Economic Overview - In the first half of 2023, China's GDP reached RMB 59 trillion, representing a year-on-year increase of 5.5%[16]. - Despite economic recovery in China, the global economy remains weak, leading to rising costs for SMEs due to high commodity prices[17]. Business Operations - The Group's main business includes financial and advisory services, 5G base station operations, and energy storage, primarily serving SMEs[17]. - The energy storage industry experienced market scale expansion and increased customer demand, positively impacting the Group's energy storage business[17]. - The Group actively expanded its 5G business by promoting the acceptance of completed 5G base stations and entering leasing contracts with telecom operators[22][30]. - Jiangsu Anshi participated in major exhibitions to expand its energy storage product market and established cooperation agreements with high-quality customers[26][29]. Financial Performance - The total revenue for the Group during the Reporting Period was approximately RMB27.89 million, representing a year-on-year increase of 159.39% from approximately RMB10.75 million[20][31]. - The net profit recorded was approximately RMB0.11 million, a year-on-year decrease of 80.9% from RMB0.60 million[20][31]. - The energy storage business significantly contributed to the revenue increase, with Jiangsu Anshi focusing on the commercialization and production of energy storage systems[25][31]. - Revenue for the six months ended June 30, 2023, was RMB 27,890,122, a significant increase from RMB 10,752,352 in the same period of 2022, representing a growth of approximately 159.9%[147]. - Gross profit for the same period was RMB 10,496,009, compared to RMB 9,533,377 in 2022, indicating a year-over-year increase of about 10.1%[147]. - Profit before income tax rose to RMB 1,987,495, up from RMB 1,466,661 in 2022, reflecting an increase of approximately 35.5%[147]. - The company reported a profit for the period of RMB 113,710, a decrease from RMB 595,416 in the previous year, marking a decline of about 80.9%[147]. Revenue Breakdown - The financial and advisory business generated revenue of RMB 6,742,777, down from RMB 10,345,071 in the previous year, indicating a decline of about 35%[191]. - The energy storage business reported revenue of RMB 19,793,052, with no revenue reported in the same period of 2022, marking a significant new contribution to total revenue[191]. - Revenue from energy storage solutions and general construction amounted to RMB 10,082,833, with energy storage system sales contributing RMB 9,300,356, both of which were new revenue streams for the Group[199]. Cost and Expenses - The Group's cost of sales increased significantly to approximately RMB17.39 million, a rise of approximately 1,326.95% from RMB1.22 million in the same period last year, primarily due to increased costs in the energy storage business[36][40]. - Other income and gains decreased to approximately RMB3.47 million, down approximately 35.85% from RMB5.41 million for the same period last year, mainly due to reduced VAT refunds and equipment maintenance revenue in the medical trade business[37][41]. - Operating expenses decreased to approximately RMB2.24 million, a decline of approximately 24.90% from RMB2.99 million in the same period last year, attributed to lower equipment maintenance costs in the medical trade business[38][42]. - Administrative expenses rose to approximately RMB9.59 million, an increase of approximately 24.07% from RMB7.73 million for the same period last year, primarily due to higher personnel costs in the energy storage business[39][43]. Assets and Liabilities - As of June 30, 2023, total assets amounted to approximately RMB492.17 million, a decrease of approximately 3.80% from December 31, 2022, with accounts receivable accounting for approximately 42.92% of total assets[47][51]. - Total liabilities decreased to approximately RMB41.37 million, down approximately 32.12% from December 31, 2022, with a gearing ratio of approximately 1.89% as of June 30, 2023[48][52]. - The Group's net current assets were approximately RMB251.24 million, down from RMB285.02 million as of December 31, 2022[75]. - Cash and cash equivalents decreased to approximately RMB103.84 million as of June 30, 2023, from RMB182.95 million as of December 31, 2022[75]. Risk Management - The Group has strengthened client screening in its financial and advisory business to manage default risk effectively[21][30]. - The Group aims to enhance its asset safety management and implement a comprehensive risk management system to ensure long-term stability[30][33]. - The Group has implemented a comprehensive risk management system with stringent procedures and measures, ensuring effective internal control and risk management capabilities[59][64]. Employee and Operational Metrics - As of June 30, 2023, the Group had a total of 63 full-time employees, an increase of 102.58% from 31 employees as of June 30, 2022[68]. - Employee benefit expenses during the Reporting Period amounted to approximately RMB1.06 million, representing an increase of approximately 107.84% from RMB0.51 million in the same period last year[68]. Shareholder Information - Mr. Gong holds 80,000,000 domestic shares, representing 66.67% of the relevant class and 22.26% of the total share capital[115]. - Shenzhen Zhonglian Financial Holding Investment Development Co., Ltd. owns 70,445,200 unlisted foreign shares, accounting for 47.12% of the relevant class and 19.60% of the total share capital[115]. - The company has a significant concentration of ownership, with major shareholders holding substantial percentages of both relevant classes and total share capital[115][116][117]. Compliance and Governance - The Company established an audit committee to ensure compliance with GEM Listing Rules, consisting of three independent non-executive Directors[109]. - The company has adopted a code of conduct regarding securities transactions by the Directors and Supervisors, confirming compliance during the six months ended June 30, 2023[130]. - The company has complied with all code provisions set out in the Corporate Governance Code, except for a deviation from code provision C.2.1[136]. Environmental Commitment - The Group is committed to environmental protection and did not produce any hazardous waste during the reporting period[143]. - The Group focuses on long-term sustainability and prudent management of its business[144].
富银融资股份(08452) - 2023 - 中期财报