Financial Performance - The company reported revenue of HKD 38,396,000 for the six months ended September 30, 2025, a decrease of 64% compared to HKD 106,862,000 in the same period of 2024[3]. - Gross profit for the same period was HKD 3,065,000, down 78% from HKD 13,773,000 year-on-year[3]. - The company incurred a loss before tax of HKD 113,364,000, compared to a loss of HKD 54,427,000 in the previous year, representing a 108% increase in losses[3]. - The net loss for the period was HKD 112,268,000, which is a 71% increase from HKD 65,429,000 in the prior year[4]. - The company reported a basic and diluted loss per share of HKD 0.36, compared to HKD 0.24 in the previous year[4]. - The company reported a loss attributable to shareholders of HKD 72,913,000 for the six months ended September 30, 2025, compared to a loss of HKD 47,750,000 for the same period in 2024, representing an increase of 52.7%[25]. - Basic loss per share for the six months ended September 30, 2025, was HKD 0.36, compared to HKD 0.24 for the same period in 2024, indicating a 50% increase in loss per share[26]. - The gross profit margin for the current period was 7.98%, down from 12.89% in 2024, primarily due to a shift in revenue sources towards property management, which has a lower margin compared to leasing computer equipment[48]. - The company recorded a significant loss of approximately HKD 112,268,000 for the current period, compared to a loss of HKD 65,429,000 in 2024, largely due to the absence of income from leasing and selling computer equipment[48]. Assets and Liabilities - The company’s total assets increased to HKD 1,598,497,000 as of September 30, 2025, compared to HKD 1,167,711,000 as of March 31, 2025[5]. - The total assets as of September 30, 2025, amounted to HKD 2,002,435,000, an increase from HKD 1,545,770,000 as of March 31, 2025[15]. - The company’s total liabilities increased to HKD 1,448,467,000 as of September 30, 2025, compared to HKD 1,376,375,000 as of March 31, 2025[15]. - The company’s total equity as of September 30, 2025, was HKD 553,968,000, a substantial increase from HKD 169,395,000 as of March 31, 2025[6]. - The current ratio improved to 1.10 from 0.85, and the debt-to-asset ratio decreased significantly to 1.11 from 3.45[46]. - The net asset value per share increased to HKD 2.40 from HKD 0.83[46]. - The total borrowings as of September 30, 2025, were approximately HKD 613,323,000, with 95% denominated in RMB and all borrowings due within one year[87]. Business Segments - The revenue breakdown includes property management services at HKD 26,882,000 and cryptocurrency-related business at HKD 653,000, with no revenue from property sales in 2025[11]. - The property development segment reported revenue of HKD 10,861,000, while the hotel business segment reported no revenue for the six months ended September 30, 2025[13]. - The company’s cryptocurrency-related business incurred a loss of HKD 424,000 for the six months ended September 30, 2025[13]. - The new property management segment generated revenue of approximately HKD 26,882,000 with a loss of only HKD 1,626,000, indicating strong growth since its launch[65]. - The group announced a strategic investment of approximately USD 10,900,000 (about HKD 84,900,000) to purchase 1,863 high-performance mining servers to enhance cryptocurrency mining efficiency[67]. - The mining business only produced approximately 0.736 Bitcoin, generating corresponding revenue of about HKD 653,000, with a segment loss of approximately HKD 424,000 due to salary expenses and mining equipment custody fees[70]. Employee and Operational Costs - Total employee costs for the period amounted to HKD 22,082,000, significantly higher than HKD 7,088,000 in the previous year, reflecting a 211% increase[23]. - The direct costs for the current period included data center rental expenses of HKD 8,029,000 and depreciation of computer equipment amounting to HKD 34,941,000[48]. - The group employed approximately 460 employees as of September 30, 2025, a significant increase from 70 employees in the previous year[95]. Credit and Receivables - The company has established formal credit policies to monitor credit risk exposure through regular reviews of receivables[30]. - The company reported receivables of HKD 126,848,000, an increase from HKD 124,633,000 as of March 31, 2025[27]. - The company’s trade receivables amounted to HKD 143,668,000, with a provision for impairment of HKD 143,441,000 as of September 30, 2025[33]. - The group’s expected credit loss provision for factoring receivables was HKD 65,571,000 as of September 30, 2025, up from HKD 64,426,000 as of March 31, 2025, indicating an increase of about 1.8%[38]. - The group’s management believes the credit risk associated with trade receivables is low, as indicated by the general provision for impairment losses[35]. Strategic Initiatives - The company has initiated a new business focus on cryptocurrency-related activities during the reporting period[10]. - The group plans to expand its cryptocurrency-related business and explore new opportunities in areas such as artificial intelligence, asset tokenization, stablecoin applications, and decentralized finance to enhance long-term shareholder value[71]. - The group plans to issue 2,782,330,000 new shares at a subscription price of HKD 0.18 per share, raising approximately HKD 500,300,000 for general working capital and potential investment opportunities in cryptocurrency and Web 3.0[79]. - The company entered into a non-binding letter of intent to acquire 100% equity of SAI US INC for an estimated cost of USD 1,000,000, aimed at expanding its cryptocurrency mining business[84]. Regulatory and Governance - The audit committee consists of three independent non-executive directors with extensive financial and management experience[101]. - The interim financial data for the six months ending September 30, 2025, has been reviewed by the audit committee and is prepared in accordance with applicable accounting standards[101]. - The auditors confirmed that there were no issues found that would lead them to believe the interim financial data was not prepared in accordance with the relevant accounting standards[102]. - The interim results announcement has been published on the Hong Kong Stock Exchange website and the company's website[103]. - The company expresses gratitude to shareholders for their continued support and to all employees for their efforts and contributions during the period[104].
国际商业结算(00147) - 2026 - 中期业绩