Financial Performance - Revenue for the six months ended January 31, 2024, was RMB 36,684,000, an increase of 2.4% compared to RMB 35,830,000 for the same period in 2023[11]. - Gross profit decreased to RMB 3,461,000, down 3.6% from RMB 3,591,000 year-on-year[11]. - Operating loss for the period was RMB 17,162,000, compared to a loss of RMB 8,166,000 in the previous year, indicating a significant decline in operational performance[11]. - Net loss attributable to the owners of the company was RMB 6,179,000, an improvement from a loss of RMB 8,397,000 in the same period last year[11]. - The company reported a total comprehensive loss of RMB 8,397,000 for the period ending January 31, 2023, compared to a loss of RMB 6,179,000 for the same period in 2024, indicating a worsening financial performance[23]. - The company reported a net financial expense of RMB (272) thousand, an improvement from RMB (464) thousand in the previous year[50]. - The loss before income tax for the six months ended January 31, 2024, was RMB 272,000, down 41.3% from RMB 464,000 in the previous year[56]. - The basic and diluted loss per share for the six months ended January 31, 2024, was RMB 0.27, an improvement from RMB 0.36 in the same period of 2023[67]. - The company reported a net loss of RMB 6,180,000, an improvement from a loss of RMB 8,400,000 in the same period last year[111]. Assets and Liabilities - Total assets as of January 31, 2024, were RMB 310,487,000, down from RMB 331,707,000 as of July 31, 2023[17]. - Cash and cash equivalents decreased to RMB 77,770,000 from RMB 85,457,000, reflecting a reduction in liquidity[17]. - Total liabilities decreased to RMB 37,364,000 from RMB 52,405,000, indicating improved financial stability[20]. - The company’s total equity decreased from RMB 301,955,000 on August 1, 2022, to RMB 279,302,000 on August 1, 2023, indicating a decline in shareholder value[23]. - The group’s cash and cash equivalents decreased from RMB 85,457,000 as of July 31, 2023, to RMB 77,770,000 as of January 31, 2024[89]. - Total receivables and other receivables, deposits, and prepayments decreased from RMB 26,226,000 as of July 31, 2023, to RMB 15,722,000 as of January 31, 2024[81]. - Accounts payable decreased from RMB 15,948,000 as of July 31, 2023, to RMB 6,385,000 as of January 31, 2024[94]. - The group recorded a reversal of impairment of RMB 9,179,000 for its investment in an associate due to stable growth in performance[86]. Revenue Segmentation - Revenue for the six months ended January 31, 2024, was RMB 36,684 thousand, a slight increase from RMB 35,830 thousand for the same period in 2023, representing a growth of approximately 2.4%[45]. - The revenue breakdown by segment shows that the Plastic Injection Molding segment generated RMB 35,655 thousand, up from RMB 28,191 thousand, indicating a growth of approximately 26.5%[45]. - The Assembly of Electronic Products segment reported revenue of RMB 895 thousand, down from RMB 5,900 thousand, reflecting a decline of approximately 84.8%[45]. - The plastic injection molding segment reported revenue of RMB 35,660,000, up RMB 7,470,000 or 26.50% from RMB 28,190,000 in the previous year[112]. - The assembly of electronic products segment saw a significant revenue drop of RMB 5,010,000 or 84.92%, from RMB 5,900,000 to RMB 890,000[113]. Operational Efficiency and Strategy - The company plans to focus on expanding its market presence and enhancing product development in the upcoming periods[36]. - Management indicated ongoing efforts to improve operational efficiency and reduce costs in response to the current market challenges[36]. - The company plans to streamline operations and improve financial conditions by adopting a light-asset and cost model[124]. Cash Flow and Expenses - Cash flow from operating activities showed a net outflow of RMB 2,353,000 for the six months ending January 31, 2024, a significant decline from a net inflow of RMB 4,198,000 in the previous year[26]. - The company experienced a decrease in cash and cash equivalents, with a net decrease of RMB 7,687,000 for the period ending January 31, 2024, compared to an increase of RMB 16,985,000 in the same period last year[26]. - Operating expenses rose from RMB 16,380,000 to RMB 25,470,000, an increase of RMB 9,090,000 or 55.5%[111]. - General and administrative expenses increased by RMB 9,370,000 or 60.73%, from RMB 15,430,000 to RMB 24,800,000, primarily due to increased employee termination benefits[117]. - The total sales cost for the six months ended January 31, 2024, was RMB 33,223,000, an increase of 3.1% from RMB 32,239,000 in the same period of 2023[57]. Investments and Acquisitions - A conditional agreement was signed to acquire approximately 43.29% of VS Industry Vietnam Joint Stock Company for HKD 69,000,000, which will increase the company's indirect ownership to about 62.03%[107]. - As of January 31, 2024, the company's investment in VS Industry Vietnam Joint Stock Company (VS Vietnam) is valued at approximately RMB 21,970,000, representing 7.08% of the total assets[131]. - The initial investment cost in VS Vietnam was approximately RMB 31,010,000, with the company holding 18.74% of the issued share capital[130]. - The company has no plans for significant investments or acquisitions other than the disclosed acquisition of VS Vietnam[132]. Human Resources - The company had 45 employees as of January 31, 2024, down from 160 employees as of July 31, 2023[138]. - The company’s human resources expenses for the period amounted to RMB 18,040,000, an increase from RMB 12,010,000 in the previous year, primarily due to increased employee termination benefits[138]. Compliance and Governance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO, which is currently held by the same individual[151]. - The company has adopted a securities trading code for its directors and senior management, ensuring compliance with the relevant listing rules[152].
威铖国际(01002) - 2024 - 中期财报