Financial Performance - For the first half of 2025, the group reported revenue of $23.776 million, a decrease of 26.0% compared to $32.101 million in the first half of 2024[5]. - The gross profit for the first half of 2025 was $2.483 million, a significant turnaround from a gross loss of $8.114 million in the same period of 2024, resulting in a gross margin of 10.4%[5][6]. - Adjusted net loss narrowed from approximately $14.956 million in the first half of 2024 to about $4.938 million in the first half of 2025[7]. - Adjusted EBITDA improved from a loss of $13.042 million in the first half of 2024 to a slight profit of $92,000 in the first half of 2025[9]. - Sales volume declined from 9,682 tons in the first half of 2024 to 8,062 tons in the first half of 2025, but the group increased its sales ratio in North America from approximately 19.7% to 26.7% and in China from approximately 29.3% to 43.5%[12]. - Sales in China and the Americas increased by approximately 28.5% and 4.0% respectively, while overall revenue decreased from approximately $32.1 million in the first half of 2024 to about $23.8 million in the first half of 2025[13]. - The company reported a loss attributable to shareholders of $9.7 million for the six months ended June 30, 2025, compared to a loss of $14.4 million in the same period of 2024[32]. - The group reported a loss attributable to owners of the company of $9,664,000 for the six months ended June 30, 2025, compared to a loss of $14,368,000 for the same period in 2024[56]. Cost Management - The average selling cost per ton decreased by 36.4% compared to the same period last year, contributing to the improved profitability[6]. - Cost of sales decreased from approximately $40.2 million in the first half of 2024 to about $21.3 million in the first half of 2025, driven by a reduction in average sales cost from approximately $4,154 per ton to about $2,641 per ton[14]. - Administrative expenses significantly decreased by approximately 37.4%, from about $5.8 million in the first half of 2024 to approximately $3.6 million in the first half of 2025[16]. - Total financial costs reduced from approximately $1.7 million in the first half of 2024 to about $1.3 million in the first half of 2025, primarily due to the repayment of certain bank and other borrowings[17]. - The total employee benefits expense for the six months ended June 30, 2025, was $2,163,000, down from $3,079,000 in 2024, reflecting a decrease of approximately 30%[50]. Strategic Focus - The group continues to focus on cost-effective production in China and Italy, optimizing sales to higher-priced regions while avoiding loss-making orders[8]. - The organization remains optimistic about future business opportunities, particularly in light of ongoing global carbon neutrality trends and expected annual demand growth of 0.7% until 2030[11]. - The group plans to maintain strict cost control measures and continue its regional optimization strategy to enhance shareholder value and ensure sustainable long-term growth[11]. Assets and Liabilities - Cash and cash equivalents as of June 30, 2025, were approximately $8.5 million, down from $9.9 million as of December 31, 2024[22]. - The debt-to-equity ratio improved from 28.1% as of December 31, 2024, to approximately 26.5% as of June 30, 2025, due to the repayment of certain borrowings[24]. - Total equity and liabilities as of June 30, 2025, were approximately $104.4 million and $72.5 million respectively, compared to $105.8 million and $68.2 million as of December 31, 2024[23]. - The group's current assets were $65.3 million, slightly down from $66.5 million at the end of 2024[34]. - Trade receivables as of June 30, 2025, amounted to $9,330,000, down from $10,227,000 as of December 31, 2024[59]. - Trade payables increased to $7,701,000 in June 2025 from $6,391,000 in December 2024, representing a growth of 20.5%[61]. Capital Expenditures and Investments - Capital expenditures for the first half of 2025 amounted to approximately $2.3 million[26]. - The acquisition of Tai Gu assets was completed in August 2023 for approximately RMB 80.5 million, with RMB 40 million already paid[29]. - The company has allocated HKD 15.0 million for the development and expansion of its graphite anode materials business, with HKD 10.5 million expected to be utilized by mid-2026[68]. Shareholder Actions - The company issued 50,000,000 shares at a subscription price of HK$0.325, raising approximately $2,044,000 net of transaction costs[63]. - An additional 80,000,000 shares were issued at HK$0.39, generating about $3,941,000 net of transaction costs[64]. - The company proposed a rights issue to raise up to approximately $5,809,000 by issuing up to 570,000,000 shares at a subscription price of HK$0.08[65]. - The total net proceeds from the rights issue, after expenses, are expected to be around HK$43,900,000[66]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the interim financial results for the first half of 2025[73]. - The company has complied with the corporate governance code throughout the reporting period[71]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the reporting period[72].
升能集团(02459) - 2025 - 中期业绩