Financial Performance - The Group recorded revenue of approximately HK$50.22 million for the six months ended 31 December 2024, representing a decrease of approximately 25.49% compared to HK$67.40 million for the same period in 2023[5]. - The Group reported a loss of approximately HK$14.04 million for the period, an improvement from a loss of approximately HK$16.06 million in 2023[5]. - The loss for the period ended December 31, 2024, was HK$14,040,000, a decrease from a loss of HK$16,062,000 in the same period of 2023, representing an improvement of approximately 12.6%[126]. - The loss attributable to owners of the Company for the Period was approximately HK$11.57 million, a decrease from approximately HK$16.45 million in 2023, with loss per share improving to approximately HK cents 1.90[74]. - The Group reported a loss before tax of HK$13,864,000 for the six months ended December 31, 2024, compared to a loss of HK$15,229,000 for the same period in 2023, showing a slight improvement in financial performance[153][156]. Revenue Breakdown - Revenue from primary tutoring services, skill courses, and test preparation courses was approximately HK$15.72 million, an increase of approximately 5.65% from HK$14.88 million in 2023[12]. - Revenue from secondary tutoring services decreased to approximately HK$73,000, representing a decrease of approximately 87.87% compared to approximately HK$602,000 in the corresponding period in 2023[58]. - Revenue from gaming product sales was approximately HK$31.96 million, down from approximately HK$49.58 million in 2023[13]. - Revenue from VR product sales and related services decreased to approximately HK$0.52 million from approximately HK$1.21 million in 2023[13]. - Revenue from private educational services was HK$16,391,000, up from HK$15,570,000 year-over-year[125]. Assets and Liabilities - As of December 31, 2024, the total balance of cash and cash equivalents was approximately HK$0.69 million, a decrease from approximately HK$8.65 million as of June 30, 2024[83]. - Current assets decreased to HK$97,571,000 from HK$108,132,000, reflecting a decline of approximately 9.5%[127]. - Current liabilities increased to HK$38,511,000 from HK$17,898,000, showing a significant rise of about 114.5%[127]. - Total assets less current liabilities were HK$98,905,000, down from HK$129,590,000, representing a decrease of about 23.7%[127]. - Net current assets decreased to HK$59,060,000 from HK$90,234,000, indicating a decline of approximately 34.5%[127]. Impairment and Credit Risk - The company reported an impairment loss on trade receivables of HK$6,153,000 for the six months ended December 31, 2024, compared to HK$2,788,000 in 2023[169]. - The impairment loss on trade receivables increased to HK$6,996,000 from HK$843,000, indicating a rise in credit risk[185]. - Loan receivables with outstanding principal and interest that were past due and impaired amounted to approximately HK$3.99 million as of December 31, 2024, with an additional impairment loss of approximately HK$107,000 recognized during the period[37]. Investment and Strategic Direction - The Group has developed the AI Generative Pre-trained Transformer platform, known as "EduGPT," which aims to enhance learning experiences and efficiency for students[76]. - The Group is committed to promoting digital and intelligent education in the PRC and has expanded cooperation with various stakeholders in the education sector[80]. - The Group aims to transform into a comprehensive provider of education and AI-powered educational services, enhancing its agility in responding to market dynamics[81]. - The Group remains open to exploring various exit options for its investment in Convoy, including private sales or potential relisting opportunities[53]. Dividends and Share Options - The Board does not recommend the payment of an interim dividend for the six months ended 31 December 2024[4]. - The Company adopted the 2023 Share Option Scheme on 21 December 2023, effective for 10 years, replacing the 2020 Share Option Scheme[104]. - As of 31 December 2024, no share options have been granted under the 2023 Share Option Scheme, representing approximately 7.64% of the weighted average number of issued shares for the Period[107]. Operational Efficiency - Staff costs decreased to approximately HK$14.55 million from approximately HK$15.24 million for the corresponding period in 2023, due to improved efficiency in human resources allocation[61]. - The Group has established a liquidity risk management system to manage its funding requirements effectively[82]. - The company continues to focus on its core business areas, including private educational services and digital entertainment, as part of its strategic direction[134].
源宇宙教育(01082) - 2025 - 中期财报