意达利控股(00720) - 2025 - 中期业绩

Condensed Consolidated Statement of Profit or Loss The Group's profit or loss for the period and key financial metrics are presented, highlighting significant changes in revenue and profitability Profit (Loss) for the Period For the six months ended June 30, 2025, the Group turned a loss into a profit of HKD 12,511 thousand, primarily due to a significant improvement in other gains and losses Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue from goods and services | 5,976 | 2,425 | 146.43 | | Rental income | 13,238 | 13,243 | -0.04 | | Total Revenue | 19,214 | 15,668 | 22.63 | | Cost of sales and services | (8,812) | (4,922) | 79.03 | | Gross Profit | 10,402 | 10,746 | -3.20 | | Other gains and losses | 36,926 | (62,438) | 159.14 | | Finance costs | (17,218) | (16,494) | 4.45 | | Profit (Loss) before tax | 12,396 | (79,752) | 115.54 | | Profit (Loss) for the period | 12,511 | (79,613) | 115.71 | | Profit (Loss) attributable to owners of the Company | 8,425 | (76,931) | 110.95 | | Basic earnings (loss) per share | 0.16 HK cents | (1.45 HK cents) | 111.03 | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This section details the Group's total comprehensive income, highlighting the impact of foreign currency translation differences on overseas operations Total Comprehensive Income (Expense) for the Period The Group's total comprehensive income for the period shifted from an expense to an income, primarily due to a significant positive change in foreign currency translation differences from overseas operations Key Data from Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit (Loss) for the period | 12,511 | (79,613) | 115.71 | | Exchange differences arising from translation of overseas operations | 22,930 | (1,312) | 1847.41 | | Total comprehensive income (expense) for the period | 35,441 | (80,925) | 143.79 | | Total comprehensive income (expense) attributable to owners of the Company | 24,709 | (77,690) | 131.80 | Condensed Consolidated Statement of Financial Position This section outlines the Group's asset structure, liabilities, and equity, reflecting changes in financial position Asset Structure As of June 30, 2025, the Group's non-current assets slightly decreased, while current assets significantly increased, mainly due to a substantial rise in financial assets measured at fair value through profit or loss Key Asset Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Investment properties | 517,946 | 455,605 | 13.68 | | Property, plant and equipment | 10,062 | 5,353 | 87.96 | | Financial assets measured at fair value through profit or loss (Non-current) | – | 130,743 | -100.00 | | Total non-current assets | 671,414 | 735,812 | -8.75 | | Financial assets measured at fair value through profit or loss (Current) | 168,815 | 15,965 | 958.60 | | Bank balances and cash | 13,834 | 18,116 | -23.64 | | Total current assets | 206,060 | 61,399 | 235.60 | | Total Assets | 877,474 | 797,211 | 10.07 | Liabilities and Equity The Group's net current liabilities significantly narrowed, total equity increased, and the debt-to-equity ratio decreased, indicating an improved financial position Key Liabilities and Equity Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Bank and other borrowings (Current) | 268,292 | 262,480 | 2.21 | | Total current liabilities | 330,406 | 322,234 | 2.53 | | Net current liabilities | (124,346) | (260,835) | -52.33 | | Other borrowings (Non-current) | 132,378 | 119,374 | 10.89 | | Promissory notes (Non-current) | 78,830 | 77,740 | 1.40 | | Total non-current liabilities | 244,114 | 207,464 | 17.66 | | Total Liabilities | 574,520 | 529,698 | 8.46 | | Equity attributable to owners of the Company | 237,296 | 212,587 | 11.62 | | Total Equity | 302,954 | 267,513 | 13.24 | - The debt-to-equity ratio decreased from 180.0% as of December 31, 2024, to 173.9% as of June 30, 2025, primarily driven by an increase in equity from fair value gains on investment properties and financial assets measured at fair value through profit or loss[48] Notes to the Condensed Consolidated Financial Statements This section provides detailed notes on the basis of preparation, accounting policies, segment information, and specific financial items 1. Basis of Preparation The Group faces challenges with net current liabilities and net operating cash outflows, but the Board has plans, including expected loan renewals and new financing options, to ensure going concern - As of June 30, 2025, the Group's net current liabilities amounted to HKD 124,346 thousand, with net operating cash outflows of HKD 212 thousand[8] - Directors anticipate successful one-year renewal of HKD 268,292 thousand in other borrowings due on October 18, 2025, supported by sufficient collateral (Scottish investment property valued at HKD 470,346 thousand) and past renewal experience[8] - The Group has HKD 121,000 thousand in undrawn committed loan facilities and may explore better financing options or realize non-current assets to strengthen its financial position[9] 2. Significant Accounting Policies These interim financial statements adopt the same accounting policies as the previous year, with the first-time application of