华滋国际海洋(02258) - 2025 - 中期业绩

Financial Highlights The Group achieved significant financial improvement for the six months ended June 30, 2025, with 4.8% revenue growth and a turnaround to a profit of RMB 15,702 thousand Financial Highlights (RMB thousand) | Indicator | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 749,658 | 715,208 | | Gross Profit | 49,910 | 44,334 | | Profit/(Loss) Before Income Tax | 18,444 | (99,163) | | Profit/(Loss) for the Period | 15,702 | (123,868) | | Total Comprehensive Income/(Loss) for the Period Attributable to Owners of the Company | 13,563 | (106,011) | | Basic and Diluted Earnings/(Loss) Per Share (RMB cents) | 1.92 | (15.12) | | Statement of Financial Position (Period-end): | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | Total Assets | 3,298,688 | 3,347,474 | | Total Equity | 710,484 | 696,921 | Condensed Consolidated Interim Financial Statements This section presents the unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, detailing the Group's financial position and performance - The Board approved the unaudited consolidated interim results for the six months ended June 30, 2025, on August 26, 2025[3] Condensed Consolidated Interim Statement of Comprehensive Income For the six months ended June 30, 2025, the Group reported RMB 749,658 thousand revenue and RMB 15,702 thousand profit, a significant improvement Condensed Consolidated Interim Statement of Comprehensive Income (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 749,658 | 715,208 | | Cost of Sales | (699,748) | (670,874) | | Gross Profit | 49,910 | 44,334 | | Operating Profit/(Loss) | 26,421 | (89,789) | | Profit/(Loss) Before Income Tax | 18,444 | (99,163) | | Income Tax Expense | (2,742) | (24,705) | | Profit/(Loss) for the Period | 15,702 | (123,868) | | Total Comprehensive Income/(Loss) for the Period Attributable to Owners of the Company | 13,563 | (106,011) | | Basic and Diluted Earnings/(Loss) Per Share | 1.92 | (15.12) | Condensed Consolidated Interim Statement of Financial Position As of June 30, 2025, the Group's total assets were RMB 3,298,688 thousand, with total equity increasing to RMB 710,484 thousand Condensed Consolidated Interim Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Assets: | | | | Non-current Assets | 752,959 | 680,641 | | Current Assets | 2,545,729 | 2,666,833 | | Total Assets | 3,298,688 | 3,347,474 | | Equity: | | | | Total Equity | 710,484 | 696,921 | | Liabilities: | | | | Non-current Liabilities | 111,396 | 176,221 | | Current Liabilities | 2,476,808 | 2,474,332 | | Total Liabilities | 2,588,204 | 2,650,553 | | Total Equity and Total Liabilities | 3,298,688 | 3,347,474 | Notes to the Condensed Consolidated Interim Financial Statements This section provides detailed notes to the condensed consolidated interim financial statements, offering deeper context and explanation for the financial data 1 General Information Wison Offshore & Marine Co., Ltd. is a Cayman Islands-incorporated investment holding company listed on the HKEX, operating in marine and municipal engineering - The Company is incorporated in the Cayman Islands as an investment holding company, with its subsidiaries primarily engaged in marine construction and municipal engineering in mainland China and Southeast Asia[7] - The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on November 19, 2018[7] 2 Basis of Preparation The condensed consolidated interim financial statements are prepared under HKAS 34, with consistent accounting policies and no significant impact from new standards, except for HKFRS 18 still under assessment - The condensed consolidated interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting[10] - The new and amended standards adopted by the Group have not had any significant impact on the amounts recognized in prior periods and are not expected to have a significant impact on the current or future periods[12] - Hong Kong Financial Reporting Standard 18 (Presentation and Disclosure in Financial Statements) is expected to primarily affect the presentation of the consolidated statement of comprehensive income, and the Group is still assessing its impact[13][14] 3 Segment Information The Group's business is segmented into marine and municipal engineering, with detailed financial performance and asset information provided by segment and region 3 (a) Description of Segments and Principal Activities The Group's two reportable segments are marine construction, encompassing port and waterway projects, and municipal engineering, covering urban infrastructure and landscaping - The Group's two reportable segments are marine construction (including port infrastructure construction, waterway