Financial Performance - Revenue decreased by approximately 53.1% to approximately HK$106.4 million for the six months ended 30 June 2024 compared to the corresponding period in 2023[1]. - Gross profit decreased by approximately 5.7% to approximately HK$17.2 million for the six months ended 30 June 2024 compared to the corresponding period in 2023[1]. - Profit attributable to equity shareholders of the Company decreased by approximately 67.5% to approximately HK$1.9 million for the six months ended 30 June 2024 compared to approximately HK$5.8 million for the corresponding period in 2023[4]. - Earnings per share decreased by approximately 67.5% to approximately HK cents 0.077 for the six months ended 30 June 2024 compared to the corresponding period in 2023[1]. - The total revenue of the Company was approximately HK$106.4 million for the Period, representing a decrease of approximately 53.1% compared to approximately HK$226.7 million for the six months ended 30 June 2023[5]. - The gross profit decreased by approximately HK$1.0 million, or approximately 5.7%, from approximately HK$18.2 million for the six months ended 30 June 2023 to approximately HK$17.2 million for the Period[9]. - The Group recorded impairment losses of approximately HK$0.1 million on trade and other receivables for the Period, compared to a reversal of impairment losses of approximately HK$1.4 million for the six months ended 30 June 2023[13]. - The total comprehensive loss for the period was HK$13,220,000, compared to a loss of HK$23,846,000 in the same period last year[61]. - The Group's profit for the period ended 30 June 2024 was approximately HK$1,879,000, a decrease of 67.5% compared to HK$5,777,000 for the same period in 2023[116]. Revenue Breakdown - Revenue from sales of semi-conductors was approximately HK$79.0 million for the Period, down from approximately HK$197.3 million for the six months ended 30 June 2023, indicating a significant decline[5]. - Revenue generated from photovoltaic power stations was approximately HK$26.4 million for the Period, slightly down from approximately HK$27.9 million for the six months ended 30 June 2023[7]. - Revenue from sales of sub-processing cigarette films was HK$913,000, which remained consistent at 1% of total revenue for both periods[87]. - Properties development and related services generated revenue of HK$57,000, maintaining a 1% share of total revenue in both periods[87]. - Revenue from external customers for the six months ended June 30, 2024, was HK$913,000, a decrease of 31.3% from HK$1,331,000 in 2023[98]. - Revenue from sales of semi-conductors was HK$79,029,000, accounting for 73% of total revenue, down from HK$197,327,000, which was 86% of total revenue in 2023[87]. - Revenue from the generation of photovoltaic power increased to HK$26,378,000, representing 25% of total revenue, compared to HK$27,909,000, which was 12% of total revenue in 2023[87]. Expenses and Costs - Administrative expenses amounted to approximately HK$16.1 million for the Period, an increase from approximately HK$13.2 million for the six months ended 30 June 2023[13]. - The decrease in profit was mainly caused by reduced revenue and increased administrative expenses[4]. - The Group's cash flow from financing activities showed a net cash used of HK$406,000 for the six months ended June 30, 2024, compared to HK$24,837,000 in the same period of 2023[67]. - The Group's short-term employee benefits for key management increased to HK$2,238,000 for the six months ended June 30, 2024, from HK$1,640,000 in the previous year, representing a rise of about 36.5%[133]. Dividends and Shareholder Returns - The Board does not recommend payment of any interim dividend for the six months ended 30 June 2024[1]. - The Group did not recommend any interim dividend for the period, consistent with the previous year where no dividend was paid[25]. - The company paid dividends amounting to HK$24,341,000 in the first half of 2023, with no dividends paid in the first half of 2024[67]. Cash and Liquidity - As at 30 June 2024, the cash and cash equivalents of the Group amounted to approximately HK$211.5 million, a decrease of approximately HK$25.8 million from approximately HK$237.3 million as at 31 December 2023[15]. - Cash and cash equivalents decreased to HK$211,466,000 as of June 30, 2024, down from HK$266,174,000 at the end of June 2023, reflecting a decrease of approximately 20.5%[67]. - Net cash used in operating activities for the six months ended June 30, 2024, was HK$20,811,000, a significant decline from a net cash generation of HK$1,936,000 in the same period of 2023[67]. Share Capital and Ownership - As of June 30, 2024, Mr. Guo Yumin holds a controlled corporation interest of 1,206,086,000 shares, representing approximately 49.55%[31]. - Ms. Xia Yu holds a spouse interest of 1,478,442,164 shares, representing approximately 60.74%[31]. - The issued and fully paid ordinary shares remained at 2,434,136,000 shares with a total amount of HK$6,085,000 as of June 30, 2024, unchanged from December 31, 2023[128]. - On June 15, 2024, the Group's controlling shareholder entered into an agreement to sell 608,500,000 shares, representing approximately 25.0% of the total issued share capital, for a total consideration of HK$152,125,000[141]. - Following the share transfer, the controlling shareholders will hold approximately 37.1% of the total issued share capital, while the purchaser will hold 25.0%[142]. Corporate Governance and Management - The Board has not filled the position of chief executive, believing it will not adversely affect the Company[47]. - The Company has complied with the corporate governance code provisions, except for the separation of the roles of chairman and chief executive[47]. - The interim condensed consolidated financial statements were approved by the Board of Directors on August 30, 2024[147]. Segment Information - The Group operates in four segments: sales of sub-processing cigarette films, sales of semi-conductors, properties development and related services, and generation of photovoltaic power[4]. - The Group's operating segments include sales of sub-processing cigarette films, sales of semi-conductors, properties development and related services, and generation of photovoltaic power[92]. Fair Value Measurements - The Group's financial assets at fair value through profit or loss (FVTPL) include a convertible loan valued at HK$31,965,000 as of June 30, 2024[78]. - The fair value measurement hierarchy includes Level 1 inputs based on quoted prices in active markets, Level 2 inputs that are observable, and Level 3 inputs that are unobservable[80]. - The Group engages external valuation experts for Level 3 fair value measurements to ensure accuracy and compliance[85]. - The Group's financial assets at FVTPL decreased from HK$32,749,000 at January 1, 2024, to HK$31,965,000 at June 30, 2024, reflecting an exchange difference of HK$784,000[85]. Employee Information - As of June 30, 2024, the Group employed 53 employees, a decrease from 57 employees as of June 30, 2023[26]. - The Group provides various employee social security plans, including housing and medical insurance[24].
顺泰控股(01335) - 2024 - 中期财报