Financial Performance - The Group's revenue for the Reporting Period was approximately HK$12,368,000, representing a decrease of approximately 77% compared to the Corresponding Period[16]. - The Group recorded a loss of approximately HK$9,141,000 for the Reporting Period, while there was a profit of approximately HK$463,000 for the Corresponding Period[16]. - The Company reported a total comprehensive loss of HK$9,141,000 for the period, compared to a profit of HK$463,000 in the previous year[28]. - As of November 30, 2024, the company reported a net loss of HK$9,123,000 for the period, compared to a loss of HK$568,000 in the previous period[35]. - The company reported a loss attributable to owners of HK$9,123,000 for the six months ended November 30, 2024, compared to a profit of HK$568,000 in the corresponding period[77]. - A loss before income tax expense of approximately HK$9,141,000 was recorded, compared to a profit of approximately HK$463,000 for the corresponding period[136]. Revenue Breakdown - Revenue for the six months ended November 30, 2024, was HK$12,368,000, a decrease of 77% compared to HK$54,125,000 for the same period in 2023[28]. - Revenue from clubbing and entertainment business was HK$7,302,000, down from HK$31,127,000, reflecting a significant decline in sales[63]. - Event income dropped to HK$4,229,000 from HK$21,279,000, indicating a 80.2% decrease year-over-year[63]. - The revenue from the club and entertainment business decreased by approximately HK$41,757,000, or approximately 77%, from approximately HK$54,125,000 for the corresponding period to approximately HK$12,368,000 for the reporting period[110]. - Revenue from club and entertainment business decreased by approximately HK$41,757,000, or approximately 77%, from approximately HK$54,125,000 to approximately HK$12,368,000 due to the cessation of business by "FAYE" after lease expiration[122]. Assets and Liabilities - Non-current assets decreased from HK$18,169,000 as of May 31, 2024, to HK$11,417,000 as of November 30, 2024[30]. - Current assets decreased from HK$32,304,000 as of May 31, 2024, to HK$26,131,000 as of November 30, 2024[30]. - Total liabilities decreased from HK$47,552,000 as of May 31, 2024, to HK$37,491,000 as of November 30, 2024[30]. - Net current liabilities improved from HK$15,248,000 as of May 31, 2024, to HK$11,360,000 as of November 30, 2024[32]. - The total equity at the end of the reporting period was HK$4,439,000, a decrease from HK$22,020,000 as of November 30, 2023[35]. - The company had net current liabilities of approximately HK$11,360,000 and net liabilities of HK$864,000 as of November 30, 2024[47]. Cash Flow and Financing - Net cash used in operating activities for the six months ended November 30, 2024, was HK$8,465,000, an improvement from HK$9,591,000 in the same period last year[37]. - The company generated HK$9,249,000 from the issuance of ordinary shares through placing, compared to HK$5,878,000 in the previous period[37]. - Cash and cash equivalents at the end of the period were HK$1,716,000, down from HK$2,880,000 as of November 30, 2023[37]. - A loan facility agreement was entered into with a shareholder for HK$30,000,000 to support liquidity needs[47]. - The company raised approximately HK$3,100,000 for loan repayment and the remaining balance for administrative expenses through a subscription agreement[184]. - The net proceeds from the subscription amounted to approximately HK$9,250,000, fully utilized for loan repayment and general working capital[187]. Operational Insights - The Group's financial performance indicates significant challenges in the current market environment[16]. - The Company is focused on addressing the factors contributing to the decline in revenue and losses[16]. - The management is focused on closely monitoring administrative expenses and operating costs to enhance financial stability[52]. - The Group has plans to expand its outlet network by establishing more lounges and restaurants in Hong Kong, facing various operational risks[171]. - The nightclub "Faye" ceased operations on August 4, 2024, due to the expiration of the lease, and the company is seeking suitable venues for expansion[111]. Employee and Administrative Expenses - Employee benefits expenses decreased by approximately HK$5,870,000, or approximately 49%, from approximately HK$11,890,000 to approximately HK$6,020,000[129]. - The Group employed 52 employees as of November 30, 2024, down from 89 employees a year earlier[154]. - Advertising and marketing expenses decreased by approximately HK$4,970,000, or approximately 75%, from approximately HK$6,664,000 to approximately HK$1,694,000 due to reduced expenses from public relations and marketing services[128]. Compliance and Reporting - The report complies with the GEM Listing Rules and aims to provide relevant information about the Company[10]. - The Directors confirm that the information contained in the report is accurate and complete in all material respects[8]. - The Company is committed to transparency and accountability in its financial reporting[10]. - The Group has not recognized any current tax expense for the period, as there were no assessable profits[69]. - The Group did not hold any significant investments during the reporting period[155]. Share Capital and Options - The balance of share capital increased from HK$17,978,000 to HK$20,375,000 during the reporting period[35]. - As of June 1, 2024, there were up to 549,514 options granted but not exercised, with 1,510,486 outstanding options available for grant[190]. - No options were granted, exercised, cancelled, or lapsed during the reporting period[190]. - The company has adopted a Share Option Scheme in accordance with GEM Listing Rules, with details provided in the annual report[189].
新爱德集团(08412) - 2025 - 中期业绩