Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 76,846,000, a decrease of 29.5% compared to HKD 108,966,000 in 2024[4] - Gross profit for the same period was HKD 10,555,000, down 59.6% from HKD 26,105,000 in 2024[4] - The company reported a net loss of HKD 30,461,000 for the six months ended June 30, 2025, compared to a profit of HKD 2,162,000 in 2024[4] - The basic loss per share for the period was HKD 4.32, compared to earnings of HKD 0.31 per share in 2024[6] - The company recorded a net loss of approximately HKD 30.5 million for the period, compared to a profit of HKD 2.2 million in the same period of 2024[50] - The company reported a net loss of HKD 216,000 for other income and losses, a significant decrease from a gain of HKD 2,876,000 in the previous year[20] Assets and Liabilities - Total assets as of June 30, 2025, were HKD 187,995,000, a slight decrease from HKD 191,030,000 as of December 31, 2024[7] - Current liabilities increased to HKD 158,583,000 from HKD 152,229,000 in the previous period[9] - The company’s equity decreased to HKD 147,608,000 as of June 30, 2025, down from HKD 172,539,000 at the end of 2024[9] - Cash and cash equivalents decreased significantly to HKD 7,894,000 from HKD 19,689,000 as of December 31, 2024[7] - The company experienced a net cash outflow from financing activities of HKD (30,514,000) for the six months ended June 30, 2025, compared to a net inflow of HKD 22,318,000 in 2024[12] - The total trade payables increased to HKD 24.2 million as of June 30, 2025, compared to HKD 10.8 million as of December 31, 2024[37] Impairment and Losses - The company recorded an impairment loss of HKD 18,816,000 on intangible assets during the period[4] - The impairment loss recognized for intangible assets was approximately HKD 18,816,000 for the six months ended June 30, 2025, compared to no impairment loss in the same period of 2024[21] - The recoverable amount for the LED packaging adhesive cash-generating unit was estimated at HKD 45,591,000, leading to an impairment loss of HKD 10,658,000[23] - The company recognized an impairment provision of approximately HKD 18.8 million for intangible assets during the period, compared to no impairment in the previous year[48] Revenue Breakdown - Revenue from key products showed a significant decline, with wire bonding revenue at HKD 48,551,000 (down 16.7% from HKD 58,267,000) and packaging adhesive revenue at HKD 24,870,000 (down 46.8% from HKD 46,816,000) for the same period[17] - Revenue from customers in mainland China was HKD 76,145,000, down 26.0% from HKD 102,823,000 in 2024[19] - Bonding wire product revenue decreased by 16.7% to approximately HKD 48.6 million, while packaging adhesive product revenue significantly dropped by 46.9% to approximately HKD 24.9 million[45] Cash Flow and Operating Activities - For the six months ended June 30, 2025, the net cash generated from operating activities was HKD 11,595,000, compared to HKD 5,532,000 for the same period in 2024, representing an increase of 109.4%[12] - The cash and cash equivalents decreased to HKD (10,024,000) as of June 30, 2025, compared to HKD 3,183,000 in the previous year[12] Employee and Operational Costs - The company reported a total employee cost of HKD 17,996,000 for the six months ended June 30, 2025, a decrease of 2.2% from HKD 18,407,000 in 2024[28] - Selling and distribution expenses were approximately HKD 4.2 million, down from HKD 5.6 million in the same period of 2024, primarily due to reduced sales commissions[49] Corporate Governance and Structure - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal control processes[89] - The company has complied with the GEM Listing Rules corporate governance code, with measures implemented to enhance financial reporting procedures[84] - The company has not appointed a CEO, with the founder serving as the chairman to benefit business prospects and operational efficiency[86] - The company has confirmed that its directors have adhered to the code of conduct regarding securities trading throughout the reporting period[87] Share Capital and Ownership - As of June 30, 2025, the company has a total issued share capital of HKD 7,055,000, divided into 705,500,000 shares with a par value of HKD 0.01 each[71] - Dr. Zhou and Professor Zhou each hold 357,000,000 shares, representing 50.60% of the company's issued share capital[76] - Ms. Zhou holds 357,510,000 shares through her spouse, representing 50.67% of the company's issued share capital[76] - The company has a stock option plan adopted on May 8, 2018, allowing for the issuance of up to 68,000,000 shares, which is 10% of the total issued shares at the time[79] Market Outlook - The global semiconductor packaging materials market is expected to exceed $26 billion by 2025, with a compound annual growth rate (CAGR) of 5.6% until 2028[51] - The company will continue to focus on the "domestic substitution" core strategy and expand its market share in automotive-grade packaging and AI chip materials[52]
骏码半导体(08490) - 2025 - 中期财报