隽泰控股(00630) - 2025 - 中期业绩

Management Discussion and Analysis Results, Business Review and Prospects The Group achieved significant revenue and gross profit growth in H1 2025, successfully turning from loss to profit, primarily driven by strong medical products business performance and fair value gains from securities investments. Despite a decline in money lending business revenue, the Group's overall profitability significantly improved Results The Group's H1 2025 revenue increased by 23.2% to HK$27.1 million, gross profit by 23.5% to HK$8.4 million, with gross margin slightly up to 30.9%. Net other losses of HK$22.9 million in the prior period turned into a gain of HK$3.4 million, leading to a profit attributable to owners of HK$1.1 million, reversing a HK$25.4 million loss - Distribution costs increased by HK$0.3 million to HK$2.5 million, consistent with the growth in medical products business revenue[14][17] - Administrative expenses increased by HK$0.5 million to HK$6.4 million, a year-on-year increase of 8.5%[14][17] - Finance costs increased to HK$1.8 million, primarily due to interest on bonds payable[15][17] Business Review The Group's main businesses include medical products, plastic products, money lending, and securities investment. In H1 2025, medical products business revenue and segment profit significantly grew, becoming the primary revenue source. Money lending business revenue and segment loss both worsened. Securities investment business swung to a significant profit, but the Group plans to diversify its portfolio to mitigate risks - The Group's principal businesses are the manufacturing and sale of medical equipment products, manufacturing and sale of plastic mold products, money lending, and securities investment[7][11] Medical Products Business The medical products business performed strongly in H1 2025, with revenue up 35.6% year-on-year to HK$22.1 million, accounting for 81.3% of total group revenue, and segment profit doubling to HK$3.3 million. Growth was mainly due to strategic expansion of service coverage and product portfolio diversification. The Group will continue to streamline processes, control costs, and actively explore business opportunities Medical Products Business Performance | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 22,100 | 16,300 | +35.6% | | Percentage of total group revenue | 81.3% | - | - | | Segment Profit | 3,300 | 1,700 | +94.1% | - Sales growth was primarily attributable to the Group's initial implementation of strategic plans to expand service coverage and diversify its product portfolio[16][18] - The Group will continue to implement strategies to streamline and outsource business processes, strictly control costs, ensure efficient resource utilization, and actively explore potential business opportunities to expand its customer base and product service portfolio[19][21] Money Lending Business The money lending business recorded loan interest income of HK$5.1 million in H1 2025, a 10.5% year-on-year decrease, accounting for 18.7% of total group revenue. Segment loss expanded to HK$1.3 million. Outstanding principal and interest on loans receivable increased to HK$152.7 million. The Group will continue to adopt prudent credit control procedures to balance business growth and risk management Money Lending Business Performance | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loan interest income | 5,100 | 5,700 | -10.5% | | Percentage of total group revenue | 18.7% | - | - | | Segment Loss | 1,300 | 700 | +85.7% | | Outstanding principal and interest on loans receivable (period end) | 152,700 | 149,600 (31 December 2024) | +2.1% | - The Group will continue to develop this business by adopting prudent credit control procedures and maintaining a balanced strategy between business growth and risk management[20][22] Securities Investment The securities investment business swung to a significant profit in H1 2025, recording net unrealized and realized gains of HK$3.4 million, compared to a loss of HK$22.9 million in the prior period. Segment profit also turned to HK$3.4 million. As of June 30, 2025, the Group held 27 Hong Kong-listed equity securities with a fair value of HK$75.6 million. Given market volatility, the Group plans to diversify its investment portfolio to mitigate risks and will adopt a prudent investment approach Securities Investment Business Performance | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Net