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Kaile Holdings (301070.SZ), which has been listed for three years, has seen its performance decline again.

On the evening of August 19, the company disclosed its financial report for the first half of 2024. In the first half of 2024, the company achieved total operating revenue of 167 million yuan, a year-on-year decrease of 5.19%, and net profit attributable to shareholders of the parent company of 2.8703 million yuan, a year-on-year decrease of 85.71%.

In the semi-annual report, Kaile shares did not explain in detail the reasons for the sharp decline in profits. However, it can be seen in the announcement that Kaile shares had a mysterious surge in "share-based payment" expenses, which became the culprit for eroding the company's performance.

This so-called "share-based payment" is actually an institutional arrangement to transfer benefits to the company's core team.

1. Share-based payments doubled in the first half of the year

Kaile's main business is the research and development, production, sales, installation and related technical services of large industrial fans (i.e. HVLS fans).

The financial report shows that despite the decline in revenue, in the first half of 2024, Kaile’s sales expenses increased by 14.23% to 27.4449 million yuan, mainly due to the increase in human resource costs of sales personnel (including share-based payments) and the increase in travel expenses and business entertainment expenses in this period.