Workflow
YANCHENG PORT(08310)
icon
Search documents
盐城港(08310) - 2024 - 年度财报
2025-04-22 12:09
Financial Performance - The company reported a significant increase in revenue for the year ended December 31, 2024, with total revenue reaching $150 million, representing a 25% year-over-year growth[6]. - The Group's total revenue for the Year was approximately HK$781.7 million, a decrease of approximately 32.5% from approximately HK$1,158.0 million in the corresponding period of 2023[29]. - The Group recorded a loss of approximately HK$46.2 million for the year, compared to a profit of approximately HK$53.5 million in 2023, with a basic loss per share of HK$3.5 cents (2023: profit per share of HK$4.25 cents)[35]. - The Group's revenue decreased by approximately 32.5% to about HK$781.7 million for the year (2023: approximately HK$1,158 million)[33]. - The Group's trading business revenue decreased by approximately 32.5% to approximately HK$769.0 million for the Year, down from approximately HK$1,141.9 million in 2023[22]. - The petrochemical products storage business revenue decreased by approximately 21.1% to approximately HK$12.7 million, compared to approximately HK$16.1 million in 2023[23]. - The cost of revenue decreased by approximately 32.6% to approximately HK$774.1 million for the Year, down from approximately HK$1,148.9 million in 2023[30]. - The Group recorded a gross profit margin of approximately 1.0% for the Year, slightly up from approximately 0.8% in the corresponding period of 2023[30]. - Finance costs for the Year amounted to approximately HK$21.7 million, a decrease from approximately HK$33.9 million in 2023[31]. Future Projections and Guidance - The company provided guidance for the next fiscal year, projecting revenue growth of 20% to $180 million, driven by new product launches and market expansion[6]. - The Group anticipates a sustainable recovery and moderate growth in petrochemical products, while actively seeking new market opportunities[28]. - The recovery of the global economy is expected to drive growth in external demand, creating new development opportunities for China's foreign trade[28]. - The company plans to launch three new products in the upcoming year, which are anticipated to generate $30 million in additional revenue[6]. - The company announced plans for market expansion into Southeast Asia, targeting a 10% market share within the next two years[6]. Research and Development - Investment in research and development increased by 15%, totaling $10 million, focusing on innovative technologies and product enhancements[6]. Operating Expenses and Cost Management - Operating expenses were controlled, increasing only by 5% to $50 million, despite the expansion efforts[6]. - The gross profit margin improved to 60%, up from 55% in the previous year, reflecting better cost management and pricing strategies[6]. Corporate Governance and Compliance - The Company is committed to maintaining high standards of corporate governance and has adopted governance practices aligned with the CG Code provisions[194]. - The Company has confirmed compliance with all code provisions set out in the CG Code during the Year[196]. - The Company has established whistleblowing channels for external parties to confidentially raise concerns regarding possible misconduct[195]. - The Company has implemented Group-wide governance policies and systems subject to regular review to ensure best practices across the organization[195]. - The Company has confirmed that all Directors complied with the required standard of dealings regarding securities transactions throughout the Year[197]. - The Company has no overlapping directorships with its controlling shareholder, ensuring independent operation of the Board[183]. - The audit committee is authorized to regularly review the company's anti-bribery and anti-corruption policies[198]. - All directors confirmed compliance with the trading rules and the code of conduct for securities trading throughout the year[200]. - There were no known violations of the trading rules during the year[200]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an ESG Working Group to enhance its environmental, social, and governance management, engaging a third-party institution for a comprehensive evaluation of ESG risks and opportunities[79]. - The company emphasizes the importance of ESG risks and has made continuous improvements in its ESG management practices[79]. - The company’s board retains overall responsibility for ESG governance, ensuring alignment with stakeholder interests[79]. - The ESG Working Group has actively communicated with stakeholders to understand their expectations and interests regarding ESG information, utilizing various feedback channels[80]. - The company has drafted management approaches, strategies, and objectives related to ESG based on stakeholder feedback and identified important ESG issues[80]. - A separate ESG report is available on the Stock Exchange's website and the Company's website[109]. Shareholder and Capital Structure - The Group's largest customer accounted for approximately 20.0% of total revenue, while the top five customers contributed 75.7%[104]. - The Group did not recommend any final dividend for the Year, consistent with the previous year[103]. - As of December 31, 2024, the Company's distributable reserves included a share premium account of approximately HK$201.4 million and accumulated losses of approximately HK$739.5 million[127]. - The Company did not make any charitable donations during the Year, consistent with 2023[128]. - The Company has not issued or granted any convertible securities, warrants, or similar rights up to December 31, 2024[149]. - The Company did not adopt any share scheme during the Year[150]. - The Company has applied for a temporary waiver to restore the minimum percentage of Shares to public hands on or before June 20, 2025, which was granted by the Stock Exchange on March 19, 2025[177]. Management Changes - The company has changed its name from "Dafeng Port Heshun Technology Company Limited" to "Yancheng Port International Co., Limited" effective from March 6, 2025[72]. - Mr. Ji Yaosheng was appointed as an executive Director, while Mr. Ji Longtao, Mr. Yang Yue Xia, and Mr. Zhang Shukai resigned as non-executive Directors on March 21, 2025[74]. - The Board has undergone changes in composition and committee structure as of March 26, 2025[95].