engineering and other services) and municipal engineering construction (including urban public infrastructure construction, urban greening and building construction)[16] 3 (b) Segment Results and Other Information In H1 2025, marine construction revenue was RMB 244,471 thousand and municipal engineering revenue was RMB 505,187 thousand, with varied performance across segments Segment Results for the Six Months Ended June 30, 2025 (RMB thousand) | Indicator | Marine Construction | Municipal Engineering Construction | Total | | :--- | :--- | :--- | :--- | | Revenue | 244,471 | 505,187 | 749,658 | | Cost of Sales | (212,276) | (487,472) | (699,748) | | Gross Profit | 32,195 | 17,715 | 49,910 | | Total Segment Assets as of June 30, 2025 | 1,251,854 | 2,149,504 | 3,298,688 | | Total Segment Liabilities as of June 30, 2025 | 816,659 | 1,874,215 | 2,588,204 | Segment Results for the Six Months Ended June 30, 2024 (RMB thousand) | Indicator | Marine Construction | Municipal Engineering Construction | Total | | :--- | :--- | :--- | :--- | | Revenue | 300,050 | 415,158 | 715,208 | | Cost of Sales | (272,740) | (398,134) | (670,874) | | Gross Profit | 27,310 | 17,024 | 44,334 | | Total Segment Assets as of December 31, 2024 | 1,357,587 | 2,129,116 | 3,347,474 | | Total Segment Liabilities as of December 31, 2024 | 915,493 | 1,874,289 | 2,650,553 | 3 (c) Revenue from Contracts with Customers and Cost of Sales In H1 2025, China's revenue was RMB 693,552 thousand with significant growth, while Southeast Asia's revenue was RMB 56,106 thousand with substantial declines Revenue and Cost of Sales by Geographical Region (RMB thousand) | Region | H1 2025 Revenue | H1 2025 Cost of Sales | H1 2025 Gross Profit | H1 2024 Revenue | H1 2024 Cost of Sales | H1 2024 Gross Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China | 693,552 | (648,603) | 44,949 | 562,175 | (528,696) | 33,479 | | Southeast Asia | 56,106 | (51,145) | 4,961 | 153,033 | (142,178) | 10,855 | 3 (d) Segment Assets by Geographical Region As of June 30, 2025, non-current assets totaled RMB 70,606 thousand, with China at RMB 67,371 thousand and Southeast Asia at RMB 3,235 thousand Non-current Assets by Geographical Region (RMB thousand) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | China | 67,371 | 72,325 | | Southeast Asia | 3,235 | 2,208 | | Total | 70,606 | 74,533 | 3 (e) Contract Assets and Liabilities As of June 30, 2025, total contract assets were RMB 785,795 thousand, decreasing from 2024, while total contract liabilities significantly increased to RMB 166,220 thousand Contract Assets and Liabilities (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Contract Assets | 785,795 | 840,762 | | Total Contract Liabilities | 166,220 | 69,065 | | Contract Assets (Current Portion): | | | | Marine Construction | 114,494 | 172,356 | | Municipal Engineering Construction | 147,029 | 220,203 | | Less: Impairment Provision | (16,757) | (20,869) | | Contract Assets (Non-current Portion): | | | | Marine Construction | 47,431 | 24,258 | | Municipal Engineering Construction | 521,800 | 474,071 | | Less: Impairment Provision | (28,202) | (29,257) | | Contract Liabilities: | | | | Marine Construction | 61,137 | 9,916 | | Municipal Engineering Construction | 105,083 | 59,149 | 4 Income Tax Expense H1 2025 income tax expense decreased significantly by 89.1% to RMB 2,742 thousand, mainly due to reduced deferred tax, with varying rates across jurisdictions Income Tax Expense (RMB thousand) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax | 2,204 | 3,463 | | Deferred Income Tax | 538 | 21,242 | | Income Tax Expense — Net | 2,742 | 24,705 | - Chinese subsidiaries are subject to a corporate income tax rate of 25%, with Shanghai Sanhang Benteng Offshore Engineering Co., Ltd. and Shanghai Wison Environmental Technology Co., Ltd. enjoying a preferential rate of 15% as high-tech enterprises[28][29] - Hong Kong profits tax rate is 16.5%, Brunei income tax rate is 18.5%, Indonesian construction service income tax rate is 2.65% (2.65%-4% in 2024), Malaysian income tax rate is 24%, and Saudi Arabian income tax rate is 20%[27][30][31][32][33] 5 Basic and Diluted Earnings/(Loss) Per Share For H1 2025, basic earnings per share were RMB 1.92 cents, a turnaround from a RMB 15.12 cents loss in the prior period, with no dilution effect Basic and Diluted Earnings/(Loss) Per Share (RMB thousand) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company (RMB thousand) | 15,702 | (123,868) | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 819,008 | 819,008 | | Basic Earnings/(Loss) Per Share (RMB cents) | 1.92 | (15.12) | - As of June 30, 2025 and 2024, there were no dilutive potential ordinary