勇利投资(01145) - 2025 - 中期业绩

Interim Results Overview Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The company recorded a net loss of US$1,708 thousand in the first half of 2025, a reversal from a net profit of US$1,278 thousand in the prior year, primarily due to decreased shipping service revenue and a significant increase in cost of sales Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Total Revenue | 4,381 | 5,070 | | Total Cost of Sales | (5,207) | (2,966) | | Other Income | 308 | 502 | | Administrative Expenses | (1,180) | (1,010) | | Profit (Loss) Before Tax | (1,708) | 1,278 | | Profit (Loss) for the Period Attributable to Owners of the Company | (1,708) | 1,278 | | Total Comprehensive Income (Expense) for the Period Attributable to Owners of the Company | (1,665) | 1,278 | | Basic Earnings (Loss) Per Share Attributable to Owners of the Company (US cents) | (0.16) | 0.12 | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets slightly decreased to US$59,555 thousand, with a significant increase in current liabilities leading to a reduction in net current assets and total equity Condensed Consolidated Statement of Financial Position (As at June 30) | Indicator | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Assets | | | | Non-current Assets | 40,952 | 40,147 | | Current Assets | 18,603 | 19,660 | | Total Assets | 59,555 | 59,807 | | Liabilities and Equity | | | | Current Liabilities | 2,287 | 1,003 | | Net Current Assets | 16,316 | 18,657 | | Total Equity | 57,139 | 58,804 | | Non-current Liabilities | 129 | – | | Total Liabilities and Equity | 59,555 | 59,807 | Notes to the Condensed Consolidated Financial Statements 1. General Information This section provides fundamental company details, including its Bermuda registration, primary business locations, dual listing on HKEX and SGX, and the presentation currency of its financial statements in US dollars - The company is incorporated in Bermuda, with its primary listing on the Main Board of the Stock Exchange of Hong Kong and a secondary listing on the Main Board of the Singapore Exchange[7] - The condensed consolidated financial statements are presented in US dollars, which is the company's functional currency[7] 2. Principal Accounting Policies The condensed consolidated financial statements are prepared in accordance with IAS 34 and HKEX Listing Rules, on a historical cost basis, with no significant impact from new IFRS amendments applied this period - The condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the applicable disclosure requirements of Appendix D2 to the Hong Kong Listing Rules[8] - The application of amendments to International Financial Reporting Standards during this interim period did not have a significant impact on the Group's financial position and performance for the current and prior periods[10] 3. Revenue Analysis Total revenue for the first half of 2025 was US$4,381 thousand, a 14% year-on-year decrease, with shipping service revenue falling to US$3,830 thousand from US$5,070 thousand, and new trading revenue of US$551 thousand Revenue Breakdown (For the six months ended June 30) | Revenue Source | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Shipping Service Revenue | 3,830 | 4,391 | | Trading Revenue | 551 | – | | Rental Income | – | 679 | | Total Revenue from Contracts with Customers | 4,381 | 5,070 | 4. Segment Information Operating segments were reclassified into shipping services and trading, with the shipping services segment reporting a loss of US$749 thousand, while the trading segment recorded a profit of US$13 thousand - During this interim period, the Group's operating and reportable segments were re-evaluated and reclassified into shipping services and trading[13] Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (US$ thousand) | 2025 Results (US$ thousand) | 2024 Revenue (US$ thousand) | 2024 Results (US$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Shipping Services | 3,830 | (749) | 5,070 | 2,170 | | Trading | 551 | 13 | – | – | | Total | 4,381 | (736) | 5,070 | 2,170 | | Profit (Loss) Before Tax | | (1,708) | | 1,278 | 5. Other Income Total other income decreased to US$308 thousand from US$502 thousand in the prior year, primarily due to a reduction in bank interest income Other Income (For the six months ended June 30) | Item | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 182 | 385 | | Other Income | 126 | 117 | | Total | 308 | 502 | 6. Components of Profit (Loss) Before Tax The loss before tax was primarily influenced by increased employee benefit expenses, crew expenses, depreciation of property, plant and equipment, and a decrease in bank interest income Key Items Affecting Profit (Loss) Before Tax (For the six months ended June 30) | Item | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Employee Benefit Expenses | 666 | 417 | | Crew Expenses | 1,458 | 961 | | Depreciation of