Financial Performance - Revenue for the first half of 2023 reached RMB 2,062.2 million, a 25.6% increase compared to RMB 1,641.8 million in the same period of 2022[12]. - Adjusted EBITDA for the first half of 2023 surged by 317.4% year-on-year to RMB 290.9 million[12]. - The gross profit margin decreased to 17.7% from 32.2% in the same period last year[12]. - The gross profit for the first half of 2023 was RMB 366.0 million, down from RMB 529.3 million in the same period of 2022[23]. - The company reported a net profit of RMB 30.4 million for the six months ended June 30, 2023, up 42.8% from RMB 21.3 million in the same period of 2022[44]. - Basic earnings per share decreased to RMB 0.09, down from RMB 0.19 in the same period of 2022[93]. - The company reported a net cash outflow from operating activities of RMB (231,415) thousand for the six months ended June 30, 2023, compared to a cash inflow of RMB 50,762 thousand in the same period of 2022[99]. - Total comprehensive income for the period was RMB 38,231 thousand, which includes a profit of RMB 33,163 thousand and other comprehensive income of 5,068 thousand[97]. Revenue Growth - Total GPV for one-stop payment services increased by 33.5% year-on-year to RMB 1,419.2 billion, with 70.5% from app-based payment services[8]. - Active payment service merchants grew by 20.7% year-on-year to 9.2 million[8]. - Total GMV for in-store e-commerce services exceeded RMB 2.4 billion, representing a year-on-year growth of 78.9%[9]. - Revenue from the one-stop payment service increased by 44.3% to RMB 1,835.3 million in the first half of 2023, up from RMB 1,271.5 million in the same period of 2022[26]. - Revenue from the merchant solutions segment grew by 65.7% compared to the second half of 2022[19]. Operational Efficiency - The company experienced a significant operational efficiency improvement reflected in the substantial growth of adjusted EBITDA[11]. - The number of active merchant solution merchants exceeded 1.5 million, a year-on-year increase of 6.2%[9]. - The peak daily transaction volume for app-based payment services reached nearly 60 million transactions[8]. - The company aims for a full-year GPV guidance of RMB 2.7 trillion to RMB 2.9 trillion for 2023[16]. Cost and Expenses - The company's operating costs increased by 52.5% from RMB 1,112.5 million in the six months ended June 30, 2022, to RMB 1,696.2 million in the same period of 2023, primarily due to increased commissions paid to payment distribution channels as a result of higher GPV from one-stop payment services[29]. - The gross margin dropped from 32.2% in the six months ended June 30, 2022, to 17.7% in the same period of 2023, with one-stop payment services' gross margin falling from 20.9% to 9.5%[32]. - Sales expenses decreased by 64.6% from RMB 234.0 million in the six months ended June 30, 2022, to RMB 82.9 million in the same period of 2023, mainly due to stabilized investment in in-store e-commerce services[33]. Assets and Liabilities - Total assets rose from RMB 7,290.0 million as of December 31, 2022, to RMB 7,662.4 million as of June 30, 2023, while total liabilities increased from RMB 4,608.7 million to RMB 4,951.1 million[48]. - The debt-to-equity ratio increased from 39.5% as of December 31, 2022, to 44.2% as of June 30, 2023, mainly due to the issuance of convertible bonds and an increase in borrowings[49]. - Cash and cash equivalents decreased by 16.9% from RMB 1,591.5 million as of December 31, 2022, to RMB 1,323.3 million as of June 30, 2023, primarily due to payments for restricted share units and cash used for expanding e-commerce services[49]. Investments and Shareholder Actions - The company repurchased approximately 1,893,600 shares at a price range of HKD 16.8 to 21.5 per share, representing 0.425% of the issued shares as of June 30, 2023[21]. - The company has not granted any additional restricted share units under the plan since the reporting date[74]. - The company has made investments in non-listed entities valued at RMB 699,871,000 as of June 30, 2023, up from RMB 620,764,000 at the end of 2022, indicating strategic growth in investments[150]. Financial Risks and Management - The company faces various financial risks, including market risk, credit risk, and liquidity risk, with risk management overseen by senior management[107]. - Credit risk is associated with cash and cash equivalents, restricted cash, receivables, and loans, with the company providing guarantees for loans issued by certain partners[108]. - The expected credit loss provision for accounts receivable as of June 30, 2023, is RMB 20,745 thousand, a decrease from RMB 29,531 thousand at the end of 2022[116]. Corporate Governance - The company is committed to maintaining rigorous corporate governance and has adopted the principles of the corporate governance code[84]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ended June 30, 2023[87]. - The company has confirmed compliance with the standard code for securities transactions by directors during the reporting period[86].
移卡(09923) - 2023 - 中期财报