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至源控股(00990) - 2020 - 中期财报
2020-09-24 08:33
Revenue and Profitability - Revenue for the six months ended June 30, 2020, was HKD 7,854,938, an increase from HKD 7,606,702 in the same period of 2019, representing a growth of approximately 3.25%[7] - Gross profit for the period was HKD 248,236, compared to HKD 165,245 in 2019, indicating a significant increase of approximately 50.2%[7] - Operating profit reached HKD 153,491, up from HKD 117,157 in the previous year, reflecting a growth of about 30.9%[7] - Profit for the period attributable to equity holders was HKD 98,295, compared to HKD 67,331 in 2019, marking an increase of approximately 46.0%[7] - Total comprehensive income for the period was HKD 129,726, compared to HKD 88,052 in the same period last year, representing an increase of approximately 47.3%[7] - The company reported a basic and diluted earnings per share of HKD 0.83, compared to HKD 0.80 in the same period of 2019, reflecting a growth of approximately 3.75%[7] - The total profit attributable to equity holders for the six months ended June 30, 2020, was HKD 98,295,000, up from HKD 67,331,000 in 2019, indicating a growth of about 46.05%[32] - Basic earnings per share for the interim period were approximately HKD 0.83, compared to HKD 0.80 in the corresponding period[70] Cash and Liquidity - Cash and bank balances as of June 30, 2020, were HKD 1,522,872, significantly higher than HKD 813,741 as of December 31, 2019, indicating a growth of approximately 87.0%[8] - The cash and cash equivalents at the end of the period were HKD 417,449,000, down from HKD 720,650,000 in 2019, indicating a decrease of approximately 42%[12] - Operating cash flow for the six months ended June 30, 2020, was HKD 5,767,834,000, compared to HKD 1,912,924,000 in 2019, reflecting an increase of about 201%[12] - As of June 30, 2020, the group's net current assets increased to approximately HKD 1,449,333,000, up from HKD 1,293,345,000 as of December 31, 2019[86] - The total amount of loans and borrowings as of June 30, 2020, was approximately HKD 808,351,000, compared to HKD 625,266,000 as of December 31, 2019[86] - The current ratio as of June 30, 2020, was approximately 1.61, an increase from 1.39 as of December 31, 2019[86] - The debt-to-equity ratio as of June 30, 2020, was approximately 0.55, compared to 0.48 as of December 31, 2019[86] Assets and Liabilities - Current liabilities decreased to HKD 2,386,296 from HKD 3,287,386 at the end of 2019, showing a reduction of approximately 27.4%[8] - The group's total assets as of June 30, 2020, amounted to HKD 3,855,484,000, while total liabilities were HKD 1,775,277,000[25] - The group’s total liabilities decreased from HKD 2,621,315,000 as of December 31, 2019, to HKD 1,775,277,000 as of June 30, 2020[25] - Trade payables and notes payable decreased to HKD 170,383,000 as of June 30, 2020, from HKD 1,293,958,000 as of December 31, 2019, indicating a decline of approximately 86.8%[48] - Trust receipt loans secured decreased to HKD 560,435,000 as of June 30, 2020, from HKD 625,266,000 as of December 31, 2019, reflecting a decrease of approximately 10.4%[48] Segment Performance - Total revenue for the six months ended June 30, 2020, was HKD 7,854,938,000, with distribution and trading contributing HKD 7,687,963,000 and financial services contributing HKD 166,975,000[22] - The group reported a total segment profit of HKD 154,533,000, with distribution and trading generating HKD 95,429,000 and financial services generating HKD 59,104,000[22] - The group recognized a total of HKD 7,715,193,000 in customer contract revenue, with HKD 7,687,963,000 from trading of bulk commodities and HKD 27,230,000 from commission income and brokerage fees[26] - The group’s financial services segment reported a revenue of HKD 166,975,000, which is a significant contribution to the overall revenue[22] - The company recorded financial services revenue of approximately HKD 166,975,000, up from HKD 99,569,000 in the previous year, due to increased demand for commodity derivative services[69] Investments and Capital Expenditures - The company issued new shares during the rights issue, raising HKD 393,897,000, which contributed to the increase in total equity[11] - The company has a capital commitment of HKD 50,336,000 for an investment in a joint venture company, Tianjin Dongming Financing Leasing Co., Ltd.[62] - The total capital expenditure during the interim period was approximately HKD 1,529,000, used for leasehold improvements[87] Market and Economic Conditions - The demand for iron ore in China remains strong, with imports reaching 1.07 billion tons in 2019, and the company expects continued robust demand in 2020[75] - The impact of the COVID-19 pandemic on the company's distribution and trading business has been limited, with strong demand for iron ore in China[75] - The group faced various risks including commodity price fluctuations, exchange rate volatility, and regulatory compliance risks[81][82][85] Corporate Governance and Management - The audit committee, consisting of three independent non-executive directors, reviewed the company's interim financial performance for the six months ended June 30, 2020[93] - Major shareholder Mr. You Zhenhua holds 3,840,000 shares (0.03%) directly and 8,441,527,176 shares (71.29%) through a controlled company[95] - Mr. Kang Jian resigned as vice chairman and was appointed as a non-executive director effective March 3, 2020[96]
