金邦达宝嘉(03315) - 2025 - 中期业绩

Executive Summary and Performance Highlights H1 2025 revenue declined, but gross margin improved from product optimization and digital efficiency, ensuring stable operating profitability H1 2025 Performance Summary H1 2025 revenue declined 15.5% to RMB 458 million, but gross profit rose 1.2% to RMB 134 million, with stable operating profitability Metric | Metric | H1 2025 (RMB) | YoY Change | Notes | | :--- | :--- | :--- | :--- | | Revenue | 458 million | -15.5% | | | Gross Profit | 134 million | +1.2% | | | Gross Margin | 29.3% | +4.9 percentage points | | | Profit for the Period | 23.6 million | -22.7% | Affected by lower exchange gains, decreased other income, and increased income tax expenses due to deferred tax | | Operating Profit | Flat | - | | | Operating Expenses | 125 million | -1.3% | | | Embedded Software and Secure Payment Products Revenue | 292 million | +0.7% | Gross Margin 23.8% (+2.2 percentage points) | | Platform and Services Business Revenue | 165 million | -34.3% | Gross Margin 38.9% (+11.3 percentage points) | | UMV Platform Customer Count | over 2200 | - | Financial and transportation sector clients | Financial Statements This section presents the company's condensed consolidated statements, offering an overview of its financial performance and position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue decreased by 15.5% to RMB 458 million, while gross profit slightly increased by 1.2% to RMB 134 million; profit for the period was RMB 23.55 million, a 22.7% decrease year-on-year, primarily impacted by increased income tax expenses and exchange differences Metric | Metric | June 30, 2025 (RMB thousand) | June 30, 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 457,884 | 542,012 | -15.5% | | Cost of Sales | (323,926) | (409,702) | -21.0% | | Gross Profit | 133,958 | 132,310 | +1.2% | | Other Income | 19,835 | 24,914 | -20.4% | | Research and Development Expenses | (45,654) | (53,410) | -14.5% | | Selling and Distribution Expenses | (56,836) | (50,126) | +13.4% | | Administrative Expenses | (22,565) | (23,187) | -2.7% | | Profit Before Income Tax | 27,647 | 31,498 | -12.2% | | Income Tax Expense | (4,095) | (1,026) | +299.1% | | Profit for the Period | 23,552 | 30,472 | -22.7% | | Basic Earnings Per Share (RMB cents) | 2.9 | 3.8 | -23.7% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets slightly increased to RMB 2.481 billion, with current assets rising due to inventory and receivables growth; total liabilities and total equity remained relatively stable Metric | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change | | :--- | :--- | :--- | :--- | | Assets | | | | | Total Non-current Assets | 774,088 | 806,510 | -3.9% | | Total Current Assets | 1,707,153 | 1,656,974 | +3.0% | | Inventories | 285,149 | 237,645 | +19.9% | | Trade Receivables | 291,379 | 261,826 | +11.3% | | Cash and Cash Equivalents | 228,917 | 211,153 | +8.4% | | Total Assets | 2,481,241 | 2,463,484 | +0.7% | | Equity | | | | | Equity Attributable to Owners of the Company | 1,991,588 | 2,011,986 | -1.0% | | Total Equity | 1,991,613 | 2,011,991 | -1.0% | | Liabilities | | | | | Total Non-current Liabilities | 42,125 | 42,691 | -1.3% | | Total Current Liabilities | 447,503 | 408,802 | +9.5% | | Total Liabilities | 489,628 | 451,493 | +8.4% | Financial Notes This section details accounting policies, revenue segmentation, and specific financial items, providing context to the interim financial statements General Information The Group provides smart secure payment solutions and fintech services globally, listed in Hong Kong, with Mr. Lu Runting as the ultimate controlling party - The Group's main business involves embedded software and secure payment products in the smart secure payment sector, offering fintech-driven data processing services, digital equipment, system platforms, and comprehensive solutions[7] - The Company is registered in Hong Kong, with its shares listed and traded on the Main Board of The Stock Exchange of Hong Kong Limited[7] - The ultimate controlling party of the Company is Mr. Lu Runting[7] Basis of Preparation Interim financial information is prepared under HKAS 34 and Listing Rules Appendix D2, using historical cost, with 2024 annual data for comparison - The condensed interim consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[8] - The financial information is prepared on the historical