JTF INTL(09689)

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金泰丰国际控股(09689) - 截至二零二五年九月三十日止月份股份发行人的证券变动月报表
2025-10-02 11:40
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致:香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09689 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股本總額: HKD 20,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 ...
金泰丰国际控股(09689) - 致非登记股东之通知信函及申请表格
2025-09-04 08:50
JTF International Holdings Limited 金泰豐國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) (Stock Code 股份代號:9689) NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s) (Note 1) , Notes: 各位非登記持有人 (附註1) : 金泰豐國際控股有限公司(「本公司」) — 刊發2025年中期報告(「本次公司通訊」) 本 公 司 的 本 次 公 司 通 訊 之 中、英 文 版 本 已 分 別 上 載 於 本 公 司 網 站 (www.jtfoil.com) 及 香 港 聯 合 交 易 所 有 限 公 司(「聯 交 所」)之 網 站 (www.hkexnews.hk()「網站版本」)。本公司建議 閣下閱覽本公司本次公司通訊的網站版本。 如 閣下因任何理由無法以電子郵件方式收取或閱覽公司通訊的網站版本,及欲索取本次及將來公司通訊的印刷本,請填妥及簽署隨附之申 請表格,並以已預付 ...
金泰丰国际控股(09689) - 致登记股东之通知信函及回条
2025-09-04 08:48
JTF International Holdings Limited 金泰豐國際控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) JTF International Holdings Limited (the "Company") — Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website at www.jtfoil.com and the website of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") at www.hkexnews.hk respe ...
金泰丰国际控股(09689) - 2025 - 中期财报
2025-09-04 08:47
[Company Information](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Company Overview](index=2&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88) This section outlines the company's basic information, including board members, committee structures, and registered locations - The Board of Directors comprises four executive directors and three independent non-executive directors, with audit, remuneration, and nomination committees established[2](index=2&type=chunk) - The company is incorporated in the Cayman Islands, with its headquarters and principal place of business in China located in Guangzhou, Guangdong Province, and its principal place of business in Hong Kong in Tsim Sha Tsui, Kowloon[2](index=2&type=chunk) - The auditor is RSM Hong Kong, and the Hong Kong share registrar is Tricor Investor Services Limited[3](index=3&type=chunk) [Unaudited Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) [Financial Performance Overview](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%A6%82%E8%A7%88) This section reports the unaudited condensed consolidated comprehensive income, showing a significant revenue decrease, a shift from profit to loss, and increased loss per share Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 393,097 | 770,418 | -49.0% | | Cost of sales | (382,257) | (759,053) | -49.6% | | Gross profit | 10,840 | 11,365 | -4.6% | | Other (losses)/gains, net | (6,737) | 60 | N/A | | Operating loss | (6,707) | (574) | +1068.5% | | Loss before income tax | (7,442) | (33) | +22451.5% | | Loss and total comprehensive expense for the period | (5,300) | (747) | +609.5% | | Basic and diluted loss per share (RMB) | (0.6 cents) | (0.1 cents) | +500.0% | [Unaudited Condensed Consolidated Statement of Financial Position](index=5&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Assets and Liabilities Overview](index=5&type=section&id=%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%A6%82%E8%A7%88) This section discloses the unaudited condensed consolidated financial position, showing increased total and current assets, slightly decreased total equity, and significantly increased total liabilities Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Non-current assets | 18,058 | 25,105 | -28.1% | | Current assets | 519,930 | 437,953 | +18.7% | | **Total assets** | **537,988** | **463,058** | +16.2% | | **Equity** | | | | | Total equity | 417,357 | 422,657 | -1.25% | | **Liabilities** | | | | | Non-current liabilities | 23,304 | 23,829 | -2.2% | | Current liabilities | 97,327 | 16,572 | +487.3% | | **Total liabilities** | **120,631** | **40,401** | +198.6% | - Current liabilities significantly increased, primarily due to contract liabilities rising from **RMB 88 thousand** to **RMB 73,792 thousand**, and an increase in trade and other payables[6](index=6&type=chunk) [Unaudited Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Equity Changes Overview](index=7&type=section&id=%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E6%A6%82%E8%A7%88) This section details changes in equity components, reflecting the impact of loss on retained earnings and the utilization of safety reserves Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Share capital | 7,980 | 7,980 | 0 | | Other reserves | 306,851 | 306,924 | -73 | | Retained earnings | 102,526 | 116,595 | -14,069 | | Total equity | 417,357 | 431,499 | -14,142 | - For the six months ended June 30, 2025, the loss and total comprehensive expense for the period was **RMB 5,300 thousand**, leading to a decrease in retained earnings[7](index=7&type=chunk) - Safety reserves utilized **RMB 62 thousand** in the first half of 2025 and **RMB 2 thousand** in the first half of 2024[7](index=7&type=chunk) [Unaudited Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Cash Flow Overview](index=9&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E6%A6%82%E8%A7%88) This section reports unaudited condensed consolidated cash flows, showing a shift to positive operating cash flow, stable investing cash flow, and negative financing cash flow, resulting in a net cash increase Condensed Consolidated Statement of Cash Flows Key Data | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 144,357 | (118,996) | | Net cash generated from investing activities | 719 | 571 | | Net cash (used in)/generated from financing activities | (1,439) | 14,444 | | Net increase/(decrease) in cash and cash equivalents | 143,637 | (103,981) | | Cash and cash equivalents at end of period | 176,895 | 85,779 | - Cash flow from operating activities shifted from a net outflow of **RMB 118,996 thousand** in the same period of 2024 to a net inflow of **RMB 144,357 thousand** in the same period of 2025[10](index=10&type=chunk) - Cash flow from financing activities shifted from a net inflow of **RMB 14,444 thousand** in the same period of 2024 to a net outflow of **RMB 1,439 thousand** in the same period of 2025, primarily due to lease payments and interest paid[10](index=10&type=chunk) [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=10&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. General Information](index=10&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) This section introduces the company's place of incorporation, principal activities, listing information, and ultimate controlling parties - The company is incorporated in the Cayman Islands and primarily engaged in the sale of refined oil products, other petrochemical products, and the blending and sale of fuel oil in China[11](index=11&type=chunk) - The company's shares are listed on the Main Board of the Hong Kong Stock Exchange, with Mr. Xu Ziming and Ms. Huang Sizhen as the ultimate controlling parties[12](index=12&type=chunk) [2. Basis of Preparation and Accounting Policies](index=10&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section outlines the basis of preparation and accounting policies adopted for interim financial statements, emphasizing consistency and new standard impact - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and should be read in conjunction with the 2024 annual financial statements[13](index=13&type=chunk) - Newly issued Hong Kong Financial Reporting Standards, new standards, and amendments have no significant impact on the Group's results or financial position for the current or prior periods[14](index=14&type=chunk) [3. Estimates](index=11&type=section&id=3.%20%E4%BC%B0%E8%A8%88) This section highlights management's judgments, estimates, and assumptions in financial statement preparation, noting potential differences from actual results - Significant judgments and estimates made by management in preparing the condensed consolidated interim financial statements are consistent with those in the 2024 annual consolidated financial statements[15](index=15&type=chunk) [4. Financial Risk Management](index=11&type=section&id=4.%20%E8%B2%A1%E5%8B%99%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86) This section outlines the Group's financial risks, including market, credit, and liquidity risks, noting no significant changes in risk management policies since 2024 - The Group faces market risks (foreign exchange, interest rates), credit risk, and liquidity risk, with no changes in risk management since the year ended December 31, 2024[16](index=16&type=chunk) - Contractual undiscounted cash outflows for financial liabilities show no significant changes compared to the year ended December 31, 2024[17](index=17&type=chunk) [5. Revenue and Segment Information](index=12&type=section&id=5.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This section clarifies the Group's revenue sources and operating segments, noting management reviews the business as a single operating segment - The Group is primarily engaged in the sale of refined oil products, other petrochemical products, and the blending and sale of fuel oil in China, with management reviewing the business as a single operating segment[18](index=18&type=chunk) Revenue Analysis | Revenue Source | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of goods | 385,907 | 746,381 | | Service income | 7,190 | 24,037 | | **Total revenue** | **393,097** | **770,418** | [6. Other (Losses)/Gains, Net](index=13&type=section&id=6.%20%E5%85%B6%E4%BB%96%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D_Notes) This section explains the main components of other net losses for the period, including write-offs of prepayments and property, plant and equipment Other (Losses)/Gains, Net Details | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Write-off of prepayments | (4,194) | – | | Write-off of property, plant and equipment | (1,750) | – | | Others | (793) | 60 | | **Other (losses)/gains, net** | **(6,737)** | **60** | [7. Expenses by Nature](index=13&type=section&id=7.