Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 5,997,000, a decrease of 41.9% compared to HKD 10,262,000 in the same period of 2023[16] - The company reported a loss before tax of HKD 1,074,000, compared to a profit of HKD 3,036,000 in the previous year[16] - Basic loss per share was HKD 0.14, compared to earnings of HKD 0.28 per share in the same period last year[16] - For the six months ended June 30, 2024, the company reported a loss of HKD 1,122,000, compared to a profit of HKD 2,249,000 for the same period in 2023[19] - The total comprehensive income for the six months ended June 30, 2023, was HKD 2,249,000, while for the same period in 2024, it was a loss of HKD 1,122,000[19] - The group reported a net loss of approximately HKD 1.1 million and a net current liability of about HKD 6.3 million as of June 30, 2024, indicating uncertainty regarding the group's ability to continue as a going concern[25] - The group recorded a loss of approximately HKD 1.1 million for the current period, compared to a profit of approximately HKD 2.2 million in the previous period[68] Revenue Breakdown - Total segment revenue for the six months ended June 30, 2024, was HKD 5,997 thousand, a decrease from HKD 10,262 thousand in the same period of 2023[31][32] - The brokerage services segment generated revenue of HKD 4,020 thousand, while the debt issuance segment contributed HKD 1,977 thousand for the six months ended June 30, 2024[31] Assets and Liabilities - Non-current assets decreased to HKD 12,854,000 from HKD 25,240,000, reflecting a decline of 49.1%[17] - Current assets dropped to HKD 39,134,000, down 15.8% from HKD 46,434,000 in 2023[17] - Total liabilities increased significantly to HKD 45,456,000, compared to HKD 21,465,000 in the previous year[17] - The company's net asset value decreased to HKD 6,532,000 from HKD 7,653,000, a decline of 14.6%[18] - Accounts receivable as of June 30, 2024, totaled 10,386 thousand HKD, a decrease from 30,619 thousand HKD as of December 31, 2023[46] - As of June 30, 2024, accounts payable amounted to HKD 794,000, compared to HKD 18,254,000 as of December 31, 2023, indicating a significant decrease[52] Cash Flow and Financing - Operating cash flow before changes in working capital for the first half of 2024 was HKD 448,000, a significant decrease from HKD 3,341,000 in the same period of 2023[21] - The company has a cash and cash equivalents balance of HKD 12,506,000, slightly up from HKD 12,369,000 year-on-year[17] - The company incurred financing costs of HKD 14,000 in the first half of 2024, a decrease from HKD 976,000 in the same period of 2023[21] - The group currently holds approximately HKD 12.5 million in cash, and expects to generate more stable recurring revenue through technology upgrades and marketing activities in the second half of the year[25] Cost Management and Expenses - The company is focusing on cost management strategies to improve financial performance in the upcoming quarters[9] - Total employee costs amounted to 2,494 thousand HKD in 2024, down from 3,082 thousand HKD in 2023, reflecting a reduction of approximately 19%[40] - Other operating and administrative expenses amounted to approximately HKD 3.9 million, a slight increase of about HKD 34,000 or approximately 0.9% compared to the previous period[71] - Technology and communication expenses accounted for approximately 47.3% of the general and administrative expenses, totaling about HKD 1.9 million, an increase of approximately 15.3% from HKD 1.6 million in the previous period[71] Future Outlook and Strategy - The company aims to achieve profitability in the second half of 2024, despite a challenging market environment in the first half[63] - The group expects revenue of not less than approximately HKD 7.0 million for July and August 2024, including placement income of HKD 3.6 million, and a pre-tax profit of not less than approximately HKD 6.0 million[64] - The group anticipates that technology upgrades and marketing activities will lead to a larger customer base and more stable recurring revenue in the second half of the year[65] Corporate Governance and Compliance - The group has complied with the corporate governance code and has confirmed adherence to the applicable standards throughout the reporting period[82] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the period ending June 30, 2024[89] Shareholder Information - Major shareholder Lihqiao Financial Technology Holdings holds 523,672,000 shares, representing approximately 65.46% of the issued share capital[92] - Director Guan Jianwen holds 24,000,000 shares, accounting for approximately 3.0% of the issued share capital[90] - The total number of issued shares as of the report date is 800,000,000 shares[93]
立桥证券控股(08350) - 2024 - 中期财报