shares outstanding, thus diluted earnings per share were the same as basic earnings per share[37] 6 Trade and Other Receivables As of June 30, 2025, total trade and other receivables were RMB 1,898,094 thousand, with RMB 9,266 thousand of bills receivable pledged as collateral Trade and Other Receivables (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable — Net | 975,560 | 1,190,972 | | Retention Receivables — Net | 269,477 | 263,310 | | Long-term Trade Receivables — Net | 38,602 | 42,176 | | Other Receivables | 329,239 | 233,503 | | Prepayments | 284,554 | 163,364 | | Prepaid Taxes | 662 | 4,588 | | Total | 1,898,094 | 1,897,913 | | Current Portion | 1,796,308 | 1,801,358 | | Non-current Portion | (101,786) | (96,555) | - As of June 30, 2025, bills receivable with a net carrying amount of RMB 9,266 thousand were pledged as collateral for the Group's bank borrowings (2024: RMB 20,208 thousand)[39] - As of June 30, 2025, the Group pledged long-term trade receivables with a carrying amount of approximately RMB 40,830 thousand for long-term bank borrowings of RMB 7,000 thousand[40] 7 Trade and Other Payables As of June 30, 2025, total trade and other payables decreased to RMB 2,054,187 thousand, including RMB 1,371,341 thousand in trade payables and bills Trade and Other Payables (RMB thousand) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 1,352,341 | 1,543,705 | | Bills Payable | 19,000 | 21,000 | | Retention Payables | 192,188 | 219,016 | | Long-term Payables | 191,490 | 184,725 | | Employee Salaries and Social Security | 18,526 | 20,635 | | Other Payables | 182,704 | 150,806 | | Other Tax Liabilities | 97,938 | 137,671 | | Total | 2,054,187 | 2,277,558 | | Current Portion | 1,993,588 | 2,109,717 | | Non-current Portion | (60,599) | (167,841) | Ageing Analysis of Trade Payables and Bills Payable (RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 3 months | 119,016 | 265,693 | | 4 to 6 months | 288,632 | 267,195 | | 7 to 12 months | 313,157 | 318,465 | | 1 to 2 years | 258,152 | 291,577 | | 2 to 3 years | 111,400 | 131,263 | | Over 3 years | 280,984 | 290,512 | | Total | 1,371,341 | 1,564,705 | 8 Dividends The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[44] 9 Commitments As of June 30, 2025, the Group and Company had no significant capital commitments, with minimum operating lease payments of RMB 1,808 thousand - As of June 30, 2025, the Group and the Company had no significant capital commitments[45] Minimum Lease Payments Under Non-Cancellable Operating Leases (RMB thousand) | Term | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Not later than 1 year | 1,808 | 866 | | Later than 1 year but not later than 2 years | — | 129 | | Total | 1,808 | 995 | 10 Events After the Reporting Period No other significant events occurred for the Company or Group after June 30, 2025 - The Company or the Group did not undertake any other significant events after June 30, 2025[48] Management Discussion and Analysis This section details the Group's H1 2025 business performance, market environment, and future strategies, highlighting revenue growth and a profit turnaround through enhanced project management Business Review In H1 2025, the Group achieved a slight revenue rebound through enhanced project management, with marine construction at RMB 244.5 million and municipal engineering at RMB 505.2 million - In H1 2025, the Group continued to strengthen project management, achieving a slight revenue rebound despite intense market competition and contracting demand[50] Revenue Recognized During the Reporting Period (Unaudited, RMB million) | Segment | Revenue | | :--- | :--- | | Marine Construction | 244.5 | | Municipal Engineering Construction | 505.2 | | Total | 749.7 | Future Plans and Prospects The Group plans to consolidate market share, expand into new businesses like environmental engineering, and optimize overseas presence for high-quality, sustainable development - The Group will further consolidate its leading advantages in the port, waterway, municipal, and construction industries, stabilize existing market share, adjust business development strategies as appropriate, actively explore new business markets, and gradually expand the proportion of environmental engineering business[53] - The Group will continue to optimize its overseas presence, further promote overseas business towards "high-quality, sustainable" development, leverage industry-leading advantages, strengthen cooperation, form synergies, and continuously enhance the Group's overall competitiveness[53] Financial Overview This section reviews the Group's H1 2025 financial performance, covering revenue, costs, expenses, tax, receivables, payables, liquidity, capital