%20%E6%8C%89%E6%80%A7%E8%B3%AA%E5%8A%83%E5%88%86%E7%9A%84%E9%96%8B%E6%94%AF) This section lists expenses by nature, including changes in inventories, purchase costs, and staff costs, reflecting total cost of sales, distribution, and administrative expenses Expenses by Nature Details | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Changes in inventories | 112,723 | (98,090) | | Purchases of refined oil products, fuel oil and other petrochemical products and transportation costs | 269,229 | 856,434 | | Staff costs | 3,133 | 2,727 | | **Total cost of sales, distribution and administrative expenses** | **393,067** | **771,052** | [8. Finance (Costs)/Income, Net](index=14&type=section&id=8.%20%E8%B2%A1%E5%8B%99%EF%BC%88%E6%88%90%E6%9C%AC%EF%BC%89%E2%88%95%E6%94%B6%E5%85%A5%E6%B7%A8%E9%A1%8D_Notes) This section discloses net finance costs and income, showing a shift from income to costs, primarily due to increased interest expense on discounted bills Finance (Costs)/Income, Net Details | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income from bank deposits | 719 | 571 | | Interest expense on lease liabilities | (89) | (84) | | Interest expense on discounted bills | (1,213) | – | | Exchange (losses)/gains, net on cash and cash equivalents | (152) | 54 | | **Finance (costs)/income, net** | **(735)** | **541** | [9. Income Tax (Credit)/Expense](index=14&type=section&id=9.%20%E6%89%80%E5%BE%97%E7%A8%85%EF%BC%88%E6%8A%B5%E5%85%8D%EF%BC%89%E2%88%95%E9%96%8B%E6%94%AF_Notes) This section explains the shift from income tax expense to credit for the period, primarily due to the reversal of over-provision for China corporate income tax in prior years Income Tax (Credit)/Expense Details | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax | (2,249) | 577 | | Deferred income tax | 107 | 137 | | **Income tax (credit)/expense** | **(2,142)** | **714** | - The income tax credit is primarily due to the reversal of over-provision for China corporate income tax in prior years[24](index=24&type=chunk) - The standard corporate income tax rate for PRC entities is **25%**, and the withholding income tax rate for dividends from PRC direct holding companies is **10%**[24](index=24&type=chunk)[25](index=25&type=chunk) [10. Loss Per Share](index=16&type=section&id=10.%20%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) This section reports the basic and diluted loss per share for the period and explains the calculation method Loss Per Share Data | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss for the period (RMB thousands) | 5,300 | 747 | | Weighted average number of ordinary shares in issue | 930,000,000 | 930,000,000 | | **Basic loss per share (RMB)** | **0.6 cents** | **0.1 cents** | - As there were no potential dilutive ordinary shares outstanding during the reporting period, diluted loss per share is the same as basic loss per share[27](index=27&type=chunk) [11. Dividends](index=16&type=section&id=11.%20%E8%82%A1%E6%81%AF) This section states that the company neither paid nor declared any dividends during the reporting period - For the six months ended June 30, 2025, no dividends were paid or declared by the company[27](index=27&type=chunk) [12. Property, Plant and Equipment](index=16&type=section&id=12.%20%E7%89%A9%E6%A5%AD%E3%80%81%E5%BB%A0%E6%88%BF%E5%8F%8A%E8%A8%AD%E5%82%99) This section reports changes in property, plant and equipment for the period, primarily involving write-offs - For the six months ended June 30, 2025, the Group neither acquired nor disposed of any property, plant and equipment[28](index=28&type=chunk) - Property, plant and equipment with a net book value of approximately **RMB 1,750,000** was written off during the period[28](index=28&type=chunk) [13. Trade and Other Receivables](index=17&type=section&id=13.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This section provides details and aging analysis of trade and other receivables, showing a significant increase in trade receivables Trade and Other Receivables Details | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade receivables, net | 100,360 | 19,099 | +425.5% | | Recoverable value-added tax | 20,677 | 34,440 | -40.0% | | Deposits and others | 12,894 | 12,716 | +1.4% | | **Total trade and other receivables** | **133,931** | **66,255** | +102.1% | - Trade receivables, net, significantly increased from **RMB 19,099 thousand** at the end of 2024 to **RMB 100,360 thousand** as of June 30, 2025[29](index=29&type=chunk) - The credit period for trade receivables is generally **0 to 30 days**[29](index=29&type=chunk) [14. Trade and Other Payables](index=18&type=section&id=14.%20%E8%B2%A3%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) This section provides details and aging analysis of trade and other payables, showing an increase in the total amount Trade and Other Payables Details | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Trade payables | 2,513 | 1,091 | +130.3% | | Accrued staff costs and benefits | 3,635 | 5,775 | -37.1% | | Other taxes payable | 10,180 | 272 | +3642.6% | | **Total trade and other payables** | **23,243** | **14,730** | +57.8% | - Other taxes payable significantly increased from **RMB 272 thousand** at the end of 2024 to **RMB 10,180 thousand** as of June 30, 2025[30](index=30&type=chunk) [15. Share Capital](index=19&type=section&id=15.%20%E8%82%A1%E6%9C%AC) This section discloses the company's authorized and issued share capital information, indicating an unchanged share capital structure Share Capital Structure | Indicator | Number of Shares | Equivalent Par Value (HKD) | Equivalent Par Value (RMB) | | :--- | :--- | :--- | :--- | | Authorized ordinary shares (HKD 0.01 each) | 2,000,000,000 | 20,000,000 | 17,161,310 | | Issued and fully paid ordinary shares | 930,000,000 | 9,300,000 | 7,980,009 | - As of June 30, 2025, the company's authorized and issued share capital quantity and par value remained consistent with January 1, 2024[32](index=32&type=chunk)[33](index=33&type=chunk) [16. Capital Commitments](index=19&type=section&id=16.%20%E8%B3%87%E6%9C%AC%E6%89%BF%E6%94%94_Notes) This section reports significant capital expenditure commitments at period-end, showing zero capital commitments for property, plant and equipment Capital Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Property, plant and equipment | – | 8,483 | - As of June 30, 2025, the Group had no significant capital commitments, compared to **RMB 8,483 thousand** as of December 31, 2024[34](index=34&type=chunk) [17. Related Party Transactions](index=20&type=section&id=17.%20%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) This section discloses the Group's transactions and related balances with related parties, as well as key management personnel compensation - Related parties include controlling shareholders Mr. Xu Ziming and Ms. Huang Sizhen, and directors Mr. Xu Xiaoping and Ms. Xu Yayee[35](index=35&type=chunk) - The Group entered into a lease agreement with the controlling shareholders, with an annual lease expense of **RMB 360,000**[35](index=35&type=chunk) Balances with Related Parties | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Lease liabilities — controlling shareholders | 3,194 | 3,294 | | Amounts due to a related party — director | 87 | 87 | Key Management Personnel Compensation | Key Management Personnel Compensation | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Salaries, wages, benefits and other emoluments | 1,969 | 1,730 | | Contributions to employee social security schemes | 41 | 89 | | **Total** | **2,010** | **1,819** | [18. Contingent Liabilities](index=21&type=section&id=18.%20%E6%88%96%E7%84%B6%E4%BA%8B%E9%A0%85_Notes) This section refers to litigation matters disclosed in the annual report and assesses the likelihood of compensation liability - Management believes there have been no significant developments in the litigation disclosed in the 2024 annual report, and compensation liability cannot be reliably estimated and is considered low or remote[40](index=40&type=chunk) - The Group has not made any provision for the litigation, other than for related legal and other costs incurred[40](index=40&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review](index=22&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the Group's business nature, operating environment, and strategies, noting market changes and expansion into other petrochemical products and fuel oil sales - The Group is a wholesaler of oil products and other petrochemical products in Guangdong Province, China, with products including refined oil products, other petrochemical products, and fuel oil[41](index=41&type=chunk) - Rising international and local oil prices and new energy alternatives led to refined oil product trade concentrating on naphtha, which later saw reduced competitiveness due to consumption tax policy adjustments[41](index=41&type=chunk) - The Group reduced naphtha sales and expanded into other chemical products like C6 fractions and fuel oil sales, but C6 fractions recorded a gross loss of approximately **RMB 3,997 thousand** due to price fluctuations[41](index=41&type=chunk) - For the six months ended June 30, 2025, refined oil product sales recorded a gross profit of approximately **RMB 6,488 thousand**, and service income of approximately **RMB 7,190 thousand** was recognized from offshore transactions[41](index=41&type=chunk)[42](index=42&type=chunk) [Operating Results](index=23&type=section&id=%E7%B6%93%E7%87%9F%E6%A5%AD%E7%B8%BE) This section analyzes the Group's revenue, cost of sales, gross profit, other (losses)/gains, expenses, finance (costs)/income, loss before tax, income tax, and loss for the period [Revenue](index=23&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue significantly decreased by 49.0% year-on-year, primarily due to reduced sales of refined oil products Total Revenue by Product Type | Product Type | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Refined oil product sales | 204,726 | 746,381 | -72.5% | | Fuel oil sales | 36,831 | – | N/A | | Other petrochemical product sales | 144,350 | – | N/A | | Service income | 7,190 | 24,037 | -70.1% | | **Total revenue** | **393,097** | **770,418** | -49.0% | - Total