Share Capital and Ownership - As of June 30, 2022, the total number of issued shares was 1,474,992,908, which is used to calculate the approximate percentage of equity interests[1] - The company’s major shareholder, Jia Bao, holds 753,040,000 shares, representing approximately 51.05% of the issued share capital[15] - As of June 30, 2022, the total number of issued shares was 1,474,992,908, with significant shareholdings by directors, including 3,500,000 shares (0.24%) held by Mr. Shen and 34,814,000 shares (2.36%) held by Mr. Zhang[58] Financial Performance - The company reported revenue of RMB 33,389 thousand for the six months ended June 30, 2022, a decrease of 30.8% compared to RMB 48,226 thousand in the same period of 2021[29] - Gross profit for the same period was RMB 7,098 thousand, representing an increase of 12.8% from RMB 6,293 thousand in 2021[29] - The company incurred a loss attributable to equity holders of RMB 4,635 thousand, an improvement of 32.3% compared to a loss of RMB 6,847 thousand in the prior year[30] - Total comprehensive loss for the period was RMB 8,996 thousand, down from RMB 11,908 thousand in the previous year, indicating a 24.3% reduction[30] - The company reported a total comprehensive expense of RMB 8,996,000 for the six months ended June 30, 2022[36] - The company reported a net loss of RMB 4,635,000, compared to a net profit of RMB 202,000 for the same period in 2021[36] - The net loss for the period decreased by approximately 32.3% to RMB 4.6 million from RMB 6.8 million for the same period last year[121] Debt and Restructuring - The company has faced multiple winding-up petitions since 2020, with a total principal and interest payment of HKD 2,573,424.66 due to bondholders[4] - On November 1, 2023, the Hong Kong High Court approved the debt repayment arrangement plan, with over 50% of creditors voting in favor[4] - The debt restructuring plan aims to address the company's liquidity issues and has been submitted to the High Court for approval[4] - The company has initiated a debt repayment arrangement plan, which was approved by the Hong Kong High Court on November 1, 2023[43] - The company expects to continue its operations and has a positive outlook on the implementation of the debt repayment arrangement plan[43] - The company is currently negotiating with alternative petitioners to reach a settlement and withdraw the aforementioned petitions[7] - The alternative petitioner's hearing has been postponed to November 20, 2023, while the company is in discussions to withdraw the petition[130] Assets and Liabilities - Non-current assets as of June 30, 2022, amounted to RMB 114,409 thousand, slightly down from RMB 115,468 thousand at the end of 2021[32] - Current assets increased to RMB 58,687 thousand from RMB 51,756 thousand at the end of 2021, reflecting a growth of 13.5%[32] - Current liabilities rose to RMB 215,530 thousand, up from RMB 200,582 thousand at the end of 2021, indicating an increase of 7.4%[32] - The total liabilities net amount increased to RMB 67,498,000 as of June 30, 2022, from RMB 58,502,000 as of December 31, 2021[37] - Total liabilities as of June 30, 2022, were RMB 107,559,000, compared to RMB 99,876,000 as of December 31, 2021, indicating an increase of approximately 7.5%[100] - The company’s corporate bonds payable amounted to RMB 78,057,000 as of June 30, 2022, up from RMB 76,583,000 as of December 31, 2021[102] Operational Changes and Governance - An independent investigation committee was established on August 17, 2023, to conduct a forensic investigation into two acquisition matters and related issues[8] - The forensic investigation report identified issues that do not affect the company's operations, and internal control measures will be implemented to monitor investment risks[9] - The company has appointed new directors and committee members in March and October 2023, indicating ongoing governance changes[25] - The company has adopted the corporate governance code as per the Listing Rules and has complied with its provisions during the reporting period[141] Segment Performance - Revenue from the pharmaceutical distribution segment was RMB 22,530,000, down 38.5% from RMB 36,598,000 in the previous year[48] - Revenue from the pharmaceutical manufacturing segment was RMB 10,859,000, a slight decrease of 6.6% compared to RMB 11,628,000 in the same period last year[48] - The company operates primarily in China, with no geographical segment analysis provided for the six months ended June 30, 2022[50] - No geographical segment analysis was provided, indicating a focus on the domestic market for both pharmaceutical distribution and manufacturing[50] Cash Flow and Expenses - The company generated a net cash outflow of RMB 3,233,000 from operating activities for the six months ended June 30, 2022[36] - The company’s financing activities generated a net cash inflow of RMB 4,713,000 for the six months ended June 30, 2022[36] - Cash and cash equivalents decreased to RMB 3,406,000 as of June 30, 2022, down from RMB 4,050,000 at the end of 2021[36] - The company continues to monitor the pandemic closely and is prepared to take swift action to mitigate its impact on operations[122] Employee and Administrative Costs - Employee costs totaled RMB 3,426,000 for the six months ended June 30, 2022, down from RMB 4,865,000 in the same period of 2021, a decrease of 29.6%[82] - The group had a total employee cost of RMB 3.4 million for the six months ended June 30, 2022, compared to RMB 4.9 million for the same period in 2021[138] - The group employed 94 staff as of June 30, 2022, a slight decrease from 95 employees as of December 31, 2021[138] - Administrative expenses were RMB 5,503,000, down from RMB 9,048,000 in the same period last year[76] Other Financial Information - The company did not recommend any interim dividend for the six months ended June 30, 2022, consistent with the previous year[86] - The company has no significant contingent liabilities as of June 30, 2022, aside from those disclosed[132] - The company has not disclosed any significant events that occurred after June 30, 2022, up to the report date[13] - The company did not conduct any significant investments, acquisitions, or disposals that require disclosure under the Hong Kong Stock Exchange Listing Rules for the six months ended June 30, 2022[137]
百信国际(00574) - 2023 - 中期财报