Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 16,980,000, a decrease of 82.2% compared to HKD 95,441,000 for the same period in 2023[3]. - The cost of sales and services for the same period was HKD 14,234,000, resulting in a gross profit of HKD 2,746,000, which is an increase of 44.9% from HKD 1,898,000 in 2023[3]. - The company incurred a loss before tax of HKD 24,670,000, which is a 23.5% improvement compared to a loss of HKD 32,279,000 in the previous year[3]. - The total comprehensive loss for the period was HKD 21,243,000, a reduction of 42.5% from HKD 36,793,000 in the same period last year[3]. - Basic loss per share for the period was HKD 7.0, compared to HKD 9.6 for the same period in 2023, indicating a 27.1% improvement[9]. - Revenue from external customers for the six months ended September 30, 2024, was HKD 16,980,000, compared to HKD 95,441,000 for the same period in 2023, indicating a significant decline[34]. - The loss for the period was approximately HKD 24.9 million, an improvement of HKD 8.8 million or 26.7% compared to a loss of HKD 33.7 million in the same period last year[57]. Assets and Liabilities - Current assets decreased to HKD 93,643,000 from HKD 156,735,000, reflecting a decline of 40.2%[10]. - Non-current assets increased to HKD 92,239,000 from HKD 41,571,000, representing a significant growth of 121.1%[11]. - The company's total equity as of September 30, 2024, was HKD 103,023,000, down from HKD 118,233,000, a decrease of 13.0%[14]. - The company reported cash and cash equivalents of HKD 30,570,000, a decrease of 35.3% from HKD 47,277,000 in the previous year[10]. - Trade and other receivables as of September 30, 2024, totaled HKD 59,243,000, down from HKD 107,731,000 as of March 31, 2024, with trade receivables (net of impairment) at HKD 27,492,000[52]. - Trade and other payables as of September 30, 2024, amounted to HKD 39,794,000, a decrease from HKD 45,358,000 as of March 31, 2024, including trade payables of HKD 33,712,000[54]. - The total liabilities decreased from approximately HKD 45.4 million as of March 31, 2024, to about HKD 39.8 million as of September 30, 2024[71]. Business Segments - For the six months ended September 30, 2024, total revenue from the dairy products business was HKD 6,694,000, while logistics business revenue was HKD 10,286,000, resulting in a total revenue of HKD 16,980,000[28]. - The adjusted EBITDA for the dairy products business showed a loss of HKD 18,065, while the logistics business reported a profit of HKD 764, leading to a total adjusted EBITDA loss of HKD 16,842[28]. - The milk products business generated revenue of approximately HKD 6.7 million, down from HKD 93.2 million in 2023, with a related gross profit of approximately HKD 1.5 million[62]. - The logistics business reported revenue of approximately HKD 10.3 million, a significant increase from HKD 1.8 million in 2023, with an adjusted EBITDA profit of approximately HKD 0.8 million[63]. Acquisitions and Investments - The group completed the acquisition of 70% of Shenyang Jinyi E-commerce Co., Ltd. on June 27, 2024, to integrate its e-commerce platform with the milk products business[61]. - The company completed the acquisition of Smart Front Developments Limited for a total consideration of HKD 17.5 million, including shareholder loans of approximately HKD 17.3 million[84]. - The company also acquired a 70% economic interest in Shenyang Golden Ant for a total consideration of RMB 2.4 million, in exchange for waiving trade receivables totaling AUD 5.1 million[87]. - The company acquired 100% equity of He Ying Group to enhance logistics operations and aims to maximize warehouse rental rates[93]. Operational Challenges and Market Conditions - Despite government measures to boost the economy, retail markets in China and Hong Kong are experiencing a slowdown due to high interest rates and changing consumer behaviors[96]. - The Chinese dairy market, particularly infant formula, faces challenges from declining birth rates and stricter regulations, yet foreign brands are showing growth in market share[97]. - The logistics sector must enhance service quality and adopt advanced IT systems to remain competitive amid economic challenges[96]. Corporate Governance and Compliance - The company has taken steps to fill board vacancies following the passing of an independent non-executive director, ensuring compliance with listing rules[100][101]. - The audit committee reviewed the accounting principles and practices adopted by the group for the six months ending September 30, 2024[105]. - The company has not made any significant investment or capital asset plans but will continue to follow its business strategy for development[97]. Miscellaneous - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2024 (2023: none)[50]. - The interim report for 2024 will be made available to shareholders and can be accessed on the Hong Kong Stock Exchange website and the company's website[108]. - The company expresses gratitude to the management team and all employees for their hard work and contributions to sustainability[110].
阿尔法企业(00948) - 2025 - 中期业绩