Financial Performance - Sino Harbour Holdings Group reported a revenue of HK$XX million for the first half of 2020/21, representing a YY% increase compared to the same period last year[12]. - Revenue for 1H 2020/21 was approximately RMB 291.4 million, an increase of 26.8% compared to RMB 229.9 million in 1H 2019/20[17]. - The company's revenue for the six months ended September 30, 2020, was RMB 291,445,000, an increase of 26.8% compared to RMB 229,899,000 for the same period in 2019[74]. - Gross profit for the same period was RMB 100,996,000, representing a gross margin of approximately 34.6%, up from RMB 81,955,000 in the previous year[74]. - The profit for the period attributable to owners of the company was RMB 38,342,000, compared to RMB 29,539,000 in the prior year, reflecting a year-on-year increase of 29.7%[76]. - Profit before income tax was approximately RMB 83.1 million in 1H 2020/21, compared to approximately RMB 65.9 million in 1H 2019/20[23]. - Profit after income tax was approximately RMB 35.3 million in 1H 2020/21, an increase of 18.1% from approximately RMB 29.9 million in 1H 2019/20[23]. - The total comprehensive income for the period was RMB 37,427,000, compared to RMB 18,311,000 in the previous year, indicating a significant increase[74]. Revenue Sources - Revenue was primarily derived from the delivery of residential and commercial units of Sino Harbour • Wu Lin Hui in Hangzhou, China[18]. - Rental income for the six months ended September 30, 2020, was RMB 19,207,000, an increase of 67% from RMB 11,510,000 in 2019[113]. - Other income rose from approximately RMB 19.9 million in 1H 2019/20 to approximately RMB 24.1 million in 1H 2020/21, mainly due to increased rental income[23]. Cost and Expenses - Cost of sales increased to approximately RMB 190.4 million in 1H 2020/21 from approximately RMB 147.9 million in 1H 2019/20, while gross profit margin decreased from 35.6% to 34.7%[23]. - Selling and distribution expenses decreased from approximately RMB 14.4 million in 1H 2019/20 to approximately RMB 11.9 million in 1H 2020/21[23]. - Administrative expenses increased to approximately RMB 28.4 million in 1H 2020/21 from approximately RMB 18.6 million in 1H 2019/20, primarily due to increased staff costs[23]. - The cost of properties held for sale recognized as an expense was RMB 184,147,000 for the six months ended September 30, 2020, compared to RMB 137,286,000 in 2019, reflecting a 34% increase[121]. - Finance costs for the six months ended September 30, 2020, amounted to RMB 1,769,000, down from RMB 2,990,000 in the same period of 2019, showing a decrease of 41%[121]. Assets and Liabilities - As of September 30, 2020, properties held under development increased to approximately RMB1,660.7 million from RMB1,458.7 million as of March 31, 2020, reflecting ongoing construction progress[24]. - Properties held for sale decreased to approximately RMB879.4 million as of September 30, 2020, down from RMB1,064.6 million as of March 31, 2020, primarily due to the handover of property units in Hangzhou[24]. - Prepayments and other receivables rose to approximately RMB542.7 million as of September 30, 2020, compared to RMB199.8 million as of March 31, 2020, mainly due to increased prepayments related to land acquisition[24]. - Accounts payable increased from approximately RMB35.2 million as of March 31, 2020, to approximately RMB40.2 million as of September 30, 2020, driven by higher construction costs[24]. - Contract liabilities rose from approximately RMB1,513.5 million as of March 31, 2020, to approximately RMB1,808.0 million as of September 30, 2020, due to the net effect of property handovers and increased pre-sale proceeds[29]. - The Group recorded a net cash inflow of approximately RMB42.7 million from operating activities in 1H 2020/21, attributed to increased contract liabilities from property pre-sales[30]. - As of September 30, 2020, cash and bank balances totaled approximately RMB373.5 million, slightly up from RMB367.3 million as of March 31, 2020[36]. - Total borrowings decreased to approximately RMB304.7 million as of September 30, 2020, down from RMB523.4 million as of March 31, 2020, primarily due to repayment of borrowings[37]. - The Group's gearing ratio improved to 18.6% as of September 30, 2020, from 20.4% as of March 31, 2020, reflecting effective loan management policies[38]. Market Outlook and Strategy - The company has set a future revenue guidance of HK$BB million for the next half-year, reflecting a CC% growth expectation[12]. - New product launches are expected to drive sales, with an estimated contribution of DD% to total revenue in the upcoming quarters[12]. - Sino Harbour is expanding its market presence in the PRC, targeting a market share increase of EE% by the end of the fiscal year[12]. - The real estate market in China is expected to achieve small but stable growth in the second half of the financial year 2020/21, with a 4.1% increase in residential housing sales from January to August 2020[66]. - The company plans to focus on the development of its pharmaceutical inspection and dentistry businesses to create synergies with its real estate operations[72]. - The company remains cautious in its approach due to the rapidly changing market environment while aiming for steady growth[73]. Corporate Governance - The management emphasized a commitment to corporate governance and sustainability practices, aligning with industry standards[12]. - The Board has resolved not to declare an interim dividend for 1H 2020/21, consistent with the previous year[59]. - The Company has maintained a high standard of corporate governance to enhance corporate performance, particularly in internal control and fair disclosure[175]. - During 1H 2020/21, the Company complied with all provisions of the Corporate Governance Code, except for specific disclosures regarding the separation of roles between the Chairman and CEO[177]. - The Audit Committee, consisting of three independent non-executive directors, reviewed the Group's unaudited condensed consolidated interim results for 1H 2020/21 before submission to the Board[184]. - The Company has adopted a code of conduct for Directors' securities transactions, ensuring compliance with required standards throughout 1H 2020/21[182]. - Following the resignation of an independent non-executive director, the Company appointed a new independent non-executive director to meet the requirements of the Corporate Governance Code[179].
汉港控股(01663) - 2021 - 中期财报