青岛控股(00499) - 2025 - 中期业绩

Interim Condensed Consolidated Financial Statements Interim Condensed Consolidated Income Statement The Group's loss before tax and loss for the period for the six months ended June 30, 2025, narrowed due to significantly reduced finance costs, despite a decrease in total revenue Interim Condensed Consolidated Income Statement Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Revenue | 10,726 | 12,249 | | Cost of Inventories Sold | (3,403) | (4,342) | | Other Income | 2,107 | 3,108 | | Other Gains | – | 82 | | Employee Benefit Expenses | (6,038) | (5,383) | | Other Operating Expenses | (6,826) | (8,761) | | Finance Costs | (7,791) | (13,075) | | Share of Loss of Joint Ventures | (1,171) | (1,946) | | Loss Before Tax | (12,396) | (18,068) | | Income Tax Expense | (2) | (99) | | Loss for the Period | (12,398) | (18,167) | | Attributable to Owners of the Parent | (9,505) | (14,398) | | Basic and Diluted Loss Per Share Attributable to Ordinary Equity Holders of the Parent (RMB cents) | (0.95) | (1.44) | Interim Condensed Consolidated Statement of Comprehensive Income Total comprehensive loss for the period decreased, primarily due to a narrower loss for the period, partially offset by negative foreign exchange differences from overseas operations Interim Condensed Consolidated Statement of Comprehensive Income Key Data | Metric | Six Months Ended June 30, 2025 (RMB thousands) | Six Months Ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (12,398) | (18,167) | | Exchange Differences on Translation of Overseas Operations | (2,902) | 473 | | Total Comprehensive Loss for the Period | (15,300) | (17,694) | | Attributable to Owners of the Company | (12,407) | (13,925) | Interim Condensed Consolidated Statement of Financial Position Total assets and net assets decreased as of June 30, 2025, compared to December 31, 2024, with a significant reduction in current assets, particularly trade receivables and cash equivalents Interim Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Non-current Assets | 496,645 | 500,636 | | Total Current Assets | 195,473 | 226,267 | | Total Current Liabilities | 362,412 | 380,603 | | Net Current Liabilities | (166,939) | (154,336) | | Total Assets Less Current Liabilities | 329,706 | 346,300 | | Total Non-current Liabilities | 5,884 | 7,178 | | Net Assets | 323,822 | 339,122 | | Equity Attributable to Owners of the Parent | 271,132 | 283,539 | | Total Equity | 323,822 | 339,122 | Notes to the Interim Condensed Consolidated Financial Information 1. Basis of Preparation The unaudited condensed interim financial statements are prepared in accordance with Appendix D2 of the Listing Rules and HKAS 34, and should be read with the annual financial statements for the year ended December 31, 2024 - The financial statements are prepared in accordance with Appendix D2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[10] - They should be read in conjunction with the company's annual financial statements for the year ended December 31, 2024[10] 2. Summary of Significant Accounting Policies The company adopted all new and revised HKFRSs effective January 1, 2025, which did not result in significant changes to accounting policies, financial statement presentation, or reported amounts, except as disclosed - The company has adopted all new and revised Hong Kong Financial Reporting Standards (HKFRSs) effective from January 1, 2025[11] - The adoption of new standards has not resulted in significant changes to accounting policies, financial statement presentation, or reported amounts[11] 3. Segment Information The Group primarily operates property leasing, production and sale of education equipment, consulting services, and loan financing, with property leasing and education equipment sales being main revenue sources, both declining and resulting in segment losses in H1 2025 Segment Revenue and Results (RMB thousands) | Segment | Six Months Ended June 30, 2025 Revenue | Six Months Ended June 30, 2025 Results | Six Months Ended June 30, 2024 Revenue | Six Months Ended June 30, 2024 Results | | :--- | :--- | :--- | :--- | :--- | | Property Leasing | 5,506 | (1,146) | 5,717 | 723 | | Production and Sale of Education Equipment | 5,220 | (2,330) | 6,532 | (4,966) | | Consultancy Services | – | (1,069) | – | – | | Loan Financing | – | – | – | – | | Total Segments | 10,726 | (4,545) | 12,249 | (4,243) | | Loss Before Tax | | (12,396) | | (18,068) | Geographical Revenue (RMB thousands) | Region | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Mainland China | 9,555 | 10,882 | | Hong Kong | 1,171 | 1,367 | | Total | 10,726 | 12,249 | Geographical Non-current Assets (RMB thousands) | Region | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Mainland China | 352,790 | 354,082 | | Hong Kong | 132,401 | 135,088 | | Total | 485,191 | 489,170 | 4. Revenue, Other Income and Other Gains Total revenue decreased due to reduced education equipment sales and a slight decline in property rental income, while other income also fell due to lower bank interest and investment income, and other gains were negligible Revenue Analysis (RMB thousands) | Revenue Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Sale of Education Equipment | 5,220 | 6,532 | | Fixed Payment Rental Income from Investment Properties Operating Leases | 5,506 | 5,717 | | Total | 10,726 | 12,249 | Other Income Analysis (RMB thousands) | Income Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Bank Interest Income | 1,878 | 2,365 | | Investment Income from Financial Assets at Fair Value Through Profit or Loss | 24 | 743 | | Others | 205 | – | | Total | 2,107 | 3,108 | Other Gains Analysis (RMB thousands) | Gain Source | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net Exchange Gain | – | 82 | 5. Finance Costs Finance costs significantly decreased by 40.4% due to loan repayments, primarily reflected in lower interest expenses for loans from the ultimate holding company and bank loans Finance Costs Analysis (RMB thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Interest Expense on Loans from Ultimate Holding Company | 7,688 | 11,598 | | Interest Expense on Bank Loans | 103 | 1,477 | | Total | 7,791 | 13,075 | - Finance costs decreased by approximately 40.4% year-on-year, primarily due to loan repayments[49] 6. Loss Before Tax The Group's loss before tax decreased, resulting from the combined effect of various expense and income items, including reduced depreciation, amortization, and cost of inventories sold Components of Loss Before Tax (RMB thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 1,058 | 1,051 | | Depreciation of Right-of-Use Assets | 567 | 567 | | Amortization of Intangible Assets | 495 | 494 | | Investment Income from Financial Assets at Fair Value Through Profit or Loss | (24) | (743) | | Net Exchange Gain | – | 82 | | Cost of Inventories Sold | 3,403 | 4,342 | 7. Income Tax Expense Income tax expense for the period was minimal, primarily from current tax in mainland China, with Hong Kong profits tax at 16.5% and mainland China corporate income tax rates at 15% or 25% - The Hong Kong profits tax rate is 16.5%[23] - The corporate income tax rate for high-tech enterprises in mainland China is 15%, while other subsidiaries are subject to a 25% rate[24] Income Tax Expense Analysis (RMB thousands) | Item | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Current Tax - Current Period Expense | 2 | – | | Current Tax - Underprovision in Prior Years | – | 34 | | Deferred Tax | – | 65 | | Total Tax Expense for the Period | 2 | 99 | 8. Dividends No dividends were paid or proposed for ordinary shareholders for the six months ended June 30, 2025 - No dividends were paid or proposed during the current or prior periods[26] 9. Loss Per Share Basic and diluted loss per share decreased to RMB 0.95 cents due to a reduction in loss attributable to ordinary equity holders of the parent Loss Per Share Calculation Data | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Loss Attributable to Ordinary Equity Holders of the Parent (RMB thousands) | (9,505) | (14,398) | | Weighted Average Number of Ordinary Shares in Issue for the Period | 998,553,360 | 998,553,360 | | Basic and Diluted Loss Per Share (RMB cents) | (0.95) | (1.44) | - The company had no potential dilutive ordinary shares in issue during either period[28] 10. Investment Properties The Group's investment properties in Hong Kong and mainland China are fair valued by independent professional valuers, with no unrealized losses from revaluation recognized in the income statement for the period, differences mainly from exchange adjustments - Investment properties are located in Hong Kong and mainland China, with fair values estimated by independent professional valuers[29] - No unrealized losses from revaluation of investment properties were recognized in the income statement for the period, with differences primarily due to exchange adjustments[29] 11. Inventories Total inventories increased, primarily due to an increase in finished goods, partially offset by impairment losses on inventories recognized during the period Inventories Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Raw Materials | 7,158 | 7,344 | | Finished Goods | 5,276 | 2,940 | | Impairment Loss on Inventories | (1,243) | – | | Total | 11,191 | 10,284 | 12. Trade and Other Receivables Trade and other receivables significantly decreased, mainly due to a substantial decline in deposits, prepayments, and other receivables, with a slight reduction in trade receivables Trade and Other