港湾数字(00913) - 2025 - 中期业绩

Interim Results Announcement Overview This section provides an overview of the unaudited condensed consolidated interim results for the six months ended June 30, 2025 General Information This report presents the unaudited condensed consolidated interim results for the six months ended June 30, 2025, reviewed by the audit committee and approved by the board - The reporting period covers the six months ended June 30, 2025, with unaudited results reviewed by the audit committee and approved by the board[2] Condensed Consolidated Statement of Comprehensive Income For the six months ended June 30, 2025, the company achieved a profit before tax of HK$7,224 thousand, a significant improvement from the prior year's loss of HK$45,922 thousand, driven by fair value changes in listed equity instruments Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Total proceeds from disposal of trading securities | 1,736 | 1,466 | | (Loss)/gain on fair value changes of listed equity investments at fair value through profit or loss | (9,512) | 34 | | Revenue | 767 | 600 | | Other income | 3 | 2 | | Fair value changes of listed equity instruments at fair value through profit or loss | 16,188 | (43,438) | | Reversal of impairment loss under expected credit loss model | 3,253 | – | | Other operating expenses | (3,475) | (3,120) | | Profit/(loss) before tax | 7,224 | (45,922) | | Profit/(loss) and total comprehensive loss for the period attributable to equity holders of the company | 7,224 | (45,922) | | Earnings/(loss) per share – basic and diluted | HK$2.04 cents | HK$(16.09 cents) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's net assets increased to HK$179,241 thousand from HK$172,017 thousand at December 31, 2024, with net current assets remaining robust, primarily from fair value equity investments Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Non-current assets: Debt investments at amortized cost | 25,081 | 18,314 | | Current assets: Equity investments at fair value through profit or loss | 113,901 | 106,597 | | Current assets: Bank balances and cash | 5,869 | 11,351 | | Total current assets | 155,021 | 154,543 | | Current liabilities: Other payables and accrued charges | 861 | 840 | | Net current assets | 154,160 | 153,703 | | Net assets | 179,241 | 172,017 | | Total equity | 179,241 | 172,017 | Notes to the Condensed Consolidated Financial Statements This section provides detailed notes on the preparation basis, revenue, segment information, operating expenses, income tax, earnings per share, and investment details 1. Basis of Preparation The interim financial statements are prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, applying consistent accounting policies with the 2024 annual financial statements - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and Appendix D2 of the Listing Rules[5] - The accounting policies and calculation methods used in preparing the interim financial statements are consistent with those used for the annual financial statements for the year ended December 31, 2024[5] - The adoption of new and revised Hong Kong Financial Reporting Standards has no significant impact on the Group's accounting policies, presentation of financial statements, or reported amounts for the current and prior periods[5] 2. Revenue and Other Income The Group's primary business is investing in listed and unlisted securities, with interest income totaling HK$770 thousand for the six months ended June 30, 2025, an increase from HK$602 thousand in the prior year - The Group's principal business is investing in listed and unlisted securities[6] Revenue and Other Income Details | Income Category | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income from debt investments at amortized cost | 767 | 600 | | Interest income from amounts due from brokers | 3 | 2 | | Total | 770 | 602 | 3. Segment and Geographical Information The Group operates solely in the investment of listed and unlisted securities, thus no business segment information is reported, and geographical information is not presented as over 90% of revenue and non-current assets are from Hong Kong - The Group has only one business segment, investing in listed and unlisted securities, thus no business segment information is required to be reported[7] - Over 90% of the Group's revenue and non-current assets are primarily derived from Hong Kong, therefore no geographical information is presented[8] 4. Operating Expenses and Fair Value Changes For the six months ended June 30, 2025, staff costs and operating lease expenses slightly increased, with a realized loss of HK$9,512 thousand and an unrealized gain of HK$16,188 thousand from listed equity investments Operating Expenses and Fair Value Changes | Item | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Staff costs | 887 | 871 | | Operating lease expenses | 97 | 94 | | Realized loss/(gain) on disposal of listed equity investments | 9,512 | (34) | | Unrealized (gain)/loss on listed equity investments | (16,188) | 43,438 | 5. Income Tax The Group incurred no assessable profits during the current and prior periods, resulting in zero income tax - The Group generated no assessable profits during the current period and the six months ended June 30, 2024[11] 6. Earnings/(Loss) Per Share Basic and diluted earnings per share for the six months ended June 30, 2025, improved significantly to HK$2.04 cents from a loss of HK$16.09 cents in the prior year, driven by a profit of HK$7,224 thousand Earnings/(Loss) Per Share | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to equity holders of the company | HK$7,224,000 | Loss HK$45,922,000 | | Basic and diluted earnings/(loss) per share | HK$2.04 cents | HK$(16.09 cents) | | Weighted average number of ordinary shares outstanding | 354,818,016 shares | 285,324,537 shares | - There were no potentially dilutive ordinary shares outstanding for the six