Financial Performance - The company reported a revenue of HKD 227,680,000 for the six months ended June 30, 2024, a decrease of 43.1% compared to HKD 400,901,000 in the same period of 2023[1]. - The net loss attributable to equity holders for the period was HKD 7,944,000, compared to a profit of HKD 20,647,000 in the prior year, representing a significant decline[2]. - The gross profit for the period was HKD 40,682,000, down from HKD 79,974,000, indicating a decrease of 49.2% year-on-year[1]. - For the six months ended June 30, 2024, the total segment revenue was HKD 227,680,000, with electronic cigarette products contributing HKD 47,142,000, integrated injection molding solutions HKD 179,307,000, and medical consumables HKD 1,231,000[9]. - The gross profit for the same period was HKD 40,682,000, with electronic cigarette products at HKD 5,737,000, integrated injection molding solutions at HKD 34,880,000, and medical consumables at HKD 65,000[9]. - The company reported a pre-tax loss of HKD 10,575,000 for the period, with a net loss of HKD 7,944,000[9]. - Revenue from electronic cigarette products for the six months ended June 30, 2024, was HKD 47,142,000, a decrease of 42.2% compared to HKD 81,868,000 for the same period in 2023[16]. - Revenue from the sale of molds and plastic products was HKD 179,307,000 for the six months ended June 30, 2024, down 43.8% from HKD 318,622,000 in the prior year[16]. - Basic loss per share for the six months ended June 30, 2024, was HKD (1.28), compared to earnings of HKD 3.33 per share for the same period in 2023[22]. - The company declared a cash dividend of HKD 0.015 per ordinary share for the year ended December 31, 2023, totaling approximately HKD 9,300,000, down from HKD 12,400,000 in 2022[21]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[21]. Assets and Liabilities - The company's total assets decreased to HKD 784,292,000 as of June 30, 2024, from HKD 800,695,000 at the end of 2023, reflecting a decline of 2.0%[3]. - Non-current assets were reported at HKD 619,742,000, down from HKD 647,253,000, a decrease of 4.3%[3]. - The total liabilities as of June 30, 2024, were HKD 193,260,000, with segment liabilities for electronic cigarette products at HKD 16,402,000, integrated injection molding solutions at HKD 58,630,000, and no liabilities for medical consumables[11]. - As of June 30, 2024, the group had cash and cash equivalents of approximately HKD 150.6 million, an increase from HKD 132.6 million as of December 31, 2023[43]. - As of June 30, 2024, interest-bearing borrowings were HKD 61.7 million, with a weighted average effective annual interest rate of approximately 3.51%, down from 3.91% as of December 31, 2023[43]. - The group had a debt-to-equity ratio of 9.7%, compared to 8.8% as of December 31, 2023[43]. Research and Development - Research and development expenses for the six months ended June 30, 2024, totaled HKD 9,462,000, with electronic cigarette products at HKD 1,969,000 and integrated injection molding solutions at HKD 7,493,000[11]. - The company established a research and development center in Shenzhen to enhance core technologies for e-cigarettes, focusing on atomization technology and heating wire innovation[33]. - The company has invested in R&D projects to support long-term development amid external uncertainties and inflationary pressures affecting consumer demand[31]. Operational Efficiency - The company received an advanced certification from Chinese customs, improving operational efficiency[31]. - The company has not held any collateral or other credit enhancement arrangements for its trade receivables balance as of June 30, 2024[26]. - The company’s cash flow from operations remains stable, with no significant changes reported in the financial statements[30]. Segment Performance - The integrated injection molding solutions segment generated revenue of approximately HKD 179.3 million, accounting for about 78.8% of total revenue, down approximately 43.7% from HKD 318.6 million in the same period last year[35]. - The e-cigarette products segment reported revenue of approximately HKD 47.2 million, representing about 20.7% of total revenue, a decrease of approximately 42.4% from HKD 81.9 million in the previous year[35]. - The medical consumables segment's revenue increased to approximately HKD 1.2 million, accounting for about 0.5% of total revenue, up approximately 200.0% from HKD 0.4 million in the same period last year[35]. Financial Costs and Tax - The company incurred total finance costs of HKD 1,467,000 for the six months ended June 30, 2024, a decrease of 53.1% from HKD 3,123,000 in the same period of 2023[18]. - Financial costs for the six months ended June 30, 2024, were approximately HKD 1.5 million, a decrease of about HKD 1.6 million or approximately 51.6% compared to HKD 3.1 million in the same period of 2023[39]. - Income tax credit for the six months ended June 30, 2024, was approximately HKD 2.6 million, a decrease of about HKD 4.2 million or approximately 262.5% compared to income tax expense of HKD 1.6 million in the same period of 2023[40]. Corporate Governance - The audit committee was established on February 8, 2018, and consists of three members, with Mr. Wu Zhiwei as the chairman, who possesses the necessary professional qualifications as per listing rules[51]. - The company has adopted the standard code of conduct for securities trading by directors and senior management, confirming compliance for the six months ending June 30, 2024[52]. - The board does not recommend the payment of an interim dividend for the six months ending June 30, 2024, consistent with the previous year[53]. - The interim results announcement for the six months ending June 30, 2024, is available on the Hong Kong Stock Exchange and the company's website[54].
天长集团(02182) - 2024 - 中期业绩