unrealized and realized gains | 3,400 (Gain) | (22,900) (Loss) | Swung to profit | | Segment Profit/(Loss) | 3,400 (Profit) | (22,900) (Loss) | Swung to profit | | Fair value of Hong Kong-listed equity securities held (period end) | 75,600 | - | - | | Number of Hong Kong-listed equity securities held (period end) | 27 | - | - | - The Group intends to diversify its investment portfolio to reduce concentration and investment risks, and will closely monitor the performance of this business[25][26] - The Group will continue to adopt a prudent investment approach, aiming to enhance capital utilization and generate additional investment returns from idle funds[25][26] Details of Principal Held-for-Trading Investments (as at June 30, 2025) | Company Name/Stock Code | Equity Percentage | Realized and Unrealized (Losses)/Gains (HK$ thousand) | Fair Value (HK$ thousand) | Percentage of Total Group Assets | | :--- | :--- | :--- | :--- | :--- | | China Investment and Finance Group Limited (1226) | 1.7% | 3,034 | 10,338 | 5.7% | | Others | - | 411 | 65,276 | 36.1% | | Total | - | 3,445 | 75,614 | 41.8% | Prospects Facing economic recovery and financial market volatility in 2025, the Group will maintain a diversified business portfolio, continuously formulate, evaluate, and revise existing business strategies to promote development and stabilize adverse impacts. The Group will focus on effective allocation of funds and resources, actively reallocating assets, capital, and personnel, and continuously conducting performance evaluations. Concurrently, the Group will prioritize maintaining liquidity, controlling costs, and enhancing operational efficiency, while actively exploring new profitable businesses and investment opportunities to maximize shareholder value and returns - The Group will adhere to a diversified business portfolio, focusing on formulating, evaluating, and revising existing business strategies to promote business development and stabilize any adverse impacts[33][35] - The Group will be committed to effective and adequate allocation of funds and resources, and will actively reallocate its assets, capital, and human resources in response to market changes, industry conditions, and operating performance[33][35] - The Group will focus on maintaining liquidity through effective working capital management and cost control, while maintaining a lean organizational structure to enhance operational efficiency[33][35] - The Group will continue to explore and leverage every potential profitable business and investment opportunity, as well as new growth potential, to generate and maximize shareholder value and returns and maintain sustainable growth[34][35] Key Financial Performance of the Group in H1 2025 | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 27,100 | 22,000 | +23.2% | | Gross Profit | 8,400 | 6,800 | +23.5% | | Gross Margin | 30.9% | 30.8% | +0.1pp | | Net Other Gains/(Losses) | 3,400 (Gain) | (22,900) (Loss) | Swung to profit | | Profit/(Loss) attributable to owners of the Company | 1,100 (Profit) | (25,400) (Loss) | Swung to profit | Financial Review As of June 30, 2025, the Group's consolidated net assets increased to HK$61.3 million, cash and bank balances increased, but the current ratio slightly decreased. The Group had no borrowings from financial institutions, but bonds payable increased, with the gearing ratio maintained at 43.8%. The Group had no significant contingent liabilities or asset pledges, and limited foreign currency exposure Capital structure As of June 30, 2025, the Group's consolidated net assets were approximately HK$61.3 million, an increase of HK$1.2 million from the end of 2024. The number of ordinary shares issued remained unchanged at 967,551,792 shares Capital Structure Overview | Metric | 30 June 2025 (HK$ thousand) | 31 December 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Consolidated Net Assets | 61,300 | 60,100 | +1,200 | | Number of ordinary shares issued | 967,551,792 shares | 967,551,792 shares | No change | Debt structure As of June 30, 2025, the Group had no borrowings from financial institutions. Cash and bank balances increased to HK$6.2 million. Total bonds payable increased to HK$33.0 million, including several unlisted bonds with different maturity dates. The gearing ratio remained at 43.8% - The Group's total borrowings from financial institutions were zero[39][43] Debt Structure Overview | Metric | 30 June 2025 (HK$ thousand) | 