创信国际(00676) - 2025 - 中期业绩

Company Information and Disclaimer This section provides company identification and disclaims responsibility for the announcement's content by regulatory bodies - This announcement presents the interim results for Pegasus International Holdings Limited (stock code: 676) for the six months ended June 30, 2025[2][3] - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited are not responsible for the content of this announcement and make no statement as to its accuracy or completeness[1] Condensed Consolidated Financial Statements This section presents the group's financial performance and position through condensed consolidated statements of profit or loss and financial position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, group revenue significantly decreased by 54.2% to USD 1,481 thousand, resulting in a pre-tax loss of USD 204 thousand and a shift to basic loss per share Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Revenue | 1,481 | 3,232 | | Cost of sales and services | (360) | (1,264) | | Gross profit | 1,121 | 1,968 | | Other income (expenses), gains and losses | 419 | 227 | | Selling and distribution costs | (32) | (143) | | General and administrative expenses | (1,678) | (1,882) | | Finance costs | (34) | (18) | | Profit (Loss) before tax | (204) | 152 | | Income tax credit | 1 | 13 | | Profit (Loss) for the period attributable to owners of the Company | (203) | 165 | | Exchange differences on translation of presentation currency | 42 | 707 | | Total comprehensive income (expense) for the period attributable to owners of the Company | (161) | 872 | | Basic earnings (loss) per share | (0.03 US cents) | 0.02 US cents | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets slightly increased, net current assets rose, but total equity slightly decreased, with non-current liabilities significantly increasing due to new bank borrowings Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Non-current Assets | | | | Investment properties | 61,492 | 61,492 | | Property, plant and equipment | 18,485 | 18,537 | | Right-of-use assets | 1,860 | 1,980 | | Accrued rental | 406 | 406 | | Total non-current assets | 82,243 | 82,415 | | Current Assets | | | | Inventories | 97 | 104 | | Trade and other receivables | 2,353 | 2,786 | | Financial assets at fair value through profit or loss | 882 | 704 | | Time deposits | 139 | 139 | | Pledged bank deposits | 2,500 | – | | Bank balances and cash | 8,097 | 8,651 | | Total current assets | 14,068 | 12,384 | | Current Liabilities | | | | Trade and other payables | 1,840 | 1,588 | | Bank borrowings | 250 | – | | Lease liabilities | 79 | 79 | | Housing provident fund provision | 32 | 32 | | Tax payable | 611 | 611 | | Total current liabilities | 2,812 | 2,310 | | Net current assets | 11,256 | 10,074 | | Total equity | 75,091 | 76,283 | | Non-current Liabilities | | | | Deferred tax liabilities | 15,399 | 15,399 | | Bank borrowings | 2,250 | – | | Lease liabilities | 759 | 807 | | Total non-current liabilities | 18,408 | 16,206 | | Total | 93,499 | 92,489 | Notes to the Condensed Consolidated Financial Statements This section details the basis of preparation, significant accounting policies, revenue, segment information, finance costs, key expense and income items, taxation, dividends, earnings per share, investment properties, property, plant and equipment, trade and other receivables/payables, bank borrowings, share capital, and housing provident fund provision 1. Basis of Preparation The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the disclosure requirements of the Listing Rules - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[6] 2. Significant Accounting Policies The condensed consolidated financial statements are prepared under the historical cost convention, with certain exceptions, and recent HKFRS amendments had no material impact - The condensed consolidated financial statements are prepared under the historical cost convention, except for certain properties and financial instruments measured at revalued amounts or fair value[7] - The application of amendments to Hong Kong Financial Reporting Standards during the interim period, such as HKAS 21 (Amendment) Lack of Exchangeability, had no significant impact on the Group's financial position or performance[8] 3. Revenue and Segment Information This section provides a breakdown of revenue by source and segment, detailing recognition policies for product sales and property leasing Revenue Breakdown (For the six months ended June 30) | Revenue Source | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Manufacturing and sales of footwear products | 13 | 1,033 | | Property leasing | 1,468 | 2,199 | | Total revenue | 1,481 | 3,232 | - Revenue from the manufacturing and sales of footwear products is recognized when control of the goods is transferred, typically upon shipment to the customer's designated location, with an average credit period of 60 days after delivery[10] - Revenue from property leasing is recognized in profit or loss on a straight-line basis over the relevant lease term, with all operating lease payments being fixed for both years[11] Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (USD '000) | 2025 Segment Results (USD '000) | 2024 Revenue (USD '000) | 2024 Segment Results (USD '000) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing and sales of footwear products | 13 | (204) | 1,033 | (142) | | Property leasing | 1,468 | 1,270 | 2,199 | 1,966 | | Total | 1,481 | 1,066 | 3,232 | 1,824 | | Unallocated other income (expenses), gains and losses | | 419 | | 227 | | Unallocated corporate expenses | | (1,689) | | (1,899) | | Profit (Loss) before tax | | (204) | | 152 | 4. Finance Costs This section details the components of finance costs, including interest expenses on lease liabilities and bank borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Interest expense on lease liabilities | 21 | 18 | | Interest on bank borrowings | 13 | – | | Total | 34 | 18 | 5. Profit (Loss) Before Tax This section presents a breakdown of key expense and income items contributing to the profit or loss before tax Key Expense and Income Items (For the six months ended June 30) | Item | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Total employee costs | 753 | 1,401 | | Auditor's remuneration | 96 | 96 | | Cost of inventories recognized as expense | 161 | 1,032 | | Depreciation of property, plant and equipment | 130 | 172 | | Depreciation of right-of-use assets | 48 | 50 | | Termination benefits | 138 | 20 | | Gain on fair value change of financial assets at fair value through profit or loss | (178) | (38) | | Interest income | (130) | (164) | | Net exchange gain | (6) | (13) | 6. Income Tax Credit This section outlines the income tax credit, including Hong Kong profits tax and PRC enterprise income tax, and applicable tax rates Income Tax Credit (For the six months ended June 30) | Item | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Hong Kong profits tax | (8) | – | | PRC enterprise income tax | 7 | (13) | | Total | (1) | (13) | - Hong Kong profits tax is calculated under a two-tiered profits tax regime, with the first HKD 2,000,000 of assessable profits for qualifying entities taxed at 8.25% and the remainder at 16.5%, while non-qualifying entities are taxed at a flat rate of 16.5%[18] - PRC subsidiaries are subject to an enterprise income tax rate of 25%, and management believes the Group is not subject to income tax under Pillar Two rules as the estimated effective tax rate in all operating jurisdictions exceeds 15%[19] 7. Dividends This section reports the final dividend declared and paid for the previous year and the decision not to declare an interim dividend for the current period - A final dividend of HKD 1.0 cent per share for the year ended December 31, 2024, totaling USD 942,000, was declared and paid during the interim period[20] - The Company's directors have determined that no interim dividend will be paid (six months ended June 30, 2024: nil)[21] 8. Earnings (Loss) Per Share This section details the basic loss per share calculation based on the period's loss and outstanding ordinary shares - Basic loss per share was 0.03 US cents (2024: basic earnings per share of 0.02 US cents), calculated based on a loss for the period of USD 203,000 and 730,650,000 ordinary shares outstanding[22] - There were no potential ordinary shares outstanding for the six months ended June 30, 2025, and 2024[22] 9. Investment Properties This section confirms no significant change in the carrying amount of investment properties, with fair value determined by independent valuers - The carrying amount of the Group's investment properties as of June 30, 2025, did not materially differ from their fair value as of December 31, 2024, which was determined by independent professional valuers using the income approach, with no valuation changes recognized during the period[23] 10. Property, Plant and Equipment This section reports additions to property, plant and equipment and confirms no significant change in the carrying amount of buildings compared to their fair value - The Group paid approximately USD 47,000 (2024: USD 29,000) for additions to property, plant and equipment for the six months ended June 30, 2025[24] - The Company's directors believe that as of June 30, 2025, the carrying amount of buildings included in property, plant and equipment did not materially differ from their fair value as of December 31, 2024, with no valuation changes recognized during the period[24] 11. Trade and Other Receivables This section provides a detailed breakdown and aging analysis of trade and other receivables, along with the average credit period granted to customers Trade and Other Receivables (As of June 30) | Item | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Trade receivables | 1,650 | 1,948 | | Other receivables | 1,109 | 1,244 | | Total trade and other receivables | 2,759 | 3,192 | | Less: Accrued rental shown under non-current assets | (406) | (406) | | Total | 2,353 | 2,786 | - The Group grants an average credit period of 60 days to its trade customers[25] Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | 0 to 30 days | 1 | 221 | | 31 to 60 days | – | 313 | | Over 60 days | 1,649 | 1,414 | | Total trade receivables | 1,650 | 1,948 | 12. Trade and Other Payables This section presents a breakdown of trade and other payables, including the average credit period for purchases and the Group's financial risk management policy Trade and Other Payables (As of June 30) | Item | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Trade payables | – | 11 | | Accrued wages | 276 | 271 | | Accrued expenses | 305 | 319 | | Rental deposits received | 634 | 634 | | Others | 625 | 353 | | Total | 1,840 | 1,588 | - The average credit period for purchases of goods is 90 days, and the Group adopts a financial risk management policy to ensure all payables are settled within their credit terms[26] 13. Bank Borrowings This section details the Group's bank borrowings, including repayment terms, interest rates, and collateral Bank Borrowings (As of June 30) | Item | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Bank loans | 2,500 | – | | Repayment terms: | | | | Within one year or on demand | 250 | – | | Over one year but not exceeding two years | 2,250 | – | | Total | 2,500 | – | | Less: Amount due within one year shown under current liabilities | (250) | – | | Amount due after one year | 2,250 | – | | Borrowing risk: | | | | Fixed-rate borrowings | 2,500 | – | - The Group's fixed-rate borrowings carry an annual interest rate of 3% and are secured by equivalent pledged bank deposits[27][28] 14. Share Capital This section details the Company's authorized and issued share capital, including ordinary shares and convertible non-voting preference shares Authorized Share Capital (As of June 30, 2025) | Class of shares | Number of shares | Amount (USD '000) | | :--- | :--- | :--- | | Ordinary shares of HKD 0.10 each | 1,500,000,000 | 19,355 | | Convertible non-voting preference shares of USD 100,000 each | 150 | 15,000 | | Total | | 34,355 | Issued and Fully Paid Share Capital (As of June 30) | Class of shares | 2025 (thousand shares) | 2024 (thousand shares) | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | :--- | :--- | | Ordinary shares of HKD 0.10 each | 730,650 | 730,650 | 9,428 | 9,428 | - Issued and outstanding convertible non-voting preference shares entitle holders to fixed cumulative dividends, additional dividends under certain circumstances, and conversion into the Company's ordinary shares, with no such shares issued during the period[32] 15. Housing Provident Fund Provision This section addresses ongoing employee claims for housing provident fund, with management believing adequate provision has been made - Employees of a Group subsidiary have filed claims for housing provident fund, with some claim procedures ongoing and certain appeals under court review, and the directors believe adequate provision has been made[33] Management Discussion and Analysis This section provides an overview of the Group's business performance, financial position, and future outlook, including liquidity and financial resources Business Review and Outlook Impacted by global economic instability, US-China tariffs, and high interest rates, the Group's footwear export business nearly halted, leading to a significant revenue decline, while property leasing provides stable cash flow, and the Group anticipates continued market challenges in the second half of 2025 - The Company's manufacturing and export sales of footwear products faced significant challenges following increased US tariffs on Chinese-made goods, resulting in minimal export revenue for the six months ended June 30, 2025, a trend expected to continue in the second half[34] - The Group's revenue for the six months ended June 30, 2025, reached USD 1,481,000, a 54.2% decrease from the prior year, resulting in a pre-tax loss of USD 204,000 (prior year: profit of USD 152,000)[35] - The highly unstable global economic and political environment, including US-China tariff disputes, high interest rates, and geopolitical turmoil, has eroded customer confidence, leading to a continued downturn in the consumer retail market[36] - The idle factory leasing business provides reliable cash flow, and the Group will continue to review existing tenants and prudently seek new ones to maximize asset utilization and enhance long-term revenue stability[38] - Looking ahead to the second half of 2025, global uncertainties are not expected to improve, with the export market anticipated to remain weak, prompting the Group to maintain flexibility, optimize operational strategies, uphold financial stability, and explore new opportunities[38] Liquidity and Financial Resources As of June 30, 2025, the Group's total net assets were USD 75,091,000, with cash and cash equivalents at USD 8,097,000, new bank borrowings of USD 2,500,000, and a current ratio of 5.0 times, indicating sufficient working capital Overview of Liquidity and Financial Resources (As of June 30) | Metric | 2025 (USD '000) | 2024 (USD '000) | | :--- | :--- | :--- | | Total net assets | 75,091 | 76,283 | | Current assets | 14,068 | 12,384 | | Non-current assets | 82,243 | 82,415 | | Current liabilities | 2,812 | 2,310 | | Non-current liabilities | 18,408 | 16,206 | | Cash and cash equivalents | 8,097 | 8,651 | | Bank borrowings | 2,500 | – | | Current ratio | 5.0 times | 5.4 times | - The Group primarily settles its debts using cash flows from operations, and the directors believe the Group can maintain sufficient working capital for its operations and future expansion[40] Other Information This section covers corporate governance, audit committee activities, and the publication of interim results and reports Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor its subsidiaries engaged in any purchase, sale, or redemption of its listed securities - 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[41] Compliance with Corporate Governance Code The Company consistently complied with the Corporate Governance Code provisions of the Listing Rules and the Model Code for securities transactions by directors during the reporting period - For the six months ended June 30, 2025, the Company consistently complied with the code provisions set out in the Corporate Governance Code under the Listing Rules[42] - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in the Listing Rules, and all directors complied with it throughout the period[43] Audit Committee The Board's Audit Committee reviewed the Group's unaudited condensed consolidated financial information, interim report, accounting principles, and discussed risk management, internal control, and financial reporting matters for the six months ended June 30, 2025 - The Audit Committee, in conjunction with management, reviewed the Group's unaudited condensed consolidated financial information, interim report, adopted accounting principles and practices, and discussed risk management, internal control, and financial reporting matters for the six months ended June 30, 2025[44] Publication of Interim Results Announcement and Interim Report This interim results announcement is published on the HKEX and Company websites, and the interim report will be dispatched to shareholders and published on relevant websites in due course - This announcement will be published on the website of The Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the Company's website (www.pegasusinternationalholdings.com)[45](index=45&type=chunk) - The interim report for the six months ended June 30, 2025, containing all information required by Appendix 16 of the Listing Rules, will be dispatched to shareholders and published on the websites of The Stock Exchange of Hong Kong Limited and the Company in due course[45]