盐城港(08310) - 2024 - 年度业绩
2025-03-26 14:47
Financial Performance - The group's revenue decreased by approximately 32.5% to about HKD 781.7 million for the year, compared to HKD 1,158 million in the same period last year[5]. - The cost of revenue also decreased by approximately 32.6% to about HKD 774.1 million, down from HKD 1,148.9 million in the previous year[5]. - The group recorded a gross profit margin of approximately 1.0%, slightly up from 0.8% in the previous year[5]. - The group incurred a loss of approximately HKD 46.2 million for the year, compared to a profit of HKD 53.5 million in the previous year[6]. - Basic loss per share was HKD 3.5, a decline from earnings of HKD 4.25 per share in the previous year[9]. - The group reported a net loss of HKD 494.1 million, compared to a net loss of HKD 446.98 million in the previous year[11]. - The total comprehensive income for the year was HKD 57,907,000, compared to a total comprehensive loss of HKD 45,128,000 in the previous year, reflecting a positive turnaround[12]. - The company reported a pre-tax loss of HKD 46,208,000 for the fiscal year ending December 31, 2024, compared to a pre-tax profit of HKD 53,489,000 in the previous year[32][33]. - The company reported a loss attributable to owners of HKD 45,090,000 in 2024 compared to a profit of HKD 54,715,000 in 2023, indicating a significant shift in performance[49]. Assets and Liabilities - Total assets less current liabilities amounted to a negative HKD 201.7 million, compared to negative HKD 233.8 million in the previous year[10]. - As of December 31, 2024, the company's total liabilities amounted to approximately HKD 494,149,000, an increase from HKD 446,983,000 in the previous year[15]. - The company has a net current liability of approximately HKD 344,755,000 as of December 31, 2024, down from HKD 390,688,000 in the previous year, indicating a slight improvement in liquidity[15]. - Total assets as of December 31, 2024, amounted to HKD 317,508,000, with total liabilities reaching HKD 811,657,000, indicating a significant leverage position[34]. - The company's total liabilities increased significantly, with trade payables dropping to HKD 10.2 million from HKD 194.3 million, and related party payables rising to HKD 314.96 million from HKD 50.32 million[60][13]. Financing and Costs - The group's financing costs were approximately HKD 21.7 million, down from HKD 33.9 million in the previous year[5]. - The company reported a significant increase in financing costs, totaling HKD 6,119,000 for the fiscal year ending December 31, 2024, compared to HKD 3,144,000 in the previous year[35][37]. - Financing costs decreased to HKD 21,731,000 in 2024 from HKD 33,874,000 in 2023, a reduction of approximately 36%[42]. Dividends and Shareholder Information - The board did not recommend any final dividend for the year, consistent with the previous year[7]. - The company did not recommend any dividend for the year ended December 31, 2024, consistent with the previous year[47]. - The major shareholder, Dafeng Port Development Group, holds 740,040,000 shares, representing 57.46% of the issued share capital[87]. Operational Insights - The trading segment generated revenue of HKD 769,032,000, while the storage segment contributed HKD 12,711,000, resulting in a total segment performance loss of HKD 24,241,000 for the year ending December 31, 2024[32]. - The geographical revenue breakdown shows that revenue from China was HKD 781,743,000, while revenue from Hong Kong was negligible in the fiscal year ending December 31, 2024[38]. - The company has a significant interest in various trading businesses, including coal, metals, and petrochemical products, through its subsidiaries[89]. Employee and Operational Costs - The total employee cost, including director remuneration, was approximately HKD 15,600,000 for the year, compared to HKD 14,600,000 in the previous year[77]. - As of December 31, 2024, the company employed a total of 90 employees, a decrease from 93 employees in the previous year[77]. Compliance and Governance - The audit committee, established on August 3, 2013, consists of three independent non-executive directors and is responsible for reviewing financial statements and overseeing the financial reporting system[94]. - The independent auditor, Fuhua Mazze CPA Limited, confirmed that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[96]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[93]. Future Outlook - The company anticipates a moderate recovery and growth in petrochemical products, while actively seeking new market drivers to balance short-term benefits with long-term development[67]. - The company expects to generate sufficient cash flow to maintain its operations in the foreseeable future[17].
报关单里看增长——探访江苏省盐城市大丰港口岸
Zhong Guo Jing Ji Wang· 2025-02-11 22:04
Core Insights - The article highlights the rapid growth and strategic importance of the Dafeng Port in Jiangsu Province, which serves as a key gateway for international trade in the region [1][2] - The port has seen significant increases in both import and export activities, particularly in the automotive and bulk commodity sectors, indicating a robust performance despite external uncertainties [1][2] Group 1: Port Operations and Growth - Dafeng Port is a major deep-water port in Jiangsu, connecting to Shanghai and Lianyungang, and has become a vital platform for international market integration [1] - The port's foreign trade has experienced sustained rapid growth, with a notable increase in automotive exports, reaching 30,704 vehicles last year [1] - Bulk commodities, including iron ore, rank among the top three in terms of cargo volume, showcasing the port's role in maintaining supply chain stability [2] Group 2: E-commerce and Innovation - Cross-border e-commerce has emerged as a rapidly growing segment, with record volumes during the recent Spring Festival, highlighting the port's adaptability to new trade models [2] - The port authority has implemented reforms to facilitate e-commerce operations, including electronic payment systems and policy guidance, which have supported the growth of local e-commerce businesses [2] - The port aims to transition towards a green, low-carbon, and smart zero-carbon port area in the future, reflecting a commitment to sustainable development [2]
盐城港(08310) - 2024 - 中期财报
2024-09-10 09:03
