正道集团(01188) - 2025 - 中期财报

Corporate Information This section provides essential corporate details, including changes in governance, key personnel, and company contact information Board of Directors The company's Board of Directors experienced multiple changes during the reporting period, including appointments and resignations of various director roles - Mr. Shan Chuanlong was appointed Executive Director and Chairman effective March 19, 2025, while Dr. Yang Rong resigned as Chairman on March 24, 2025[4][6] - Multiple executive, non-executive, and independent non-executive directors experienced changes, including resignations and new appointments, between February and May 2025[4][5][6][7] Company Secretary The Company Secretary position changed, with Ms. Chen Li resigning and Ms. Xu Meifeng appointed on June 5, 2025 - Ms. Chen Li resigned as Company Secretary on June 5, 2025, and Ms. Xu Meifeng was appointed on the same day[6][7] Auditor The company's auditor is Zhonghui Anda Certified Public Accountants Limited - The company's auditor is Zhonghui Anda Certified Public Accountants Limited[6][7] Principal Bankers The company's principal bankers include The Hongkong and Shanghai Banking Corporation Limited and Bank of Communications Co., Ltd - Principal bankers are The Hongkong and Shanghai Banking Corporation Limited and Bank of Communications Co., Ltd[8][9] Registered Office and Principal Place of Business The company's registered office is in Bermuda, and its principal place of business in Hong Kong is at 21/F, New Era Plaza, 181 Queen's Road Central, Sheung Wan, Hong Kong - The registered office is located at Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda[8][9] - The principal place of business in Hong Kong is located at 21/F, New Era Plaza, 181 Queen's Road Central, Sheung Wan, Hong Kong[8][9] Interim Results This section presents the condensed consolidated interim financial statements, covering profit or loss, financial position, equity, and cash flows Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group achieved a turnaround in the first half of 2025, reporting a profit of HK$236 thousand for the period, compared to a loss of HK$5.868 million in the prior year, with revenue primarily from battery management systems and in-vehicle audio-visual short drama businesses, and basic earnings per share turning positive Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2025 (HK$ thousands) | H1 2024 (HK$ thousands) | | :--- | :--- | :--- | | Revenue | 6,764 | – | | Cost of sales | (4,058) | – | | Gross profit | 2,706 | – | | Operating profit/(loss) | 236 | (5,854) | | Profit/(loss) for the period | 236 | (5,868) | | Profit/(loss) for the period attributable to owners of the Company | 290 | (5,842) | | Basic and diluted earnings/(loss) per share (HK cents per share) | 0.01 | (0.03) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's net current liabilities and net liabilities remained stable at approximately HK$212.6 million, with a significant increase in trade and other receivables and a slight rise in trade and other payables Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HK$ thousands) | December 31, 2024 (HK$ thousands) | | :--- | :--- | :--- | | Trade and other receivables | 1,766 | 143 | | Bank and cash balances | 209 | 202 | | Trade and other payables | 113,507 | 112,006 | | Loan from a shareholder | 101,085 | 101,014 | | Net current liabilities | (212,617) | (212,675) | | Net liabilities | (212,617) | (212,675) | | Equity attributable to owners of the Company | (213,843) | (213,913) | | Total equity | (212,617) | (212,675) | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the loss attributable to owners of the company slightly improved from HK$213.9 million as of January 1, 2025, to HK$213.8 million, primarily due to positive total comprehensive income for the period Summary of Condensed Consolidated Statement of Changes in Equity | Indicator | January 1, 2025 (HK$ thousands) | June 30, 2025 (HK$ thousands) | | :--- | :--- | :--- | | Total equity attributable to owners of the Company | (213,913) | (213,843) | | Total comprehensive income/(loss) for the period (attributable to owners of the Company) | – | 70 | | Total equity | (212,675) | (212,617) | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group generated net cash from operating activities of HK$14 thousand, compared to HK$119 thousand in the prior period, with cash and cash equivalents slightly increasing to HK$209 thousand at period-end Summary of Condensed Consolidated Statement of Cash Flows | Indicator | H1 2025 (HK$ thousands) | H1 2024 (HK$ thousands) | | :--- | :--- | :--- | | Net cash from operating activities | 14 | 119 | | Net cash used in financing activities | – | (644) | | Net increase/(decrease) in cash and cash equivalents | 14 | (525) | | Cash and cash equivalents at end of period | 209 | 365 | Notes to Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering accounting policies, going concern, and key financial disclosures 1. General Information The company is an investment holding company primarily engaged in high-tech electric vehicle development, battery management system sales, advanced battery materials, and, as of 2025, in-vehicle audio-visual and short drama businesses - The company is an investment holding company, primarily engaged in the development and sale of high-tech electric vehicles, battery management systems and spare parts, advanced battery materials, and in-vehicle audio-visual and short drama businesses[22][27] - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[21][27] 2. Basis of Preparation The condensed financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the Listing Rules of the Stock Exchange, with consistent accounting policies as the 2024 annual financial statements - The condensed financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Listing Rules of The Stock Exchange[23][28] - The accounting policies and methods of computation used in the preparation of these condensed financial statements are consistent with those used in the financial statements for the year ended December 31, 2024[24][28] 3. Going Concern Basis The Group faces significant uncertainty regarding its ability to continue as a going concern due to net liabilities of approximately HK$212.6 million, with its viability dependent on shareholder financial support, new share subscriptions, and convertible bond subscriptions, while the Group has taken steps to improve its financial position - As of June 30, 2025, the Group's net current liabilities and net liabilities both amounted to approximately HK$212,617,000, indicating significant uncertainty about its ability to continue as a going concern[25][29](index=29&type