Financial Performance - For the six months ended June 30, 2025, the company's revenue was approximately HKD 235.5 million, a decrease of about HKD 30.8 million or 11.6% compared to HKD 266.3 million for the same period in 2024[12] - The gross profit for the same period was HKD 5.1 million, representing a decline of 65.0% from HKD 14.5 million in 2024[12] - The company reported a loss attributable to owners of approximately HKD 5.2 million, compared to a profit of HKD 5.3 million in the prior year[12] - For the six months ended June 30, 2025, the company reported a loss before tax of HKD (5,163) thousand, compared to a profit of HKD 5,254 thousand for the same period in 2024[20] - Total comprehensive income for the six months ended June 30, 2025, was HKD (5,711) thousand, compared to HKD (10,416) thousand as of January 1, 2024[18] Dividends and Shareholder Information - The board of directors did not recommend any interim dividend for the relevant period[12] - The company has decided not to declare any dividends for the six months ended June 30, 2025[36] - Mr. Ng holds 827 million shares, representing 62.09% of the company's ordinary shares, through a controlled corporation[74] - As of June 30, 2025, Masterveyor holds 827,000,000 shares, representing 62.09% of the total issued share capital[77] - Gentle Soar Limited, controlled by Mr. Gao Yunhong, owns 209,720,000 shares, accounting for 15.74% of the total issued share capital[77] Assets and Liabilities - Non-current assets as of June 30, 2025, totaled HKD 5.6 million, an increase from HKD 2.7 million as of December 31, 2024[16] - Current assets decreased to HKD 160.4 million from HKD 166.7 million as of December 31, 2024[16] - Current liabilities decreased slightly to HKD 162.7 million from HKD 161.8 million as of December 31, 2024[16] - The total liabilities exceeded total assets, resulting in a net liability position of HKD 5.7 million as of June 30, 2025[17] - The company's cash and cash equivalents decreased significantly to HKD 5.4 million from HKD 25.4 million as of December 31, 2024[16] Cash Flow and Operating Activities - The company's net cash used in operating activities for the six months ended June 30, 2025, was HKD (39,958) thousand, compared to HKD (46,443) thousand in 2024, indicating an improvement[20] - The company's cash and cash equivalents decreased by HKD 20,071 thousand for the six months ended June 30, 2025, compared to a decrease of HKD 15,145 thousand in 2024[21] Equity and Impairment - The company recorded a significant increase in equity accounted for joint ventures, rising to HKD 1.9 million from HKD 1.3 million[16] - The company’s total equity attributable to owners as of June 30, 2025, was HKD (5,711) thousand, an improvement from HKD (10,416) thousand as of January 1, 2024[18] - The company reported a decrease in expected credit loss impairment of HKD 893 thousand for the six months ended June 30, 2025, compared to HKD 1,658 thousand in 2024[30] - The company recorded a net impairment loss of approximately HKD 0.9 million during the period, a decrease from HKD 1.6 million in 2024[57] Operational Review and Strategy - The company plans to conduct a detailed review of its existing operations and financial condition to formulate sustainable business strategies for future development[54] - The company may consider collaborating with other partners on construction projects to achieve mutually beneficial outcomes[54] Employee and Administrative Information - The group employed a total of 59 employees as of June 30, 2025, down from 85 employees in the previous year, with employee costs approximately HKD 10.0 million[72] - Administrative expenses increased by approximately HKD 2.1 million or 27.6% to about HKD 9.7 million for the six months ended June 30, 2024, primarily due to legal and professional fees[58] Corporate Governance - The board is committed to maintaining good corporate governance practices to enhance business growth and stakeholder benefits[81] - The roles of the chairman and CEO are distinct, with Mr. Wu Jianxiao currently holding both positions, which the board believes enhances strategic efficiency[82] - The Audit Committee has been established in accordance with listing rules, consisting of three independent non-executive directors[93] - The Audit Committee's main responsibilities include recommending the appointment, reappointment, and removal of external auditors to the Board[93] - The Audit Committee supervises the integrity of the company's annual and interim financial reports before submission to the Board[93] - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the relevant period[94] Other Information - There were no known significant events requiring disclosure after June 30, 2025, up to the report date[92] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the relevant standards[83] - No share options have been granted or agreed to be granted under the share option plan since its adoption on September 16, 2015, until June 30, 2025[85] - The maximum number of shares that can be issued under the share option plan is capped at 10% of the total issued shares, which is 133,200,000 shares[88] - The company has not purchased, sold, or redeemed any of its listed securities during the relevant period[80]
丰展控股(01826) - 2025 - 中期业绩