revenue decreased by approximately **49.0%**, primarily due to reduced sales of refined oil products[43](index=43&type=chunk) [Cost of Sales](index=24&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales decreased year-on-year, consistent with the revenue reduction, primarily influenced by purchase costs Cost of Sales by Product Type | Product Type | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Refined oil products | 198,238 | 759,053 | -73.9% | | Fuel oil | 35,672 | – | N/A | | Other petrochemical products | 148,347 | – | N/A | | **Total** | **382,257** | **759,053** | -49.6% | - The decrease in cost of sales is consistent with the decrease in revenue for the period, with purchase costs influenced by market oil prices[45](index=45&type=chunk) [Gross Profit and Gross Margin](index=25&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Overall gross margin shifted from negative to positive, primarily benefiting from improved refined oil product gross margin, though other petrochemical products recorded a gross loss Gross Profit and Gross Margin Details | Product Type | Six Months Ended June 30, 2025 Gross profit/(loss) (RMB thousands) | Six Months Ended June 30, 2025 Gross margin | Six Months Ended June 30, 2024 Gross profit/(loss) (RMB thousands) | Six Months Ended June 30, 2024 Gross margin | | :--- | :--- | :--- | :--- | :--- | | Refined oil products | 6,488 | 3.2% | (12,672) | (1.7%) | | Fuel oil | 1,159 | 3.1% | – | Not applicable | | Other petrochemical products | (3,997) | (2.8%) | – | Not applicable | | **Sales of goods — Subtotal** | **3,650** | **0.9%** | **(12,672)** | **(1.7%)** | | Service income | 7,190 | Not applicable | 24,037 | Not applicable | | **Total** | **10,840** | **2.8%** | **11,365** | **1.5%** | - Overall gross margin (excluding service income) increased from **negative 1.7%** in the same period of 2024 to **0.9%** in the same period of 2025[46](index=46&type=chunk) [Other (Losses)/Gains, Net](index=25&type=section&id=%E5%85%B6%E4%BB%96%EF%BC%88%E虧%E6%90%8D%EF%BC%89%E2%88%95%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D_MDA) Other net losses for the period were primarily due to the write-off of prepayments and assets under construction after the suspension of a terminal enhancement project - Other net losses were primarily due to the write-off of prepayments to the main contractor and assets under construction, following the suspension of the project to enhance the berth capacity of Zengcheng Oil Depot Terminal[47](index=47&type=chunk) [Distribution Expenses](index=25&type=section&id=%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) Distribution expenses decreased by 5.4% year-on-year, primarily due to reduced short-term lease expenses and handling charges - Distribution expenses decreased by approximately **RMB 277 thousand (5.4%)** to **RMB 4,883 thousand**, primarily due to reduced short-term lease expenses and handling charges[48](index=48&type=chunk) [Administrative Expenses](index=26&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses decreased by 13.3% year-on-year, primarily due to reduced professional fees and PRC stamp duty, partially offset by increased staff costs - Administrative expenses decreased by approximately **RMB 912 thousand (13.3%)** to **RMB 5,927 thousand**, primarily due to reduced professional fees and PRC stamp duty[49](index=49&type=chunk) [Finance (Costs)/Income, Net](index=26&type=section&id=%E8%B2%A1%E5%8B%99%EF%BC%88%E6%88%90%E6%9C%AC%EF%BC%89%E2%88%95%E6%94%B6%E5%85%A5%E6%B7%A8%E9%A1%8D_MDA) Net finance shifted from income to costs, primarily due to increased interest expense on discounted bills - Net finance shifted from an income of **RMB 541 thousand** in the same period of 2024 to a cost of **RMB 735 thousand** in the same period of 2025, primarily due to increased interest expense on discounted bills[50](index=50&type=chunk) [Loss Before Income Tax](index=26&type=section&id=%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%E虧%E6%90%8D) Loss before income tax significantly increased, primarily due to the write-off of prepayments and assets under construction, and increased interest expenses - Loss before income tax increased from **RMB 33 thousand** in the same period of 2024 to **RMB 7,442 thousand** in the same period of 2025[51](index=51&type=chunk) - The increase in loss was primarily due to the write-off of prepayments and assets under construction related to the Zengcheng Oil Depot Terminal Berth Capacity Enhancement Project, and increased interest expenses[51](index=51&type=chunk) [Income Tax Credit/(Expense)](index=26&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D%E2%88%95%EF%BC%88%E9%96%8B%E6%94%AF%EF%BC%89_MDA) Income tax for the period was a credit, primarily due to the reversal of over-provision for China corporate income tax in prior years - The income tax credit for the six months ended June 30, 2025, was primarily due to the reversal of over-provision for China corporate income tax in prior years[52](index=52&type=chunk) [Loss for the Period](index=26&type=section&id=%E6%9C%9F%E5%85%A7%E虧%E6%90%8D) Loss for the period significantly increased, primarily affected by asset write-offs and increased interest expenses, partially offset by income tax credit - Loss for the period increased from **RMB 747 thousand** in the same period of 2024 to **RMB 5,300 thousand** in the same period of 2025[53](index=53&type=chunk) - The increase in loss was primarily due to the write-off of prepayments and assets under construction related to the Zengcheng Oil Depot Terminal Berth Capacity Enhancement Project, and increased interest expenses, partially offset by the reversal of over-provision for China corporate income tax in prior years[53](index=53&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) This section outlines the Group's cash flows, net current assets, borrowings, capital commitments, significant investments, capital structure, pledged assets, contingent liabilities, and foreign exchange risk management [Cash Flows](index=27&type=section&id=%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F) Operating cash flow shifted from negative to positive, financing cash flow shifted from positive to negative, and cash and cash equivalents at period-end significantly increased Cash Flow Overview | Item | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 144,357 | (118,996) | | Net cash generated from investing activities | 719 | 571 | | Net cash (used in)/generated from financing activities | (1,439) | 14,444 | | **Net increase/(decrease) in cash and cash equivalents** | **143,637** | **(103,981)** | - Net cash from operating activities turned positive, primarily attributable to a decrease in net working capital generated from operations[54](index=54&type=chunk) - Cash and cash equivalents at period-end increased from **RMB 33,410 thousand** at the end of 2024 to **RMB 176,895 thousand** as of June 30, 2025[55](index=55&type=chunk) [Net Current Assets](index=27&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E6%B7%A8%E9%A1%8D) Net current assets slightly increased - As of June 30, 2025, net current assets were approximately **RMB 422,603 thousand**, an increase of approximately **RMB 1,222 thousand** compared to December 31, 2024[56](index=56&type=chunk) [Borrowings and Gearing Ratio](index=28&type=section&id=%E5%80%9F%E6%AC%BE%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group had no borrowings at the end of the reporting period, thus no gearing ratio is presented - As of June 30, 2025, the Group had no borrowings, and therefore no gearing ratio is presented[57](index=57&type=chunk) [Capital Commitments](index=28&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%94%94_MDA) No capital expenditures were incurred during the period, and there were no significant capital commitments at the end of the reporting period - For the six months ended June 30, 2025, the Group incurred no capital expenditures[58](index=58&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: **RMB 8,483 thousand**)[58](index=58&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries and Associates](index=28&type=section&id=%E9%87%8D%E8%A6%81%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E5%92%8C%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8) There were no significant investments, material acquisitions, or disposals of subsidiaries and associates during the period - For the six months ended June 30, 2025, the Group had no significant investments, material acquisitions, or disposals of subsidiaries and associates[59](index=59&type=chunk) [Capital Structure](index=28&type=section&id=%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) The company's capital structure, comprising issued share capital and reserves, remained unchanged at the end of the reporting period - As of June 30, 2025, and December 31, 2024, the company's capital structure comprised its issued share capital and reserves[60](index=60&type=chunk) [Pledged Assets](index=28&type=section&id=%E5%B7%B2%E6%8A%B5%E6%8A%BC%E8%B3%87%E7%94%A2) The Group had no pledged assets at the end of the reporting period - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[61](index=61&type=chunk) [Contingent Liabilities](index=29&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5_MDA) Reaffirms that litigation matters disclosed in the annual report have no significant developments, with low likelihood of compensation liability - Management believes there have been no significant developments in the litigation disclosed in the 2024 annual report, and compensation liability cannot be reliably estimated and is considered low or remote[62](index=62&type=chunk) [Foreign Exchange Risk](index=29&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The Group primarily settles in RMB, but some transactions are in foreign currencies; foreign exchange risk is managed by closely monitoring exchange rate movements, with no hedging policy currently - Most of the Group's transactions are settled in RMB, but some are settled in foreign currencies, primarily HKD-denominated assets and liabilities[63](index=63&type=chunk) - The