新确科技(01063) - 2025 - 中期业绩

Company Information and Announcements Announcement Details SunCorp Technologies Limited announced its unaudited interim consolidated results for the six months ended June 30, 2025, in compliance with HKEX Listing Rules - Company Name: SunCorp Technologies Limited (Stock Code: 1063)[2] - Announcement Content: Unaudited interim consolidated results for the six months ended June 30, 2025[3] - Board Members: Executive Directors Mr. Zhu Yuqi, Mr. Tang Ximing; Independent Non-executive Directors Mr. Man Yuen, Mr. Ma Jianling, Ms. Wong Chi[4] Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue increased by 46.3% to HK$25,167 thousand, turning a prior-year loss of HK$38,799 thousand into a profit of HK$21,393 thousand, primarily due to unrealized gains on financial assets at fair value through profit or loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 25,167 | 17,198 | +46.3% | | Gross Profit | 7,033 | 7,056 | -0.3% | | Unrealized Gain/(Loss) on Financial Assets at FVTPL | 20,253 | (30,655) | N/A | | Realized Gain/(Loss) on Financial Assets at FVTPL | 2,332 | (8,761) | N/A | | Operating Profit/(Loss) | 21,491 | (38,758) | N/A | | Profit/(Loss) Before Tax | 21,393 | (38,799) | N/A | | Profit/(Loss) and Total Comprehensive Income for the Period | 21,393 | (38,799) | N/A | | Basic and Diluted EPS/(LPS) (HK Cents) | 1.39 | (2.52) | N/A | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets increased to HK$278,737 thousand, net current assets to HK$225,175 thousand, and net assets to HK$219,298 thousand, driven by an increase in financial assets at fair value through profit or loss Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Non-current Assets | 244 | 359 | (115) | | Current Assets | 278,493 | 231,109 | 47,384 | | Inventories | 3,013 | 5,474 | (2,461) | | Trade and Other Receivables | 29,325 | 22,658 | 6,667 | | Loans Receivable | 97,240 | 91,687 | 5,553 | | Financial Assets at Fair Value Through Profit or Loss | 104,102 | 80,971 | 23,131 | | Cash and Bank Balances - Own Accounts | 14,428 | 14,775 | (347) | | Current Liabilities | 53,318 | 31,943 | 21,375 | | Trade and Other Payables | 52,233 | 30,409 | 21,824 | | Net Current Assets | 225,175 | 199,166 | 26,009 | | Net Assets | 219,298 | 197,905 | 21,393 | Condensed Consolidated Statement of Changes in Equity As of June 30, 2025, total equity increased to HK$219,298 thousand, primarily due to a profit of HK$21,393 thousand for the period, reversing the loss from the prior year Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (HK$ '000) | June 30, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Total Equity at Jan 1 | 197,905 | 243,274 | (45,369) | | Profit/(Loss) and Total Comprehensive Income for the Period | 21,393 | (38,799) | 60,192 | | Total Equity at June 30 | 219,298 | 204,475 | 14,823 | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash used in operating activities was HK$4,494 thousand, net cash from investing activities was HK$95 thousand, and net cash from financing activities was HK$4,052 thousand, resulting in a net decrease of HK$347 thousand in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (4,494) | (1,427) | (3,067) | | Net Cash From Investing Activities | 95 | 8 | 87 | | Net Cash From/(Used in) Financing Activities | 4,052 | (940) | 4,992 | | Net Decrease in Cash and Cash Equivalents | (347) | (2,359) | 2,012 | | Cash and Cash Equivalents at End of Period | 14,428 | 19,162 | (4,734) | Notes to the Condensed Consolidated Financial Statements Basis of Preparation The financial statements are prepared in accordance with Appendix D2 of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting," using a historical cost basis with certain financial instruments measured at fair value - Preparation Basis: Appendix D2 of the HKEX Listing Rules and HKAS 34 "Interim Financial Reporting"[14][19] - Measurement Basis: Historical cost basis, with certain financial instruments measured at fair value[15][19] - Accounting Policies: Consistent with those followed in the 2024 annual financial statements, except as noted below[16][19] Adoption of New and Revised HKFRSs The company adopted new and revised HKFRSs effective January 1, 2025, including HKAS 21 (Amendment) "Lack of Exchangeability," which had no material impact on financial position or performance - New Standards Adopted: Revisions to Hong Kong Financial Reporting Standards effective January 1, 2025[17][20] - Specific Revisions: Including HKAS 21 (Amendment) "Lack of Exchangeability"[18][20] - Impact: No material effect on the financial position and performance for the current and prior periods[18][20][21] Revenue and Segment Information Group revenue primarily stems