structure, and asset pledges Revenue H1 2025 consolidated revenue grew by 4.8% to RMB 749.7 million, driven by improved project management, with China contributing RMB 693.6 million - The Group's consolidated revenue for H1 2025 was RMB 749.7 million, an increase of approximately 4.8% year-on-year compared to RMB 715.2 million in the same period of the previous fiscal year[54] - The increase in revenue was primarily due to the Group's strengthened project management accelerating project progress[54] - Revenues from China and Southeast Asia in H1 2025 were recorded at RMB 693.6 million and RMB 56.1 million, respectively[54] Cost of Sales and Gross Profit H1 2025 consolidated cost of sales increased by 4.3% to RMB 699.8 million, while gross profit rose by 12.6% to RMB 49.9 million - Consolidated cost of sales for H1 2025 was RMB 699.8 million, an increase of 4.3% compared to RMB 670.9 million in H1 2024[55] - The Group's consolidated gross profit from principal activities was RMB 49.9 million, an increase of 12.6% compared to RMB 44.3 million in H1 2024[56] - Costs of raw materials and consumables used increased by 8.5%, and subcontracting costs decreased by 5.4%, respectively[56] Administrative Expenses H1 2025 administrative expenses decreased by 15.2% to RMB 36.7 million, driven by personnel cost control and reassessed impairment provisions - Administrative expenses for H1 2025 were RMB 36.7 million, a decrease of 15.2% compared to RMB 43.3 million in H1 2024[57] - The decrease was mainly due to strengthened personnel cost control and the reassessment of impairment provisions for investment properties[57] Income Tax Expense H1 2025 income tax expense significantly decreased by 89.1% to RMB 2.7 million, primarily due to reduced deferred income tax - The Group's income tax expense for H1 2025 was RMB 2.7 million, a decrease of 89.1% compared to RMB 24.7 million in H1 2024[58] - The decrease was mainly attributable to a reduction in deferred income tax expenses during the reporting period[58] Trade and Other Receivables As of June 30, 2025, net trade and other receivables slightly increased to RMB 1,898.1 million, while net contract assets decreased by RMB 55 million - As of June 30, 2025, the Group's net trade and other receivables increased to RMB 1,898.1 million (December 31, 2024: RMB 1,897.9 million)[59] - The Group's net contract assets decreased by RMB 55 million from RMB 840.8 million as of December 31, 2024, to RMB 785.8 million as of June 30, 2025[59] Trade and Other Payables As of June 30, 2025, trade and other payables decreased to RMB 2,054.2 million, primarily due to the payment of amounts due - As of June 30, 2025, the Group's trade and other payables decreased to RMB 2,054.2 million (December 31, 2024: RMB 2,277.6 million)[60] - The decrease was mainly due to the payment of amounts due[60] Liquidity, Capital Structure and Gearing Ratio As of June 30, 2025, the Group maintained a healthy liquidity position with net current assets of RMB 68.9 million and cash of RMB 371.4 million, while the gearing ratio decreased to 78.5% - As of June 30, 2025, the Group's net current assets and cash and cash equivalents were approximately RMB 68.9 million (December 31, 2024: RMB 192.5 million) and RMB 371.4 million (December 31, 2024: RMB 342.7 million), respectively[61] - The Group's gearing ratio (calculated as total liabilities divided by total assets) as of June 30, 2025, was 78.5% (December 31, 2024: 79.2%)[61] - The Group's bank borrowings as of June 30, 2025, were RMB 352.4 million (December 31, 2024: RMB 280.5 million)[61] Pledge of Assets As of June 30, 2025, the Group pledged RMB 40.8 million in long-term trade receivables and RMB 9.3 million in bills receivable as collateral for bank borrowings - As of June 30, 2025, the Group pledged long-term trade receivables with a carrying amount of approximately RMB 40.8 million for long-term bank borrowings of RMB 7.0 million[62] - As of June 30, 2025, bills receivable with a net carrying amount of RMB 9.3 million were pledged as collateral for the Group's bank borrowings of RMB 9.3 million[62] Foreign Exchange The Group primarily transacts in major currencies like RMB, HKD, and USD, mitigating foreign exchange risk through contract and payment currency alignment without hedging - The Group's business primarily transacts in major currencies and has not adopted any hedging policy[63] - Foreign exchange risk is mitigated by using major currencies as the primary currency for contracts entered into with customers and for settling payments to suppliers and operating expenses[63] Capital Expenditure and Commitments The Group's capital expenditure is typically