Financial Performance - The Group's revenue for the six months ended June 30, 2024, was approximately HK$299.7 million, a decrease of approximately HK$779.5 million or 72.2% from approximately HK$1,079.2 million for the corresponding period[12]. - The gross profit recorded during the reporting period was approximately HK$5.0 million, down from HK$20.6 million in the previous year[11]. - Net profit for the Reporting Period was approximately HK$4.9 million, down from approximately HK$30.1 million for the Corresponding Period[15]. - Other income decreased by approximately HK$2.4 million or 30.5% to approximately HK$5.5 million during the Reporting Period, primarily due to a decrease in other interest income[13]. - The Group's revenue for the Reporting Period was approximately HK$299.7 million, a decrease of approximately HK$779.5 million or 72.2% compared to approximately HK$1,079.2 million for the Corresponding Period[13]. - Gross profit during the Reporting Period was approximately HK$5.0 million, representing a decrease of approximately HK$15.6 million or 75.5% from approximately HK$20.6 million for the Corresponding Period[13]. - The total comprehensive income for the period attributable to owners of the Company was a loss of HK$2,754,000 compared to a gain of HK$10,283,000 in 2023[47]. - The Group's profit attributable to owners for the six months ended June 30, 2024, was approximately HK$9,281,000, a decrease of 69% compared to HK$30,290,000 in 2023[76]. Economic Impact - The decline in revenue was attributed to the economic recession in the PRC, despite efforts to expand trading in poultry and seafood and initiate online sales[8]. - The agricultural and meat business has been significantly impacted by the economic conditions in the PRC during the reporting period[11]. Operational Developments - The Group has commenced supplying agricultural and meat products to supermarkets and other customers in the PRC during the reporting period[8]. - The Group aims to diversify its income streams by developing trading in agricultural and meat products, poultry, seafood, prepared food, and tea leaves, and is supplying produce to supermarkets and online platforms in the PRC[39]. - The Group is exploring cooperation models with e-commerce operators to enhance online sales of agricultural and meat products, thus diversifying revenue streams[43]. - The Group collaborates with state-owned enterprises to broaden sales channels and diversify product offerings in its Agricultural and Meat Business[45]. - The Group's strategy includes enhancing its customer base and revenue streams through various sales channels[8]. Financial Position - Total borrowings as of June 30, 2024, amounted to approximately HK$366.3 million, an increase from HK$364.7 million as of December 31, 2023[17]. - The Group's bank balances and cash as of June 30, 2024, were approximately HK$11.9 million, up from HK$9.8 million as of December 31, 2023[16]. - The Group's quick ratio was approximately 0.84 times as of June 30, 2024, compared to 0.85 times as of December 31, 2023[16]. - The gearing ratio as of June 30, 2024, was 0.73, consistent with the ratio on December 31, 2023[25]. - The total employee cost during the reporting period was HK$4.7 million, down from HK$5.2 million in the previous year[37]. - The Group had a total of 51 full-time employees as of June 30, 2024, a decrease from 60 employees as of December 31, 2023[37]. - The accumulated losses as of June 30, 2024, were HK$741,174,000, reflecting a decrease from HK$765,524,000 as of June 30, 2023[51]. Legal and Compliance - The Group's wholly-owned subsidiary is involved in a legal dispute with an independent third party, claiming approximately RMB45,845,000 due to failure to deliver agricultural produce valued at RMB25,084,000[38]. - The Group is currently involved in ongoing legal proceedings related to a civil complaint, with potential claims amounting to approximately RMB 45,845,000[142]. - The Group's financial information does not include all details required for a full set of consolidated financial statements, and should be read in conjunction with the previous year's financial statements[56]. Shareholder Information - No interim dividend was paid, declared, or proposed during the Reporting Period, consistent with the previous year[45]. - The Company changed its name from "China Finance Investment Holdings Limited" to "Congyu Intelligent Agricultural Holdings Limited" effective from 19 June 2024[162]. - As of June 30, 2024, Sino Richest Investment Holdings Limited holds 264,731,087 ordinary shares, representing 69.80% of the company's total shareholding[148]. - The roles of chairman and chief executive officer are held by Mr. Lin Yuhao, which the Board believes facilitates business strategy execution[159]. Governance and Management - The Company has complied with the Corporate Governance Code except for deviations from Code Provisions C.1.6 and C.2.1 during the Reporting Period[158]. - The Audit Committee has reviewed the financial information for compliance with applicable accounting standards and legal requirements[164]. - The Group's management is responsible for making judgments and estimates that affect the reported amounts of assets, liabilities, income, and expenses[55].
中国金控(00875) - 2024 - 中期财报