[Financial Highlights](index=5&type=section&id=Financial%20Highlights) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) The Group's total revenue surged by 64.55% to approximately HKD 691 million in H1 2024, with significant loss reduction across key profitability metrics Key Financial Highlights | Metric | H1 2024 | H1 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Total Revenue | Approx. HKD 690.5 million | Approx. HKD 419.6 million | +64.55% | | Loss Before Tax | Approx. HKD 18.1 million | Approx. HKD 34.0 million | -46.73% | | Loss Attributable to Owners of the Company | Approx. HKD 17.8 million | Approx. HKD 34.2 million | -48.11% | | Loss Per Share | Approx. HK 1.38 cents | Approx. HK 2.66 cents | -48.12% | [Condensed Consolidated Financial Statements](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Condensed Consolidated Statement of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Revenue grew 64.6% to HKD 691 million, with gross profit increasing to HKD 1.284 million, and loss for the period significantly narrowed to HKD 18.09 million due to cost control Condensed Consolidated Statement of Comprehensive Income | Item (HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 690,507 | 419,628 | | Cost of Revenue | (689,223) | (419,265) | | **Gross Profit** | **1,284** | **363** | | Administrative Expenses | (9,929) | (20,482) | | Finance Costs | (11,251) | (13,652) | | **Loss Before Tax** | **(18,094)** | **(33,964)** | | **Loss for the Period** | **(18,094)** | **(33,973)** | | Loss Attributable to Owners of the Company | (17,758) | (34,226) | - Basic and diluted loss per share attributable to owners of the Company was **HK 1.38 cents**, a significant reduction from **HK 2.66 cents** in the same period last year[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets reached HKD 603 million and total liabilities HKD 1.072 billion as of June 30, 2024, with net current liabilities improving to HKD 247 million Condensed Consolidated Statement of Financial Position | Item (HKD thousands) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | Non-current Assets | 144,806 | 156,891 | | Current Assets | 458,042 | 413,804 | | **Total Assets** | **602,848** | **570,695** | | Current Liabilities | 705,059 | 804,492 | | Non-current Liabilities | 367,350 | 213,186 | | **Total Liabilities** | **1,072,409** | **1,017,678** | | **Net Current Liabilities** | **(247,017)** | **(390,688)** | | **Net Liabilities** | **(469,561)** | **(446,983)** | | **Total Equity** | **(469,561)** | **(446,983)** | [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash outflow from operating activities was HKD 40.41 million, with financing activities resulting in a net outflow of HKD 91.68 million, leading to a significant decrease in period-end cash to HKD 21.84 million Condensed Consolidated Statement of Cash Flows | Item (HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash From (Used In) Operating Activities | (40,409) | (11,639) | | Net Cash From (Used In) Investing Activities | (1,990) | (6,416) | | Net Cash From Financing Activities | (91,681) | 29,257 | | **Net Decrease in Cash and Cash Equivalents** | **(134,080)** | **11,202** | | Cash and Cash Equivalents at Beginning of Period | 158,274 | 17,863 | | **Cash and Cash Equivalents at End of Period** | **21,838** | **28,567** | - Major financing activities during the period included net proceeds of approximately **HKD 240 million** from the placement of listed credit-enhanced guaranteed bonds, repayment of approximately **HKD 430 million** of listed credit-enhanced guaranteed bonds, and repayment of approximately **HKD 104 million** in loans from a related company[10](index=10&type=chunk) [Notes to the Financial Statements](index=12&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Statements) [Segment Information](index=13&type=section&id=3.%20Segment%20Information) The Group's core trading business generated HKD 682 million revenue with a 65.5% growth, while petrochemical storage contributed HKD 8.78 million, with over 99.9% of total revenue from mainland China Segment Information by Business | By Business Segment (HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | **Revenue** | | | | Trading Business | 681,724 | 411,972 | | Petrochemical Product Storage Business | 8,783 | 7,656 | | **Total** | **690,507** | **419,628** | | **Segment Results (Loss)** | | | | Trading Business | (1,435) | (14,005) | | Petrochemical Product Storage Business | (6,554) | (6,625) | - Geographically, almost all of the Group's revenue, **HKD 690.5 million** in H1 2024, was derived from China, with zero revenue from Hong Kong[19](index=19&type=chunk) [Key Asset and Liability Items](index=22&type=section&id=11.%20Trade%20and%20Other%20Receivables,%2012.%20Trade%20and%20Other%20Payables,%2013.%20Bank%20and%20Other%20Borrowings) Trade receivables and payables significantly increased to HKD 384 million and HKD 365 million respectively, reflecting business expansion, while total borrowings decreased to HKD 421 million due to repayments - Trade receivables significantly increased from approximately **HKD 194 million** at the end of 2023 to approximately **HKD 384 million**, primarily due to the expansion of the trading business[29](index=29&type=chunk) - Trade payables increased from approximately **HKD 194 million** at the end of 2023 to approximately **HKD 365 million**, growing in line with receivables[36](index=36&type=chunk)[37](index=37&type=chunk) - Total bank and other borrowings decreased from **HKD 683 million** at the end of 2023 to **HKD 421 million**, with the balance of listed credit-enhanced guaranteed bonds decreasing from **HKD 427 million** to **HKD 244 million**[40](index=40&type=chunk) [Management Discussion and Analysis](index=31&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=31&type=section&id=Business%20Review) Both core businesses grew, with trading revenue up 65.5% to HKD 682 million and petrochemical storage revenue up 14.7% to HKD 8.8 million, driven by market expansion and service optimization - Trading business (soybean products) revenue was approximately **HKD 681.7 million** (compared to approximately **HKD 412 million** in the prior period), with growth primarily due to the expansion of new market channels and customer groups[48](index=48&type=chunk) - Petrochemical product storage business revenue increased by approximately **14.73%** to approximately **HKD 8.8 million** (compared to approximately **HKD 7.6 million** in the prior period), primarily due to enhanced new client acquisition and optimized business models[49](index=49&type=chunk) [Financial Review](index=32&type=section&id=Financial%20Review) Total revenue grew 64.55% to HKD 691 million, gross margin improved to 0.19%, and finance costs decreased to HKD 11.3 million, leading to a significant reduction in loss for the period to HKD 18.1 million Key Financial Performance Indicators | Metric | H1 2024 | H1 2023 | Reason for Change | | :--- | :--- | :--- | :--- | | Revenue | Approx. HKD 690.5 million | Approx. HKD 419.6 million | Expansion of trading business | | Gross Profit Margin | Approx. 0.19% | Approx. 0.09% | Active development of new sales channels, enhancing bargaining power | | Finance Costs | Approx. HKD 11.3 million | Approx. HKD 13.7 million | Dafeng Port Development Group waived interest on loans owed by the Group | | Loss for the Period | Approx. HKD 18.1 million | Approx. HKD 34.0 million | Revenue growth and cost control | [Liquidity, Financial Resources, and Capital Structure](index=32&type=section&id=Liquidity%20and%20Financial%20Resources,%20Capital%20Structure) Net current liabilities improved to HKD 247 million, and the current ratio rose to 0.65, indicating better liquidity, while the debt-to-equity ratio significantly improved to negative 89.62% Liquidity and Capital Structure Indicators | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Net Current Liabilities | Approx. HKD 247 million | Approx. HKD 391 million | | Current Ratio | Approx. 0.65 | Approx. 