31 December 2024 (HK$ thousand) | Change (HK$ thousand) | | :--- | :--- | :--- | :--- | | Total cash and bank balances | 6,200 | 4,600 | +1,600 | | Bonds payable | 33,000 | 30,000 | +3,000 | | Gearing ratio | 43.8% | 43.8% | No change | - Bonds payable include unlisted bonds maturing in July 2025, July 2026, March 2030, and May 2030[40][43] Working capital and liquidity As of June 30, 2025, the Group's current ratio was 2.1, a slight decrease from 2.3 at the end of 2024 Current Ratio | Metric | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Current ratio | 2.1 | 2.3 | Contingent liabilities and charges As of June 30, 2025, and December 31, 2024, the Group had no assets pledged for bank facilities or other borrowings, nor any significant contingent liabilities - The Group had no assets pledged as security for bank facilities and other borrowings[45][50] - The Group had no significant contingent liabilities[45][50] Foreign currency exposure The Group's monetary assets, liabilities, and transactions are primarily denominated in USD, RMB, and HKD. Due to the HKD's peg to the USD and the relatively stable RMB to HKD exchange rate, the Group's potential foreign currency risk is relatively limited - The Group's monetary assets, liabilities, and transactions are primarily denominated in USD, RMB, and HKD[46][51] - As the HKD is pegged to the USD and the exchange rate of RMB against HKD remained relatively stable during the period, the Group's potential foreign currency risk is relatively limited[46][51] Employees and Remuneration Policies As of June 30, 2025, the Group's number of employees remained at 30. Employee remuneration policy is based on performance and experience, referencing industry practices, including salaries, insurance, mandatory provident fund, share option schemes, medical coverage, housing allowances, and discretionary bonuses Number of Employees | Metric | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Number of employees | 30 | 30 | - Employee remuneration packages include salaries, insurance, mandatory provident fund, share option schemes, medical coverage, housing allowances, and discretionary bonuses[47][52] Interim Dividend The Company's Board of Directors does not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (June 30, 2024: nil)[48][53] Corporate Governance and Other Information Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations As of June 30, 2025, to the knowledge of the Directors and Chief Executive, no Directors or Chief Executive had interests or short positions in the shares, underlying shares, and/or debentures of the Company or any of its associated corporations that were required to be notified to the Company and the Stock Exchange under the SFO or the Listing Rules Model Code - No Directors or Chief Executive had interests or short positions in the shares, underlying shares, and/or debentures of the Company or any of its associated corporations that were required to be notified[56][57] Share Options The Company's share option scheme adopted in 2015 expired on June 29, 2025. For the six months ended June 30, 2025, share options granted to Directors and certain employees in 2020 lapsed, significantly reducing the number of shares available for issue. Currently, 48,360,000 shares remain available for issue under the share option scheme, representing 5.0% of issued shares - The Company's share option scheme adopted on June 30, 2015, expired at the close of business on June 29, 2025[70][71] Overview of Share Option Movements (for the six months ended June 30, 2025) | Category | Outstanding as at 1 January 2025 | Lapsed/Forfeited during the period | Outstanding as at 30 June 2025 | | :--- | :--- | :--- | :--- | | Directors (Zhang Hengxin, Jia Minghui, Ouyang Mingxian) | 11,172,000 | (11,172,000) | 0 | | Employees (granted in 2020) | 26,068,000 | (26,068,000) | 0 | | Employees (granted in 2022) | 48,360,000 | 0 | 48,360,000 | | Total | 85,600,000 | (37,240,000) | 48,360,000 | Number of Shares Available for Issue under Share Option Scheme | Metric | 30 June 2025 | 31 December 2024 | | :--- | :--- | :--- | | Number of shares available for issue | 48,360,000 shares | 182,355,179 shares | | Percentage of issued shares | 5.0% | 18.8% | Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company As of June 30, 2025, to the knowledge of the Directors and Chief Executive, no person or company (other than Directors or Chief Executive) had interests or short