Financial Performance - The company reported a revenue of HKD 193,317,000 for the six months ended June 30, 2024, compared to HKD 121,109,000 for the same period in 2023, representing an increase of 59.7%[5]. - The gross profit for the same period was HKD 57,941,000, up from HKD 50,884,000 in 2023, indicating a growth of 13.5%[5]. - The operating loss for the six months was HKD 58,762,000, a decrease from HKD 75,071,000 in the previous year, showing an improvement of 21.8%[5]. - The net loss attributable to shareholders was HKD 134,239,000, compared to HKD 82,446,000 in 2023, reflecting an increase in losses of 62.9%[4]. - The group reported a total comprehensive income attributable to owners of the company of HKD 2,499,314,000 for the six months ended June 30, 2024, compared to HKD 2,866,911,000 in the same period of 2023, representing a decrease of approximately 13%[10]. - The group’s revenue for the six months ended June 30, 2024, was HKD 2,867,612,000, compared to HKD 2,950,433,000 in the same period of 2023, marking a decrease of about 3%[10]. - The group’s earnings per share for the six months ended June 30, 2024, was HKD 1.132, compared to HKD 1.32 in the same period of 2023, indicating a decline of approximately 14%[10]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 5,080,727,000, a slight decrease from HKD 5,184,596,000 at the end of 2023[9]. - Non-current assets increased significantly to HKD 526,468,000 from HKD 271,172,000, marking a growth of 94.3%[7]. - The total equity attributable to shareholders was HKD 2,499,314,000, down from HKD 2,661,142,000, indicating a decrease of 6.1%[9]. - The company’s total liabilities increased to HKD 2,580,831,000 from HKD 2,524,113,000, reflecting a rise of 2.2%[9]. - The total liabilities as of June 30, 2024, were HKD 2,580,831,000, compared to HKD 2,524,113,000 at the end of 2023[20]. - The group’s total liabilities decreased to HKD 1,516,916,000 as of June 30, 2024, compared to HKD 1,543,627,000 as of January 1, 2024, reflecting a reduction of approximately 2%[10]. Cash Flow and Financing - The company’s cash and bank balances decreased to HKD 96,182,000 from HKD 130,295,000, a decline of 26.1%[9]. - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 71,254,000, a decrease of 30% compared to HKD 101,695,000 in the same period of 2023[11]. - The total cash and cash equivalents at the end of the reporting period was HKD 54,913,000, down from HKD 114,558,000, reflecting a decrease of 52%[11]. - The net cash used in financing activities was HKD 134,945,000 for the six months ended June 30, 2024, compared to HKD 67,838,000 in the same period of 2023, indicating a significant increase in cash outflow[11]. - The company’s interest expenses on lease liabilities increased to HKD 1,151,000 in 2024 from HKD 141,000 in 2023, marking a substantial rise[29]. - The company’s total borrowings reached HKD 1,828,762,000 as of June 30, 2024, compared to HKD 1,803,257,000 at the end of 2023[88]. Segment Performance - The group has three reportable segments: film-related business operations, property development and investment operations, and multimedia and entertainment operations, which are used for resource allocation and performance monitoring[16]. - The film-related business generated revenue of HKD 1,166,000, compared to HKD 871,000 in 2023, with a loss of HKD 3,243,000, improving from a loss of HKD 5,216,000[18]. - The property development and investment business reported revenue of HKD 179,147,000, up from HKD 87,728,000, with a loss of HKD 65,113,000, slightly better than the loss of HKD 70,219,000 in the previous year[18]. - Multimedia and entertainment business revenue decreased to HKD 13,004,000 from HKD 32,510,000, with a loss of HKD 25,165,000, compared to a profit of HKD 5,886,000 in 2023[18]. Employee and Administrative Expenses - The company incurred employee benefits expenses of HKD 43,620,000 for the six months ended June 30, 2024, compared to HKD 25,736,000 in 2023, reflecting an increase of approximately 69.5%[30]. - Administrative expenses increased to HKD 63,697,000, compared to HKD 50,304,000 for the six months ended June 30, 2023[74]. - Marketing, sales, and distribution expenses surged to HKD 49,464,000, up from HKD 12,360,000 in the same period last year[74]. Shareholder Information - The company did not declare or propose any interim dividends for the six months ended June 30, 2024, and 2023[36]. - The company has a major shareholder, Heung Wah Keung Family Endowment Limited, holding 1,640,375,595 shares, representing approximately 67.56% of the issued share capital[103]. - The company has adopted a new share option scheme, replacing the previous one from June 2012, with no options granted, exercised, expired, or cancelled during the six months ending June 30, 2024[104]. Corporate Governance - The audit committee consists of independent non-executive directors, including Mr. He Weizhi as the chairman[110]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards and regulations[110]. - The board of directors includes executive directors Mr. Xiang Huachang, Ms. Chen Mingying, and Ms. Li Yuchang, along with independent non-executive directors[112].
中国星集团(00326) - 2024 - 中期财报