至源控股(00990) - 2019 - 年度财报
2020-04-28 08:48
Financial Performance - The company reported a profit attributable to equity holders of approximately HKD 145,745,000 for the year ended December 31, 2019, compared to HKD 61,893,000 for the corresponding year, representing an increase of approximately 135%[8]. - Total revenue for the year was approximately HKD 11,280,616,000, an increase of about 161% from HKD 4,330,171,000 in the previous year[13]. - The company's gross profit rose from approximately HKD 188,862,000 in the previous year to approximately HKD 509,904,000 in the current year[8]. - The company reported a net profit attributable to equity holders of approximately HKD 145,745,000, up from HKD 61,893,000 in the previous year, reflecting the increase in gross profit despite higher operating expenses[18]. - The company’s basic earnings per share for 2019 was HKD 1.43 cents, compared to HKD 0.76 cents for the previous year[13]. - The total comprehensive income for the year was HKD 185,403,000, compared to HKD 65,570,000 in 2018, reflecting overall growth in financial results[161]. Segment Performance - The distribution and trading segment achieved a segment profit before tax of approximately HKD 171,168,000, up about 86% from approximately HKD 92,056,000 in the previous year[8]. - The financial services segment recorded a segment profit before tax of approximately HKD 74,638,000, significantly higher than approximately HKD 2,336,000 in the previous year[8]. - Financial services revenue rose to HKD 196,802,000 from HKD 58,478,000, indicating the division's growth and expansion into various financial services[16]. Business Expansion and Strategy - The company has been actively exploring new business opportunities, including the launch of commodity derivative financial services since the end of 2017[9]. - The company aims to expand its iron ore trading business in response to strong demand from China, while also seeking to introduce new financial products to its service platform[8]. - The company plans to expand its financial services to include securities and derivatives trading in Hong Kong and Singapore, aiming to enhance its market presence[19]. - The company aims to diversify its business by expanding into new financial services, including structured trade financing and global settlement services[23]. Workforce and Human Capital - The company expanded its workforce from 49 employees at the end of 2018 to 69 employees by the end of 2019, indicating a focus on human capital investment[11]. - The group employed a total of 69 staff members, with 8 in Hong Kong, 50 in Singapore, and 11 in China as of December 31, 2019[39]. Financial Position and Assets - The company reported net current assets of approximately HKD 1,293.3 million as of December 31, 2019, compared to HKD 682.6 million in 2018[36]. - The company's total loans and borrowings amounted to approximately HKD 625.3 million as of December 31, 2019, up from HKD 225.7 million in 2018[36]. - The equity attributable to shareholders was approximately HKD 1,222,513,000, an increase from HKD 680,423,000 in 2018[40]. - The group’s inventory balance as of December 31, 2019, was approximately HKD 2,078,632,000, which is significant for the consolidated financial statements[156]. Corporate Governance - The company has complied with all provisions of the corporate governance code for the year ending December 31, 2019, except for specific clauses[104]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[107]. - The roles of chairman and CEO were separated on July 29, 2019, with Jiang Jiang appointed as CEO[105]. - The independent non-executive directors confirmed their independence in accordance with listing rules[107]. Environmental and Social Responsibility - The company actively implements measures to reduce environmental impact and promote sustainability in its operations[91]. - The company is committed to reducing emissions and has implemented measures to minimize its carbon footprint, including regular vehicle maintenance and promoting video conferencing to reduce travel emissions[137]. - Employee welfare is prioritized, with competitive salary structures reviewed annually and additional performance-based bonuses offered[142]. Risk Management - The company has established a risk management system to identify, assess, and manage risks related to its business operations[123]. - The board is responsible for reviewing the effectiveness of the group's risk management and internal control systems annually, considering changes in significant risks and the group's response capabilities[126]. Stakeholder Engagement - Stakeholder engagement is crucial for understanding expectations and concerns, and the company has established communication channels to address feedback effectively[133]. - The company encourages feedback on the ESG report through a dedicated email address for stakeholder suggestions[136].
