Financial Performance - The company reported a revenue of HKD 138,473,000 for the six months ending June 30, 2024, representing an increase of 18.9% compared to HKD 116,404,000 for the same period in 2023[1] - Gross profit for the same period was HKD 47,765,000, up 20.5% from HKD 39,610,000 year-over-year[1] - The net profit for the six months ending June 30, 2024, was HKD 3,853,000, compared to HKD 3,129,000 for the previous year, indicating a growth of 23.1%[1] - The total comprehensive income for the period was HKD 2,296,000, significantly higher than HKD 835,000 in the prior year[2] - The basic earnings per share for the period was HKD 0.72, compared to HKD 0.65 in the previous year, showing an increase of 10.8%[2] - The group's profit before tax for the six months ended June 30, 2024, was HKD 30,468,000, compared to HKD 20,629,000 for the same period in 2023, representing an increase of approximately 47.5%[14] - The net profit attributable to the parent company increased by approximately 11.5% to about HKD 2.9 million[25] Revenue Breakdown - Revenue from the sale of heat imaging products and services was HKD 37,169,000 for the six months ended June 30, 2024, compared to HKD 28,718,000 in the same period of 2023, indicating a growth of about 29%[12] - Revenue from self-stabilizing imaging products and services decreased to HKD 18,373,000 in the first half of 2024 from HKD 39,026,000 in 2023, showing a decline of approximately 53%[12] - Revenue from general aviation products and services increased to HKD 60,086,000 for the six months ended June 30, 2024, up from HKD 69,305,000 in the same period of 2023, reflecting a decrease of about 13%[12] - Revenue from thermal imaging products and services decreased by approximately 22.4% from about HKD 37.1 million to about HKD 28.8 million due to reduced demand for infrared imaging instruments and positioning systems[30] - Revenue from self-stabilizing imaging products and services increased by approximately 112.0% from about HKD 18.4 million to about HKD 39.0 million, driven by increased demand from existing customers[31] - Revenue from general aviation products and services increased by approximately 15.3% from about HKD 60.1 million to about HKD 69.3 million, attributed to rising demand for light and ultra-light aircraft engines[32] Assets and Liabilities - The company's total assets as of June 30, 2024, amounted to HKD 339,827,000, slightly down from HKD 343,368,000 at the end of 2023[3] - Current assets increased to HKD 394,509,000 from HKD 386,015,000, reflecting a growth of 2.9%[3] - The company’s cash and cash equivalents were HKD 222,350,000, down from HKD 243,342,000, indicating a decrease of 8.6%[3] - The total liabilities increased to HKD 90,867,000 from HKD 66,569,000, representing a rise of 36.4%[3] - Trade receivables as of June 30, 2024, amounted to HKD 60,789,000, a decrease from HKD 69,747,000 as of December 31, 2023, reflecting a decline of approximately 12.8%[19] - The total trade payables as of June 30, 2024, were HKD 18,540,000, compared to HKD 17,012,000 as of December 31, 2023, showing an increase of about 9.0%[22] - The allowance for trade receivables increased to HKD 20,480,000 as of June 30, 2024, from HKD 14,146,000 as of December 31, 2023, reflecting an increase of approximately 44.7%[19] Income and Expenses - Bank interest income rose significantly to HKD 4,100,000 in the first half of 2024, compared to HKD 626,000 in the same period of 2023, marking an increase of over 550%[12] - The group’s total tax expense for the period was HKD 984,000, compared to HKD 629,000 for the same period in 2023, representing an increase of about 56.4%[16] - Income tax expenses increased by approximately 66.7% from about HKD 0.6 million to about HKD 1.0 million, with the effective tax rate rising from approximately 20.1% to about 25.5%[40] - Selling and distribution expenses rose by approximately 31.6% from about HKD 13.6 million to about HKD 17.9 million, primarily due to increased salaries and commissions[37] - Administrative expenses increased by approximately 19.8% from about HKD 16.7 million to about HKD 20.0 million, mainly due to higher employee costs in R&D centers in Hong Kong and mainland China[38] Research and Development - Research and development costs for the six months ended June 30, 2024, were HKD 7,537,000, up from HKD 4,694,000 in the same period of 2023, indicating a growth of about 60.4%[14] - The company plans to increase R&D investment and launch new products to strengthen its product portfolio[29] Corporate Governance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring consistency with the annual consolidated financial statements[8] - The company has adhered to high standards of corporate governance throughout the reporting period[51] - The company has adopted the Listing Rules Appendix C3 as its own securities trading standards, ensuring compliance by all directors as of June 30, 2024[52] - The Audit Committee has reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2024, confirming compliance with applicable accounting policies and disclosure requirements[54] Future Outlook - The economic outlook for 2024 remains uncertain, with anticipated macroeconomic challenges including geopolitical uncertainty and inflation[29] - The group is optimistic about the future prospects of STEM education and will continue to develop its STEM education business[29] Miscellaneous - The group recorded a net exchange difference of HKD 3,428,000 for the six months ended June 30, 2024, compared to HKD 5,945,000 for the same period in 2023, indicating a decrease of about 42.3%[14] - The group did not recommend the payment of an interim dividend for the period ended June 30, 2023[17] - The company had no significant contingent liabilities as of June 30, 2024[43] - The company had no major restructuring or significant investments during the period[49] - The company plans to utilize the net proceeds from its listing, which amounted to approximately HKD 81.2 million, for various purposes including establishing R&D centers and purchasing new technology[48] - The interim results announcement for the six months ended June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[57] - The company expresses gratitude to its management, employees, and shareholders for their continued support[58]
彼岸控股(02885) - 2024 - 中期业绩