Financial Performance - For the twelve months ended December 31, 2023, the company reported revenue of RMB 56,610,000, a decrease of 56.2% compared to RMB 129,321,000 for the same period in 2022[7] - The gross profit for the same period was RMB 9,778,000, down 9.7% from RMB 10,829,000 in 2022[7] - The operating loss for the twelve months was RMB 41,937,000, an improvement from a loss of RMB 80,476,000 in the previous year[9] - The net loss for the period was RMB 42,887,000, compared to a net loss of RMB 167,915,000 in 2022, indicating a significant reduction in losses[11] - The company recorded a net loss of approximately RMB 42.9 million for the twelve months ending December 31, 2023[18] - The company reported a basic and diluted loss per share of RMB 0.0265 for the current period, compared to RMB 0.1668 in the previous year[11] - The net loss attributable to owners was approximately RMB 28.2 million in 2023, compared to a net loss of RMB 169.8 million in 2022, indicating an improvement in financial performance[44] - The group reported a net loss of RMB 42.9 million for the twelve months ending December 31, 2023, compared to a net loss of RMB 167.9 million for the same period in 2022, mainly due to decreased revenue from marketing and consulting services and agricultural product sales[62] Revenue Breakdown - Revenue from external customers for the travel and integrated development segment was RMB 61,304,000, while the publishing and advertising segment generated RMB 68,017,000, totaling RMB 129,321,000[29] - The company's total revenue decreased by 56.2% from RMB 129.3 million in 2022 to RMB 56.6 million in 2023, primarily due to declines in marketing and consulting services and agricultural product sales[59] - Agricultural product sales revenue was approximately RMB 34.3 million in 2023, down from RMB 61.3 million in 2022, reflecting a significant reduction in sales[54] - Marketing and consulting services revenue fell sharply from approximately RMB 54.1 million in 2022 to about RMB 303,000 in 2023, a decrease of 99.4%[59] - The company reported a decrease in revenue from newspaper and mobile media advertising services to RMB 848,000 from RMB 6,478,000[31] Assets and Liabilities - The total assets as of December 31, 2023, were RMB 247,628,000, a decrease from RMB 257,289,000 in 2022[4] - The total liabilities increased to RMB 228,577,000 from RMB 219,333,000 in the previous year[5] - Current liabilities exceeded current assets by RMB 79.3 million as of December 31, 2023, with cash and cash equivalents amounting to approximately RMB 9.9 million[18] - Trade receivables increased significantly to RMB 53,789,000 from RMB 23,730,000 year-over-year, with net trade receivables at RMB 44,011,000[32] - The company's trade payables rose to RMB 49,886,000, compared to RMB 26,508,000 in the previous year[39] - The asset-liability ratio as of December 31, 2023, was 11.3%, down from 21.2% as of December 31, 2022[74] Cash Flow and Financing - The company’s cash and cash equivalents decreased to RMB 9,867,000 from RMB 46,025,000 in the previous year, reflecting a decline of 78.6%[4] - The net cash used in operating activities was RMB 35.9 million for the twelve months ending December 31, 2023, primarily due to the net loss incurred during the period[64] - The company has secured a loan of RMB 20 million from a major shareholder, with RMB 1.5 million drawn in 2021 and an additional RMB 2.919 million in 2022, with a repayment period extended to four years[18] - The company will continue to seek additional financing sources as needed to enhance its cash flow situation[21] - The company has received confirmations from directors and related parties that they will not demand repayment of amounts totaling RMB 23.867 million due within the next eighteen months[18] Cost Management - The company is implementing cost control measures, including management salary adjustments and streamlining administrative costs[20] - The total employee cost for the twelve months ending December 31, 2023, was approximately RMB 10.1 million, down from RMB 19.4 million for the same period in 2022, with a reduction in full-time employees from 196 to 110[81] - Total expenses for the twelve months ending December 31, 2023, were RMB 52.6 million, significantly reduced from RMB 104.4 million in the same period of 2022, primarily due to a decrease in sales costs and marketing expenses[61] Corporate Governance and Management - The company has not yet filled the vacancy left by the resignation of its previous auditor as of June 30, 2023[2] - The company has adhered to the corporate governance code since its listing on December 3, 2010, and has taken measures to ensure compliance despite some deviations in governance roles[97] - The management has provided regular updates to the board regarding the company's performance and outlook, although monthly management accounts were not distributed[98] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the group's financial reporting procedures and internal controls for the year ending December 31, 2023[102] - The company has confirmed compliance with the standard code for securities trading by all directors for the twelve months ending December 31, 2023[100] Strategic Initiatives - The company has focused on restructuring its publishing and advertising business, integrating cultural media and film sectors in China[13] - The company is in discussions with potential investors to raise funds for its tourism and integration development projects[18] - The company aims to sell properties held for sale with a book value of approximately RMB 15.1 million, expecting to receive proceeds within the cash flow forecast period[18] - The company is collaborating with the government on the "Yongtai Kung Fu Town" project, focusing on ecological agricultural development[57] - The company is focusing on developing a digital business platform for flower exports, which is expected to generate continuous revenue this year[87] - The company plans to integrate traditional Chinese culture and film services to create a unique town project that combines culture, tourism, and ecological agriculture[87] Changes in Management - The company appointed new directors, including Mr. Wang Xu as Executive Director and Mr. Chen Ye as Executive Director, while several directors resigned during the review period[96] - The company has appointed Mr. Chen Ye as the authorized representative following the resignation of Ms. Chen Jingyi as the company secretary[96] Miscellaneous - The company did not declare any dividends since its establishment[46] - The company will not declare an interim dividend for the twelve months ending December 31, 2023[94] - The company has changed its fiscal year-end from December 31 to June 30, effective immediately[92] - The interim results announcement and report for the twelve months ending December 31, 2023, will be published on the company's and the stock exchange's websites[104] - The company did not repurchase any of its listed shares during the twelve months ending December 31, 2023[103]
十方控股(01831) - 2023 - 中期业绩