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力盟科技(02405.HK):中期净亏损375.8万美元
Ge Long Hui· 2025-08-28 11:11
Group 1 - The company reported a revenue of 3.25 million USD for the six months ending June 30, 2025, representing a year-on-year decrease of 55.9% [1] - Gross profit was 2.258 million USD, down 63.8% compared to the previous year [1] - The company recorded a loss attributable to ordinary equity shareholders of 3.758 million USD, contrasting with a profit of 0.338 million USD in the same period last year [1] - Basic loss per share was 0.47 cents [1]
力盟科技(02405) - 2025 - 中期业绩
2025-08-28 10:59
[Company Information](index=1&type=section&id=Company%20Information) This section provides general information about the company and its reporting period [Company Overview](index=1&type=section&id=Company%20Overview) This announcement details Powerwin Tech Group Limited's unaudited interim results for H1 2025 - Company Name: Powerwin Tech Group Limited (Stock Code: 2405)[2](index=2&type=chunk) - Reporting Period: Unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) [Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the company's consolidated financial statements, including profit or loss and financial position [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, the company experienced a significant revenue decline, leading to a substantial deterioration in gross profit and operating results, turning a profit into a loss Key Financial Data (Income Statement) | Metric | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,250 | 7,368 | -55.9% | | Cost of Sales | (992) | (1,139) | -12.9% | | Gross Profit | 2,258 | 6,229 | -63.8% | | Selling and Marketing Expenses | (231) | (296) | -22.0% | | Administrative Expenses | (2,193) | (1,763) | +24.4% | | Expected Credit Losses on Trade Receivables | (2,409) | (1,576) | +52.9% | | Other Income | 193 | 328 | -41.1% | | Operating (Loss)/Profit | (2,382) | 2,922 | 由盈转亏 | | Finance Costs | (1,871) | (2,680) | -30.2% | | Fair Value Changes of Financial Assets | 104 | 55 | +89.1% | | (Loss)/Profit Before Tax | (4,149) | 297 | 由盈转亏 | | Income Tax | 391 | 41 | +853.7% | | (Loss)/Profit for the Period | (3,758) | 338 | 由盈转亏 | | Basic (Loss)/Earnings Per Share (US cents) | (0.47) | 0.04 | 由盈转亏 | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and liabilities decreased, primarily due to reductions in receivables and bank borrowings, impacting net current assets and net assets Key Financial Data (Balance Sheet) | Metric | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current Assets** | | | | | Property, Plant and Equipment | 59 | 67 | -11.9% | | Right-of-Use Assets | 798 | 360 | +121.7% | | Intangible Assets | 1,827 | 2,036 | -10.3% | | Financial Assets at Fair Value Through Profit or Loss | 4,689 | 4,627 | +1.3% | | Deferred Tax Assets | 1,497 | 1,087 | +37.7% | | **Total Non-current Assets** | **8,870** | **8,177** | **+8.5%** | | **Current Assets** | | | | | Trade and Other Receivables | 183,407 | 222,373 | -17.5% | | Cash and Cash Equivalents | 16,276 | 34,393 | -52.7% | | Prepaid Income Tax | 1,221 | 1,221 | 0.0% | | **Total Current Assets** | **200,904** | **257,987** | **-22.2%** | | **Current Liabilities** | | | | | Trade and Other Payables | 164,252 | 129,032 | +27.3% | | Contract Liabilities | 3,411 | 4,071 | -16.2% | | Bank Borrowings | 13,126 | 100,638 | -86.9% | | Lease Liabilities | 478 | 326 | +46.6% | | Current Tax | 14 | 13 | +7.7% | | **Total Current Liabilities** | **181,281** | **234,080** | **-22.6%** | | **Net Current Assets** | **19,623** | **23,907** | **-17.9%** | | **Total Assets Less Current Liabilities** | **28,493** | **32,084** | **-11.3%** | | **Non-current Liabilities** | | | | | Bank Borrowings | 1,808 | 1,920 | -5.8% | | Lease Liabilities | 349 | 69 | +405.8% | | **Total Non-current Liabilities** | **2,157** | **1,989** | **+8.4%** | | **Net Assets** | **26,336** | **30,095** | **-12.5%** | | **Total Equity** | **26,336** | **30,095** | **-12.5%** | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes and explanations for the figures presented in the consolidated financial statements [1 Basis of Preparation](index=5&type=section&id=1%20Basis%20of%20Preparation) The condensed interim consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, authorized for issue on August 28, 2025 - Basis of Preparation: HKEX Listing Rules and Hong Kong Accounting Standard 34 'Interim Financial Reporting'[7](index=7&type=chunk) - Authorization Date: August 28, 2025[7](index=7&type=chunk) - Accounting Policies: Same as those adopted in the 2024 annual financial statements, except for changes expected to be reflected in the 2025 annual financial statements[7](index=7&type=chunk) [2 Changes in Accounting Policies](index=5&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group applied HKAS 21 (Amendment) 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability' with no material impact due to the absence of relevant foreign currency transactions - New Standard Applied: Hong Kong Accounting Standard 21 (Amendment) 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability'[8](index=8&type=chunk) - Impact: No material impact on these interim financial statements, as the Group had no foreign currency non-exchangeable transactions[8](index=8&type=chunk) - Standards Not Applied: No new standards or interpretations effective for the current accounting period have been applied[9](index=9&type=chunk) [3 Revenue and Segment Information](index=6&type=section&id=3%20Revenue%20and%20Segment%20Information) The Group's core businesses are cross-border digital marketing and