Financial Performance - The group's revenue for the six months ending December 31, 2024, increased by approximately 105% to about HKD 21,000,000, while the loss recorded was approximately HKD 31,000,000, compared to a loss of HKD 16,000,000 in the same period last year[6]. - The company reported revenue of HKD 21,135,000 for the six months ended December 31, 2024, representing a 105.5% increase compared to HKD 10,324,000 in the same period of 2023[54]. - Gross profit for the same period was HKD 10,088,000, up from HKD 5,698,000, indicating an increase of 77.5%[54]. - The total comprehensive loss for the period was HKD 29,696,000, compared to a loss of HKD 17,087,000 in the prior year, marking an increase of 73.5%[55]. - The net loss for the six months ended December 31, 2024, was approximately HKD 31,196,000, indicating ongoing financial challenges[61]. - The group reported a total segment loss of HKD 23,972,000 for the six months ended December 31, 2024, compared to a loss of HKD 8,597,000 for the same period in 2023, indicating a deterioration in performance[87]. - The group’s total comprehensive loss before tax for the six months ended December 31, 2024, was HKD 31,029,000, compared to a loss of HKD 15,638,000 in the same period of 2023, indicating a worsening financial position[87]. - The company incurred an operating loss of HKD 27,752,000, compared to a loss of HKD 12,860,000 in the previous year, reflecting a deterioration in operational performance[54]. - The basic loss per share was HKD 2.16, compared to HKD 0.96 in the same period last year, indicating a significant increase in losses per share[55]. - The group reported a loss of HKD 31,288,000 for the six months ended December 31, 2024, compared to a loss of HKD 13,480,000 in the same period of 2023, indicating a significant increase in losses[94]. Revenue Sources - The total sales for the six months ending December 31, 2024, were approximately HKD 18,000,000[12]. - Rental income from investment properties for the six months ending December 31, 2024, was approximately HKD 3,000,000, down from HKD 4,000,000 in the previous year[7]. - Revenue from the property investment segment was HKD 2,894,000 for the six months ended December 31, 2024, down from HKD 4,341,000 in the same period of 2023, a decline of 33.4%[88]. - Research and development segment revenue was HKD 18,241,000 for the six months ended December 31, 2024, compared to HKD 5,983,000 in the same period of 2023, showing an increase of 203.5%[85]. Investments and Future Plans - The group has invested approximately HKD 160,000,000 in collaboration with the Finnish National Technology Innovation Agency and plans to make significant further investments in the coming years[9]. - The technology department expects to generate revenue of USD 29,000,000 by 2029 from the developed technology products and systems[9]. - The group plans to continue its research and development efforts in producing and selling portable X-ray systems and advanced software solutions, indicating a focus on innovation and market expansion[83]. Financial Position - The net current liabilities of the group as of December 31, 2024, are approximately HKD 98,000,000, with a current ratio of 0.28[24]. - The total outstanding liabilities of the group amount to approximately HKD 155,000,000, including trade and other payables of about HKD 15,000,000 and secured bank borrowings of approximately HKD 103,000,000[24]. - The capital debt ratio of the group is approximately 23%, calculated as total liabilities divided by total assets[26]. - The company has significant uncertainty regarding its ability to continue as a going concern due to the net current liabilities of HKD 98,059,000[61]. - As of December 31, 2024, total non-current assets amounted to HKD 634,942,000, a decrease of 3.6% from HKD 658,992,000 as of June 30, 2024[56]. - Current assets totaled HKD 37,646,000, down 19% from HKD 46,476,000 in June 2024, primarily due to a decrease in cash and cash equivalents[56]. - The company's equity attributable to owners decreased to HKD 548,951,000 from HKD 576,503,000, a decline of 4.8%[57]. - The company’s total assets less current liabilities stood at HKD 536,883,000, down from HKD 564,114,000[57]. Share Options and Capital Structure - The company has granted a total of 397,721,900 share options under the share option plan, representing approximately 24.18% of the issued share capital as of the reporting date[37]. - The exercise price for the share options ranges from HKD 0.179 to HKD 0.321, with grant dates spanning from May 30, 2016, to November 9, 2018[39]. - The share options are a strategic tool for employee retention and motivation, aligning their interests with the company's performance[37]. - The weighted average number of ordinary shares used for calculating basic loss per share increased to 1,450,294,733 for the six months ended December 31, 2024, from 1,401,437,549 in 2023[95]. - The company has a balanced ownership structure with key shareholders each holding 50% in Gold Seal Holdings Limited[38]. Cash Flow and Liquidity - The company reported a net cash outflow from operating activities of HKD 7,401,000 for the six months ended December 31, 2024, an improvement from HKD 11,991,000 in the same period of 2023[59]. - Cash and cash equivalents at the end of the period were HKD 24,350,000, down from HKD 36,250,000 at the beginning of the period[59]. - The group has bank and cash balances of approximately HKD 24,000,000 as of December 31, 2024[24]. - The group has approximately HKD 102,730,000 in secured bank loans with repayment terms that will be repaid according to the scheduled repayment dates, and the bank will not exercise its discretion to demand immediate repayment[62]. - As of December 31, 2024, the group has undrawn available bank credit of approximately HKD 84,770,000[65]. Employee and Management Compensation - The total number of employees in the group as of December 31, 2024, is 45, with compensation determined based on market conditions[29]. - The remuneration for key management personnel was HKD 1,461,000 for the six months ended December 31, 2024, down from HKD 1,991,000 in 2023[128]. Compliance and Governance - The company is required to take necessary actions within 18 months from November 27, 2024, to comply with listing rules, or risk delisting[49]. - The company has committed to appoint at least one director of a different gender by December 31, 2024, to comply with diversity requirements[46]. - The board approved and authorized the publication of the consolidated interim financial statements on February 27, 2025[129].
PALADIN(00495) - 2025 - 中期财报