Electric Vehicle Charging Business - Cornerstone Technologies Holdings Limited has launched its electric vehicle charging business through the acquisition of Cornerstone Electric Vehicle Charging Services Limited in August 2020[20]. - The company has established a competitive market position as one of the main electric vehicle charging service providers in Hong Kong, recognized by a renowned Japanese automobile manufacturer as an authorized electric vehicle charger supplier[20]. - As of June 30, 2021, the company has secured multiple electric vehicle charging projects in high-end residential areas in Hong Kong, leveraging attractive charging fee plans[22]. - The Hong Kong government aims to install at least 150,000 electric vehicle charging points in private residential and commercial buildings by 2025, with a funding cap of HKD 2 billion for the EV Charging at Home Subsidy Scheme[22]. - The EV Charging at Home Subsidy Scheme has received applications covering no less than 74,000 parking spaces, reaching the funding limit by May 2021[22]. - In April 2021, the company’s new electric vehicle charger, Chargic, won the Green Good Design Award for its use of 30-50% recycled polycarbonate[26]. - The company has installed a 30 kW DC charger at the Shek Yam Plaza, allowing electric vehicles to travel 100 kilometers after a 30-minute charge[26]. - Cornerstone Technologies Holdings Limited has entered into a cooperation agreement with Hyundai Motor Hong Kong Limited for cross-promotion of its electric vehicle chargers and Hyundai's Kona electric vehicle[23]. - The company’s R&D department, located in Hong Kong, is supported by a team with extensive experience in mechanical and electrical engineering, driving innovation and maintaining competitive advantages[20]. - The company is focused on providing "destination charging" solutions for users to charge their electric vehicles at home, while also offering "opportunity charging" for users on the go[26]. - The company is actively supporting the government's EV charging initiatives and has completed the installation of DC charging facilities at a designated bus depot, capable of delivering up to 200 kW[29]. - The company plans to complete the development of a smart parking system by the first quarter of 2022, which will monitor the operation of 1,800 EV chargers[29]. - The EV market share of new private car registrations increased from 12.4% in 2020 to 18.4% in the first five months of 2021, indicating a growing demand for electric vehicles[33]. - The company aims to innovate continuously to support the rapidly expanding electric vehicle charging market[33]. - Total revenue from the electric vehicle charging business reached HKD 2,996 thousand for the six months ended June 30, 2021, compared to HKD 1,617 thousand for the same period in 2020, representing an increase of 85.0%[182]. Financial Performance - Total revenue for the six months ended June 30, 2021, increased by approximately 21.5% to HKD 33.7 million from HKD 27.7 million in the same period of 2020[44][45]. - Revenue from commercial printing services rose by approximately 43.2% to HKD 19.2 million, driven by increased sales orders from existing customers[46]. - Revenue from financial printing services decreased by approximately 18.2% to HKD 10.4 million, reflecting a decline in demand[48]. - Revenue from other services fell by approximately 31.0% to HKD 1.1 million, indicating challenges in this segment[49]. - The company reported revenue of HKD 33,717,000, an increase of 21.5% compared to HKD 27,749,000 for the same period in 2020[147]. - Gross profit for the same period was HKD 7,547,000, representing a significant increase from HKD 3,100,000 in the prior year, marking a gross margin improvement[147]. - The company incurred a loss before tax of HKD 26,847,000 for the six months ended June 30, 2021, compared to a loss of HKD 14,782,000 in the same period of 2020, indicating a worsening financial performance[147]. - The company reported a net loss of HKD 56,779,000 for the six months ended June 30, 2021, compared to a loss of HKD 5,277,000 for the same period in 2020[168]. - The company reported a total comprehensive loss of HKD 14,063,000 for the period[168]. - The company reported a loss of HKD 26,504 thousand for the six months ended June 30, 2021, compared to a loss of HKD 14,169 thousand for the same period in 2020[187]. - The basic and diluted loss per share for the six months ended June 30, 2021, was HKD 4.60, compared to HKD 3.20 for the same period in 2020, reflecting increased losses per share[150]. - The basic loss per share for the six months ended June 30, 2021, was HKD 0.046, compared to HKD 0.032 for the same period in 2020, reflecting a 43.8% increase in loss per share[200]. - The company incurred a net cash used in operating activities of HKD 23,622,000 for the six months ended June 30, 2021, compared to HKD 3,856,000 in the prior year[168]. Operational Efficiency and Investments - The company has upgraded its IT servers and purchased new equipment and software to improve operational efficiency[104]. - The company plans to enhance its financial printing services and has invested in new software and hardware[104]. - The company has committed HKD 20 million to explore sustainable new business opportunities as part of its strategic initiatives[112]. - The company has emphasized the importance of operational efficiency improvements for long-term growth[112]. - The company has hired several sales and operational personnel to support business growth[104]. - The company invested HKD 1,081,000 in property, plant, and equipment during the reporting period[168]. - The company incurred depreciation expenses of HKD 3,270,000 for property, plant, and equipment for the six months ended June 30, 2021, compared to HKD 2,591,000 in 2020, marking a rise of 26.2%[1]. Shareholder Information - The major shareholder, Global Fortune, holds 235,603,225 shares, representing 39.28% of the issued share capital[135]. - The second major shareholder, Guan Shuang Limited, also holds 81,000,000 shares, accounting for 13.50% of the issued share capital[135]. - The total number of shares held by the directors and senior management in the company and its associated corporations includes 30,302,703 shares, which is 5.05% of the issued share capital[124]. - Wu Jianwei, a director, holds 235,603,225 shares, representing 39.28% of the issued share capital[124]. - Liang Zihao, another director, also holds 235,603,225 shares, accounting for 39.28% of the issued share capital[124]. - Liu Wei'en, a director, holds 30,302,703 shares, which is 5.05% of the issued share capital[124]. - Pan Wenyuan, a director, holds 23,872,000 shares, representing 3.98% of the issued share capital[124]. - The company has not disclosed any other individuals or entities holding significant interests in its shares as of June 30, 2021[138]. - The company’s directors and senior management do not have any other interests or short positions in the company’s shares or related securities as of June 30, 2021[133]. Compliance and Governance - The board of directors has confirmed compliance with the GEM Listing Rules regarding securities trading standards since January 1, 2021[119]. - The company has not established any arrangements for directors to profit from acquiring shares or debt securities of the company or any related entities during the reporting period[121]. - The company has maintained adherence to all applicable corporate governance code provisions during the six months ended June 30, 2021[115]. - The company confirmed compliance with non-competition agreements, ensuring no conflicts of interest with its major shareholders[141].
基石科技控股(08391) - 2021 - 中期财报