映美控股(02028) - 2025 - 中期业绩

Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statement of Profit or Loss For the six months ended June 30, 2025, the company's revenue decreased by 16.67% year-on-year, gross profit turned from loss to gain, but operating loss and loss for the period persisted, with basic loss per share narrowing to RMB0.050 | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 70,195 | 84,237 | -16.67% | | Cost of Goods Sold | (67,219) | (88,210) | -23.80% | | Gross Profit / (Loss) | 2,976 | (3,973) | Turned from Loss to Profit | | Other Income | 1,571 | 691 | 127.35% | | Selling and Distribution Expenses | (10,605) | (13,276) | -19.97% | | Administrative Expenses | (15,127) | (17,695) | -14.51% | | Research and Development Expenses | (7,068) | (6,768) | 4.43% | | Operating Loss | (28,705) | (38,530) | -25.49% | | Loss for the Period | (31,000) | (43,495) | -28.73% | | Loss Attributable to Equity Holders of the Company | (30,935) | (43,406) | -28.74% | | Basic Loss Per Share (RMB) | (0.050) | (0.071) | -29.58% | Condensed Consolidated Interim Statement of Comprehensive Income For the six months ended June 30, 2025, the company's total comprehensive loss for the period narrowed to RMB32,723,000, primarily due to reduced loss for the period, despite other comprehensive loss from fair value changes in equity investments | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (31,000) | (43,495) | -28.73% | | Fair Value Change of Equity Investments at Fair Value Through Other Comprehensive Income | (676) | (3,487) | -80.60% | | Income Tax Relating to These Items | (1,047) | 713 | Tax Impact Change | | Other Comprehensive Loss for the Period, Net of Tax | (1,723) | (2,774) | -37.81% | | Total Comprehensive Loss for the Period | (32,723) | (46,269) | -29.29% | | Total Comprehensive Loss Attributable to Equity Holders of the Company | (32,620) | (46,100) | -29.24% | Condensed Consolidated Interim Statement of Financial Position As of June 30, 2025, the company's total assets and shareholders' equity significantly decreased, with current liabilities exceeding current assets, indicating substantial financial pressure | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Assets | | | | | Non-current Assets | 66,021 | 79,868 | -17.34% | | Current Assets | 93,049 | 126,270 | -26.31% | | Total Assets | 159,070 | 206,138 | -22.83% | | Equity | | | | | Capital and Reserves Attributable to Equity Holders of the Company | (21,416) | 11,204 | Turned from Profit to Loss | | Non-controlling Interests | (1,976) | (1,873) | 5.50% | | Total Equity | (23,392) | 9,331 | Turned from Profit to Loss | | Liabilities | | | | | Non-current Liabilities | 28,633 | 24,448 | 17.12% | | Current Liabilities | 153,829 | 172,359 | -10.75% | | Total Liabilities | 182,462 | 196,807 | -7.39% | Notes to the Condensed Consolidated Interim Financial Statements General Information Jolimark Holdings Limited, incorporated in the Cayman Islands, primarily manufactures and sells printers and other electronic/non-electronic products in Mainland China, listed on the HKEX since 2005 - The company is incorporated in the Cayman Islands, with its principal business being the manufacture and sale of printers and other electronic/non-electronic products in Mainland China[9] - The company has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since June 29, 2005[10] Basis of Preparation The interim financial statements are prepared under HKAS 34, but the company faces significant going concern uncertainties, including losses, net operating cash outflows, and current liabilities exceeding current assets, with management implementing mitigation plans - For the six months ended June 30, 2025, the Group recorded a loss of approximately RMB31,000,000 and net operating cash outflows of approximately RMB2,315,000[13] - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately RMB60,780,000[13] - The Group has implemented several mitigation measures, including the successful renewal of bank borrowings of RMB20,000,000, an expected stable demand in the domestic dot matrix printer market and expansion into emerging markets, strict cost control, and securing standby financing of RMB35,000,000 from the controlling shareholder[16][18] Accounting Policies The Group adopted HKAS 21 (Revised) "Lack of Exchangeability" with no significant impact, and new/revised standards issued but not yet effective are not expected to materially affect operations - The Group mandatorily adopted HKAS 21 (Revised) "Lack of Exchangeability" for the financial year beginning January 1, 2025, with no significant impact on accounting policies[21] - New and revised standards issued but not yet effective, including HKFRS 9 and HKFRS 7 (Amendments), are not expected to have a material impact on the Group's operations[22][23] Segment Information The Group's main operating segments are printers and other products, with printer business contributing approximately 89% of total revenue for the six months ended June 30, 2025, though both segments recorded losses Segment Performance (RMB Thousand) | Metric | Printers (RMB Thousand) | Other Products (RMB Thousand) | Total (RMB Thousand) | | :--- | :--- | :--- | :--- | | Six Months Ended June 30, 2025 | | | | | Revenue from External Customers | 62,581 | 7,614 | 70,195 | | Segment Results | (12,872) | (1,825) | (14,697) | | Selling and Distribution Expenses | (8,247) | (2,358) | (10,605) | | Research and Development Expenses | (6,954) | (114) | (7,068) | | Six Months Ended June 30, 2024 | | | | | Revenue from External Customers | 71,741 | 12,496 | 84,237 | | Segment Results | (24,390) | 373 | (24,017) | | Selling and Distribution Expenses | (12,499) | (777) | (13,276) | | Research and Development Expenses | (5,452) | (1,316) | (6,768) | Revenue by Region (RMB Thousand) | Region | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | In Mainland China | 67,216 | 82,009 | | Overseas | 2,979 | 2,228 | | Total | 70,195 | 84,237 | - For the six months ended June 30, 2025, approximately 24% of total revenue was derived from a single external customer in the printer segment (2024: 44%)[26] Income Tax Expense The Group's income tax expense primarily includes Hong Kong profits tax, dividend withholding tax, and deferred income tax, with varying corporate income tax rates for Mainland China entities based on high-tech enterprise status Income Tax Expense (RMB Thousand) | Tax Category | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current Income Tax Expense | | | | - Hong Kong Profits Tax | 25 | – | | - Dividend Withholding Tax | 25 | – | | Deferred Income Tax | 37 | – | | Total | 87 | – | - The Hong Kong profits tax rate is 16.5%[28] - Jiangyu Information, a principal operating entity, enjoys a preferential corporate income tax rate of 15% due to its High and New Technology Enterprise qualification (2024: 15%), while other Mainland China entities are taxed at 25%[29] - Dividends paid to foreign investors are subject to a 10% withholding income tax, with a reduced rate of 5% applicable to Hong Kong companies under tax treaty arrangements[30] Loss Per Share For the six months ended June 30, 2025, the company's basic and diluted loss per share both narrowed to RMB0.050, with share options excluded from diluted loss calculation due to their anti-dilutive effect Loss Per Share (RMB) | Metric | 2025 (RMB) | 2024 (RMB) | | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (0.050) | (0.071) | - The 700,000 outstanding share options were not included in the calculation of diluted loss per share as they had an anti-dilutive effect[33] Dividends The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[34] Trade and Other Receivables As of June 30, 2025, total trade and other receivables significantly decreased to RMB29,288,000, primarily due to a substantial drop in bills receivable, while overdue trade receivables increased Trade and Other Receivables (RMB Thousand) | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Receivables - Third Parties (Net) | 14,347 | 13,540 | 5.96% | | Bills Receivable (Net) | 1,878 | 15,547 | -87.91% | | Prepayments - Third Parties | 2,995 | 1,557 | 92.36% | | Other Receivables (Net) | 9,968 | 10,186 | -2.00% | | Total | 29,288 | 40,930 | -28.44% | Trade Receivables Aging (RMB Thousand) | Trade Receivables Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Less than 30 days | 5,704 | 7,681 | | 31 to 90 days | 4,950 | 3,335 | | 91 to 180 days | 2,647 | 2,109 | | 181 to 365 days | 1,043 | 415 | | Over 365 days | 3 | – | | Total | 14,347 | 13,540 | - As of June 30, 2025, approximately RMB5,101,000 of trade receivables were overdue (December 31, 2024: RMB3,715,000)[36] Trade and Other Payables As of June 30, 2025, total trade and other payables increased to RMB54,185,000, primarily driven by a rise in trade payables Trade and Other Payables (RMB Thousand) | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables - Third Parties | 38,742 | 26,874 | 44.16% | | Other Payables and Accrued Expenses - Third Parties | 13,820 | 12,362 | 11.79% | | Other Payables and Accrued Expenses - Related Parties | 585 | 4,779 | -87.79% | | Refund Liabilities - Third Parties | 642 | 861 | -25.44% | | Dividends Payable | 396 | 396 | 0.00% | | Total | 54,185 | 45,272 | 19.69% | Trade Payables Aging (RMB Thousand) | Trade Payables Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Less than 30 days | 2,314 | 4,755 | | 31 to 90 days | 22,757 | 14,051 | | 91 to 180 days | 11,719 | 6,606 | | 181 to 365 days | 578 | 385 | | Over 365 days | 1,374 | 1,077 | | Total | 38,742 | 26,874 | Management Discussion and Analysis Business Review For the six months ended June 30, 2025, both the Group's printer and other product businesses experienced revenue declines, mainly due to the widespread adoption of electronic invoices in Mainland China and reduced consumables sales Printer Business Printer business revenue was approximately RMB62,581,000, accounting for about 89% of total revenue, a decrease of approximately 13% year-on-year, primarily due to the full implementation of digital electronic invoices and insufficient market demand in Mainland China - Printer business revenue was approximately RMB62,581,000, accounting for approximately 89% of the Group's total revenue[38] - Printer business revenue decreased by approximately 13% compared to the same period in 2024, primarily due to the continued widespread implementation of digital electronic invoices in Mainland China and insufficient market demand[38] Other Products Other products business revenue was approximately RMB7,614,000, accounting for about 11% of total revenue, a decrease of approximately 39% year-on-year, mainly due to reduced consumables sales in 2025 - Other products business revenue was approximately RMB7,614,000, accounting for approximately 11% of the Group's total revenue[39] - Other products business revenue decreased by approximately 39% compared