曼妠(08186) - 2025 - 中期业绩

2025 Interim Results Disclaimer and Company Information This section provides company information and disclaimers, emphasizing the higher investment risks and market volatility for GEM-listed companies - Companies listed on GEM of the Stock Exchange of Hong Kong carry higher investment risks and may experience significant market volatility with no guarantee of a highly liquid market[3][4] Unaudited Condensed Consolidated Financial Statements This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, showing profitability and a sound financial position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary of Statement of Profit or Loss for the Six Months Ended June 30 (HKD Thousand) | Metric | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | 16,492 | 13,882 | +18.8% | | Cost of sales | (13,271) | (11,285) | +17.6% | | Gross profit | 3,221 | 2,597 | +24.0% | | Profit/(Loss) before income tax expense | 922 | (158) | Turned from loss to profit | | Total loss and comprehensive income attributable to owners of the Company for the period | 689 | (482) | Turned from loss to profit | | Basic and diluted earnings/(loss) per share (HK cents) | 0.6 | (0.4) | Turned from loss to profit | Condensed Consolidated Statement of Financial Position Summary of Condensed Consolidated Statement of Financial Position (HKD Thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total non-current assets | 5,434 | 5,470 | -0.7% | | Total current assets | 22,425 | 20,994 | +6.8% | | Total current liabilities | 5,451 | 4,710 | +15.7% | | Net current assets | 16,974 | 16,284 | +4.2% | | Net assets | 22,408 | 21,719 | +3.2% | | Total equity | 22,408 | 21,719 | +3.2% | Notes to the Unaudited Condensed Consolidated Interim Results This section details key financial information including basis of preparation, revenue, segment performance, taxation, earnings per share, and fair value measurements Basis of Preparation - The adoption of new and revised Hong Kong Financial Reporting Standards, effective January 1, 2025, has no significant impact on the Group's financial performance or position[7] Revenue Revenue Composition (HKD Thousand) | Business Type | 2025 | 2024 | Year-on-year change | | :--- | :--- | :--- | :--- | | Sales of household products | 6,212 | 9,792 | -36.6% | | Sales of planting products | 1,700 | 1,422 | +19.5% | | Sales of decorative products | 8,580 | 2,668 | +221.6% | | Total Revenue | 16,492 | 13,882 | +18.8% | Operating Segment Information - The Group is principally engaged in household products business, planting business, and decorative products business, with the financial services business having no operations in recent years[9] Reportable Segment Revenue and Profit (HKD Thousand) | Segment | 2025 Revenue | 2024 Revenue | Revenue Change | 2025 Profit | 2024 Profit | Profit Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Household products business | 6,212 | 9,792 | -36.6% | 746 | 1,730 | -56.9% | | Planting business | 1,700 | 1,422 | +19.5% | 54 | 41 | +31.7% | | Decorative products business | 8,580 | 2,668 | +221.6% | 1,764 | 129 | +1267% | | Total | 16,492 | 13,882 | +18.8% | 2,564 | 1,900 | +34.9% | Geographical Revenue (HKD Thousand) | Region | 2025 | 2024 | Year-on-year change | | :--- | :--- | :--- | :--- | | Hong Kong | 10,280 | 4,090 | +151.3% | | People's Republic of China | 4,547 | 7,497 | -39.3% | | United States | 1,665 | 2,295 | -27.4% | | Total | 16,492 | 13,882 | +18.8% | Other Income, Gains and Losses Other Income, Gains and Losses (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Exchange loss, net | (6) | (2) | | Bank interest income | - | 10 | | Total | (6) | 8 | Profit/(Loss) Before Income Tax Expense Key Expense Items (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Staff costs (excluding directors' emoluments) | 859 | 908 | | Auditor's remuneration | 582 | 550 | | Depreciation of property, plant and equipment | 7 | 6 | | Depreciation of right-of-use assets | 29 | 29 | Income Tax Expense Income Tax Expense (HKD Thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Income tax | 233 | 324 | - Hong Kong profits tax rate is 16.5%, while the corporate income tax rate in the People's Republic of China is 25%[14] Earnings/(Loss) Per Share Earnings/(Loss) Per Share (HK cents) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the period attributable to owners of the Company (HKD Thousand) | 689 | (482) | | Weighted average number of ordinary shares in issue during the period (Thousand shares) | 113,869 | 113,869 | | Basic and diluted earnings/(loss) per share (HK cents) | 0.6 | (0.4) | Dividends - The Board does not recommend the payment of an interim dividend for the reporting period (2024: Nil)[16] Movements in Property, Plant and Equipment - The Group did not acquire any property, plant and equipment during the reporting period (2024: Nil)[17] Trade Receivables Trade Receivables (HKD Thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Gross trade receivables | 9,203 | 7,184 | +28.1% | | Less: Impairment | (290) | (290) | 0% | | Net | 8,913 | 6,894 | +29.3% | - Trade