Financial Performance - The company's main business revenue for the six months ended June 30, 2023, was RMB 391.0 million, a decrease of 23.4% compared to RMB 510.5 million in the same period of 2022[3]. - The gross profit for the same period was RMB 237.6 million, down 44.0% from RMB 424.0 million year-on-year, resulting in a gross margin of 60.8%, down from 83.1%[3]. - The adjusted net loss for the period was RMB 86.5 million, with an adjusted loss margin of 22.1%, compared to a profit of RMB 147.4 million and a margin of 28.9% in the previous year[3]. - The total revenue decreased by 23.4% to RMB 391.0 million in the first half of 2023, down from RMB 510.5 million in the same period of 2022[17]. - The revenue from core enterprise cloud solutions decreased by 20.7% to RMB 231.1 million in the first half of 2023, down from RMB 291.6 million in the same period of 2022[18]. - The revenue from financial institution cloud solutions decreased by 30.1% to RMB 132.5 million in the first half of 2023, down from RMB 189.5 million in the same period of 2022[18]. - The company reported a net loss attributable to equity shareholders for the period was RMB 170,298 thousand, compared to a profit of RMB 43,046 thousand in the same period of 2022[50]. - The company recorded an operating loss of RMB 144.4 million for the six months ended June 30, 2023, compared to an operating profit of RMB 90.8 million for the same period in 2022[28]. Customer Metrics - The total transaction volume processed by the company's technology solutions increased by 22.5% year-on-year, reaching RMB 142 billion, driven by the growth of existing core enterprise customers[7]. - The number of core enterprise customers increased by 14% to 458, while the total number of partners rose by 12% to 1,240[4]. - The company reported a customer retention rate of 86%, down from 96% in the previous year, indicating a 10 percentage point decline[4]. - The total number of customers for supply chain financial technology solutions increased by 7% year-on-year to 584 in the first half of 2023, with core enterprise customers growing by 14% to 458[8]. Operational Challenges - The company faced challenges due to the ongoing pressure in the real estate sector, impacting its AMS and ABS cloud products, which continued to show a downward trend[7]. - The company's main operating costs increased by 77.5% from RMB 86.4 million in the six months ended June 30, 2022, to RMB 153.4 million in the six months ended June 30, 2023, despite a decrease in revenue and income[20]. - Impairment losses increased by 215.3% from RMB 22.7 million in the six months ended June 30, 2022, to RMB 71.5 million in the six months ended June 30, 2023[26]. Financial Position - Cash and cash equivalents, along with restricted cash, totaled RMB 5,966.2 million as of June 30, 2023[7]. - The company's borrowings amounted to RMB 581.8 million as of June 30, 2023, compared to RMB 10.0 million at the end of 2022[39]. - The company had unutilized bank credit facilities of RMB 6,128.3 million as of June 30, 2023[39]. - The company's equity-to-debt ratio was 6.6%, a significant increase from 0.6% as of December 31, 2022[40]. - The total liabilities for accounts payable increased to RMB 54,416,000 as of June 30, 2023, compared to RMB 39,900,000 as of December 31, 2022, representing a rise of 36.3%[100]. Research and Development - Research and development expenses rose by 18.0% from RMB 160.2 million in the six months ended June 30, 2022, to RMB 189.0 million in the six months ended June 30, 2023[22]. - The company is actively exploring the application of AI, blockchain, big data, and privacy computing in the supply chain ecosystem to drive industry transformation and innovation[9]. Strategic Initiatives - The company has implemented rapid adjustments in its management structure to focus on customer value enhancement and improve return rates on customer acquisition[7]. - The company aims to focus on quality growth and optimize internal resource allocation to achieve sustainable revenue and profitability growth[15]. - The company is focused on expanding and optimizing its supply chain financial technology solutions to serve a broader range of scenarios and target customer groups[64]. - New products are continuously launched under various business segments to enhance service offerings within the supply chain ecosystem[64]. Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2023[48]. - A special dividend of HKD 0.25 per share, totaling RMB 526,610,000, was approved and is expected to be paid on July 14, 2023[80].
联易融科技(09959) - 2023 - 中期业绩