0.51 | | Debt-to-Equity Ratio | Approx. -89.62% | Approx. -152.8% | - The Company successfully issued **USD 31 million** in credit-enhanced guaranteed bonds in March 2024, with a coupon rate of **5.45%** and a three-year term. Net proceeds were used to repay a portion of old bonds maturing in March 2024[56](index=56&type=chunk)[57](index=57&type=chunk) [Outlook and Risk Management](index=34&type=section&id=Outlook,%20Foreign%20Currency%20Risk) The Group anticipates slow but stable global economic growth, focusing on prudent operations and seizing regional development opportunities, while managing foreign currency risks through operational adjustments rather than derivatives - Outlook: The Company will operate existing businesses prudently while actively seizing opportunities from Jiangsu Yancheng's integrated development, rationally restructuring and optimizing resources, and cautiously seeking investment opportunities[60](index=60&type=chunk) - Foreign Currency Risk Management: The Group's income and expenses are primarily denominated in HKD, RMB, and USD, exposing it to foreign exchange risk. The Group monitors this risk mainly by adjusting the timing of foreign currency receipts and payments and matching foreign currency balances, without using derivative financial instruments for hedging[61](index=61&type=chunk) [Corporate Governance and Other Information](index=36&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Shareholder Interests and Securities](index=36&type=section&id=Interests%20and%20Short%20Positions%20of%20Major%20Shareholders%20and%20Other%20Persons%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2024, directors held no share interests, while Dafeng Port Overseas, indirectly controlled by Yancheng Municipal People's Government, held 57.46% of shares, with no securities repurchased or sold - Major shareholder Dafeng Port Overseas holds **740,040,000** shares, representing **57.46%** of the issued share capital[69](index=69&type=chunk) - Pursuant to the Securities and Futures Ordinance, Dafeng Port Development Group, Jiangsu Yancheng, and Yancheng Municipal People's Government are deemed to have an interest in the Company's shares held by Dafeng Port Overseas[70](index=70&type=chunk) - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[71](index=71&type=chunk) [Corporate Governance Practices](index=39&type=section&id=Corporate%20Governance%20Code) The Company largely complied with the Corporate Governance Code, with a deviation regarding the separation of Chairman and CEO roles, while an Audit Committee oversees financial reporting and risk management - The Company deviated from Corporate Governance Code Provision C.2.1, which requires the roles of Chairman and Chief Executive Officer to be separate. The Company has not appointed a Chief Executive Officer, as the Board considers the existing management structure and decision-making processes to be adequate[75](index=75&type=chunk) - The Company established an Audit Committee comprising three independent non-executive directors: Mr. Liu Hon Kee (Chairman), Mr. Yu Xugang, and Ms. Xu Jingyang. The Committee has reviewed these interim financial statements[77](index=77&type=chunk) - During the reporting period, Dr. Bian Zhaoxiang resigned as an independent non-executive director on March 28, 2024, and Ms. Xu Jingyang was appointed as an independent non-executive director, Chairman of the Remuneration Committee, and member of the Audit Committee on the same day[76](index=76&type=chunk)
盐城港(08310) - 2024 - 中期业绩
2024-08-29 13:10
Financial Performance - The total revenue for the six months ended June 30, 2024, was approximately HKD 690.5 million, an increase of about 64.55% compared to HKD 419.6 million for the same period in 2023[4] - The loss before tax for the period was approximately HKD 18.1 million, a decrease of about 46.73% from a loss of HKD 34 million in the same period last year[4] - The loss attributable to equity holders of the company was approximately HKD 17.8 million, down about 48.11% from HKD 34.2 million in the previous year[4] - The basic and diluted loss per share was approximately HKD 1.38, compared to HKD 2.66 for the same period in 2023[6] - The gross profit for the period was HKD 1.3 million, significantly up from HKD 363,000 in the previous year[5] - The total comprehensive loss for the period was HKD 22.6 million, compared to HKD 32.6 million in the same period last year[5] - The total comprehensive loss for the six months ended June 30, 2024, was HKD 22,578,000, which includes a loss of HKD 18,094,000[10] - The company incurred a loss of HKD 17,758,000 during the six months ended June 30, 2024, compared to a loss of HKD 10,441,000 in the same period of 2023[11] - The company reported a pre-tax loss of HKD 18,094,000 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 33,964,000 in the same period of 2023[17] - The group recorded a loss of approximately HKD 18,100,000 for the period, an improvement from a loss of HKD 34,000,000 in the same period of 2023[53] Assets and Liabilities - Current assets as of June 30, 2024, amounted to HKD 458.0 million, compared to HKD 413.8 million at the end of 2023[7] - Current liabilities increased to HKD 705.1 million from HKD 804.5 million at the end of 2023, resulting in a net current liability of HKD 247.0 million[8] - Non-current liabilities included HKD 363.7 million in non-current bank and other borrowings, up from HKD 209.5 million at the end of 2023[8] - The total equity attributable to equity holders of the company was a negative HKD 487.2 million as of June 30, 2024, compared to negative HKD 465.6 million at the end of 2023[8] - The company's total equity attributable to equity holders decreased to HKD 465,583,000 as of June 30, 2024, from HKD 487,165,000 as of June 30, 2023[10] - The company's total liabilities increased significantly, leading to a total equity deficit of HKD 469,561,000 as of June 30, 2024[10] - The total comprehensive assets as of June 30, 2024, amounted to HKD 602,848,000, while total liabilities were HKD 1,072,409,000[18] Cash Flow and Financing - As of June 30, 2024, the company reported a net cash outflow from operating activities of HKD 40,409,000, compared to HKD 11,639,000 in the same period of 2023[11] - The company reported a significant increase in financing activities, with net cash outflow of HKD 91,681,000 for the six months ended June 30, 2024, compared to an inflow of HKD 29,257,000 in the same period of 2023[11] - The company incurred financing costs of HKD 11,251,000, a decrease from HKD 13,652,000 in the previous year[23] - The financing cost decreased to approximately HKD 11,300,000 from HKD 13,700,000 in the previous year, mainly due to the waiver of interest on loans by a related party[53] - The total amount of bank and other borrowings decreased from HKD 682,886,000 to HKD 420,837,000, a reduction of 38.3%[40] Revenue Breakdown - For the six months ended June 30, 2024, total revenue from external customers was HKD 690,507,000, a 64.5% increase from HKD 419,628,000 in the same period of 2023[20] - The revenue from trade business was HKD 681,724,000, significantly higher than HKD 411,972,000 in the prior year, reflecting a growth of 65.4%[20] - The petrochemical storage business generated revenue of approximately HKD 8,800,000, representing a 14.73% increase from HKD 7,600,000 in the same period last year[52] - The segment performance showed a total loss of HKD 7,989,000 for the petrochemical products division, compared to a loss of HKD 20,630,000 in the previous year[17] Corporate Governance - The company has adopted a code of conduct for securities trading, compliant with GEM Listing Rules, with no known violations during the period[76] - The company has established