Financial Performance - Revenue increased by 60.9% to HKD 289.3 million for the six months ended June 30, 2025[6] - Gross profit rose by 80.5% to HKD 203.2 million during the same period[6] - The company recorded a loss attributable to owners of HKD 507.1 million, compared to a loss of HKD 150.5 million in the same period last year[10] - Basic loss per share was HKD 1.59, up from HKD 0.47 in the previous year[10] - Total revenue for the six months ended June 30, 2025, was HKD 289,291,000, an increase of 60.9% compared to HKD 179,830,000 for the same period in 2024[90] - The company reported a net loss of HKD 495,855,000 for the six months ended June 30, 2025, compared to a loss of HKD 151,121,000 in the same period of 2024[90] - The group recorded a loss attributable to equity holders of HKD 507.1 million for the six months ended June 30, 2025, compared to a loss of HKD 150,515,000 for the same period in 2024, resulting in a basic loss per share of HKD 1.59[143] Business Strategy and Development - The company is actively exploring new business models in financial technology and new economy sectors to capture emerging opportunities[10] - The company aims to optimize its business model and create new value in response to the ongoing push for financial technology development by the Chinese government[10] - The group plans to utilize the net proceeds from convertible bonds, amounting to HKD 119 million, for business development and is actively seeking new investment opportunities[39] - The group aims to focus on high-growth opportunities in the fintech sector while ensuring robust support from traditional businesses[42] - The strategy includes developing innovative digital financial products, particularly in the areas of real-world assets and regulated cross-border payments[42] Market and Economic Outlook - The financial technology industry in China is projected to expand to USD 10.06 trillion by 2030, with a compound annual growth rate of 15.67%[7] - The outlook for the second half of 2025 anticipates a gradual improvement in the global economic environment, with a focus on stimulating domestic demand and deepening industrial upgrades in China[40] - The Chinese real estate market is expected to undergo adjustments and transformations, with government policies aimed at stabilizing the market[8] Financial Position and Assets - As of June 30, 2025, the total outstanding loan principal and accrued interest amounted to HKD 303.2 million, a decrease of approximately 8.1% from HKD 329.8 million as of December 31, 2024[12] - The group’s total borrowings amounted to HKD 4.568 billion as of June 30, 2025, up from HKD 2.756 billion as of December 31, 2024[48] - Cash and bank balances reached HKD 4.234 billion as of June 30, 2025, significantly up from HKD 1.743 billion as of December 31, 2024[52] - The total fair value of equity instruments accounted for as of June 30, 2025, is HKD 15.411 billion, up from HKD 10.246 billion as of December 31, 2024[37] - The company’s non-current assets increased to HKD 11,119,604,000 as of June 30, 2025, up from HKD 10,659,550,000 at the end of 2024, reflecting a growth of approximately 4.3%[93] Investment and Joint Ventures - The company has invested in ZhongAn Online P&C Insurance Co., Ltd. and established a joint venture, ZA Global, to enhance its financial technology capabilities[10] - ZA Bank achieved a historic turnaround with a net profit of HKD 49 million in the first half of 2025, with net income increasing by 82.1% year-on-year to approximately HKD 457 million[25] - Customer deposits at ZA Bank increased by 8.8% from the end of the previous year to approximately HKD 21.1 billion, and total loans grew by 2.5% to approximately HKD 6.008 billion[25] Operational Metrics - Interest income from financing services for the six months ended June 30, 2025, was HKD 7.3 million, down 25.5% from HKD 9.8 million for the same period in 2024[13] - The impairment loss provision for receivables was approximately HKD 1.1 million for the six months ended June 30, 2025, a reduction of 50% compared to HKD 2.2 million for the same period in 2024[17] - The company closely monitors the recoverability of receivables and has established measures to ensure timely collection of outstanding balances[16] Shareholder and Corporate Governance - The company changed its name from "SINOLINK WORLDWIDE HOLDINGS LIMITED" to "Z Fin Limited" on August 18, 2025, to better reflect its focus on fintech and digital asset applications[57] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information for the six months ended June 30, 2025, ensuring compliance with applicable standards and regulations[67] - The company did not declare an interim dividend for the six months ended June 30, 2025, compared to no dividend declared in 2024[62] Employee and Operational Costs - Employee benefit expenses, including directors' remuneration, increased to HKD 96,471,000 for the six months ended June 30, 2025, from HKD 64,023,000 in the prior period[140] - The company incurred administrative expenses of HKD 115,290,000, which is a significant increase from HKD 55,319,000 in the prior year[90] Taxation and Compliance - The effective tax expense for the six months ended June 30, 2025, was HKD 53,322,000, compared to HKD 9,043,000 in 2024[128] - The corporate income tax rate applicable to the group's entities in China remains at 25%[129] - The applicable Hong Kong profits tax rate for the six months ended June 30, 2025, is 16.5%, consistent with the previous period, with no taxable profits reported[132]
Z FIN(01168) - 2025 - 中期财报