贸易通(00536) - 2025 - 中期业绩

Financial Highlights Consolidated Statement of Profit or Loss For H1 2025, revenue slightly decreased to HKD 121 million, but net profit increased 2.7% to HKD 41.77 million, with basic EPS at 5.26 HK cents Consolidated Statement of Profit or Loss Summary (For the Six Months Ended June 30) | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 121,045 | 122,652 | -1.3% | | Operating Profit | 34,251 | 33,952 | +0.9% | | Profit Before Tax | 47,366 | 46,003 | +2.9% | | Profit for the Period | 41,773 | 40,693 | +2.7% | | Basic Earnings Per Share (HK cents) | 5.26 | 5.12 | +2.7% | Consolidated Statement of Financial Position As of June 30, 2025, total assets were HKD 530 million, net assets decreased to HKD 370 million due to dividends, while liquidity remained robust with HKD 453 million in cash Consolidated Statement of Financial Position Summary | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Period Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 42,699 | 41,439 | +3.0% | | Current Assets | 487,772 | 494,698 | -1.4% | | Current Liabilities | 155,648 | 152,571 | +2.0% | | Net Assets | 369,808 | 378,795 | -2.4% | | Total Equity | 369,808 | 378,795 | -2.4% | Consolidated Statement of Changes in Equity As of June 30, 2025, total equity decreased from HKD 379 million at the beginning of the year to HKD 370 million, primarily due to a HKD 50.86 million dividend payment, partially offset by HKD 41.77 million in profit for the period - The decrease in total equity for the six months ended June 30, 2025, was primarily influenced by the distribution of prior year's dividends of HKD 50.857 million, partially offset by profit for the period of HKD 41.773 million[7] Notes to the Financial Statements 4. Segment Reporting Company operations span E-commerce, Identity Management, and Other Services; E-commerce is the largest revenue source, while Identity Management profit significantly declined H1 2025 Business Segment Performance (HKD thousands) | Business Segment | External Customer Revenue (2025 H1) | Reportable Segment Profit (2025 H1) | External Customer Revenue (2024 H1) | Reportable Segment Profit (2024 H1) | | :--- | :--- | :--- | :--- | :--- | | E-commerce | 83,951 | 27,554 | 85,211 | 27,140 | | Identity Management | 21,631 | 960 | 22,242 | 2,393 | | Other Services | 15,463 | 9,652 | 15,199 | 9,129 | | Total | 121,045 | 38,166 | 122,652 | 38,662 | - The Group's revenue and operating profit are predominantly derived from the Hong Kong Special Administrative Region, thus no geographical information is presented[18] 8. Dividends The Board has declared an interim dividend of 3.7 HK cents per share for the six months ended June 30, 2025, consistent with the prior year - The Board declared an interim dividend of 3.7 HK cents per share[23] 9. Earnings Per Share For the six months ended June 30, 2025, basic earnings per share increased to 5.26 HK cents from 5.12 HK cents in the prior year, with diluted earnings per share being identical due to the absence of potential dilutive shares - Basic earnings per share are calculated based on the profit attributable to ordinary equity holders of the Company of HKD 41.773 million and the weighted average number of ordinary shares in issue during the period of 794.634 million shares[24] - Basic earnings per share are the same as diluted earnings per share due to the absence of potential dilutive shares[25] Management Discussion and Analysis Business Review H1 2025 saw mixed segment performance: E-commerce revenue slightly declined but GETS stable, Identity Management revenue and profit fell, and Other Services grew E-commerce Business Review E-commerce revenue slightly decreased to HKD 84 million, with stable GETS sub-segment growth offset by Supply Chain Solutions decline, as the company develops a new 'T+' platform - The overall number of import and export trade declarations in Hong Kong decreased due to geopolitical tensions and uncertainties in US tariff policies, leading to a 7.4% decline in the company's GETS transaction volume[40] - The company is reallocating resources to develop a new generation electronic platform named "T+" to gradually transform from a GETS provider to a comprehensive value-added service provider for the Hong Kong trade community[42] Identity Management Business Review Identity Management revenue fell to HKD 21.6 million, profit sharply declined to HKD 1 million, yet digital certificate solutions gained regulatory approval and new government arrangements - The company's digital certificate solutions have received formal recognition from major financial regulators in Hong Kong for remote account opening[43] - In June 2025, the company entered into a significant multi-year commercial arrangement with a Hong Kong government department to design, implement, and issue a new type of digital certificate[43] Other Services Business Review Other Services revenue grew to HKD 15.5 million, despite POS decline, driven by a 73.9% increase in GETS-related trade finance referral income from PAObank collaboration - Smart Point-of-Sale (POS) and related business performance decreased by approximately 16% year-on-year, primarily due to ongoing disruptions in the local retail sector and changes in consumer spending patterns[47] - Referral income from the collaboration with PAObank increased by 73.9%, becoming the main driver of revenue growth for the GETS-related services sub-segment[48] Financial Review H1 2025 revenue slightly decreased to HKD 121 million, but operating profit increased 0.9% to HKD 34.3 million due to cost control, with profit after tax rising 2.7% to HKD 41.8 million H1 2025 Financial Performance Summary | Indicator | Amount (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | | Revenue | 121,000 | -1.3% | | Operating Expenses Before Depreciation | 82,900 | -1.3% | | Operating Profit | 34,300 | +0.9% | | Net Other Income | 12,900 | +9.3% | | Profit After Tax | 41,800 | +2.7% | | Basic Earnings Per Share (HK cents) | 5.26 | +2.7% | Liquidity and Financial Position As of June 30, 2025, the Group's financial position remains robust with no bank borrowings, total cash and bank deposits at HKD 453 million, largely unchanged from the year-end, and net assets reduced to HKD 370 million due to dividend distribution - As of June 30, 2025, the Group's total cash and bank deposits amounted to HKD 453.3 million, largely consistent with HKD 453.1 million as of December 31, 2024[53] - As of June 30, 2025, the Group had no borrowings[54] Employee and Remuneration Policies As of June 30, 2025, the Group had 222 employees with HKD 54.3 million in related costs, adhering to a market-based remuneration policy including benefits - As of June 30, 2025, the Group had 222 employees, comprising 186 in Hong Kong and 36 in Guangzhou[61] Other Information Corporate Governance The company is committed to maintaining high corporate governance standards, confirming compliance with all applicable code provisions during the reporting period, with a Board of eight members including executive, non-executive, and independent non-executive directors - The company confirms compliance with all applicable Corporate Governance Code provisions for the six months ended June 30, 2025[63] Interim Dividend Details The Board declared an interim dividend of 3.7 HK cents per share, payable on October 8, 2025, to shareholders on record as of September 22, 2025, representing a payout ratio of 70.4% of profit attributable to shareholders - The interim dividend of 3.7 HK cents per share is expected to be paid on October 8, 2025[69] - To determine eligibility for the dividend, share transfer registration will be suspended from September 22 to September 24, 2025[71]