On November 25, GeLongHui reported that on September 30, 2024, during the six-month period, oneforce hldgs (01933.HK) recorded a decrease in revenue of approximately RMB 69,054,000 compared to the same period of the previous year, a decrease of 27.2%, mainly due to a decrease in the number of projects. To strengthen cash flow management, the group reduced projects with longer payment cycles.
The overall gross margin decreased from about 16.2% to about 9.7%, mainly due to intensified market competition. The group adjusted quotes for new projects to attract long-term customers.
Shareholders' attributable loss for the reporting period was approximately RMB 13,988,000, while the attributable profit for the same period last year was approximately RMB 2,821,000. The shift from profit to loss is mainly attributed to: i) the decrease in gross margin due to the reasons mentioned above; and ii) an increase in trade receivables and impairment losses on contract assets of approximately RMB 3,198,000.
