Revenue and Profitability - For the six months ended June 30, 2023, the group's revenue decreased by approximately RMB 4.1 million or 14.9% to approximately RMB 23.4 million compared to the same period in 2022[8]. - Despite the revenue decline, the group's profit before tax increased by approximately 5,279.1% to approximately RMB 10.8 million, attributed to changes in impairment provisions for lease receivables[9]. - The company reported a net profit of RMB 6,024,778 for the six months ended June 30, 2023, compared to a profit of RMB 82,987 in the same period of 2022, showing a substantial increase[69]. - Profit before tax increased by approximately 5,279.1% to RMB 10.8 million from RMB 0.2 million in the same period last year[27]. - The company reported a net profit of RMB 6,057,086 for the six months ended June 30, 2023, compared to a loss of RMB 101,182 for the same period in 2022[75]. Income Sources - Financing lease consultancy service income increased by approximately RMB 2.7 million or 31.1% to approximately RMB 11.3 million, while factoring arrangement interest income rose by approximately RMB 2.1 million or 108.6% to approximately RMB 4.0 million due to an increase in the number of factoring agreements[15]. - Other income for the reporting period was approximately RMB 1.6 million, an increase of about RMB 0.7 million or approximately 80.0% compared to RMB 0.9 million in the same period last year[16]. - Revenue from financing lease consulting services increased to RMB 11,316,853, up 31.1% from RMB 8,632,120 in the previous year[90]. Expenses and Costs - Employee costs increased by approximately 41.6% to RMB 5.8 million from RMB 4.1 million, primarily due to a significant increase in the number of employees[19]. - Other operating expenses rose by approximately RMB 10.0 million or about 173.0% to RMB 15.8 million, mainly due to an increase in financing lease consulting service costs[20]. - Total employee costs for the six months ended June 30, 2023, were RMB 5,830,872, an increase of 41.49% from RMB 4,118,817 in the previous year[97]. - The company incurred a total of RMB 15,802,795 in other operating expenses for the six months ended June 30, 2023, compared to RMB 5,787,727 in the previous year, reflecting a significant increase[99]. Financial Position - As of June 30, 2023, cash and cash equivalents were approximately RMB 31.8 million, down from RMB 59.3 million as of June 30, 2022[29]. - The company's total liabilities increased to RMB 141,590,548 as of June 30, 2023, compared to RMB 122,684,118 as of December 31, 2022, representing a rise of about 15%[74]. - The company's equity attributable to owners increased to RMB 209,110,813 as of June 30, 2023, up from RMB 203,053,727 as of December 31, 2022, marking a growth of about 3%[74]. - The total cash outflow for leases during the six months ended June 30, 2023, was RMB 1,702,419, an increase of 88.05% from RMB 904,908 in the same period of 2022[100]. Debt and Borrowings - The group’s debt-to-equity ratio decreased from approximately 58.3% at the end of 2022 to about 36.5%[33]. - The group's bank and other borrowings were approximately RMB 764 million and RMB 1,183 million as of June 30, 2023, and December 31, 2022, respectively, secured by receivables of approximately RMB 800.7 million and RMB 1,106 million from sale and leaseback arrangements[38]. - The company repaid bank and other borrowings amounting to RMB 41,978,076 during the six months ended June 30, 2023, compared to RMB 56,953,220 for the same period in 2022[140]. Asset Management - The overall quality of the group's assets has significantly improved as a result of enhanced credit risk control measures and recovery efforts[9]. - The total amount of deposits increased to RMB 9,810,743 as of June 30, 2023, compared to RMB 6,637,023 at the end of 2022, reflecting a growth of 48.8%[107]. - The company's accounts receivable increased significantly to RMB 45,030,554 as of June 30, 2023, from RMB 20,891,670 as of December 31, 2022, representing an increase of approximately 115%[74]. Economic Context - The Chinese economy showed signs of recovery with a GDP growth of approximately 5.5% in the first half of 2023, with the second quarter growth at 6.3%[8]. - The management remains optimistic about the economic recovery and is focused on exploring new business opportunities[11]. Corporate Governance and Management - The board confirmed compliance with all corporate governance code provisions during the reporting period, except for deviation from code provision C.2.1[47]. - Mr. Zhou Dazhi holds a controlling interest of 600 million shares, representing approximately 62.5% of the company[54]. - The company did not declare or recommend any dividends for the reporting period[45]. Future Plans and Strategies - The management is considering diversification of the group's existing business and broadening its revenue sources to enhance shareholder returns[11]. - The group aims to invest its resources in other industries to create additional revenue streams and value for shareholders[11]. - The company plans to continue expanding its financing leasing and factoring services in China, aiming to enhance its market presence and operational efficiency[79].
METROPOLIS CAP(08621) - 2023 - 中期财报