亚洲能源物流(00351) - 2025 - 中期业绩

Announcement Information This announcement details Asia Energy Logistics Group's unaudited interim results for the six months ended June 30, 2025 Cover and Company Information This section provides essential company details and confirms the nature of the interim results announcement - Company Name: Asia Energy Logistics Group Limited (Stock Code: 351)[2] - This announcement is for the unaudited consolidated results for the six months ended June 30, 2025[2] Condensed Consolidated Financial Statements This section presents the Group's financial performance and position for the interim period Condensed Consolidated Statement of Comprehensive Income Revenue from continuing operations grew 29.5%, while the loss for the period significantly narrowed by 59.1% to HKD 14,685 thousand Condensed Consolidated Statement of Comprehensive Income Key Data (HKD thousands) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (Continuing Operations) | 29,615 | 22,869 | +29.5% | | Gross Profit (Continuing Operations) | 3,259 | 2,436 | +33.8% | | Other Income (Continuing Operations) | 1,608 | 363 | +343.0% | | Employee Costs | (5,348) | (14,530) | -63.2% | | Loss Before Tax from Continuing Operations | (14,685) | (35,898) | -59.1% | | Loss for the Period (Continuing Operations) | (14,685) | (35,898) | -59.1% | | Profit for the Period (Discontinued Operations) | – | 13,686 | -100.0% | | Total Loss for the Period | (14,685) | (22,212) | -33.9% | | Loss for the Period Attributable to Owners of the Company | (14,685) | (21,684) | -32.3% | | Basic and Diluted Loss Per Share (Continuing Operations) | (0.74) HK cents | (1.77) HK cents | -58.2% | | Basic and Diluted Earnings Per Share (Discontinued Operations) | – | 0.69 HK cents | -100.0% | | Total Basic and Diluted Loss Per Share | (0.74) HK cents | (1.08) HK cents | -31.5% | - Revenue from continuing operations primarily derived from chartering income, telecommunication services income, and e-commerce trading income[3] - Employee costs significantly decreased by 63.2%, a major reason for the narrowed loss for the period[3] Condensed Consolidated Statement of Financial Position Total assets and equity decreased, yet net current assets remained robust, indicating healthy liquidity and leverage ratios Condensed Consolidated Statement of Financial Position Key Data (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 68,573 | 73,447 | -6.7% | | Current Assets | 89,294 | 99,248 | -10.0% | | Current Liabilities | 10,097 | 8,711 | +15.9% | | Net Current Assets | 79,197 | 90,537 | -12.5% | | Total Assets Less Current Liabilities | 147,770 | 163,984 | -9.9% | | Net Assets | 147,770 | 162,229 | -8.8% | | Total Equity | 147,770 | 162,229 | -8.8% | - Trade and other receivables decreased from HKD 15,651 thousand to HKD 6,317 thousand, a 59.6% decrease[5] - Bank balances and cash slightly increased from HKD 62,772 thousand to HKD 67,709 thousand[5] Notes to the Condensed Consolidated Interim Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated interim financial statements Basis of Preparation The interim financial statements adhere to HKAS 34 and Listing Rules, requiring careful judgment and estimates - Financial statements prepared in accordance with HKAS 34 Interim Financial Reporting and the Listing Rules[6] - Preparation requires judgments, estimates, and assumptions affecting policy application and reported amounts of assets, liabilities, income, and expenses[6] - The 2024 annual financial statements were filed with the Registrar of Companies in Hong Kong, and the auditor's report was unqualified[6] Adoption of New/Revised Hong Kong Financial Reporting Standards New/revised HKFRS standards effective January 1, 2025, were adopted with no material impact on the interim financial statements - The Group first adopted new/revised Hong Kong Financial Reporting Standards accounting standards effective January 1, 2025[7][8] - The adoption of HKAS 21 (Amendment) "Lack of Exchangeability" had no significant impact on the financial statements[9] Revenue Continuing operations revenue increased 29.5%, driven by telecommunication services and new e-commerce trading, despite a decline in chartering income Revenue from Continuing Operations Breakdown (HKD thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Chartering Income | 14,786 | 20,432 | -27.6% | | Telecommunication Services Income | 8,877 | 2,437 | +264.2% | | E-commerce Trading Income | 5,952 | – | New | | Total Revenue (Continuing Operations) | 29,615 | 22,869 | +29.5% | - Telecommunication services income significantly increased by 264.2%, and e-commerce trading business is a new revenue source for the period[10] Other Income Other income surged 