HKFRS 21 (Amendment) "Lack of Exchangeability" having no significant impact on the financial position - The Group first applied HKFRS 21 (Amendment) "Lack of Exchangeability" during this interim period, with no significant impact on its financial position or performance[11] 3. Segment Information The Group operates three segments: Automotive, Property Investment, and Financial Investment and Services; as of June 30, 2025, Automotive and Property Investment segments achieved segment profit, while Financial Investment and Services recorded a loss, leading to a significant improvement in overall profit before tax - The Group operates three operating segments: Automotive (trading of vehicles and parts, after-sales services, EV R&D and sales), Property Investment, and Financial Investment and Services (securities investment, financing, and corporate finance services)[13] Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | 2025 Segment Profit (Loss) (HKD thousands) | 2024 Segment (Loss) Profit (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Automotive | 5,976 | 2,425 | 12,292 | (2,818) | | Property Investment | 13,238 | 13,243 | 22,909 | 4,499 | | Financial Investment and Services | – | – | (166) | (177) | | Consolidated Total Revenue | 19,214 | 15,668 | | | | Profit (Loss) before tax | | | 12,396 | (79,752) | Segment Assets and Liabilities (As of June 30) | Segment | 2025 Assets (HKD thousands) | 2024 Assets (HKD thousands) | 2025 Liabilities (HKD thousands) | 2024 Liabilities (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Automotive | 271,158 | 249,781 | 57,095 | 50,645 | | Property Investment | 531,229 | 467,882 | 291,414 | 262,830 | | Financial Investment and Services | – | – | – | – | | Consolidated Total Assets | 877,474 | 797,211 | | | | Consolidated Total Liabilities | | | 574,520 | 529,698 | 4. Other Income Other income for the period slightly decreased, primarily due to lower commission income from the automotive segment, partially offset by increased bank interest income Other Income (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Bank interest income | 93 | 2 | | Commission income | – | 113 | | Others | 12 | – | | Total | 105 | 115 | 5. Other Gains and Losses Other gains and losses for the period shifted from a net loss to a net gain, primarily due to significant increases in fair value gains on investment properties and financial assets, and a substantial reduction in fair value losses on investments in associates Other Gains and Losses (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net exchange gains | 345 | 102 | | Fair value loss on investments in associates | (1,129) | (60,212) | | Fair value gain (loss) on investment properties | 16,117 | (2,963) | | Fair value gain on financial assets | 21,622 | 653 | | Loss on disposal of property, plant and equipment | (29) | (18) | | Total | 36,926 | (62,438) | 6. Finance Costs Finance costs for the period slightly increased, primarily due to higher interest on bank and other borrowings Finance Costs (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 15,091 | 14,459 | | Interest on shareholder loans | 339 | – | | Interest on promissory notes | 1,091 | 1,097 | | Total | 17,218 | 16,494 | 7. Taxation Taxation expense for the period was negative, primarily due to the offsetting effect of deferred tax Taxation (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Current tax expense: Hong Kong | 47 | 35 | | Deferred tax | (162) | (174) | | Total | (115) | (139) | 8. Profit (Loss) for the Period Profit (loss) for the period is stated after deducting various operating expenses, with a decrease in net rental income from investment properties after direct operating expenses and a significant increase in inventory costs recognized as expenses Deductions from Profit (Loss) for the Period (For the six months ended June 30) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Rental income from investment properties | 13,238 | 13,243 | | Less: Direct operating expenses | (3,820) | (3,010) | | Net amount | 9,418 | 10,233 | | Depreciation of property, plant and equipment | 786 | 1,184 | | Depreciation of right-of-use assets | 792 | 656 | | Amortization of intangible assets | 1,608 | – | | Cost of inventories recognized as expense | 4,892 | 1,440 | 9. Earnings (Loss) Per Share Basic and diluted earnings per share attributable to owners of the Company turned from a loss to a profit, reflecting a significant improvement in the company's profitability Earnings (Loss) Per Share Calculation Data (For the six months ended June 30) | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit (Loss) for the period used in calculating basic and diluted earnings (loss) per share | 8,425 | (76,931) | | Weighted average number of ordinary shares (Basic) | 5,295,515,390 | 5,292,515,390 | | Weighted average number of ordinary shares (Diluted) | 5,305,695,025 | 5,292,515,390 | - For the six months ended June 30, 2025, the calculation of basic earnings per share excludes contingent returnable shares related to the acquisition of Hudson Holding Limited, as the relevant conditions have not yet been met[25] 10. Dividends No dividends were paid or declared during the current or prior