Property, Plant and Equipment | 1,353 | 992 | | Depreciation of Right-of-Use Assets | 67 | 49 | | Bank Interest Income | (182) | (385) | 7. Income Tax Expense The company incurred no income tax expense for the six months ended June 30, 2025, or 2024 - No assessable profits arose in Hong Kong, and no taxes were incurred in other jurisdictions for the six months ended June 30, 2025, and 2024[19] 8. Earnings (Loss) Per Share Basic earnings per share shifted from a profit of 0.12 US cents in the prior year to a basic loss of 0.16 US cents due to the loss incurred during the period Earnings (Loss) Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) for the Period Attributable to Owners of the Company (US$ thousand) | (1,708) | 1,278 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 1,097,704 | 1,097,704 | | Basic Earnings (Loss) Per Share (US cents) | (0.16) | 0.12 | 9. Dividend Policy The Board of Directors decided not to declare an interim dividend for this interim period, consistent with the prior year - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[21][25] 10. Property, Plant and Equipment Additions to property, plant and equipment significantly increased to US$1,862 thousand in the first half of 2025, compared to US$2 thousand in the prior year - Additions to property, plant and equipment amounted to US$1,862 thousand for the six months ended June 30, 2025 (June 30, 2024: US$2 thousand)[22] 11. Trade Receivables Trade receivables from shipping services are all within 30 days of invoice date, not overdue or impaired, and have been fully settled - Trade receivables from shipping services are aged within 30 days from the invoice date, are neither overdue nor impaired, and have been fully settled[23] 12. Other Receivables and Prepayments Total other receivables and prepayments increased from US$722 thousand as of December 31, 2024, to US$988 thousand as of June 30, 2025 Other Receivables and Prepayments (As at June 30) | Item | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Other Receivables | 711 | 558 | | Prepayments for Operating Expenses and Other Deposits | 277 | 154 | | Account Balance with Brokers | – | 10 | | Total | 988 | 722 | 13. Deposits Received, Other Payables and Accrued Charges Total deposits received, other payables, and accrued charges significantly increased from US$775 thousand as of December 31, 2024, to US$2,033 thousand as of June 30, 2025, mainly due to a provision for dry-docking costs Deposits Received, Other Payables and Accrued Charges (As at June 30) | Item | 2025 (US$ thousand) | 2024 (US$ thousand) | | :--- | :--- | :--- | | Accrued Operating Expenses and Other Payables | 618 | 625 | | Provision for Dry-docking Costs | 1,415 | – | | Deposits Received from Ship Charterers | – | 150 | | Total | 2,033 | 775 | Business Review and Outlook Business Review Overview In the first half of 2025, the Group's main businesses were shipping and trading, with shipping under pressure from tariff wars and geopolitical events, leading to a 14% year-on-year revenue decrease to US$4,381 thousand and a net loss of US$1,708 thousand - In the first half of 2025, the Group recorded revenue of US$4,381 thousand, a 14% year-on-year decrease (2024: US$5,070 thousand)[26] - A loss attributable to owners of the company of US$1,708 thousand was recorded, compared to a profit of US$1,278 thousand in the prior year[26] - Basic loss per share for the period was 0.16 US cents (2024: basic earnings per share of 0.12 US cents)[26] - The shipping business market faced immense pressure, with supramax dry bulk vessel charter rates plummeting by 34.1% year-on-year[26] - To mitigate the cyclical impact on the shipping business, the Group strategically relaunched its trading business[26] Shipping Business Performance The dry bulk fleet, comprising three supramax vessels, experienced a significant reduction in shipping service revenue due to a 34.1% year-on-year drop in the BSI 58 index and the 'Heroic' vessel being out of service for dry-docking repairs - The Group's dry bulk fleet consists of three supramax vessels with a total carrying capacity of approximately 171,000 DWT[27] - The average BSI 58 for the first half of 2025 was US$9,202 per day, a decrease of US$4,773 year-on-year, reaching a five-year historical low[27] - The vessel 'Heroic' was out of service for dry-docking repairs, reducing operating revenue by approximately US$300 thousand[27] Trading Business Expansion Leveraging the new controlling shareholder's experience and network, the Group expanded into coal trading in the first half of 2025, generating sales revenue of US$551 thousand and a profit of US$13 thousand from 5,200 tons of coal sold - The Group expanded its business into coal trading in the first half of 2025, recording sales revenue of US$551 thousand (2024: nil) and a profit of US$13 thousand (2024: nil)[28] - In the first half of 2025, the Group achieved