Receivables Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables (Net of Provision for Credit Losses) | 7,750 | 8,457 | | Deposits, Prepayments and Other Receivables (Net of Provision for Credit Losses) | 2,042 | 23,050 | | Recoverable Value Added Tax | 352 | 293 | | Total | 10,144 | 31,800 | Ageing Analysis of Trade Receivables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 Month | 313 | 4,153 | | 1 to 2 Months | 416 | 444 | | 2 to 3 Months | – | – | | Over 3 Months | 7,021 | 3,860 | | Total | 7,750 | 8,457 | 13. Cash and Cash Equivalents Total cash and cash equivalents decreased, with both bank balances and time deposits showing a decline Cash and Cash Equivalents Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and Bank Balances | 113,322 | 113,457 | | Time Deposits | 54,780 | 64,940 | | Total | 168,102 | 178,397 | 14. Trade and Other Payables Total trade and other payables increased, primarily due to higher accrued expenses and other payables, despite a reduction in trade payables and other taxes payable Trade and Other Payables Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 1,061 | 2,811 | | Accrued Expenses and Other Payables | 16,116 | 9,805 | | Other Taxes Payable | 412 | 1,568 | | Total | 17,589 | 14,184 | Ageing Analysis of Trade Payables (RMB thousands) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 Month | 277 | 371 | | 1 to 2 Months | 227 | 252 | | 2 to 3 Months | 40 | 332 | | Over 3 Months | 517 | 1,856 | | Total | 1,061 | 2,811 | 15. Share Capital The company's share capital remained unchanged, with a stable number of issued ordinary shares - The authorized share capital consists of 20,000,000,000 shares with a par value of HKD 0.10 each[32] Share Capital Analysis (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued and Fully Paid 998,553,360 Ordinary Shares | 81,257 | 81,257 | Summary of Share Capital Movements | Date | Number of Shares Issued | Share Capital (RMB thousands) | | :--- | :--- | :--- | | As at January 1, 2024, December 31, 2024, January 1, 2025 and June 30, 2025 | 998,553,360 | 81,257 | 16. Pledged Assets As of June 30, 2025, the Group had no pledged assets, unlike December 31, 2024, when investment properties and property, plant and equipment were pledged for mortgage facilities - As of June 30, 2025, the Group had no pledged assets[37] - As of December 31, 2024, the Group had pledged investment properties with a market value of approximately RMB 120 million and property, plant and equipment with a net book value of approximately RMB 25.03 million[37] 17. Related Party Transactions The Group engaged in various related party transactions, including loan interest income from a joint venture, significant loan interest expenses paid to the ultimate holding company, and rental income from an intermediate holding company, with related party balances including amounts due from a joint venture and a large amount due to the ultimate holding company Related Party Transactions (RMB thousands) | Transacting Party | Transaction Type | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | :--- | | A Joint Venture | Loan Interest Income | 236 | 342 | | Ultimate Holding Company | Loan Interest Expense | 7,688 | 11,598 | | An Intermediate Holding Company | Rental Income | 127 | 117 | Related Party Balances (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amounts Due from a Joint Venture | 6,036 | 5,786 | | Amounts Due to a Joint Venture | – | 20,000 | | Amounts Due to Ultimate Holding Company | 342,000 | 344,000 | | Amounts Due to an Intermediate Holding Company | 21 | 21 | - The RMB-denominated loan from the ultimate holding company is unsecured, bears a fixed weighted average annual interest rate of 4.52%, and is due on December 31, 2026, but is classified as a current liability due to the absence of a right to extend the repayment period[41] 18. Approval of Interim Financial Information The interim financial information was approved and authorized for issue by the Board of Directors on August 27, 2025 - The interim financial information was approved and authorized for issue by the Board of Directors on August 27, 2025[40] Management Discussion and Analysis Interim Dividend The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025[42] Business Review The Group's core businesses include investment property leasing, production and sale of digital Chinese calligraphy education equipment, consulting services, and loan financing, with both property leasing and education equipment sales revenue declining, and consulting and loan financing businesses generating no revenue, the latter to be terminated - The Group is primarily engaged in investment property leasing, production and sale of digital Chinese calligraphy education equipment and related learning and teaching