Revenue and Profitability - For the six months ended September 30, 2025, the group's revenue from travel-related products and services decreased by 18.7% to HKD 137.5 million, and gross profit fell by 36.2% to HKD 18 million compared to the same period in 2024[9]. - The revenue from travel packages and related services decreased by approximately 30% to about HKD 1.4 million, primarily due to a decline in sales of one-day tours in Japan[15]. - The total revenue for the six months ended September 30, 2025, was HKD 140.1 million, down from HKD 182.0 million in the same period of 2024[12]. - The gross profit for the same period was HKD 20.1 million, a decrease from HKD 31.8 million in 2024[12]. - The group’s revenue from the travel group segment was HKD 137.5 million, down from HKD 169.1 million in the previous year[13]. - The group’s gross profit from the travel group segment was HKD 18 million, down from HKD 28.2 million in the previous year[13]. - The group reported minimal revenue from free travel products, indicating low profitability due to intense competition among airlines and hotel booking platforms[14]. - The group reported a total loss before tax of HKD (3,815,000) for the six months ending September 30, 2025[70]. - The company reported a net loss attributable to owners of the company of HKD 3,788,000 for the period, compared to a loss of HKD 533,000 in the previous year[50]. - Basic and diluted loss per share for continuing operations was HKD 0.55, compared to HKD 0.03 in the same period last year[48]. Operational Performance - The group experienced a significant impact on travel bookings during a peak season (July and August) due to concerns over a predicted disaster in Japan, leading to a drop in customer confidence[10]. - The company's retail business revenue decreased from HKD 9.3 million to HKD 0.5 million for the six months ending September 30, 2025, due to the decision to terminate retail operations by March 17, 2025[16]. - Sales expenses decreased by 39.6% to approximately HKD 9.5 million for the six months ending September 30, 2025, primarily due to reduced advertising and employee welfare expenses[17]. - Administrative expenses decreased by 6.2% to approximately HKD 16.4 million for the six months ending September 30, 2025, mainly due to a reduction in the depreciation of right-of-use assets[18]. - The group's loss increased by 549% to approximately HKD 3.8 million for the six months ending September 30, 2025, compared to the same period in 2024[19]. - Operating loss increased to HKD 3,824,000 from HKD 52,000 in the previous year, indicating a significant decline in operational performance[47]. - Net cash flow from operating activities was negative at HKD 3,076,000, compared to a positive cash flow of HKD 9,905,000 in the prior year[52]. Financial Position - The group's cash and cash equivalents amounted to approximately HKD 72.5 million as of September 30, 2025, up from HKD 71.5 million as of March 31, 2025[19]. - The current ratio as of September 30, 2025, was 1.7 times, unchanged from March 31, 2025[19]. - The asset-liability ratio increased from 1.9% as of March 31, 2025, to 3.1% as of September 30, 2025, due to an increase in amounts payable to non-controlling shareholders[21]. - Total assets as of September 30, 2025, were HKD 110,887,000, a slight increase from HKD 108,363,000 as of March 31, 2025[49]. - Current liabilities increased to HKD 64,310,000 from HKD 62,573,000, reflecting a rise in financial obligations[49]. - The carrying amount of property, plant, and equipment decreased to HKD 2,005,000 as of September 30, 2025, from HKD 2,466,000 at the beginning of the period, a reduction of approximately 19%[85]. - Intangible assets decreased to HKD 203,000 as of September 30, 2025, from HKD 243,000 at the beginning of the period, reflecting a decrease of approximately 16%[86]. - The total accounts receivable as of September 30, 2025, was HKD 6,000, down from HKD 102,000 at the end of March 2025, representing a decline of approximately 94%[89]. - Accounts payable increased significantly to 7,422,000 HKD thousand from 5,044,000 HKD thousand, with 1 to 30 days overdue accounts rising to 4,280,000 HKD thousand[97]. Strategic Outlook - The group plans to continue exploring various opportunities to diversify its business portfolio and enhance future profitability[10]. - The group remains confident that tourism to Japan will eventually recover, maintaining a positive outlook on its outbound travel, sightseeing, and hotel business[10]. - The company aims to drive business performance towards profitability as outbound tourism continues to thrive and will seek diversification in other industries to expand revenue sources[34]. Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as of September 30, 2025[44]. - The audit committee, consisting of three independent non-executive directors, reviews the company's financial information and internal control systems[46]. - The group did not incur any taxable profits in Hong Kong for the periods ended September 30, 2025, and 2024, resulting in no provision for Hong Kong profits tax[78]. - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[84]. Shareholder Information - The company issued 136,119,000 new ordinary shares at a subscription price of HKD 0.0306 per share on August 22, 2025, raising approximately HKD 4 million to support promotional activities in the travel industry[19]. - Major shareholders include ASPECT, Inc. with 136,119,000 shares (16.67%) and Zonghengyou Investment Holdings Limited with 100,000,000 shares (12.24%) as of September 30, 2025[39]. - A total of 68,059,000 share options are available for grant under the 2024 Share Option Scheme as of September 30, 2025[37]. Risk Management - The group continues to face financial risks, including foreign exchange risk, credit risk, and liquidity risk, with no significant changes in risk management policies since the last year-end[61]. - The fair value of financial instruments is estimated based on observable market data, with no transfers between levels during the reporting period[64]. - The group’s financial assets and liabilities have short maturities, resulting in their carrying amounts being similar to fair values[62].
飞道旅游科技(08069) - 2026 - 中期财报