from trading computer-related components, apparel, and beauty products (75.6%), followed by money lending (23.3%) and securities brokerage (1.1%), with all segments showing asset and liability growth 2025 First Half Segment Revenue and Profit | Business Segment | Revenue (HK$ '000) | % of Total | Segment Profit/(Loss) (HK$ '000) | | :--- | :--- | :--- | :--- | | Trading of Second-hand Computer Related Components, Apparel and Beauty Products | 19,037 | 75.6% | 140 | | Money Lending | 5,855 | 23.3% | 4,158 | | Provision of Brokerage, Placement and Underwriting Services | 275 | 1.1% | (2,888) | | Total | 25,167 | 100% | 1,410 | 2025 First Half Segment Assets and Liabilities | Business Segment | Segment Assets June 30, 2025 (HK$ '000) | Segment Assets Dec 31, 2024 (HK$ '000) | Segment Liabilities June 30, 2025 (HK$ '000) | Segment Liabilities Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Trading of Second-hand Computer Related Components, Apparel and Beauty Products | 26,070 | 19,687 | 6,589 | 1,503 | | Money Lending | 97,881 | 92,328 | 12,222 | 11,199 | | Provision of Brokerage, Placement and Underwriting Services | 39,296 | 25,442 | 30,646 | 15,566 | | Total | 163,247 | 137,457 | 49,457 | 28,268 | - Major Customers: In the first half of 2025, Customer A contributed HK$6,475 thousand, Customer B contributed HK$2,700 thousand, and Customer C contributed HK$2,833 thousand[36] Other Income For the six months ended June 30, 2025, total other income was HK$157 thousand, primarily comprising miscellaneous income, bank interest income, and gain on disposal of an associate Other Income Details | Income Source | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Bank Interest Income | 15 | 8 | | Gain on Disposal of an Associate | 4 | – | | Miscellaneous Income | 138 | 37 | | Total | 157 | 45 | Income Tax For the six months ended June 30, 2025 and 2024, no Hong Kong profits tax was provided as Hong Kong subsidiaries had no assessable profits or sufficient tax losses - Income Tax: No Hong Kong profits tax was provided[40][41] - Reason: Hong Kong subsidiaries had no assessable profits or sufficient tax losses to offset[40][41] Profit/(Loss) for the Period Profit for the period was influenced by cost of goods and services sold, staff costs, and depreciation of right-of-use assets, while benefiting from a net reversal of expected credit loss provision for loans receivable and gain on disposal of an associate Profit/Loss for the Period Major Influencing Factors | Item | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Cost of Goods and Services Sold | 18,134 | 10,142 | | Depreciation of Right-of-Use Assets | 39 | – | | Net Exchange Loss | 2 | 3 | | Net Reversal of Expected Credit Loss Provision for Loans Receivable | (28) | – | | Gain on Disposal of an Associate | (4) | – | | Staff Costs (including Directors' Emoluments) | 3,018 | 2,845 | Earnings/(Loss) Per Share As of June 30, 2025, basic and diluted earnings per share were 1.39 HK Cents, compared to a loss of 2.52 HK Cents per share in the prior year, primarily due to the period's profit Earnings/Loss Per Share | Indicator | 2025 (HK Cents) | 2024 (HK Cents) | | :--- | :--- | :--- | | Basic and Diluted EPS/(LPS) | 1.39 | (2.52) | - Weighted Average Number of Ordinary Shares: 1,538,536,566 shares, unchanged for both periods[44] - Diluted Earnings/(Loss): Not presented as there were no outstanding potential ordinary shares[44] Dividends For the six months ended June 30, 2025 and 2024, the company neither paid nor proposed any dividends - Dividend Policy: No dividends were paid or proposed for the six months ended June 30, 2025 and 2024[44][45] Trade and Other Receivables As of June 30, 2025, total trade and other receivables increased to HK$29,325 thousand, primarily due to a significant rise in trade receivables from other ordinary activities, with the largest portion aged over 90 days Trade and Other Receivables Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Trade Receivables from Securities Trading Business | 530 | 394 | 136 | | Trade Receivables from Other Ordinary Activities (net of provision) | 17,927 | 10,836 | 7,091 | | Deposits, Prepayments and Other Receivables (net of provision) | 10,868 | 11,428 | (560) | | Total | 29,325 | 22,658 | 6,667 | Trade Receivables Ageing Analysis (Other Ordinary Activities) | Ageing | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 0-30 Days | 1,076 | 532 | | 31-60 Days | 3,404 | 750 | | 61-90 Days | 529 | 3 | | Over 90 Days | 12,918 | 9,551 | | Total | 17,927 | 10,836 | - Credit Period: Credit period for goods sold ranges from 30 to 90 days[47] - Settlement Period for Securities Trading Receivables: 2 trading days after the transaction