to the same period in 2024, primarily due to reduced consumables sales in 2025[39] Future Business Outlook Despite the decline in traditional printer business, the medical product business is steadily growing, and the company plans to optimize printer products, explore new printing scenarios, launch AI-powered inkjet printers, develop self-service terminal businesses, and expand medical device product lines for new growth - The company anticipates that the Chinese government will continue to introduce various policies to stimulate consumption and support manufacturing in 2025, with market demand expected to recover[40] - The company will continue to focus on the enterprise and industry document printing market, launch the web version of the E-billing inventory management software, and plans to introduce new versions of archive box printers and grand theater ticket thermal printers[41] - In the inkjet printing business, the "Cai Zhi e-Office" series of printers, featuring AI automatic content recognition, has been launched, and upgraded continuous paper inkjet printers and card inkjet printers are expected to be released in 2025[42] - In the self-service terminal business, sales of AI-powered robotic arm coffee vending machines, wearable nail art machines, and nail art machines are showing an upward trend[43] - In medical devices, the company has obtained the China medical device product registration certificate for its 5L desktop oxygen concentrator, plans to have a full product line of portable oxygen concentrators equivalent to 3L to 8L by the end of 2025, and is developing 7L and 10L desktop models, discussing in-car oxygen concentrator business with automotive manufacturers, and collaborating with Guangzhou Mingyi Technology on invasive ventilator R&D[44][45] Financial Review For the six months ended June 30, 2025, the Group's operating revenue decreased by 17% year-on-year, and loss attributable to shareholders narrowed, but total assets and shareholders' equity declined, liquidity ratio deteriorated, and gearing ratio increased, indicating ongoing financial challenges Performance Summary For the six months ended June 30, 2025, operating revenue was approximately RMB70,195,000, a decrease of about 17% year-on-year, with loss attributable to shareholders narrowing to RMB30,935,000, primarily due to insufficient printer market demand and asset impairment - Operating revenue was approximately RMB70,195,000, a decrease of approximately 17% compared to the same period last year[46] - Loss attributable to equity holders of the Company was approximately RMB30,935,000, narrowing from a loss of RMB43,406,000 in the same period last year[46] - Basic loss per share was approximately RMB0.050 (2024: RMB0.071)[46] - The loss was primarily due to insufficient market demand for printers caused by the continued widespread implementation of digital electronic invoices in Mainland China, and the recognition of asset impairment[46] Sales and Gross Profit Analysis Total sales revenue for the first half of 2025 was RMB70,195,000, a decrease of approximately 17% year-on-year, mainly due to insufficient printer market demand, while consolidated gross profit increased to RMB2,976,000, with a gross margin of 4%, primarily due to significantly reduced asset impairment - Total sales revenue was RMB70,195,000, a decrease of approximately 17% compared to the same period in 2024[47] - Consolidated gross profit was RMB2,976,000, with the consolidated gross profit margin increasing to 4%, primarily due to a significant reduction in asset impairment compared to the same period in 2024[47] Capital Expenditure For the six months ended June 30, 2025, the Group's capital expenditure was approximately RMB1,629,000, primarily for the acquisition of production equipment and customization of product molds - Capital expenditure was approximately RMB1,629,000, primarily for the acquisition of production equipment and customization of product molds[48] Assets, Liabilities and Liquidity As of June 30, 2025, the Group's total assets were approximately RMB159,070,000, a 22.83% decrease from the end of 2024, with shareholders' equity turning from profit to loss, liquidity ratio declining to 0.60, and gearing ratio rising to 72.7%, indicating increased liquidity pressure Financial Position and Liquidity (RMB Thousand) | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 159,070 | 206,138 | -22.83% | | Equity Holders of the Company | (21,416) | 11,204 | Turned from Profit to Loss | | Current Liabilities | 153,829 | 172,359 | -10.75% | | Current Ratio | 0.60 | 0.73 | -17.81% | | Cash and Cash Equivalents and Restricted Cash | 12,128 | 24,714 | -50.92% | | Total Borrowings | 115,618 | 140,797 | -17.99% | | Gearing Ratio | 72.7% | 68.3% | 6.44% | | Bills Receivable | 1,886 | 15,617 | -87.91% | - The decrease in the current ratio was primarily due to a decrease in current assets of approximately RMB33,221,000 during the year[49] Financial Assets at Fair Value Through Other Comprehensive Income As of June 30, 2025, the Group's equity investments in private enterprises had a fair value of RMB8,645,000, with a significant portion in Elephant Cloud Information Technology Co., Ltd., aligning with the strategy to invest in companies with synergistic effects - As of June 30, 2025, the fair value of the company's investments was RMB8,645,000 (December 31, 2024: RMB9,321,000)[52] - Of this, a 0.33% equity interest in Elephant Cloud Information