Financial Performance - For the six months ended September 30, 2023, the consolidated revenue of StarGlory Holdings was approximately HKD 59.4 million, a decrease of about 24.2% compared to approximately HKD 78.4 million for the same period last year[3]. - The loss attributable to the owners of the company increased from HKD 3.8 million in the previous year to HKD 5.9 million for the six months ended September 30, 2023[3]. - Gross profit for the six months ended September 30, 2023, was HKD 29.4 million, down from HKD 45.0 million in the same period last year, reflecting a decline in gross margin[5]. - Operating loss for the period was HKD 5.1 million, compared to an operating profit of HKD 2.3 million in the previous year[5]. - The total comprehensive loss for the six months ended September 30, 2023, was HKD 7.4 million, compared to a total comprehensive loss of HKD 3.0 million in the same period last year[7]. - For the six months ended September 30, 2023, the company reported a net loss of HKD 5,869,000 compared to a net loss of HKD 3,798,000 for the same period in 2022, representing an increase in loss of approximately 54.5%[13]. - Revenue from catering services and other activities for the six months ended September 30, 2023, was HKD 59,443,000, a decrease of 24.1% from HKD 78,346,000 in the same period of 2022[20]. - The company recorded a cash outflow from operating activities of HKD 5,344,000 for the six months ended September 30, 2023, compared to a cash inflow of HKD 1,343,000 in the same period of 2022[15]. - The company’s total comprehensive loss for the six months ended September 30, 2023, was HKD 3,848,000, compared to a total comprehensive loss of HKD 1,137,000 in the same period of 2022[13]. - The company’s accumulated losses increased to HKD 429,671,000 as of September 30, 2023, from HKD 415,209,000 as of September 30, 2022[13]. Assets and Liabilities - As of September 30, 2023, the total assets less current liabilities amounted to HKD (118.7) million, indicating a significant increase in liabilities compared to HKD (71.7) million as of March 31, 2023[9]. - The company reported cash and cash equivalents of HKD 28.6 million as of September 30, 2023, down from HKD 31.4 million as of March 31, 2023[9]. - The company’s current liabilities increased to HKD 180.5 million from HKD 144.5 million as of March 31, 2023, indicating a growing financial pressure[11]. - The company’s total liabilities as of September 30, 2023, included a net current liability of approximately HKD 132,904,000, indicating potential liquidity concerns[18]. - The company has extended the repayment date of a loan from a lender to June 22, 2024, with an outstanding principal and interest balance of approximately HKD 98,453,000[19]. - The group’s debt-to-asset ratio was 299% as of September 30, 2023, up from 263% on March 31, 2023[65]. Business Operations and Strategy - The company has not disclosed any new product developments or market expansion strategies during this reporting period[5]. - There were no mentions of mergers or acquisitions in the financial report for the six months ended September 30, 2023[5]. - The group plans to continue focusing on its core dining business and explore business optimization strategies to improve operational efficiency and profitability[56]. - The group aims to enhance customer satisfaction and attract new customers by continuously innovating and optimizing its menu, including seasonal specialty products[57]. - The group will actively explore new opportunities and seek profitable investment projects to diversify its business and expand revenue sources[59]. - The group has decided to suspend its loss-making oral care business starting from April 2023 due to high industry barriers and intense competition[53]. - The company has adopted a cautious approach to business expansion due to the ongoing impact of COVID-19, with no agreements or memorandums of understanding for acquisitions as of September 30, 2023[81]. Market Conditions - The company faces significant challenges in the restaurant business due to intense competition and labor shortages, which have led to increased labor costs[50]. - The electronic cigarette industry is facing increased regulatory scrutiny, with new regulations implemented in China and Hong Kong affecting market conditions[49]. - The overall consumer price index in Hong Kong increased by 1.8% year-on-year in August 2023, consistent with the previous month[48]. - The total revenue of the restaurant industry in Hong Kong for the second quarter of 2023 was HKD 27.4 billion, representing a year-on-year increase of 24.3%[46]. Corporate Governance and Management - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2023, compared to no dividend in the previous year[43]. - The company has undergone a change in its board composition, with Mr. Feng Xingwei appointed as an independent non-executive director on July 4, 2023[93]. - Mr. Feng has over 10 years of experience in investment management, particularly in the information technology and semiconductor sectors[94]. - The company appointed Mr. Li Hongchen as an executive director effective July 28, 2023, replacing Mr. Wu Xiaowen, who resigned[96]. - Ms. Liao Sijie was appointed as an independent non-executive director and chair of the audit committee, effective July 28, 2023[96]. - The monthly director remuneration for Mr. Feng, Mr. Li, and Ms. Liao is set at HKD 15,000, HKD 20,000, and HKD 15,000 respectively[99]. - The audit committee has held two meetings prior to approving the interim report for the six months ending September 30, 2023[103]. - The company has adhered to the corporate governance code as per GEM listing rules during the six months ending September 30, 2023[105]. Shareholder Information - As of September 30, 2023, Hanbo Holdings Limited holds 296,887,066 shares, representing approximately 57.01% of the total issued shares[87]. - Mr. Tang Shengming holds convertible bonds with an outstanding principal amount of HKD 40,000,000, which upon full conversion will result in the issuance of 71,428,571 shares, equating to about 13.72% of the total issued shares[88]. - The company has adopted a share option scheme on September 22, 2023, allowing participants to purchase shares to incentivize their contributions[89]. - The maximum number of shares that can be granted to any participant within a 12-month period is capped at 1% of the total issued shares, unless approved by shareholders[90]. - No share options were granted, exercised, lapsed, or cancelled during the reporting period[92].
荣晖控股(08213) - 2024 - 中期财报