Financial Performance - For the six months ended June 30, 2024, the company reported revenue of HKD 126,235,000, compared to HKD 127,571,000 for the same period in 2023, representing a slight decrease of 1.05%[2] - The gross profit for the period was HKD 12,310,000, a significant decline from HKD 21,771,000 in the previous year, indicating a drop of 43.06%[2] - The net loss for the period was HKD 347,895,000, compared to a net loss of HKD 82,438,000 in the same period last year, reflecting an increase in losses of 322.73%[2][4] - The total comprehensive loss for the period amounted to HKD 417,027,000, compared to HKD 162,428,000 in the previous year, marking an increase of 156.80%[3] - The company reported a basic loss per share of HKD 50.14, compared to HKD 16.10 in the previous year, representing an increase in loss per share of 211.68%[2] - The group reported a pre-tax loss of HKD 189,836,000 for the six months ended June 30, 2024, compared to a loss of HKD 35,891,000 for the same period in 2023[13] - The basic loss per share attributable to ordinary equity holders was HKD (343,241,000) for the six months ended June 30, 2024, compared to HKD (77,404,000) for the same period in 2023[18] - The group reported a net impairment reversal of accounts receivable amounting to HKD (48,000) for the six months ended June 30, 2024[13] - The group experienced a significant increase in the cost of goods sold, which impacted overall financial performance[13] - The group’s gross profit for the period was approximately HKD 12,300,000, down from HKD 21,800,000 in the previous interim period, resulting in a gross profit margin decrease to about 9.8% from 17.1%[43] - The net loss attributable to shareholders was approximately HKD 343,200,000, compared to a loss of HKD 77,400,000 in the previous interim period[44] Revenue Breakdown - Revenue from customer contracts, including sales of vehicles and related parts, was HKD 122,380,000, compared to HKD 106,849,000 in the previous year, reflecting an increase of 14.5%[12] - Interest income from loan financing was HKD 3,855,000, significantly down from HKD 20,722,000 in the same period last year, indicating a decrease of 81.6%[12] - Revenue from outbound services was HKD 37.5 million, while sales of jewelry products, watches, and other goods generated approximately HKD 84.9 million, down from HKD 103.2 million in the previous period[42] Assets and Liabilities - The company's cash and cash equivalents increased to HKD 200,705,000 from HKD 64,289,000, showing a growth of 212.51%[5][6] - Non-current assets decreased to HKD 2,900,773,000 from HKD 3,200,329,000, a decline of 9.36%[5] - Current liabilities totaled HKD 538,083,000, slightly up from HKD 524,753,000, indicating an increase of 2.43%[6] - The company's equity attributable to owners was HKD 3,199,575,000, down from HKD 3,363,213,000, reflecting a decrease of 4.87%[6] - Accounts receivable decreased to HKD 6,411 million as of June 30, 2024, compared to HKD 1,844 million as of December 31, 2023, indicating a significant increase[20] - Accounts payable increased to HKD 140,537 million as of June 30, 2024, up from HKD 101,379 million as of December 31, 2023, reflecting a substantial rise[22] - Current assets totaled approximately HKD 873,200,000 and current liabilities were about HKD 538,100,000, compared to HKD 719,300,000 and HKD 524,800,000 respectively at the end of 2023[47] - The group’s interest-bearing bank borrowings amounted to approximately HKD 17,400,000 as of June 30, 2024, down from HKD 37,800,000 as of December 31, 2023[49] - The asset-to-liability ratio was approximately 0.5% as of June 30, 2024, compared to 1.1% as of December 31, 2023[49] Share Capital and Dividends - The total issued share capital reached 1,022,438,090 shares as of June 30, 2024, compared to 480,654,928 shares as of December 31, 2023[23] - The company issued 541,783,000 new shares in January 2024, raising approximately HKD 5,417 million[24] - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with no dividend declared for the same period in 2023[15] - The company has not declared any interim dividends for the period ending June 30, 2024, consistent with the previous year[61] Market Trends and Projections - The global top-tier supercar market is projected to grow from approximately USD 19.16 billion in 2023 to about USD 25.6 billion in 2024, with a compound annual growth rate of 33.6%[26] - The global luxury car market is projected to grow from approximately $582.19 billion in 2023 to about $632.8 billion in 2024, with a compound annual growth rate (CAGR) of 8.7% and 7.7% through 2028[28] - By 2031, China is expected to become the fastest-growing market for luxury and ultra-luxury cars, with a projected CAGR of around 13%, capturing approximately 30-35% of the global market share[28] - In 2023, China's luxury car brand sales increased by approximately 24.5% year-on-year, reaching 4.39 million units[28] - The average selling price of luxury cars in China rose to RMB 631,000 in May 2024, surpassing the average spending in the mass market[28] - From 2024 to 2026, the sales value of China's luxury car industry is expected to reach approximately RMB 1.18 trillion in 2024, RMB 1.25 trillion in 2025, and RMB 1.32 trillion in 2026[29] - In Q1 2024, global electric vehicle sales reached over 3 million units, marking a 25% year-on-year increase, with China contributing nearly 1.9 million units, a 35% increase from the previous year[30] - The market share of new energy vehicles in China is approximately 35.2%, with expectations of reaching 11.5 million units sold in 2024[30] - By 2035, electric vehicles are expected to account for two-thirds of all new car sales, driven by increasing demand for environmentally sustainable transportation solutions[39] Company Strategy and Operations - The company’s operational focus includes the design, development, and prototype manufacturing of automotive parts and related products[12] - The company is actively developing the Apollo EV, a luxury electric vehicle aimed at high-performance customers transitioning from traditional supercars[33] - The group is focusing on developing luxury electric vehicles, integrating the Apollo brand's characteristics of lightweight structure and high performance[40] - The group plans to participate in various renowned international events in the second half of 2024 to enhance market interest and consumer engagement[39] - The group aims to optimize its capital structure to ensure sustainable operations and maximize returns for shareholders[50] - The company aims to maintain strict control over overdue accounts to minimize credit risk, with overdue balances reviewed regularly by senior management[20] - The company does not hold any collateral for its accounts receivable and has not taken other credit enhancement measures[20] - The company has completed two rounds of share placements in January and May 2024, issuing a total of 541,783,162 new shares, raising approximately HKD 254 million for debt repayment and R&D support[36] Corporate Governance and Compliance - The company has maintained consistent accounting policies in line with the Hong Kong Financial Reporting Standards, with no significant impact on financial performance from recent amendments[9] - The financial data presented is unaudited and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2023[8] - The company has complied with the corporate governance code as per the listing rules[58] - The audit committee has reviewed and discussed the interim results for the period ending June 30, 2024[60] - The company has not engaged in any purchases, sales, or redemptions of its own securities during the period[57] - There were no significant acquisitions or disposals of subsidiaries, joint ventures, or associates during the period[52] - The company continues to monitor foreign exchange risks but does not anticipate severe operational difficulties or liquidity issues due to currency fluctuations[51] - There are no specific plans for major investments or capital assets disclosed as of June 30, 2024[54]
APOLLO出行(00860) - 2024 - 中期业绩