Revenue Performance - For the first half of 2025, the distribution business generated revenue of HKD 20.7 million, a significant increase of 567.7% compared to HKD 3.1 million in the first half of 2024[12]. - Overall revenue for the first half of 2025 was HKD 152.5 million, down 30.3% from HKD 218.8 million in the first half of 2024, primarily due to reduced demand for certain agricultural products[13]. - The supply chain business faced challenges, with revenue decreasing by 38.9% to HKD 131.9 million from HKD 215.7 million in the same period last year[12]. - Distribution business segment revenue for the six months ended June 30, 2025, was HKD 20,661,000, compared to HKD 3,094,000 for the same period in 2024, showing a significant increase[73]. - Supply chain business segment revenue for the six months ended June 30, 2025, was HKD 131,885,000, down from HKD 215,716,000 in 2024, indicating a decline of approximately 39%[73]. - Revenue from customers in China (including Hong Kong and Macau) for the six months ended June 30, 2025, was HKD 152,256,000, down from HKD 161,229,000 in 2024, reflecting a decrease of approximately 5%[75]. Profitability and Loss - Gross profit for the first half of 2025 decreased by 17.7% to HKD 5.1 million from HKD 6.2 million in the first half of 2024, with a gross margin of 3.4% compared to 2.8% in the previous year[15]. - The group reported a loss of HKD 2.7 million for the first half of 2025, compared to a loss of HKD 0.3 million in the same period of 2024, mainly due to decreased demand for certain agricultural products[21]. - The group reported a pre-tax loss of HKD 1,425,000 for the six months ended June 30, 2025, compared to a loss of HKD 313,000 in 2024[73]. - The group reported a net comprehensive loss attributable to equity holders of the parent of HKD (1,037,000) compared to a loss of HKD (974,000) for the same period in 2024, reflecting an increase in loss of approximately 6.5%[56]. - The group reported a loss attributable to equity holders of HKD 2,655,000 for the first half of 2025, compared to a loss of HKD 313,000 in the first half of 2024[55]. Expenses and Costs - The cost of sales for the first half of 2025 decreased by 30.7% to HKD 147.4 million, aligning with the revenue decline[14]. - Sales and distribution expenses rose by 80.0% to HKD 1.8 million from HKD 1.0 million in the first half of 2024, mainly due to increased freight costs associated with coal sales activities in the Chinese market[17]. - Administrative expenses increased by 1.9% to HKD 5.3 million from HKD 5.2 million in the first half of 2024, primarily due to higher legal and professional fees[18]. - The financing cost for the first half of 2025 increased by 50.0% to HKD 1.8 million from HKD 1.2 million in the first half of 2024, attributed to higher loan interest rates[20]. Assets and Liabilities - As of June 30, 2025, trade receivables decreased by 37.0% to HKD 104.7 million from HKD 141.7 million as of December 31, 2024, due to reduced revenue from the supply chain business[23]. - The group’s current assets net value as of June 30, 2025, was HKD 122.4 million, with a current ratio of 1.6 compared to 1.5 as of December 31, 2024[25]. - The total liabilities decreased to HKD 215,904,000 as of June 30, 2025, down from HKD 250,607,000 at the end of 2024, representing a reduction of approximately 13.8%[57]. - The company’s net asset value as of June 30, 2025, was HKD 163,080,000, slightly down from HKD 164,117,000 at the end of 2024, indicating a decrease of about 0.6%[57]. - Trade payables as of June 30, 2025, were HKD 52,355,000, down 5.1% from HKD 54,455,000 as of December 31, 2024[94]. Investments and Future Plans - The company signed distribution contracts totaling RMB 17 million in the first half of 2025, with plans to sign an additional RMB 20 million in the second half[10]. - The group plans to expand its distribution business in Southwest China, leveraging resources from Yunnan Energy Investment Group to increase sales contracts in the second half of 2025 compared to the same period last year[37]. - The group aims to establish long-term supply agreements in the coal and traditional Chinese medicine sectors to ensure stable large-scale trade[38]. - The group is actively exploring green energy project investments in Yunnan and Southeast Asia, focusing on renewable energy sectors such as photovoltaics and hydropower[40]. - The group plans to enhance its supply chain business in South Asia and Southeast Asia, leveraging Yunnan Energy Investment Group's resources to develop energy infrastructure projects[41]. Corporate Governance and Compliance - The board did not recommend or declare any interim dividend for the first half of 2025[34]. - The audit committee reviewed the group's unaudited interim results for the first half of 2025 and found no objections to the accounting principles adopted[48]. - The company has complied with the applicable provisions of the Hong Kong Corporate Governance Code during the first half of 2025[50]. - The group did not declare any interim dividend for the six months ended June 30, 2025, consistent with the previous year[86]. Employee and Management Information - Employee benefits expenditure for the first half of 2025 was approximately HKD 2.4 million, with a total of 25 employees as of June 30, 2025[36]. - Total remuneration for key management personnel was HKD 553,000 for the six months ended June 30, 2025, a decrease of 5.9% from HKD 588,000 in 2024[109]. - Short-term employee benefits for key management personnel were HKD 544,000 for the six months ended June 30, 2025, down from HKD 579,000 in 2024, reflecting a decrease of 6.0%[109]. - Retirement benefits for key management personnel remained stable at HKD 9,000 for both periods[109].
云能国际(01298) - 2025 - 中期财报