Financial Performance - The group's revenue for the six months ended June 30, 2025, was approximately HKD 330.3 million, a decrease of about 22.6% compared to HKD 426.6 million in the same period of 2024[7]. - The loss attributable to equity holders for the six months ended June 30, 2025, was approximately HKD 35.7 million, an increase of about 223.3% from HKD 11.1 million in 2024[7]. - Basic and diluted loss per share for the six months ended June 30, 2025, was approximately HKD 11.91, compared to HKD 3.68 in 2024[8]. - The group recorded a gross loss of HKD 11.7 million for the six months ended June 30, 2025, compared to a gross profit of HKD 10.5 million in 2024[8]. - The company recorded a total comprehensive loss of HKD 34,194,000 for the six months ended June 30, 2025, compared to a loss of HKD 8,136,000 for the same period in 2024[11]. - The company reported a loss before tax of HKD 35,734 for the six months ended June 30, 2025, compared to a loss of HKD 11,054 in the same period of 2024[22][23]. - The company recorded a net loss of approximately HKD 35,700,000 for the six months ended June 30, 2025, significantly higher than the net loss of HKD 11,100,000 in 2024[54]. Revenue Breakdown - The air freight forwarding service generated revenue of HKD 325,683,000, down 22% from HKD 417,952,000 in the previous year[17]. - The sea freight forwarding service revenue decreased to HKD 4,614,000, down 46.7% from HKD 8,652,000 in the same period last year[17]. - Air freight revenue was HKD 325,683, down 22.5% from HKD 417,952 in the previous year, while sea freight revenue increased to HKD 4,614 from HKD 8,652[22][23]. Assets and Liabilities - Total assets less current liabilities as of June 30, 2025, amounted to HKD 92.7 million, down from HKD 127.2 million as of December 31, 2024[9]. - Current assets net worth as of June 30, 2025, was HKD 63.2 million, a decrease from HKD 96.9 million as of December 31, 2024[9]. - Trade and other receivables decreased to HKD 106.6 million as of June 30, 2025, from HKD 203.9 million as of December 31, 2024[9]. - Trade and other payables decreased to HKD 69.4 million as of June 30, 2025, from HKD 125.4 million as of December 31, 2024[9]. - The company's total equity as of June 30, 2025, was HKD 92,461,000, down from HKD 126,655,000 at the beginning of the year, reflecting a decrease of 26.9%[11]. - Total debt as of June 30, 2025, was approximately HKD 53,600,000, an increase from HKD 48,200,000 as of December 31, 2024[55]. - The current ratio as of June 30, 2025, was approximately 1.5, slightly down from 1.6 as of December 31, 2024[55]. Cash Flow - For the six months ended June 30, 2025, the company reported a net cash inflow from operating activities of HKD 11,171,000, compared to HKD 6,453,000 for the same period in 2024, representing a 73% increase[13]. - Cash and cash equivalents increased to HKD 49,474,000 as of June 30, 2025, compared to HKD 27,986,000 at the end of June 2024, marking a 77% increase[13]. - The net cash generated from operating activities for the six months ended June 30, 2025, was approximately HKD 11,200,000, compared to HKD 6,500,000 for the same period in 2024, representing a year-over-year increase of 72.3%[57]. - The impact of exchange rate changes resulted in an increase of HKD 1,540,000 in cash and cash equivalents for the current period[13]. Financing and Costs - The group's financing costs for the six months ended June 30, 2025, were HKD 1.9 million, compared to HKD 1.8 million in 2024[8]. - The company incurred a loss of HKD 35,734,000 during the period, which contributed to the overall comprehensive loss[11]. - The company had financing costs of HKD 1,933 for the six months ended June 30, 2025, compared to HKD 1,829 in 2024[29]. - Interest-bearing borrowings amounted to approximately HKD 52,600,000 as of June 30, 2025, up from HKD 46,900,000 as of December 31, 2024, indicating an increase of 12.5%[57]. Corporate Governance - The company has applied the corporate governance code principles and complied with all applicable code provisions during the reporting period[78]. - Mr. Zhao serves as both Chairman and CEO, a decision supported by the board for effective leadership and strategic planning[79]. - The board will regularly review the necessity of appointing different individuals for the roles of Chairman and CEO to maintain good corporate governance[80]. - All directors have confirmed compliance with the trading standards set forth in the company's securities trading code during the reporting period[81]. - The unaudited consolidated financial statements for the six months ended June 30, 2025, have been reviewed by the Audit Committee[82]. - The financial statements are prepared in accordance with applicable accounting standards and GEM listing rules, ensuring full disclosure[82]. Shareholder Information - As of June 30, 2025, Mr. Zhao holds 225,000,000 shares, representing 75% ownership in the company[71]. - Ms. Wang, as Mr. Zhao's spouse, also holds 225,000,000 shares, equating to 75% ownership[71]. - Peak Connect International Limited and Profit Virtue Worldwide Limited each hold 112,500,000 shares, accounting for 37.5% of the total shares[74]. - The total number of issued ordinary shares remained at 300,000,000 shares as of June 30, 2025, unchanged from December 31, 2024[60]. - The company has a stock option plan effective for 10 years since December 11, 2020, with a maximum of 30,000,000 shares available for issuance, representing 10% of the total shares as of June 30, 2025[76]. - No stock options have been granted or exercised since the adoption of the stock option plan[76]. Strategic Outlook - The group aims to enhance its market position in Hong Kong and China by purchasing more cargo space to meet customer demand[70]. - The group plans to improve its cargo space acquisition capabilities through closer collaboration with airlines[70]. - The group is adapting to economic uncertainties and regulatory changes in the global environment, focusing on flexibility and digital innovation for future growth[68]. - The group had no significant investments, acquisitions, or disposals of subsidiaries or joint ventures during the six months ended June 30, 2025[58].
裕程物流(08489) - 2025 - 中期财报