periods, nor were any proposed after the reporting period - No dividends were paid or declared for the six months ended June 30, 2025 and 2024, and no dividends have been proposed since the end of the reporting period[26] 11. Trade and Other Receivables The Group's total trade and other receivables decreased, with a reduction in prepayments but an increase in VAT receivables; no overdue trade receivables or rental receivables were outstanding at period-end Trade and Other Receivables (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables | 1,092 | 1,146 | | Rental receivables | 7,160 | 7,345 | | Prepayments | 4,840 | 8,095 | | VAT receivables | 3,045 | 2,780 | | Total | 23,967 | 27,628 | | Amount classified under current assets | 13,718 | 17,094 | - As of June 30, 2025, and December 31, 2024, there were no overdue trade receivables or rental receivables[29] 12. Trade and Other Payables The Group's total trade and other payables slightly increased, with a significant rise in trade payables and an increase in deferred income Trade and Other Payables (As of June 30) | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 2,247 | 717 | | Accrued expenses | 3,440 | 4,980 | | Deferred income | 7,890 | 7,429 | | Other payables | 22,650 | 22,035 | | Total | 36,227 | 35,161 | Trade Payables Ageing Analysis (As of June 30) | Ageing | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within 30 days | 1,362 | 446 | | 61 to 90 days | 21 | 50 | | 91 days to 1 year | 444 | 172 | | Over 1 year | 420 | 49 | | Total | 2,247 | 717 | 13. Bank and Other Borrowings The Group obtained new other borrowings and repaid more bank and other borrowings than in the prior period, with adjusted interest rates and maturity dates for new borrowings - Other borrowings of HKD 8,198 thousand were obtained during the period (2024: HKD 11,000 thousand)[32] - New borrowings bear interest at annual rates ranging from 3.85% to 9%, with maturity dates between January 15, 2028, and April 16, 2028[32] - Bank and other borrowings of HKD 20,125 thousand were repaid during the period (2024: HKD 5,775 thousand)[32] 14. Loans from a Related Party/Shareholder The related party loan is unsecured and interest-free, with its maturity extended to 2026; a new unsecured shareholder loan bears 7% annual interest and matures in 2028 - The loan from a related party is unsecured and interest-free, maturing on February 12, 2026 (December 31, 2024: February 12, 2025)[33] - The loan from a shareholder is unsecured, bears interest at an annual rate of 7%, and matures on April 7, 2028[34] 15. Promissory Notes The Group issued new interest-free promissory notes as partial consideration for the Hudson Group acquisition and extended existing promissory notes' terms; no principal of promissory notes was repaid during the period - On October 29, 2024, the Group issued interest-free promissory notes with a fair value of HKD 45,834 thousand as partial consideration for the acquisition of Hudson Holding Limited, with a three-year term[35] - Unsecured promissory notes of HKD 53,500 thousand issued in 2021 were further extended by two years to March 2028, bearing interest at an annual rate of 8%[35] - For the six months ended June 30, 2025, the Group did not repay any principal of promissory notes[35] Management Discussion and Analysis This section provides an overview of the Group's financial performance, liquidity, and business operations, including segment-specific reviews Financial Review Financial performance significantly improved this period, with total revenue growth driven by the automotive segment, while gross margin contracted due to revenue mix changes; other gains and losses turned positive, leading to a profit attributable to shareholders Segment Revenue Contribution (For the six months ended June 30) | Segment | 2025 Revenue (HKD thousands) | 2024 Revenue (HKD thousands) | Change (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Property Investment | 13,200 | 13,200 | 0 | 0.00 | | Automotive | 6,000 | 2,400 | 3,600 | 150.00 | | Financial Investment and Services | – | – | 0 | 0.00 | | Total Revenue | 19,200 | 15,600 | 3,600 | 23.08 | - Automotive segment revenue significantly increased, primarily due to the acquisition of Hudson Holding Limited and its subsidiaries in October 2024, contributing HKD 5,800 thousand in revenue[37] - Gross profit slightly decreased by HKD 0.3 million to HKD 10,400 thousand, with the overall gross margin contracting by 14.5 percentage points to 54.1% (2024: 68.6%), mainly because the automotive industry's gross margin is lower than that of property investment[39] - Other gains and losses resulted in a net gain of HKD 36,900 thousand (2024: net loss of HKD 62,400 thousand), primarily from net fair value gains on investment properties of HKD 16,100 thousand and fair value gains on financial assets of HKD 21,600 thousand, alongside reduced fair value losses on investments in associates[41] - Selling and distribution costs and administrative expenses combined increased by HKD 6,100 thousand to HKD 17,800 thousand, mainly due to legal and professional fees, staff costs, and marketing expenses for the new energy vehicle business[42] - Profit