date[49] Amounts Due from Securities Brokerage Clients As of June 30, 2025, amounts due from securities brokerage clients were HK$201 thousand, a decrease from HK$442 thousand at year-end 2024, representing unsecured, interest-bearing deposits at 0%-0.01% per annum, repayable on demand - Amount: HK$201 thousand as of June 30, 2025, compared to HK$442 thousand as of December 31, 2024[50][51] - Nature: Unsecured deposits, bearing interest at 0% to 0.01% per annum, repayable on demand[50][51] - Ageing Analysis: Directors consider ageing analysis to be of no additional value given the nature of the business[50][51] Loans Receivable As of June 30, 2025, net loans receivable increased to HK$97,240 thousand from HK$91,687 thousand at year-end 2024, primarily from money lending, with all loans repayable within one year and bearing fixed annual interest rates of 8%-10% Loans Receivable Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Gross Loans Receivable | 160,362 | 154,837 | 5,525 | | Less: Provision for Expected Credit Losses | (63,122) | (63,150) | 28 | | Net Amount | 97,240 | 91,687 | 5,553 | - Source: From money lending business[54][56] - Repayment Period: All loans receivable are repayable within one year[54][56] - Interest Rate and Term: Denominated in HKD, with fixed effective annual interest rates of 8% to 10%, and a term of one year[55][56] Trade and Other Payables As of June 30, 2025, total trade and other payables significantly increased to HK$52,233 thousand, mainly due to a rise in trade payables to cash clients in the securities trading business and for goods purchased Trade and Other Payables Details | Item | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | Change (HK$ '000) | | :--- | :--- | :--- | :--- | | Trade Payables from Securities Trading Business (Cash Clients) | 29,686 | 15,039 | 14,647 | | Trade Payables from Other Ordinary Activities (Purchase of Goods) | 5,574 | 18 | 5,556 | | Other Payables and Accruals | 16,773 | 15,152 | 1,621 | | Provision for Restoration Costs | 200 | 200 | 0 | | Total | 52,233 | 30,409 | 21,824 | Trade Payables Ageing Analysis (Purchase of Goods) | Ageing | June 30, 2025 (HK$ '000) | Dec 31, 2024 (HK$ '000) | | :--- | :--- | :--- | | 0-30 Days | 1,396 | – | | 31-60 Days | 1,162 | – | | 61-90 Days | 2,998 | – | | Over 90 Days | 18 | 18 | | Total | 5,574 | 18 | - Credit Period: Credit period for goods purchased ranges from 30 to 60 days[58] - Settlement Period for Securities Trading Payables: 2 days after the transaction date[60] Share Capital As of June 30, 2025, the company's authorized share capital was HK$600,000 thousand, comprising 100,000,000,000 ordinary shares of HK$0.006 each, with issued and fully paid share capital of HK$9,231 thousand, and no changes during the period Share Capital Structure | Item | Number of Shares | Amount (HK$ '000) | | :--- | :--- | :--- | | Authorized Share Capital (HK$0.006 per share) | 100,000,000,000 | 600,000 | | Issued and Fully Paid Share Capital (HK$0.006 per share) | 1,538,536,566 | 9,231 | - Period-end Changes: No changes in authorized and issued share capital during the period[61][82] Directors' Report Business Review For the six months ended June 30, 2025, group revenue grew 46.3% year-on-year to HK$25.2 million, primarily from trading computer-related components, apparel, and beauty products (75.6%), achieving a consolidated profit of HK$21.4 million, mainly due to unrealized gains on financial assets - Total Revenue: Approximately HK$25.2 million, a year-on-year increase of 46.3% (2024: HK$17.2 million)[63][70] - Revenue Composition: Trading of computer-related components, apparel, and beauty products accounted for approximately 75.6%; interest income from money lending business approximately 23.3% (approximately HK$5.9 million); and securities brokerage, placement, and underwriting business approximately 1.1%[63][65][70] - Gross Profit: Approximately HK$7.0 million, a year-on-year decrease of 0.3% (2024: HK$7.1 million)[64][70] - Consolidated Profit: Approximately HK$21.4 million, primarily due to unrealized gains on financial assets at fair value through profit or loss of approximately HK$20.3 million[64][70] Outlook and Prospects Facing an unpredictable business environment, the Group is re-evaluating and repositioning its business strategy, planning to allocate more resources to asset management, especially after obtaining a virtual asset trading platform license, and will continue to seek investment opportunities to diversify revenue - Strategic Adjustment: Evaluating different business segments and repositioning strategies towards those with more optimistic prospects[66][71] - New Business Expansion: Obtained SFC