Financial Performance - For the six months ended September 30, 2025, the company reported revenue of HKD 98,499,000, a decrease of 3.9% from HKD 102,307,000 in the same period of 2024[3] - Gross profit for the same period was HKD 67,406,000, down 9.4% from HKD 74,272,000 year-on-year[3] - The company incurred a loss of HKD 10,121,000 for the period, compared to a profit of HKD 18,236,000 in the previous year, representing a significant decline[4] - Basic and diluted loss per share was HKD 0.27, compared to earnings per share of HKD 0.78 in the prior year[4] - Total comprehensive income for the period was HKD 492,000, a decrease of 97.9% from HKD 23,659,000 in the same period last year[5] - The total revenue for the period decreased to approximately HKD 98.5 million, down from HKD 102.3 million in the same period last year, representing a decline of 3.7%[45] - The gross profit margin decreased from 72.6% to 68.4% during the same period, indicating a decline in profitability[44] - The average selling price of burial plots decreased by 13% compared to the same period last year, contributing to the reduction in gross profit[45] Assets and Liabilities - Non-current assets increased to HKD 860,337,000 as of September 30, 2025, compared to HKD 723,320,000 as of March 31, 2025, reflecting a growth of 18.9%[6] - Current liabilities rose to HKD 207,081,000 from HKD 163,810,000, indicating an increase of 26.4%[6] - The company's net assets decreased to HKD 949,522,000 from HKD 973,465,000, a decline of 2.5%[7] - The company’s total assets as of September 30, 2025, were approximately HKD 1.3087 billion, up from HKD 1.2834 billion as of March 31, 2025[54] - The current ratio decreased to approximately 2.17 from 3.42, primarily due to a decrease in current assets and an increase in current liabilities[53] Revenue Sources - Sales of burial plots and niches contributed HKD 88,560,000, representing an increase of 2.0% from HKD 86,712,000 in the previous year[16] - The company reported a pre-tax profit of HKD 18,044,000 for the six months ended September 30, 2025, with significant costs including HKD 23,600,000 for cost of goods sold[17] Expenses and Costs - Financing costs increased to HKD 739,000 from HKD 298,000 year-on-year, primarily due to higher interest on bank borrowings[19] - The total income tax expense for the period was HKD 10,547,000, slightly down from HKD 10,825,000 in the previous year[21] - The company did not declare any interim dividend for the six months ended September 30, 2025, compared to HKD 11,107,000 declared in the same period last year[22] - Sales and distribution expenses rose significantly from HKD 12 million to HKD 31.9 million, largely due to additional VAT payments and increased promotional expenses[47] - Financing costs increased by approximately HKD 400,000 due to new short-term bank borrowings of about HKD 11 million during the period[49] Strategic Focus and Market Trends - The company primarily operates in the cemetery business in China, with no significant changes in operational segments reported[11] - The Chinese funeral service market size reached RMB 169.5 billion in 2015, projected to grow to RMB 521.2 billion by 2030, reflecting a compound annual growth rate (CAGR) of approximately 8.5%[34] - The aging population in China is expected to exceed 300 million by the end of 2024, accounting for 22% of the total population, which will drive demand for funeral services[34] - The ongoing urbanization process in China is projected to reach over 73% by 2030, which will further increase disposable income and demand for personalized funeral services[35] - The company is actively exploring eco-friendly burial products and enhancing community service offerings to improve regional competitiveness and customer satisfaction[38] - The company has faced pricing pressures in certain regions due to policy adjustments and increased competition, but has successfully optimized service processes and developed community-friendly products[38] Corporate Governance and Compliance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[9] - The company has complied with all applicable code provisions of the corporate governance code for the six months ended September 30, 2025[61] - The audit committee has reviewed the financial reporting procedures and internal controls, with no objections to the accounting policies adopted[62] - The company has adopted the standard code for securities transactions by directors and confirmed compliance by all directors during the period[63] - The interim report contains all information required by the listing rules and will be sent to shareholders at the appropriate time[64] Other Information - The company incurred land transfer costs of approximately HKD 137,195,000 during the period[27] - Trade receivables as of September 30, 2025, totaled HKD 2,306,000, with HKD 1,614,000 due within 60 days[28] - As of September 30, 2025, trade payables amounted to HKD 38,087,000, an increase from HKD 33,307,000 as of March 31, 2025, with over 62% of the payables being overdue for more than one year[13] - The issued and fully paid share capital remained stable at 2,221,363,000 shares, equivalent to HKD 222,136,000 as of both September 30, 2025, and March 31, 2025[14] - The company has made significant progress in service transformation and technology integration, with a focus on compliance operations and brand building[37] - The flagship project, Zhejiang Anxian Garden, has integrated technology such as AI and holography into its services, enhancing customer experience and setting a benchmark for industry digital transformation[37] - The company and its subsidiaries did not purchase, sell, or redeem any listed securities during the period[59] - There are no interests held by directors or major shareholders in any competing businesses as of September 30, 2025[60] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[55] - No significant events occurred after September 30, 2025, until the publication date of the financial statements[58] - The board does not recommend the payment of an interim dividend for the period, which was 0.5 HK cents per share for the six months ended September 30, 2024[57]
安贤园中国(00922) - 2026 - 中期业绩