Revenue and Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 79.06 million, a decrease from HKD 83.88 million in the same period last year[5] - Total revenue for the six months ended September 30, 2024, was HKD 79,060 thousand, down from HKD 83,880 thousand in the same period in 2023[34][36] - Total revenue decreased by 5.8% to HKD 79.0 million in the review period, down from HKD 83.9 million in the previous period[94] - Revenue from freight forwarding and related logistics services decreased to HKD 78,477 thousand in the six months ended September 30, 2024, compared to HKD 82,753 thousand in the same period in 2023[32][36] - Fashion goods trade revenue declined to HKD 583 thousand in the six months ended September 30, 2024, from HKD 1,127 thousand in the same period in 2023[33][36] - Airfreight and related logistics services generated revenue of HKD 78.4 million, accounting for 99.1% of total revenue[94] - Seafreight and related logistics services revenue dropped to HKD 0.1 million, representing 0.2% of total revenue[94] - Fashion goods trading revenue decreased to HKD 0.6 million, contributing 0.7% to total revenue[94] Losses and Profitability - Gross loss for the period was HKD 2.51 million, compared to a gross profit of HKD 0.95 million in the previous year[5] - Net loss for the period was HKD 15.55 million, slightly higher than the HKD 14.19 million loss in the same period last year[5] - Basic and diluted loss per share was HKD 1.25, compared to HKD 1.32 in the same period last year[8] - The company reported a segment loss of HKD 10,398 thousand for freight forwarding and related logistics services in the six months ended September 30, 2024, compared to a loss of HKD 7,920 thousand in the same period in 2023[37][43] - The fashion goods trade segment recorded a profit of HKD 233 thousand in the six months ended September 30, 2024, slightly down from HKD 253 thousand in the same period in 2023[37][43] - Total pre-tax loss for the six months ended September 30, 2024, was HKD 15,543 thousand, compared to HKD 14,242 thousand in the same period in 2023[39][45] - Net loss for the six months ended September 30, 2024, was approximately HKD 15.5 million, compared to a net loss of HKD 14.2 million in the same period last year[89] - Gross loss increased to HKD 2.5 million, with a gross loss margin of 3.1%, compared to a gross profit of HKD 0.9 million and a gross profit margin of 1.1% in the previous period[97] - Basic loss per share for the six months ended September 30, 2024, was HKD 15,547 thousand, compared to HKD 14,188 thousand in the same period in 2023[58] Assets and Liabilities - Total assets decreased to HKD 43.45 million as of September 30, 2024, from HKD 59.14 million as of March 31, 2024[10] - Current assets decreased to HKD 75.54 million as of September 30, 2024, from HKD 88.38 million as of March 31, 2024[12] - Current liabilities increased to HKD 35.18 million as of September 30, 2024, from HKD 32.77 million as of March 31, 2024[13] - Net current assets decreased to HKD 40.37 million as of September 30, 2024, from HKD 55.61 million as of March 31, 2024[14] - Total equity decreased to HKD 43.16 million as of September 30, 2024, from HKD 58.69 million as of March 31, 2024[15] - Total equity decreased from HKD 61,714 thousand as of April 1, 2023, to HKD 55,089 thousand as of September 30, 2023, primarily due to a loss of HKD 14,188 thousand from foreign exchange translation differences[17] - The company's total equity further declined to HKD 43,155 thousand as of September 30, 2024, driven by a period loss of HKD 15,547 thousand and a cumulative loss of HKD 79,054 thousand[17] - Trade receivables (net of impairment) decreased to 32,233 thousand HKD as of September 30, 2024, from 32,604 thousand HKD as of March 31, 2024[63] - Other receivables, deposits, and prepayments decreased to 33,493 thousand HKD as of September 30, 2024, from 35,603 thousand HKD as of March 31, 2024[63] - Trade receivables aged over 90 days increased to 6,694 thousand HKD as of September 30, 2024, from 281 thousand HKD as of March 31, 2024[68] - Trade payables decreased to 19,830 thousand HKD as of September 30, 2024, from 21,409 thousand HKD as of March 31, 2024[74] - Other payables and accrued expenses increased by 15.6% to HKD 9.9 million as of September 30, 2024[109] - Cash and cash equivalents decreased to HKD 6.8 million as of September 30, 2024, from HKD 14.8 million as of March 31, 2024[110] - Time deposits over three months decreased to HKD 1.0 million as of September 30, 2024, from HKD 3.0 million as of March 31, 2024[110] - Bank loans decreased to HKD 0.5 million as of September 30, 2024, from HKD 0.8 million as of March 31, 2024[110] - Lease liabilities decreased to HKD 0.3 million as of September 30, 2024, from HKD 0.8 million as of March 31, 2024[110] - The asset-to-liability ratio increased to 10.0% as of September 30, 2024, from 2.7% as of March 31, 2024, due to increased borrowing from financial institutions[110] Cash Flow and Financing - Net cash used in operating activities increased to HKD 12,199 thousand for the six months ended September 30, 2024, compared to HKD 6,670 thousand in the same period of 2023[21] - Cash and cash equivalents decreased by HKD 7,904 thousand during the six months ended September 30, 2024, resulting in a closing balance of HKD 6,785 thousand[21] - The company raised HKD 3,500 thousand from new borrowings from financial institutions during the six months ended September 30, 2024[21] - The company's cash flow from financing activities was HKD 2,229 thousand for the six months ended September 30, 2024, primarily from new borrowings[21] - The