cost convention, except for financial assets measured at fair value through profit or loss[8] - The financial information for the year ended December 31, 2024, included in this condensed interim consolidated financial information as comparative information, is derived from the consolidated financial statements for that year[8] Accounting Policies Accounting policies align with 2024 annual statements; new standards effective Jan 1, 2025, have no material impact on current financials - The accounting policies adopted are consistent with those followed in the preparation of the financial statements for the year ended December 31, 2024, except for the adoption of new and revised standards issued by the Hong Kong Institute of Certified Public Accountants effective for financial years beginning on January 1, 2025[10] - The Directors believe that the adoption of these revised standards has no significant impact on the Group's financial performance and position for the current and prior periods, nor on the disclosures contained in this interim financial information[11] Revenue and Segment Information The Group operates in two segments: 'Embedded Software and Secure Payment Products' and 'Platform and Services', with mainland China as the main revenue source Revenue by Type of Goods and Services (RMB thousand) | Type of Goods and Services | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Embedded Software and Secure Payment Products | 292,465 | 290,292 | | Data Processing and Other Services | 87,460 | 164,202 | | Digital Equipment | 77,959 | 87,518 | | Total | 457,884 | 542,012 | Revenue by Geographical Market (RMB thousand) | Geographical Market | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Mainland China | 400,717 | 479,975 | | Non-Mainland China | 57,167 | 62,037 | | Total | 457,884 | 542,012 | Revenue and Performance by Reportable Segment (RMB thousand) | Segment | 2025 Revenue | 2024 Revenue | 2025 Performance (Gross Profit) | 2024 Performance (Gross Profit) | | :--- | :--- | :--- | :--- | :--- | | Embedded Software and Secure Payment Products | 292,465 | 290,292 | 69,545 | 62,784 | | Platform and Services | 165,419 | 251,720 | 64,413 | 69,526 | | Total | 457,884 | 542,012 | 133,958 | 132,310 | Profit Before Income Tax Profit before income tax was impacted by decreased staff and inventory costs, reduced depreciation, lower government grants, and an exchange loss Items Deducted/(Added) in Profit Before Income Tax (RMB thousand) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Directors' Remuneration | 4,904 | 5,678 | | Retirement Benefit Scheme Contributions | 8,103 | 7,361 | | Staff Costs | 84,193 | 98,080 | | Cost of Inventories | 255,742 | 310,463 | | Government Grants | (174) | (267) | | VAT Refunds | (4,786) | (6,027) | | Interest Income | (11,315) | (16,427) | | Exchange Loss/(Gain) - Net | 2,516 | (881) | | Depreciation of Property, Plant and Equipment | 15,041 | 17,741 | Income Tax Expense H1 2025 income tax expense significantly increased to RMB 4.095 million, mainly due to deferred tax shifting from a gain to an expense Income Tax Expense (RMB thousand) | Item | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Current Income Tax | (2,031) | (3,418) | | Deferred Tax | (2,064) | 2,392 | | Income Tax Expense | (4,095) | (1,026) | - Hong Kong profits tax operates under a two-tiered system, with a tax rate of 8.25% for the first HKD 2,000,000 of assessable profits for qualifying entities, and 16.5% for the remainder[21] - Goldpac Limited, a subsidiary in mainland China, enjoys a preferential corporate income tax rate of 15% as a high-tech enterprise from 2023 to 2025[22] Dividends The Board resolved not to declare an interim dividend for H1 2025; the 2024 annual final dividend was HKD 5.5 cents per share Dividends Declared (RMB thousand) | Dividend Type | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | 2024 Annual Final Dividend (HKD 5.5 cents per share) | 40,172 | - | | 2023 Annual Final Dividend (HKD 10.0 cents per share) | - | 73,817 | | 2023 Annual Special Dividend (HKD 4.0 cents per share) | - | 29,526 | - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[23] Earnings Per Share H1 2025 basic earnings per share decreased to RMB 2.9 cents from 3.8 cents, with diluted EPS being identical due to no dilutive shares Earnings Per Share (RMB cents) | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit for the Year