瀛晟科学(00209) - 2025 - 中期财报

Abbreviations This section lists the key abbreviations used throughout the report - Key abbreviations used in the report include 'Board', 'Company', 'Directors', 'Group', 'Listing Rules', 'China', 'SFO', 'Shares', 'Shareholders', 'Stock Exchange', 'HK$', 'RMB', 'US$', and '%'[5] Corporate Information This section provides an overview of the company's fundamental corporate details and governance structure Board of Directors The Board of Directors experienced multiple changes during the reporting period, including appointments and resignations of executive, non-executive, and independent non-executive directors, with Ms. Wang Jingyu appointed as Chairperson on September 3, 2025, and Mr. Jiang Qinghui resigning as Chairperson on the same day - Ms. Wang Jingyu was appointed Executive Director and Chairperson on September 3, 2025[7][9] - Mr. Weng Zutian serves as the Chief Executive Officer[7][9] - Mr. Jiang Qinghui and Mr. Li Zhonghai resigned as Executive Directors on September 3, 2025[7][9] - Ms. Hu Xinqi and Ms. Huang Tianying were appointed Independent Non-executive Directors on August 22, 2025[7][9] Audit Committee The Audit Committee's membership changed during the reporting period, with Ms. Hu Xinqi appointed as Chairperson on August 22, 2025, while Mr. Guo Jianxiong and Mr. Chen Zhuohao ceased to be chairpersons on August 8, 2025, and February 28, 2025, respectively - Ms. Hu Xinqi was appointed Chairperson of the Audit Committee on August 22, 2025[8][9] - Mr. Guo Jianxiong ceased to be Chairperson of the Audit Committee on August 8, 2025[8][9] Remuneration Committee The Remuneration Committee's membership changed during the reporting period, with Ms. Huang Tianying appointed as Chairperson on August 22, 2025, while Mr. Weng Zutian and Mr. Chen Zhuohao ceased to be chairpersons on August 22, 2025, and February 28, 2025, respectively - Ms. Huang Tianying was appointed Chairperson of the Remuneration Committee on August 22, 2025[8][9] - Mr. Weng Zutian ceased to be Chairperson of the Remuneration Committee on August 22, 2025[8][9] Nomination Committee The Nomination Committee's membership changed during the reporting period, with Ms. Huang Tianying re-designated as Chairperson on September 3, 2025, and Mr. Jiang Qinghui ceasing to be Chairperson on the same day - Ms. Huang Tianying was re-designated as Chairperson of the Nomination Committee on September 3, 2025[10][11] - Mr. Jiang Qinghui ceased to be Chairperson of the Nomination Committee on September 3, 2025[10][11] Company Secretary Ms. Yu Yayun was appointed Company Secretary on July 7, 2025, while Mr. Lin Guanhui resigned on the same day - Ms. Yu Yayun was appointed Company Secretary on July 7, 2025[10][12] - Mr. Lin Guanhui resigned as Company Secretary on July 7, 2025[10][12] Other Corporate Information The Company's shares are listed on the Hong Kong Stock Exchange with stock code 209, its registered office is in Bermuda, and its principal place of business in Hong Kong is at Shun Tak Centre; key banks include HSBC, Bank of Communications Hong Kong Branch, and China Guangfa Bank Zhongshan Branch, with Tianjian International Certified Public Accountants Limited as auditor - Shares are listed on the Hong Kong Stock Exchange, stock code 209[11][12] - The registered office is located at Clarendon House, Bermuda[11][12] - The principal place of business in Hong Kong is Unit 907B, 9th Floor, China Merchants Tower, Shun Tak Centre, 168–200 Connaught Road Central, Hong Kong[11][12] - The auditor is Tianjian International Certified Public Accountants Limited[14][15] Management Discussion and Analysis This section provides an overview of the Group's business operations, financial performance, and future outlook Business Review The Group primarily engages in toy manufacturing and trading, as well as agricultural product cultivation and sales; for the interim period ended June 30, 2025, the toy business continued to face challenges due to US tariffs and rising labor costs in China, leading to decreased order volume and increased gross loss, while the agricultural products business generated no revenue - The Group's principal businesses are toy manufacturing and trading, and agricultural product cultivation and sales[16][21] - The toy business is affected by US tariffs on China and rising minimum wage and social insurance costs in China, leading to a continuous decline in order volume and pressure on profit margins[16][17][21] - For the interim period ended June 30, 2025, the agricultural product cultivation and sales business generated no revenue (2024: HK$1.3 million)[18][21] Key Financial Performance (Six Months Ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (HK$ Thousand) | Change Rate | Reference Chunk | | :--- | :--- | :--- | :--- | :--- | :--- | | Toy Segment Revenue | 148,400 | 189,800 | (41,400) | -21.8% | [20, 23] | | Agricultural Products Segment Revenue | 0 | 1,300 | (1,300) | -100% | [18, 21, 26, 32] | | Gross Loss/Profit | (10,000) | 4,100 | (14,100) | -343.9% | [18, 22] | | Loss for the Period | (38,300) | (26,700) | (11,600) | +43.4% | [19, 22] | Financial Review The Group's financial position shows an increase in net current liabilities, a decrease in cash and cash equivalents, an expanded capital deficiency, and a higher gearing ratio; to improve its financial health, the Group has taken measures including extending bank financing maturity dates, implementing cost-saving initiatives, and exploring other financing arrangements, while foreign currency risk is considered not significant and certain assets are pledged for bank financing, with no material contingent liabilities currently Liquidity, Financial Resources and Capital Structure As of June 30, 2025, the Group's net current liabilities, total borrowings, and capital deficiency attributable to owners of the Company all increased, with a deterioration in the current ratio and gearing ratio; to address funding pressure, the Company completed a share subscription in January 2025, raising approximately HK$1.2 million in net proceeds for working capital Liquidity and Capital Structure Metrics | Metric | June 30, 2025 (HK$ Million) | December 31, 2024 (HK$ Million) | Change (HK$ Million) | Change Rate | Reference Chunk | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Current Liabilities | 253.3 | 220.3 | 33.0 | +15.0% | [27, 33] | | Cash and Cash Equivalents | 34.1 | 55.3 | (21.2) | -38.3% | [27, 33] | | Current Ratio | 0.47 times | 0.54 times | (0.07) | -13.0% | [27, 33] | | Total Loans | 229.8 | 217.1 | 12.7 | +5.8% | [28, 33] | | Capital Deficiency Attributable to Owners of the Company | 173.8 | 139.0 | 34.8 | +25.0% | [29, 33] | | Gearing Ratio | 170% | 136.7% | 33.3% | +24.4% | [29, 33] |