Financial Performance - For the six months ended June 30, 2022, the total cargo throughput was approximately 2,361,000 tons, an increase of about 330,000 tons or 16.2% compared to the same period last year[11]. - Revenue for the six months ended June 30, 2022, was approximately RMB 132.2 million, a decrease of about 33.5% compared to RMB 198.8 million in the same period last year[15]. - The revenue from handling services increased by approximately 17.8% to about RMB 49.6 million, driven by higher demand for coal, oil products, and grain[17]. - The revenue from oil product sales decreased by approximately 47.5% to about RMB 81.9 million, primarily due to a decline in demand attributed to price fluctuations[18]. - The overall gross profit increased by approximately 10.3% to about RMB 32.0 million, with the gross profit margin rising from approximately 14.6% to about 24.2%[22]. - The gross profit margin for the cargo handling and ancillary services segment was approximately 55.1%, up from about 53.3% in the same period last year[23]. - The profit attributable to the owners of the company for the six months ended June 30, 2022, was approximately RMB 10.6 million, an increase from approximately RMB 9.6 million for the same period in 2021, driven by improved gross margins and reduced finance costs[28]. - Net profit for the period was RMB 15,483 thousand, representing a 14.5% increase from RMB 13,525 thousand in the same period last year[70]. - Basic and diluted earnings per share increased to RMB 0.018, up from RMB 0.016 in 2021[70]. Costs and Expenses - The sales cost decreased by approximately 40.9% to about RMB 100.3 million, mainly due to lower costs associated with oil product sales[19]. - Selling and administrative expenses increased slightly from approximately RMB 7.4 million to about RMB 7.5 million[24]. - Income tax expenses increased by approximately 26.1% to about RMB 7.5 million for the six months ended June 30, 2022, from approximately RMB 5.9 million for the same period in 2021, mainly due to higher taxable profits[27]. - The total employee costs for the six months ended June 30, 2022, were approximately RMB 13.4 million, an increase from approximately RMB 11.7 million for the same period in 2021, mainly due to higher performance bonuses and other incentives[41]. - Administrative and selling expenses for the period were RMB (7,480) thousand, impacting overall profitability[107]. Assets and Liabilities - As of June 30, 2022, the group's current assets net value was approximately RMB 132.5 million, down from approximately RMB 135.0 million as of December 31, 2021[31]. - The total assets as of June 30, 2022, were RMB 372,880 thousand, a decrease from RMB 383,515 thousand at the end of 2021[73]. - Total liabilities decreased to RMB 24,866 thousand from RMB 29,984 thousand at the end of 2021[76]. - The company's interest-bearing borrowings were approximately RMB 5.7 million as of June 30, 2022, unchanged from December 31, 2021, with a debt-to-equity ratio of approximately 1.9%[33]. - The total value of trade and other receivables was RMB 15,917,000 as of June 30, 2022, up from RMB 12,727,000 as of December 31, 2021[161]. - The total trade and other payables and accrued expenses amounted to RMB 9,140,000, down 24.4% from RMB 12,109,000 as of December 31, 2021[171]. Cash Flow - Operating cash flow for the six months ended June 30, 2022, was RMB (13,551) thousand, a decrease from RMB 24,175 thousand in the same period of 2021, representing a decline of approximately 156%[82]. - Net cash used in operating activities was RMB (22,627) thousand, compared to RMB 14,948 thousand in the previous year, indicating a significant increase in cash outflow[82]. - Cash and cash equivalents decreased by RMB 50,130 thousand, down from a decrease of RMB 13,829 thousand in the same period last year, reflecting a worsening liquidity position[82]. - The company reported a net cash outflow from investing activities of RMB (6,293) thousand, an improvement from RMB (8,166) thousand in the previous year, indicating better management of investment cash flows[82]. - The company’s total cash flow from financing activities was RMB (21,210) thousand, slightly higher than RMB (20,611) thousand in the previous year, reflecting ongoing financing needs[82]. Shareholder Information - As of June 30, 2022, Mr. Yang Jinming holds 423,000,000 shares, representing approximately 70.5% of the company's equity[54]. - Mr. Yang Fan holds 27,000,000 shares, representing approximately 4.5% of the company's equity[54]. - The company’s issued and fully paid share capital remained at 600,000,000 shares as of June 30, 2022, with a share premium of RMB 163,478,000[169]. Corporate Governance - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2022, and found that the preparation complies with applicable accounting standards[65]. - The company has confirmed that all directors have fully complied with the standard code of conduct for securities transactions during the reporting period[66]. - The company plans to appoint external consultants in the second half of the year to conduct an internal review as determined by the audit committee[50]. - The board will periodically review the necessity of establishing an internal audit function and may establish an internal audit team if needed[50]. Future Outlook - The company plans to continue expanding its sales of oil products and improve marketing strategies and customer service in the second half of the year[46]. - The company has no significant investments or capital asset plans other than those disclosed in the interim report as of June 30, 2022[44].
天源集团(06119) - 2022 - 中期财报