343% year-on-year, primarily due to a substantial increase in bank interest income Other Income Breakdown (HKD thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Bank Interest Income | 1,207 | 56 | +2055.4% | | Net Exchange Gain | 8 | 61 | -86.9% | | Reimbursement from Charterers | 134 | 74 | +81.1% | | Miscellaneous Income | 259 | 172 | +50.6% | | Total Other Income | 1,608 | 363 | +343.0% | - Bank interest income surged from HKD 56 thousand to HKD 1,207 thousand, the main driver of other income growth[11] Segment Information The Group's continuing operations span shipping, telecom, and e-commerce, with telecom and e-commerce showing significant revenue growth - The Group's reportable segments include continuing operations (shipping and logistics, telecommunication-related business, e-commerce trading) and discontinued operations[12][13] - Segment results refer to the results from each reportable segment, excluding the allocation of corporate income and expenses[14] Continuing Operations Telecom and e-commerce revenues grew substantially, while shipping and logistics revenue decreased but improved gross profit, leading to an overall segment profit Continuing Operations Segment Revenue and Profit (Six Months Ended June 30, 2025, HKD thousands) | Segment | External Customer Segment Revenue | Segment (Loss) Profit | | :--- | :--- | :--- | | Telecommunication-Related Business | 8,877 | (1,140) | | Shipping and Logistics | 14,786 | 1,329 | | E-commerce Trading Business | 5,952 | 12 | | Total | 29,615 | 201 | - Shipping and logistics segment revenue decreased year-on-year, but segment profit turned from loss to profit, mainly due to cost control[15][16] - Telecommunication-related business revenue significantly increased but still recorded a segment loss of HKD 1,140 thousand[15] Discontinued Operations Discontinued operations in H1 2024 primarily reflect revenue and profit from the sale of a vessel in the shipping and logistics segment Discontinued Operations Segment Revenue and Profit (Six Months Ended June 30, 2024, HKD thousands) | Segment | External Customer Segment Revenue | Segment Profit | | :--- | :--- | :--- | | Shipping and Logistics (Discontinued) | 24,779 | 13,686 | - On May 23, 2024, the company agreed to sell a vessel (M/V Clipper Panorama), which constituted discontinued operations[13] Geographical Information Non-current assets are concentrated in Hong Kong and China, with all telecom and e-commerce revenue originating from China Geographical Distribution of Non-Current Assets (HKD thousands) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Hong Kong | 4,213 | 7,207 | | China | 25 | 50 | - Revenue from telecommunication-related business and e-commerce trading business is entirely from China[19] - Shipping and logistics services, due to their multinational operations, do not present geographical segment revenue[18] Major Customers In H1 2025, three customers each contributed over 10% of group revenue across shipping, telecom, and e-commerce segments Major Customers Contributing 10% or More of Group Revenue (HKD thousands) | Customer | Segment | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | | Customer A | Shipping and Logistics | 14,786 | Not Applicable | | Customer B | Telecommunication-Related Business | 6,120 | Not Applicable | | Customer C | E-commerce Trading Business | 5,952 | Not Applicable | | Customer D | Shipping and Logistics (Continuing Operations) | Not Applicable | 20,432 | | Customer D | Shipping and Logistics (Discontinued Operations) | Not Applicable | 24,779 | - In H1 2025, Customers A, B, and C became major customers, while major customer D's revenue share in H1 2024 was below 10% in H1 2025[20][21] Finance Costs Finance costs from continuing operations decreased by 54.4% year-on-year, mainly due to reduced interest on lease liabilities Finance Costs Breakdown (HKD thousands) | Cost Type | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Interest on Other Borrowings | – | 30 | -100.0% | | Interest on Lease Liabilities | 119 | 233 | -48.9% | | Total Finance Costs | 119 | 263 | -54.7% | - Interest on lease liabilities decreased from HKD 233 thousand to HKD 119 thousand, the main reason for the decline in finance costs[22] Loss Before Tax from Continuing Operations Loss before tax significantly narrowed, primarily due to reduced employee costs, depreciation, and asset write-offs Major Deductions for Loss Before Tax from Continuing Operations (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 2,892 | 2,457 | +17.7% | | Depreciation of Right-of-Use Assets | 1,488 | 2,985 | -50.1% | | Employee Costs | 5,348 | 14,530 | -63.2% | | Write-off of Other Receivables | 1,241 | – | New | | Write-off of Intangible