e-commerce SaaS solutions, with total revenue significantly decreasing by 55.9% year-on-year for H1 2025 - Principal Business: Provision of cross-border digital marketing services and cross-border e-commerce SaaS solutions[10](index=10&type=chunk) Customer Contract Revenue by Major Service | Service Type | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Cross-border Digital Marketing Services | 2,951 | 5,995 | -50.8% | | - Standardized Digital Marketing | 1,491 | 3,221 | -53.7% | | - Customized Digital Marketing | 549 | 1,549 | -64.6% | | - SaaS-based Digital Marketing | 911 | 1,225 | -25.6% | | Cross-border E-commerce SaaS Solutions | 299 | 1,373 | -78.2% | | **Total Revenue** | **3,250** | **7,368** | **-55.9%** | Major Customer Revenue Concentration | Client | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | | :--- | :--- | :--- | | Client 1 | 1,234 | 2,935 | | Client 2 | 680 | 2,363 | | Client 3 | Not applicable* | 1,024 | *This indicates revenue from this client accounted for less than 10% of the Group's revenue during the period Geographical Revenue Distribution | Region | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | | :--- | :--- | :--- | | Hong Kong | 3,248 | 7,367 | | Mainland China | 2 | 1 | | **Total** | **3,250** | **7,368** | Geographical Location of Specific Non-current Assets | Region | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | | :--- | :--- | :--- | | Hong Kong | 2,531 | 2,194 | | Mainland China | 153 | 269 | | **Total** | **2,684** | **2,463** | [4 (Loss)/Profit Before Tax](index=8&type=section&id=4%20(Loss)%2FProfit%20Before%20Tax) For H1 2025, the company reported a pre-tax loss of US$4,149 thousand, a significant shift from the prior year's profit, influenced by finance costs, staff costs, and R&D expenses Finance Costs | Item | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Bank Borrowings | 1,863 | 2,664 | -30.1% | | Interest on Lease Liabilities | 8 | 16 | -50.0% | | **Total** | **1,871** | **2,680** | **-30.2%** | Staff Costs | Item | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Salaries, Wages and Other Benefits | 1,759 | 1,803 | -2.4% | | Retirement Scheme Contributions | 123 | 111 | +10.8% | | **Total** | **1,882** | **1,914** | **-1.7%** | Other Items | Item | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Gain on Fair Value Changes of Financial Assets | (104) | (55) | +89.1% | | Research and Development Costs | 524 | 614 | -14.6% | | Amortization of Intangible Assets | 209 | 3 | +6866.7% | | Depreciation - Property, Plant and Equipment | 13 | 15 | -13.3% | | Depreciation - Right-of-Use Assets | 303 | 302 | +0.3% | - R&D costs include staff costs for R&D department employees, amounting to **US$524 thousand** in H1 2025 (H1 2024: **US$614 thousand**)[18](index=18&type=chunk) [5 Income Tax in Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=5%20Income%20Tax%20in%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2025, the company recorded an income tax credit of US$391 thousand, primarily due to an increase in deferred tax assets, contrasting with an expense in the prior year Income Tax Components | Item | For the six months ended June 30, 2025 (US$ thousand) | For the six months ended June 30, 2024 (US$ thousand) | | :--- | :--- | :--- | | Current Tax - Provision for the Period | 19 | 220 | | Deferred Tax - Origination and Reversal of Temporary Differences | (410) | (261) | | **Total** | **(391)** | **(41)** | - Tax Rates: No income tax in Cayman Islands and BVI. Hong Kong profits tax rate is **16.5%**, with **8.25%** for the first **HK$2 million** for eligible subsidiaries. PRC subsidiaries' statutory income tax rate is **25%**[19](index=19&type=chunk)[20](index=20&type=chunk) - Effective Income Tax Rate: **9.4%** in H1 2025, compared to **-13.8%** in H1 2024[52](index=52&type=chunk) [6 (Loss)/Earnings Per Share](index=9&type=section&id=6%20(Loss)%2FEarnings%20Per%20Share) For H1 2025, the company reported a basic loss per share of 0.47 US cents, a reversal from the prior year's profit per share, driven by the period's net loss - Basic (Loss)/Earnings Per Share: **Loss of 0.47 US cents** per share in H1 2025, compared to **profit of 0.04 US cents** per share in H1 2024[21](index=21&type=chunk) - Weighted Average Number of Ordinary Shares: **800,000,000** shares for both periods[21](index=21&type=chunk) - Dilutive Effect: No potential dilutive ordinary shares for both periods, thus diluted (loss)/earnings per share equals basic (loss)/earnings per share[21](index=21&type=chunk) [7 Right-of-Use Assets](index=10&type=section&id=7%20Right-of-Use%20Assets) As of June 30, 2025, the net book value of right-of-use assets increased to US$798 thousand, primarily due to new additions despite depreciation expenses Right-of-Use Asset Movements | Item | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Net Book Value, as at January 1 | 360 | 838 | | Additions | 740 | 48 | | Lease Modifications | – | (31) | | Depreciation Expense for the Period | (303) | (302) | | Exchange Adjustments | 1 | (1) | | **Net Book Value, as at June 30** | **798** | **552** | [8 Trade and Other Receivables](index=10&type=section&id=8%20Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables decreased by 17.5% to US$183,407 thousand from year-end 2024, mainly due to reduced gross billings, though loss allowance increased Trade and Other Receivables Components | Item | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables - Third Parties | 192,376 | 228,934 | -16.0% | | Less: Loss Allowance for Trade Receivables | (9,786) | (7,378) | +32.6% | | **Net Trade