至源控股(00990) - 2019 - 中期财报
2019-09-26 08:50
Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 2,528,757,000, an increase of 6.98% compared to HKD 2,363,512,000 in the same period of 2018[8] - Gross profit for the same period was HKD 165,245,000, with a gross margin of approximately 6.52%[8] - Operating profit increased significantly to HKD 117,157,000, compared to HKD 25,544,000 in the previous year, representing a growth of 359.56%[8] - Profit before tax reached HKD 110,364,000, a substantial increase from HKD 22,883,000 in 2018, marking a growth of 382.56%[8] - Net profit for the period was HKD 88,273,000, compared to HKD 17,792,000 in the prior year, reflecting a growth of 394.66%[8] - Basic and diluted earnings per share increased to HKD 0.80, up from HKD 0.20 in the same period last year, representing a 300% increase[8] - The company reported a total comprehensive income of HKD 88,052,000 for the period, significantly higher than HKD 17,937,000 in the same period of 2018[8] - The total comprehensive income attributable to equity holders for the six months ended June 30, 2019, was HKD 17,937,000, compared to HKD 16,598,000 for the same period in 2018, representing an increase of 8.1%[10] Assets and Liabilities - Total assets as of June 30, 2019, amounted to HKD 4,189,110,000, compared to HKD 1,774,467,000 at the end of 2018, indicating a growth of 136.36%[9] - Total liabilities increased to HKD 2,986,422,000, up from HKD 1,091,908,000, reflecting a growth of 173.36%[9] - Equity attributable to equity holders of the company rose to HKD 1,141,430,000, compared to HKD 680,423,000 in the previous year, marking a growth of 67.67%[9] - The total equity attributable to equity holders increased to HKD 1,207,111,000 as of June 30, 2019, compared to HKD 677,529,000 at the end of June 2018, marking an increase of 78.1%[10] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2019, was HKD 1,912,924,000, an increase from HKD 1,216,139,000 in the previous year, reflecting a growth of 57.2%[11] - The total cash and cash equivalents at the end of the period was HKD 720,650,000, up from HKD 439,623,000 in the previous year, indicating a year-over-year increase of 63.9%[11] - The company reported a net cash outflow from financing activities of HKD 1,480,526,000 for the six months ended June 30, 2019, compared to HKD 847,088,000 in the previous year[11] - The company’s investment activities generated a net cash inflow of HKD 38,220,000 during the period, compared to a net cash outflow of HKD 27,823,000 in the previous year[11] Share Capital and Dividends - The company issued new shares during the rights issue, raising net proceeds of HKD 393,897,000[11] - The company did not declare any interim dividends for the periods ended June 30, 2019, and June 30, 2018[46] - The company issued 3,947,115,000 new ordinary shares at HKD 0.10 per share, raising approximately HKD 394,711,000 during the rights issue completed on June 13, 2019[62] Segment Performance - The revenue from commodity trading sales was HKD 2,045,459,000, up 47.5% from HKD 1,387,494,000 year-on-year[26] - The financial services segment generated revenue of HKD 99,569,000, contributing to a total segment profit of HKD 38,923,000[28] - The total segment profit for the group was HKD 122,560,000, with a pre-tax profit of HKD 110,364,000 after financing costs of HKD 6,758,000[28] - The group reported a significant increase in derivative trading income, which rose to HKD 78,564,000 from HKD 8,927,000 in the previous year[26] Inventory and Receivables - The company’s inventory of finished goods increased significantly to HKD 1,672,457,000 as of June 30, 2019, compared to HKD 365,724,000 in the previous year[44] - Accounts receivable from futures contract trading increased to HKD 893,491,000 as of June 30, 2019, up from HKD 434,175,000 as of December 31, 2018, representing a growth of 105.8%[52] - Trade deposits and prepayments rose significantly to HKD 245,661,000 as of June 30, 2019, compared to HKD 76,445,000 as of December 31, 2018, marking an increase of 221.5%[54] - Trade receivables and notes receivable decreased to HKD 366,521,000 as of June 30, 2019, from HKD 595,030,000 as of December 31, 2018[49] Financial Ratios - The current ratio was approximately 1.40 as of June 30, 2019, down from 1.63 as of December 31, 2018[97] - The debt-to-equity ratio was approximately 0.41 as of June 30, 2019, compared to 0.31 as of December 31, 2018[97] Corporate Governance and Management - The company has adopted the corporate governance code and complied with all relevant provisions during the six months ended June 30, 2019[101] - Total remuneration for key management personnel increased to HKD 4.842 million for the six months ended June 30, 2019, compared to HKD 5.025 million for the same period in 2018[68] - The company appointed Mr. Jiang Jiang as the executive director and CEO effective July 29, 2019[111] Future Plans and Market Outlook - The company plans to continue expanding its operations in Hong Kong, Singapore, and China, focusing on commodity trading and financial services[28] - The company plans to expand its financial services to include a wider range of offerings, such as securities and derivatives services in Hong Kong and Singapore, as well as market-making and guarantee financing[79] - The group aims to build a derivatives financial services platform to facilitate international commodity trading, leveraging structural changes in the financial services sector over the past decade[82]
至源控股(00990) - 2018 - 年度财报
2019-04-29 09:11
