Financial Performance - For the six months ending June 30, 2025, the company reported total revenue of HKD 49,145 thousand, a decrease of 40.5% compared to HKD 82,187 thousand for the same period in 2024[3] - The company incurred a pre-tax loss of HKD 11,476 thousand, an improvement of 28.8% from a loss of HKD 16,047 thousand in the previous year[4] - Basic and diluted loss per share was HKD 0.313, compared to HKD 0.438 for the same period in 2024, reflecting a 28.5% reduction in loss per share[4] - Total expenses for the period were HKD 16,655 thousand, down 31.7% from HKD 24,365 thousand in the prior year[3] - The total revenue for the six months ended June 30, 2025, was HKD 49,000, while the revenue for the same period in 2024 was HKD 145,000, indicating a significant decrease[17] - The group recorded revenue and other income of approximately HKD 5.2 million for the review period, compared to HKD 8.3 million for the six months ending June 30, 2024[44] - The group reported a pre-tax loss of approximately HKD 11.5 million for the review period, compared to a loss of HKD 16.0 million for the six months ending June 30, 2024[44] Liquidity and Financial Position - As of June 30, 2025, the company had cash and bank balances of HKD 82,187 thousand, a decrease from HKD 91,789 thousand at the end of 2024[5] - The company reported a net current liability of HKD 60,151 thousand, compared to HKD 48,920 thousand in the previous year, indicating a worsening liquidity position[5] - Total assets less current liabilities amounted to HKD (59,769) thousand, compared to HKD (48,293) thousand in 2024, reflecting increased financial strain[5] - The company has significant uncertainties regarding its ability to continue as a going concern, primarily due to upcoming loan repayments totaling approximately HKD 145,905 thousand[10] - The company is considering financial support from its major shareholder, Southwest Securities International, to address liquidity concerns[11] - The group’s cash and bank balances totaled approximately HKD 82.2 million as of June 30, 2025, down from HKD 91.8 million as of December 31, 2024[55] - The current liabilities net value was approximately HKD 60.2 million as of June 30, 2025, compared to HKD 48.9 million as of December 31, 2024[55] Operational Performance - The company reported a total segment loss of HKD 6,857,000 for the six months ended June 30, 2025, with the brokerage and margin financing segment contributing a loss of HKD 4,583,000[21] - The financial costs for the brokerage and margin financing segment amounted to HKD 2,345,000, while the total financial costs across all segments were HKD 3,870,000[21] - Employee costs for the review period were approximately HKD 7.3 million, down from HKD 11.5 million for the six months ending June 30, 2024[51] - Financial costs for the review period were approximately HKD 4.0 million, a decrease of approximately HKD 2.3 million or 36.5% compared to HKD 6.3 million for the six months ending June 30, 2024[53] - The company has suspended its proprietary trading to enhance risk control management and will resume trading based on market conditions[49] Assets and Receivables - The company’s accounts receivable from margin clients stood at HKD 513,346,000 as of June 30, 2024, showing stability compared to HKD 513,355,000 as of December 31, 2023[32] - As of June 30, 2025, the accounts receivable (excluding securities margin clients) amounted to HKD 1,378,000, a slight increase from HKD 1,350,000 as of December 31, 2024, representing a growth of approximately 2.1%[35] - The impairment provision for accounts receivable (excluding securities margin clients) decreased from HKD 348,000 on December 31, 2024, to HKD 331,000 on June 30, 2025, indicating a reduction of about 4.9%[36] - The total expected credit loss for accounts receivable as of January 1, 2024, was HKD 191,000, which decreased to HKD 348,000 by January 1, 2025, reflecting an increase in credit quality[36] - The company reported a total of HKD 1,709,000 in accounts receivable generated from securities brokerage activities, with a reduction of HKD 331,000 due to impairment[35] - The company noted that overdue accounts receivable as of June 30, 2025, were HKD 936,000, with no overdue amounts exceeding 180 days[36] Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules, ensuring high standards of corporate governance[63] - The audit committee has reviewed the interim financial results for the six months ending June 30, 2025, confirming compliance with applicable accounting standards and listing rules[66] - The interim results announcement will be published on the company's website and the HKEX news website in September 2025[67] - The company's shares have been suspended from trading since March 4, 2024, and will remain suspended until compliance with the resumption guidance is achieved[68] Market Environment - The global economic environment presents both challenges and opportunities, with potential growth driven by new technologies such as artificial intelligence[41] - The Chinese government is actively implementing policies to support economic growth, focusing on expanding domestic demand and enhancing productivity[42] Employee and Operational Changes - As of June 30, 2025, the group employed a total of 13 employees, a decrease from 30 employees as of June 30, 2024[62] - The company has no significant capital commitments as of June 30, 2025, consistent with the previous year[60] - There is no significant foreign exchange risk exposure as of June 30, 2025, similar to the situation on December 31, 2024[61] - There were no significant acquisitions, disposals, or investments during the review period[58]
西证国际证券(00812) - 2025 - 中期业绩