Receivables** | **182,590** | **221,556** | **-17.6%** | | Amounts Due from Related Parties | 8 | 13 | -38.5% | | Amounts Due from Third Parties | 809 | 804 | +0.6% | | **Total** | **183,407** | **222,373** | **-17.5%** | - All receivables are expected to be recovered within one year[23](index=23&type=chunk) - Factoring Arrangements: As of June 30, 2025, trade receivables under factoring arrangements amounted to **US$14,295 thousand**, a significant decrease from **US$126,112 thousand** at year-end 2024[23](index=23&type=chunk) Trade Receivables Aging Analysis | Aging | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | | :--- | :--- | :--- | | Within 1 month | 39,057 | 62,614 | | After 1 month but within 2 months | 27,831 | 64,694 | | After 2 months but within 3 months | 17,747 | 13,698 | | After 3 months but within 6 months | 14,294 | 17,404 | | After 6 months but within 12 months | 47,723 | 52,487 | | Over 12 months | 45,724 | 18,037 | | **Total** | **192,376** | **228,934** | - Trade Receivables Due Date: Within 30 to 300 days from invoice date[24](index=24&type=chunk) [9 Trade and Other Payables](index=11&type=section&id=9%20Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased by 27.3% to US$164,252 thousand from year-end 2024, primarily due to reduced payments to suppliers Trade and Other Payables Components | Item | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables - Third Parties | 163,649 | 128,459 | +27.4% | | VAT and Other Taxes Payable | 95 | 21 | +352.4% | | Salaries Payable | 280 | 265 | +5.7% | | Other Payables and Accruals | 228 | 287 | -20.5% | | **Total** | **164,252** | **129,032** | **+27.3%** | - All payables are expected to be settled within one year or on demand[25](index=25&type=chunk) Trade Payables Aging Analysis | Aging | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | | :--- | :--- | :--- | | Within 1 month | 41,985 | 62,236 | | After 1 month but within 3 months | 67,885 | 66,223 | | After 3 months but within 6 months | 53,779 | – | | **Total** | **163,649** | **128,459** | [10 Bank Borrowings](index=12&type=section&id=10%20Bank%20Borrowings) As of June 30, 2025, total bank borrowings significantly decreased by 85.4% to US$14,934 thousand from year-end 2024, mainly due to reduced funding needs from lower gross billings Bank Borrowings Repayment Schedule | Term | June 30, 2025 (US$ thousand) | December 31, 2024 (US$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 year or on demand | 13,126 | 100,638 | -86.9% | | After 1 year but within 2 years | 189 | 221 | -14.5% | | After 2 years but within 5 years | 180 | 260 | -30.8% | | After 5 years | 1,439 | 1,439 | 0.0% | | **Total** | **14,934** | **102,558** | **-85.4%** | - Total secured bank borrowings amounted to **US$14,934 thousand** (December 31, 2024: **US$102,558 thousand**)[29](index=29&type=chunk) - Bank borrowings of **US$2,069 thousand** are guaranteed by the Group and secured by financial assets at fair value through profit or loss[29](index=29&type=chunk) - Bank borrowings of **US$12,865 thousand** are guaranteed by the Group and secured by trade receivables under factoring arrangements[29](index=29&type=chunk) - As of June 30, 2025, no bank borrowings were solely secured by trade receivables under factoring arrangements (December 31, 2024: **US$42,474 thousand**)[29](index=29&type=chunk)[62](index=62&type=chunk) [11 Capital, Reserves and Dividends](index=13&type=section&id=11%20Capital%2C%20Reserves%20and%20Dividends) For H1 2025, the company neither declared nor paid any interim dividends, with its authorized and issued share capital remaining unchanged - Dividends: No dividends were declared or paid for the six months ended June 30, 2025 and 2024[30](index=30&type=chunk)[31](index=31&type=chunk) - Share Capital: Authorized share capital of **2,000,000,000** ordinary shares of **US$0.01** each, with **800,000,000** ordinary shares issued, consistent with year-end 2024[32](index=32&type=chunk) - Share Premium: Under Cayman Islands Companies Act, share premium account may be used for distributions or dividends to shareholders, provided the company is able to pay its debts as they fall due in the ordinary course of business[33](index=33&type=chunk) - Exchange Reserve: Includes all foreign exchange differences arising from the translation of financial information of entities not using US dollars as their functional currency[34](index=34&type=chunk) [12 Unadjusted Events After the Reporting Period](index=14&type=section&id=12%20Unadjusted%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company disposed of its entire equity interest in Powerwin Media Group Limited, generating an estimated gain of approximately US$0.45 million, with the transaction completed - Disposal: The company's direct wholly-owned subsidiary, Jiacheng Investment Group Limited, disposed of **1,000,000** shares of Powerwin Media Group Limited[35](index=35&type=chunk) - Counterparty: Chinalink International Development Limited, an independent third party[35](index=35&type=chunk) - Consideration: **US$1.95 million**[35](index=35&type=chunk) - Estimated Gain: Approximately **US$0.45 million**[35](index=35&type=chunk) - Completion Date: Completed as of the date of this announcement[36](index=36&type=chunk) [Business Overview and Review](index=15&type=section&id=Business%20Overview%20and%20Review) This section provides an overview of the company's business, its operational performance during the period, and future strategic outlook [Overview](index=15&type=section&id=Overview) Powerwin Tech Group Limited is a Chinese cross-border digital marketing service provider, assisting