Financial Performance - Revenue for the six months ended September 30, 2025, was HK$1,022,822,000, an increase of 3.5% compared to HK$989,740,000 for the same period in 2024[14]. - Gross profit for the same period was HK$167,122,000, slightly down by 0.6% from HK$168,161,000 in 2024[14]. - Operating profit increased to HK$87,136,000, up 3.1% from HK$84,548,000 in the previous year[14]. - Profit before income tax rose to HK$54,102,000, a significant increase of 60.0% compared to HK$33,830,000 in 2024[14]. - Profit for the period was HK$50,431,000, showing a marginal increase from HK$50,139,000 in the prior year[14]. - Basic earnings per ordinary share attributable to owners of the Company for the period was HK8.31 cents, down from HK8.60 cents in 2024[14]. - Total comprehensive income for the period decreased to HK$76,725,000 in 2025 from HK$89,041,000 in 2024, a decline of 13.83%[17]. - Total expenses for the six months ended September 30, 2025, were HK$936,339,000, an increase of 4.1% from HK$899,406,000 in 2024[117]. Cash Flow and Liquidity - Net cash generated from operations for the six months ended September 30, 2025, was HK$141,514,000, down from HK$176,520,000 in the same period of 2024[27]. - The net cash inflow from operating activities was HK$114,965,000, compared to HK$137,436,000 in the previous year[27]. - The net cash outflow from financing activities was HK$88,671,000, reduced from HK$158,021,000 in the previous year[27]. - Cash and cash equivalents rose to HK$201,262,000 as of September 30, 2025, compared to HK$178,980,000 as of March 31, 2025, an increase of 12.45%[21]. - The Group's liquidity risk analysis shows total financial liabilities of HK$1,230,854,000 as of September 30, 2025[70]. Assets and Liabilities - Non-current assets totaled HK$1,642,621,000 as of September 30, 2025, slightly down from HK$1,644,958,000 as of March 31, 2025[19]. - Current assets decreased to HK$877,188,000 as of September 30, 2025, compared to HK$910,420,000 as of March 31, 2025, a reduction of 3.64%[19]. - Total liabilities decreased to HK$1,356,838,000 as of September 30, 2025, from HK$1,461,377,000 as of March 31, 2025, a decrease of 7.14%[21]. - Equity attributable to owners of the Company increased to HK$1,067,536,000 as of September 30, 2025, from HK$1,000,176,000 as of March 31, 2025, an increase of 6.71%[21]. Business Segments - The Group operates predominantly in three segments: Steels Distribution and Processing, Building Products Distribution, and Property Investment and Fund Management[103]. - The Steels Distribution and Processing Business contributed 79.4% to total selling and distribution costs, while the Building Products Distribution Business contributed 6.5%[108]. - Revenue from Hong Kong increased to HK$787,256,000, up 6.2% from HK$741,438,000 year-over-year, while revenue from Chinese Mainland decreased to HK$235,566,000, down 5.1% from HK$248,302,000[112]. Cost Management - Finance costs decreased significantly to HK$24,934,000 from HK$37,983,000, reflecting a reduction of 34.3%[14]. - Selling and distribution expenses were reduced to HK$6,797,000 from HK$8,989,000, indicating a decrease of 24.5%[14]. - General and administrative expenses increased to HK$73,397,000 from HK$67,627,000, representing an increase of 8.2%[14]. Market Conditions - The geopolitical tensions and supply chain disruptions have continued to impact the operating landscape in Hong Kong and the Chinese Mainland, affecting investment sentiment and infrastructure progress[197]. - The Group faced notable challenges in serving the regional construction and renovation market due to macro uncertainties and weak consumer confidence[197]. - Consumer confidence and private real estate market performance remain weak, leading to low transaction volumes[200]. Investments and Contributions - The Group's investment in the associate and joint venture decreased from HK$281,176,000 at the beginning of the period to HK$270,163,000 at the end of the period, a decline of approximately 3.9%[155]. - The share of loss from investments accounted for using the equity method was HK$8,871,000 for the six months ended 30th September 2025, compared to HK$13,032,000 for the same period in 2024, showing an improvement of approximately 31.5%[155]. - During the six months ended September 30, 2025, RECO and Plentiful contributed a total of US$2,927,000 (equivalent to HK$22,911,000) into HSO, compared to US$3,264,000 (equivalent to HK$25,493,000) in 2024[158]. Financial Risks - The Group's financial risk management includes exposure to market risk, credit risk, and liquidity risk, with no significant changes since the last annual financial statements[60]. - If interest rates on floating rate borrowings had been 100 basis points higher/lower, profit before income tax would have been approximately HK$10,460,000 lower/higher[72]. - The Group is subject to commodity price risk due to trading in steel products, with committed sales orders exceeding on-hand inventories[64].
沪港联合(01001) - 2026 - 中期财报