Attributable to Owners of the Company (RMB thousand) | 23,532 | 31,144 | | Weighted Average Number of Ordinary Shares (thousand shares) | 798,700 | 809,789 | | Basic Earnings Per Share (RMB cents) | 2.9 | 3.8 | - For the six months ended June 30, 2025, and June 30, 2024, diluted earnings per share were the same as basic earnings per share, as there were no potentially dilutive ordinary shares outstanding during the period[24] Inventories As of June 30, 2025, total inventories amounted to RMB 285 million, an increase from the end of 2024, primarily reflecting growth in raw materials and finished goods inventory; meanwhile, provisions for writing down inventories to net realizable value decreased Inventory Composition (RMB thousand) | Inventory Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw Materials | 212,341 | 179,242 | | Work-in-progress | 2,593 | 4,834 | | Finished Goods | 121,165 | 113,755 | | Total | 336,099 | 297,831 | | Less: Write-down of Inventories to Net Realizable Value | (50,950) | (60,186) | | Net Inventories | 285,149 | 237,645 | Trade Receivables As of June 30, 2025, net trade receivables amounted to RMB 291 million, an increase from the end of 2024; aging analysis shows an increased proportion of trade receivables aged 91-180 days and 181-365 days Trade Receivables (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Trade Receivables | 295,386 | 266,525 | | Less: Provision for Impairment Loss | (4,007) | (4,699) | | Net Trade Receivables | 291,379 | 261,826 | Aging Analysis of Trade Receivables (RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 days | 167,334 | 181,298 | | 91-180 days | 53,079 | 21,602 | | 181-365 days | 38,807 | 27,719 | | Over one year | 32,159 | 31,207 | | Total | 291,379 | 261,826 | Trade and Bills Payables As of June 30, 2025, total trade and bills payables amounted to RMB 364 million, an increase from the end of 2024; some suppliers extended credit terms to 360 days, leading to a significant increase in trade and bills payables aged 181-365 days Trade and Bills Payables (RMB thousand) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 284,504 | 253,412 | | Secured Bills Payable | 79,853 | 63,823 | | Total | 364,357 | 317,235 | Aging Analysis of Trade and Bills Payables (RMB thousand) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0-90 days | 237,878 | 260,262 | | 91-180 days | 46,253 | 39,540 | | 181-365 days | 75,925 | 12,433 | | Over one year | 4,301 | 5,000 | | Total | 364,357 | 317,235 | - Some suppliers extended credit terms to 360 days, leading to an increase in trade and bills payables aged 181 to 365 days[30] Share Capital As of June 30, 2025, the number of issued and fully paid ordinary shares decreased to 805,802 thousand shares due to share repurchases and cancellations, but the share capital amount remained unchanged Share Capital Movement (thousand shares) | Metric | Number of Ordinary Shares (thousand shares) | Amount (HKD thousand) | | :--- | :--- | :--- | | December 31, 2024 (Audited) | 807,928 | 1,499,498 | | Shares repurchased and cancelled in the market | (2,126) | - | | June 30, 2025 (Unaudited) | 805,802 | 1,499,498 | Management Discussion and Analysis Management discusses the operating environment, business performance, strategic initiatives, financial position, and capital management for the period Operating Environment and Overall Performance Review H1 2025 saw revenue pressure but improved gross margin from digital strategies, maintaining robust financials and ample liquidity for future growth - The global political and economic environment is complex and volatile, China's economy is stable but household consumption is weak, and bank clients face challenges such as conservative credit consumption and intensified competition[32] - The Group firmly implements its digital and platform-based strategies, fully advancing the UMV platform to achieve intelligent and visualized service operation processes, supporting banks in compliance management and marketing innovation[32] - The global market footprint has expanded to 41 countries and regions, achieving breakthroughs in Asia-Pacific, the Middle East, and other areas[33] - Despite a 15.5% year-on-year revenue decrease to RMB 458 million, gross profit increased by 1.2% to RMB 134 million, with gross margin improving by 4.9 percentage points to 29.3%[34] - Profit for the period decreased by 22.7% year-on-year to RMB 23.6 