positions in the shares or underlying shares of the Company that were required to be entered in the register, or directly/indirectly held 5% or more interests - No person or company (other than the Directors or Chief Executive of the Company) had interests or short positions in the shares or underlying shares of the Company that were required to be entered in the register, or directly or indirectly held 5% or more interests[77][80] Corporate Governance For the six months ended June 30, 2025, the Company has consistently complied with all code provisions of the Corporate Governance Code set out in Appendix 14 to the Listing Rules - The Company has complied with all code provisions of the Corporate Governance Code for the six months ended June 30, 2025[78][81] Model Code for Securities Transactions by Directors The Company has adopted the Model Code for Securities Transactions by Directors, as set out in Appendix 10 to the Listing Rules, as its code of conduct for directors' securities transactions. Following specific inquiries, all Directors confirmed full compliance with the code for the six months ended June 30, 2025 - The Company has adopted the Model Code as its code of conduct for Directors' securities transactions[79][82] - All Directors have confirmed their full compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[79][82] Audit Committee The Company's Audit Committee, comprising three independent non-executive directors, has reviewed the accounting principles and practices adopted by the Group with management and discussed financial reporting matters, including the unaudited interim results for the six months ended June 30, 2025 - The Audit Committee, comprising three independent non-executive directors, has reviewed the accounting principles and practices adopted by the Group and discussed financial reporting matters, including the unaudited interim results[83][84] Purchase, Sale or Redemption of the Company's Listed Securities For 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 - For 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[85] Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group swung to a profit of HK$1.148 million for H1 2025, compared to a loss of HK$25.429 million in the prior period. Revenue increased by 23.3% year-on-year to HK$27.144 million, and gross profit grew by 23.5% to HK$8.376 million. Basic and diluted earnings per share were HK0.12 cents, compared to a loss per share of HK2.63 cents in the prior period Summary of Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Revenue | 27,144 | 22,007 | | Cost of sales and services | (18,768) | (15,225) | | Gross Profit | 8,376 | 6,782 | | Other gains or losses | 3,445 | (22,892) | | Distribution costs | (2,490) | (2,230) | | Administrative expenses | (6,388) | (5,939) | | Finance costs | (1,795) | (1,150) | | Profit/(Loss) before income tax | 1,148 | (25,429) | | Profit/(Loss) for the period | 1,148 | (25,429) | | Total comprehensive income/(loss) attributable to owners of the Company | 1,148 | (25,429) | | Basic and diluted earnings/(loss) per share | HK0.12 cent | HK(2.63) cent | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total net assets were HK$61.276 million, a slight increase from the end of 2024. Total current assets increased to HK$180.795 million, primarily driven by an increase in held-for-trading investments. Total current liabilities also rose, leading to a small increase in net current assets. Bonds payable in non-current liabilities increased Summary of Interim Condensed Consolidated Statement of Financial Position | Metric | 30 June 2025 (HK$ thousand) | 31 December 2024 (HK$ thousand) | | :--- | :--- | :--- | | Inventories | 16,036 | 11,409 | | Held-for-trading investments | 75,614 | 59,373 | | Trade and other receivables | 82,919 | 83,965 | | Cash and cash equivalents | 6,226 | 4,583 | | Total current assets | 180,795 | 159,330 | | Trade and other payables | 86,429 | 68,302 | | Total current liabilities | 86,429 | 68,302 | | Net current assets | 94,366 | 91,028 | | Bonds payable (non-current) | 33,090 | 30,900 | | Net assets | 61,276 | 60,128 | | Share capital | 48,378 | 48,378 | | Reserves | 12,898 | 11,750 | | Total equity | 61,276 | 60,128 | Interim Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the Group's total equity increased to HK$61.276 million, primarily due to a profit of HK$1.148 million recorded during the period. The lapse of share options resulted in