Financial Performance - For the six months ended June 30, 2024, the company recorded a profit attributable to owners of approximately HKD 29,060,000, a significant decrease from HKD 110,007,000 for the same period in 2023, representing a decline of about 73.6%[7] - Basic earnings per share for the review period were HKD 0.0758, down from HKD 0.2792 in the previous year, indicating a decrease of approximately 72.9%[7] - Total revenue for the six months ended June 30, 2024, was HKD 220,573,000, a slight decrease of 0.32% from HKD 221,279,000 in the same period of 2023[103] - The company reported a pre-tax profit of HKD 26,944,000, down 81.64% from HKD 146,400,000 in the previous year[103] - Net profit for the period was HKD 29,043,000, a decrease of 73.60% compared to HKD 109,976,000 in the same period last year[104] - Total comprehensive income for the period was HKD 22,404,000, down 75.12% from HKD 89,925,000 in the previous year[104] Revenue Breakdown - Revenue from contracts with customers for the review period was approximately HKD 198,726,000, a decrease of 0.7% compared to the previous year[8] - The revenue composition showed that 78.0% came from printed circuit board business and 22.0% from surface treatment business, with geographical revenue distribution being 33.9% from China, 26.8% from South Korea, and 18.0% from the USA[8] - Revenue from the printed circuit board business increased by 65.6% from HKD 76,880,000 to HKD 127,300,000, with 31.7% of sales to China and 41.6% to South Korea[50] - The surface treatment business revenue decreased by 59.7% from approximately HKD 89,279,000 to about HKD 35,996,000, with 23.1% of sales to the UK and 31.4% to Mexico[54] Investment Income - Rental income generated from properties held by the group was approximately HKD 5,118,000, a significant increase from HKD 115,000 in the previous year[9] - Interest income from bank deposits was approximately HKD 1,604,000, down from HKD 2,205,000 in the previous year, while interest income from debt instruments was approximately HKD 8,954,000, down from HKD 12,713,000[10] - Dividend income from investments in Hong Kong listed securities was approximately HKD 6,171,000, slightly down from HKD 6,177,000 in the previous year[11] - The net fair value gain on investments measured at fair value through profit or loss was approximately HKD 21,563,000, compared to HKD 14,227,000 in the previous year, indicating an increase of about 51.8%[12] Expenses and Costs - Sales and distribution costs increased by 6.0% due to heightened sales activities during the review period[27] - Administrative expenses decreased by 4.0%, reflecting ongoing efforts to control operational costs[28] - Financial costs included interest on bank borrowings of HKD 614,000, up from HKD 567,000 in the previous period[31] - The group incurred a tax expense of HKD 302,000 for the six months ended June 30, 2024, compared to HKD 6,276,000 for the same period in 2023[129] Assets and Liabilities - Non-current assets totaled HKD 1,142,134,000, down from HKD 1,273,979,000 as of December 31, 2023[107] - Current assets increased to HKD 978,146,000 from HKD 862,034,000, representing a growth of 13.52%[108] - Current liabilities decreased to HKD 408,066,000 from HKD 431,956,000, indicating a reduction of 5.53%[110] - The total amount of trade receivables aged 0-60 days increased to HKD 59,901,000 as of June 30, 2024, compared to HKD 48,513,000 as of December 31, 2023[144] Cash Flow - For the six months ended June 30, 2024, the net cash used in operating activities was HKD 37,869,000, compared to HKD 5,157,000 in the same period of 2023[114] - The net increase in cash and cash equivalents for the period was HKD 155,162,000, compared to a decrease of HKD 74,504,000 in the same period last year[117] - The cash and cash equivalents at the end of the period increased to HKD 291,959,000 from HKD 164,371,000 year-over-year[115] Corporate Governance - The company complied with the corporate governance code, with minor deviations noted regarding the roles of the chairman and CEO[85] - The company’s board of directors includes three independent non-executive directors, ensuring a majority presence for shareholder interests[87] - The remuneration committee is responsible for establishing executive director compensation policies and evaluating their performance[90] - The investment committee reviews and monitors any investment projects or financial activities, with a two-tier approval structure for significant transactions[92] Shareholder Information - Major shareholders included Medusa with 12.68%, Jiafan with 52.79%, and J & A with 5.07% of the issued share capital[79] - The company declared an interim dividend of HKD 0.01 per share for the six months ended June 30, 2024, consistent with the previous year[67] - The group declared a final dividend of HKD 0.02 per share, totaling HKD 7,653,000, and an interim dividend of HKD 0.01 per share, totaling HKD 3,826,000 for the six months ended June 30, 2024[134] Market Trends - The global smartphone shipment increased by 9% year-on-year to approximately 292.2 million units in Q2 2024[52] - The global printed circuit board market is expected to reach approximately USD 79.37 billion in 2024, driven by demand from consumer electronics, automotive electronics, and IoT devices[53] - The automotive market in Europe, the US, and India showed resilience with sales increases of 4.4%, 2.1%, and 7.3% respectively in the first half of 2024[55] - The automotive sales in China showed a decline of nearly 8% in June 2024, indicating a less optimistic outlook for the market[55]
亚洲联网科技(00679) - 2024 - 中期财报