Assets | 1,000 | – | New | - Employee costs significantly decreased by 63.2%, a key factor in narrowing the loss[23] - This period saw new write-offs of other receivables of HKD 1,241 thousand and intangible assets of HKD 1,000 thousand[23] Income Tax No income tax provision was made due to the absence of estimated taxable profit for the Group entities during the reporting period - Hong Kong profits tax rate is 16.5%, and China corporate income tax rate is 25%[24] - No income tax provision was made as the Group entities had no estimated taxable profit or incurred tax losses during the reporting period[24] (Loss) Earnings Per Share Basic and diluted loss per share from continuing operations significantly narrowed by 58.2%, with no earnings from discontinued operations (Loss) Earnings Per Share (HK cents) | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Continuing Operations | (0.74) | (1.77) | -58.2% | | Discontinued Operations | – | 0.69 | -100.0% | | Total | (0.74) | (1.08) | -31.5% | - Basic and diluted loss per share were consistent for the six months ended June 30, 2025, and 2024, as there were no potential dilutive ordinary shares[25] Dividends The company neither paid nor declared any dividends during the reporting period, and the Board does not recommend any - The company neither paid nor declared dividends for the six months ended June 30, 2025, and 2024[26] - The directors do not recommend the payment of any dividends for the six months ended June 30, 2025, and 2024[27] Trade and Other Receivables Total trade and other receivables decreased 59.6%, mainly due to a substantial reduction in other receivables from a regulated securities broker Trade and Other Receivables Breakdown (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Receivables from Services Income | 3,090 | 407 | +659.2% | | Other Receivables | 3,470 | 4,383 | -20.8% | | Deposits for Vessel Operations | – | 354 | -100.0% | | Other Receivables from a Regulated Securities Broker | – | 9,903 | -100.0% | | Prepayments | 89 | 936 | -90.5% | | Less: Loss Allowance for Other Receivables | (1,337) | (1,337) | 0.0% | | Total | 6,317 | 15,651 | -59.6% | - Other receivables from a regulated securities broker decreased from HKD 9,903 thousand to zero, the main reason for the decline in total receivables[28] - All trade receivables have an aging within 30 to 90 days[29] - Other receivables of HKD 1,337 thousand were overdue for more than 240 days and bear interest at 10% per annum[30] Trade and Other Payables Total trade and other payables increased by 24.1% year-on-year, primarily driven by a significant rise in trade payables Trade and Other Payables Breakdown (HKD thousands) | Item | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 3,756 | 701 | +435.8% | | Accrued Expenses and Other Payables | 2,043 | 3,770 | -45.8% | | Receipts in Advance | 838 | 878 | -4.5% | | Total | 6,637 | 5,349 | +24.1% | - Trade payables significantly increased from HKD 701 thousand to HKD 3,756 thousand[31] - The credit period for trade payables is generally within 90 days, with all aging within 30 days[32] Share Capital The total number of issued shares remained unchanged at 1,994,975,244 shares as of June 30, 2025 - As of June 30, 2025, the total number of issued shares was 1,994,975,244, the same as December 31, 2024[33][34] Related Party Transactions and Balances Remuneration for key management personnel decreased, and consulting fees payable to a related entity were reduced to zero Key Management Personnel Remuneration (HKD thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and Other Benefits | 2,491 | 2,847 | -12.5% | | Contributions to Defined Contribution Retirement Plans | 18 | 18 | 0.0% | | Total | 2,509 | 2,865 | -12.5% | - Consulting fees payable to Ascent Financial Public Relations Limited decreased from HKD 300 thousand in the prior year to zero[36] - Disclosed related party transactions constitute connected transactions exempt from reporting, announcement, and independent shareholders' approval requirements under the Listing Rules[36] Management Discussion and Analysis This section reviews the Group's business performance, financial position, and future outlook across its operating segments Business Review The Group's core businesses are shipping, telecom, and e-commerce, with significant growth in telecom and e-commerce, and a completed vessel sale - The Group's main businesses include shipping and logistics, telecommunication-related business in China, and e-commerce trading business[37] Continuing Operations Shipping and logistics revenue declined but gross profit improved, while telecom and e-commerce businesses saw substantial revenue growth Shipping and Logistics Revenue decreased