Financial Performance - The consolidated revenue for the six months ended September 30, 2025, was approximately HKD 10,900,000, a decrease of about 51.3% compared to HKD 22,400,000 for the same period last year[4]. - The loss attributable to the owners of the company decreased from HKD 11,300,000 in the previous year to HKD 10,300,000 for the six months ended September 30, 2025[4]. - The gross profit for the six months ended September 30, 2025, was HKD 4,478,000, down from HKD 9,727,000 in the previous year[5]. - Total comprehensive loss for the six months ended September 30, 2025, was HKD 10,348,000, compared to HKD 11,517,000 in the previous year[6]. - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD 1.86, compared to HKD 2.18 for the same period last year[5]. - The company reported a loss before tax of HKD 10,345,000 for the six months ended September 30, 2025, compared to a loss of HKD 11,352,000 in 2024[17]. - The operating gross profit margin was approximately 40.9%, down from 43.4% in the previous year, reflecting strategic adjustments in the product mix[49]. Assets and Liabilities - Non-current assets decreased from HKD 10,335,000 as of March 31, 2025, to HKD 8,373,000 as of September 30, 2025[7]. - Current assets decreased from HKD 35,946,000 as of March 31, 2025, to HKD 27,480,000 as of September 30, 2025[7]. - The total liabilities as of September 30, 2025, were HKD 141,076,000, an increase from HKD 130,728,000 as of March 31, 2025[8]. - The equity attributable to the owners of the company as of September 30, 2025, was HKD (141,076,000), compared to HKD (130,728,000) as of March 31, 2025[8]. - The company has a net current liability of approximately HKD 117,382,000 as of September 30, 2025, indicating potential liquidity concerns[13]. - Total assets as of September 30, 2025, amounted to HKD 35,853,000, a decrease from HKD 46,281,000 as of March 31, 2025[36]. - The total liabilities as of September 30, 2025, were HKD 176,929,000, slightly down from HKD 177,009,000 as of March 31, 2025[37]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2025, was HKD (8,840,000), compared to HKD (3,260,000) for the same period in 2024, indicating a significant increase in cash outflow[10]. - Cash and cash equivalents at the end of the period were HKD 13,721,000, down from HKD 18,334,000 at the end of September 2024, representing a decrease of 25.4%[11]. - Financing costs for the period included interest expenses on convertible bonds amounting to HKD 2,747,000, a substantial increase from HKD 400,000 in the previous year[15]. - Financing costs increased by 136.1% to approximately HKD 3,500,000, up from HKD 1,500,000 in the previous year, mainly due to increased interest expenses on convertible bonds[51]. Revenue Breakdown - Revenue from cake sales decreased to HKD 7,940,000 in 2025 from HKD 20,249,000 in 2024, reflecting a decline of 60.8%[15]. - The photovoltaic segment generated revenue of HKD 2,616,000 for the six months ended September 30, 2025, with no revenue reported in the previous year[34]. - The revenue from the photovoltaic segment's major customer (Customer A) was HKD 2,616,000 for the six months ended September 30, 2025, representing 10% or more of the group's revenue[41]. Cost Management - Operating expenses for the period were HKD 11,246,000, compared to HKD 19,667,000 for the same period last year, indicating a reduction in costs[5]. - The total compensation for directors and key management personnel was HKD 1,580,000 for the six months ended September 30, 2025, compared to HKD 1,687,000 in the previous year, reflecting cost control measures[30]. - Operating expenses decreased by approximately 42.8% to about HKD 11,200,000, down from HKD 19,700,000 in the previous year, reflecting strict cost control measures[52]. Corporate Governance - The company has established an audit committee in compliance with GEM Listing Rules, which includes three independent non-executive directors[88]. - The company has maintained high standards of corporate governance and has complied with the corporate governance code during the reporting period[90]. - All directors have adhered to the required standards of trading in securities as per the company's code of conduct[89]. - The company is committed to continuous improvement in corporate governance practices and standards[90]. Strategic Initiatives - The group has officially commenced its photovoltaic business, marking a significant step in the renewable energy sector, focusing on solar cells and related materials[45]. - The group is diversifying its business portfolio and has introduced promotional discounts related to various festivals to attract local customers and increasing mainland Chinese tourists[45]. - The company is adopting a cautious approach to restaurant business expansion due to economic challenges and consumer confidence issues[68]. - The company plans to explore potential acquisition opportunities while continuing to assess its business objectives in response to market conditions[69]. Shareholder and Equity Information - Major shareholder Hanbo Holdings Limited holds 296,887,066 shares, representing approximately 53.49% of the total issued shares as of September 30, 2025[75]. - The company has adopted a new share option scheme on September 22, 2023, which will remain effective for 10 years unless terminated early by the board[79]. - The maximum number of shares that can be issued under the new share option plan is capped at 10% of the total issued share capital as of the adoption date, amounting to 52,077,187 shares[81]. - No share options were granted, exercised, lapsed, or cancelled during the reporting period, and there are no unexercised options as of September 30, 2025[85].
荣晖控股(08213) - 2026 - 中期业绩