funded by operating cash flows, with no significant capital commitments as of June 30, 2025 - The Group generally funds its capital expenditure with cash flows from operations[64] - As of June 30, 2025, the Group had no significant capital commitments[65] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[66] Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures For H1 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, and joint ventures[67] Material Investments Held As of June 30, 2025, the Group held no material investments and had no related future plans - As of June 30, 2025, the Group had no material investments or future plans regarding material investments or capital assets[68] Interim Dividend The Board resolved not to declare an interim dividend for H1 2025, prioritizing sufficient cash flow for operations and expansion - The Board resolved not to declare any dividend for the six months ended June 30, 2025[69] - This decision was primarily made to maintain sufficient cash flow for daily operations and expansion needs[69] Employees and Remuneration Policy As of June 30, 2025, the Group had 441 employees, with remuneration based on local laws, and employee costs of approximately RMB 30.2 million for the period - As of June 30, 2025, the Group had 441 employees[70] - All employee remuneration has been paid in accordance with relevant laws and regulations in China, Indonesia, Brunei, Malaysia, and Hong Kong[70] - During the reporting period, the Group's employee costs (including directors' emoluments) were approximately RMB 30.2 million (six months ended June 30, 2024: approximately RMB 38.2 million)[70] Purchase, Sale or Redemption of the Company's Listed Securities During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[72] Corporate Governance Code The Company has adopted and complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 to the Listing Rules - The Company has adopted all code provisions in Part 2 of the Corporate Governance Code set out in Appendix C1 to the Listing Rules as its own corporate governance code and has complied with all applicable code provisions during the reporting period[73] Standard Code for Securities Transactions by Directors All Directors confirmed full compliance with the Standard Code for Securities Transactions by Directors of Listed Issuers during the reporting period - All Directors confirmed that they have fully complied with the Company's own code of conduct and the relevant provisions of the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules during the reporting period[74] Audit Committee Review of Interim Results The Audit Committee reviewed the Group's unaudited condensed consolidated interim financial statements for the period, raising no objections to accounting policies - The Audit Committee has discussed and reviewed the Group's unaudited condensed consolidated interim financial statements for the reporting period with the Company's management[75] - The Audit Committee raised no objections regarding the accounting policies adopted by the Company[75] Other Disclosures This section covers the publication of interim results and report, definitions of terms, and Board orders Publication of Interim Results and Interim Report This interim results announcement is published on HKEXnews and the Company's website; the 2025 interim report will be dispatched to shareholders and published online - This interim results announcement is published on the HKEXnews website http://www.hkexnews.hk and the Company's website http://www.shbt-china.com[76](index=76&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders in due course and published on the aforementioned websites[76] Definitions This section defines key terms used in the announcement, covering company entities, currencies, committees, and geographical regions - This section provides definitions for key terms used in the announcement, such as "Audit Committee", "BND", "Board", "Company", "Directors", "Group", "HKD", "IDR", "Listing Rules", "Major Currencies", "PRC", "Remuneration Committee", "RMB", "Reporting Period", "Shares", "Shareholders", "Stock Exchange", and "USD"[77][78] By Order of the Board This announcement is issued by Mr. Wang Xiuchun on behalf of the Board, listing Board members as of the announcement date - This announcement is issued by Mr. Wang Xiuchun, Chairman and Executive Director, on behalf of the Board[78] - As of the date of this announcement, the Board members include Executive Directors Mr. Wang Xiuchun, Ms. Wan Yun, Mr. Wang Lijiang, and Mr. Wang Likai; Non-executive Director Mr. Wang Shizhong; Independent Non-executive Directors Mr. Wang Hongwei, Mr. Hou Siming, and Mr. Sun Dajian[79]