company secured a loan of 3,500,000 HKD from a local financial institution during the review period[81] - The company obtained a loan of HKD 3.5 million from a financial institution as of September 30, 2024[110] Reserves and Equity - Other reserves remained unchanged at HKD 14,118 thousand, reflecting the strategic investments and acquisitions made by the company[17][19] - The company's statutory reserves, which are derived from the profits of its PRC subsidiaries, stood at HKD 357 thousand as of September 30, 2024[17][19] - The company's share premium increased from HKD 75,252 thousand as of April 1, 2023, to HKD 94,418 thousand as of September 30, 2024, reflecting the issuance of new shares[17] - The company's foreign exchange reserve decreased to HKD (253) thousand as of September 30, 2024, due to foreign exchange translation differences[17] - The company's issued and fully paid share capital remained at 1,247,830,000 shares as of September 30, 2024[82] - The company's issued share capital remained at HKD 12.5 million as of September 30, 2024, with 1,247,830,000 ordinary shares issued at a par value of HKD 0.01 per share[124] Expenses and Investments - The company incurred HKD 50,000 in repair expenses for leased property renovations during the six months ended September 30, 2024[62] - The company acquired leased property with a total book value of HKD 304,000 during the six months ended September 30, 2024[62] - Administrative expenses decreased to HKD 11.0 million from HKD 12.0 million in the previous period[101] - Employee remuneration and benefits costs increased to HKD 8.0 million during the review period, compared to HKD 6.5 million in the previous period[126] - The company invested HKD 0.4 million in property, plant, and equipment during the review period, primarily for right-of-use assets and leasehold improvements in Hong Kong[120] Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended September 30, 2024[57] - The company did not recommend the payment of an interim dividend for the review period[123] - Mr. Liao Daichun holds 130,250,000 shares, representing 10.44% of the company's issued share capital, as a beneficial owner[133] - Ms. Qu Tianyun holds 120,000,000 shares, representing 9.62% of the company's issued share capital, through a controlled corporation[133] - Mr. Lü Keyi holds 2,000 shares, representing 0.01% of the company's issued share capital, through a controlled corporation[133] - Ms. Qu Tianyun owns 100% of Hong Kong Zhongchuang Futou International Limited, which holds 10,000 shares in an associated company[135] - Mr. Lü Keyi owns 100% of Haoda Limited, which holds 1 share in an associated company[135] - Ms. Zhao Rongjing, spouse of Mr. Liao Daichun, holds 130,250,000 shares, representing 10.44% of the company's issued share capital, through spousal interest[139] - Zhongchuang Futou, controlled by Ms. Qu Tianyun, holds 120,000,000 shares, representing 9.62% of the company's issued share capital[140] - The company has adopted a share option plan on August 14, 2018, with the purpose of rewarding and retaining key employees who have contributed or will contribute to the group's operations and development[143] - As of the announcement date, no share options have been granted, exercised, lapsed, or canceled under the share option plan, and there are no unexercised share options as of September 30, 2024[143] - The total number of share options available for grant under the share option plan as of April 1, 2024, and September 30, 2024, is 84,000,000[143] Corporate Governance and Appointments - The company appointed Mr. Tan Zhiming as an independent non-executive director and member of the audit, remuneration, and nomination committees, and Mr. Wen Xinhui as an independent non-executive director, chairman of the remuneration committee, and member of the audit and nomination committees on October 9, 2024, ensuring compliance with GEM listing rules[129] - Independent Non-Executive Director Mr. Ho Yu Ming was appointed as the Company Secretary and Authorized Representative of Casting Holdings Group Limited (formerly known as Guanglian Engineering Holdings Limited) on July 25, 2024[144] - The Audit Committee is currently composed of four Independent Non-Executive Directors: Mr. Ho Yu Ming, Mr. Chow Chi Wing, Mr. Tam Chi Ming, and Mr. Wan San Fai, with Mr. Ho Yu Ming serving as the Chairman[145] - The Audit Committee's main responsibilities include advising the Board on the appointment, reappointment, and removal of external auditors, approving their remuneration and terms of engagement, and reviewing the integrity of the company's financial statements and reports[145] - The Audit Committee has reviewed the unaudited consolidated results of the group for the review period[147] - As of the announcement date, the Executive Directors are Mr. Lui Hak Yee, Mr. Yim Hei Mau, and Ms. Kui Tin Wan, while the Independent Non-Executive Directors are Mr. Ho Yu Ming, Mr. Chow Chi Wing, Mr. Tam Chi Ming, and Mr. Wan San Fai[147] Credit Terms and Receivables - The company offers credit terms to its customers ranging from 0 to 90 days[64] - Trade receivables decreased by 1.1% to HKD 32.2 million as of September 30, 2024[107] Directors' Remuneration - Directors and key management personnel received total remuneration of 2,186 thousand HKD for the six months ended September 30, 2024, down from 3,033 thousand HKD in the same period in 2023[85] Business Operations and Services - The company's services include freight forwarding, logistics, and fashion goods trading, primarily serving clients in Hong Kong, China, Taiwan, and Vietnam[88]
万励达(08482) - 2025 - 中期业绩