Group currently has no foreign currency hedging policy, manages foreign exchange risk by closely monitoring exchange rate movements, and the Directors consider foreign exchange risk not significant[64](index=64&type=chunk) [Human Resources](index=30&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) This section describes the Group's employee count, staff costs, recruitment and remuneration policies, and welfare programs - As of June 30, 2025, the Group had **18** full-time employees in China[65](index=65&type=chunk) Total Staff Costs | Indicator | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total staff costs (including directors' emoluments) | 3,133 | 2,727 | +14.9% | - Remuneration is determined based on qualifications, position, and experience, with annual performance reviews for salary increments, bonuses, and promotions[65](index=65&type=chunk) - Welfare programs include basic medical insurance, unemployment insurance, and mandatory provident fund contributions for Hong Kong employees[65](index=65&type=chunk) [Future Plans and Prospects](index=30&type=section&id=%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83%E5%8F%8A%E5%89%8D%E6%99%AF) This section outlines the Group's market opportunities in energy security and safety, noting no specific plans for significant investments or capital assets currently - Guangdong Energy Bureau's plan emphasizes energy security and safety, positioning the Group to play a greater role in the local supply chain with its experience in the refined oil market and customer network[66](index=66&type=chunk) - As of June 30, 2025, the Group had no specific plans for significant investments or capital assets for the coming year[67](index=67&type=chunk) [Use of Net Proceeds from the Company's Initial Public Offering](index=31&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E9%A6%96%E6%AC%A1%E5%85%AC%E9%96%8B%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%8D%E7%9A%84%E7%94%A8%E9%80%94) [IPO Proceeds Usage and Adjustments](index=31&type=section&id=IPO%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94%E5%8F%8A%E8%AA%BF%E6%95%B4) This section discloses the use of net proceeds from the initial public offering and explains adjustments to the use of unutilized funds - The company's GEM listing net proceeds of approximately **RMB 20,803 thousand** were successfully transferred to the Main Board of the Stock Exchange on May 17, 2023[68](index=68&type=chunk) - The Board has resolved to re-designate the unutilized net proceeds of approximately **RMB 3,474 thousand** for working capital and general corporate purposes[68](index=68&type=chunk) Share Offer Net Proceeds Usage | Purpose | Allocated as per prospectus (RMB thousands) | Amount utilized after re-allocation (RMB thousands) | Unutilized as of June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | | Enhancing berth capacity of Zengcheng Oil Depot Terminal | 11,038 | 7,564 | – | | Renovating oil tanks, pipelines and other depot facilities at Zengcheng Oil Depot | 9,765 | 9,765 | – | | Working capital and general corporate purposes | – | – | 3,474 | | **Total** | **20,803** | **17,329** | **3,474** | - The remaining unutilized net proceeds are deposited in licensed bank accounts in Hong Kong and China, expected to be fully utilized by December 31, 2025[69](index=69&type=chunk) [Interim Dividends](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) [Interim Dividend Policy](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E6%94%BF%E7%AD%96) This section states that the Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of any dividend for the six months ended June 30, 2025[71](index=71&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=33&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E5%B7%B2%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) [Listed Securities Transaction Status](index=33&type=section&id=%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%83%85%E5%86%B5) This section states that neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities during the reporting period - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[72](index=72&type=chunk) [Directors' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E6%AC%8A%E8%AD%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) [Directors' Shareholding Status](index=33&type=section&id=%E8%91%A3%E4%BA%8B%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) This section discloses the interests of directors and chief executives in the company's shares as of June 30, 2025 Directors and Chief Executives Shareholding Status | Name/Designation | Nature of interest | Number of shares | Percentage of shareholding | | :--- | :--- | :--- | :--- | | Xingming Limited | Beneficial owner | 480,150,000 | 51.63% | | Mr. Xu Ziming | Interest in controlled corporation | 480,150,000 | 51.63% | | Ms. Huang Sizhen | Spouse's interest | 480,150,000 | 51.63% | | Kangshi Investment Limited | Beneficial owner | 130,140,000 | 13.99% | | Ms. Xu Yayee | Interest in controlled corporation | 130,140,000 | 13.99% | - Mr. Xu Ziming and Ms. Huang Sizhen jointly hold **51.63%** of the shares through Xingming Limited[73](index=73&type=chunk) - Ms. Xu Yayee holds **13.99%** of the shares through Kangshi Investment Limited[73](index=73&type=chunk) [Share Option Scheme](index=34&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83) [Share Option Scheme Details](index=34&type=section&id=%E8%B3%BC%E8%82%A1%E6%AC%8A%E8%A8%88%E5%8A%83%E8%A9%B3%E6%83%85) This section introduces the company's share option scheme adopted in 2019, aimed at attracting and retaining talent, but no share options have been granted as of the reporting date - The company adopted a share option scheme on May 28, 2019, to attract and retain quality employees and other individuals[75](index=75&type=chunk) - The maximum number of shares that may be issued under the share option scheme is **42,000,000** shares, representing approximately **4.52%** of the company's share capital[75](index=75&type=chunk) - As of the date of this report, the company has not granted any share options since the adoption of the share option scheme[76](index=76&type=chunk) [Major Shareholders](index=34&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1) [Major Shareholder Information](index=34&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E4%BF%A1%E6%81%AF) This section states that, apart from the disclosed directors and chief executives, no other person holds significant share interests requiring disclosure - As of June 30, 2025, no person other than the disclosed directors or chief executives held any interests required to be recorded in the register kept under Section 336 of the Securities and Futures Ordinance[77](index=77&type=chunk) [Corporate Governance Practices](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F) [Compliance with Corporate Governance Code](index=34&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%88%99%E9%81%B5%E5%AE%88%E6%83%85%E5%86%B5) This section confirms the company's continuous compliance with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules during the reporting period - The company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules for the six months ended June 30, 2025[78](index=78&type=chunk) [Directors' Compliance with Standard of Dealings](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E9%81%B5%E5%AE%88%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) [Directors' Securities Dealing Conduct](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E6%93%8D%E5%AE%88) This section states that all directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules during the reporting period - All Directors confirmed that for the six months ended June 30, 2025, they complied with the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[79](index=79&type=chunk) [Competing Interests](index=35&type=section&id=%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A) [No Competing Interests Statement](index=35&type=section&id=%E7%84%A1%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A%E8%81%B2%E6%98%8E) This section states that controlling shareholders, directors, and their close associates have no interests in any business that competes with the Group's business - For the six months ended June 30, 2025, and up to the date of this report, none of the controlling shareholders, Directors, or their respective close associates had any interests in any business that competes with the Group's business[80](index=80&type=chunk) [Audit Committee](index=35&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) [Audit Committee Responsibilities and Review](index=35&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E8%81%B7%E8%B2%AC%E8%88%87%E5%AF%A9%E9%96%B1) This section describes the Audit Committee's main responsibilities and confirms its review of this interim report - The Audit Committee's primary responsibilities include reviewing and overseeing financial reporting, internal control, and risk management systems, and communicating with external auditors[81](index=81&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and this interim report[81](index=81&type=chunk) [By Order of the Board](index=35&type=section&id=%E4%BB%A3%E8%A1%A8%E8%91%A3%E4%BA%8B%E6%9C%83) [Board Statement](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%81%B2%E6%98%8E) This section reports the release by Mr. Xu Ziming, Chairman of the Board, on behalf of the Board, and lists the Board members as of the report date - This report was issued by Mr. Xu Ziming, Chairman and Executive Director, on behalf of the Board on August 22, 2025[82](index=82&type=chunk)[83](index=83&type=chunk) - Executive Directors as of the report date include Mr. Xu Ziming, Ms. Huang Sizhen, Mr. Xu Xiaoping, and Ms. Xu Yayee; Independent Non-executive Directors include Mr. Xu Xingshan, Mr. Jin Shaocong, and Ms. E Hongda[83](index=83&type=chunk)
金泰丰国际控股(09689) - 截至二零二五年八月三十一日止月份股份发行人的证券变动月报表
2025-09-01 10:57
股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 金泰豐國際控股有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09689 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股 ...