million, but excluding exchange gains and losses, it decreased by approximately 11.9% to RMB 26.1 million, indicating stable operating profitability[35] - The financial position is robust, with total current assets of approximately RMB 1.71 billion, a current ratio of approximately 3.8, a quick ratio of approximately 3.2, and an asset-liability ratio of approximately 19.7%[35] Business Segment Performance H1 2025 embedded software revenue slightly increased with improved gross margin, while platform and services revenue declined but saw significant gross margin growth Business Segment Performance (RMB) | Segment | Revenue (2025 H1) | YoY Revenue Change | Gross Margin (2025 H1) | YoY Gross Margin Change | YoY Gross Profit Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Embedded Software and Secure Payment Products | 292 million | +0.7% | 23.8% | +2.2 percentage points | +10.8% | | Platform and Services Business | 165 million | -34.3% | 38.9% | +11.3 percentage points | -7.4% | Strategic Focus and Business Development The company advances UMV platform construction, launches 'Digital First + Chip Encryption' solutions, and expands global markets and communication & IoT businesses UMV Platform Construction and Digital First Strategy The Group leverages its UMV platform and 'Digital First + Chip Encryption' solutions to provide smart payment services, support digital currency, and explore stablecoin hardware wallets - The UMV platform has completed its foundational architecture, featuring industry-leading technical architecture, multi-layered encryption security, and strong scalability, achieving a digital upgrade of its operating model[37] - As of June 30, 2025, over 2,200 clients in the financial and transportation sectors have accessed the UMV platform, achieving full business digitalization[36] - Launched a 'Digital First + Chip Encryption' comprehensive solution to help global banks and third-party payment institutions deploy independently, enabling rapid card issuance and adapting to digital currency development[38] - Closely monitoring the effective date of Hong Kong's 'Stablecoin Regulation', the company is developing stablecoin hardware wallets and related derivative products with pre-quantum-resistant cryptographic algorithms based on secure chips[38] Global Market and Communication & IoT Business Expansion The Group expands its global market footprint to 41 countries and focuses on new cellular communication and IoT connectivity businesses, leveraging eSIM technology - The global market footprint has expanded to 41 countries and regions, with rapid progress in Asia-Pacific and Middle Eastern markets, and is expected to achieve breakthroughs in Central and South American markets in H2 2025[39] - Future business development will focus on new areas such as cellular communication and IoT connectivity, leveraging eSIM-related connection management technology to provide digital identity authentication, remote connection management and control, and secure access services[39] - A global connection management service platform is under construction, focusing on application scenarios such as consumer electronics, connected vehicles, smart manufacturing, and information security[39] Financial Position and Liquidity The Group maintains a robust financial position with ample liquidity, totaling RMB 1.339 billion in cash and financial assets, and no bank borrowings - The Group possesses ample liquidity and financial resources, fully capable of meeting daily working capital needs and supporting R&D and business expansion plans[44] Cash and Financial Assets (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Cash and Cash Equivalents, Bank Time Deposits, Pledged Bank Deposits, and Financial Assets at Fair Value Through Profit or Loss | 1,338.7 | 1,332.8 | | Of which: RMB proportion | 89.7% (1,200.3) | 88.5% (1,178.9) | | USD and HKD proportion | 10.3% (138.4) | 11.5% (153.9) | - Financial assets at fair value through profit or loss amounted to approximately RMB 96.4 million, consisting of principal-protected structured bank deposits[44] - As of June 30, 2025, total trade receivables amounted to approximately RMB 291.4 million, with collection peaks concentrated at year-end[45] Financial Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 3.8 | 4.1 | | Asset-Liability Ratio | 19.7% | 18.3% | - The Group has no bank borrowings and has not used any