Financial Performance - Revenue for the six months ended December 31, 2024, was HK$21,662,000, a decrease of 75.8% compared to HK$89,336,000 in the previous period[9]. - Gross profit for the same period was HK$1,433,000, down 78.0% from HK$6,505,000 in the previous period[9]. - Loss before taxation was HK$24,998,000, compared to a profit of HK$51,092,000 in the previous period[9]. - Loss for the period amounted to HK$24,999,000, a significant decline from a profit of HK$50,798,000 in the previous period[9]. - Total comprehensive expense for the period was HK$30,061,000, compared to a comprehensive income of HK$5,418,000 in the previous period[12]. - Basic and diluted loss per share was HK$(2.67) cents, compared to earnings of HK$7.36 cents per share in the previous period[12]. - The company reported a total comprehensive loss of HK$30,061,000 for the period, compared to a total comprehensive income of HK$5,418,000 for the same period in 2023[20]. - Loss attributable to owners of the Company was approximately HK$21.6 million for the six months ended December 31, 2024, compared to a profit of approximately HK$51 million in the previous period[140]. Assets and Liabilities - Non-current assets as of December 31, 2024, totaled HK$44,051,000, an increase from HK$42,383,000 as of June 30, 2024[14]. - Current assets decreased to HK$212,443,000 from HK$220,006,000 as of June 30, 2024[14]. - As of December 31, 2024, the company's net assets decreased to HK$89,743,000 from HK$96,469,000 as of June 30, 2024, representing a decline of approximately 6.5%[17]. - The total equity attributable to owners of the company decreased to HK$93,160,000 from HK$96,494,000, reflecting a decrease of about 3.4%[17]. - Trade receivables decreased to HK$134,555,000 as of December 31, 2024, down from HK$150,366,000 as of June 30, 2024[91]. - The provision for impairment losses on trade receivables increased to HK$14,960,000 from HK$7,529,000[91]. - The carrying value of property, plant, and equipment decreased to HK$6,260,000 as of December 31, 2024, from HK$7,045,000 at the beginning of the period[80]. Cash Flow - The net cash used in operating activities for the six months ended December 31, 2024, was HK$15,857,000, a significant increase in cash outflow compared to HK$108,869,000 for the same period in 2023[24]. - Cash outflows from investing activities amounted to HK$14,646,000 for the six months ended December 31, 2024, compared to cash inflows of HK$53,653,000 in the previous year[24]. - The Group experienced a net decrease in cash and cash equivalents of HK$2,710,000, contrasting with an increase of HK$3,118,000 in the same period of 2023[27]. - The Group's cash and cash equivalents at the end of the period were HK$7,202,000, down 15.5% from HK$8,527,000 at the end of the previous period[27]. Revenue Breakdown - Revenue from Smart City Solutions was HK$15,833,000, down 78.6% from HK$73,962,000 in the previous year[46]. - Revenue from the design and sales of renewable energy products and solutions was HK$5,829,000, a decrease of 62.1% from HK$15,374,000 in the prior period[46]. - The decrease in revenue was primarily attributed to lower contract volumes from Smart City Solutions and renewable energy segments due to supply shortages and government policy changes[140]. Share Capital and Financing - The issuance of new shares resulted in an increase in share capital to HK$8,206,000 as of December 31, 2024, from HK$6,838,000 as of July 1, 2024[20]. - The net cash generated from financing activities was HK$27,793,000, compared to HK$58,334,000 in the same period last year, reflecting a decline of 52.4%[27]. - The company raised gross proceeds of approximately HK$23,934,000 from the issuance of 136,764,000 ordinary shares at a placing price of HK$0.175 per share on July 19, 2024, to be used for general working capital[122]. Impairment and Losses - The company incurred impairment losses on loan receivables, trade, and other receivables amounting to HK$7,653,000, up from HK$3,684,000 in the previous year[24]. - The provision for impairment losses on loan receivables increased to HK$296,000 as of December 31, 2024, from HK$174,000 as of June 30, 2024, reflecting a cautious approach to credit risk management[101]. Taxation - Current tax expenses for the six months ended December 31, 2024, were HK$1,294,000, reflecting the company's tax obligations in both Hong Kong and the PRC[60]. - The company’s operations in the PRC benefited from a reduced tax rate of 5% during the review period, compared to the standard rate of 25%[63]. Management and Strategy - General and administrative expenses increased by approximately 52.8% to approximately HK$17.6 million for the six months ended December 31, 2024, up from approximately HK$11.5 million in the previous period[142]. - The management strategy focuses on stringent cost control to enhance return on investments despite increased expenses related to new green energy initiatives[142]. Market and Business Development - The Renewable Energy Business faced significant challenges from 2020 to early 2024, including delays in approvals and a sudden cut in Feed-in Tariff (FiT) rates by the Hong Kong Government, which discouraged customer orders[166][167]. - The Group successfully commenced sales, design, and installation of SPV Systems to Southeast Asia customers during the review period, expanding its market presence[171]. - In August 2024, the Group secured official validation for its Oxyhydrogen Gas System technology from government bodies in China, enabling trial production[172]. Investments - The fair value of listed equity investments in Hong Kong was approximately HK$15.2 million, up from approximately HK$10.4 million on June 30, 2024[182]. - The investment portfolio included 8 equity securities, with 6 listed on the Main Board and 2 on the GEM of the Stock Exchange[182].
冠军科技集团(00092) - 2025 - 中期业绩