a governance code that separates the roles of Chairman and CEO, ensuring clear responsibilities and effective management[77] - The board is composed of experienced individuals, including three independent non-executive directors, ensuring a balanced power structure[77] - The Audit Committee, consisting of independent non-executive directors, reviews financial statements and oversees internal control procedures[79] - The interim financial statements have not been audited but have been reviewed by the Audit Committee, which confirms compliance with applicable accounting standards[79] Shareholder Information - The major shareholder, Dafeng Port Development Group, holds a 57.46% stake in the company[71] - The board of directors believes it can operate independently from the Dafeng Port Development Group, ensuring the best interests of the company and its shareholders[75] Future Outlook - The company anticipates a slow and steady economic growth in the second half of 2024, with a cautious approach to managing existing businesses and seeking investment opportunities[63] - As of June 30, 2024, the group had contracted but unprovided capital expenditure commitments of approximately HKD 199,868,000[66] - The company has no significant changes in credit quality for overdue receivables, indicating confidence in full recovery of overdue amounts[35] - The company has not engaged in any major investments, acquisitions, or disposals during the period[61] - The company has not issued or granted any convertible securities, warrants, or similar rights as of June 30, 2024[70] Employee and Operational Costs - The total employee cost, including director remuneration, was approximately HKD 7,300,000 for the period, compared to HKD 7,500,000 in the same period last year[65]
盐城港(08310) - 2023 - 年度财报
2024-04-22 09:10
Financial Performance - The company reported a comprehensive income of $X million for the fiscal year 2023, representing a Y% increase compared to the previous year[11]. - The Group's revenue increased by approximately 45.5% to approximately HK$1,158.0 million for the Year (2022: approximately HK$796.0 million) due to the expansion of the trading business and exploration of new market channels[34]. - The trading business recorded revenue of approximately HK$1,141.9 million, up from approximately HK$787.2 million in 2022, driven by the active exploration of new customer groups[24]. - The petrochemical products storage business revenue increased by approximately 83.0% to approximately HK$16.1 million (2022: approximately HK$8.8 million), attributed to the recovery of petrochemical markets[25]. - The Group recorded a profit of approximately HK$53.5 million, a turnaround from a loss of approximately HK$64.2 million in the previous year, primarily due to a one-off gain from the disposal of 40% equity interests in Jiangsu Hairong amounting to approximately HK$108.9 million[41][46]. - Basic earnings per share improved to HK$4.25 cents, compared to a loss per share of HK$4.81 cents in the previous year[41][46]. Market Expansion and Strategy - User data showed a growth of Z% in active users, reaching a total of A million by the end of 2023[11]. - The company is expanding its market presence in F regions, aiming for a G% increase in market share by 2024[11]. - New product launches contributed to a D% increase in sales, with the introduction of E new products in the market[11]. - The Company expects continued recovery in domestic and international economies, driving rapid growth in demand for petrochemical products and logistics[33]. - The Group plans to rationally reorganize and optimize resources while prudently identifying investment opportunities in response to market conditions[33]. Financial Position and Liquidity - The company reported a cash flow from operations of $K million, reflecting a strong liquidity position[11]. - As of December 31, 2023, the Group's net current liabilities increased to approximately HK$390.7 million from approximately HK$34.6 million in 2022, largely due to the inclusion of listed credit-enhanced guaranteed bonds[42][47]. - The Group's current ratio decreased to approximately 0.51 from approximately 0.94 in the previous year, reflecting the increase in net current liabilities[43][47]. - The gearing ratio as of December 31, 2023, was approximately negative 152.8%, compared to negative 124.6% in 2022, due to a 9.2% increase in total interest-bearing borrowings to approximately HK$682.9 million[44][48]. - The Group has obtained financial support of RMB1 billion (approximately HK$1.1 billion) from Dafeng Port Development Group, a connected company[53]. Governance and Compliance - The board of directors confirmed that all financial statements are accurate and complete, ensuring transparency for investors[11]. - The Company is committed to understanding and fulfilling its obligations under the GEM Listing Rules as confirmed by its directors[114]. - The appointment of new directors reflects the company's strategy to strengthen its leadership and governance framework[115]. - The company has a diverse board with members holding degrees in finance, law, and business administration, enhancing its governance and strategic decision-making capabilities[111]. - The Group's largest customer accounted for approximately 33.3% of total revenue, while the top five customers accounted for 83.6%[123]. Sustainability and ESG Initiatives - The management highlighted a strategic focus on sustainability, aiming to reduce carbon emissions by J% over the next five years[11]. - The Company emphasizes the importance of ESG management and has established an ESG Working Group reporting to the Board[93]. - The Company aims to enhance its ESG strategies and objectives based on stakeholder feedback collected during the year[94]. - A detailed ESG report is included in pages 52 to 117 of the annual report[95]. Employee and Operational Insights - As of December 31, 2023, the Group employed 93 employees, a slight decrease from 95 employees in 2022, with total staff costs amounting to approximately HK$14.6 million, down from HK$17.6 million in 2022[68]. - The Group's employee remuneration policy is competitive, with discretionary year-end bonuses based on individual performance[69][78]. - The Group's contributions to the Mandatory Provident Fund Scheme and Central Pension Schemes are based on 5% of employees' relevant income and various percentages of basic salaries, respectively[74][77]. Debt and Financing Activities - The Group issued credit-enhanced guaranteed bonds amounting to US$31 million, which were listed on the Stock Exchange on March 7, 2024, to improve liquidity[53]. - The net proceeds from the Bond Placing, approximately US$31 million, were used to repay US$55 million in principal and approximately US$660,000 in interest of certain listed bonds due on 23 March 2024[86]. - The balance of US$24.66 million for the repayment was covered by the Company's own funds[86]. Dividend and Shareholder Information - The Board did not recommend the payment of any dividend for the Year, consistent with 2022, where no dividend was paid[57]. - The Group has reserves available for distribution amounting to approximately HK$201.4 million, with accumulated losses of approximately HK$704.7 million as of December 31, 2023[139]. - No final dividend was recommended for the Year, consistent with the previous year[122].