months ended June 30, 2025[12] 7. Debt Investments at Amortized Cost Debt investments at amortized cost increased to HK$25,081 thousand as of June 30, 2025, primarily comprising unlisted bonds issued by Juntai Holdings Limited, representing approximately 10.5% of total assets Debt Investments at Amortized Cost | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Unlisted debt investments | 26,000 | 20,000 | | Interest receivable | 1,691 | 924 | | Less: Credit loss allowance | (2,610) | (2,610) | | Total | 25,081 | 18,314 | - Unlisted debt investments primarily refer to unlisted bonds with a principal of HK$20,000,000 issued by Juntai Holdings Limited[13] - The carrying value of Juntai bonds is approximately HK$18,914,000, representing about 10.5% of the company's total assets as of June 30, 2025[14] - No coupon interest was received for the six months ended June 30, 2025[14] 8. Equity Investments at Fair Value Through Profit or Loss Hong Kong listed equity investments' fair value increased to HK$113,901 thousand as of June 30, 2025, with a net fair value gain of HK$16,188 thousand recognized, alongside a net realized loss of HK$9,512 thousand from disposals Hong Kong Listed Equity Investments | Item | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong listed equity investments | 113,901 | 106,597 | - The Group recognized a net fair value gain of approximately HK$16,188,000 on Hong Kong listed equity investments through profit or loss, and a net realized loss of approximately HK$9,512,000 from the disposal of listed equity investments during the period[16] Major Listed Equity Investment Details (As of June 30, 2025) | Company Name | Stock Code | Fair Value/Market Value (HK$ thousand) | Approximate Percentage of Total Assets | Unrealized Gain/(Loss) (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Caixun Media Group Limited | 205 | 15,194 | 8.4% | 8,067 | | Juntai Holdings Limited | 630 | 11,764 | 6.5% | 6,536 | | China Integrated Holdings Limited | 1027 | 14,484 | 8.0% | (1,182) | | China Investment and Finance Group Limited | 1226 | 12,735 | 7.1% | 1,443 | | Huilong Holdings Limited | 8021 | 16,416 | 9.1% | (8,564) | 9. Other Financial Information This section covers amounts due from securities brokers, pledged assets, margin facilities, and contingent liabilities, noting that margin facilities were unutilized and corporate guarantees are deemed unlikely to result in claims - Amounts due from securities brokers represent deposits placed with securities brokers for trading listed investments, repayable on demand and interest-free[19] - The Group did not utilize any margin facilities as of June 30, 2025, and December 31, 2024[20] - The company provided corporate guarantees for a subsidiary's securities trading accounts opened with brokers, which were unutilized as of June 30, 2025, and December 31, 2024[21] - The directors believe the likelihood of the company being claimed under any guarantee is low[21] Management Discussion and Analysis This section provides an overview of the Group's financial performance, business review, investment strategies, market outlook, and other corporate information for the period Financial Performance Overview The Group recorded a net profit of approximately HK$7.2 million for the period, a significant improvement from the prior year's loss of HK$45.9 million, primarily due to a total gain of approximately HK$6.7 million from listed equities - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2025[22] Financial Performance Comparison | Indicator | June 30, 2025 (HK$ thousand) | June 30, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net profit | 7,200 | (45,900) | | Total gain from listed equities | 6,700 | (43,400) | | Basic and diluted earnings/(loss) per share | HK$2.04 cents | HK$(16.09 cents) | Business Review and Investment Strategy As an investment company, the Group focuses on achieving medium to long-term capital appreciation through investments in listed and unlisted securities in Hong Kong and global markets, maintaining a diversified portfolio across various industries - The company operates as an investment company, primarily investing in listed and unlisted securities in Hong Kong and other major global stock markets to achieve medium to long-term capital appreciation[24] - Due to improved market conditions, listed equity investments recorded a net realized loss of approximately HK$9.5 million and an unrealized gain of approximately HK$16.2 million[24] - The board will maintain a diversified investment portfolio covering a wide range of industries, including but not limited to companies engaged in finance, consumer goods, consumer services, media, and manufacturing[24] Investment Portfolio Composition (As of June 30, 2025) | Investment Category | Amount (HK$ thousand) | Approximate Percentage of Consolidated Net Assets | | :--- | :--- | :--- | | Listed equity portfolio | 113,900 | 63.5% | | Direct unlisted debt investments | 25,100 | 14.0% | Significant Investment Details The Group's significant investments include unlisted bonds of Juntai Holdings Limited and five major listed equity investments, with detailed business overviews, financial conditions, and investment performance - Significant investments include bonds issued by Juntai Holdings Limited, and listed equity investments in Caixun Media Group Limited, Juntai Holdings Limited, China Integrated Holdings Limited, China Investment and Finance Group Limited, and Huilong Holdings Limited[25][26] - Juntai bonds' carrying value represents approximately 10.5% of the company's total assets, and the company believes Juntai has sufficient working capital with no signs of bond default[14][25] Major Listed Equity Investment Performance (As of June 30, 2025) | Company Name | Percentage of Total Assets | Unrealized Gain/(Loss) (HK$ thousand) | | :--- | :--- | :--- | | Caixun Media Group Limited | 8.4% | 8,067 | | Juntai Holdings