marketers in global expansion and collaborating with major media publishers - Core Business: China cross-border digital marketing service provider[37](index=37&type=chunk) - Service Offerings: Standardized, customized, and SaaS-based cross-border digital marketing solutions, and cross-border e-commerce SaaS solutions[37](index=37&type=chunk) - Objective: Empower Chinese marketers to acquire users, promote products, and assist media publishers in monetization[37](index=37&type=chunk) [Business Review](index=15&type=section&id=Business%20Review) As of June 30, 2025, the company served over 3,000 marketers and partnered with 20 major global media publishers, offering various digital marketing and e-commerce SaaS solutions - Clients Served: As of June 30, 2025, over **3,000** marketers served, spanning e-commerce, online gaming, and applications[38](index=38&type=chunk) - Media Partnerships: Collaborations with **20** major global media publishers including Meta, Google, X, TikTok, and over **50** vertical media publishers[38](index=38&type=chunk) - Cross-border Digital Marketing Service Types: Standardized digital marketing services, customized digital marketing services, SaaS-based digital marketing services[38](index=38&type=chunk)[41](index=41&type=chunk) - Cross-border E-commerce SaaS Solutions: Provided via the Powershopy platform, charging fixed monthly fees and/or commissions[39](index=39&type=chunk) - Staffing: As of June 30, 2025, **60** full-time employees (2024: **76**), with total staff costs of **US$1.9 million**[40](index=40&type=chunk) [Outlook](index=17&type=section&id=Outlook) Facing geopolitical uncertainties and global economic volatility, the company plans to enhance client and media partnerships, leverage AI for marketing optimization, and explore strategic opportunities to sustain growth - Challenges: Geopolitical uncertainties and global economic volatility leading to challenges and profit decline in the digital marketing industry[42](index=42&type=chunk) - Strategies: Close collaboration with clients for customized services; precise audience targeting with media partners; maintaining growth in cross-border digital marketing; leveraging AI and hyper-personalization to optimize Adorado SaaS and Powershopy platforms; continuous evaluation of strategic cooperation and investment opportunities[42](index=42&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) This section provides a detailed analysis of the company's financial performance and key financial metrics for the reporting period [Revenue](index=17&type=section&id=Revenue) For H1 2025, total revenue significantly decreased by 55.9% to US$3.3 million, primarily due to substantial cuts in client digital advertising budgets amid global economic volatility - Total Revenue: Decreased by **55.9%** from **US$7.4 million** in H1 2024 to **US$3.3 million** in H1 2025[43](index=43&type=chunk) - Primary Reason: Significant reduction in client digital advertising budgets due to global economic volatility and geopolitical uncertainties[43](index=43&type=chunk) Cross-border Digital Marketing Revenue Breakdown | Service Type | For the six months ended June 30, 2025 (US$ million) | For the six months ended June 30, 2024 (US$ million) | Change (%) | | :--- | :--- | :--- | :--- | | Standardized Digital Marketing | 1.5 | 3.2 | -53.7% | | Customized Digital Marketing | 0.5 | 1.5 | -64.6% | | SaaS-based Digital Marketing | 0.9 | 1.2 | -25.6% | - Cross-border E-commerce SaaS Solutions Revenue: Decreased by **78.2%** from **US$1.4 million** in H1 2024 to **US$0.3 million** in H1 2025, primarily due to reduced commission income[45](index=45&type=chunk) [Cost of Sales](index=18&type=section&id=Cost%20of%20Sales) For H1 2025, cost of sales decreased by 12.9% to US$1.0 million, mainly attributed to optimized staff structure leading to reduced revenue and staff costs - Cost of Sales: Decreased from **US$1.1 million** in H1 2024 to **US$1.0 million** in H1 2025[46](index=46&type=chunk) - Primary Reason: Optimized staff structure leading to reduced revenue and staff costs[46](index=46&type=chunk) [Gross Profit and Gross Margin](index=18&type=section&id=Gross%20Profit%20and%20Gross%20Margin) For H1 2025, gross profit significantly decreased by 63.8% to US$2.3 million, with gross margin falling to 69.5%, primarily due to intensified competition and promotional activities in digital marketing services - Gross Profit: Decreased by **63.8%** from **US$6.2 million** in H1 2024 to **US$2.3 million** in H1 2025[47](index=47&type=chunk) - Gross Margin: Decreased from **84.5%** in H1 2024 to **69.5%** in H1 2025[47](index=47&type=chunk) - Primary Reason: Reduced revenue due to intensified competition in digital marketing services and promotional measures to counter competition[47](index=47&type=chunk) - Cost optimization could not fully offset the impact of revenue decline on gross margin[47](index=47&type=chunk) [Selling and Marketing Expenses](index=19&type=section&id=Selling%20and%20Marketing%20Expenses) For H1 2025, selling and marketing expenses slightly decreased to US$0.2 million - Selling and Marketing Expenses: Slightly decreased from **US$0.3 million** in H1 2024 to **US$0.2 million** in H1 2025[48](index=48&type=chunk) [Administrative Expenses](index=19&type=section&id=Administrative%20Expenses) For H1 2025, administrative expenses increased by 24.4% to US$2.2 million, primarily due to additional costs incurred from staff optimization initiatives - Administrative Expenses: Increased from **US$1.8 million** in H1 2024 to **US$2.2 million** in H1 2025[49](index=49&type=chunk) - Primary