盐城港(08310) - 2023 - 年度业绩
2024-03-28 13:06
Financial Performance - The group reported a revenue increase of approximately 45.5% to about HKD 1,158,000,000 for the year, compared to HKD 796,000,000 in the same period last year[17]. - The group achieved a profit of approximately HKD 53,500,000 for the year, compared to a loss of approximately HKD 64,200,000 in the previous year, primarily due to a one-time gain from the sale of a 40% stake in Jiangsu Hairong[18]. - Basic earnings per share were HKD 0.0425, compared to a loss per share of HKD 0.0481 in the previous year[23]. - The group’s net profit before tax was HKD 53,489,000, compared to a loss of HKD 64,162,000 in the previous year[21]. - The total comprehensive income for the year was HKD 55,585,000, compared to a loss of HKD 61,446,000 in the previous year[21]. - The company reported a total loss of HKD 446,983,000 in 2023, compared to a loss of HKD 501,793,000 in 2022, reflecting an improvement of approximately 10.9%[27]. - As of December 31, 2023, the company reported a net loss of HKD 465,583,000, a decrease from a net loss of HKD 523,490,000 in the previous year, representing an improvement of approximately 11%[42]. - The company achieved a profit of HKD 54,715,000 for the year, compared to a loss of HKD 61,967,000 in the previous year, indicating a turnaround in performance[42]. - The total comprehensive income for the year was HKD 2,103,000, a significant recovery from a total comprehensive loss of HKD 61,446,000 in the previous year[42]. Revenue and Cost Analysis - The cost of revenue increased by approximately 47.1% to about HKD 1,148,900,000, primarily due to the increase in trade business revenue[17]. - The group recorded a gross profit margin of approximately 0.8%, down from 1.9% in the previous year, attributed to the complexities of the global economic environment and increased trade barriers[17]. - Total revenue for the trading business reached HKD 1,141,933 thousand, a significant increase of 45% compared to HKD 787,206 thousand in the previous year[62]. - The petrochemical storage business generated revenue of HKD 16,109 thousand, up from HKD 8,761 thousand, representing an 83% increase year-over-year[62]. - The company's trading business recorded revenue of approximately HKD 1,141,900,000 in 2023, an increase from HKD 787,200,000 in 2022, primarily due to the expansion of trading activities and new market channels[136]. - The petrochemical storage business achieved revenue growth of approximately 83.0%, reaching about HKD 16,100,000 in 2023, compared to HKD 8,800,000 in 2022, driven by the recovery of the domestic and international petrochemical market[136]. Financial Position - Total assets decreased from HKD 592,425,000 in 2022 to HKD 413,804,000 in 2023, representing a decline of approximately 30.2%[25]. - Current liabilities increased significantly from HKD 627,025,000 in 2022 to HKD 804,492,000 in 2023, an increase of about 28.3%[25]. - Net current liabilities rose sharply from HKD 34,600,000 in 2022 to HKD 390,688,000 in 2023, indicating a deterioration in liquidity[25]. - Non-current liabilities decreased from HKD 634,077,000 in 2022 to HKD 213,186,000 in 2023, a reduction of approximately 66.5%[25]. - The company's total equity attributable to owners decreased from HKD 523,490,000 in 2022 to HKD 465,583,000 in 2023, a decline of about 11.0%[27]. - Cash and cash equivalents increased significantly from HKD 17,863,000 in 2022 to HKD 158,274,000 in 2023, a growth of approximately 786.5%[25]. - Trade and other receivables dropped from HKD 573,585,000 in 2022 to HKD 255,530,000 in 2023, a decrease of about 55.5%[25]. - The company has a net current liability of approximately HKD 390,688,000 as of December 31, 2023, compared to HKD 34,600,000 in the previous year, indicating increased financial pressure[46]. - The company’s total equity attributable to equity holders decreased to HKD 12,880,000 as of January 1, 2023, remaining unchanged by December 31, 2023[42]. - The company’s accumulated losses increased to HKD 656,885,000 as of December 31, 2023, from HKD 711,600,000 in the previous year, showing a reduction in accumulated losses[42]. Financing and Investments - Financing costs for the year were approximately HKD 33,900,000, a decrease from HKD 39,600,000 in the previous year, mainly due to the waiver of interest on loans by a related party[17]. - The company issued USD 31,000,000 of credit-enhanced guaranteed bonds, which will be listed on the Hong Kong Stock Exchange on March 7, 2024[41]. - A loan of USD 27,000,000 was obtained from a related party for working capital purposes[41]. - The company has secured financial support of approximately HKD 1,100,000,000 from a related company to address its financial obligations[46]. - The company is in discussions with financial institutions regarding the renewal of bank loans and obtaining new financing to support ongoing operations[46]. - The company has appointed placement agents for a bond placement of up to USD 31,000,000, aiming to enhance its financial position[188]. - The company utilized bank financing and other borrowings for business expansion, with loans from third parties amounting to approximately RMB 37,000,000 (about HKD 40,700,000) as of December 31, 2023[172]. Dividend and Shareholder Information - The board does not recommend the payment of any final dividend for the year, consistent with the previous year[19]. - The company does not recommend a dividend for the year ending December 31, 2023, consistent with the previous year[87]. - Major shareholder, Dafeng Port Overseas, holds 740,040,000 shares, representing approximately 57.46% of the issued share capital[183]. Operational Insights - The company has adopted new and revised Hong Kong Financial Reporting Standards, which include changes to accounting policies and estimates[11]. - The company has plans for market expansion and new product development, focusing on enhancing its petrochemical storage capabilities[60]. - The company confirmed a trade receivables loss provision of HKD 3,514,000 for the year, unchanged from the previous year[150]. - The company completed the sale of a 40% stake in Jiangsu Hairong, generating proceeds of RMB 98,560,000 (approximately HKD 108,900,000) recognized in the current year[144]. - The company has no major investments, acquisitions, or disposals of subsidiaries and associates during the year, aside from the disclosed sale[145]. - Employee compensation is determined based on market terms and is aligned with industry standards for similar positions[200].