receivables are interest-free with credit terms generally ranging from 60 to 90 days; no impairment provisions or write-offs were made during the period[18][19] Trade Payables Trade Payables (HKD Thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one month | 1,192 | 136 | | One to two months | 149 | 57 | | Two to three months | 951 | 100 | | Three to six months | 269 | 328 | | Six months to one year | - | 1,361 | | Total | 2,561 | 1,982 | Share Capital Share Capital Structure (HKD Thousand) | Item | Number of shares | Amount | | :--- | :--- | :--- | | Authorised share capital (ordinary shares of HKD0.08 each) | 2,500,000,000 | 200,000 | | Issued and fully paid share capital (ordinary shares of HKD0.08 each) | 113,868,640 | 9,109 | Fair Value and Fair Value Hierarchy - Management assesses that the fair values of financial assets and liabilities, including cash, receivables, payables, and other borrowings, approximate their carrying amounts due to their short-term maturity[22] Financial Instruments Measured at Fair Value (HKD Thousand) | Item | June 30, 2025 | December 31, 2024 | Fair Value Hierarchy | Valuation Method | | :--- | :--- | :--- | :--- | :--- | | Equity investments at fair value through other comprehensive income | 379 | 379 | Level 3 | Market approach | Events After the Reporting Period - As of the announcement date, the Group had no significant events after the reporting period, other than those already disclosed[25] Management Discussion and Analysis Management discusses market overview, financial performance, liquidity, and future outlook, highlighting revenue growth and profitability achieved through cost control and business expansion Market Overview - The Group is primarily engaged in household products, planting, and decorative products businesses, and seeks opportunities to revive its financial services segment[26] - The Group will continue to focus on developing its core businesses and seek suitable opportunities for expansion into synergistic areas[26] Financial Review - Revenue from the household products business decreased by 36.6% to HKD6.2 million due to escalating geopolitical tensions[27] - Planting business revenue grew to HKD1.7 million and decorative products business revenue to HKD8.6 million, driven by expanded product categories and customer base[27] Summary of Financial Performance (HKD Million) | Metric | 2025 | 2024 | Year-on-year change | | :--- | :--- | :--- | :--- | | Revenue | 16.5 | 13.9 | +18.7% | | Gross profit margin | 19.5% | 18.7% | +0.8pp | | Gross profit | 3.2 | 2.6 | +24.0% | | Administrative expenses | 2.3 | 2.7 | -16.2% | | Consolidated profit/(loss) attributable to owners of the Company | 0.7 | (0.5) | Turned from loss to profit | | Basic and diluted earnings/(loss) per share (HK cents) | 0.6 | (0.4) | Turned from loss to profit | Financial Resources, Borrowings and Liquidity - As at June 30, 2025, the Group had no borrowings (December 31, 2024: Nil HKD)[29] Summary of Cash Flows (HKD Million) | Cash Flow Type | 2025 | 2024 | | :--- | :--- | :--- | | Net cash inflow from operating activities | 2.5 | (7.4) | | Net cash inflow from investing activities | 0 | 0.01 | | Net cash outflow from financing activities | (0.03) | (0.2) | | Net cash inflow for the period | 2.5 | (7.6) | Balance Sheet and Liquidity Ratios (HKD Million) | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total assets | 27.9 | 26.4 | +5.7% | | Total liabilities | 5.5 | 4.7 | +17.0% | | Net assets | 22.4 | 21.7 | +3.2% | | Net assets per share (HKD) | 0.20 | 0.19 | +5.3% | | Current assets | 22.4 | 21.0 | +6.7% | | Bank balances and cash | 9.5 | 7.0 | +35.7% | | Current liabilities | 5.5 | 4.7 | +17.0% | | Net current assets | 17.0 | 16.3 | +4.3% | | Current ratio | 4.11 | 4.46 | -0.35 | - The Group adopts a conservative financial management approach, closely monitoring liquidity to ensure its asset, liability, and commitment structure meets demands[31] - The Group's foreign exchange risk is not significant due to stable transaction currency exchange rates, but it will continue to monitor and take necessary measures[32] Outlook - The business environment is expected to remain uncertain and challenging, characterized by subdued consumer sentiment and intense competition[33] - The Group will strive to reduce costs and enhance operational efficiency through streamlining business segments, prudent supply chain management, and strict cost control[33] - The Group will seek growth opportunities by expanding its customer base and product categories, pursuing synergistic business opportunities aligned with core operations for long-term sustainable development[33] Capital Commitments, Pledged Assets, Material Investments and Material Acquisitions and Disposals - As at June 30, 2025, the Group had no significant outstanding capital commitments and no material assets pledged[34] - The Group had no material investments or acquisitions/disposals during the reporting period, nor specific plans for such as of June 30, 2025, or the report date[34] Fundraising Activities - The Company did not conduct any equity fundraising