Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 93,742, a decrease of 38.0% compared to HKD 151,274 for the same period in 2023[1] - Adjusted segment EBITDA for the period was HKD 4,682, down 75.7% from HKD 19,269 in the previous year[1] - The pre-tax loss increased to HKD 57,303, representing a 22.5% rise from HKD 46,780 in the prior year[1] - The loss attributable to equity holders of the parent was HKD 54,096, an increase of 23.0% from HKD 43,968 in the previous year[1] - Basic loss per share for the period was HKD 6.00, a slight decrease of 1.0% from HKD 6.06[1] - The total comprehensive loss for the period was HKD 57,752, slightly improved from HKD 58,144 in the prior year[7] - The company reported a pre-tax loss of HKD 57,303,000 for the six months ended June 30, 2024, compared to a loss of HKD 46,780,000 in the same period of 2023, indicating an increase in losses of approximately 22%[13] - The company reported a net loss attributable to the owners of the company for the six months ended June 30, 2024, was approximately HKD 54.1 million, compared to a net loss of HKD 44.0 million for the same period in 2023[80] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 839,316, a slight decrease of 0.9% from HKD 847,343 at the end of 2023[2] - Net asset value decreased by 10.9% to HKD 329,247 from HKD 369,638 at the end of 2023[2] - Cash and bank balances fell significantly by 61.8% to HKD 10,391 from HKD 27,190[2] - As of June 30, 2024, non-current assets totaled HKD 570,006,000, a decrease of 5.1% from HKD 600,844,000 as of December 31, 2023[8] - Current assets increased to HKD 269,310,000, up 9.2% from HKD 246,499,000 at the end of 2023[8] - Total current liabilities rose to HKD 367,829,000, an increase of 14.9% compared to HKD 320,168,000 in December 2023[9] - The net current liabilities amounted to HKD (98,519,000), worsening from HKD (73,669,000) in the previous period[9] - The company's total equity decreased to HKD 329,247,000 from HKD 369,638,000, reflecting a decline of 10.9%[9] - The total liabilities increased to HKD 510,069,000 as of June 30, 2024, compared to HKD 477,705,000 as of December 31, 2023[29] Revenue Breakdown - Revenue from graphene product sales was HKD 61,489,000, down 36.6% from HKD 97,103,000 in the previous year[23] - Revenue from landscape design services decreased by 40.5% to HKD 32,253,000 from HKD 54,171,000 year-on-year[23] - The operating loss for the graphene product segment was HKD 15,830,000, while the landscape design segment reported an operating loss of HKD 13,058,000, totaling an overall operating loss of HKD 28,888,000[26] Cash Flow and Financing - Cash flow from operating activities showed a net outflow of HKD 739,000, a significant improvement from the outflow of HKD 8,332,000 in the previous year, reflecting a reduction in cash used in operations[13] - The company recorded a net cash outflow from investing activities of HKD 14,383,000, compared to HKD 3,240,000 in the prior year, primarily due to increased loans to joint ventures[14] - Financing activities resulted in a net cash outflow of HKD 1,587,000, an improvement from HKD 2,194,000 in the previous year, driven by reduced repayments of bank loans[14] - The company has secured short-term financing of HKD 20,000,000 to support its working capital needs[19] Strategic Focus and Future Plans - The company is focused on the development and processing of graphene products, particularly for lithium-ion battery applications in electric vehicles[15] - The company plans to continue focusing on the development of new technologies and market expansion strategies in the upcoming quarters[37] - The company plans to implement an expansion plan in Laixi, Shandong Province, to capitalize on the growing demand for graphite anode materials in the lithium-ion battery market[71] - The company plans to collaborate with the government of Laixi City for a lithium-ion battery anode materials project, with an estimated total investment of RMB 1 billion, expected to be completed by September 2024[86] Employee and Corporate Governance - The company had 249 employees as of June 30, 2024, with compensation based on job nature, market trends, and individual performance[88] - Employee benefits include mandatory provident fund contributions, retirement plans, medical coverage, and training programs, ensuring competitive compensation packages[88] - The audit committee has been established to review and supervise the financial reporting and internal control processes, consisting of three independent non-executive directors[115] - The company has complied with the corporate governance code as per the listing rules for the six months ending June 30, 2024[112] Shareholder and Market Relations - The company expressed gratitude to shareholders, business partners, subcontractors, and customers for their continued support[120] - The chairman acknowledged the contributions of dedicated employees to the group's outstanding achievements[120] - The earnings call highlighted the importance of stakeholder relationships in driving future growth[120] - The company aims to invest in new product development and technological advancements[120] ESG and Sustainability - The company is committed to improving ESG standards and sustainable practices in the production of battery materials[92] - The company regularly evaluates its ESG measures to meet the growing expectations of stakeholders regarding environmental and social responsibilities[92]
烯石电车新材料(06128) - 2024 - 中期财报