金泰丰国际控股发布中期业绩 亏损及全面开支总额530万元 同比扩大609.5%
Zhi Tong Cai Jing· 2025-08-22 11:48
Group 1 - The company, Jintai Feng International Holdings (09689), reported a revenue of 393 million RMB for the six months ending June 30, 2025, representing a year-on-year decrease of 48.98% [1] - The total loss and comprehensive expenses for the period amounted to 5.3 million RMB, which is an increase of 609.5% compared to the previous year [1] - The basic loss per share was 0.6 cents [1]
金泰丰国际控股(09689)发布中期业绩 亏损及全面开支总额530万元 同比扩大609.5%
智通财经网· 2025-08-22 11:45
智通财经APP讯,金泰丰国际控股(09689)发布截至2025年6月30日止六个月中期业绩,收益3.93亿元(人 民币,下同),同比减少48.98%;期内亏损及全面开支总额530万元,同比扩大609.5%;每股基本亏损0.6 分。 ...
金泰丰国际控股(09689.HK)中期收益总额约3.93亿元 同比减少约49.0%
Ge Long Hui· 2025-08-22 11:43
Summary of Key Points Core Viewpoint - Jintai Feng International Holdings (09689.HK) reported a significant decline in total revenue for the six months ending June 30, 2025, primarily due to reduced sales of finished oil products, leading to a substantial increase in losses compared to the previous year [1]. Financial Performance - The total revenue for the group was approximately RMB 393,097,000, representing a year-on-year decrease of about 49.0% [1]. - The group's loss increased from approximately RMB 747,000 in the same period last year to about RMB 5,300,000 this year [1]. Contributing Factors - The increase in losses was mainly attributed to the suspension of a project aimed at enhancing the dock capacity at the Zengcheng oil depot, which resulted in the write-off of prepayments made to the main contractor and construction assets [1]. - Additionally, there was an increase in interest expenses, although this was partially offset by the reversal of excess provisions for corporate income tax from previous years [1].
金泰丰国际控股(09689) - 2025 - 中期业绩
2025-08-22 11:36
[Unaudited Condensed Consolidated Statement of Comprehensive Income](index=1&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group reported a net loss and total comprehensive expense of **RMB 5,300 thousand** for the six months ended June 30, 2025, an increase from **RMB 747 thousand** in the prior year Unaudited Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Revenue | 393,097 | 770,418 | | Cost of sales | (382,257) | (759,053) | | Gross profit | 10,840 | 11,365 | | Other (losses)/gains, net | (6,737) | 60 | | Distribution expenses | (4,883) | (5,160) | | Administrative expenses | (5,927) | (6,839) | | Operating loss | (6,707) | (574) | | Finance (costs)/income, net | (735) | 541 | | Loss before income tax | (7,442) | (33) | | Income tax credit/(expense) | 2,142 | (714) | | Loss and total comprehensive expense for the period | (5,300) | (747) | | Loss per share — basic and diluted (RMB) | (0.6 cents) | (0.1 cents) | [Unaudited Condensed Consolidated Statement of Financial Position](index=2&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The Group's total assets increased to **RMB 537,988 thousand** as of June 30, 2025, driven by a significant rise in current assets, while total equity slightly decreased Unaudited Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | **Assets** | | | | **Non-current assets** | | | | Property, plant and equipment | 11,800 | 14,008 | | Right-of-use assets | 3,147 | 3,310 | | Deferred income tax assets | 3,111 | 3,593 | | Prepayments | – | 4,194 | | *Total non-current assets* | 18,058 | 25,105 | | **Current assets** | | | | Inventories | 92,807 | 205,530 | | Prepayments | 116,297 | 132,758 | | Trade and other receivables | 133,931 | 66,255 | | Cash and cash equivalents | 176,895 | 33,410 | | *Total current assets* | 519,930 | 437,953 | | **Total assets** | **537,988** | **463,058** | | **Equity** | | | | Share capital | 7,980 | 7,980 | | Other reserves | 306,851 | 306,913 | | Retained earnings | 102,526 | 107,764 | | **Total equity** | **417,357** | **422,657** | | **Liabilities** | | | | **Non-current liabilities** | | | | Lease liabilities | 3,268 | 3,418 | | Deferred income tax liabilities | 20,036 | 20,411 | | *Total non-current liabilities* | 23,304 | 23,829 | | **Current liabilities** | | | | Trade and other payables | 23,243 | 14,730 | | Contract liabilities | 73,792 | 88 | | Lease liabilities | 292 | 279 | | Current income tax liabilities | – | 1,475 | | *Total current liabilities* | 97,327 | 16,572 | | **Total liabilities** | **120,631** | **40,401** | | **Total equity and liabilities** | **537,988** | **463,058** | [Notes to the Unaudited Condensed Consolidated Interim Financial Statements](index=3&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes on the Group's interim financial statements, covering general information, accounting policies, revenue, expenses, tax, and financial position items [1. General Information](index=3&type=section&id=1.%20General%20Information) Jintaifeng International Holdings Limited, incorporated in the Cayman Islands, primarily engages in the blending and sale of refined oil, other petrochemical products, and fuel oil in China, with its shares listed on the Hong Kong Stock Exchange and ultimate control held by Mr. Xu Ziming and Ms. Huang Sizhen - The Group primarily engages in the sale of refined oil, other petrochemical products, and the blending and sale of fuel oil in China[4](index=4&type=chunk) - The Company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[5](index=5&type=chunk) - The ultimate holding company is Xingming Limited, with interests owned by **Mr. Xu Ziming (80%)** and **Ms. Huang Sizhen (20%)**[5](index=5&type=chunk) [2. Basis of Preparation and Accounting Policies](index=3&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The Group's interim financial statements are prepared in accordance with HKAS 34, with consistent accounting policies from the prior year, and new standards or amendments have no material impact on current period results or financial position - The unaudited condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[6](index=6&type=chunk) - The accounting policies adopted are consistent with those contained in the annual financial statements for the year ended December 31, 2024, and new standards and amendments have no material impact on the Group's results and financial position in the current or prior periods[7](index=7&type=chunk) [3. Revenue and Segment Information](index=4&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group's chief operating decision maker views the business as a single operating segment, with all revenue derived from the China market, and total revenue for the six months ended June 30, 2025, significantly decreased to **RMB 393,097 thousand** from **RMB 770,418 thousand** in the prior year - Management reviews the operating results of the business as a single operating segment to make decisions about resource allocation[8](index=8&type=chunk) - The Group's revenue for the periods ended June 30, 2025, and 2024, was entirely derived from the China market[8](index=8&type=chunk) Revenue Analysis (For the six months ended June 30) | Revenue Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------- | :------------------ | :------------------ | | Goods sales: | | | | — Refined oil | 204,726 | 746,381 | | — Fuel oil | 36,831 | – | | — Other petrochemical products | 144,350 | – | | Service income | 7,190 | 24,037 | | **Total Revenue** | **393,097** | **770,418** | [4. Other (Losses)/Gains, Net](index=4&type=section&id=4.%20Other%20(Losses)%2FGains,%20Net) For the six months ended June 30, 2025, the Group recorded net other losses of **RMB 6,737 thousand**, primarily due to the write-off of prepayments and property, plant, and equipment Other (Losses)/Gains, Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Write-off of prepayments | (4,194) | – | | Write-off of property, plant and equipment | (1,750) | – | | Others | (793) | 60 | | **Other (Losses)/Gains, Net** | **(6,737)** | **60** | [5. Expenses by Nature](index=5&type=section&id=5.%20Expenses%20by%20Nature) This section details the Group's expenses by nature for the six months ended June 30, 2025, and 2024, including cost of purchases, changes in inventories, staff costs, and depreciation Total Expenses by Nature (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Purchases of refined oil, fuel oil and other petrochemical products and transportation costs | 269,229 | 856,434 | | Changes in inventories | 112,723 | (98,090) | | Staff costs (including directors' emoluments) | 3,133 | 2,727 | | Depreciation | 896 | 1,885 | | Expenses relating to short-term leases and handling charges | 3,505 | 3,845 | | Taxes and surcharges | 621 | 597 | | Other expenses | 2,960 | 3,654 | | **Total cost of sales, distribution expenses and administrative expenses** | **393,067** | **771,052** | [6. Finance (Costs)/Income, Net](index=5&type=section&id=6.%20Finance%20(Costs)%2FGains,%20Net) The Group's net finance position shifted from an income of **RMB 541 thousand** in H1 2024 to a cost of **RMB 735 thousand** in H1 2025, primarily due to interest expenses on discounted bills and exchange rate fluctuations Finance (Costs)/Income, Net (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Interest income from bank deposits | 719 | 571 | | Interest expense on lease liabilities | (84) | (89) | | Interest expense on discounted bills | – | (1,213) | | Exchange (losses)/gains, net on cash and cash equivalents | 54 | (152) | | **Finance (Costs)/Income, Net** | **(735)** | **541** | [7. Income Tax Credit/(Expense)](index=6&type=section&id=7.