Limited | 6.5% | 6,536 | | China Integrated Holdings Limited | 8.0% | (1,182) | | China Investment and Finance Group Limited | 7.1% | 1,443 | | Huilong Holdings Limited | 9.1% | (8,564) | Analysis of Listed Securities Performance Net gain from listed securities was approximately HK$6.7 million, comprising a net realized loss of HK$9.5 million and a net unrealized gain of HK$16.2 million, with China 33 Media Group Limited being a key contributor to both realized losses and unrealized gains - Net gain from listed securities for the period was approximately HK$6.7 million, comprising a net realized loss of approximately HK$9.5 million from disposals and a net unrealized gain of approximately HK$16.2 million from listed securities[33] Major Realized Losses | Company Name | Stock Code | Realized Loss (HK$ million) | | :--- | :--- | :--- | | China 33 Media Group Limited | 8087 | 9.4 | Major Unrealized Gains | Company Name | Stock Code | Unrealized Gain (HK$ million) | | :--- | :--- | :--- | | China 33 Media Group Limited | 8087 | 10.2 | | Caixun Media Group Limited | 205 | 8.1 | | Juntai Holdings Limited | 630 | 6.5 | | Elite International (Holdings) Limited | 8041 | 4.7 | Major Unrealized Losses | Company Name | Stock Code | Unrealized Loss (HK$ million) | | :--- | :--- | :--- | | Huilong Holdings Limited | 8021 | 8.6 | | Hao Wen Holdings Limited | 8019 | 2.7 | Market Outlook and Investment Strategy Global investment markets saw growth in H1 2025, influenced by expected USD depreciation; the company will focus on China and Hong Kong markets, explore US investments, and maintain a conservative approach to geopolitical risks Major Stock Index Performance (End of 2024 to June 30, 2025) | Index | End of 2024 Points | June 30, 2025 Points | Growth | | :--- | :--- | :--- | :--- | | Dow Jones Industrial Average | 42,544 | 44,095 | 3.6% | | Hang Seng Index | 20,060 | 24,072 | 20% | - The US economy faces multiple challenges including slowing activity, renewed inflationary pressures, tariffs, policy uncertainties, immigration restrictions, and high interest rates[40] - The Chinese economy is stabilizing, driven by strong performance in manufacturing (electric vehicles, industrial automation, digitalization), with resilient consumption volume growth despite softness, improving exports, and real estate policies focused on preventing further slowdowns[41][42] - The company will continue to focus on investments in the China and Hong Kong markets, while also beginning to explore investments in the US market[42] - With no clear end in sight for the Ukraine and Israel-Gaza wars, and potential appreciation of the Japanese Yen, significant impacts on investment markets are possible, leading the company to adopt a conservative investment approach[42] - The company has no specific plans regarding significant investments or capital assets[43] Financial Review The Group maintains a robust liquidity position with net current assets of HK$154.2 million and cash and bank balances of HK$5.9 million, while consolidated net asset value per share increased to HK$0.505 Liquidity and Financial Resources | Indicator | June 30, 2025 (HK$ thousand) | December 31, 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net current assets | 154,200 | 153,700 | | Cash and bank balances | 5,900 | 11,400 | | Total current assets | 155,000 | 154,600 | | Non-interest-bearing current liabilities | 900 | 900 | Net Asset Value Per Share and Gearing Ratio | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unaudited consolidated net asset value per share | HK$0.505 | HK$0.485 | | Gearing ratio | 0.5% | 0.5% | Use of Proceeds from Placing The company completed a placing in October 2024, raising approximately HK$14 million net, with HK$6.5 million utilized for listed securities investments and general working capital by June 30, 2025, and the remaining HK$7.5 million expected to be used by December 31, 2025 - The company completed a placing on October 30, 2024, successfully raising approximately HK$14.2 million (before expenses), with net proceeds of approximately HK$14.0 million[46][47] - The net proceeds from the placing are intended for the Group's general working capital and future investments in line with the company's investment objectives[47] Use of Placing Proceeds (As of June 30, 2025) | Intended Use | Utilized (HK$ million) | Unutilized (HK$ million) | | :--- | :--- | :--- | | Investment in listed securities | 3.0 | 4.9 | | General working capital of the company | 3.5 | 2.6 | | Total | 6.5 | 7.5 | - The remaining net proceeds of approximately HK$7.5 million are expected to be utilized for their intended purposes by December 31, 2025[48] Other Corporate Information This section covers asset pledges, capital commitments, contingent liabilities, exchange rate risk, directors' securities transactions, share dealings, corporate governance, employee and remuneration policies, audit committee, and board composition - The Group had no significant capital commitments as of June 30, 2025[50] - The majority of the Group's investments are denominated in Hong Kong Dollars, and the board considers the exchange rate risk faced to be insignificant[52] - All directors of the company confirm their compliance with the required standards set out in the Model Code throughout the period[53] - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[54] - The company complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the period, with the exception of Code Provision C.2.1 (which stipulates that the roles of chairman and chief executive should be separate)[55] - As of June 30, 2025, the Group had 6 employees (including the company's directors), with remuneration determined based on performance, experience, and market standards[57] - The audit committee, comprising all independent non-executive directors with Mr. Yu Tat Chi as chairman, has reviewed the unaudited interim accounts for the period[58]