a decrease of HK$5.068 million in the share option reserve, with a corresponding reduction in accumulated losses Summary of Interim Condensed Consolidated Statement of Changes in Equity | Metric | Share Capital (HK$ thousand) | Share Premium (HK$ thousand) | Share Option Reserve (HK$ thousand) | Accumulated Losses (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | As at 1 January 2025 (audited) | 48,378 | 480,639 | 14,277 | (483,166) | 60,128 | | Lapse of share options | – | – | (5,068) | 5,068 | – | | Profit and total comprehensive income for the period | – | – | – | 1,148 | 1,148 | | As at 30 June 2025 (unaudited) | 48,378 | 480,639 | 9,209 | (476,950) | 61,276 | | As at 1 January 2024 (audited) | 48,378 | 480,639 | 14,277 | (481,933) | 61,361 | | Loss and total comprehensive loss for the period | – | – | – | (25,429) | (25,429) | | As at 30 June 2024 (unaudited) | 48,378 | 480,639 | 14,277 | (507,362) | 35,932 | Interim Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group's cash and cash equivalents increased by HK$1.643 million, with a period-end balance of HK$6.226 million. Net cash generated from operating activities was HK$504 thousand, net cash used in investing activities was HK$1.861 million, and net cash generated from financing activities was HK$3.000 million Summary of Interim Condensed Consolidated Statement of Cash Flows | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net cash generated from/(used in) operating activities | 504 | (3,358) | | Net cash (used in)/generated from investing activities | (1,861) | 234 | | Net cash generated from financing activities | 3,000 | – | | Net increase/(decrease) in cash and cash equivalents | 1,643 | (3,124) | | Cash and cash equivalents at 1 January | 4,583 | 7,716 | | Cash and cash equivalents at 30 June | 6,226 | 4,592 | Notes to the Interim Condensed Consolidated Financial Statements 1. General Information Juntai Holdings Limited was incorporated in Bermuda in 1994 and listed on the Main Board of the Hong Kong Stock Exchange in 1996. The Group primarily engages in the manufacturing and sale of medical equipment products, manufacturing and sale of plastic mold products, money lending, and securities investment - The Company was incorporated in Bermuda on August 19, 1994, and has been listed on the Main Board of The Stock Exchange of Hong Kong Limited since November 28, 1996[92][96] - The Group is principally engaged in (i) manufacturing and sale of medical equipment products; (ii) manufacturing and sale of plastic mold products; (iii) money lending; and (iv) securities investment[93][96] 2. Basis of Preparation and Accounting Policies The interim condensed consolidated financial statements are prepared in accordance with Appendix 16 of the Listing Rules and HKAS 34 'Interim Financial Reporting', and have been reviewed by the Audit Committee. Accounting policies are consistent with the annual financial statements for the year ended December 31, 2024, and new and revised HKFRSs adopted in the current period have not resulted in significant changes - The interim condensed consolidated financial statements are prepared in accordance with the applicable disclosure requirements of Appendix 16 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants[94][97] - The interim condensed consolidated financial statements are unaudited but have been reviewed by the Company's Audit Committee[94][97] - The adoption of new and revised Hong Kong Financial Reporting Standards has not resulted in significant changes to the Group's accounting policies or the amounts reported for the current and prior accounting periods[100][103] 3. Segment Information The Group has four reportable segments: medical products business, plastic products business, money lending business, and securities investment. In H1 2025, the medical products business and securities investment segments achieved profits, with securities investment's swing to profit contributing significantly; the money lending business recorded a loss. The plastic products business had no revenue. The allocation of segment assets and liabilities shows medical products, money lending, and securities investment as major asset holders - The Group has four reportable segments: medical products business, plastic products business, money lending business, and securities investment[105][107] Revenue and Results by Reportable Segment (for the six months ended June 30, 2025) | Segment | Revenue (HK$ thousand) | Segment Profit/(Loss) (HK$ thousand) | | :--- | :--- | :--- | | Medical equipment business | 22,080 | 3,288 | | Plastic products business | – | – | | Money lending business | 5,064 | (1,296) | | Securities investment | – | 3,445 | | Total | 27,144 | 5,437 | Assets and Liabilities by Reportable Segment (as at June 30, 2025) | Segment | Reportable Segment Assets (HK$ thousand) | Reportable Segment Liabilities (HK$ thousand) | | :--- | :--- | :--- | | Medical equipment business | 26,727 | 63,372 | | Plastic products business | 51 | 13,348 | | Money lending business | 77,449 | 60 | | Securities investment | 75,614 | – | | Total | 179,841 | 76,780 | 4. Other Income and Other Gains or Losses For the six months ended June 30, 2025, the Group recorded net other gains of HK$3.445 million, primarily from fair value changes in held-for-trading investments, successfully reversing a loss of HK$22.897 million in the prior period Details of Other Income and Other Gains or Losses | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Fair value changes in held-for-trading investments – gains/(losses) | 3,445 | (22,897) | | Interest income | – | 5 | | Total | 3,445 | (22,892) | 5. Finance Costs For the six months ended June 30, 2025, the Group's finance costs were HK$1.795 million, an increase from HK$1.150 million in the prior period, primarily due to interest on bonds payable Details of Finance Costs | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on bonds payable | 1,795 | 1,150 | 6. Profit/(Loss) Before Income Tax For the six months ended June 30, 2025, the Group's profit before income tax was HK$1.148 million, successfully reversing a loss of HK$25.429 million in the prior period. This was mainly due to control over expenses such as staff costs and inventory costs recognized as expenses Composition of Profit/(Loss) Before Income Tax | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Staff costs (including directors' emoluments) | | | | - Salaries, wages and other benefits | 1,587 | 1,447 | | - Contributions to defined contribution retirement plans | 30 | 30 | | Total staff costs | 1,617 | 1,477 | | Depreciation of property, plant and equipment | – | – | | Cost of inventories recognized as an expense | 18,768 | 15,225 | 7. Income Tax Credit For the six months ended June 30, 2025, the Group recorded no income tax credit. No Hong Kong profits tax provision was made for both periods as Group entities did not generate estimated taxable profits or have sufficient tax losses carried forward to offset them - The Group did not derive any estimated taxable profits or have sufficient tax losses brought forward to offset estimated taxable profits for the periods ended June 30, 2025 and 2024, hence no Hong Kong profits tax provision was made for both periods[129][130] 8. Interim Dividend During the reporting period, the Company's Board of Directors did not recommend paying an interim dividend for the six months ended June 30, 2025, consistent with the prior period - The Company's Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 and 2024[131][132] 9. Earnings/(Loss) Per Share For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company were HK0.12 cents, successfully reversing a loss per share of HK2.63 cents in the prior period. Diluted earnings per share were the same as basic earnings per share due to the absence of potentially dilutive ordinary shares Earnings/(Loss) Per Share Calculation Data | Metric | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Profit/(Loss) for the period for the purpose of calculating basic earnings/(loss) per share | 1,148 | (25,429) | | Weighted average number of ordinary shares in issue (thousand shares) | 967,551 | 967,551 | | Basic earnings/(loss) per share | HK0.12 cent | HK(2.63) cent | - As there were no ordinary shares with potential dilutive effect in issue for the six months ended June 30, 2025 and 2024, the diluted earnings/(loss) per share was the same as the basic earnings/(loss) per share[136][140] - The outstanding share options of the Company as at June 30, 2025 and 2024 had an anti-dilutive effect and were therefore not included in the calculation of diluted earnings/(loss) per share[137][140] 10. Movements in Property, Plant and Equipment For the six months ended June 30, 2025, the Group incurred no depreciation expense on property, plant, and equipment, consistent with the prior period - For the six months ended June 30, 2025, the Group