Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 76,929,000, with contributions from smartphone sales at HKD 59,691,000, building intelligence at HKD 861,000, control systems at HKD 15,560,000, and data centers at HKD 12,000[21]. - Total revenue for the six months ended September 30, 2024, was HKD 76,124 thousand, a significant increase from HKD 17,126 thousand in the same period of 2023, representing a growth of approximately 344%[29]. - The company reported a comprehensive loss before tax of HKD (14,948,000) for the period[21]. - The group reported an adjusted EBIT loss of HKD (409) thousand for the six months ended September 30, 2024, compared to a loss of HKD (9,807) thousand in the previous period, showing an improvement in operational efficiency[23]. - The group recorded a net loss before tax of HKD (9,807) thousand for the six months ended September 30, 2024, compared to a loss of HKD (9,807) thousand in the same period of 2023, indicating consistent performance despite challenges[23]. - The net loss attributable to the owners of the company was HKD 13,319,000, compared to HKD 8,801,000 in the prior year, marking an increase of about 51%[159]. - The total comprehensive loss for the period was HKD 14,910,000, compared to HKD 9,426,000 in the previous year, indicating an increase of approximately 58%[174]. Cash Flow and Liquidity - The net cash used in operating activities was HKD (25,617,000), compared to HKD (22,833,000) in the previous period[12]. - Cash inflow from bank borrowings amounted to HKD 6,176,000, while repayment of bank borrowings was HKD (13,283,000)[12]. - The cash and cash equivalents at the end of the period were HKD 3,995,000, down from HKD 12,821,000 in the previous year[96]. - The company's cash and cash equivalents significantly dropped to HKD 3,995,000 from HKD 33,373,000, reflecting a decline of approximately 88.0%[186]. - For the six months ended September 30, 2024, the net cash flow decreased by HKD 29,408,000 compared to an increase of HKD 11,069,000 in the same period of 2023[96]. Assets and Liabilities - The total assets of the group as of September 30, 2024, amounted to HKD 218,280 thousand, a slight decrease from HKD 223,095 thousand in the previous year[27]. - As of September 30, 2024, total assets minus current liabilities amounted to HKD 106,523,000, a decrease from HKD 116,211,000 as of March 31, 2024, representing a decline of approximately 8.9%[186]. - Current assets totaled HKD 133,815,000, down from HKD 137,540,000, indicating a decrease of about 2.0%[186]. - The company's total liabilities decreased to HKD 111,757,000 from HKD 106,884,000, indicating an increase of about 4.0%[186]. - The total amount of trade payables rose to HKD 23,639,000 as of September 30, 2024, up from HKD 13,814,000 as of March 31, 2024, reflecting an increase of 70.9%[72]. Share Capital and Equity - The total issued and paid-up share capital increased to HKD 36,031,000 as of September 30, 2024, from HKD 26,031,000 as of March 31, 2024, reflecting new share issuances[87]. - The company issued 10,656,000 shares under its share option plan, raising a total cash consideration of HKD 5,221,440 during the six months ended September 30, 2024[88]. - The company's issued share capital was approximately HKD 37.1 million, an increase from HKD 36.0 million as of March 31, 2024, with a total of 370,968,640 shares issued[146]. - The company completed a placement of 60,000,000 shares at a price of HKD 0.401 per share, representing approximately 16.65% of the enlarged issued share capital post-placement[149]. Operational Segments - Revenue from the smartphone distribution segment was HKD 59,691 thousand, while the building intelligence and control systems contributed HKD 861 thousand, indicating a strong performance in the smartphone sector[29]. - The smartphone distribution segment generated revenue of HKD 59.7 million, accounting for 78.4% of total revenue[132]. - The control systems segment revenue increased to HKD 15.6 million, representing 20.5% of total revenue, compared to HKD 12.7 million in the previous period[132]. - The smart home business experienced a significant decline in external revenue from HKD 4.3 million to HKD 0.9 million, resulting in a segment loss of HKD 7.5 million[124]. - The data center business reported a revenue decrease to approximately HKD 12,000, with a segment loss of about HKD 18,000 during the reporting period[126]. Governance and Compliance - The company has adopted the Corporate Governance Code and believes it has complied with all applicable code provisions[6]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2024[2]. - The company maintained sufficient public float as per listing rules as of September 30, 2024[9]. - The company has not violated any covenants related to its bank borrowings as of September 30, 2024, ensuring compliance with financial agreements[81]. Management and Personnel - There were changes in the board of directors, with Mr. Zheng resigning and Mr. Xu appointed as an independent non-executive director effective August 6, 2024[4]. - Employee costs, including director remuneration, decreased to HKD 9,536 thousand from HKD 10,595 thousand, indicating cost management efforts[45]. - Short-term employee benefits for key management personnel amounted to HKD 2,009,000, a decrease of 15.9% from HKD 2,391,000 in 2023[112]. - The company reported a total of HKD 2,030,000 in compensation for key management personnel, down from HKD 2,419,000 in the previous year[112]. Future Outlook - The company plans to continue exploring new business and investment opportunities to diversify and expand its operations for long-term benefits[130]. - The board believes that the growth will depend on opportunities brought by 5G technology and related products[129]. - The company aims to improve profit margins in the smartphone distribution business by increasing procurement levels through the net proceeds from the new share subscription[119].
协同通信(01613) - 2025 - 中期财报