systems, provision of consulting services, and loan financing[43] Property Leasing Property Leasing Revenue | Year | Rental Income (RMB thousands) | | :--- | :--- | | Six Months Ended June 30, 2025 | 5,510 | | Six Months Ended June 30, 2024 | 5,720 | - Rental income accounted for 51.3% of the Group's total revenue[44] - Due to unfavorable market conditions for commercial properties in Hong Kong, one investment property remains vacant, and the company is actively seeking suitable tenants[44] Production and Sale of Digital Chinese Calligraphy Education Equipment Education Equipment Sales Revenue | Year | Revenue (RMB thousands) | | :--- | :--- | | Six Months Ended June 30, 2025 | 5,220 | | Six Months Ended June 30, 2024 | 6,530 | - This business segment's revenue accounted for 48.7% of the Group's total revenue[45] - The decrease in revenue was due to global economic instability, leading customers to be more cautious in entering sales contracts, resulting in widespread delays in classroom installation projects[45] Consultancy Services - The consultancy services business did not generate any revenue during the period[46] - Consultancy services are primarily provided to property developers engaged in new district construction projects in China[46] Loan Financing - The loan financing business did not generate any revenue or grant any new loans during the period[47] - After careful consideration, the Group decided to terminate this business in 2025[47] Financial Review The Group's financial performance showed a narrowed net loss, primarily due to a significant decrease in finance costs; however, total revenue, other income, and other operating expenses all decreased, while employee benefit expenses increased, and liquidity ratios slightly declined, though management believes cash resources are sufficient Revenue and Results Revenue and Results Overview (RMB thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | 10,730 | 12,250 | | Loss Attributable to Equity Holders of the Parent | 9,510 | 14,400 | | Loss Per Share (RMB cents) | 0.95 | 1.44 | | Cost of Inventories Sold | 3,400 | 4,340 | | Other Income | 2,110 | 3,110 | | Employee Benefit Expenses | 6,040 | 5,380 | | Other Operating Expenses | 6,830 | 8,760 | | Finance Costs | 7,790 | 13,080 | - The reduction in loss was primarily due to a decrease in finance costs resulting from loan repayments[48] - Other income decreased by approximately 32.2%, mainly attributable to lower bank interest income and investment income[48] - Employee benefit expenses increased by approximately 12.3%, primarily due to higher employee salaries[48] - Other operating expenses decreased by approximately 22.0%, mainly due to reduced professional fees and labor costs[48] Financial Resources and Liquidity Liquidity Ratios | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets (RMB millions) | 195 | 226 | | Current Ratio | 0.54 | 0.59 | | Outstanding Bank and Other Borrowings (RMB thousands) | 5,970 | 7,640 | | Gearing Ratio | 38% | 35% | - The Directors believe the Group has sufficient cash resources to meet its commitments and current working capital requirements[50] Capital Structure - As of June 30, 2025, the number of issued ordinary shares of the company was 998,553,360, which was the same as at December 31, 2024[51] - The Group's capital structure comprises debt (including bank borrowings) and equity attributable to owners of the parent (including share capital and reserves)[51] Pledged Assets - As of June 30, 2025, the Group had no pledged assets[52] - As of December 31, 2024, the Group had pledged investment properties with a market value of approximately RMB 120 million and property, plant and equipment with a net book value of approximately RMB 25.03 million[52] - As of June 30, 2025, and December 31, 2024, the Group had no unutilized bank credit facilities[53] Foreign Exchange Risk - The Group's financial statements are presented in RMB, and its business transactions are primarily conducted in HKD, RMB, and USD[54] - The Group has not entered into any hedging arrangements for foreign exchange, but will continue to closely monitor its foreign exchange exposure[54] Capital Commitments Capital Commitments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Contribution Payable to Joint Venture | 22,000 | 24,000 | Contingent Liabilities - As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities[56] Employees and Remuneration Policy Number of Employees | Date | Number of Employees | | :--- | :--- | | June 30, 2025 | 109 | | December 31, 2024 | 110 | - Employee remuneration is determined based on individual performance and experience, prevailing industry practices, current market conditions, and applicable labor laws[57] - In addition to basic salaries, employees receive performance-linked