%20Income%20Tax%20Credit%2F(Expense)) The Group recorded an income tax credit of **RMB 2,142 thousand** in H1 2025, mainly from reversing over-provisions for prior year China corporate income tax, with a standard rate of **25%** and a **10%** (or **5%** for eligible cases) withholding tax on dividends Income Tax Credit/(Expense) (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Current income tax: | | | | — China corporate income tax | (2,249) | 577 | | Deferred income tax: | | | | — China corporate income tax | 482 | (24) | | — China withholding income tax | (375) | 161 | | **Income Tax (Credit)/Expense** | **(2,142)** | **714** | - The Company is incorporated in the Cayman Islands as an exempted company and is therefore exempted from Cayman Islands income tax[13](index=13&type=chunk) - The standard tax rate for the Group's PRC entities is **25%** (2024: **25%**)[15](index=15&type=chunk) - A **10%** withholding income tax (or **5%** for eligible cases) is levied on dividends declared by PRC subsidiaries to their direct non-PRC holding companies for profits earned after January 1, 2008[16](index=16&type=chunk) [8. Loss Per Share](index=7&type=section&id=8.%20Loss%20Per%20Share) For the six months ended June 30, 2025, the Group's basic and diluted loss per share increased to **RMB 0.6 cents** from **RMB 0.1 cents** in the prior year Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :----- | :----- | | Loss for the period (RMB thousand) | 5,300 | 747 | | Weighted average number of ordinary shares in issue | 930,000,000 | 930,000,000 | | Basic loss per share (RMB) | 0.6 cents | 0.1 cents | - Diluted loss per share is the same as basic loss per share as there were no potential dilutive ordinary shares outstanding during the reporting period[19](index=19&type=chunk) [9. Dividends](index=7&type=section&id=9.%20Dividends) The Company neither paid nor declared any dividends for the six months ended June 30, 2025, consistent with the prior corresponding period - The Company did not pay or declare any dividends for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[20](index=20&type=chunk) [10. Property, Plant and Equipment](index=7&type=section&id=10.%20Property,%20Plant%20and%20Equipment) In H1 2025, the Group neither acquired nor disposed of property, plant, and equipment, but wrote off approximately **RMB 1,750,000** in net book value of such assets - For the six months ended June 30, 2025, the Group did not acquire or dispose of property, plant and equipment[21](index=21&type=chunk) - For the six months ended June 30, 2025, the Group wrote off property, plant and equipment with a net book value of approximately **RMB 1,750,000**[21](index=21&type=chunk) [11. Trade and Other Receivables](index=8&type=section&id=11.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables significantly increased to **RMB 133,931 thousand** from **RMB 66,255 thousand** at December 31, 2024, primarily driven by a substantial rise in net trade receivables Trade and Other Receivables (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Trade receivables | 101,803 | 20,542 | | Less: Loss allowance | (1,443) | (1,443) | | **Net Trade Receivables** | **100,360** | **19,099** | | Recoverable VAT | 20,677 | 34,440 | | Deposits and others | 12,894 | 12,716 | | **Total Trade and Other Receivables** | **133,931** | **66,255** | Aging Analysis of Trade Receivables (As of) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Less than 30 days | 55,284 | 19,099 | | 31 to 180 days | 45,076 | – | | **Total** | **100,360** | **19,099** | - The Group's sales credit period is normally **0 to 30 days** from the date of recognition of trade receivables[22](index=22&type=chunk) [12. Trade and Other Payables](index=9&type=section&id=12.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables increased to **RMB 23,243 thousand** from **RMB 14,730 thousand** at December 31, 2024, mainly due to a rise in other taxes payable Trade and Other Payables (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Trade payables | 2,513 | 1,091 | | Accrued staff costs and benefits | 3,635 | 5,775 | | Accrued handling charges | 139 | 79 | | Accrued short-term lease expenses | 555 | 381 | | Other payables | 6,134 | 7,045 | | Other taxes payable | 10,180 | 272 | | Amount due to a related party | 87 | 87 | | **Total Trade and Other Payables** | **23,243** | **14,730** | Aging Analysis of Trade Payables (As of) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Less than 30 days | 2,513 | 1,091 | | **Total** | **2,513** | **1,091** | [13. Capital Commitments](index=9&type=section&id=13.%20Capital%20Commitments) As of June 30, 2025, the Group had no significant capital commitments contracted but not recognized as liabilities, a substantial decrease from **RMB 8,483 thousand** at December 31, 2024 Capital Commitments (As of) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :------------------------- | :-------------------------- | | Property, plant and equipment | – | 8,483 | [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business, operating performance, financial position, and future outlook for the period [Business Review](index=10&type=section&id=Business%20Review) As a wholesaler of oil and petrochemical products in Guangdong, China, the Group strategically reduced refined oil (naphtha) sales amidst rising international oil prices and new energy alternatives, expanding into other chemical products and fuel oil, and mitigating risks through offshore transactions - The Group is a wholesaler of oil and other petrochemical products in Guangdong Province, China, including refined oil, other petrochemical products, and fuel oil[25](index=25&type=chunk) - Facing rising international and local oil prices, new energy alternatives to gasoline consumption, and adjustments to domestic consumption tax deduction policies, the Group reduced naphtha sales and actively expanded sales of other chemical products and fuel oil[26](index=26&type=chunk) - The Group also expanded its product portfolio by trading C6 components but recorded a gross loss of approximately **RMB 3,997 thousand** due to price volatility and initial market entry[26](index=26&type=chunk) - The Group engaged in offshore transactions to mitigate risks, recognizing service income of approximately **RMB 7,190 thousand** in H1 2025[27](index=27&type=chunk) [Operating Results](index=11&type=section&id=Operating%20Results) The Group's H1 2025 operating results show a significant revenue decline, leading to a substantial increase in loss for the period, primarily due to reduced refined oil sales, write-off of the Zengcheng oil depot project, and higher interest expenses, partially offset by income tax credit [Revenue](index=11&type=section&id=Revenue_OperatingResults) The Group's total revenue for H1 2025 was approximately **RMB 393,097 thousand**, a **49.0%** decrease from the prior year, primarily due to reduced refined oil sales - For the six months ended June 30, 2025, the Group's total revenue was approximately **RMB 393,097 thousand**, a decrease of approximately **49.0%** compared to the six months ended June 30, 2024[28](index=28&type=chunk) - This decrease was due to reduced sales of refined oil[28](index=28&type=chunk) Total Revenue, Volume, and Average Price by Product Type (For the six months ended June 30) | Product Category | 2025 Revenue (RMB thousand) | 2025 Total Volume (tons) | 2025 Average Price (RMB) | 2024 Revenue (RMB thousand) | 2024 Total Volume (tons) | 2024 Average Price (RMB) | | :------- | :---------------------- | :---------------- | :---------------------- | :---------------------- | :---------------- | :---------------------- | | **Goods Sales** | | | | | | | | Refined oil | 204,726 | 29,980 | 6,829 | 746,381 | 106,218 | 7,027 | | Fuel oil | 36,831 | 6,713 | 5,487 | – | – | Not applicable | | Other petrochemical products | 144,350 | 21,400 | 6,745 | – | – | Not applicable | | *Subtotal* | 385,907 | 58,093 | | 746,381 | 106,218 | | | **Service Income** | | | | | | | | Refined oil | 4,884 | 92,772 | 53 | 24,037 | 180,229 | 133 | | Fuel oil | 2,306 | 8,977 | 257 | – | – | Not applicable | | *Subtotal* | 7,190 | 101,749 | | 24,037 | 180,229 | | | **Total** | **393,097** | **159,842** | | **770,418** | **286,447** | | [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) The Group's cost of sales for H1 2025 was approximately **RMB 382,257 thousand**, a significant decrease from **RMB 759,053 thousand** in the prior year, consistent with the revenue decline - The cost of sales for the six months ended June 30, 2025, and 2024, was approximately **RMB 382,257 thousand** and **RMB 759,053 thousand**, respectively[30](index=30&type=chunk) - The decrease in our cost of sales was consistent with the decrease in revenue for the period[30](index=30&type=chunk) Cost of Sales by Product Type (For the six months ended June 30) | Product Category | 2025 (RMB thousand) | 2024 (RMB thousand) | | :------- | :------------------ | :------------------ | | Refined oil | 198,238 | 759,053 | | Fuel oil | 35,672 | – | | Other petrochemical products | 148,347 | – | | **Total** | **382,257** | **759,053** | [Gross Profit and Gross Profit Margin](index=13&type=section&id=Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's overall gross profit for H1 2025 slightly decreased to **RMB 10,840 thousand**, but the gross profit margin (excluding service income) improved from **-1.7%** to **0.9%**, primarily due to business strategy adjustments Gross Profit and Gross Profit Margin by Product Type (For the six months ended June 30) | Product Category | 2025 Gross Profit/(Loss) (RMB thousand) | 2025 Gross Profit Margin | 2024 Gross Profit/(Loss) (RMB thousand) | 2024 Gross Profit Margin | | :------- | :-------------------------------- | :----------- | :-------------------------------- | :----------- | | **Goods