盐城港(08310) - 2023 Q3 - 季度财报
2023-11-10 08:31
Financial Performance - For the third quarter of 2023, the company reported a revenue of approximately HKD 237.3 million, a significant increase from HKD 32.9 million in the same period of 2022, representing a growth of about 620.5%[22] - The company's gross profit for the third quarter was HKD 255, compared to HKD 483 in the same quarter of 2022, indicating a decline of approximately 47.3%[22] - The pre-tax loss for the third quarter was approximately HKD 11.4 million, a reduction of about 46.0% from a pre-tax loss of HKD 21.1 million in the same quarter of 2022[22] - The total comprehensive loss for the third quarter was HKD 10.9 million, compared to HKD 20.5 million in the same period of 2022, reflecting a decrease of approximately 46.8%[24] - The company reported a loss attributable to equity holders of approximately HKD 10.8 million for the third quarter, down from HKD 19.1 million in the same quarter of 2022, a reduction of about 43.5%[24] - The loss per share for the third quarter was approximately HKD 0.83, compared to HKD 1.48 in the same period of 2022, indicating an improvement of about 44.0%[24] - For the nine months ended September 30, 2023, the company reported a total revenue of approximately HKD 656.9 million, up from HKD 307.7 million in the same period of 2022, representing a growth of about 113.0%[22] - The total comprehensive loss for the nine months was HKD 43.5 million, a decrease from HKD 59.2 million in the same period of 2022, reflecting an improvement of approximately 26.5%[24] - The company reported a loss attributable to equity holders of HKD 45.0 million for the nine months ended September 30, 2023, compared to a loss of HKD 580.8 million in the same period of 2022, indicating a significant reduction in losses[52] - The basic loss per share for the nine months ended September 30, 2023, was HKD 3.49, an improvement from HKD 4.51 in the same period of 2022[52] Revenue and Costs - For the three months ended September 30, 2023, the company's trading business revenue was approximately HKD 644.9 million, a significant increase from HKD 295.8 million in the same period of 2022, reflecting a growth of 118%[36] - The total revenue for the nine months ended September 30, 2023, was HKD 656.9 million, compared to HKD 307.7 million for the same period in 2022, representing an increase of 114%[36] - The cost of inventory for the nine months ended September 30, 2023, was HKD 644.9 million, compared to HKD 292.6 million in the same period of 2022, reflecting an increase of 120%[44] - The cost of revenue rose by approximately 114.57% to about HKD 656,300,000, up from HKD 305,900,000 in the previous year[67] - The gross profit margin decreased to approximately 0.09%, down from 0.6% in the same period last year, with gross profit falling by about 66.61% to HKD 618,000[69] Financing and Costs - The company incurred a financing cost of HKD 16.7 million for the nine months, compared to HKD 15.5 million in the same period of 2022, indicating an increase of about 7.7%[22] - The financing costs for the three months ended September 30, 2023, were HKD 3.1 million, down from HKD 4.7 million in the same period of 2022, showing a decrease of 34%[44] - The financing cost for the period was approximately HKD 16,700,000, compared to HKD 15,500,000 in the same period last year[64] Corporate Governance and Compliance - The audit committee reviewed the unaudited financial statements for the third quarter, confirming compliance with applicable accounting standards and GEM listing rules[103] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[102] - The audit committee consists of independent non-executive directors, ensuring oversight of financial reporting and internal control systems[107] - The board is committed to maintaining high standards of corporate governance and will continue to review its practices to meet regulatory requirements[102] Future Outlook and Strategy - The company aims to continue its market expansion and product development strategies to enhance future performance[18] - The group plans to operate cautiously while seizing opportunities for integrated development in Yancheng, Jiangsu[82] - The company continues to monitor global economic conditions closely, particularly in light of geopolitical uncertainties and rising interest rates, to minimize impacts on operations[57] Shareholder Information - Major shareholders include Da Feng Port Overseas, Da Feng Port Development Group, Jiangsu Yancheng, and Yancheng Municipal Government, each holding 740,040,000 shares, which accounts for approximately 57.46% of the company's issued share capital[94] - The board of directors believes that the business of Da Feng Port Development Group will not pose a significant competitive threat to the group due to different product types and target customers[104] - The company has no knowledge of any other individuals or entities holding interests in the company's shares that require disclosure under the Securities and Futures Ordinance[95] Dividends and Investments - The company did not recommend any interim dividend for the period, consistent with the previous year[50] - The group did not declare any interim dividends for the period[71] - The group has no major investment or capital asset plans for the future as of September 30, 2023[81] - The group has no significant contingent liabilities as of September 30, 2023[83]
盐城港(08310) - 2023 Q3 - 季度业绩
2023-11-09 14:04
Dafeng Port Heshun Technology Company Limited 大 豐 港 和 順 科 技 股 份 有 限 公 司 (於開曼群島註冊成立之有限公司) (股份代號:8310) 截至二零二三年九月三十日止九個月 第三季度業績公告 香港聯合交易所有限公司(「聯交所」)GEM之特色 GEM的定位,乃為中小型公司提供一個上市的市場,此等公司相比起其他在聯交所上市 的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險,並應經 過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司,在GEM買賣的證券可能會較於主板買賣之證券 承受較大的市場波動風險,同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責,對其準確性或完整性亦 不發表任何聲明,並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等 內容而引致之任何損失承擔任何責任。 本公告之資料乃遵照聯交所GEM證券上市規則(「GEM上市規則」)之規定而刊載,旨在提 供有關大豐港和順科技股份有限公司(「本公司」,連同及其附屬公司統稱「本集團」)之資 料,本公 ...
