优博控股(08529) - 2024 - 中期财报

Corporate Information Corporate Information This chapter details the company's registration information, board composition, professional committees, and key partners including bankers, independent auditors, and legal advisors - The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with Mr. Tang Yuen Tao serving as Chairman and Chief Executive Officer[6] - The company's independent auditor is Moore CPA Limited[7] Management Discussion and Analysis Business Review The Group, a leading back-end semiconductor transfer media provider, held an 8.4% global market share in 2023, with trays as its primary revenue source, mainly from Southeast Asia, China, and Taiwan in H1 2024 - The Group ranks third globally in the back-end semiconductor transfer media industry by 2023 sales revenue, holding an approximate 8.4% market share[11] Revenue by Product Segment for H1 2024 | Product Category | Revenue (HK$ Million) | Percentage of Total Revenue (%) | | :--- | :--- | :--- | | Trays and Tray-Related Products | 73.5 | 92.4% | | MEMS and Sensor Packaging | 5.5 | 7.0% | | Carrier Tapes | 0.5 | 0.7% | Revenue Contribution by Geographic Market for H1 2024 | Region | Percentage of Total Revenue (%) | | :--- | :--- | | Southeast Asia | 32.6% | | China | 28.9% | | Taiwan | 20.1% | | Other Regions (USA, Europe, Hong Kong, South Korea, Japan) | 18.4% | Outlook The Board anticipates a semiconductor industry rebound, preparing for growth through enhanced automation and facility modernization, strategic expansion of carrier tape manufacturing in the Philippines, intensified sales and marketing in China and Southeast Asia, and continuous R&D investment - The Board anticipates the semiconductor industry has reached its cyclical trough and is preparing for a new growth phase by advancing automation and facility modernization to enhance productivity and efficiency[20] - To expand its geographical footprint and production capacity, the Group plans to develop carrier tape manufacturing in the Philippines, leveraging lower labor costs and proximity to key customers[23] - The Group plans to strengthen global sales and marketing, particularly in China with new sales points in Shenzhen and Chengdu, and by adding technical support sales representatives in Malaysia and the Philippines[24] Financial Review For the six months ended June 30, 2024, Group revenue decreased by 16.4% to HK$79.6 million due to a mild semiconductor recovery, with gross margin falling to 35.1%; a HK$9.5 million loss was recorded, impacted by HK$8.4 million in one-off listing expenses, while post-listing financial position remains robust with cash and cash equivalents increasing to HK$33.6 million and a current ratio of 1.3 times Key Financial Performance for H1 2024 (Year-on-Year Comparison) | Metric | H1 2024 (HK$ Million) | H1 2023 (HK$ Million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 79.6 | 95.2 | -16.4% | | Gross Profit | 27.9 | 37.6 | -25.8% | | Gross Margin | 35.1% | 39.5% | -4.4pp | | Loss/(Profit) for the Period | (9.5) | 3.7 | N/A | | Adjusted Profit Before Tax* | 0.535 | 6.8 | -92.1% | - The loss for the period was primarily impacted by HK$8.4 million in non-recurring listing expenses; excluding this, the adjusted profit before tax was HK$0.535 million[29] Key Financial Position Indicators (Period-End Comparison) | Metric | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | HK$33.6 Million | HK$1.1 Million | | Current Ratio | 1.3 times | 1.1 times | | Debt-to-Asset Ratio | 0.6 times | 0.8 times | Use of Proceeds The company, listed in June 2024, raised HK$31.35 million net proceeds, of which HK$1.8 million was utilized by June 30, 2024, primarily for enhancing China's capacity and general working capital, with HK$29.55 million remaining unutilized and held in banks for future allocation as per the prospectus Use of Net Proceeds from Listing (As of June 30, 2024) | Purpose | Planned Allocation (HK$ Million) | Utilized (HK$ Million) | Unutilized (HK$ Million) | | :--- | :--- | :--- | :--- | | Enhancing China's Production Capacity and Capabilities | 24.51 | 1.2 | 23.31 | | Strengthening Global Sales and Marketing | 1.95 | - | 1.95 | | Purchasing ERP System and Upgrading Information Systems | 1.32 | - | 1.32 | | Strengthening R&D and Material Engineering Capabilities | 0.97 | - | 0.97 | | General Working Capital | 2.60 | 0.6 | 2.00 | | Total | 31.35 | 1.8 | 29.55 | Other Information Dividends, Corporate Governance, and Director Interests The Board does not recommend a 