attributable to owners of the Company was HKD 8,400 thousand (2024: loss of HKD 76,900 thousand), primarily benefiting from reduced unrealized fair value losses on investments in associates and unrealized fair value gains on investment properties[45] Life Science Investment Segment The Group holds preferred share investments in Chime Biologics Limited (CBL), which saw revenue growth but expanded operating losses, and recorded an unrealized fair value loss - The Group holds Series A preferred shares in Chime Biologics Limited (CBL), with an investment cost of USD 32 million[44] - For the six months ended June 30, 2025, CBL's revenue was USD 13.6 million (2024 H1: USD 12 million), with an operating loss of USD 6.4 million (2024 H1: USD 4.1 million)[44] - The Group's investment in CBL had a fair value of HKD 39,700 thousand, representing approximately 4.5% of total assets, and recorded an unrealized fair value loss of HKD 1,100 thousand (2024: HKD 60,200 thousand)[44] Liquidity and Financial Resources The Group funds operations through business cash flow and borrowings, with a slight decrease in cash and cash equivalents; total borrowings increased, but the debt-to-equity ratio decreased due to equity growth, and foreign currency risk is managed by matching debt currency with income - During the period, HKD 31,200 thousand in borrowings were obtained, and HKD 20,100 thousand in bank borrowings were repaid[46] - As of June 30, 2025, cash and cash equivalents (including pledged bank deposits) amounted to HKD 17,000 thousand (December 31, 2024: HKD 21,400 thousand), primarily denominated in GBP (84.3%), HKD (12.3%), and RMB (3.1%)[47] - Total borrowings (including bank and other borrowings, related party/shareholder loans, and promissory notes) amounted to HKD 527 million (December 31, 2024: HKD 481.6 million), with HKD 234.5 million repayable after one year[48] - The debt-to-equity ratio decreased from 180.0% to 173.9%, primarily due to an increase in equity driven by fair value gains on investment properties and financial assets[48] - The Group has no foreign currency hedging policy, managing foreign currency risk by monitoring the matching of debt currency with pledged assets and business income[52] - As of June 30, 2025, certain bank deposits and properties totaling HKD 521.1 million were pledged as collateral for related borrowings[54] - Total capital commitments amounted to HKD 6,600 thousand, primarily related to increasing equipment for the electric vehicle business, expected to be funded by internal resources[55] - Subsequent to the reporting period, the Group terminated its automotive dealership business in Wuhan[57] Business Review This section reviews the performance and strategic developments across the Group's key business segments, including property investment, automotive, financial services, and life science investments Property Investment The Group's property investment business remained stable, generating rental income from properties in Hong Kong and Scotland, and recording unrealized fair value gains on investment properties - The Group's property investment portfolio primarily includes the Capella office building in Scotland, industrial buildings, and car parks in Hong Kong[59] - A net unrealized fair value gain of HKD 16,100 thousand on investment properties was recorded for the period (2024: fair value loss of HKD 3,000 thousand)[59] - Approximately 86% of Capella's net internal area is subject to multiple lease agreements, with total annual rent of approximately GBP 3 million and a weighted average unexpired lease term of 4.26 years[59] Automotive The Group made significant strides in the European automotive market by establishing a management headquarters in the Netherlands, expanding its agency sales network, focusing on EV product strategy, and actively participating in industry events, laying a foundation for long-term growth - Two subsidiaries were established in the Netherlands as the European management headquarters, responsible for brand management, sales strategy, pricing approval, and unified oversight of European operations[61] - Adopting a "low investment, quick return" agency business model, eight agents have been appointed to enhance market penetration[62] - Focused on selling three main electric vehicle models, with eBOLD and eBEAR models officially registered and authorized in Switzerland, and multi-country regulatory approvals completed in key European markets including Germany, France, Italy, Poland, Czech Republic, and Switzerland[63] - Actively participated in automotive industry events such as the Rencontres Flotauto Paris trade show and the Lamborghini Super Trofeo Asia Challenge to enhance brand awareness[64] Financial Investment and Services The Group holds a valid money lender's license, successfully renewed, but adopts a cautious approach to lending due to market downturns, with no outstanding secured loans during the period - The Group holds a valid money lender's license, successfully renewed in January 2025[65] - In response to market volatility, the Group adopted a cautious approach to its money lending business, with no outstanding secured loans to customers as of June 30, 