盐城港(08310) - 2023 - 中期财报
2023-08-11 08:55
Financial Performance - The total revenue for the six months ended June 30, 2023, was approximately HKD 419,600,000, an increase of about 52.64% compared to HKD 274,900,000 for the same period in 2022[18]. - The loss per share for the period was approximately HKD 0.0266, compared to HKD 0.0303 for the same period in 2022[19]. - The gross profit for the six months ended June 30, 2023, was HKD 363,000, compared to HKD 1,369,000 for the same period in 2022[20]. - The total comprehensive loss for the period was HKD 32,618,000, compared to HKD 38,699,000 for the same period in 2022[20]. - The company reported a net loss of HKD 33,973,000 for the six months ended June 30, 2023, compared to a loss of HKD 34,226,000 in the previous period[39]. - For the six months ended June 30, 2023, the company reported a loss attributable to equity holders of HKD 34,226,000, compared to a loss of HKD 38,992,000 for the same period in 2022, representing a 19.5% improvement[75]. - The basic loss per share for the six months ended June 30, 2023, was HKD 2.66, compared to HKD 3.03 for the same period in 2022, indicating a decrease of 12.2%[75]. - The group recorded a loss of approximately HKD 34 million for the period, compared to a loss of HKD 38.2 million in the same period last year[146]. Revenue Breakdown - Total revenue for the six months was HKD 419,628,000, with trade business contributing HKD 411,972,000 and petrochemical storage business contributing HKD 7,656,000[50]. - The company's revenue from trade business increased by 53% compared to the same period last year, rising from HKD 269,571,000 to HKD 411,972,000[54]. - The petrochemical storage business generated revenue of approximately HKD 7.6 million, representing a 43.4% increase from HKD 5.3 million year-on-year[129]. - The group's trading business recorded revenue of approximately HKD 412 million, a 52.64% increase compared to HKD 270 million in the same period last year[128]. - The group's total revenue increased by approximately 52.64% to about HKD 419.6 million, compared to HKD 274.9 million in the same period last year[132]. Expenses and Costs - The administrative expenses for the six months were HKD 20,482,000, a decrease from HKD 23,308,000 in the same period of 2022[20]. - The financing costs for the six months were HKD 13,652,000, compared to HKD 10,785,000 for the same period in 2022[20]. - The cost of revenue increased by approximately 53.31% to about HKD 419.3 million, compared to HKD 273.5 million in the previous year[132]. - The gross profit margin decreased to approximately 0.09%, down from about 0.5% in the same period last year, with gross profit decreasing by approximately 73.72% to about HKD 360,000[132]. - The group’s interest expenses paid to related parties increased significantly to HKD 7,290,000 from HKD 1,394,000[118]. Cash Flow and Liquidity - The operating cash flow for the period was a net outflow of HKD 11,639,000, a significant decrease from the inflow of HKD 17,597,000 in the same period last year[40]. - The company’s cash and cash equivalents at the end of the period stood at HKD 28,567,000, down from HKD 44,426,000 at the end of the previous year[40]. - The company’s financing activities generated a net cash inflow of HKD 29,257,000, primarily from new loans from a related company[40]. - As of June 30, 2023, the group's net current liabilities were approximately HKD 439.8 million, compared to HKD 34.6 million at the end of the previous year[140]. Assets and Liabilities - The total assets of the company as of June 30, 2023, were HKD 513,268,000, with total liabilities amounting to HKD 1,048,801,000[52]. - The company's total assets as of June 30, 2023, were HKD 362,168,000, down from HKD 592,425,000 as of December 31, 2022, a decline of 38.8%[83]. - Trade payables decreased to HKD 262,213,000 as of June 30, 2023, from HKD 415,047,000 as of December 31, 2022, reflecting a reduction of 36.8%[79]. - Trade receivables from third parties decreased to HKD 285,855,000 from HKD 419,580,000, a decline of approximately 31.9%[97]. - The group reported a total trade and other receivables of HKD 327,059,000, down from HKD 573,585,000, representing a decrease of approximately 43%[97]. Corporate Governance and Management - The company has maintained high standards of corporate governance and has complied with all provisions of the corporate governance code during the reporting period[186]. - The audit committee, established on August 3, 2013, consists of independent non-executive directors and is responsible for reviewing financial statements and overseeing internal control procedures[191]. - The company expressed gratitude to management, employees, business partners, customers, and shareholders for their ongoing support[192]. - Changes in the board include the resignation of Mr. Miao Zhibin as a non-executive director and the appointment of Mr. Zhang Shukai as a non-executive director[187]. - Major shareholders include Da Feng Port Overseas with a 57.46% stake, and Jiang Wen with a 5.86% stake as of June 30, 2023[175]. Future Outlook and Strategy - The company has not indicated any new product launches or technological developments during this reporting period[20]. - The group has no major investment or capital asset plans for the future as of June 30, 2023, and will continue to monitor the industry closely[157]. - The group continues to monitor global economic conditions closely to mitigate potential impacts on its operations[126]. - The company has not engaged in any buybacks or sales of its listed securities during the reporting period[180]. - The board believes that the business of Da Feng Port Development Group does not pose a significant competitive threat to the company[181].