Financial Performance - The company reported a profit attributable to equity holders of approximately HKD 61,893,000 for the year ended December 31, 2018, compared to HKD 21,349,000 for the corresponding year, representing a significant increase [9]. - The distribution and trading segment achieved a segment profit before tax of approximately HKD 92,056,000, up about 57.2% from HKD 58,560,000 in the previous year [9]. - The gross profit margin improved from approximately 1.3% in the previous year to about 4.4% in the current year, primarily driven by the distribution and trading segment [9]. - Total revenue for the year was approximately HKD 4,330,171,000, a decrease of about 19.7% from HKD 5,389,307,000 in the previous year [13]. - The company successfully launched commodity derivative-related financial services, resulting in a segment profit before tax of approximately HKD 2,336,000, compared to a loss of HKD 17,447,000 in the previous year [11]. - In 2018, the company's iron ore revenue decreased to approximately HKD 4,271,693,000 from HKD 4,933,586,000 in 2017, with sales volume dropping from 12,403,000 tons to 8,173,000 tons [16]. - The financial services segment generated revenue of HKD 58,478,000 in 2018, a significant increase from HKD 392,000 in 2017, due to the expansion of market-making services and other financial services [16]. - The company reported a total comprehensive income of HKD 65,570,000 for 2018, significantly higher than HKD 21,186,000 in 2017, reflecting an increase of approximately 209.5% [147]. - The company recognized an impairment loss on other income and gains amounting to HKD (22,995,000) in 2018, compared to HKD (6,281,000) in 2017 [147]. Operational Developments - The number of employees increased from 34 at the end of 2017 to 49 at the end of 2018, reflecting the company's commitment to investing in human capital [11]. - The company plans to continue exploring new business opportunities to enhance its spot commodity trading operations [11]. - The company established partnerships with new suppliers, allowing for competitive pricing in iron ore trading [9]. - The company plans to focus on the continuous development of financial services and distribution and trading businesses in 2019, including expanding into securities and derivatives services in Hong Kong and Singapore [18]. - The company has adopted a stock option plan to reward selected participants for their contributions [50]. Financial Position - As of December 31, 2018, the company reported net current assets of approximately HKD 682,559,000, an increase from HKD 613,773,000 in 2017, and total assets of approximately HKD 725,162,000, up from HKD 617,432,000 [30]. - The company's total loans and borrowings amounted to approximately HKD 225,670,000 as of December 31, 2018, compared to HKD 37,796,000 in 2017 [30]. - The current ratio as of December 31, 2018, was approximately 1.63, down from 2.78 in 2017, while the debt-to-equity ratio was approximately 0.31, up from 0.06 in 2017 [30]. - The company’s total liabilities included trade receivables of approximately HKD 595,030,000 and loans to customers of approximately HKD 15,000,000 as of December 31, 2018 [143]. - The company’s total liabilities increased to HKD 1,091,908 in 2018 from HKD 344,047 in 2017, reflecting increased borrowing for expansion [150]. Governance and Compliance - The company has adhered to all provisions of the corporate governance code for the year ending December 31, 2018, maintaining high levels of transparency, independence, integrity, and accountability [84]. - The board consists of eight members, including five executive directors and three independent non-executive directors, ensuring a balance of expertise, skills, and experience [88]. - The audit committee is responsible for overseeing the integrity of the group's financial reporting and internal control systems [105]. - The company has established a risk management system that includes identifying risks, assessing their likelihood and impact, and managing responses, with no significant risks identified in the 2018 assessment [109]. - The company has established various communication channels with shareholders, including printed materials and a dedicated website for investor relations [115]. Environmental and Social Responsibility - The company actively implements measures to reduce environmental impact and promote sustainability in its operations [73]. - The company is committed to reducing greenhouse gas emissions and has implemented measures such as conducting meetings via phone or video to minimize unnecessary travel emissions [126]. - The company generated non-hazardous waste solely from daily office activities, with hazardous waste arising from used ink cartridges and batteries, all managed according to relevant laws [127]. - The company has committed to maintaining transparency and effective communication with shareholders to enhance company value [123]. - The company emphasizes compliance with national policies and regulations, supporting local economic development, and timely tax payments as key expectations from stakeholders [123]. Employee Relations - The company emphasizes the importance of maintaining good relationships with employees, customers, and business partners to achieve long-term goals [72]. - Employee compensation is reviewed annually to ensure competitive salary packages, including discretionary bonuses based on individual and company performance [132]. - The employee turnover rate rose significantly to 37%, compared to just 6% in the previous year, indicating potential challenges in employee retention [140]. - The company encourages employees to participate in internal training and external seminars to enhance their knowledge and skills [132]. - The company has established communication channels for employee feedback, including meetings and employee mailboxes [125].