Financial Performance - The company reported no substantial progress or revenue in the first half of 2021 due to the bankruptcy liquidation of its wholly-owned subsidiary, Beijing Wanyuan Industrial Co., Ltd.[21] - For the six months ended June 30, 2021, the company reported no revenue, compared to HKD 12,905,000 for the same period in 2020[54]. - The company incurred a loss from continuing operations of HKD 2,722,000, an improvement from a loss of HKD 4,783,000 in the prior year[54]. - The company reported a loss before tax of HKD 1,915,000, compared to a loss of HKD 3,369,000 in the previous year[54]. - The total comprehensive loss for the period was HKD 22,573,000, down from HKD 53,041,000 in the same period last year[54]. - Basic loss per share from continuing and discontinued operations was HKD 0.06, compared to HKD 1.34 in the prior year[57]. - The company reported a net loss of HKD 2,722,000 from continuing operations for the six months ended June 30, 2021[71]. - The company reported a loss from continuing operations before tax of HKD 2,714,000 for the six months ended June 30, 2021, compared to a loss of HKD 4,398,000 for the same period in 2020, indicating a reduction in losses by approximately 38%[95]. - The basic loss per share attributable to the company's owners from continuing operations was HKD (0.06) for the six months ended June 30, 2021, compared to HKD (1.34) for the same period in 2020, reflecting an improvement in performance[98]. Assets and Liabilities - As of June 30, 2021, the company had a payable amount of HKD 1,016,591,000 to the China Academy of Launch Vehicle Technology, primarily due to loans from a subsidiary that were not consolidated.[27]. - The company has no major assets pledged as of June 30, 2021, maintaining a clean balance sheet in this regard.[29]. - As of June 30, 2021, the total assets minus current liabilities amounted to (HKD 1,742,356) compared to (HKD 1,719,856) as of December 31, 2020, reflecting a slight increase in liabilities[59]. - Current liabilities increased to HKD 1,999,775 as of June 30, 2021, from HKD 1,974,463 at the end of 2020, indicating rising short-term obligations[59]. - The company’s non-current liabilities, including lease liabilities and deferred tax liabilities, totaled HKD 2,225 as of June 30, 2021, compared to HKD 2,152 at the end of 2020, showing a slight increase[59]. - The company had no financial guarantee contract liabilities as of June 30, 2021, compared to HKD 496,479 at the end of 2020, reflecting a significant reduction in contingent liabilities[59]. - The maximum liability undertaken by the company under guarantees and counter-guarantees was HKD 899,559,000 as of the reporting date, compared to HKD 889,341,000 as of December 31, 2020[112]. Cash Flow and Liquidity - The net cash used in operating activities for the first half of 2021 was (HKD 7,066), an improvement from (HKD 15,112) in the same period of 2020[70]. - The cash and cash equivalents at the end of June 30, 2021, were HKD 12,347, down from HKD 19,956 at the beginning of the period, showing a decrease in liquidity[70]. - Cash and cash equivalents were only HKD 12,347,000 as of June 30, 2021, indicating a tight liquidity position[71]. - The net cash flow from financing activities was (HKD 664) for the first half of 2021, a decrease from HKD 18,751 in the same period of 2020, indicating reduced financing activities[70]. Operational Developments - The management is focused on developing wind power resources and operational opportunities, despite significant uncertainties in achieving financial targets.[22]. - The company is actively seeking to acquire a 15% stake in Longyuan Benxi to regain control, supported by its major shareholder.[25]. - The company is navigating a strategic opportunity period for renewable energy development under the "carbon peak and carbon neutrality" goals set by the Chinese government.[22]. - The company is actively negotiating with the Rocket Institute for financial support to continue operations without fulfilling its guarantee obligations for the outstanding payments[71]. - The company has been arranging settlements with creditors and expects to negotiate further settlement agreements[74]. Shareholder and Governance - The company’s major shareholder, China Aerospace Science and Technology Corporation, holds approximately 60.64% of the issued shares[41]. - The company has adopted the corporate governance code and confirmed compliance with all relevant provisions during the reporting period[46]. - The company did not declare any interim dividend for the six months ended June 30, 2021, consistent with the same period in 2020[37]. - The company did not declare or pay any dividends for the six months ended June 30, 2021, and the board does not recommend the payment of an interim dividend[94]. Legal and Compliance Issues - There are ongoing legal proceedings related to a subsidiary's unpaid capital contributions, with the company seeking legal advice to address potential liabilities.[33]. - The company terminated its wind power-related business due to bankruptcy proceedings of a subsidiary as of December 31, 2020[85].
中国航天万源(01185) - 2021 - 中期财报