讯智海(08051) - 2025 - 中期业绩

Financial Highlights Consolidated Statement of Comprehensive Income Summary The Group's total revenue increased 47.0% to HKD 219 million, with operating profit surging 443% and net profit growing 63.9% for the six months ended June 30, 2025 Key Interim Financial Performance Indicators (For the six months ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 218,909 | 148,891 | +47.0% | | Gross Profit | 11,865 | 8,148 | +45.6% | | Operating Profit | 5,803 | 1,069 | +443.0% | | Profit for the Period | 4,298 | 2,622 | +63.9% | | Profit Attributable to Owners of the Company | 4,298 | 2,231 | +92.6% | | Basic EPS (HK cents) | 16.51 | 9.52 | +73.4% | Consolidated Statement of Financial Position Summary As of June 30, 2025, total assets increased 5.9% to HKD 183 million, total equity grew 3.7% to HKD 169 million, while total liabilities rose 46.5% to HKD 13.58 million Key Balance Sheet Items (As of June 30) | Indicator | 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 182,549 | 172,216 | +5.9% | | Total Equity | 168,971 | 162,946 | +3.7% | | Total Liabilities | 13,578 | 9,270 | +46.5% | | Cash and Cash Equivalents | 29,287 | 39,678 | -26.2% | | Trade and Other Receivables | 136,660 | 119,001 | +14.8% | Management Discussion and Analysis Business Review The Group significantly enhanced profitability in IT product sales and distribution, with segment profit up 184.7%, and is expanding its repair services, particularly in the US market - The company's two core businesses are IT product sales and distribution, and repair and service support[34] - Segment profit from sales and distribution of IT products significantly increased by 184.7% from HKD 2.68 million to HKD 7.62 million due to readjusted gross margins on sales transactions[35] - The company is expanding its service scope and capitalizing on growth opportunities in the US market by outsourcing repair business processes through service framework agreements with controlling and major shareholders[36] Financial Review Total revenue grew 47.0% driven by IT product sales and distribution, while effective cost control and increased gross profit led to a strong 65.4% rise in net profit despite a slight dip in overall gross margin Revenue by Business Segment (For the six months ended June 30) | Business Segment | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Sales and Distribution of IT Products | 202,894 | 134,741 | +50.6% | | Repair and Service Support | 16,015 | 14,150 | +12.8% | | Total | 218,909 | 148,891 | +47.0% | Revenue by Geographical Region (For the six months ended June 30) | Region | 2025 (HKD thousands) | 2024 (HKD thousands) | Revenue Share (2025) | | :--- | :--- | :--- | :--- | | Hong Kong | 187,777 | 130,919 | 85.8% | | Japan | 12,958 | 11,513 | 5.9% | | United States | 8,523 | 2,134 | 3.9% | | Australia | 3,458 | 3,748 | 1.6% | | China | 2,336 | – | 1.1% | | Others | 3,857 | 577 | 1.8% | - Overall gross margin slightly decreased from 5.5% to 5.4%, primarily due to the increased revenue contribution from the lower-margin sales and distribution business[43] - Sales and distribution expenses were reduced by 10.5%, and administrative expenses decreased by 11.0%, through improved operational efficiency and stringent financial policies[44][45] - Net profit increased by 65.4% to HKD 4.3 million, primarily driven by higher gross profit and reduced operating expenses[46] Liquidity, Financial Resources and Gearing Ratio As of June 30, 2025, the Group maintained a robust financial position with HKD 153 million in net current assets and no outstanding borrowings, while the gearing ratio slightly increased to 8.0% Liquidity and Capital Structure | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | Approx. HKD 153,200,000 | Approx. HKD 149,500,000 | | Cash and Cash Equivalents | Approx. HKD 29,300,000 | Approx. HKD 39,700,000 | | Outstanding Borrowings | None | None | | Gearing Ratio | Approx. 8.0% | Approx. 5.7% | Use of Proceeds The company utilized HKD 6.1 million of the HKD 7.1 million net proceeds from its November 2024 share subscription, with the remaining HKD 1 million for overseas expansion delayed until Q4 2025 - The first tranche of share subscriptions was completed in November 2024, raising net proceeds of approximately HKD 7.1 million[55][56] - As of June 30, 2025, HKD 6.1 million has been utilized, with HKD 1 million remaining; the investment plan for establishing overseas repair centers is expected to be delayed by 3 to 6 months[57] Business Outlook The Group will prioritize the 'circular economy' by focusing on 3C product after-sales services, particularly repair and refurbishment, and anticipates potential future fundraising to support this growth - The strategic focus is to advance market share in the 'circular economy,' with a core emphasis on developing after-sales services for 3C products, including repair and refurbishment[51] - The company will prioritize and allocate resources to develop the repair and service support segment, planning to establish repair centers to serve renowned IT brands and its own products[51] - Management anticipates potential further fundraising to support working capital expenditures, overseas organizational expansion, and potential capital expenditures[52] Notes to the Interim Condensed Consolidated Financial Information Note 4 & 5: Revenue and Segment Information The Group's revenue is primarily from IT product sales and distribution (HKD 203 million revenue, HKD 7.62 million segment profit) and repair services (HKD 16.02 million revenue, HKD 1.95 million segment profit), with Hong Kong as the largest market Revenue and Profit by Business Segment (For the six months ended June 30, 2025) | Business Segment | Revenue (HKD thousands) | Segment Profit (HKD thousands) | | :--- | :--- | :--- | | Sales and Distribution of IT Products | 202,894 | 7,621 | | Repair and Service Support | 16,015 | 1,948 | | Total | 218,909 | 9,569 | - By customer location, Hong Kong is the largest market, contributing HKD 188 million in revenue and accounting for 85.8% of total revenue[21] Note 8 & 9: Dividends and Earnings Per Share The Board does not recommend an interim dividend, while basic earnings per share significantly increased to HKD 16.51 cents for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[27] Basic Earnings Per Share Calculation | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (HKD thousands) | 4,298 | 2,231 | | Weighted Average Number of Ordinary Shares (thousands) | 26,039 | 23,434 | | Basic EPS (HK cents) | 16.51 | 9.52 | Other Information Directors' and Chief Executive's Interests As of June 30, 2025, Foxconn (Far East) Limited held 45.52% of shares, while Non-executive Director Mr. Lam Wai Yu held 10.46% through controlled entities and spouse's interests - Major shareholder Foxconn (Far East) Limited, a wholly-owned subsidiary of Hon Hai Precision Industry Co., Ltd., holds 45.52% of the company's issued share capital[71] - Non-executive Director Mr. Lam Wai Yu collectively holds 10.46% of the company's shares through controlled corporations and spouse's interests[68][71][72]