2024 interim dividend; the company complies with corporate governance codes, noting a deviation where Mr. Tang Yuen Tao serves as both Chairman and CEO, and this section also details director and major shareholder interests - The Board does not recommend an interim dividend for the six months ended June 30, 2024[38] - The company deviates from corporate governance code provisions requiring separation of Chairman and CEO roles, with Mr. Tang Yuen Tao currently holding both positions, which the Board believes is in the Group's best interest[38] Shareholdings of Directors and Chief Executive (As of June 30, 2024) | Director Name | Capacity/Nature of Interest | Number of Shares Held | Percentage of Issued Share Capital (%) | | :--- | :--- | :--- | :--- | | Mr. Tang Yuen Tao | Interest in Controlled Corporation / Concert Party Interest | 193,125,000 / 157,500,000 | 37.68% / 30.73% | | Mr. Chan Kai Leung | Beneficial Owner | 7,500,000 | 1.46% | | Mr. Shek Kam Pan | Beneficial Owner | 5,625,000 | 1.10% | | Mr. Tam Ming Wah | Beneficial Owner | 5,625,000 | 1.10% | Share Option Scheme The company adopted a share option scheme on May 20, 2024, to incentivize and retain talent, with a maximum of 51,250,000 options (10% of issued shares at listing) available for grant, and no options have been granted as of the report date - The company adopted a share option scheme on May 20, 2024, with a maximum of 51,250,000 shares (10% of total issued shares at listing) available for grant under the scheme[51][55] - No share options have been granted or agreed to be granted by the company from the adoption date of the scheme up to the report date[56] Financial Statements Report on Review of Condensed Consolidated Financial Statements Independent auditor Moore CPA Limited reviewed the Group's condensed consolidated financial statements for the six months ended June 30, 2024, in accordance with Hong Kong Standard on Review Engagements 2410, concluding no material non-compliance with International Accounting Standard 34 'Interim Financial Reporting' - Independent auditor Moore CPA Limited concluded that the condensed consolidated financial statements comply in all material respects with International Accounting Standard 34[66][67] Condensed Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements, showing H1 2024 revenue of HK$79.61 million and a loss of HK$9.46 million, with total assets of HK$217 million and total equity of HK$86.1 million as of June 30, 2024, alongside cash flow details Summary of Condensed Consolidated Statement of Profit or Loss (For the Six Months Ended June 30, 2024) | Item | Amount (HK$ Thousand) | | :--- | :--- | | Revenue | 79,612 | | Gross Profit | 27,936 | | Loss/(Profit) Before Tax | (7,828) | | Loss/(Profit) for the Period | (9,461) | | Basic Loss Per Share (HK Cents) | (2.4) | Summary of Condensed Consolidated Statement of Financial Position (As of June 30, 2024) | Item | Amount (HK$ Thousand) | | :--- | :--- | | Non-current Assets | 69,089 | | Current Assets | 148,312 | | Current Liabilities | 118,914 | | Non-current Liabilities | 12,392 | | Net Assets | 86,095 | | Total Equity | 86,095 | Summary of Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30, 2024) | Item | Amount (HK$ Thousand) | | :--- | :--- | | Net Cash (Used in) Operating Activities | (7,649) | | Net Cash Used in Investing Activities | (4,137) | | Net Cash From Financing Activities | 44,352 | | Net Increase in Cash and Cash Equivalents | 32,566 | Notes to the Condensed Consolidated Financial Statements These notes provide detailed explanations and supplementary information for key financial data, including revenue segmentation by product and geography, detailed segment performance analysis, major customer concentration (two clients exceeding 10% of revenue), pre-listing dividend declarations, and related party transactions and guarantees Revenue Breakdown (For the Six Months Ended June 30, 2024) | Category | Revenue (HK$ Thousand) | | :--- | :--- | | By Product Category | | | Trays and Tray-Related Products | 73,535 | | Carrier Tapes | 539 | | MEMS and Sensor Packaging | 5,538 | | By Geographic Market | | | Southeast Asia | 25,995 | | China | 23,056 | | Taiwan | 16,006 | | Other | 14,555 | - During the period, revenue from Customer I and Customer II each accounted for over 10% of the Group's total revenue, indicating a degree of customer concentration[90] - Prior to listing, the company declared and paid dividends totaling HK$19.38 million in the first half of 2024[71][104][106]