Financial Performance - Unaudited revenues for the six months ended 30 September 2025 amounted to approximately HK$323,908,000, an increase of 7.6% compared to HK$300,003,000 in the corresponding period of last year[11]. - The Group recorded an unaudited EBITDA of approximately HK$231,738,000 for the six months ended 30 September 2025, up from HK$221,341,000 for the same period in 2024, reflecting a growth of 4.3%[11]. - Unaudited net loss attributable to owners of the Company for the six months ended 30 September 2025 was approximately HK$83,395,000, a decrease of 24.2% from a net loss of HK$109,833,000 in the prior year[11]. - The gross profit for the six months ended 30 September 2025 was approximately HK$159,955,000, compared to HK$101,355,000 in the same period last year, indicating a significant increase of 57.6%[12]. - Total comprehensive loss for the period was HK$148,836,000, a reduction from HK$255,913,000 in the corresponding period of last year, showing an improvement of 41.8%[14]. - The consolidated loss before income tax for the six months ended 30 September 2025 was HK$71,360,000, an improvement compared to a loss of HK$106,915,000 in 2024, reflecting a reduction of approximately 33%[58]. - The Group reported a net loss of approximately HK$71.36 million for the six months ended 30 September 2025, a decrease from a net loss of approximately HK$106.92 million for the same period in 2024[161]. Expenses and Costs - Selling and administrative expenses rose to HK$70,705,000 for the six months ended 30 September 2025, compared to HK$33,327,000 in the previous year, representing an increase of 112.4%[12]. - Finance costs decreased to HK$162,652,000 for the six months ended 30 September 2025, down from HK$181,748,000 in the prior year, reflecting a reduction of 10.5%[12]. - The Group's cost of sales for the six months ended 30 September 2025 was approximately HK$163.95 million, representing a decrease of about 17.47% from approximately HK$198.65 million for the last corresponding period[153]. - Interest expenses on bank and other borrowings for the six months ended 30 September 2025 were HK$44,559,000, a decrease from HK$49,979,000 in 2024, representing a reduction of about 10.3%[62]. - Staff costs, including directors' remuneration, for the six months ended 30 September 2025, totaled HK$23,566,000, slightly up from HK$23,527,000 in 2024, reflecting a marginal increase of approximately 0.2%[65]. Assets and Liabilities - Total assets increased to HK$6,192,262,000 as of September 30, 2025, up from HK$6,050,057,000 on March 31, 2025, representing a growth of approximately 2.34%[15]. - Current assets rose to HK$839,927,000, a significant increase of 30.14% from HK$645,413,000 as of March 31, 2025[15]. - Total liabilities reached HK$19,373,005,000, up from HK$19,081,964,000, indicating a rise of 1.53%[17]. - Net liabilities increased to HK$13,180,743,000 from HK$13,031,907,000, reflecting a growth of 1.14%[17]. - The Group incurred a net current liability of approximately HK$18,530.17 million as of 30 September 2025, indicating significant liquidity challenges[175]. - The total outstanding debts, including borrowings, promissory notes, and non-convertible bonds, amounted to approximately HK$18,473,696,000[24]. Cash Flow and Financing - The net cash generated from operating activities decreased to HK$85,761,000, down 50.7% from HK$173,932,000 year-on-year[22]. - Cash and cash equivalents improved to HK$17,169,000, up from HK$10,702,000, marking a 60.00% increase[15]. - The Group is actively negotiating with PRC banks and other creditors to finalize debt restructuring and extend repayment terms[31]. - The Group aims to raise new funds to finance its working capital within the next twelve months[35]. - The Group's cash and bank balances increased to approximately HK$17.17 million as of 30 September 2025, up from approximately HK$10.70 million as of 31 March 2025[165]. Segment Information - The Group has three reportable segments: expressway operations, CNG gas stations operations, and other operations, each managed separately due to differing products and services[49]. - Revenue from toll road and related operations for the six months ended September 30, 2025, was HK$323,908,000, an increase from HK$300,003,000 in the same period of 2024, representing a growth of approximately 7.6%[47]. - Reportable segment profit before unallocated finance cost and income tax for the six months ended September 30, 2025, was HK$101,879,000, compared to HK$30,782,000 for the same period in 2024, indicating a significant increase of approximately 230%[58]. - Total reportable segment assets as of September 30, 2025, amounted to HK$6,044,600,000, compared to HK$5,904,748,000 as of March 31, 2025, showing an increase of approximately 2.4%[54]. Restructuring and Going Concern - Significant uncertainties exist regarding the Group's ability to continue as a going concern, depending on its ability to generate adequate financing and operating cash flows[32]. - The restructuring proposal for the Group's main operating subsidiary was approved by the Court on 26 September 2023, and the restructuring is still in progress[23]. - The Group's financial position raises material uncertainties regarding its ability to continue as a going concern[176]. - The Board is implementing various measures to improve liquidity, although these measures have not yet been completed[177]. Taxation - Zhunxing was exempt from PRC enterprise income tax from 2014 to 2016 and subject to a 12.5% tax rate from 2017 to 2019, with a preferential tax rate of 15% applicable for the six months ended 30 September 2025 and 2024[69][72]. - The Group did not have assessable profits subject to PRC enterprise income tax during the six months ended 30 September 2025 and 2024, resulting in no tax provision[70][72]. Dividends - The Company did not declare any dividend for the six months ended 30 September 2025, consistent with the previous year[11]. - No dividend was recommended for the six months ended 30 September 2025, consistent with the previous period where no dividend was declared[71][73].
中国资源交通(00269) - 2026 - 中期财报