Financial Performance - The group's revenue decreased by approximately 45.1%, from about HKD 27.3 million for the six months ended June 30, 2023, to about HKD 15.0 million for the same period in 2024[13]. - Revenue for the six months ended June 30, 2024, was HKD 15,046,000, a decrease of 44.5% compared to HKD 27,278,000 in 2023[33]. - The design and renovation segment generated revenue of HKD 14,250 thousand, down 44.4% from HKD 25,618 thousand in the previous year[48]. - The loss for the six months ended June 30, 2024, was approximately HKD 5.3 million, compared to a loss of about HKD 13.2 million for the same period in 2023[18]. - Net loss attributable to shareholders was HKD 5,879,000, compared to a loss of HKD 12,322,000 in 2023, indicating a significant reduction in losses[35]. - The company reported a basic loss per share of HKD 1.63, improved from HKD 3.42 in the previous year[35]. - The company’s total comprehensive income for the six months ended June 30, 2024, was HKD (5,397,000)[39]. Expenses and Costs - The cost of sales and services decreased by approximately 57.5% to about HKD 9.1 million for the six months ended June 30, 2024[14]. - Administrative expenses were approximately HKD 13.7 million for the six months ended June 30, 2024, down from HKD 20.4 million in the same period of 2023, a reduction of about HKD 6.7 million[15]. - Total expenses decreased from HKD 7,232 million in the first half of 2023 to HKD 4,888 million in the first half of 2024, a reduction of 32.4%[63]. Assets and Liabilities - As of June 30, 2024, the company's equity was approximately HKD 36.03 million, with a negative retained earnings of HKD 5.72 million[19]. - Total assets decreased to HKD 43,769,000 from HKD 49,358,000 as of December 31, 2023[36]. - The debt-to-asset ratio as of June 30, 2024, was approximately 75.5%, up from 64.5% as of December 31, 2023, primarily due to increases in payables and a decrease in cash and cash equivalents[21]. - The company recorded a net liability of approximately HKD 5,397,000 as of June 30, 2024[43]. Cash Flow - As of June 30, 2024, the group's unencumbered bank balance and cash amounted to approximately HKD 9.4 million, a decrease of about 64.1% from HKD 26.2 million as of December 31, 2023[20]. - Cash and cash equivalents dropped to HKD 9,373,000 from HKD 26,176,000, reflecting a liquidity challenge[36]. - For the six months ended June 30, 2024, the net cash used in operating activities was HKD (14,125,000), compared to HKD (4,562,000) for the same period in 2023[40]. - The net cash used in investing activities was HKD (2,180,000) for the six months ended June 30, 2024, compared to HKD (109,000) in 2023[41]. - The net cash used in financing activities was HKD (496,000) for the six months ended June 30, 2024, compared to HKD 3,291,000 in 2023[41]. Investments and Acquisitions - The company acquired property, plant, and equipment at a cost of approximately HKD 138 million during the period, a significant decrease from HKD 1,510 million in the same period of 2023[70]. - The acquisition of Qian Duo Duo Credit Limited was completed on January 4, 2024, for a total cash consideration of HKD 400,000, aiming to expand future revenue streams[103]. - The acquisition of Xingyu Design Engineering Limited was completed on March 19, 2024, for a total cash consideration of HKD 40,000, enhancing the company's interior design and renovation solutions[107]. - The company sold another subsidiary, Chuan Cheng Global Asset Management Limited, for approximately HKD 639,000, with a net gain of HKD 448,000 after costs[115]. Shareholder and Equity Information - The company has a total issued and paid-up share capital of 1,000,000,000 ordinary shares with a par value of HKD 100,000,000 as of June 30, 2024[86]. - The 2016 share option scheme was terminated on October 20, 2023, but any unexercised options will remain valid[87]. - The newly adopted 2023 share option scheme allows for a maximum of 10% of the total issued shares to be granted as options[88]. - The maximum number of options granted to any participant in a 12-month period cannot exceed 1% of the total issued shares[90]. Management and Governance - The board is optimistic about the prospects of the Hong Kong listed equity securities market, believing that the new business will enhance financial performance and shareholder value[11]. - The company has complied with all corporate governance codes as per GEM Listing Rules Appendix 15 during the six months ended June 30, 2024[130]. - The audit committee has reviewed the unaudited financial information and interim report for the six months ending June 30, 2024[133]. Risks and Challenges - The group faces significant risks including the inability to secure new contracts, reliance on management performance, and potential supplier issues[120]. - The company aims to actively monitor its performance and implement appropriate strategies in response to the unstable economic conditions[11].
利骏集团香港(08360) - 2024 - 中期业绩