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[3]. - 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[3]. - 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[4]. - The 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[5]. - 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[4]. - The pre-tax loss for the six months ended September 30, 2025, was HKD 10,345,000, compared to a loss of HKD 11,352,000 for the same period in 2024[16]. - The operating gross profit margin was approximately 40.9%, down from 43.4% in 2024, indicating a stable performance despite market challenges[44]. Operating Expenses and Costs - 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[4]. - Total operating expenses decreased by approximately 42.8% to about HKD 11,200,000, down from HKD 19,700,000 in 2024, reflecting strategic adjustments in the retail portfolio[47]. - The company reported a significant increase in financing costs, with interest expenses on convertible bonds rising to HKD 2,747,000 from HKD 400,000 in the previous year[14]. - Financing costs increased by 136.1% to approximately HKD 3,500,000, up from HKD 1,500,000 in 2024, mainly due to increased interest expenses on convertible bonds[46]. 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[6]. - Current assets decreased from HKD 35,946,000 as of March 31, 2025, to HKD 27,480,000 as of September 30, 2025[6]. - The net current liabilities increased from HKD 111,230,000 as of March 31, 2025, to HKD 117,382,000 as of September 30, 2025[6]. - 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[32]. - Total liabilities as of September 30, 2025, were HKD 176,929,000, slightly down from HKD 177,009,000 as of March 31, 2025[33]. - The debt-to-asset ratio was 493% as of September 30, 2025, compared to 382% as of March 31, 2025, indicating increased leverage[50]. Revenue Segments - The restaurant segment reported a loss of HKD 2,783,000 for the six months ended September 30, 2025, compared to a loss of HKD 5,643,000 in the previous year, showing an improvement in losses[30]. - The photovoltaic segment generated revenue of HKD 2,616,000 for the six months ended September 30, 2025, with no revenue reported in the same period of 2024[30]. - The photovoltaic segment recorded revenue of HKD 15,113,000 as of September 30, 2025, with a focus on solar cells and related materials[36]. - The main customer in the photovoltaic segment, Customer A, contributed HKD 2,616,000 in revenue, representing over 10% of the group's total revenue[37]. Cash Flow and Investments - 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[9]. - The company’s cash flow from investment activities was negative at HKD (7,000), a decrease from a positive cash flow of HKD 1,092,000 in the same period last year[9]. - The company has redirected HKD 13 million towards renewable energy and new materials R&D, including a strategic investment of RMB 7 million in a subsidiary[62]. - The remaining unutilized balance of approximately HKD 4.6 million for potential investment opportunities is expected to be fully utilized by December 31, 2026[63]. Employee and Management - The total compensation for directors and key management personnel for the six months ended September 30, 2025, is HKD 1,580,000, a decrease from HKD 1,687,000 in the previous year[27]. - As of September 30, 2025, the company has 29 full-time employees in Hong Kong and China, down from 42 as of March 31, 2025[57]. - The company has provided various employee benefits, including medical allowances and training subsidies, to enhance employee performance and retention[57]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the draft interim report and accounts for the six months ending September 30, 2025[82]. - The company has adopted a code of conduct regarding securities trading by directors, ensuring compliance with GEM listing rules[83]. - The company is committed to maintaining high standards of corporate governance and has adhered to the corporate governance code during the reporting period[84]. Shareholder Information - Major shareholder Hanbo Holdings Limited holds 296,887,066 shares, representing approximately 53.49% of the voting shares issued[68]. - Mr. Tang Shengming holds convertible bonds with an outstanding principal amount of HKD 40,000,000, which, if fully converted, would result in the issuance of 71,428,571 ordinary shares, equating to approximately 12.87% of the issued share capital as of September 30, 2025[70]. - The new share option scheme adopted on September 22, 2023, aims to incentivize eligible participants and enhance the company's long-term growth and profitability[72].
荣晖控股(08213) - 2026 - 中期财报