高阳科技(00818) - 2024 - 中期财报

Revenue and Segment Performance - Payment and digital services segment revenue decreased to HK$892.68 million in 1H2024 from HK$1,023.80 million in 1H2023, a decline of 12.8%[5] - Fintech services segment revenue dropped to HK$46.70 million in 1H2024 from HK$115.66 million in 1H2023, a decrease of 59.6%[5] - Platform operation solutions segment revenue slightly decreased to HK$57.06 million in 1H2024 from HK$59.92 million in 1H2023, a decline of 4.8%[5] - Financial solutions segment revenue increased to HK$99.81 million in 1H2024 from HK$94.86 million in 1H2023, a growth of 5.2%[5] - Total revenue for 1H2024 was HK$1,176.89 million, down from HK$1,310.61 million in 1H2023, a decrease of 10.2%[5] - Segmental turnover for payment and digital services in 1H2024 was HK$892.2 million, down from HK$1,023.5 million in 1H2023[11] - Fintech services segment turnover decreased by 62% to HK$43.9 million in 1H2024 compared to HK$115.7 million in 1H2023, primarily due to a decrease in loan volume[16] - Platform operation solutions segment turnover decreased by 5% to HK$57.1 million in 1H2024 compared to HK$59.9 million in 1H2023[17] - Financial solutions segment turnover increased by 5% to HK$99.8 million in 1H2024 compared to HK$94.9 million in 1H2023[22] - Other business operations segment turnover increased significantly to HK$83.9 million in 1H2024 from HK$16.7 million in 1H2023, contributing 7% to the Group's consolidated turnover[23] - Consolidated turnover decreased by 10% to HK$1,176.9 million in 1H2024 compared to 1H2023, mainly due to a decline in the payment and digital services segment[27] - Revenue for the six months ended 30 June 2024 was HK$1,176,888 thousand, a decrease from HK$1,310,613 thousand in the same period in 2023[155] Profit and Earnings - Operating profit for 1H2024 was HK$9.49 million, significantly lower than HK$69.74 million in 1H2023, a decline of 86.4$23.42 million, compared to HK$357.01 million in 1H2023, a decrease of 93.4$0.001, down from HK$0.115 in 1H2023[7] - Diluted earnings per share for 1H2024 were HK$(0.032), compared to HK$0.083 in 1H2023[7] - Profit for 1H2024 totaled HK$23.4 million, down from HK$357.0 million in 1H2023[10] - Segmental operating profit for payment and digital services in 1H2024 was HK$90.8 million, a 20% decrease compared to 1H2023[11] - Fintech services segment operating loss increased to HK$20.5 million in 1H2024 from a profit of HK$55.6 million in 1H2023, driven by lower turnover and higher credit impairment loss[16] - Platform operation solutions segment operating loss increased to HK$21.1 million in 1H2024 from HK$16.1 million in 1H2023, mainly due to a fair value loss of HK$2.2 million on financial assets[20] - Financial solutions segment operating loss decreased to HK$2.5 million in 1H2024 from HK$39.0 million in 1H2023, primarily due to reduced upfront costs[22] - Operating profit for the six months ended 30 June 2024 was HK$9,488 thousand, significantly lower than HK$69,735 thousand in the same period in 2023[155] - Profit for the period ended 30 June 2024 was HK$23,415 thousand, compared to HK$357,007 thousand in the same period in 2023[155] - Basic earnings per share for the six months ended 30 June 2024 were HK$0.001, down from HK$0.115 in the same period in 2023[156] - Diluted earnings per share for the six months ended 30 June 2024 were HK$(0.032), compared to HK$0.083 in the same period in 2023[156] - Profit for the period decreased significantly to HK$23,415 thousand in 2024 from HK$357,007 thousand in 2023, representing a decline of approximately 93.4$111,619 thousand in 2024, compared to a total comprehensive income of HK$26,515 thousand in 2023[159] - Profit for the period ending 30 June 2024 was HK$3,397 thousand, compared to HK$316,301 thousand in the same period in 2023[166][170] - Total comprehensive loss for the period ending 30 June 2024 was HK$(11,619) thousand, compared to a comprehensive income of HK$26,515 thousand in the same period in 2023[166][170] EBITDA and Operating Metrics - EBITDA for the payment and digital services segment decreased to HK$117.47 million in 1H2024 from HK$175.41 million in 1H2023, a decline of 33.0$117.5 million, a 33% decrease compared to HK$175.4 million in 1H2023[9] - Operating profit for 1H2024 was HK$90.8 million, a 20% decrease compared to HK$113.7 million in 1H2023[9] - Gross profit for the six months ended 30 June 2024 was HK$413,836 thousand, down from HK$476,332 thousand in the same period in 2023[155] Assets and Liabilities - Total assets as of 30 June 2024 were HK$12,147.8 million, compared to HK$13,031.7 million as of 31 December 2023[10] - Net current assets as of 30 June 2024 were HK$3,765.3 million, compared to HK$3,958.4 million as of 31 December 2023[10] - Total assets as of June 30, 2024, were HK$12,147.8 million, a decrease from HK$13,031.7 million as of December 31, 2023[85] - Net asset value per share decreased to HK$2.761 as of June 30, 2024, from HK$2.801 as of December 31, 2023[85] - Capital-to-debt ratio improved to 0.7$3,915,207 thousand in 2024 from HK$3,841,206 thousand in 2023[160] - Current assets decreased to HK$8,232,616 thousand in 2024 from HK$9,190,512 thousand in 2023[160] - Total liabilities decreased to HK$4,481,707 thousand in 2024 from HK$5,253,700 thousand in 2023[163] - Total equity decreased to HK$7,666,116 thousand in 2024 from HK$7,778,018 thousand in 2023[160] - Total equity as of 30 June 2024 was HK$7,666,116 thousand, a decrease from HK$7,778,018 thousand at the beginning of the year[166] - Retained earnings as of 30 June 2024 were HK$8,624,948 thousand, up from HK$8,621,551 thousand at the start of the year[166] - Non-controlling interests increased to HK$592,656 thousand as of 30 June 2024, up from HK$281,083 thousand at the beginning of the year[166] - Exchange reserve decreased to HK$(329,137) thousand as of 30 June 2024, down from HK$(208,778) thousand at the start of the year[166] - Share