financial instruments for hedging purposes[46] - As of June 30, 2025, total capital expenditure was approximately RMB 12.9 million, and total capital commitments were approximately RMB 1.0 million[48][49] Dividend Policy and Use of IPO Proceeds The Board resolved not to declare an H1 2025 interim dividend; IPO net proceeds of RMB 975 million were largely utilized for capacity expansion and R&D - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[42] - Net proceeds from the initial global offering amounted to approximately RMB 975.0 million, of which approximately RMB 867.3 million had been utilized as of June 30, 2025[43] - The proceeds were used for capacity expansion, R&D of new products and services, company joint ventures and acquisitions, market expansion, supplementing company working capital, and other general corporate purposes[43] Share Repurchases For H1 2025, the company repurchased 835,000 ordinary shares for approximately HKD 848,000, which were subsequently cancelled on March 17, 2025 Share Repurchase Details | Month | Number of Shares Repurchased | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration Paid (HKD) | | :--- | :--- | :--- | :--- | :--- | | 2025年1月 | 835,000 | 1.02 | 1.00 | 848,231.32 | | Total | 835,000 | - | - | 848,231.32 | - All repurchased shares were cancelled on March 17, 2025[55] Corporate Governance and Social Responsibility This section outlines the company's commitment to ESG standards, employee policies, and adherence to corporate governance principles Environmental, Social and Corporate Governance The Group maintains high ESG standards with a dedicated management team, achieving a Wind ESG A-rating for three consecutive years - The Group has an ESG management team that continuously manages, monitors, advises, and reports on environmental, social, and governance aspects[57] - The Group has complied with all anti-corruption, health and safety, working environment, employment, and environmental laws and regulations relevant to its business[57] - Since 2023, the Group has received a Wind ESG A-rating for 3 years, indicating its leading position in sustainable development within the industry[39] Employees and Remuneration Policy Benefiting from digital transformation, the Group optimized its workforce to 1,254 employees, offering competitive compensation and incentive schemes - As of June 30, 2025, the Group employed 1,254 staff, a decrease of 28 from the end of 2024[59] - Total staff welfare expenses were approximately RMB 97.2 million, lower than RMB 111.1 million in the prior year[59] - The company offers competitive compensation and benefits, career development, and training programs, and implements share option schemes and share award schemes to incentivize employees[59] - Compensation policy is based on individual employee performance, qualifications, and capabilities, and is regularly reviewed by the Remuneration Committee[60] Corporate Governance Statement The Company complied with all applicable Corporate Governance Code provisions, with the Chairman and CEO roles combined for effective strategy execution - The Company has complied with all applicable code provisions set out in Part 2 of the Corporate Governance Code, except for the deviation from code provision C.2.1[61] - Mr. Lu Runting concurrently serves as the Chairman and Chief Executive Officer of the Company, an arrangement the Board believes facilitates effective planning and execution of business decisions and strategies[62] Standard Securities Dealing Code for Directors The Company adopted and complied with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[63] - Following specific enquiries made to all Directors, all Directors of the Company have confirmed compliance with the Model Code for the six months ended June 30, 2025[63] Review and Publication The Audit Committee reviewed the interim results, audited by PricewaterhouseCoopers, with the announcement published on HKEX and company websites - The Company's Audit Committee has reviewed the Group's unaudited interim results for the six months ended June 30, 2025[64] - The Company's auditor, PricewaterhouseCoopers, has reviewed the interim results in accordance with HongKONG Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[64] - This interim results announcement is available on the HKEX website (www.hkexnews.hk) and the Company's website (www.goldpac.com)[65](index=65&type=chunk)