Reason: Additional costs incurred from staff optimization initiatives[49](index=49&type=chunk) [Expected Credit Losses on Trade Receivables](index=19&type=section&id=Expected%20Credit%20Losses%20on%20Trade%20Receivables) For H1 2025, expected credit losses on trade receivables increased by 52.9% to US$2.4 million, mainly due to higher bad debt provisions as some clients extended payment periods due to operational adjustments - Expected Credit Losses: Increased from **US$1.6 million** in H1 2024 to **US$2.4 million** in H1 2025[50](index=50&type=chunk) - Primary Reason: Increased bad debt provisions due to extended collection periods from certain clients' operational adjustments[50](index=50&type=chunk) - The company actively communicates with clients to follow up on collections[50](index=50&type=chunk) [Finance Costs](index=19&type=section&id=Finance%20Costs) For H1 2025, finance costs decreased by 30.2% to US$1.9 million, primarily due to reduced funding requirements for bank borrowings resulting from lower gross billings - Finance Costs: Decreased from **US$2.7 million** in H1 2024 to **US$1.9 million** in H1 2025[51](index=51&type=chunk) - Primary Reason: Reduced gross billings, leading to decreased funding requirements for bank borrowings[51](index=51&type=chunk) [Income Tax Credit](index=19&type=section&id=Income%20Tax%20Credit) For H1 2025, the company recorded an income tax credit of US$0.4 million, primarily due to an increase in deferred tax assets arising from temporary deductible differences related to trade receivables credit loss provisions - Income Tax Credit: **US$0.4 million** in H1 2025, compared to **US$0.04 million** in H1 2024[52](index=52&type=chunk) - Primary Reason: Increase in deferred tax assets arising from temporary deductible differences related to trade receivables credit loss provisions[52](index=52&type=chunk) - Effective Income Tax Rate: **9.4%** in H1 2025, compared to **-13.8%** in H1 2024[52](index=52&type=chunk) [(Loss)/Profit for the Period](index=19&type=section&id=(Loss)%2FProfit%20for%20the%20Period) For H1 2025, the company reported a loss of US$3.8 million, a reversal from the prior year's profit, influenced by decreased revenue, increased administrative expenses, and higher expected credit losses - (Loss)/Profit for the Period: A **US$3.8 million** loss recorded in H1 2025, compared to a **US$0.3 million** profit in H1 2024[53](index=53&type=chunk) [Trade Receivables](index=20&type=section&id=Trade%20Receivables) As of June 30, 2025, trade receivables decreased to US$192.4 million from US$228.9 million at year-end 2024, primarily due to reduced gross billings - Trade Receivables: Decreased from **US$228.9 million** as of December 31, 2024, to **US$192.4 million** as of June 30, 2025[54](index=54&type=chunk) - Primary Reason: Reduced gross billings[54](index=54&type=chunk) [Trade and Other Payables](index=20&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, trade and other payables increased to US$164.3 million from US$129.0 million at year-end 2024, primarily due to reduced payments to suppliers - Trade and Other Payables: Increased from **US$129.0 million** as of December 31, 2024, to **US$164.3 million** as of June 30, 2025[55](index=55&type=chunk) - Primary Reason: Reduced payments to the Group's suppliers[55](index=55&type=chunk) [Bank Borrowings](index=20&type=section&id=Bank%20Borrowings) As of June 30, 2025, bank borrowings significantly decreased to US$14.9 million from US$102.6 million at year-end 2024, primarily due to reduced funding needs from lower gross billings - Bank Borrowings: Decreased from **US$102.6 million** as of December 31, 2024, to **US$14.9 million** as of June 30, 2025[56](index=56&type=chunk) - Primary Reason: Reduced gross billings, leading to decreased funding required by the Group through bank borrowings[56](index=56&type=chunk) [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) This section details the company's cash position, liquidity management, debt levels, and financial policies [Liquidity and Financial Resources](index=20&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and cash equivalents decreased to US$16.3 million, and net current assets fell to US$19.6 million, mainly due to bank loan repayments and reduced trade receivables - Cash and Cash Equivalents: Decreased from **US$34.4 million** as of December 31, 2024, to **US$16.3 million** as of June 30, 2025[57](index=57&type=chunk) - Reason for Decrease: Primarily due to the Group's repayment of bank borrowings[57](index=57&type=chunk) - Net Current Assets: Decreased from **US$23.9 million** as of December 31, 2024, to **US$19.6 million** as of June 30, 2025[57](index=57&type=chunk) - Reason for Decrease: Reduced trade receivables and cash and cash equivalents[57](index=57&type=chunk) - Primary Financing Source: Bank borrowings, amounting to **US$14.9 million** as of June 30, 2025 (December 31, 2024: **US$102.6 million**)[57](index=57&type=chunk) [Interim Dividend](index=21&type=section&id=Interim%20Dividend) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - No Interim Dividend: The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[58](index=58&type=chunk) [Gearing Ratio](index=21&type=section&id=Gearing%20Ratio) As of June 30, 2025, the gearing ratio significantly improved to 56.7% from 340.8% at year-end 2024, primarily due to a substantial reduction in total borrowings - Gearing Ratio: Decreased from **340.8%** as of December 31, 2024, to **56.7%** as of June 30, 2025[59](index=59&type=chunk) - Primary Reason: Reduction in the Group's borrowings[59](index=59&type=chunk) [Debt-to-Equity