Sales** | | | | | | Refined oil | 6,488 | 3.2% | (12,672) | (1.7%) | | Fuel oil | 1,159 | 3.1% | – | Not applicable | | Other petrochemical products | (3,997) | (2.8%) | – | Not applicable | | *Subtotal* | 3,650 | 0.9% | (12,672) | (1.7%) | | **Service Income** | 7,190 | Not applicable | 24,037 | Not applicable | | **Total** | **10,840** | **2.8%** | **11,365** | **1.5%** | - The Group's overall gross profit margin (excluding service income) increased from approximately **-1.7%** for the six months ended June 30, 2024, to approximately **0.9%** for the six months ended June 30, 2025[31](index=31&type=chunk) [Other (Losses)/Gains, Net](index=13&type=section&id=Other%20(Losses)%2FGains,%20Net_OperatingResults) Net other losses were recorded in H1 2025, primarily due to the write-off of prepayments to the general contractor and assets under construction following the suspension of the Zengcheng oil depot berth capacity upgrade project - The net other losses for the six months ended June 30, 2025, were primarily due to the write-off of prepayments to the general contractor and assets under construction[32](index=32&type=chunk) - This was caused by the suspension of the project to enhance the berth capacity of the Zengcheng oil depot[32](index=32&type=chunk) [Distribution Expenses](index=13&type=section&id=Distribution%20Expenses) Distribution expenses decreased by **5.4%** to **RMB 4,883 thousand** in H1 2025, primarily due to reduced short-term lease expenses and handling charges - Distribution expenses decreased by approximately **RMB 277 thousand** or **5.4%** from approximately **RMB 5,160 thousand** for the six months ended June 30, 2024, to approximately **RMB 4,883 thousand** for the six months ended June 30, 2025[33](index=33&type=chunk) - This was primarily due to a decrease in expenses related to short-term leases and handling charges during the period[33](index=33&type=chunk) [Administrative Expenses](index=14&type=section&id=Administrative%20Expenses) Administrative expenses decreased by **13.3%** to **RMB 5,927 thousand** in H1 2025, mainly due to lower professional fees and China stamp duty, partially offset by increased staff costs - Administrative expenses decreased by approximately **RMB 912 thousand** or **13.3%** from approximately **RMB 6,839 thousand** for the six months ended June 30, 2024, to approximately **RMB 5,927 thousand** for the six months ended June 30, 2025[34](index=34&type=chunk) - This was primarily due to a decrease in professional fees and China stamp duty during the period, partially offset by an increase in staff costs (including directors' emoluments)[34](index=34&type=chunk) [Finance (Costs)/Income, Net](index=14&type=section&id=Finance%20(Costs)%2FIncome,%20Net_OperatingResults) The Group's net finance position shifted from an income of **RMB 541 thousand** in H1 2024 to a cost of **RMB 735 thousand** in H1 2025, attributed by management to increased interest expenses on discounted bills - Net finance (costs)/income shifted from an income of approximately **RMB 541 thousand** for the six months ended June 30, 2024, to a cost of approximately **RMB 735 thousand** for the six months ended June 30, 2025[35](index=35&type=chunk) - This was primarily due to an increase in interest expenses on discounted bills[35](index=35&type=chunk) [Loss Before Income Tax](index=14&type=section&id=Loss%20Before%20Income%20Tax) The Group's loss before income tax increased from approximately **RMB 33 thousand** in H1 2024 to **RMB 7,442 thousand** in H1 2025, primarily due to the write-off of the Zengcheng oil depot project and higher interest expenses - The Group's loss before income tax increased from approximately **RMB 33 thousand** for the six months ended June 30, 2024, to approximately **RMB 7,442 thousand** for the six months ended June 30, 2025[36](index=36&type=chunk) - This was primarily due to the write-off of prepayments to the general contractor and assets under construction after the suspension of the project to enhance the berth capacity of the Zengcheng oil depot, and an increase in interest expenses[36](index=36&type=chunk) [Income Tax Credit/(Expense)](index=14&type=section&id=Income%20Tax%20Credit%2F(Expense)_OperatingResults) The income tax credit in H1 2025 primarily resulted from the reversal of over-provisions for prior year China corporate income tax - The income tax credit for the six months ended June 30, 2025, was primarily due to the reversal of over-provisions for prior year China corporate income tax[37](index=37&type=chunk) [Loss for the Period](index=14&type=section&id=Loss%20for%20the%20Period) The Group's loss for the period increased from approximately **RMB 747 thousand** in H1 2024 to **RMB 5,300 thousand** in H1 2025, mainly impacted by the Zengcheng oil depot project write-off and increased interest expenses, partially offset by income tax credit - The Group's loss for the period increased from approximately **RMB 747 thousand** for the six months ended June 30, 2024, to approximately **RMB 5,300 thousand** for the six months ended June 30, 2025[38](index=38&type=chunk) - This was primarily due to the write-off of prepayments to the general contractor and assets under construction after the suspension of the project to enhance the berth capacity of the Zengcheng oil depot, and an increase in interest expenses, partially offset by the reversal of over-provisions for prior year China corporate income tax[38](index=38&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=Liquidity%20and%20Financial%20Resources) The Group's H1 2025 operating cash flow significantly improved, with a substantial increase in cash and cash equivalents, no borrowings or pledged assets, a slight rise in net current assets, no material developments in contingent liabilities, and foreign exchange risk deemed insignificant [Cash Flow](index=15&type=section&id=Cash%20Flow) The Group's net cash from operating activities for H1 2025 was approximately **RMB 144,357 thousand**, a significant improvement from the prior year, with cash and cash equivalents increasing to **RMB 176,895 thousand** Unaudited Condensed Consolidated Cash Flow Statement (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :------------------ | :------------------ | | Net cash from/(used in) operating activities | 144,357 | (118,996) | | Net cash from investing activities | 719 | 571 | | Net cash (used in)/from financing activities | (1,439) | 14,444 | | Net increase/(decrease) in cash and cash equivalents | 143,637 | (103,981) | - For the six months ended June 30, 2025, the Group's net cash from operating activities was approximately **RMB 144,357 thousand**, primarily attributable to a decrease in net working capital (excluding cash and cash equivalents) generated from operations[39](index=39&type=chunk) - As of June 30, 2025, and December 31, 2024, the Group's cash and cash equivalents were approximately **RMB 176,895 thousand** and **RMB 33,410 thousand**, respectively[40](index=40&type=chunk) [Net Current Assets](index=15&type=section&id=Net%20Current%20Assets) As of June 30, 2025, the Group's net current assets were approximately **RMB 422,603 thousand**, a slight increase of about **RMB 1,222 thousand** from December 31, 2024 - As of June 30, 2025, the Group's net current assets were approximately **RMB 422,603 thousand**, a slight increase of approximately **RMB 1,222 thousand** compared to approximately **RMB 421,381 thousand** as of December 31, 2024[41](index=41&type=chunk) [Borrowings and Gearing Ratio](index=16&type=section&id=Borrowings%20and%20Gearing%20Ratio) As of June 30, 2025, the Group had no borrowings, and consequently, no gearing ratio is presented - As of June 30, 2025, the Group had no borrowings (December 31, 2024: nil)[42](index=42&type=chunk) - As the Group held no borrowings as of June 30, 2025, no gearing ratio is presented[42](index=42&type=chunk) [Capital Commitments](index=16&type=section&id=Capital%20Commitments_Liquidity) The Group incurred no capital expenditure in H1 2025 and had no significant capital commitments as of June 30, 2025, a substantial reduction from **RMB 8,483 thousand** at the end of 2024 - For the six months ended June 30, 2025, the Group did not incur any capital expenditure[43](index=43&type=chunk) - As of June 30, 2025, the Group had no significant capital commitments (December 31, 2024: approximately **RMB 8,483 thousand**)[43](index=43&type=chunk) [Significant Investments, Material Acquisitions and Disposals of Subsidiaries and Associated Companies](index=16&type=section&id=Significant%20Investments,%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associated%20Companies) The Group held no significant investments and made no material acquisitions or disposals of subsidiaries and associated companies in H1 2025 - For the six months ended June 30, 2025, the Group did not hold any significant investments, nor did it make any material acquisitions or disposals of subsidiaries and associated companies[44](index=44&type=chunk) [Capital Structure](index=16&type=section&id=Capital%20Structure) The Company's capital structure comprises its issued share capital and reserves - As of June 30, 2025, and December 31, 2024, the Company's capital structure comprised its issued share capital and reserves[45](index=45&type=chunk) [Pledged Assets](index=16&type=section&id=Pledged%20Assets) As of June 30, 2025, the Group had no pledged assets, consistent with December 31, 2024 - As of June 30, 2025, and December 31, 2024, the Group had no pledged assets[46](index=46&type=chunk) [Contingent Liabilities](index=16&type=section&id=Contingent%20Liabilities) Management believes