Financial Performance - The group reported revenue of HKD 7,216,000 for the six months ended September 30, 2025, a decrease of 63.0% compared to HKD 19,474,000 in the same period of 2024[8] - Gross profit for the period was HKD 1,876,000, down 60.0% from HKD 4,690,000 year-on-year[8] - The group incurred a loss before tax of HKD 19,057,000, compared to a loss of HKD 15,920,000 in the previous year, representing a 19.5% increase in losses[8] - Basic and diluted loss per share was HKD 0.99, compared to HKD 0.84 for the same period in 2024[10] - The total comprehensive loss for the period was HKD 18,857,000, compared to HKD 16,057,000 in the same period last year, reflecting a 17.4% increase in comprehensive losses[10] - The company reported a net loss of approximately HKD 19,057,000 for the six months ended September 30, 2025[20] - The company incurred a total comprehensive loss of HKD 18,857,000 for the six months ended September 30, 2025[13] - The group recorded a net loss attributable to shareholders of approximately HKD 19.1 million, an increase from HKD 15.9 million in the previous year, primarily due to increased financing costs and reduced revenue and gross profit[108] Assets and Liabilities - Total assets less current liabilities were negative HKD 16,812,000 as of September 30, 2025, compared to positive HKD 1,979,000 as of March 31, 2025[12] - The company’s total liabilities amounted to approximately HKD 53,305,000 as of September 30, 2025[20] - The company’s total remuneration for key management personnel increased to HKD 1,797,000 for the six months ended September 30, 2025, from HKD 1,267,000 in the previous year[92] - The group has approximately HKD 14.0 million in current assets as of September 30, 2025, down from HKD 15.8 million as of March 31, 2025[109] - The asset-liability ratio as of September 30, 2025, was approximately -125.9%, an improvement from -510.6% as of March 31, 2025, due to the net loss recorded during the reporting period[109] Cash Flow and Financing - Cash and cash equivalents decreased significantly to HKD 820,000 from HKD 3,959,000, a decline of 79.2%[11] - Cash used in operating activities was HKD 2,070,000, compared to HKD 142,000 for the same period in 2024[14] - The company’s cash and cash equivalents decreased to HKD 820,000 at the end of the reporting period, down from HKD 3,165,000 a year earlier[14] - The company is actively negotiating with major creditors regarding repayment plans and exploring financing options and debt restructuring[20] - The company plans to consider other fundraising activities, including equity and debt financing, to support its general working capital[20] - The financing costs increased significantly to HKD 4,586,000 from HKD 1,788,000 year-on-year, primarily due to the actual interest expenses of convertible bonds[32] Revenue Sources - The company’s merchant acquiring business has three main revenue sources: transaction fee income, foreign exchange discount income, and marketing and distribution service income[97] - Merchant acquiring transaction fee income was HKD 6,560,000, down 63.5% from HKD 17,945,000 in the previous year[29] - The group's total revenue from merchant acquiring business during the reporting period was approximately HKD 7.2 million, a decrease of about HKD 11.4 million compared to the same period last year due to concerns over safety events affecting Chinese tourists[101] Corporate Governance - The board of directors believes that the current governance structure, where the roles of Chairman and CEO are held by the same person, is appropriate for timely decision-making[152] - The company has adopted the corporate governance code as a framework to protect shareholder interests and enhance corporate value[151] - The number of independent non-executive directors fell below the minimum required by GEM listing rules after the resignation of Dr. Wu Yu-chi[155] - Henrich Stefan was appointed as an independent non-executive director on October 28, 2025, restoring compliance with GEM listing rules regarding independent directors[155] - The company is committed to maintaining high standards of corporate governance and will review its board structure as necessary[154] Employee and Operational Metrics - The total employee cost for the reporting period is approximately HKD 3.0 million, consistent with the previous year[124] - The group has a total of 20 employees as of September 30, 2025, a decrease from 21 employees as of March 31, 2025[124] Convertible Bonds - The company issued convertible bonds I on June 26, 2020, with a total principal amount of HKD 11,850,000 and an annual interest rate of 7%[58] - The maturity date of convertible bonds I has been extended multiple times, with the latest extension to December 24, 2024, and the interest rate adjusted to 12%[61] - The company issued convertible bonds II on March 5, 2024, with a principal amount of HKD 4,388,000 and an annual interest rate of 7%[67] - The company issued convertible bonds III on May 22, 2024, with a total principal amount of HKD 931,000 and a coupon rate of 7%[70] - Convertible bonds IV were issued on May 28, 2024, with a total principal amount of approximately HKD 1,918,000 and a coupon rate of 7%[72] - Convertible bonds V were issued on January 27, 2025, with a total principal amount of approximately HKD 2,695,000 and a coupon rate of 7%[75] - The company issued convertible bonds VI on September 26, 2025, with a total principal amount of HKD 1,967,353,000 and a coupon rate of 7%[81] Market and Strategic Initiatives - The group is actively enhancing its competitiveness and exploring new business opportunities to expand its geographical coverage and revenue base in the Southeast Asian market[99] - The acquisition of bCode scanner completed on March 30, 2023, is expected to extend the service portfolio and enhance the group's market presence in the Philippines[100] - The group aims to restore confidence among Chinese tourists through proactive measures taken by the Thai government to address recent safety concerns[99]
东方支付集团控股(08613) - 2026 - 中期业绩