associates during the reporting period[103] - The company believes it has complied with all applicable corporate governance code provisions during the reporting period[106] - The audit committee, established on December 19, 2019, consists of three independent non-executive directors and is responsible for reviewing financial reporting procedures and internal controls[110] Shareholding Structure - As of June 30, 2023, Mr. Shen holds 509,000,000 shares, representing 50.90% of the company’s equity[93] - As of June 30, 2023, 嘉辰投資 holds 277,625,000 shares, representing 27.76% of the company's equity[99] - 鑫辰投資 owns 231,375,000 shares, accounting for 23.14% of the company's equity[99] - 沈明輝先生 is deemed to have interests in 131,475,000 shares held by 億龍投資, which constitutes 13.15% of the company's equity[99] - 環球運鴻集團有限公司 holds 100,000,000 shares, making up 10.00% of the company's equity[99]
佳辰控股(01937) - 2023 - 中期财报