Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion HKD for the first half of the year, representing a 15% year-over-year growth[3]. - For the six months ended June 30, 2024, the group recorded a loss attributable to shareholders of HKD 169 million, compared to a loss of HKD 98.3 million in the same period of 2023[9]. - The group reported a loss attributable to equity holders of HKD 169.0 million for the six months ended June 30, 2024, compared to a loss of HKD 98.3 million in the same period of 2023[25]. - Revenue for the six months ended June 30, 2024, was HKD 314.3 million, with a cost of sales of HKD 312.9 million, resulting in a gross profit of HKD 1.4 million[25]. - Total revenue for the six months ended June 30, 2024, was HKD 314.3 million, a significant increase from HKD 23.5 million for the same period in 2023, representing a growth of approximately 1,233%[44]. - The customer contract revenue from property sales in mainland China amounted to HKD 312.8 million, compared to HKD 22.2 million in the previous year, indicating a growth of about 1,410%[45]. - The group incurred financing costs of HKD 39.3 million for the period, compared to HKD 35.4 million in the previous year[25]. - Total tax expenses for the six months ended June 30, 2024, were HKD 93.7 million, significantly higher than HKD 33.8 million for the same period in 2023, marking an increase of approximately 177%[48]. - The basic loss per share for the six months ended June 30, 2024, was HKD 169 million, compared to a loss of HKD 98.3 million in the same period of 2023[51]. Market and Product Development - User data showed a 20% increase in active users, reaching 500,000 by the end of the reporting period[3]. - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next quarter[3]. - New product launches are expected to contribute an additional 200 million HKD in revenue over the next year[3]. - Market expansion plans include entering two new international markets by the end of the fiscal year[3]. - The company is considering strategic acquisitions to bolster its market position, with a budget of 300 million HKD allocated for potential deals[3]. - A new marketing strategy has been implemented, focusing on digital channels, which is expected to increase customer engagement by 25%[3]. - The company has plans for market expansion and new product development, although specific details were not disclosed in the financial summary[30]. Property Development and Sales - The overall sales of new residential properties in China continued to contract year-on-year, particularly in the commercial and retail sectors[10]. - Most residential units in the group's development project in Chengdu have been sold, with remaining units including a commercial complex and office buildings[10]. - The Tianjin development project has completed most of its residential units, with ongoing sales of commercial units[10]. - The group is closely monitoring the market environment in Tianjin to develop appropriate marketing plans for selling office units[10]. - The central government is expected to introduce more supportive policies and financial measures to stimulate local consumption and stabilize the property market[11]. - The property markets in Chengdu and Tianjin have shown signs of gradual recovery in recent months following the relaxation of purchase restrictions[11]. - The board is optimistic about obtaining substantial returns from the Chengdu and Tianjin development projects in the coming years[11]. - The total floor area of the Chengdu project is approximately 495,000 square meters (5,330,000 square feet), with residential unit sales generating total revenue of approximately RMB 2,048,300,000 (HKD 2,243,100,000)[12]. - Sales of commercial units in the Chengdu project are ongoing, with 4,002 square meters (43,078 square feet) sold or contracted for a total sales price of approximately RMB 93,200,000 (HKD 102,100,000)[12]. - The hotel within the Chengdu project, featuring 325 rooms, has completed internal construction and is expected to open in phases after finishing interior decoration[12]. - In the Tianjin project, a total of 9,744 square meters (104,884 square feet) of commercial space has been sold for approximately RMB 185,400,000 (HKD 200,600,000)[13]. - The company continues to monitor the Tianjin market to develop appropriate sales plans for office units[14]. - The company has planted trees on approximately 4,300 mu of land in Xinjiang, with plans for real estate development on about 1,843 mu (1,228,700 square meters) of land pending government inspections[14]. Financial Position and Cash Flow - As of June 30, 2024, the net asset value attributable to equity holders of the parent company is HKD 980,100,000, equivalent to approximately HKD 0.67 per share[17]. - Assuming full conversion of outstanding convertible bonds, the diluted net asset value per share would be approximately HKD 0.36[17]. - The net cash flow from operating activities for the period was HKD 157.7 million, compared to HKD 258.8 million in 2023[19]. - As of June 30, 2024, the group's cash and bank deposits amounted to HKD 62.1 million, a slight decrease from HKD 63.6 million as of December 31, 2023[20]. - The group's debt-to-asset ratio increased to 36.9% as of June 30, 2024, up from 32.7% as of December 31, 2023[20]. - The group has no lease liabilities as of June 30, 2024, down from HKD 1.1 million as of December 31, 2023[21]. - The group has pledged bank deposits and financial assets valued at HKD 24.4 million as of June 30, 2024, to secure