Financial Performance - Revenue for the six months ended June 30, 2025, was RMB 102,579,000, representing a 6.3% increase from RMB 96,537,000 in 2024[3] - Total comprehensive income for the period decreased by 63.9% to RMB 6,727,000 compared to RMB 18,631,000 in the previous year[3] - EBITDA for the six months ended June 30, 2025, was RMB 32,400,000, down 15.1% from RMB 38,176,000 in 2024[3] - Gross profit for the period was RMB 42,745,000, a decrease from RMB 47,490,000 in 2024[3] - The company's basic and diluted earnings per share for the period were RMB 1.46, down from RMB 3.84 in the previous year[3] - The company's net profit attributable to equity holders for the six months ended June 30, 2025, was RMB 6,645,000, a decrease of 64.0% compared to RMB 18,441,000 in the same period of 2024[16] - The basic earnings per share for the first half of 2025 was RMB 1.46, down from RMB 3.84 in the first half of 2024[16] Assets and Liabilities - Non-current assets totaled RMB 527,826,000 as of June 30, 2025, slightly up from RMB 527,228,000 at the end of 2024[4] - Current assets decreased to RMB 322,033,000 from RMB 336,121,000 in the previous period[4] - Total liabilities decreased to RMB 457,181,000 from RMB 465,621,000 at the end of 2024[5] - The company's net asset value as of June 30, 2025, was RMB 392,678,000, down from RMB 399,728,000 at the end of 2024[5] - The net asset value of the group as of June 30, 2025, was approximately RMB 392.7 million, compared to RMB 399.7 million as of December 31, 2024[37] - The current ratio as of June 30, 2025, was 128.8%, compared to 126.7% as of December 31, 2024[37] - The debt-to-asset ratio as of June 30, 2025, was approximately 94.5%, compared to 92.2% as of December 31, 2024[40] Operational Highlights - The company continues to focus on the design, manufacturing, and sales of paper blankets, indicating ongoing commitment to its core business[6] - In the first half of 2025, the company's revenue increased by 6.3% year-on-year, with high-speed product revenue growing by 23.5% and international market revenue doubling by 100.1%[22] - The total production of paper and cardboard in China reached 79.33 million tons from January to June 2025, representing a year-on-year growth of 3.2%[21] - The company has launched a photovoltaic power generation project that is now fully operational, contributing to energy savings and green economic benefits[23] - The company plans to focus on green and intelligent transformation in the paper blanket sector, enhancing product service capabilities and operational performance through digitalization and smart upgrades[24] Expenses and Costs - Other income for the six months ended June 30, 2025, was approximately RMB 4.5 million, a decrease of about RMB 3.6 million from RMB 8.1 million for the same period in 2024, mainly due to a reduction in government subsidies and VAT rebates[29] - Selling and distribution expenses for the six months ended June 30, 2025, were approximately RMB 11.2 million, remaining stable compared to RMB 11.5 million for the same period in 2024, accounting for 10.9% of revenue[30] - Administrative and other operating expenses for the six months ended June 30, 2025, were approximately RMB 21.9 million, an increase of about RMB 4.7 million from RMB 17.2 million for the same period in 2024, primarily due to increased R&D investment and depreciation[31] - Total financial costs for the six months ended June 30, 2025, were approximately RMB 6.8 million, an increase of about RMB 0.2 million from RMB 6.6 million for the same period in 2024[32] - The total employee cost for the six months ended June 30, 2025, was approximately RMB 20.7 million, an increase from RMB 19.1 million for the same period in 2024[46] Shareholder Information - The company did not recommend an interim dividend for the six months ended June 30, 2025, maintaining the same stance as the previous year[17] - The net proceeds from the share issuance amounted to approximately HKD 92.8 million after deducting underwriting fees and other listing expenses[48] - As of June 30, 2025, the unutilized net proceeds were approximately HKD 3.4 million, held in interest-bearing deposits[49] - The group plans to utilize the remaining unutilized proceeds for upgrading production machinery and enhancing R&D capabilities by December 31, 2025[48][50] Governance and Compliance - The group has adopted and complied with the corporate governance code as per the listing rules during the six months ended June 30, 2025[56] - The audit committee has reviewed the unaudited interim results for the six months ended June 30, 2025, and believes the results are prepared in accordance with applicable accounting standards and regulations[59] - The company has maintained sufficient public float in compliance with listing rules as of June 30, 2025[60] - The board of directors consists of four executive directors and three independent non-executive directors as of the announcement date[62] Employment and Staff - The group employed 407 staff as of June 30, 2025, compared to 396 staff as of June 30, 2024[46] Other Information - The group has no major investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures as of June 30, 2025[45] - The group has not issued any share options under the share option scheme since its adoption on December 9, 2021, with 48 million options available for grant as of June 30, 2025[52] - There have been no significant post-period events from June 30, 2025, to the date of this announcement[55] - The company has not participated in any arrangements that would allow directors to benefit from acquiring shares or bonds of the company or any other entity as of June 30, 2025[58] - The interim results announcement will be published on the Hong Kong Stock Exchange website and the company's website, with the interim report to be sent to shareholders at an appropriate time[61]
环龙控股(02260) - 2025 - 中期业绩