Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 49,113,000, compared to no revenue in the same period last year[11] - Cost of sales for the same period was HKD (48,993,000), resulting in a gross profit of HKD 120,000[11] - Other income and gains amounted to HKD 1,531,000, down from HKD 1,963,000 in the previous year[11] - The company reported a loss before tax of HKD (5,477,000), compared to a loss of HKD (4,154,000) in the prior year[11] - Total comprehensive loss for the period was HKD (3,522,000), a decrease from HKD (9,108,000) in the previous year[11] - The basic and diluted loss per share was HKD (1.25), slightly improved from HKD (1.29) in the previous year[11] - The company reported a loss attributable to owners of the company of HKD 50,624,000 for the period[15] - The cumulative loss as of September 30, 2024, was HKD (855,339,000), reflecting a slight increase from HKD (854,943,000) in the previous year[15] - The group reported a total loss before tax of HKD 5,477,000 for the six months ended September 30, 2024, compared to a loss of HKD 4,154,000 for the same period in 2023[31][32] - The group recorded a net loss of approximately HKD 5,345,000 for the six months ending September 30, 2024, representing a 32% increase compared to a loss of HKD 4,063,000 in the same period last year[98] Assets and Liabilities - Non-current assets totaled HKD 33,210,000, an increase from HKD 31,300,000 as of March 31, 2024[14] - Current assets decreased to HKD 67,884,000 from HKD 91,176,000[14] - Total liabilities decreased to HKD 18,157,000 from HKD 19,660,000[14] - Net assets amounted to HKD 78,368,000, down from HKD 97,656,000[14] - The total liabilities of the group decreased to HKD 22,726,000 as of September 30, 2024, compared to HKD 24,820,000 as of March 31, 2024[33] - The group’s total equity as of September 30, 2024, was HKD 78,368,000, down from HKD 90,774,000 as of March 31, 2024[33] - The company's debt-to-equity ratio is approximately 9.03%, down from 24.47% as of March 31, 2024, with total borrowings of HKD 3,300,000[105] Cash Flow - Cash inflow from operating activities was HKD 47,592,000, while cash outflow for procurement and production costs was HKD 43,012,000[17] - Net cash used in operating activities was HKD (1,342,000), an improvement from HKD (3,882,000) in the previous year[17] - Net cash generated from investing activities was HKD 32,921,000, compared to HKD 11,409,000 in the previous year[17] - Cash and cash equivalents at the end of the period increased to HKD 59,748,000 from HKD 79,998,000 in the previous year[17] - As of September 30, 2024, the group had cash and cash equivalents of approximately HKD 59,748,000, down from HKD 82,618,000 as of March 31, 2024[100] Business Segments - For the six months ended September 30, 2024, the total revenue from the mining and metals business was HKD 49,113,000, while the software and innovation business reported no revenue[31] - The mining and metals segment incurred a loss of approximately HKD 2,529,000 for the six months ending September 30, 2024, compared to a loss of HKD 1,408,000 in the previous year[97] - The software and innovation segment reported no revenue for the six months ending September 30, 2024, with a segment loss of approximately HKD 5,000, compared to a loss of HKD 6,000 in the previous year[91] - The mining and metals business did not generate any sales revenue from copper-nickel products during the reporting period[85] Stock Options and Share Capital - The issued and fully paid share capital as of September 30, 2024, was HKD 915,382,000 with 337,288,180 shares outstanding[60] - The company granted a total of 41,000,000 stock options on August 14, 2023, under the 2013 Share Option Scheme[71] - As of September 30, 2024, the total unexercised stock options amounted to 72,736,217 shares, with an exercise price of HKD 0.0625 per share[73] - The company recognized total expenses of HKD 231,000 related to the stock options granted during the six months ended September 30, 2024[76] - The company has a total of 5,700,000 stock options available for exercise as of September 30, 2024, with a weighted average exercise price of HKD 0.4772[125] - No stock options were exercised or canceled during the six months ending September 30, 2024, under the 2013 stock option plan[125] - The 2023 stock option plan allows for a maximum of 281,288,180 shares to be granted, with 28,128,818 shares available for grant as of September 30, 2024, following a share consolidation[128] Corporate Governance - The company’s financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency[20] - The company has complied with the GEM Listing Rules regarding corporate governance, except for the separation of the roles of Chairman and CEO[131] - The Audit Committee is responsible for reviewing and monitoring the financial reporting process and internal controls of the group[135] - The company has appointed experienced staff to monitor internal controls and audit functions, ensuring compliance and effectiveness[135] Future Plans and Developments - The company has engaged in research and development of bio and nano materials, indicating a focus on innovation and market expansion[19] - The group expects to obtain renewed mining licenses by the end of 2024, with plans to start construction of the mine in the second half of 2025 and commence phase two mining operations by the end of 2026, subject to approvals[87] - The company received approval for the development plan proposal for the second phase of the Baishiquan copper-nickel mine in May 2024[85] - The group has entered into new contracts related to exploration work at the Baishiquan copper-nickel mine, with capital commitments of approximately HKD 1,913,000 as of September 30, 2024[90] Employee and Operational Information - The group employed a total of 26 staff as of September 30, 2024, with no serious workplace safety incidents reported in the past six months[113] - The company’s management compensation for the six months ended September 30, 2024, totaled HKD 784,000, an increase from HKD 692,000 in the previous year[82] Market Conditions - Nickel prices on the London Metal Exchange have dropped from over $21,000 per ton in May 2024 to $15,600 per ton by the end of July 2024, marking a three-year low due to oversupply from Indonesia and China[87]
天时资源(08028) - 2025 - 中期财报