general bank loans[22]. - The group did not declare an interim dividend for the financial year ending December 31, 2024, consistent with the previous year[23]. - As of June 30, 2024, non-current assets totaled HKD 195.5 million, down 8.8% from HKD 214.5 million as of December 31, 2023[27]. - Current assets decreased to HKD 3,373.7 million from HKD 3,773.1 million, representing a decline of 10.6%[27]. - Total liabilities decreased from HKD 2,100.8 million to HKD 1,874.1 million, a reduction of 10.8%[27]. - The net asset value after deducting current liabilities was HKD 1,695.1 million, down from HKD 1,886.8 million, a decrease of 10.1%[27]. - The company's total equity as of June 30, 2024, was HKD 980.1 million, down from HKD 1,186.4 million, reflecting a decline of 17.4%[28]. - The issued share capital remained unchanged at HKD 29.4 million[28]. - The accumulated losses increased to HKD 1,197.8 million, up from HKD 1,197.8 million, indicating a significant loss trend[29]. - The company reported a cash and bank balance of HKD 17.4 million, an increase from HKD 15.7 million[27]. - The fair value of investments designated as other comprehensive income decreased from HKD 14.2 million to HKD 6.7 million, a drop of 52.8%[27]. - The net cash flow from operating activities for the six months ended June 30, 2024, was HKD (157.7) million, compared to HKD (258.8) million for the same period in 2023, indicating a 39% improvement[31]. - The net cash flow from investing activities increased to HKD 22.8 million in the first half of 2024, up from HKD 12.8 million in the same period of 2023, representing a 78% increase[31]. - The net cash flow from financing activities decreased to HKD 138.6 million in the first half of 2024, down from HKD 261.4 million in the same period of 2023, reflecting a 47% decline[31]. - The total cash and cash equivalents at the end of June 30, 2024, were HKD 17.4 million, significantly lower than HKD 68.8 million at the end of June 30, 2023, marking a 75% decrease[31]. Shareholding Structure and Corporate Governance - The total issued shares of the company amount to 871,504,279 ordinary shares and 229,548,733 preferred shares, with a total of 2,463,279,426 shares representing 198.71%[76]. - The company holds 90,078,014 ordinary shares in Paliburg Holdings Limited, which represents approximately 74.55% of the issued shares[77]. - The company has a 67.43% equity interest in Century City, which holds 694,124,547 ordinary shares in Paliburg[78]. - The company controls 2,443,033,102 units in Regal Hotels International Holdings Limited, representing 74.99% of the issued units[77]. - The company has a 69.25% equity interest in Regal Hotels, which holds 622,433,861 ordinary shares[80]. - The total number of shares held by the company in Century City is 2,032,315,326 ordinary shares, representing 69.34%[76]. - The company has issued 1,591,775,147 unissued shares, indicating potential for future capital raising[76]. - The company’s directors hold a small percentage of shares, with individual holdings ranging from 0.000% to 0.05%[76]. - The company’s equity structure shows significant control by a few individuals, particularly Mr. Luo, who holds substantial interests across multiple entities[79]. - The company’s overall shareholding structure indicates a high level of interconnected ownership among its subsidiaries and affiliates[78]. - As of June 30, 2024, major shareholders hold a total of 2,463,279,426 shares, representing approximately 198.71% of the issued ordinary shares[83]. - The company has issued 1,272,070,219 shares through P&R, which is jointly owned by Paliburg and Regal, each holding 50%[81]. - Regal holds 818,170,947 shares and 1,485,108,483 related (unissued) shares, totaling 2,303,279,430 shares, which is 185.81% of the issued ordinary shares[83]. - Paliburg Development BVI Holdings Limited holds 871,504,279 shares and 1,591,775,147 related (unissued) shares, totaling 2,463,279,426 shares, equating to 198.71% of the issued ordinary shares[83]. - The company has convertible bonds issued at a principal amount of HKD 136,222,641.4, convertible at HKD 0.10 per share, representing rights to 1,362,226,414 shares[81]. - The company has 2,439,613,739 issued fund units in Regal International Trust, held through Regal's wholly-owned subsidiary[81]. - The total shareholding of Capital Merit Investments Limited is 2,138,921,430 shares, which is 172.55% of the issued ordinary shares[83]. - The company has a total of 229,548,733 shares held through convertible preference shares, convertible on a one-to-one basis[81]. - P&R Strategic Limited holds 461,134,281 shares, which is 37.20% of the issued ordinary shares[83]. - The company has a significant concentration of ownership, with major shareholders holding over 100% of the issued ordinary shares through various related entities[83]. - The company has maintained compliance with the corporate governance code as per the listing rules, except for the roles of Chairman and CEO not being separated[88]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2024[89]. - The external auditor's review report is included in the financial report, confirming adherence to relevant accounting standards[90]. - No buybacks, sales, or redemptions of the company's listed securities occurred during the six-month period ending June 30, 2024[88]. - The company has not reported any changes in director information since the publication of the annual report for the fiscal year ending December 31, 2023[87].
COSMOPOL INT'L(00120) - 2024 - 中期财报