Revenue Performance - Revenue decreased by 38.1% to approximately RMB 103.8 million compared to RMB 167.6 million in the same period last year[9] - For the six months ended June 30, 2023, total revenue was RMB 103,808 thousand, a decrease of 38.2% compared to RMB 167,631 thousand for the same period in 2022[29] - Revenue from fabric sales was RMB 42,215 thousand, down 58.1% from RMB 100,532 thousand in the previous year[29] - Revenue from dyeing services was 61,593 thousand, which represents a decrease of 8.3% compared to RMB 67,099 thousand in the same period last year[29] - Revenue from fabric sales decreased by approximately RMB 58.3 million or 58.0% to about RMB 42.2 million, reflecting a reduction in total sales volume from approximately 19.1 million meters to about 9.9 million meters[75] - Revenue from dyeing services decreased by approximately RMB 5.5 million or 8.2% to about RMB 61.6 million, primarily due to a reduction in sales orders from existing customers[76] Profitability - Gross profit increased by 6.2% to approximately RMB 13.7 million, with a gross margin of approximately 13.2% compared to 7.7% last year[9] - Profit attributable to equity holders decreased by 52.6% to approximately RMB 0.9 million, with basic earnings per share down 54.2% to approximately RMB 0.11[9] - The company reported a total comprehensive income of approximately RMB 0.9 million for the period[10] - The company reported a total comprehensive income of RMB 875 thousand for the six months ended June 30, 2023, compared to RMB 1,883 thousand for the same period in 2022[14] - The company's profit before tax for the six months ended June 30, 2023, was RMB 880,000, down 55% from RMB 1,972,000 in 2022[41] - Basic earnings per share for the six months ended June 30, 2023, was RMB 0.11, a decline of 54% compared to RMB 0.24 in the same period of 2022[43] Dividends and Shareholder Returns - The board of directors decided not to declare any interim dividend for the six months ended June 30, 2023[9] - The company did not declare any interim dividends for the six months ended June 30, 2023, consistent with the previous year[45] Assets and Liabilities - Non-current assets decreased from RMB 132.9 million to RMB 88.6 million, primarily due to a reduction in property, plant, and equipment[11] - Current assets increased from RMB 120.1 million to RMB 128.7 million, with trade and other receivables rising to RMB 82.8 million[11] - Current liabilities decreased from RMB 125.9 million to RMB 91.3 million, with bank and other borrowings reduced to RMB 57.5 million[11] - The net current assets position improved from a deficit of RMB 5.8 million to a surplus of RMB 37.5 million[11] - The total equity as of June 30, 2023, was RMB 125,496 thousand, a slight decrease from RMB 126,404 thousand at the end of 2022[12] - The company’s non-current liabilities included deferred tax liabilities of RMB 653 thousand as of June 30, 2023[12] Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2023, was a net cash outflow of RMB 6,529 thousand, compared to a net cash inflow of RMB 6,846 thousand in 2022[16] - The net cash generated from investing activities was RMB 9,257 thousand, a significant improvement from a net cash outflow of RMB 8,135 thousand in the previous year[16] - The cash and cash equivalents at the end of the period were RMB 8,774 thousand, an increase from RMB 3,764 thousand at the end of the same period last year[16] - Total borrowings were approximately RMB 57.5 million as of June 30, 2023, down from approximately RMB 82.9 million as of December 31, 2022[96] - The capital debt ratio was approximately 38.8% as of June 30, 2023, down from approximately 58.2% as of December 31, 2022[97] Expenses - Research expenses for the six months amounted to RMB 4.9 million, compared to RMB 4.2 million in the previous year[10] - Selling and distribution expenses decreased by approximately RMB 0.5 million or 26.3% to about RMB 1.4 million for the six months ended June 30, 2023, compared to approximately RMB 1.9 million for the same period in 2022, mainly due to reduced transportation and exhibition costs[82] - Administrative expenses decreased by approximately RMB 0.3 million or 5.3% to about RMB 5.4 million for the six months ended June 30, 2023, compared to approximately RMB 5.7 million for the same period in 2022, primarily due to a reduction in employee costs[84] - Financial costs decreased by approximately RMB 0.5 million or 23.8% to about RMB 1.6 million for the six months ended June 30, 2023, compared to approximately RMB 2.1 million for the same period in 2022, primarily due to a reduction in bank borrowings and a decrease in bank interest rates[86] Corporate Governance and Compliance - The board emphasizes high standards of corporate governance, focusing on integrity, transparency, accountability, and fairness to enhance shareholder value[72] - The company has adhered to all applicable provisions of the corporate governance code, except for a deviation regarding the separation of the roles of Chairman and CEO[137] - The audit committee, composed of independent non-executive directors, has reviewed the unaudited financial statements for the six months ending June 30, 2023[141] - The company has confirmed compliance with the trading standards set forth in the GEM listing rules for the six-month period ending June 30, 2023[138] - The company has no significant legal liabilities or ongoing litigation threats as of June 30, 2023[122] - The company has no major violations of applicable laws and regulations affecting its business and operations during the reporting period[121] Future Outlook and Strategy - The group aims to enhance its R&D system and expand new product development to meet customer demand for environmentally friendly functional fabrics[107] - The group plans to adopt new marketing strategies, including live streaming on platforms like Douyin and Taobao, to increase market share[108] - The group maintains a positive outlook on market prospects and aims for long-term growth through production capacity and competitive advantages[110] - The group will continue to diversify its business and explore high-tech projects to enhance profitability[110] Shareholder Information - Spring Sea holds 472,848,000 shares, representing approximately 59.11% of the company's issued share capital[118] - Major shareholder Zhuang Yuelan owns 121,602,000 shares, accounting for 15.20% of the company's total issued shares[119] - As of June 30, 2023, at least 25% of the issued shares are held by public shareholders in compliance with GEM listing rules[123] Use of Proceeds - The net proceeds from the listing amounted to approximately RMB 37.9 million, equivalent to about HKD 44.7 million[135] - As of June 30, 2023, the actual amount utilized from the net proceeds was RMB 2.1 million, with a total of RMB 37.9 million planned for various purposes[135] - RMB 5.2 million was used for the renovation of existing weaving factories, while RMB 10.4 million was allocated for the purchase of weaving machinery and equipment[135] - The company has revised its use of proceeds to include the purchase of a melt-blown fabric production line, with an allocation of RMB 8.5 million[135]
纳尼亚集团(08607) - 2023 - 中期财报