Financial Performance - Revenue decreased by approximately RMB 59.9 million or about 11.8% to RMB 449.6 million for the six months ended June 30, 2023, compared to RMB 509.5 million for the same period in 2022[3] - Gross profit fell by approximately RMB 22.6 million or about 32.1% to RMB 47.9 million for the six months ended June 30, 2023, down from RMB 70.5 million in the prior year[3] - Net profit decreased by approximately RMB 22.2 million or about 73.5% to RMB 8.0 million for the six months ended June 30, 2023, compared to RMB 30.2 million for the same period in 2022[3] - Basic earnings per share for the six months ended June 30, 2023, was approximately RMB 1.34, down from RMB 4.77 in the same period last year[5] - Other income decreased to RMB 2.2 million for the six months ended June 30, 2023, from RMB 2.9 million in the same period last year[5] - The company reported a net profit of RMB 8,018,000 for the six months ended June 30, 2023, a significant decrease of 72.0% compared to RMB 28,631,000 for the same period in 2022[22] - Basic earnings per share for the six months ended June 30, 2023, were RMB 8.018, down from RMB 28.631 in the previous year[22] Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 547.2 million, compared to RMB 539.6 million as of December 31, 2022[6] - Current liabilities were RMB 299.2 million as of June 30, 2023, compared to RMB 288.3 million as of December 31, 2022[7] - The company reported a decrease in inventory to RMB 151.6 million as of June 30, 2023, from RMB 189.0 million as of December 31, 2022[6] - The company’s net assets increased to RMB 264.7 million as of June 30, 2023, from RMB 259.1 million as of December 31, 2022[8] - Trade receivables as of June 30, 2023, were RMB 209,477,000, an increase from RMB 144,553,000 as of December 31, 2022[23] - Trade payables and notes payable amounted to RMB 136.7 million as of June 30, 2023, compared to RMB 139.3 million as of December 31, 2022[26] - The group's total interest-bearing bank borrowings amounted to approximately RMB 299.2 million, an increase from approximately RMB 288.3 million as of December 31, 2022[45] - The group's cash and bank balances as of June 30, 2023, were approximately RMB 33.1 million, down from approximately RMB 61.4 million as of December 31, 2022[44] - The asset-to-liability ratio as of June 30, 2023, was approximately 66.0%, slightly down from approximately 66.3% as of December 31, 2022[43] Operational Insights - Sales of fabric products amounted to RMB 321,566,000, down from RMB 340,534,000, representing a decline of 5.7% year-over-year[14] - Revenue from sales of dyed and processed services was RMB 20,255,000, slightly down from RMB 20,885,000, a decrease of 3.0%[14] - Revenue from external customers in China increased to RMB 428,865,000, up 3.9% from RMB 413,223,000 in the previous year[16] - The company recorded an increase in customer orders in the first half of 2023, indicating a cautious optimism for the second half of the year[31] - The company plans to invest in new machinery and equipment to improve production efficiency and reduce costs, which is expected to enhance product quality and expand capacity[31] Expenses and Costs - Administrative expenses increased to approximately RMB 21.1 million for the six months ended June 30, 2023, from RMB 17.3 million for the same period in 2022, mainly due to increased depreciation of right-of-use assets[37] - Financial costs rose to approximately RMB 7.1 million for the six months ended June 30, 2023, from RMB 3.7 million for the same period in 2022, attributed to an increase in loan principal and interest[38] Dividend and Corporate Governance - The board of directors decided not to recommend the payment of an interim dividend for the six months ended June 30, 2023[3] - The company did not declare any interim dividends for the six months ended June 30, 2023, and 2022[21] - The group has not proposed any interim dividend for the six months ended June 30, 2023[51] - The company has not appointed a CEO as of now, and the roles of the Chairman and CEO are currently not separated[52] - All directors confirmed compliance with the Securities Trading Standards during the six months ending June 30, 2023[53] - The company and its subsidiaries did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2023[54] - The Audit Committee reviewed the unaudited financial performance for the six months ending June 30, 2023, and there were no disagreements on accounting treatment between the Board and the Audit Committee[55] - The interim results announcement and report for the six months ending June 30, 2023, will be published on the Stock Exchange and the company's website[56] Employment and Future Plans - The group employed 508 full-time employees as of June 30, 2023, an increase from 482 employees as of December 31, 2022[46] - The group plans to extend the expected timeline for utilizing unutilized net proceeds from its listing for acquiring a company with existing production facilities in Jiangsu Province, China, to December 31, 2024[50] - The total net proceeds received from the listing, after deducting underwriting commissions and expenses, amounted to approximately HKD 81.9 million[48]
亚东集团(01795) - 2023 - 中期业绩