by 28%, but gross profit increased by 34% due to higher vessel utilization and cost control measures - Shipping and logistics business revenue was approximately HKD 14,786 thousand, a year-on-year decrease of approximately 28%[39] - Gross profit was approximately HKD 3,335 thousand, a year-on-year increase of approximately 34%, mainly due to higher vessel utilization, reduced dry-docking losses in 2024, and decreased repair and maintenance[39] - The Group currently operates one dry bulk vessel with a total capacity of approximately 32,000 DWT, fully utilized during the reporting period[38][39] Telecommunication-Related Business Revenue surged by 264% from new client acquisition, though gross loss increased due to lower profit margins - Telecommunication-related business revenue was approximately HKD 8,877 thousand, a year-on-year increase of approximately 264%, mainly due to new client development in H1 2025[40] - Gross loss was approximately HKD 88 thousand, a year-on-year increase of approximately 69%, mainly due to lower profit margins for certain customers[40] E-commerce Trading Business This new business, launched in Q4 2024, generated HKD 5,952 thousand in revenue and HKD 12 thousand in gross profit - The Group commenced e-commerce trading business in China in Q4 2024[41] - Revenue of approximately HKD 5,952 thousand and gross profit of approximately HKD 12 thousand were recorded during the reporting period[41] Discontinued Operations This section details the sale of a vessel in May 2024, with related results accounted for as discontinued operations - The Group agreed to sell a vessel on May 23, 2024, for a consideration of USD 9,500,000 (approximately HKD 74,100,000)[42] - The sale was completed in August 2024, and the related results were accounted for as discontinued operations[42] Prospects The Group navigates market challenges in shipping and telecom, while aiming for competitiveness in e-commerce and seeking synergistic investments - The Group will continue to seek suitable investment opportunities that generate synergy with existing businesses and contribute positively[45] Shipping and Logistics The dry bulk market faces geopolitical and tariff challenges, prompting vessel repositioning and cost reduction efforts - The dry bulk shipping market faces challenges and opportunities from new US tariffs and geopolitical dynamics[43] - The Group has repositioned its vessel to the East Coast of the Atlantic and implemented measures to reduce operating costs[43] Telecommunication-Related Business Traditional SMS services face challenges from market shifts and regulatory changes, necessitating cautious expansion and new client acquisition - Traditional SMS business faces significant challenges due to changes in customer operating environment and recent regulatory changes[44] - The Group will cautiously promote business development and cooperation while expanding new customer segments[44] E-commerce Trading Business Facing intense competition in China, the company plans to maintain competitiveness through innovation, product quality, and strategic investments - The Chinese e-commerce market is increasingly competitive, with evolving marketing models[45] - The company believes it can maintain market competitiveness through continuous innovation and maintaining product quality[45] Financial Review Continuing operations revenue increased 29%, and the loss significantly narrowed by 59% due to reduced costs and absence of financial asset sale losses - Revenue from continuing operations was approximately HKD 29,615 thousand, a year-on-year increase of approximately 29%[46] - Loss from continuing operations was approximately HKD 14,685 thousand, a year-on-year decrease of approximately 59%[46] - The reduction in loss was mainly attributable to decreased employee costs and other operating expenses, and no loss from the sale of financial assets at fair value through profit or loss this period[46] - Basic and diluted loss per share from continuing operations was 0.74 HK cents, and zero for discontinued operations[47] Financial Resources, Liquidity, and Gearing Ratio Cash and bank balances increased, while total equity and net current assets decreased, maintaining healthy liquidity and gearing ratios Key Financial Resources Indicators (HKD thousands) | Indicator | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 67,709 | 62,772 | +7.9% | | Total Equity Attributable to Owners of the Company | 147,770 | 162,229 | -8.9% | | Net Current Assets | 79,197 | 90,537 | -12.5% | | Current Ratio | 884% | 1,139% | -22.4% | | Gearing Ratio | 7% | 6% | +16.7% | - Total number of issued shares was 1,994,975,244[48] Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, and