Financial Performance - The Group recorded a loss of approximately US$0.5 million for the six months ended June 30, 2025, compared to a loss of approximately US$0.1 million for the same period in 2024[13]. - Revenue for the Period was approximately US$2.9 million, a decrease of approximately US$0.2 million from US$3.1 million in the same period of 2024, primarily due to reduced trading of PCB and AI materials[14]. - Gross profit decreased from approximately US$1.5 million in 2024 to approximately US$1.1 million in 2025, mainly due to lower margins from rental TV income[16]. - The Group recorded a net loss of approximately US$0.5 million for the six months ended 30 June 2025, compared to a net current asset of approximately US$4.5 million as of the same date, an increase from US$4.1 million as of 31 December 2024[35][40]. - The Group's cash and cash equivalents decreased to approximately US$0.3 million as of 30 June 2025, down from approximately US$0.9 million as of 31 December 2024[35][40]. - The basic and diluted loss per share for the six months ended 30 June 2025 is approximately US$0.33 cents[111]. - Loss before tax for the period was $469,000, compared to a loss of $134,000 in the prior year, indicating a significant increase in losses[134]. - Loss for the period attributable to owners of the Company was $311,000, a decrease from $498,000 in the previous year[136]. - Total comprehensive expense for the period was $487,000, an improvement from $1,557,000 in the same period last year[134]. - The company reported a net loss for the period of US$311,000, compared to a loss of US$498,000 in the same period last year, indicating a reduction in losses by 37.5%[140]. Expenses and Costs - Administrative expenses remained steady at approximately US$0.7 million compared to US$0.5 million in the corresponding period of 2024[17]. - Finance costs for the Period amounted to approximately US$0.4 million, consistent with the same period in 2024, primarily representing effective interest expense on convertible notes[25]. - Market development and promotion expenses decreased due to tighter cost control, including reductions in consultancy fees and travel expenses[24]. - Staff costs, including directors' remuneration, decreased to $215,000 in the first half of 2025 from $306,000 in 2024, a reduction of approximately 30%[172]. - Legal and professional fees increased slightly to $80,000 in the first half of 2025 from $76,000 in 2024, a rise of approximately 5%[172]. - Effective interest expense on convertible notes increased to $371,000 for the six months ended June 30, 2025, compared to $317,000 in the same period of 2024, representing a 17% increase[164]. Assets and Liabilities - As of June 30, 2025, total assets less current liabilities amounted to US$33,439,000, an increase from US$33,283,000 as of December 31, 2024, reflecting a growth of 0.47%[137]. - Net current assets increased to US$4,541,000 from US$4,142,000, representing a growth of 9.66%[137]. - Non-current liabilities, including convertible notes, increased to US$9,991,000 from US$9,620,000, an increase of 3.86%[139]. - Total equity decreased to US$23,448,000 from US$23,659,000, a decline of 0.89%[139]. - Trade and other receivables rose to US$1,804,000 from US$1,584,000, an increase of 13.84%[137]. - The company reported a decrease in lease liabilities from US$23,000 to US$12,000, a reduction of 47.83%[137]. - Trade receivables increased to US$1,622,000 as of June 30, 2025, up from US$1,474,000 at December 31, 2024, representing a growth of 10.05%[193]. - Trade payables rose to US$632,000 as of June 30, 2025, compared to US$498,000 at December 31, 2024, reflecting a 26.87% increase[195]. - Accruals decreased to US$789,000 as of June 30, 2025, down from US$1,041,000 at December 31, 2024, indicating a reduction of 24.19%[195]. Share Capital and Convertible Notes - CCH holds convertible notes amounting to US$12,000,000, convertible into 13,337,142 shares, representing approximately 13.99% of the issued shares[76]. - The convertible notes are unlisted, interest-free, and convertible at a price of HK$7.0 per share[77]. - The total number of shares available under the 2023 Share Option Scheme is 8,961,949, which is approximately 10% of the issued shares as of January 1, 2025, and June 30, 2025[85]. - The company issued US$96,000,000 in convertible notes on May 29, 2018, with a conversion price of HK$0.4 per share[89]. - The initial number of ordinary shares issuable upon conversion of the 2025 CN is 1,862,400,000 shares, representing 41.5% of the total ordinary shares outstanding at the time of issuance[90]. - The liability component of the 2025 CN was initially measured at approximately US$44,137,000, with an effective interest rate of 11.41% per annum[94]. - The equity component of the 2025 CN amounted to approximately US$51,863,000, presented in equity as convertible notes reserve[94]. - The company conditionally agreed to issue US$65,000,000 in convertible notes under the 2028 CN Subscription Agreement, maturing on the seventh anniversary of the issue date[96]. - The outstanding 2028 Convertible Notes (CN) principal amount as of 30 June 2025 is US$12,000,000, with a potential increase of 13,337,142 shares, representing approximately 13.99% of the issued shares[104]. - Upon full conversion of the 2028 CN, the number of issued shares will increase to approximately 108,656,636 shares, reflecting a dilution impact of approximately 12.27%[106]. - The equity interest of substantial shareholders will change from 50.19% to 56.31% upon full conversion of the 2028 CN[110]. Strategic Focus and Development - The Company is focused on developing advanced satellite communication services utilizing L-band spectrum for scientific research and environmental monitoring, positioning itself as a key player in global scientific advancement[61]. - The L-band platform provides low-latency connectivity essential for long-duration experiments in remote field stations[67]. - The company is establishing strategic collaborations with industry innovators to develop integrated solutions for sustainable food production[67]. - Active partnerships with space agencies and research institutions aim to co-develop specialized communication payloads and data protocols[68]. - The company positions its L-band platform as critical infrastructure for scientific discovery and sustainable development[69]. - The Group is negotiating with potential investors for fundraising arrangements to support its financial obligations[148]. - Chi Capital Holdings Ltd has agreed to provide continuous financial support to the Group[148]. - The company remains confident in the regulatory approval process and is exploring satellite data-casting services in the ASEAN region[189]. Governance and Compliance - The Company has maintained compliance with the Corporate Governance Code throughout the reporting period, except for the separation of the roles of chairman and chief executive[125]. - The Audit Committee has reviewed the financial statements and recommended their adoption by the Board[126]. - The Company has not engaged in any purchase, sale, or redemption of its listed securities during the period[121]. - The Company is committed to enhancing communication with shareholders and stakeholders through an established shareholder communication policy[128]. Taxation - No provision for Hong Kong Profits Tax has been made as the Group had no assessable profit arising in Hong Kong for both periods[166]. - The US Income Tax rate remained constant at 24% for both periods, with no assessable profits reported[167]. - Taiwan Income Tax was charged at 20%, but no provision was made due to the absence of assessable profits in both periods[168].
中播数据(00471) - 2025 - 中期财报