coal sales of 5,200 tons (2024: nil)[28] Liquidity, Financial Resources and Capital Structure As of June 30, 2025, both current and quick assets decreased, and the current ratio fell from 19.6 to 8.1, remaining strong despite increased current liabilities due to dry-docking provisions, while equity attributable to owners decreased due to the period's loss - As of June 30, 2025, the Group had current assets of US$18,603 thousand (December 31, 2024: US$19,660 thousand)[29] - Quick assets totaled US$13,910 thousand (December 31, 2024: US$18,938 thousand)[29] - The current ratio was approximately 8.1 (December 31, 2024: 19.6), with the decrease primarily due to the provision for dry-docking costs during the review period[29] - Equity attributable to owners of the company was US$57,139 thousand, a decrease of US$1,665 thousand from the end of last year, mainly due to the Group incurring a loss of US$1,708 thousand[29] - The Group's bank interest income decreased by 53% to US$182 thousand (2024: US$385 thousand), primarily due to a general reduction in bank deposit interest rates[30] Outlook and Future Strategies Management maintains cautious optimism for the medium-to-long-term shipping business outlook, expecting strong short-term demand, and plans to leverage new shareholder resources to diversify into logistics and trading in China, Mongolia, and Belt and Road countries, while seeking fleet expansion, cost reduction, and M&A opportunities - Management remains cautiously optimistic about the medium-to-long-term outlook for the shipping business, expecting strong shipping demand in the short term[31] - The Group will expand its logistics and trading businesses in mainland China, Mongolia, and other Belt and Road countries, aiming to cultivate new business growth points within the year to achieve business diversification[31] - Future strategies include opportunistically expanding the fleet, enhancing professional fleet management, implementing cost reduction and efficiency improvement measures, and seeking investment or merger and acquisition opportunities[32] Corporate Governance and Other Information Changes in Directors' Information Independent Non-executive Director Mr. Zhu Gaoming resigned from CIFI Holdings and joined Fosun International as a Senior Assistant and Senior Expert in Financial Management on August 4, 2025 - Independent Non-executive Director Mr. Zhu Gaoming resigned from his positions as Vice President and President of Overseas Business at CIFI Holdings (Group) Co Ltd in July 2025[33] - Mr. Zhu Gaoming joined Fosun International Limited as a Senior Assistant and Senior Expert in Financial Management on August 4, 2025[33] Corporate Governance and Securities Dealing Code The company complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules during the reporting period, and all directors confirmed compliance with the adopted Securities Dealing Code - The company complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 to the Hong Kong Listing Rules for the six months ended June 30, 2025[34] - All directors confirmed their compliance with the required standards of the Securities Dealing Code throughout the six months ended June 30, 2025[35] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025 - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2025[36] Completion of Voluntary Conditional General Cash Offer Huajian Limited completed its voluntary conditional general cash offer for the company on February 18, 2025, becoming the direct and ultimate controlling company with approximately 51.81% of the issued share capital - The voluntary conditional general cash offer was completed on February 18, 2025[37] - Following the completion of the general offer, Huajian Limited became the direct and ultimate controlling company, holding 568,768,963 shares, representing approximately 51.81% of the company's issued share capital[37] Audit Committee Review The interim financial statements, though unaudited, have been reviewed by the Audit Committee and approved by the Board of Directors - The company's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee and formally approved by the Board of Directors upon the Audit Committee's recommendation[38] Forward-Looking Statements and Board Information This interim results announcement contains forward-looking statements regarding the Group's financial condition, results, and business, which involve known and unknown risks and uncertainties, and concludes with a list of Board members - This interim results announcement contains forward-looking statements regarding the Group's financial condition, results, and business, which involve known and unknown risks and uncertainties[39] - The Board of Directors includes three Executive Directors (Ms. Liu Sainan, Mr. Hu Yingxia, Ms. Li Chunyang) and three Independent Non-executive Directors (Mr. Zhu Gaoming, Mr. Qiu Yiyong, Mr. Tang Banghao)[39]