Ratio](index=21&type=section&id=Debt-to-Equity%20Ratio) As of June 30, 2025, the Group was in a net cash position, a significant improvement from a debt-to-equity ratio of 226.5% at year-end 2024, primarily due to reduced total borrowings - Debt-to-Equity Ratio: As of June 30, 2025, the Group was in a **net cash position** (December 31, 2024: **226.5%**)[60](index=60&type=chunk) - Primary Reason: Reduction in the Group's borrowings[60](index=60&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2025, and December 31, 2024, the Group had no material contingent liabilities - No Material Contingent Liabilities: None as of June 30, 2025, and December 31, 2024[61](index=61&type=chunk) [Pledge of Assets](index=21&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, certain bank borrowings are secured by financial assets at fair value and trade receivables, with the total pledged amount decreasing from year-end 2024 - Bank borrowings of **US$2,069 thousand** are secured by financial assets at fair value through profit or loss[62](index=62&type=chunk) - Bank borrowings of **US$12,865 thousand** are secured by trade receivables (under factoring arrangements)[62](index=62&type=chunk) - As of June 30, 2025, no bank borrowings were solely secured by trade receivables under factoring arrangements (December 31, 2024: **US$42,474 thousand**)[29](index=29&type=chunk)[62](index=62&type=chunk) [Treasury Policy](index=21&type=section&id=Treasury%20Policy) The company adopts a prudent financial management approach, ensuring liquidity for operations and capital expenditures, closely monitoring its liquidity position, and appropriately investing surplus cash - Treasury Policy: Prudent, ensuring liquidity requirements[63](index=63&type=chunk) - Board Responsibilities: Closely monitor liquidity, consider credit, liquidity, and market risks of financial instruments, and appropriately invest surplus cash[63](index=63&type=chunk) [Interest Rate Risk](index=22&type=section&id=Interest%20Rate%20Risk) The company's interest rate risk primarily stems from fixed and variable rate bank borrowings and lease liabilities; interest expenses on bank borrowings decreased, and the company regularly monitors exposure to mitigate this risk - Risk Sources: Fixed and variable rate bank borrowings, and lease liabilities[64](index=64&type=chunk) - Bank Borrowing Interest: Decreased from **US$2.7 million** in H1 2024 to **US$1.9 million** in H1 2025[64](index=64&type=chunk) - Management Strategy: Regularly monitor risk exposure to mitigate interest rate risk[64](index=64&type=chunk) [Foreign Exchange Risk](index=22&type=section&id=Foreign%20Exchange%20Risk) Operating in Hong Kong with most monetary assets, liabilities, and transactions denominated in US dollars, the company does not face significant foreign exchange risk - Operating Location: Hong Kong[65](index=65&type=chunk) - Primary Denomination Currency: US dollars[65](index=65&type=chunk) - Foreign Exchange Risk: No significant foreign exchange risk[65](index=65&type=chunk) [Material Investments, Acquisitions and Disposals](index=22&type=section&id=Material%20Investments%2C%20Acquisitions%20and%20Disposals) For H1 2025, the company made no material investments, acquisitions, or disposals, and currently has no significant investment or capital asset plans - During the Reporting Period: No material investments, acquisitions, or disposals[66](index=66&type=chunk) - Future Plans: As of June 30, 2025, no material investment or capital asset plans[66](index=66&type=chunk) [Use of Proceeds from Initial Public Offering](index=22&type=section&id=Use%20of%20Proceeds%20from%20Initial%20Public%20Offering) The company listed on March 31, 2023, with net proceeds of approximately HK$96.8 million; as of June 30, 2025, HK$3.5 million was used for R&D, with the remainder planned for use by year-end 2025 as per prospectus - Listing Date: March 31, 2023[67](index=67&type=chunk) - Net Proceeds: Approximately **HK$96.8 million**[67](index=67&type=chunk) Use of Net Proceeds Details (As of June 30, 2025) | Purpose | Allocation Percentage | Allocated Amount (HK$ million) | Unutilized as of Dec 31, 2024 (HK$ million) | Utilized in H1 2025 (HK$ million) | Unutilized as of Jun 30, 2025 (HK$ million) | Expected Timeline of Use | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Strengthening R&D Capabilities | 41.7% | 40.3 | 11.2 | 3.5 | 7.7 | 2025 year-end | | Promoting Cross-border E-commerce SaaS Business | 13.3% | 12.9 | 12.9 | – | 12.9 | 2025 year-end | | Upgrading Business and Internal Management Systems | 10.0% | 9.7 | 9.7 | – | 9.7 | 2025 year-end | | Enhancing Overseas Localization Service Capabilities | 15.0% | 14.5 | 14.5 | – | 14.5 | 2025 year-end | | Seeking Strategic Cooperation or Investment Opportunities | 10.0% | 9.7 | 9.7 | – | 9.7 | 2025 year-end | | Working Capital and General Corporate Purposes | 10.0% | 9.7 | – | – | – | N/A | | **Total** | | **96.8** | **58.0** | **3.5** | **54.5** | | - No material changes or delays in the use of net proceeds, which will continue to be utilized as revised in the prospectus and annual results announcement[68](index=68&type=chunk)[69](index=69&type=chunk) [Other Information](index=24&type=section&id=Other%20Information) This section covers additional disclosures, including post-reporting period events and securities transactions [Events After the Reporting Period](index=24&type=section&id=Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the company completed the disposal of its indirect wholly-owned subsidiary, Powerwin Media Group Limited, on July 31, 