incurred depreciation expense on property, plant and equipment of approximately nil (for the six months ended June 30, 2024: nil)[138][141] 11. Held-for-trading Investments Held-for-trading investments primarily refer to equity securities listed in Hong Kong, which are classified as financial assets measured at fair value through profit or loss - Held-for-trading investments represent equity securities listed in Hong Kong[139][142] - These investments are classified as financial assets measured at fair value through profit or loss[139][142] 12. Trade and Other Receivables As of June 30, 2025, the Group's net trade receivables were HK$4.465 million, a decrease from the end of 2024. Net loans receivable increased to HK$77.449 million, with all loan contracts maturing within 12 months and annual interest rates ranging from 6% to 12%. The Group maintains strict control over loans receivable to mitigate credit risk Details of Trade and Other Receivables | Item | 30 June 2025 (HK$ thousand) | 31 December 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade receivables from contracts with customers (net) | 4,465 | 7,575 | | Loans receivable (net) | 77,449 | 74,385 | | Deposits, prepayments and other receivables | 1,005 | 2,005 | | Total trade and other receivables | 82,919 | 83,965 | - The Group grants credit terms of up to 90 to 180 days to its trade customers[147] - The contractual maturity dates of loans receivable are all within 12 months, with annual interest rates ranging from 6% to 12% (31 December 2024: 4% to 12%)[149][150] 13. Trade and Other Payables As of June 30, 2025, the Group's total trade payables were HK$63.372 million, a significant increase from the end of 2024. Trade payables over 6 months accounted for the largest proportion. Accruals and other payables included amounts due to Titron Group Holdings Limited and the vendor of Delong Group, which are unsecured, interest-free, and repayable on demand Details of Trade and Other Payables | Item | 30 June 2025 (HK$ thousand) | 31 December 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables | 63,372 | 45,477 | | Amount due to Titron Group Holdings Limited | 1,700 | 1,700 | | Amount due to a vendor | 7,500 | 7,500 | | Interest payable | 3,308 | 2,690 | | Amounts due to directors of certain subsidiaries | 7,375 | 7,375 | | Accruals and other payables | 3,174 | 3,560 | | Total | 86,429 | 68,302 | Ageing Analysis of Trade Payables (by invoice date) | Ageing | 30 June 2025 (HK$ thousand) | 31 December 2024 (HK$ thousand) | | :--- | :--- | :--- | | Within 3 months | – | – | | Over 3 months but within 6 months | 10,202 | – | | Over 6 months | 53,170 | 45,477 | | Total | 63,372 | 45,477 | - The average credit period granted by suppliers for trade purchases is up to 90 days[156] - Amounts due to Titron Group Holdings Limited and the vendor of Delong Group are unsecured, interest-free, and repayable on demand[157][158] 14. Share Capital As of June 30, 2025, the Company's authorized share capital was 80,000,000,000 shares, amounting to HK$400,000 thousand. The issued and fully paid share capital was 967,551,792 shares, amounting to HK$48,378 thousand, remaining unchanged from the end of 2024 Details of Share Capital | Item | Number of Shares | Amount (HK$ thousand) | | :--- | :--- | :--- | | Authorized share capital (as at 30 June 2025 and 31 December 2024) | 80,000,000,000 | 400,000 | | Issued and fully paid share capital (as at 30 June 2025 and 31 December 2024) | 967,551,792 | 48,378 | 15. Related Party Transactions For the six months ended June 30, 2025, the total remuneration for the Group's key management personnel (directors and other key management members) was HK$426 thousand, a slight increase from the prior period Key Management Personnel Remuneration | Item | H1 2025 (HK$ thousand) | H1 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries and short-term employee benefits | 426 | 408 | | Post-employment benefits | – | – | | Total | 426 | 408 | 16. Capital Commitments As of June 30, 2025, and December 31, 2024, the Group had no significant capital commitments - As at June 30, 2025 and December 31, 2024, the Group had no significant capital commitments[164][166] 17. Events After the Reporting Period As of the date of this report, no significant events have occurred after the six months ended June 30, 2025 - As of the date of this report, there were no significant events after the six months ended June 30, 2025[165][167]