Type 4 and Type 9 licenses, enabling operation of a virtual asset trading platform[66][71] - Future Focus: Expected to allocate more resources to develop the asset management business[66][71] - Growth Strategy: Continuously identifying potential investments and business opportunities to broaden revenue streams and develop existing businesses[67][71] Management Discussion and Analysis Overview For the six months ended June 30, 2025, group revenue grew 46.3% to HK$25.2 million, while gross profit slightly decreased to HK$7.0 million, with trading of computer-related components, apparel, and beauty products remaining the primary revenue source, complemented by the financial sector - Revenue: Approximately HK$25.2 million, a year-on-year increase of 46.3%[73][79] - Gross Profit: Approximately HK$7.0 million, compared to HK$7.1 million in the prior period[73][79] - Main Business Contribution: Trading of computer-related components, apparel, and beauty products continued to contribute significant revenue, with an optimistic outlook for this segment[74][79] - Other Revenue Sources: Sales and marketing of electronic devices and related products, and the financial sector (securities brokerage, placement and underwriting, and money lending businesses)[74][79] Liquidity and Financial Resources As of June 30, 2025, the Group's current ratio decreased from 7.2 to 5.2, mainly due to increased trade and other payables, with cash on hand at HK$14.4 million, total assets at HK$278.7 million, and shareholders' equity at HK$219.3 million - Current Ratio: Decreased from 7.2 as of December 31, 2024, to 5.2 as of June 30, 2025[75][80] - Reason for Decrease: Primarily due to an increase in trade and other payables[75][80] Liquidity and Financial Resources Key Data | Indicator | June 30, 2025 (HK$ Million) | Dec 31, 2024 (HK$ Million) | | :--- | :--- | :--- | | Cash on Hand | 14.4 | 14.8 | | Current Assets | 278.5 | 231.1 | | Total Assets | 278.7 | 231.5 | | Shareholders' Equity | 219.3 | 197.9 | Gearing Ratio As of June 30, 2025, the Group's gearing ratio was approximately 2.3%, a significant increase from 0.3% at year-end 2024, with financing primarily from internal cash flow, shareholders' equity, and external bank loans - Gearing Ratio: Approximately 2.3% as of June 30, 2025 (December 31, 2024: approximately 0.3%)[76][81] - Funding Sources: Primarily through internally generated cash flow, shareholders' equity, and external bank loans and borrowings[76][81] Capital Structure As of June 30, 2025, the company's authorized share capital was HK$600 million, divided into 100 billion shares of HK$0.006 each, with no changes to authorized share capital during the period - Authorized Share Capital: HK$600 million, divided into 100,000,000,000 shares of HK$0.006 each[77][82] - Period-end Changes: No changes in authorized share capital during the period[77][82] Exchange Rates The Group's sales are mostly denominated in USD, while expenses are primarily in USD, RMB, and HKD; currently, there is no hedging policy, but management continuously assesses foreign exchange risk to minimize volatility - Sales Currency: Predominantly denominated in USD[78][83] - Expense Currency: Predominantly denominated in USD, RMB, and HKD[78][83] - Hedging Policy: Currently no hedging policy, but management continuously assesses foreign exchange risk to minimize its impact[78][83] Material Investments As of June 30, 2025, the total market value of financial assets at fair value through profit or loss was approximately HK$104.1 million, a significant increase from HK$81.0 million at year-end 2024, with HK$2.3 million in realized gains and HK$20.3 million in unrealized gains recognized during the period - Financial Assets Market Value: Approximately HK$104.1 million as of June 30, 2025 (December 31, 2024: HK$81.0 million)[84][86] - Realized Gains: Approximately HK$2.3 million in the first half of 2025 (first half of 2024: loss of HK$8.8 million)[85][86] - Unrealized Gains: Approximately HK$20.3 million in the first half of 2025 (first half of 2024: loss of HK$30.7 million)[85][86] Major Financial Assets at Fair Value Through Profit or Loss (June 30, 2025) | Stock Name | Stock Code | Market Value (HK$ '000) | % of Group's Total Assets | (Loss)/Gain (HK$ '000) | Investment Strategy | | :--- | :--- | :--- | :--- | :--- | :--- | | China Investment and Finance Group Limited | 1226 | 28,092 | 10.09% | 3,184 | Passive | | CaiXun Media Group Limited | 205 | 12,424 | 4.46% | 7,454 | Passive | | Juntai Holdings Limited | 630 | 10,478 | 3.76% | 5,821 | Passive | | Wellong Holdings Limited | 8021 | 6,961 | 2.50% | (3,632) | Passive | | Rich Glory Holdings Limited | 8269 | 7,557 | 2.71% | 4,198 | Passive | | China Environmental Energy Investment Limited | 986 | 5,567 | 2.00% | 2,073 | Passive | | Subtotal (Top 6) | | 71,079 | 25.52% | 19,098 | | | Other 23 Listed Equity Securities | | 33,023 | 11.83% | 1,155 | Passive | | Total | | 104,102 | 37.35% | 20,253 | | Material Acquisitions or Disposals For the six months ended June 30, 2025, the Group did not undertake any material acquisitions or disposals of subsidiaries and associates - Material Transactions: No material acquisitions or disposals of subsidiaries and associates during the period[96][100] Employees The Group's remuneration policy is performance-based and market-referenced, with the Board having discretion to grant share options to incentivize employee contributions - Remuneration Policy: Based on employee performance and market conditions[97][101] - Incentive Mechanism: The Board may, at its discretion, grant share options to executive directors and employees[97][101] Other Information Directors' and Chief Executive's Interests in Shares As of June 30, 2025, no directors or chief executives held any interests or short positions in shares, underlying shares, or debentures requiring disclosure under the SFO or Listing Rules - Directors' and Chief Executive's Interests: As of June 30, 2025, no directors or chief executives held any disclosable interests or short positions in shares, underlying shares, or debentures[103][107] Share Options On June 24, 2025, the company adopted a new 2025 Share Option Scheme and terminated the 2021 scheme; as of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed during the period, and none remained outstanding - Share Option Scheme: The 2025 Share Option Scheme was adopted on June 24, 2025, and the 2021 Share Option Scheme was terminated[104][108] - Period Activities: As of June 30, 2025, no share options were granted, exercised, cancelled, or lapsed during the period[105][108] - Outstanding Share Options: No outstanding share options as of January 1, 2025, and June 30, 2025[105][108] - Number of Share Options Available for Grant: 149,293,656 as of January 1, 2025, and 153,853,656 as of June 30, 2025[105][108] Substantial Shareholders' Interests in Shares As of June 30, 2025, the Board was unaware of any persons, other than directors and chief executives, holding 5% or more interests or short positions in shares requiring disclosure under the SFO - Substantial Shareholders' Interests: As of June 30, 2025, no persons other than directors and chief executives held 5% or more interests or short positions in shares requiring disclosure[110][115] Audit Committee The Audit Committee, established in March 2000 and composed of three independent non-executive directors, facilitates communication between the Board and auditors and has reviewed the unaudited financial statements for the period - Establishment Date: March 2000[111][116] - Membership: Comprises three independent non-executive directors: Mr. Man Yuen, Mr. Ma Jianling, and Ms. Wong Chi[111][116] - Responsibilities: Provides a key link between the Board and the auditors, and has reviewed the unaudited financial statements for the period[111][116] Corporate Governance The company is committed to high standards of corporate governance, emphasizing Board quality, robust internal controls, transparency, independence, and accountability to shareholders, and complied with the principles of Appendix C1 of the Listing Rules during the period - Corporate Governance Commitment: Committed to high standards of good corporate governance practices and procedures[112][117] - Core Principles: Emphasizes a quality Board, sound internal controls, transparency, independence, and accountability to all shareholders[112][117] - Compliance: For the six months ended June 30, 2025, the Group has applied the principles set out in Appendix C1 of the Listing Rules, "Corporate Governance Code and Corporate Governance Report"[112][117] Events After the Reporting Period As of the report date, no significant events occurred after the reporting period - Post-Reporting Period Events: No significant events occurred up to the date of this report[113][118] Standard of Conduct for Directors' Securities Transactions The company adopted the "Standard Code" for directors' securities transactions, and all directors complied with it for the six months ended June 30, 2025 - Code of Conduct: 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[114][119] - Compliance: All directors complied with the required standards set out in the Model Code during the period[114][119] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Securities Transactions: Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period[115][120]