Financial Performance - The company recorded an unaudited revenue of approximately HKD 24,800,000 for the six months ended September 30, 2025, representing an increase of about 9.9% compared to the same period last year[4]. - The profit attributable to the owners of the company for the same period was approximately HKD 7,600,000, a decrease primarily due to expected credit loss impairment on trade receivables[4]. - Basic and diluted earnings per share for the six months ended September 30, 2025, were both approximately HKD 0.34, down from HKD 1.13 for the same period in 2024[4]. - For the six months ended September 30, 2025, the company reported a net profit of HKD 7,582,001, compared to HKD 24,786,049 for the same period in 2024, representing a decrease of approximately 69.4%[8]. - Total revenue from continuing operations for the six months ended September 30, 2025, was HKD 24,774,825, an increase of 10% from HKD 22,541,160 in 2024[15]. - The company reported a net loss from expected credit loss impairment of HKD 6,364,682 for the six months ended September 30, 2025, compared to a gain of HKD 13,630,431 in the same period last year[5]. - The group reported a net profit of HKD 7,582,001 for the six months ended September 30, 2025, reflecting a strong performance despite other operating expenses of HKD 2,599,060[19]. Assets and Liabilities - Total assets less current liabilities amounted to HKD 187,728,182 as of September 30, 2025, compared to HKD 181,188,666 as of March 31, 2025[7]. - The company's net asset value increased to HKD 186,403,255 as of September 30, 2025, up from HKD 179,006,042 as of March 31, 2025[7]. - The total assets as of September 30, 2025, amounted to HKD 236,798,861, with segment assets in securities and futures brokerage at HKD 165,525,930[20]. - The group’s liabilities totaled HKD 50,395,606, with segment liabilities in securities and futures brokerage at HKD 39,180,607[20]. - The balance of shareholder loans as of September 30, 2025, was HKD 1,350,000, down from HKD 4,500,000 at the beginning of the period due to repayments of HKD 3,150,000[51]. Cash Flow and Financing - The company experienced a net cash outflow from operating activities of HKD 4,449,755 for the six months ended September 30, 2025, compared to a cash inflow of HKD 15,489,209 in 2024[9]. - The cash and cash equivalents at the end of the period were HKD 1,737,461, down from HKD 11,277,168 at the beginning of the period, reflecting a decrease of approximately 84.6%[9]. - The company’s financing costs decreased to HKD 195,667 for the six months ended September 30, 2025, down from HKD 647,169 in the same period last year[5]. - The company’s financing activities resulted in a cash outflow of HKD 4,625,222 for the six months ended September 30, 2025, compared to a significantly higher outflow of HKD 25,006,998 in 2024[9]. Dividends and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[4]. - The group did not recommend an interim dividend for the six months ended September 30, 2025, consistent with the previous period[27]. - Major shareholder Zillion Profit Limited holds 1,500,000,000 shares, representing 68.18% of the company's issued share capital[89]. Credit Quality and Trade Receivables - Trade receivables increased to HKD 133,480,760 as of September 30, 2025, compared to HKD 118,640,549 as of March 31, 2025[6]. - The expected credit loss provision for the period was HKD 4,246,619, a decrease from HKD 10,870,446 as of March 31, 2025, reflecting improved credit quality[34]. - The company has established a credit limit for each customer, which is subject to regular review to manage credit risk effectively[38]. - The company’s management believes that the credit quality of trade receivables remains stable, with no need for impairment provisions due to the large and unrelated customer base[35]. Operational Highlights - The company reported a significant increase in commission and brokerage fees from securities trading, totaling HKD 2,889,640 for the six months ended September 30, 2025, up from HKD 1,868,703 in 2024, marking a growth of approximately 54.4%[15]. - Securities and futures brokerage income increased by approximately 54.6% from HKD 1,900,000 for the six months ending September 30, 2024, to about HKD 2,900,000 for the six months ending September 30, 2025[55]. - Total trading volume for securities transactions rose by approximately 119.0% from HKD 29,907,500,000 to HKD 65,502,600,000 during the same periods[55]. Corporate Governance - The company is committed to high standards of corporate governance and has adhered to all applicable codes, with some deviations noted regarding the separation of roles between the chairman and CEO[94]. - The audit committee has been established to review and supervise the financial reporting procedures and internal controls of the group[98]. - The committee consists of three independent non-executive directors: Mr. Pan Wing Chuen, Ms. Lau Ka Nam, and Mr. Lam Chi Cheng[98]. Future Outlook - The group aims to expand its brokerage and underwriting business by broadening its customer base and enhancing its trading platform[73]. - The group will continue to explore potential investment opportunities to enhance profitability[72].
昌利控股(08098) - 2026 - 中期业绩