Financial Performance - For the first half of 2025, the company reported a loss attributable to shareholders of HKD 282.6 million, an improvement from a loss of HKD 355.3 million in the same period of 2024, representing a reduction of approximately 20.4%[13]. - The group reported a loss of approximately HKD 282.6 million for the six months ended June 30, 2025, compared to a loss of HKD 355.3 million in the same period of 2024[29]. - Operating loss improved to HKD 314,067,000 from HKD 391,227,000, reflecting a reduction of 19.7% year-over-year[69]. - The pre-tax loss for the six months ended June 30, 2025, was HKD 284,870,000, compared to a pre-tax loss of HKD 358,524,000 for the same period in 2024, showing an improvement of approximately 20.5%[91]. - Basic loss per share for the period was HKD 0.10, compared to HKD 0.13 for the previous year, indicating a reduction in loss per share[105]. Revenue and Income - The company's securities brokerage and margin financing business generated commission and fee income of HKD 71.3 million, an increase of HKD 29.0 million or 68.3% compared to HKD 42.3 million in the first half of 2024[14]. - Commission and fee income increased to HKD 104,118,000 from HKD 96,019,000, representing a growth of 8.9% year-over-year[69]. - Total revenue and other income decreased slightly to HKD 276,272,000 from HKD 285,148,000, a decrease of 3.0% year-over-year[69]. - The asset management and advisory segment generated revenue of HKD 28,969,000 for the six months ended June 30, 2025, compared to HKD 46,171,000 for the same period in 2024, a decline of approximately 37.3%[91]. - Interest income from loans and advances for the six months ended June 30, 2025, was HKD 129.8 million, an increase of approximately 0.7% from HKD 128.9 million in the same period of 2024[26]. Assets and Liabilities - As of June 30, 2025, total assets amounted to HKD 16,809 million, while total equity attributable to shareholders was HKD 883 million, resulting in a net asset value per share of HKD 0.32[4]. - The total amount raised from initial public offerings (IPOs) in the first half of 2025 was HKD 107.06 billion, an increase of 701.32% compared to the same period in 2024[19]. - Total assets under management reached approximately HKD 20,607.4 million as of June 30, 2025, representing a 13.5% increase from HKD 18,155.5 million as of December 31, 2024[22]. - The group's total borrowings amounted to HKD 13,465.8 million as of June 30, 2025, up from HKD 11,649.0 million on December 31, 2024[35]. - The group's net current assets decreased by HKD 4,274.0 million to a net current liability of HKD 579.6 million as of June 30, 2025, compared to net current assets of HKD 3,694.4 million on December 31, 2024[35]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2025, was HKD 768,384,000, compared to a net cash generated of HKD 645,479,000 in the same period of 2024, indicating a significant decline in cash flow[78]. - The company’s cash flow from financing activities for the six months ended June 30, 2025, was a net cash inflow of HKD 1,611,155,000, contrasting with a net cash outflow of HKD 1,212,576,000 in the same period of 2024[78]. - The company incurred financing costs of HKD 225,583,000 for the six months ended June 30, 2025, down from HKD 298,259,000 in the same period of 2024, representing a reduction of approximately 24.3%[77]. - The financing cost decreased by 24.4%, primarily due to a decline in average interest rates[31]. - The company paid interest expenses of HKD 197,199,000 for the six months ended June 30, 2025, compared to HKD 258,177,000 in the previous year, reflecting a decrease of approximately 23.6%[78]. Risk Management - The company has implemented a comprehensive risk management plan focusing on credit risk, market risk, and liquidity risk to mitigate potential adverse impacts on financial performance[141]. - The risk management department collaborates closely with operational units to identify and assess various risks, ensuring compliance with board-approved policies[142]. - The company conducted thorough due diligence on potential clients, including background checks and financial assessments, to manage credit risk effectively[143]. - The overall risk management strategy emphasizes the unpredictability of financial markets and aims to reduce potential negative impacts on the company's financial performance[141]. - The risk management department is responsible for reporting any significant risk events to senior management and the risk management committee for further action[145]. Shareholder Information - As of June 30, 2025, the major shareholder, Bank of Communications, holds 2,000,000,000 shares, representing 73.14% of the total issued shares[55]. - No dividends were declared or paid for the six months ending June 30, 2025, consistent with the previous year[63]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2025[57]. - The company has adopted the Corporate Governance Code as its governance framework and has complied with all relevant provisions during the reporting period[58]. - There were no agreements signed that would allow directors to acquire shares or debt securities of the company during the six months ending June 30, 2025[54]. Market Conditions - The Hong Kong capital market performed well, with the Hang Seng Index recording a 20% increase in the first half of 2025, positioning it among the top global markets[12]. - The company is navigating a complex global macroeconomic environment, with China's GDP growing by 5.3% year-on-year in the first half of 2025, showcasing resilience amid external challenges[12]. - The outlook for the second half of 2025 indicates potential marginal improvement in global economic growth, driven by trade negotiations and fiscal stimulus policies[51]. - The company aims to enhance its financial services capabilities by focusing on technology finance, green finance, inclusive finance, pension finance, and digital finance[51]. - The company aims to enhance its licensed business capabilities, focusing on providing comprehensive financial services to meet diverse client investment and financing needs[13].
交银国际(03329) - 2025 - 中期财报