activities during the reporting period[35] - Net proceeds of HKD18 million from the 2023 rights issue were used, with HKD7.5 million for prepayments and HKD5.5 million for general corporate and administrative expenses[35] - The remaining HKD5 million will be continuously reviewed and applied to operating assets in daily business to optimize resource allocation[35] Contingent Liabilities - As at June 30, 2025, the Group had no significant outstanding contingent liabilities[36] Events After Reporting Period (Management Discussion and Analysis) - Details of events after the reporting period are disclosed in Note 14 to this report[37] Other Information This section provides detailed information on employees, directors' and shareholders' interests, share schemes, corporate governance, and the audit committee Employee Information and Employee Benefit Schemes Employee Information (HKD Thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of employees | 15 | 15 | | Total staff costs and other employee benefits, contributions and retirement schemes | 900 | 900 | - The Group determines employee remuneration based on performance, work experience, and current market conditions[38] Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures, and Interests of Substantial Shareholders Interests of Substantial Shareholders | Name of Director/Shareholder | Nature of Interest | Number of Shares | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Jin Guangwu | Personal | 33,905,456 | 29.8% | | Rising Sun Investment Limited | Corporate | 11,318,396 | 9.9% | - No arrangements were made during the reporting period for directors, chief executive, or their associates to benefit from acquiring shares or debentures of the Company or any other body corporate[39] Share Schemes Share Option Scheme - The Share Option Scheme aims to recognize past contributions and incentivize future contributions from eligible participants to the Group[42] - As at June 30, 2025, no share options were outstanding, and none were granted, exercised, lapsed, or cancelled during the reporting period[44] - Share option exercise prices are determined by Directors, being the highest of the closing price on grant date, average closing price for the five preceding business days, and nominal share value[45] Share Award Scheme - The Share Award Scheme aims to recognize past contributions and incentivize future contributions from eligible participants to the Group[49] - As at June 30, 2025, no share awards were outstanding, and none were granted, lapsed, or cancelled during the reporting period[51] - The vesting period for share awards, determined by the Board, shall not be less than twelve months[52] Overall Scheme Limits - Without shareholder approval, the total shares granted to any eligible participant within any continuous twelve-month period shall not exceed 1% of the total issued shares[54] Number of Share Options and Share Awards Available for Grant | Item | June 30, 2025 | 2024 | | :--- | :--- | :--- | | Total number of share options and share awards available for grant | 2,846,716 | 2,846,716 | | Share options and share awards available for grant to service providers | 284,671 | - | | Percentage of total issued shares | 2.5% | 2.5% | Directors' Interests in Contracts - As at June 30, 2025, or during the reporting period, no Director had a direct or indirect material interest in any significant contract, arrangement, or agreement of the Company or its subsidiaries[56] Interim Dividends (Other Information) - The Board does not recommend the payment of an interim dividend for the reporting period (2024: Nil)[57] Purchase, Sale or Redemption of the Company's Listed Securities - During the reporting period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[58] Competing Interests - During the reporting period, no Directors, substantial shareholders, or their close associates engaged in any competing business or had conflicts of interest with the Group[59] Directors' Securities Transactions - The Company adopted GEM Listing Rules' standard for Directors' securities transactions, and each Director confirmed compliance during the reporting period[60] Corporate Governance Code - The Chief Executive Officer position was vacant during the reporting period, with responsibilities assumed by the Board and major decisions made through consultation with Board members[61] - Except for the CEO vacancy, the Board believes the Company has complied with the Corporate Governance Code in Part 2 of Appendix C1 to the GEM Listing Rules[61] Audit Committee - The Audit Committee comprises three independent non-executive Directors, chaired by Ms. Pang King Sze[62] - The Audit Committee's primary responsibilities include ensuring fair financial statement presentation, reviewing financial, internal, and risk management controls, and examining financial and accounting policies[62] - The Audit Committee reviewed the Group's unaudited condensed consolidated interim results, deeming them prepared in compliance with applicable accounting standards and GEM Listing Rules with appropriate disclosures[62]