Financial Performance - For the six months ended June 30, 2024, total revenue decreased to HKD 710,313,000 from HKD 810,244,000, representing a decline of approximately 12.3% year-over-year[2]. - Net profit for the period was HKD 3,708,000, down from HKD 26,237,000 in the same period last year, indicating a decrease of about 85.8%[2]. - The company's basic and diluted earnings per share for the period were both HKD 0.16, compared to HKD 0.46 for the same period in 2023[3]. - The group reported a loss of HKD 19,287 thousand for the current period, compared to a profit of HKD 11,729 thousand in the previous year, indicating a substantial decline in profitability[12]. - EBITDA for the six months ended June 30, 2024, was approximately HKD 83,843,000, down 31.7% from HKD 122,763,000 in the same period last year[44]. - The group reported a basic and diluted earnings per share of HKD 7,024 for the six months ended June 30, 2024, down from HKD 19,921 in the same period of 2023, reflecting a decrease of approximately 64.8%[24]. Assets and Liabilities - Total assets increased to HKD 17,545,644,000 as of June 30, 2024, compared to HKD 16,531,006,000 at the end of 2023, reflecting a growth of approximately 6.1%[4]. - Total liabilities increased to HKD 13,517,434,000 from HKD 12,165,712,000, representing an increase of approximately 11.1%[6]. - The company's equity attributable to owners decreased to HKD 4,028,210,000 from HKD 4,365,294,000, a decline of about 7.7%[7]. - Total borrowings amounted to HKD 639,941,000 as of June 30, 2024, down from HKD 681,254,000 as of December 31, 2023[37]. Revenue Breakdown - Non-banking and financial business sales amounted to HKD 459,822,000, down from HKD 558,885,000, a decrease of approximately 17.7%[2]. - Financial services revenue for the six months ended June 30, 2024, was HKD 179 million, with interest income of HKD 477 million[18]. - Non-banking and financial services revenue decreased to HKD 471,814 million for the six months ended June 30, 2024, down from HKD 570,149 million in the same period of 2023, representing a decline of approximately 17.2%[18]. - The revenue of Zhuhai Rossini Watch Industry Co., Ltd. for the six months ending June 30, 2024, was HKD 148,373,000, a decrease of HKD 9,265,000 or 5.9% compared to the same period last year[47]. - The revenue of EBO Prestige Group for the six months ending June 30, 2024, was HKD 92,869,000, a decrease of HKD 20,160,000 or 17.8% compared to HKD 113,029,000 in the same period last year[53]. Operational Highlights - Cash and deposits decreased significantly to HKD 1,346,891,000 from HKD 3,761,431,000, a decline of about 64.2%[4]. - The group’s depreciation and amortization expenses for property, plant, and equipment totaled HKD 48,627 million for the six months ended June 30, 2024, compared to HKD 44,935 million in the same period of 2023, reflecting an increase of 8.5%[21]. - Operating expenses for the same period were approximately HKD 484,046,000, down 3.6% from HKD 502,030,000 in the previous year[44]. - The group’s interest expenses for lease liabilities and bank borrowings amounted to HKD 22,045 million for the six months ended June 30, 2024, compared to HKD 38,941 million in the previous year, indicating a decrease of approximately 43.5%[20]. Market and Strategic Initiatives - The company is committed to maintaining its strategic direction while exploring opportunities for market expansion and potential acquisitions in the financial sector[13]. - The company is focusing on expanding its overseas market presence, particularly in Europe, the United States, and Southeast Asia[58]. - The group aims to reduce reliance on the UK market by developing strategic international markets and expanding its presence in China[63]. - The company is negotiating with an overseas electronics manufacturer for new product development, with production expected to commence in Q4 2024[59]. Governance and Compliance - The company has adhered to the corporate governance code, with some exceptions regarding attendance at the annual general meeting by independent non-executive directors[104][105]. - The audit committee reviewed the unaudited financial statements for the six months ended June 30, 2024, and confirmed that they were prepared in accordance with applicable accounting standards[113]. - The remuneration committee is responsible for recommending policies and structures regarding the remuneration of all directors and senior management[108]. - The risk management committee is tasked with assessing the level of risk the group is willing to undertake to achieve strategic objectives[111].
冠城钟表珠宝(00256) - 2024 - 中期业绩