2025, and December 31, 2024[65] Life Science Investment Segment CBL made good progress in expanding its China and overseas markets, with significant contract growth, smooth commercial product production, and the establishment of a European innovation center to attract more clients - CBL signed 17 contracts and provided over 60 proposals to potential clients, with cumulative pre-commercial contract value of USD 112 million, a 61% increase from June 2024[66] - CBL's second commercial product successfully completed three commercial-scale performance qualification processes, while the first commercial product underwent five batches of commercial-scale production[66] - CBL's first European late-stage clinical project successfully passed a major audit in June 2025, and a European Innovation Center was established in Basel, Switzerland[66] - CBL management accelerated the GMP-2 expansion project, with new facilities expected to commence operations in H1 2026, providing twice the commercial capacity of current GMP-1[66] Outlook and Other Information This section covers the Group's future outlook, dividend policy, securities transactions, and compliance with corporate governance and director's dealing codes Outlook The Group will continue to focus on sustainable growth in the European EV market, committed to optimizing its financial position, prudently managing costs, and enhancing operational efficiency to navigate economic uncertainties and pursue sustainable development opportunities - The Group will continue to focus on sustainable growth and maintaining a leading position in the European electric vehicle market[67] - Management will focus on optimizing financial position, prudently managing costs, and enhancing operational efficiency to address economic uncertainties and geopolitical tensions[67] Interim Dividend The Board did not declare an interim dividend for the period - The Board did not declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[68] Purchase, Sale or Redemption of Securities Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period - 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[69] Compliance with Corporate Governance Code The Company generally complies with the Corporate Governance Code, with the Chairman and CEO roles combined to provide strong, consistent leadership, and the Board's composition ensures a balance of power - The Company has complied with all code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of The Stock Exchange of Hong Kong Limited for the six months ended June 30, 2025, except for a deviation from code provision C.2.1[70] - Mr. Chong Tin Lung, Benny serves concurrently as Executive Chairman and Chief Executive Officer, an arrangement the Board believes provides strong and consistent leadership and facilitates business strategy implementation[71] - The Board comprises three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of power and authority[71] Compliance with Model Code for Securities Transactions by Directors Following specific inquiries, all directors confirmed in writing their compliance with the Model Code for Securities Transactions by Directors, as set out in Appendix C3 of the Listing Rules, throughout the period - Following specific inquiries by the Company to all Directors, the Directors confirmed in writing that they have complied with the standards set out in the Model Code for the six months ended June 30, 2025[73] Audit Committee The Audit Committee, composed of three independent non-executive directors, advises on auditor appointment, audit procedures, accounting policies, connected transactions, cash flow, dividend policy, internal controls, and risk management systems - The Audit Committee members include Mr. Kong Kai Chuen, Frankie (Chairman), Mr. To Chun Wai, Stephen, and Dr. Shum Chung Ping, B.B.S. (all independent non-executive directors)[74] - Key responsibilities include recommending the appointment and remuneration of external auditors, reviewing the effectiveness of audit processes, accounting policies, connected transactions, cash flow status, dividend policy, internal control, and risk management systems[74] Review of Interim Results The Group's interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by Deloitte Touche Tohmatsu, the Company's auditor, and by the Audit Committee - The Group's interim results for the six months ended June 30, 2025, are unaudited but have been reviewed by Deloitte Touche Tohmatsu, the Company's auditor[75] - The unaudited condensed consolidated financial statements have been reviewed by the Audit Committee[75] Publication of Interim Results Announcement and Interim Report This interim results announcement has been published on the HKEX and the Company's website, with the interim report to be published and dispatched to shareholders in due course - This interim results announcement will be published on the HKEX website (http://www.hkexnews.hk) and the Company's website (http://www.autoitalia.com.hk)[76](index=76&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be published and dispatched to the Company's shareholders in due course according to their selected means of receiving corporate communications[76]