Technology Co., Ltd. (engaged in invoice and tax information management service solutions) accounted for RMB6,312,000, representing approximately 73.01% of the Group's financial assets at fair value through other comprehensive income[52] - The company's investment strategy is to invest in companies engaged in upstream or downstream industries that generate synergistic effects with the Group's business[53] Pledged Assets As of June 30, 2025, property, plant and equipment, and right-of-use assets totaling RMB37,858,000 were pledged as collateral for the Group's bank borrowings of RMB88,000,000 - As of June 30, 2025, property, plant and equipment and right-of-use assets totaling RMB37,858,000 were pledged as collateral for the Group's bank borrowings of RMB88,000,000[54] Foreign Currency Risk The Group faces foreign currency exchange risk from assets and liabilities denominated in HKD, USD, TWD, and EUR, primarily due to raw material imports, overseas sales, and foreign currency borrowings, which is managed by reviewing net exposures and reducing financial liabilities when necessary - The Group is exposed to foreign currency exchange risk arising from assets and liabilities denominated in HKD, USD, TWD, and EUR, primarily due to the import of raw materials and machinery, sales to overseas customers, and foreign currency borrowings[55] - The Group manages and monitors this risk by regularly reviewing its net foreign currency exposure and mitigating the impact of exchange rate fluctuations by reducing financial liabilities when necessary[55] Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures The Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period - The Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[56] 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 (December 31, 2024: nil)[57] Employees As of June 30, 2025, the Group employed 541 staff, a decrease from 572 at the end of 2024, with most employees in Mainland China, compensated based on performance, and offered benefits including social insurance, medical subsidies, housing provident funds, and a share option scheme - As of June 30, 2025, the Group employed a total of 541 staff (December 31, 2024: 572 staff)[58] - All Group employees, except for 6 staff employed in Hong Kong and overseas, are located in Mainland China[58] - The Group applies a salary and bonus policy based on performance and individual employee contributions, provides benefits such as social insurance, medical subsidies, and housing provident funds, and has adopted a share option scheme to reward and incentivize employees[58] Post-Balance Sheet Events There were no other significant events subsequent to the period and up to the date of this announcement - There were no other significant events subsequent to the period and up to the date of this announcement[59] Interim Dividend The Board does not recommend an interim dividend for the six months ended June 30, 2025, consistent with the prior year - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[60] Other Information Compliance with Corporate Governance Code The company adhered to all code provisions of the Corporate Governance Code for the six months ended June 30, 2025, except for the Chairman's absence from the AGM due to other business commitments, constituting a deviation from code provision F.2.2 - The company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules for the six months ended June 30, 2025[61] - A deviation from code provision F.2.2 of the Corporate Governance Code occurred as Mr Ou Baixian, the Chairman of the Board, was unable to attend the Annual General Meeting held on May 28, 2025[61] Purchase, Sale or Redemption of the Company's Listed Securities Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during 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 during the six months ended June 30, 2025[62] Standard Code for Securities Transactions The company adopted the Model Code for Securities Transactions by Directors of Listed Issuers and confirmed full compliance by all directors for the six months ended June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its own code of conduct regarding directors' securities transactions[63] - All directors confirmed full compliance with the requirements set out in the Model Code for the six months ended June 30, 2025[63] Review of Condensed Consolidated Interim Financial Information The Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, was reviewed by the Audit Committee and by independent auditor Gadori CPA Limited in accordance with HKSRE 2410 - The Group's unaudited condensed consolidated interim financial information for the six months ended June 30, 2025, has been reviewed by the Audit Committee[64] - The financial information has also been reviewed by the independent auditor, Gadori CPA Limited, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[65] Publication of Interim Results Announcement and Interim Report This interim results announcement is published on the HKEX and company websites, and the interim report for the six months ended June 30, 2025, will be dispatched to shareholders and available on these websites in due course - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.jolimark.com)[66](index=66&type=chunk) - The company's interim report for the six months ended June 30, 2025, will be dispatched to the company's shareholders and made available on the aforementioned websites in due course[66]