Financial Performance - Revenue for the first half of 2024 reached HKD 218,810 thousand, a 105.4% increase compared to HKD 106,779 thousand in the first half of 2023[66]. - The overall revenue for the first half of 2024 was HKD 218.8 million, an increase of 104.9% from HKD 106.8 million in the first half of 2023[23]. - The company reported a loss before tax of HKD 313 thousand for the first half of 2024, a substantial improvement from a loss of HKD 5,525 thousand in the first half of 2023[66]. - Total comprehensive loss for the first half of 2024 was HKD 974 thousand, compared to HKD 7,966 thousand in the first half of 2023, indicating a reduction in overall losses[68]. - The company’s total equity as of June 30, 2024, was HKD 164,355 thousand, a slight decrease from HKD 165,329 thousand at the end of 2023[69]. Distribution Business - Revenue from the distribution business decreased by 81.1% from HKD 16.4 million in the first half of 2023 to HKD 3.1 million in the first half of 2024, primarily due to delays in delivery and acceptance of equipment[17]. - The distribution business segment generated revenue of HKD 3.09 million for the six months ended June 30, 2024, compared to HKD 16.37 million in the same period of 2023, indicating a decline of about 81%[81]. - The distribution business primarily serves various companies and institutions, including hospitals, universities, and government agencies, all located in China[15]. - The distribution business model remained unchanged in the first half of 2024, focusing on identifying customer needs and providing after-sales services[15]. Supply Chain Business - The supply chain business continued to expand, focusing on construction materials, agricultural and metal products, and medical devices, enhancing revenue sources and profitability[18]. - In the first half of 2024, the company's supply chain business achieved revenue of HKD 215.7 million, a significant increase of 138.6% from HKD 90.4 million in the same period of 2023[22]. - The supply chain business segment reported revenue of HKD 215.72 million for the six months ended June 30, 2024, up from HKD 90.41 million in the prior year, reflecting an increase of approximately 138%[81]. - The supply chain business aims to establish long-term supply agreements in coal and mineral products, while also exploring new international trade opportunities[48]. Inventory and Receivables - Inventory as of June 30, 2024, was HKD 51.4 million, up from HKD 40.6 million at the end of 2023, due to an expanded range of products in the supply chain business[36]. - Trade receivables increased to HKD 162.8 million as of June 30, 2024, from HKD 93.1 million at the end of 2023, driven by increased revenues from agricultural and stainless steel products[36]. - Trade receivables as of June 30, 2024, amounted to HKD 162,807,000, up from HKD 93,102,000 at the end of 2023, reflecting a 74.8% increase[98]. Cash Flow and Current Assets - Cash flow from operating activities for the first half of 2024 was a net outflow of HKD 114,499 thousand, slightly improved from HKD 116,668 thousand in the same period of 2023[75]. - Current assets increased to HKD 368,044 thousand as of June 30, 2024, up from HKD 318,631 thousand at the end of 2023[69]. - Current liabilities rose to HKD 243,821 thousand as of June 30, 2024, compared to HKD 153,428 thousand at the end of 2023[69]. Debt and Liabilities - The capital debt ratio increased significantly to 93.8% as of June 30, 2024, from 55.3% at the end of 2023, reflecting a higher level of debt relative to equity[39]. - Loans from a related company amounted to RMB 140,616,000 (approximately HKD 154,127,000) as of June 30, 2024, with an interest rate of 2.5%[115]. - The group has no significant contingent liabilities as of June 30, 2024, and December 31, 2023[112]. Management and Strategy - The management team for the supply chain business consists of 11 experienced members, led by Mr. Ma, who has over 20 years of international trade experience[48]. - The company is exploring investment opportunities in green energy projects in Yunnan Province and Southeast Asia, aiming to expand energy capacity and improve profitability[50]. - The company plans to increase investments in green energy projects in Yunnan in the second half of 2024, including centralized and decentralized solar and wind energy projects[50]. Shareholding and Dividends - As of June 30, 2024, Baodi International Investment Limited holds a direct interest of 201,196,995 shares, representing approximately 73.05% of the company's issued share capital[56]. - The group did not declare any interim dividends for the first half of 2024, consistent with the same period in 2023[94]. Audit and Compliance - The audit committee has reviewed the unaudited interim results for the first half of 2024 and found no objections to the accounting principles and practices adopted by the company[60]. - The company adopted revised International Financial Reporting Standards, which did not have a significant impact on its financial position or performance[79].
云能国际(01298) - 2024 - 中期财报