bonuses and other staff benefits[57] Outlook Facing complex global economic conditions and intense market competition, the Group will continue to focus on existing core businesses, plan to develop trading business to optimize revenue structure, strengthen cost control and risk management, and with financial support from the controlling shareholder, accelerate asset acquisitions to improve core businesses and create greater shareholder value - The global economic situation remains complex and volatile, with increasingly fierce market competition[58] - The Group will continue to focus on investment property leasing, production and sale of digital Chinese calligraphy education equipment and related learning and teaching systems, and provision of consulting services[58] - The Group also plans to develop a trading business at an appropriate time to expand its business scope and optimize its revenue structure[58] - The Group will further strengthen cost control and risk management to improve operational efficiency and profitability[58] - Qingdao City Construction Investment (Group) Co, Ltd, the controlling shareholder, has issued a letter of financial support to the Group to support operations and accelerate potential acquisitions of quality assets[58] Change in Use of Proceeds from Rights Issue The Group changed the use of unutilized net proceeds from the rights issue, allocating RMB 36.4 million to repay bank loans to improve the gearing ratio and reduce finance costs, rather than leaving funds idle for investment opportunities, with remaining funds for investment expected to be fully utilized by December 31, 2025, as no suitable opportunities were identified by June 30, 2025 - The net proceeds from the rights issue amounted to approximately RMB 159.9 million[59] - The Board decided to utilize approximately RMB 36.4 million of the RMB 105.75 million allocated for investment opportunities to repay bank loans due in August 2024, instead of allowing the entire allocated amount to remain idle[60] - The change in use aims to improve the Group's gearing ratio and reduce finance costs[60] - As of June 30, 2025, RMB 74.56 million had been used to settle bank loans, and RMB 15.99 million had been used for general working capital[61] - The expected timeline for the utilization of unutilized net proceeds has been changed from June 30, 2025, to December 31, 2025[63] Corporate Governance Code The company complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules during the period - The company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the period[65] Standard Code for Securities Transactions by Directors The company adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules and confirmed all directors complied with it during the period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[66] - The company has made specific and reasonable inquiries to all Directors and is satisfied that they have complied with the Standard Code throughout the period[66] Purchase, Sale or Redemption of the Company’s Listed Securities During the period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed shares on the Stock Exchange, and held no treasury shares as of June 30, 2025 - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities on the Stock Exchange[67] - As of June 30, 2025, the company held no treasury shares[67] Events After the Reporting Period Except as disclosed, no events after the reporting period had a significant impact on the company's financial position - Save as disclosed above, no events after the reporting period had a significant impact on the company's financial position[68] Auditor, Audit Committee and Review of Interim Results The company's Audit Committee, comprising four independent non-executive directors, reviews accounting principles, oversees audit and financial reporting processes, and risk management and internal control systems, and has reviewed the financial information in this announcement - The Audit Committee comprises four independent non-executive Directors and reports to the Board[69] - The primary duties of the Audit Committee are to review the accounting principles and practices adopted by the Group, oversee the audit and financial reporting processes, and risk management and internal control systems[69] - The financial information contained in this announcement is unaudited and has been reviewed by the Audit Committee[69] Board of Directors This announcement lists the names and positions of executive and independent non-executive directors as of the announcement date - The executive directors are Mr Cui Mingshou (Chairman), Mr Wang Yimei (Vice Chairman), and Mr Hu Liang[71] - The independent non-executive directors are Mr Yin Desheng, Mr Li Xue, Mr Wang Yaping, and Ms Qi Yan[71]