there have been no material developments in litigation since the 2024 annual report date, with liability for compensation not reliably estimable and deemed low or remote, thus no provision has been made for litigation claims - The Group's management believes there have been no material developments in the litigation since the date of the 2024 annual report[47](index=47&type=chunk) - The liability for compensation cannot be reliably estimated and is considered low or remote[47](index=47&type=chunk) - The Group has not made any provision for claims arising from the litigation, other than related legal and other costs incurred[47](index=47&type=chunk) [Foreign Exchange Risk](index=17&type=section&id=Foreign%20Exchange%20Risk) Operating primarily in China, the Group conducts most transactions in RMB, with some in foreign currencies (HKD); management monitors exchange rate fluctuations but considers foreign exchange risk insignificant, thus no hedging policy is adopted - The Group operates in China, with most transactions settled in RMB, except for certain transactions settled in foreign currencies[48](index=48&type=chunk) - The Group's primary non-RMB denominated assets and liabilities include trade and other receivables, cash and cash equivalents, and trade and other payables denominated in Hong Kong Dollars[48](index=48&type=chunk) - The Group currently has no foreign currency hedging policy, and the Directors consider foreign exchange rate risk to be insignificant[48](index=48&type=chunk) [Human Resources](index=17&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed **18** full-time staff in China, with total staff costs increasing to **RMB 3,133 thousand**; the Group values employees, bases remuneration on performance, and provides welfare plans compliant with local regulations - As of June 30, 2025, the Group had **18** full-time employees directly employed by the Group in China[49](index=49&type=chunk) - For the six months ended June 30, 2025, the Group's total staff costs (including directors' emoluments) were approximately **RMB 3,133 thousand** (six months ended June 30, 2024: approximately **RMB 2,727 thousand**)[49](index=49&type=chunk) - The Group determines remuneration based on each employee's qualifications, position, and experience, and conducts annual performance reviews to determine salary increments, bonuses, and promotions[49](index=49&type=chunk) - The Group has established various welfare plans in accordance with PRC laws and regulations and existing local government policies, including basic medical insurance, unemployment insurance, and other relevant insurance for PRC employees, and statutory Mandatory Provident Fund scheme contributions for Hong Kong employees[50](index=50&type=chunk) [Future Plans and Prospects](index=18&type=section&id=Future%20Plans%20and%20Prospects) Leveraging its experience and client network in the refined oil market, the Group expects to play a greater role in the local supply chain amidst Guangdong Energy Bureau's push for high-quality energy development, with no specific plans for significant investments or capital assets within the next year - The Guangdong Energy Bureau issued the "Implementation Plan for Promoting High-Quality Energy Development in Guangdong Province," emphasizing energy security and safety as top priorities, requiring diversified energy supply development and sufficient energy reserves[51](index=51&type=chunk) - Leveraging the Group's experience in the refined oil market and its established client network, including China's three major state-owned oil companies, the Group is expected to play a greater role in the local supply chain[51](index=51&type=chunk) - As of June 30, 2025, the Group had no specific plans for significant investments or capital assets within the next year[51](index=51&type=chunk) [Use of Net Proceeds from the Company's Initial Public Offering](index=18&type=section&id=Use%20of%20Net%20Proceeds%20from%20the%20Company's%20Initial%20Public%20Offering) The Board resolved to reallocate approximately **RMB 3,474 thousand** of unutilized IPO net proceeds from the Zengcheng oil depot berth capacity upgrade to working capital and general corporate purposes for more effective financial resource deployment, with the remaining funds expected to be fully utilized by December 31, 2025 - The net proceeds from the Company's initial public offering were approximately **RMB 20,803 thousand**[52](index=52&type=chunk) - The Board resolved to change the use of unutilized net proceeds of approximately **RMB 3,474 thousand** to working capital and general corporate purposes[53](index=53&type=chunk) - The reason for the change in use is to more effectively allocate financial resources to cope with the current business environment and development needs[53](index=53&type=chunk) Use of Net Proceeds from Share Offer (As of June 30, 2025) | Item | Net Proceeds Allocated as per Prospectus (RMB thousand) | Net Proceeds Utilized as of Announcement Date (RMB thousand) | Net Proceeds Unutilized as of Announcement Date (RMB thousand) | Revised Allocation of Net Proceeds (RMB thousand) | Amount Utilized as of June 30, 2025 (RMB thousand) | Net Proceeds Unutilized as of June 30, 2025 (RMB thousand) | | :--- | :---------------------------------------------------- | :------------------------------------------ | :-------------------------------------------- | :------------------------------------ | :--------------------------------------- | :----------------------------------------- | | (1) Enhancing berth capacity of Zengcheng oil depot | 11,038 | 7,564 | 3,474 | – | – | – | | (2) Renovating oil tanks, pipelines and other oil depot facilities at Zengcheng oil depot | 9,765 | 9,765 | – | – | – | – | | (3) Working capital and general corporate purposes | – | – | – | 3,474 | – | 3,474 | | **Total** | **20,803** | **17,329** | **3,474** | **3,474** | **–** | **3,474** | - The remaining unutilized net proceeds are expected to be fully utilized by December 31, 2025[54](index=54&type=chunk) [Interim Dividends](index=20&type=section&id=Interim%20Dividends) The Directors do not recommend paying any dividends for the six months ended June 30, 2025, consistent with the prior corresponding period - The Directors do not recommend the payment of any dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[56](index=56&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=20&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities for the six months ended June 30, 2025 - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[57](index=57&type=chunk) [Corporate Governance Practices](index=20&type=section&id=Corporate%20Governance%20Practices) The Company consistently complied with all code provisions of the Corporate Governance Code in Appendix C1 Part 2 of the HKEX Listing Rules during H1 2025, ensuring directors adhered to the Model Code and had no competing interests - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules of the Stock Exchange for the six months ended June 30, 2025[58](index=58&type=chunk) [Directors' Compliance with the Model Code](index=20&type=section&id=Directors'%20Compliance%20with%20the%20Model%20Code) All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 of the Listing Rules, for the six months ended June 30, 2025 - Following specific enquiries made to all Directors, all Directors confirmed that they had complied with the Model Code for the six months ended June 30, 2025[59](index=59&type=chunk) [Competing Interests](index=20&type=section&id=Competing%20Interests) As of June 30, 2025, and up to the announcement date, no controlling shareholders, directors, or their close associates held interests in any business competing directly or indirectly with the Group's operations - As of June 30, 2025, and up to the date of this announcement, none of the controlling shareholders, Directors, and their respective close associates had any interests in any business that competes or is likely to compete, either directly or indirectly, with the business of the Group[60](index=60&type=chunk) [Audit Committee](index=21&type=section&id=Audit%20Committee) The Audit Committee reviewed the unaudited condensed consolidated interim financial statements and this announcement for the six months ended June 30, 2025, and is responsible for overseeing financial reporting, internal controls, and risk management systems - The Audit Committee has reviewed the unaudited condensed consolidated interim financial statements and this announcement for the six months ended June 30, 2025[61](index=61&type=chunk) - The primary duties of the Audit Committee are to review and supervise the Group's financial reporting process and internal control and risk management systems[61](index=61&type=chunk) [Publication of Interim Report](index=21&type=section&id=Publication%20of%20Interim%20Report) The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the HKEX and Company websites in due course - The Company's interim report for the six months ended June 30, 2025, containing all information required by the Listing Rules, will be dispatched to the Company's shareholders and published on the website of the Stock Exchange and the Company's website in due course in accordance with the Listing Rules[62](index=62&type=chunk)
金泰丰国际控股(09689.HK)拟8月22日举行董事会会议批准中期业绩
Ge Long Hui· 2025-08-12 09:00
Group 1 - The company, Jintai Feng International Holdings (09689.HK), announced that its board of directors will hold a meeting on August 22, 2025 [1] - The meeting will consider the interim results for the six months ending June 30, 2025 [1] - The board will also announce an interim dividend, if any [1]