capital remained stable at HK$6,942 thousand as of 30 June 2024, consistent with the previous year[166][170] - Treasury shares decreased to HK$(9,971) thousand as of 30 June 2024, down from HK$(9,826) thousand at the start of the year[166] - Other reserves decreased to HK$(2,450,909) thousand as of 30 June 2024, down from HK$(2,450,541) thousand at the beginning of the year[166] - Contributed surplus remained unchanged at HK$168,434 thousand as of 30 June 2024[166] Cash Flow and Financial Activities - Net cash generated from operating activities for the six months ended 30 June 2024 was HK$235,155,000, compared to HK$594,342,000 in the same period in 2023[173] - Net cash used in investing activities for the six months ended 30 June 2024 was HK$150,403,000, compared to net cash generated of HK$83,530,000 in the same period in 2023[173] - Net cash used in financing activities for the six months ended 30 June 2024 was HK$43,863,000, compared to HK$936,886,000 in the same period in 2023[173] - Cash and cash equivalents at the end of the period were HK$3,466,985,000, compared to HK$3,177,587,000 at the end of the same period in 2023[174] - The company received HK$83,720,000 in dividends from an associated company, compared to HK$69,160,000 in the same period in 2023[173] - Interest received during the period was HK$77,460,000, compared to HK$32,217,000 in the same period in 2023[173] - The company recorded a decrease in bank deposits of HK$522,679,000 during the period, compared to no change in the same period in 2023[173] - The company disposed of financial assets at fair value through profit or loss for proceeds of HK$535,275,000, compared to no such disposals in the same period in 2023[173] - The company acquired financial assets at fair value through profit or loss for HK$309,935,000, compared to no such acquisitions in the same period in 2023[173] - The company's cash and cash equivalents included HK$20,418,000 classified as held for sale, compared to none in the same period in 2023[175] - The company reclassified a decrease in restricted bank balances of HKD 142,180,000 from investing activities to operating activities for the period ended June 30, 2023, due to a reassessment of the nature of these balances related to merchant settlement services[183] - The net cash generated from operating activities for the period ended June 30, 2023, was restated to HKD 594,342,000 from HKD 736,522,000, while the net cash used in investing activities was restated to a net cash inflow of HKD 83,530,000 from a net cash outflow of HKD 58,650,000[183] Investments and Financial Instruments - The Group holds 364 million ordinary shares of PAX Global, representing a 34.0$2,133.0 million as of 30 June 2024[37] - PAX Global's unaudited net profit decreased in 1H2024 primarily due to a decline in revenue, attributed to reduced purchase orders in certain markets amid global economic uncertainty[38] - The Group holds approximately 45.73% of Megahunt's issued shares, with a recoverable amount lower than its carrying amount, resulting in a non-cash impairment loss of HK$140.9 million in 1H2024[42] - The company's financial assets measured at fair value as of June 30, 2024, included unlisted investment funds valued at HKD 78,221,000 (Level 3) and listed equity securities valued at HKD 709,000 (Level 1), totaling HKD 78,930,000[196] - As of December 31, 2023, the company's financial assets measured at fair value included unlisted investment funds valued at HKD 82,321,000 (Level 3), listed equity securities valued at HKD 834,000 (Level 1), and investments at fair value through profit or loss valued at HKD 226,051,000 (Level 2), totaling HKD 309,206,000[198] - No significant transfers of financial assets and financial liabilities between fair value hierarchy classifications during the six months ended 30 June 2024[199] - Fair value of financial instruments in Level 1 is based on quoted market prices at the balance sheet date, using the current bid price for financial assets held by the Group[200] Shareholder and Equity Information - Kui Man Chun holds a total of 653,733,636 shares, representing 23.54$20 million (approximately HK$156 million)[98][100] - No liability was recognized for the 2021 Manufacturer Guarantee Agreement and the 2020 OEM Guarantee Agreement as of June 30, 2024[99][100] - The total number of employees as of 30 June 2024 was 2,667[102] - Digital payments grew by more than 50% year-on-year in the first half of 2024[109] - The transaction volume of the automotive assets digital service platform "Jiexingchejia" reached RMB 2.6 billion in the first half of 2024[110] - The number of registered enterprises on the Suixin Cloud Chain Platform reached approximately 5,000, with nearly 1,000 new enterprises joining in the first half of 2024, representing a year-on-year increase of 136%[113] - The foreign card business has expanded to 20 provinces, municipalities, and autonomous regions, including Beijing, Jiangsu, Guangdong, Hunan, and Hubei[112] - The company has qualified as a member of and directly connected with three leading international payment card services organizations: VISA, Mastercard, and American Express[112] - The company's digital management product "Diansansan" has been deployed to dozens of sizable chain convenience stores and supermarkets, improving operational efficiency and sales capacity[110] - The company continues to explore opportunities in new regions, new businesses, and new platforms for its cross-border business[112] - The company has optimized the differentiated structure of industry customers and raised the proportion of high-margin business types and scales[112] - The company has gained access to payment collection channels from South America, Brazil, and Southeast Asia, enhancing its differentiated pipeline service capabilities[112] - Suixin Cloud Chain Platform registered nearly 5,000 enterprises, with nearly 1,000 new additions in the first half of 2024, a year-on