Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 1,260,697, an increase of 2.1% from HKD 1,235,047 in the same period of 2023[1] - Gross profit for the same period was HKD 197,835, representing a 9.9% increase compared to HKD 180,106 in 2023[1] - Profit attributable to the owners of the company for the six months was HKD 42,523, up 36.4% from HKD 31,140 in the previous year[1] - Basic and diluted earnings per share for the period were both HKD 2.17, compared to HKD 1.58 and HKD 1.12 in 2023 respectively[2] - The net profit for the period was HKD 42,523, up from HKD 31,140 in the previous year, marking an increase of around 36%[16] - Basic earnings per share for the six months ended June 30, 2024, were HKD 2.17, compared to HKD 1.58 for the same period in 2023, reflecting a 37.3% increase[25] - The company's diluted earnings per share for the six months ended June 30, 2024, were HKD 2.17, compared to HKD 1.12 for the same period in 2023, indicating a significant increase[27] - The total tax expense for the six months ended June 30, 2024, was HKD 3,569,000, an increase of 32.5% from HKD 2,693,000 in the same period of 2023[22] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 3,441,995, an increase from HKD 3,312,149 as of December 31, 2023[3] - Current assets increased to HKD 2,028,623 from HKD 1,851,928 at the end of 2023, driven by higher inventory and accounts receivable[3] - Total liabilities rose to HKD 1,724,386 from HKD 1,622,476, with current liabilities increasing to HKD 1,692,870[3] - Accounts receivable as of June 30, 2024, were HKD 708,251,000, an increase of 6.2% from HKD 667,322,000 as of December 31, 2023[31] - Accounts payable increased to HKD 757,997,000 as of June 30, 2024, compared to HKD 707,608,000 at the end of 2023, reflecting a growth of approximately 7.1%[36] - Bank loans amounted to HKD 513,921,000 as of June 30, 2024, up from HKD 469,936,000 at the end of 2023, indicating an increase of about 9.4%[40] - Net debt decreased from HKD 390,397,000 to HKD 335,722,000, indicating improved financial health[58] - The debt ratio improved from 23.1% to 19.5%, demonstrating better leverage management[59] Segment Performance - The revenue from external customers for the steel wire segment reached HKD 1,260,079, an increase from HKD 1,234,354 in the same period last year, representing a growth of approximately 2.1%[16] - The segment profit for the steel wire division was HKD 69,295, compared to HKD 54,194 in the previous year, indicating a year-over-year increase of about 28%[16] - Sales volume of steel cord for tires reached 120,658 tons, a 13.5% increase from 106,264 tons year-on-year[46] - The sales volume of cutting steel wire products increased by 12.0% to 421 tons, compared to 376 tons in the previous year[46] - Other steel wire products saw a sales volume increase of 30.4%, rising from 4,816 tons to 6,282 tons[46] - Export sales volume of steel cord increased by 7.4% to 37,478 tons compared to 34,883 tons in the same period last year, accounting for 31.1% of total sales[47] Expenses and Costs - The cost of goods sold was HKD 1,057,573, slightly higher than HKD 1,049,770 in the previous year, showing a marginal increase of about 0.7%[20] - Employee benefit expenses, including director remuneration, rose to HKD 161,526 from HKD 146,363, reflecting an increase of approximately 10.4%[20] - Administrative expenses rose to HKD 28,915,000 from HKD 27,572,000, with a slight increase in the ratio to revenue[53] - Research and development expenses for the six months were HKD 53,995, slightly up from HKD 52,192 in 2023[1] - Other income increased to HKD 7,485,000 from HKD 7,258,000, primarily due to foreign exchange gains[51] Financial Gains and Losses - The fair value gain from derivative financial instruments was HKD 2,431, compared to HKD 1,078 in the previous year, representing a significant increase of approximately 125%[19] - The foreign exchange gain for the period was HKD 5,369, up from HKD 2,699 in the previous year, indicating an increase of about 99%[19] - Financial income for the six months ended June 30, 2024, was HKD 1,296,000, compared to HKD 985,000 for the same period in 2023, representing a 31.6% increase[21] - Total financial costs for the six months ended June 30, 2024, amounted to HKD 14,937,000, a decrease of 15.2% from HKD 17,616,000 in the same period of 2023[21] Corporate Governance and Future Outlook - The company is currently evaluating the impact of new and revised accounting standards on its financial performance and position, with no significant effects anticipated at this time[10] - The company is optimistic about future business growth despite global economic uncertainties, driven by the increasing demand for electric vehicle tires[66] - The company is committed to reducing carbon emissions through energy-saving measures and the development of low-carbon products[66] - The company has adopted corporate governance codes and internal control guidelines to ensure effective risk management[70] Shareholder Information - The company proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2023, totaling approximately HKD 19,584,000[28] - The company has not declared an interim dividend for the six months ended June 30, 2024[67] - The mid-term performance announcement is available on the company's website and the Hong Kong Stock Exchange[74] - The mid-term report for 2024 will be sent to shareholders at an appropriate time and published on the specified websites[74] Employee and Operational Information - The company employs a total of 2,543 employees across Hong Kong and China as of June 30, 2024[63] - The board of directors consists of key members including Chairman Su Fanrong and Managing Director Li Jinping[74] - The company has capital commitments of HKD 60,500,000 for the purchase of property, plant, and equipment as of June 30, 2024[44] - The company repurchased 10,522,000 shares for approximately HKD 2,319,000, which were cancelled in January 2024[43] - The company operates a single reportable segment, which is the steel wire segment, and performance is reviewed from a product perspective by the chief operating decision maker[15]
首佳科技(00103) - 2024 - 中期业绩