Financial Performance - The group reported revenue of HKD 1,857,000 for the six months ended February 28, 2025, a decrease of 26.5% compared to HKD 2,528,000 for the same period in 2024[11]. - Other income decreased significantly to HKD 57,000 from HKD 605,000, marking a decline of 90.6% year-over-year[11]. - The group incurred a loss before tax of HKD 3,648,000, compared to a loss of HKD 2,454,000 in the previous year, representing an increase in loss of 48.6%[11]. - The basic and diluted loss per share was HKD 0.05, compared to HKD 0.04 for the same period last year[11]. - Total comprehensive loss for the period was HKD 3,763,000, up from HKD 2,326,000 in the previous year, indicating a 61.9% increase in comprehensive loss[13]. - The group reported a net loss attributable to equity holders of the parent of HKD 3,530,000, compared to HKD 2,407,000 in the prior year, reflecting a 46.6% increase in net loss[13]. - The group experienced a foreign exchange loss of HKD 100,000 from overseas operations, compared to a gain of HKD 128,000 in the previous year[13]. - The net cash used in operating activities for the six months ended February 28, 2025, was HKD (17,765,000), compared to HKD (8,929,000) in the previous year[21]. - The group reported a pre-tax loss of HKD 3,530,000 for the six months ended February 28, 2025, compared to a loss of HKD 2,407,000 for the same period in 2024[48]. - The group reported a loss of approximately HKD 3.6 million for the period, an increase from a loss of approximately HKD 2.5 million in the same period last year[75]. Revenue Breakdown - Restaurant operations revenue for the six months ended February 28, 2025, was HKD 1,664,000, a decrease of 32.5% from HKD 2,467,000 for the same period in 2024[34]. - Food supply chain services revenue increased to HKD 193,000 from HKD 61,000, representing a growth of 216.4% year-over-year[34]. - Total revenue for the group decreased to HKD 1,857,000, down 26.5% from HKD 2,528,000 in the previous year[34]. - Other income for the six months ended February 28, 2025, was HKD 57,000, a significant decline from HKD 605,000 in the same period of 2024[39]. Assets and Liabilities - Total liabilities as of February 28, 2025, amounted to HKD 24,592,000, with current liabilities netting at HKD 4,365,000[25]. - Non-current assets decreased from HKD 1,887,000 to HKD 1,382,000, reflecting a decline of approximately 26.8%[17]. - Current assets decreased from HKD 6,377,000 to HKD 5,548,000, a reduction of about 13%[17]. - The company’s cash and bank balances decreased from HKD 626,000 to HKD 532,000, a decline of approximately 15%[17]. - The company’s total equity as of February 28, 2025, was HKD (24,592,000), compared to HKD (23,760,000) as of August 31, 2024[17]. - The group recorded a net current liability of approximately HKD 4.4 million as of February 28, 2025, compared to HKD 24.5 million as of August 31, 2024[77]. - The total borrowings of the group amounted to approximately HKD 20.6 million as of February 28, 2025, compared to none as of August 31, 2024[77]. - The company’s total non-current liabilities increased significantly from HKD 1,189,000 to HKD 21,609,000, indicating a substantial rise in financial obligations[17]. Cost Management - Employee costs decreased to HKD 2,872,000 from HKD 4,084,000, a reduction of 29.6% year-over-year[11]. - Employee costs decreased from approximately HKD 4.1 million to about HKD 2.9 million, a reduction of approximately 29.3% due to the cessation of self-operated restaurants[69]. - Rental and related expenses decreased from approximately HKD 1.9 million to about HKD 25,000, a decrease of approximately 98.7% due to the closure of self-operated restaurants[70]. - Interest on lease liabilities rose to HKD 137,000 from HKD 29,000, indicating a significant increase in financial costs[42]. - The cost of goods sold increased from approximately HKD 0.2 million to about HKD 0.4 million, representing a 100% increase year-on-year, primarily due to new restaurants in Hong Kong[66]. Strategic Initiatives - The company plans to diversify its business to generate more cash and has signed a one-year extension agreement with former directors to discuss debt-to-equity swaps[28]. - The company aims to expand profitable restaurant operations by increasing distribution channels and eliminating underperforming restaurants[28]. - The group plans to diversify its business by providing health soups and foods to explore new revenue sources[61]. - The group aims to enter the supermarket supply chain business, offering inventory management, refrigeration, and logistics services[61]. - The group has adjusted its strategic focus towards supply chain operations as a key area for future development[61]. Corporate Governance - The group did not declare or recommend any dividends for the period ended February 28, 2025[46]. - The group did not acquire any property, plant, and equipment during the period, maintaining a previous acquisition value of HKD 571,000[49]. - The company has no significant investments or acquisitions planned for the future as of the report date[84]. - The company has adopted a revised memorandum and articles of association to reflect a name change as of February 29, 2024[86]. - The company has no capital commitments related to leasehold improvements as of February 28, 2025[83]. - The company confirmed a change in revenue recognition for its food supply chain business, leading to a decrease in reported revenue for the fiscal year[102]. - The company did not repurchase any of its listed securities during the reporting period[114]. - No stock options were granted, cancelled, or exercised during the reporting period, with zero unexercised options as of February 28, 2025[115]. - The company has adopted the GEM Listing Rules as its code of conduct for securities trading by directors[119]. - The board confirms compliance with all applicable corporate governance codes during the reporting period[120]. - There were no competitive business interests held by directors or controlling shareholders during the reporting period[121]. - The Audit Committee was established on July 23, 2018, and consists of three independent non-executive directors, with Mr. Zhou as the chairman[124]. - The Audit Committee's main responsibilities include reviewing and supervising the group's financial reporting procedures and internal control systems[124]. - The unaudited condensed consolidated financial statements have been reviewed by the Audit Committee and deemed to comply with applicable accounting standards and GEM listing rules[124]. Shareholder Information - As of February 28, 2025, Mr. Li Junjian holds 6,816,000 shares, representing 10.00% of the company's issued shares[105]. - Mr. Ye Weihang, in conjunction with others, holds 3,049,900 shares, accounting for 4.47% of the company's issued shares[105]. - Ms. Huang Weiyan owns 528,000 shares, which is approximately 0.77% of the company's issued shares[105]. - Mr. Zhou Bo has a controlled interest in 8,800,000 shares, representing 12.91% of the company's issued shares[112]. - The beneficial ownership of Mr. Zhou Bo includes an additional 9,047,560 shares, totaling 13.27% of the company's issued shares[112]. - The company expresses gratitude to shareholders, business partners, and customers for their ongoing support[125]. - The board acknowledges the efforts and contributions of all directors, management, and staff during the reporting period[125]. - The executive directors as of the report date include Mr. Li (Chairman), Mr. Jiang, Mr. Ye, and Mr. Liang[127]. - The non-executive director is Mr. Su, while the independent non-executive directors are Mr. Zhou, Ms. Huang, and Ms. Xie[127].
千盛集团控股(08475) - 2025 - 中期业绩