Financial Performance - The company recorded revenue of approximately HKD 299.7 million for the six months ended June 30, 2024, a decrease of about HKD 779.5 million or 72.2% compared to HKD 1,079.2 million for the same period last year[1]. - Gross profit for the reporting period was approximately HKD 5 million, down by HKD 15.6 million or 75.5% from HKD 20.6 million in the previous year[1]. - Net profit for the period was approximately HKD 4.9 million, compared to HKD 30.1 million for the same period last year[1]. - Basic earnings per share for the reporting period were HKD 0.0245, down from HKD 0.0799 in the previous year[1]. - The group reported a pre-tax profit of approximately HKD 9,281,000 for the six months ended June 30, 2024, compared to HKD 30,290,000 for the same period in 2023, indicating a decline of 69.4%[18]. - Other income for the reporting period was approximately HKD 5,500,000, a decrease of about 30.5% compared to approximately HKD 7,900,000 in the same period last year[35]. Assets and Liabilities - Total assets decreased to approximately HKD 1,109.7 million as of June 30, 2024, from HKD 1,275.2 million at the end of the previous year[4]. - Current liabilities decreased to approximately HKD 618.9 million as of June 30, 2024, from HKD 789.1 million at the end of the previous year[4]. - The company's net assets stood at approximately HKD 498.4 million as of June 30, 2024, compared to HKD 500.1 million at the end of the previous year[5]. - Trade receivables net amount decreased to HKD 188,267,000 as of June 30, 2024, from HKD 396,841,000 as of December 31, 2023, representing a decline of 52.7%[20]. - Total trade and other receivables decreased to HKD 970,183,000 as of June 30, 2024, compared to HKD 1,135,753,000 as of December 31, 2023, a reduction of 14.5%[20]. - Trade payables related to agricultural products, seafood, and meat decreased to HKD 154,681,000 as of June 30, 2024, from HKD 279,956,000 as of December 31, 2023, a decrease of 44.8%[22]. - Total bank and other borrowings increased to HKD 349,926,000 as of June 30, 2024, from HKD 348,333,000 as of December 31, 2023, a slight increase of 0.5%[25]. - The total borrowings amounted to approximately HKD 366,300,000 as of June 30, 2024, slightly up from HKD 364,700,000 as of December 31, 2023[37]. Employee and Operational Costs - The total employee costs for the six months ended June 30, 2024, amounted to HKD 4,686,000, down 10.7% from HKD 5,249,000 in the previous year[16]. - Total employee costs, including director remuneration, amounted to HKD 4,700,000 for the reporting period, down from HKD 5,200,000 in the previous year[44]. - As of June 30, 2024, the group has 51 full-time employees, a decrease from 60 as of December 31, 2023[44]. Business Operations and Strategy - The company continues to engage in the agricultural and meat business, focusing on the cultivation and trading of agricultural products in China[7]. - The company is actively developing diversified revenue streams in agricultural and meat businesses, including trading in agricultural products, poultry, seafood, and prepared foods, and has begun supplying products to supermarkets and online platforms in China[48]. - The company is exploring various cooperation models with e-commerce operators to enhance online sales of its agricultural and meat products, which is expected to diversify revenue sources[48]. - The company has established long-term partnerships with multiple nearby farms and agricultural companies, aiming to ensure food safety and supply for 120 million people in the Greater Bay Area[48]. - The company plans to continue controlling costs and leveraging existing resources to enhance the development potential of agricultural and meat products[32]. - The group is actively seeking suitable investment opportunities to diversify its business and expand revenue sources[47]. Financial Management - The company is actively managing its financial resources and believes it can secure financing on favorable terms if needed[37]. - The company has not recorded any impairment losses on goodwill and inventory during the reporting period[35]. - The company has capital commitments of approximately HKD 435,000 for property, plant, and equipment as of June 30, 2024, compared to HKD 2,060,000 as of December 31, 2023[29]. - The company’s cash and bank balances were approximately HKD 11,900,000 as of June 30, 2024, an increase from HKD 9,800,000 as of December 31, 2023[37]. Compliance and Governance - The audit committee reviewed the unaudited interim financial information, confirming compliance with applicable accounting standards and regulations[55]. - The company will publish its interim report for the six months ending June 30, 2024, on its website and the stock exchange website[56]. - The company has maintained the required public float, with at least 25% of its issued shares held by the public as of the announcement date[54]. Dividends and Shareholder Returns - The group did not declare or recommend any dividends for the six months ended June 30, 2024, consistent with the previous year[19]. - No interim dividend was declared or proposed during the reporting period[49]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[50].
中国金控(00875) - 2024 - 中期业绩