Future Plans for Material Investments or Capital Assets The Group holds a portfolio of listed investments, completed a vessel sale, and has no current plans for other material investments - Financial assets at fair value through profit or loss include a portfolio of listed equity and convertible bond investments with a fair value of approximately HKD 15,268 thousand, representing approximately 10% of total assets[49] - The Group will closely monitor capital market performance and adopt the most appropriate strategy[49] - The vessel sale was completed in August 2024[51] - As of the date of this announcement, the Board has not approved any plans for material investments or additional capital assets[51] Pledges of Assets and Contingent Liabilities As of June 30, 2025, the Group reported no pledges of assets or contingent liabilities - As of June 30, 2025, the Group had no pledges of assets[52] - As of June 30, 2025, the Group had no contingent liabilities[52] Capital Commitments As of June 30, 2025, the Group had no capital commitments - As of June 30, 2025, the Group had no capital commitments[53] Exchange Rate Fluctuation Risk The Group considers its foreign exchange risk to be very low and therefore does not use hedging instruments - The Group's assets, liabilities, and transactions are primarily denominated in the functional currencies of its business operations, facing very low risk of foreign exchange rate fluctuations[54] - Therefore, the Group does not use hedging instruments or other hedging methods[54] Employees and Remuneration Policies The Group had 19 full-time employees, with significantly reduced employee costs, and remuneration is based on market practice and duties - As of June 30, 2025, the Group had 19 full-time employees, the same as December 31, 2024[55] - Employee costs for the reporting period were approximately HKD 5,348 thousand, a significant year-on-year decrease of 63.2%[55] - Remuneration is determined based on duties, work experience, and market practice, with share option and retirement benefit schemes in place[55] - As of June 30, 2025, there were no outstanding share options granted under the 2018 Share Option Scheme[55] Corporate Governance The company upholds high corporate governance standards, complying with the code despite a long-vacant CEO position Compliance with Corporate Governance Code The company adheres to the Corporate Governance Code, with the CEO's duties handled by other executive directors since 2009 - The company has consistently complied with the Corporate Governance Code, except for the CEO position being vacant since March 2009[56] - The CEO's duties are performed by other executive directors, and the Board believes this has no significant impact on the Group's operations[56] Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period - All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the review period[57] Sufficient Public Float The company maintained a sufficient public float as of June 30, 2025, and up to the announcement date - The company maintained a sufficient public float[58] Review of Interim Results The Audit Committee reviewed the Group's unaudited consolidated interim results for H1 2025 without expressing any disagreements - The Group's unaudited consolidated interim results for the six months ended June 30, 2025, have been reviewed by the Audit Committee with no disagreements expressed[59] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries engaged in purchasing, selling, or redeeming any listed securities during the review period - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[60] Publication of Interim Results and Interim Report This announcement is available on HKEXnews and the company website, with the interim report to follow for shareholders - This announcement has been published on the HKEXnews website (http://www.hkexnews.hk) and the company's website (https://www.aelg.com.hk)[61](index=61&type=chunk) - The interim report will be dispatched to the company's shareholders and uploaded to the aforementioned websites in due course[61] Glossary This section defines key terms used throughout the report, including company specifics and regulatory references Glossary This sub-section provides definitions for key terms, company names, and relevant financial and regulatory standards used in the report - Provides definitions for key terms used in the report, such as "2018 Share Option Scheme", "Audit Committee", "Corporate Governance Code"[62][63] - Clarifies that "the Company" refers to Asia Energy Logistics Group Limited, and "the Group" refers to the Company and its subsidiaries[62] - The report date is August 22, 2025, and lists the Board of Directors[64]