2025, ceasing to be a subsidiary - Disposal: The company's direct wholly-owned subsidiary, Jiacheng Investment Group Limited, disposed of the entire issued share capital of Powerwin Media Group Limited[70](index=70&type=chunk) - Completion Date: July 31, 2025[70](index=70&type=chunk) - Impact: Powerwin Media Group Limited ceased to be a subsidiary of the company[70](index=70&type=chunk) - No other material events after the reporting period[70](index=70&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=24&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For H1 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - No purchase, sale, or redemption of listed securities[71](index=71&type=chunk) - No treasury shares held[71](index=71&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) This section outlines the company's adherence to corporate governance principles and relevant regulatory codes [Compliance with Corporate Governance Code Provisions in Appendix C1 Part 2 of the Listing Rules](index=24&type=section&id=Compliance%20with%20Corporate%20Governance%20Code%20Provisions%20in%20Appendix%20C1%20Part%202%20of%20the%20Listing%20Rules) The company complies with the Corporate Governance Code in Appendix C1 Part 2 of the Listing Rules, with the exception of the Chairman and CEO roles being combined, an arrangement the Board believes benefits management and will be reviewed periodically - Compliance: Adopted and complied with the Corporate Governance Code, except for the combined roles of Chairman and Chief Executive Officer[72](index=72&type=chunk) - Chairman and CEO: Mr. Li Xiang holds both roles of Chairman of the Board and Chief Executive Officer[73](index=73&type=chunk) - Board's View: Believes this arrangement benefits Group management and will be reviewed periodically[73](index=73&type=chunk) - Board Composition: Acknowledges the importance of a balanced composition of executive and independent non-executive directors to ensure independent judgment[73](index=73&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=25&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted and its directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period - Code Adoption: Adopted the Model Code for Securities Transactions by Directors of Listed Issuers[74](index=74&type=chunk) - Compliance: Directors confirmed compliance with the Code during the reporting period[74](index=74&type=chunk) [Review of Unaudited Interim Results](index=25&type=section&id=Review%20of%20Unaudited%20Interim%20Results) These interim results are a summary of the condensed interim consolidated financial statements, reviewed by KPMG in accordance with HKSRE 2410 and by the Board's Audit Committee - Nature: Summary of condensed interim consolidated financial statements, unaudited[75](index=75&type=chunk) - Reviewing Body: KPMG reviewed in accordance with Hong Kong Standard on Review Engagements 2410[75](index=75&type=chunk) - Internal Review: Reviewed by the Board's Audit Committee[75](index=75&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=26&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This interim results announcement is published on the HKEX and company websites, where the full interim report containing all required information will also be available - Publication Platforms: HKEX website (www.hkexnews.hk) and company website (www.empowerwin.com)[76](index=76&type=chunk) - Interim Report: The interim report containing all information required by the Listing Rules will be available[76](index=76&type=chunk) [Management Information](index=26&type=section&id=Management%20Information) This section provides details about the composition of the company's Board of Directors [Board of Directors](index=26&type=section&id=Board%20of%20Directors) As of the announcement date, the Board comprises Mr. Li Xiang as Chairman and CEO, Ms. Yu Lu as Executive Director, and three Independent Non-executive Directors: Ms. Zhao Yan, Mr. Gong Peiyue, and Mr. Li Guotai - Chairman, CEO, and Executive Director: Mr. Li Xiang[77](index=77&type=chunk)[78](index=78&type=chunk) - Executive Director: Ms. Yu Lu[78](index=78&type=chunk) - Independent Non-executive Directors: Ms. Zhao Yan, Mr. Gong Peiyue, Mr. Li Guotai[78](index=78&type=chunk)
力盟科技(02405.HK)拟8月28日举行董事会会议批准中期业绩
Ge Long Hui· 2025-08-18 09:30
Group 1 - The company, Liemeng Technology (02405.HK), has announced a board meeting scheduled for August 28, 2025, to consider and approve its interim results for the six months ending June 30, 2025 [1] - The board meeting will also address the distribution of an interim dividend, if any, along with other matters [1]
力盟科技(02405) - 董事会会议召开日期
2025-08-18 09:21
力盟科技集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號:2405) 董事會會議召開日期 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Powerwin Tech Group Limited 李翔 香港,2025年8月18日 截至本公告日期,董事會包括執行董事李翔先生及余璐女士;獨立非執行董事趙焱女 士、公佩鉞先生及李國泰先生。 力盟科技集團有限公司(「本公司」及其附屬公司,統稱「本集團」)董事會(「董事會」)兹 通告謹定於2025年8月28日(星期四)舉行董事會會議,以考慮及通過本集團截至2025年 6月30日止六個月的中期業績,及派發中期股息(如有),以及處理其他事項。 承董事會命 力盟科技集團有限公司 主席、首席執行官兼執行董事 ...
力盟科技(02405) - 展示文件
2025-08-15 13:19
2025 年 7 月 28 日 Able Best Investment Group Limited (佳成投资集团有限公司)(1) Chinalink International Development Limited (2) 买卖 Powerwin Media Group Co., Limited (力盟传媒集团有限公司)100%股份之协议 NORTON ROSE FULBRIGHT 机密 日期 目录 | | | 页 次 | 1 | SALE AND THE CONSTITUTION CONSULTION CONSU | | --- | --- | | 2 | 好的吸公的中准加议 | | 3 | ** | | 4 | A A .. | | 5 | 成す | | 6 | /2 31 | | 7 | # など y & = | | 8 | 整分协议 | | 9 | 武交的对力 | | 10 | 进一步促进 | | 11 | 少生及茶料保密 | | 12 | 对 李布解除 | | 13 | 其他条款 | | 14 | 12 40 | | 15 | 答嫁头律 8 司法答案权 - | | 16 | 送达法律文件的地址 ...
