Financial Performance - The company reported a total comprehensive loss of HKD 710,140,000 for the six months ended June 30, 2024, compared to a comprehensive income of HKD 407,686,000 for the same period in 2023[4]. - Revenue for the six months ended June 30, 2024, was HKD 71,447,000, a decrease from HKD 135,921,000 in the same period of 2023, representing a decline of approximately 47%[5]. - The company incurred a loss of HKD 53,123,000 for the period, compared to a loss of HKD 47,356,000 in the prior year, indicating a year-over-year increase in loss of about 12%[6]. - The company reported a basic and diluted loss per share of HKD 0.44 for the six months ended June 30, 2024, compared to HKD 0.40 for the same period in 2023[8]. - The total comprehensive income for the six months ended June 30, 2024, was HKD (710,140,000), compared to HKD 407,686,000 for the same period in 2023[12]. - The company reported a loss for the period of HKD (53,123,000) for the six months ended June 30, 2024, compared to a loss of HKD (47,356,000) in 2023[12]. - The company reported a loss attributable to shareholders of approximately HKD 42.5 million in the first half of 2024, compared to HKD 38.8 million in the first half of 2023[68]. Assets and Liabilities - Non-current assets decreased from HKD 7,600,756,000 as of December 31, 2023, to HKD 6,598,439,000 as of June 30, 2024, reflecting a reduction of approximately 13%[9]. - Current assets totaled HKD 300,314,000 as of June 30, 2024, down from HKD 355,326,000 at the end of 2023, marking a decrease of about 15.5%[9]. - The company's total liabilities decreased from HKD 2,672,308,000 to HKD 2,442,549,000, a reduction of approximately 8.6%[10]. - The equity attributable to the owners of the company decreased from HKD 4,973,979,000 to HKD 4,264,140,000, representing a decline of about 14.2%[11]. - The company's total liabilities as of June 30, 2024, were HKD 73,196,000, slightly up from HKD 72,044,000 as of December 31, 2023[41]. - The total receivables net amount as of June 30, 2024, was HKD 46,947 million, an increase from HKD 36,801 million as of December 31, 2023[37]. - The company’s total liabilities increased to HKD 6,284,720,000 as of June 30, 2024, compared to HKD 5,577,626,000 as of June 30, 2023[12]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (18,382,000), compared to HKD (1,922,000) for the same period in 2023[13]. - The net cash used in investing activities was HKD (2,061,000) for the six months ended June 30, 2024, compared to HKD (2,915,000) in 2023[13]. - The net cash from financing activities was HKD 18,505,000 for the six months ended June 30, 2024, compared to HKD (8,241,000) in 2023[13]. - The company’s cash and cash equivalents decreased from HKD 166,953,000 to HKD 151,282,000, a decline of approximately 9.4%[9]. - The cash and cash equivalents at the end of the period were HKD 151,282,000, an increase from HKD 144,706,000 at the end of June 2023[13]. Revenue Breakdown - The lithium battery sales segment generated revenue of HKD 44,666,000, down from HKD 106,164,000 in the previous year, reflecting a decline of 57.9%[19][20]. - The revenue from battery testing services was HKD 1,388,000, while battery replacement services contributed HKD 25,393,000[21]. - Major customer A1 contributed HKD 38,836,000 to total revenue for the six months ended June 30, 2024, compared to HKD 100,000,000 in the same period of 2023[25]. - Revenue from external customers in China was HKD 9,868,000, while revenue from the UK was HKD 36,186,000, both showing significant declines compared to the previous year[23]. - The lithium-ion battery division recorded revenue of approximately HKD 46,100,000 for the first half of 2024, a decrease of about 56.6% compared to HKD 106,200,000 in the same period last year[51]. - Caocao contributed approximately HKD 25,400,000 in revenue for the first half of 2024, down from HKD 27,300,000 in the same period last year[53]. Operational Highlights - The company identified significant operational segments including lithium battery production and ride-hailing services, with total reported segment assets of HKD 6,842,991,000[22]. - The company is actively seeking potential buyers or new investors for its joint venture Shandong Hengyuan New Energy, which has been inactive for several years[52]. - The company is focusing on optimizing operations and reducing costs in the Caocao ride-hailing business while maintaining high service levels[53]. - The company is in discussions with potential new customers in the energy storage sector and manufacturers transitioning from lead-acid to lithium batteries[49]. - The company launched a new heavy-duty truck parking battery in 2023 to meet the increasing demand for air conditioning during summer parking[50]. Investments and Acquisitions - The company completed the acquisition of a controlling stake in Jihang International Technology Co., which operates the Caocao ride-hailing service in France[53]. - The total consideration for the acquisition of SAM is $390 million, payable in five installments[77]. - The company entered into a letter of intent to invest approximately USD 350 million to acquire a 38.75% stake in Xizang Zhufeng Resources[63]. - The company has decided to terminate further discussions regarding the potential investment in the lithium salt lake project due to significant price volatility of lithium carbonate[63]. Employee and Shareholder Information - The employee count decreased to 193 as of June 30, 2024, down from 242 on June 30, 2023, and 201 on December 31, 2023[76]. - Employee compensation for the first half of 2024 was HKD 28.8 million, compared to HKD 45 million in the first half of 2023[76]. - Major shareholders include Li Shufu with 6,071,568,675 shares, representing 61.61% ownership[91]. - The board of directors and key executives hold various interests in the company's shares, with the largest shareholder holding approximately 0.82%[81]. Compliance and Governance - The company has complied with all GEM listing rules during the six-month period ending June 30, 2024[79]. - The audit committee has reviewed the unaudited performance for the first half of 2024, confirming compliance with applicable accounting standards[115]. - There were no significant contracts involving directors with substantial interests during the review period[113].
洪桥集团(08137) - 2024 - 中期业绩