Financial Performance - The company's revenue for the six months ended September 30, 2025, was HKD 7,216,000, a decrease of 63.0% compared to HKD 19,474,000 for the same period in 2024[3] - The gross profit for the same period was HKD 1,876,000, down 60.0% from HKD 4,690,000 in 2024[3] - The company reported 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[3] - Basic and diluted loss per share for the period was HKD 0.99, compared to HKD 0.84 in 2024, indicating a worsening of the loss per share by 17.9%[3] - The company recorded a net loss of approximately HKD 19,057,000 for the six months ended September 30, 2025[15] - The group reported a revenue of HKD 7,216,000 for the six months ended September 30, 2025, a decrease of 62.5% compared to HKD 19,474,000 for the same period in 2024[24] - 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 decreased revenue and gross profit[103] Assets and Liabilities - Total assets less current liabilities as of September 30, 2025, were HKD (16,812,000), a significant decline from HKD 1,979,000 as of March 31, 2025[7] - The company's cash and cash equivalents decreased to HKD 820,000 from HKD 3,959,000, reflecting a decline of 79.2%[6] - The total liabilities increased to HKD 67,270,000 from HKD 56,015,000, marking an increase of 20.0%[6] - The company has a total equity attributable to shareholders of HKD (23,950,000), worsening from HKD (5,337,000) in the previous period[7] - The company’s net current liabilities amounted to approximately HKD 53,305,000 as of September 30, 2025[15] - The company’s total liabilities were approximately HKD 23,950,000 as of September 30, 2025[15] Cash Flow and Operating Activities - Cash used in operating activities was HKD 2,070,000, compared to HKD 142,000 for the same period in 2024[9] - The total cash and cash equivalents at the end of the reporting period decreased to HKD 820,000 from HKD 3,165,000 in the previous year[9] Financing and Debt Management - The company is actively negotiating with major creditors regarding repayment plans and exploring financing options[15] - The company plans to consider fundraising activities, including equity and debt financing, to support its general working capital[15] - The financing costs increased significantly to HKD 4,586,000 in 2025 from HKD 1,788,000 in 2024, marking a 156.5% rise[27] - The company has a loan to an independent third party amounting to approximately HKD 1,436,000, with an annual interest rate of 12%[43] - The company reported a deferred tax liability of approximately HKD 531,000 as of September 30, 2025, consistent with the amount reported on March 31, 2025[49] Corporate Governance and Shareholder Information - The company has adopted the corporate governance code as a basis for its governance practices, ensuring shareholder rights and enhancing corporate value[146] - The board of directors believes that the current arrangement of combining the roles of CEO and chairman is appropriate for timely decision-making[147] - The company is committed to maintaining high standards of corporate governance and will continue to review its board structure and composition[149] - The company has established a robust governance framework to ensure effective oversight of management[146] Employee and Operational Efficiency - The company’s employee costs remained stable at HKD 3,027,000 for the six months ended September 30, 2025, compared to HKD 3,026,000 in 2024[27] - The total employee cost during the reporting period was approximately HKD 3.0 million, consistent with the previous year[119] - The group aims to enhance its competitiveness and explore new business opportunities despite the current challenges in the tourism sector[94] Business Operations and Market Conditions - The company operates a merchant acquiring business with three main revenue sources: transaction fees, foreign exchange discount income, and marketing and distribution service income[92] - The group’s major customer, Customer A and its affiliates, contributed HKD 2,432,000 to total revenue in 2025, down 67.2% from HKD 7,406,000 in 2024[22] - The group is actively seeking potential business partners and distributors to expand its geographical coverage and revenue base in the Southeast Asian market[94] Convertible Bonds and Financial Restructuring - The company issued convertible bonds (Convertible Bond I) on June 26, 2020, with a total principal amount of HKD 11,850,000 and an initial conversion price of HKD 0.15 per share, allowing for the conversion into a maximum of 79,000,000 shares[53] - The company issued Convertible Bond II on March 5, 2024, with a total principal amount of HKD 4,388,000 and a conversion price of HKD 0.145 per share, allowing for the conversion into a maximum of 30,262,068 shares[62] - The company has made significant adjustments to the terms of its convertible bonds, reflecting ongoing financial restructuring efforts to manage debt obligations[58] - 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%[76] Dividend Policy - The group did not declare any dividends for the six months ended September 30, 2025, consistent with the previous year[36] - No interim dividend is recommended for the six months ending September 30, 2025[155] - The group currently has no predetermined dividend payout ratio, and any declaration of dividends will depend on various factors including operational performance and financial condition[108]
东方支付集团控股(08613) - 2026 - 中期财报