力盟科技(02405) - 主要交易 - 出售附属公司
2025-08-15 13:14
此乃要件 閣下如 對本通函內容的任何方面或 閣下應採取的行動 有任何疑問,應諮詢 閣 下的持牌證券商或註冊證券機構、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓 名下所有 力盟科技集團有限公司 之股份,應立即將本通函送 交買主或承讓人,或經手買賣或轉讓之銀行經理、持牌證券交易商或註冊證券機 構或其他代理商,以便轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負 責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本通函全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Powerwin Tech Group Limited 力盟科技集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號:2405) 主要交易 出售附屬公司 2025年8月15日 | 釋 | 義 | 1 | | --- | --- | --- | | | 董事會函件 | 4 | | 附錄一 | - 本集團財務資料 | I-1 | | 附錄二 | - 一般資料 | II-1 | | | | 釋 義 | | --- | --- | --- | | 「聯繫人」 | ...
力盟科技发盈警,预期中期股东应占亏损约350万美元至400万美元 同比盈转亏
Zhi Tong Cai Jing· 2025-08-13 09:21
Core Viewpoint - Liemeng Technology (02405) anticipates a significant decline in revenue and an increase in losses for the upcoming financial period due to reduced digital advertising budgets from clients amid global economic fluctuations and geopolitical uncertainties [1] Financial Performance - The company expects to generate revenue of approximately $3 million to $3.5 million for the six months ending June 30, 2025, compared to $7.4 million for the same period ending June 30, 2024 [1] - The anticipated loss attributable to equity shareholders is projected to be between $3.5 million and $4 million, contrasting with a profit of $400,000 for the six months ending June 30, 2024 [1] Factors Affecting Performance - The board attributes the revenue decline and losses to several factors, including significant cuts in digital advertising budgets by clients due to global economic volatility and geopolitical uncertainties [1] - The company has increased its bad debt provisions as a precautionary measure, considering the collection periods of certain clients [1] - There has been no significant improvement in the financial costs associated with the company's standardized digital marketing services [1]
力盟科技(02405)发盈警,预期中期股东应占亏损约350万美元至400万美元 同比盈转亏
智通财经网· 2025-08-13 09:21
Core Viewpoint - The company expects a significant decline in revenue and an increase in losses for the upcoming financial period due to reduced digital advertising budgets from clients amid global economic fluctuations and geopolitical uncertainties [1] Revenue Forecast - The company anticipates revenue of approximately $3 million to $3.5 million for the six months ending June 30, 2025, compared to $7.4 million for the same period ending June 30, 2024 [1] Profit and Loss Outlook - The company projects a loss attributable to equity shareholders of about $3.5 million to $4 million for the upcoming period, contrasting with a profit of $400,000 for the six months ending June 30, 2024 [1] Contributing Factors - The board attributes the revenue decline and losses to several factors, including: - Significant cuts in digital advertising budgets by clients due to global economic volatility and geopolitical uncertainties [1] - Increased bad debt provisions as a precautionary measure due to the collection periods of certain clients [1] - No significant improvement in financial costs associated with standardized digital marketing services [1]
力盟科技(02405.HK)盈警:预计中期权益股东应占亏损350万至400万美元
Ge Long Hui· 2025-08-13 09:18
Core Viewpoint - Liemeng Technology (02405.HK) anticipates a significant decline in revenue and an increase in losses for the six months ending June 30, 2025, compared to the same period in 2024 [1] Financial Performance - The company expects revenue to be approximately $3 million to $3.5 million for the upcoming period, a decrease from $7.4 million recorded for the six months ending June 30, 2024 [1] - The anticipated loss attributable to equity shareholders is projected to be around $3.5 million to $4 million, contrasting with a profit of $400,000 for the same period in 2024 [1] Contributing Factors - The decline in revenue and the emergence of losses are attributed to several factors: - Significant reductions in digital advertising budgets by clients due to global economic fluctuations and geopolitical uncertainties [1] - Increased provisions for bad debts as a precautionary measure, influenced by the collection periods of certain clients [1] - No significant improvement in financial costs associated with the company's standardized digital marketing services [1]
力盟科技(02405) - 盈利警告
2025-08-13 09:11
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其 準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容 而產生或因依賴該等內容引致的任何損失承擔任何責任。 本公告所載資料僅基於對本集團於本期間的未經審核綜合管理賬目及董事會現時可得資 料的初步評估,該等資料並未經本公司核數師審閱或審核,亦未經本公司審核委員會審 閱。本集團仍在落實本集團的中期業績,因此實際業績可能與本公告所載資料有所出 入。本集團於本期間的中期業績詳情預計將於2025年8月刊發。 (於開曼群島註冊成立的有限公司) (股份代號:2405) 盈利警告 本公告由力盟科技集團有限公司(「本公司」,連同其附屬公司統稱「本集團」)根據香港 聯合交易所有限公司證券上市規則(「上市規則」)第13.09條以及香港法例第571章證券及 期貨條例第XIVA部項下的內幕消息條文(定義見上市規則)而作出。 本公司董事(「董事」)會(「董事會」)謹此知會本公司股東(「股東」)及潛在投資者,根據 對本集團截至2025年6月30日止六個月(「本期間」)的未經審核綜合管理賬目及董事會目 前可得資料的初步評估,本集團預期將錄得: ...