Revenue Performance - The group's revenue for the six months ending September 30, 2025, decreased compared to the same period in 2024, primarily due to a reduction in the number of new construction projects[7]. - The company's total revenue decreased from approximately HKD 26,001,000 for the six months ended September 30, 2024, to approximately HKD 17,313,000 for the six months ended September 30, 2025, a reduction of about HKD 8,688,000[28]. - For the six months ended September 30, 2025, the company reported revenue of HKD 17,313,000, a decrease of 33.4% compared to HKD 26,001,000 for the same period in 2024[60]. - The company's major customer, Customer A, contributed HKD 17,313,000 in revenue for the six months ended September 30, 2025, down from HKD 23,529,000 in the same period last year, indicating a decline of 26.5%[75]. Financial Position - As of September 30, 2025, the company's total assets amounted to HKD 98,839,000, an increase from HKD 80,202,000 as of March 31, 2025, representing a growth of approximately 23.3%[61]. - The company's total liabilities decreased to HKD 50,303,000 as of September 30, 2025, from HKD 53,147,000 as of March 31, 2025, a reduction of approximately 5.2%[61]. - The current ratio increased to approximately 2.0 times as of September 30, 2025, from approximately 1.5 times as of March 31, 2025[35]. - The total interest-bearing debt remained stable at approximately HKD 12,000,000 as of both March 31, 2025, and September 30, 2025[35]. - The capital debt ratio was approximately 24.7% as of September 30, 2025, down from 44.1% as of March 31, 2025[36]. Profitability - The company reported a profit of approximately HKD 21,439,000 for the six months ended September 30, 2025, compared to a loss of approximately HKD 4,698,000 for the six months ended September 30, 2024[34]. - The company recorded a pre-tax profit of HKD 21,439,000, compared to a pre-tax loss of HKD 4,698,000 in the prior year[60]. - Basic earnings per share for the period were HKD 7.1, compared to a loss per share of HKD 1.56 in the same period last year[60]. - Gross profit decreased from approximately HKD 2,842,000 for the six months ended September 30, 2024, to approximately HKD 646,000 for the six months ended September 30, 2025[29]. - Operating profit for the period was HKD 21,799,000, a significant improvement from an operating loss of HKD 4,338,000 in the previous year[60]. Investment Strategy - The group aims to diversify its revenue sources and enhance its market position through active exploration of new business opportunities[8]. - The group is committed to maintaining a diversified investment portfolio and closely monitoring market trends to adjust its investment strategies accordingly[11]. - The investment strategy includes maintaining an appropriate investment scale and optimizing the investment portfolio to achieve diversification[13]. - The company prohibits short-term investments in low-yield unsecured bonds and speculative investment transactions[15]. - The investment management team is responsible for continuous monitoring of investments and preparing semi-annual performance reports[19]. Risk Management - The company identified significant risks, including reliance on a small number of clients, with the top five clients contributing approximately 100% of total revenue for the six months ended September 30, 2025[46]. - The company emphasizes a comprehensive internal control and risk management process, including regular performance reviews and strict approval processes[19]. - The investment decision-making process involves multiple governance layers, with investments below 5% of market capitalization approved by the investment management team[20]. Employee and Administrative Expenses - The total employee costs for the six months ended September 30, 2025, were approximately HKD 1,468,000, down from HKD 2,656,000 for the same period in 2024[44]. - Employee benefits expenses, including directors' remuneration, decreased to HKD 1,468,000 for the six months ended September 30, 2025, down from HKD 2,656,000 in 2024, representing a reduction of approximately 44.5%[81]. - Administrative expenses decreased from approximately HKD 3,836,000 for the six months ended September 30, 2024, to approximately HKD 2,530,000 for the six months ended September 30, 2025[31]. Dividends and Shareholder Returns - The board recommended not to declare an interim dividend for the six months ended September 30, 2025, and September 30, 2024[45]. - The company did not recommend the payment of an interim dividend for the six months ended September 30, 2025, and for the same period in 2024[81]. - The company aims to enhance shareholder value by effectively allocating idle funds and surplus capital to generate financial returns[24]. Other Financial Metrics - The company's net cash and cash equivalents increased to HKD 2,417,000 from HKD 2,113,000, reflecting a rise of 14.4%[64]. - The fair value changes of financial assets recognized in profit or loss resulted in a gain of HKD 23,671,000 for the six months ended September 30, 2025, compared to a loss of HKD 3,325,000 in the prior year[76]. - The company's equity attributable to owners increased to HKD 48,657,000 as of September 30, 2025, from HKD 27,218,000 as of March 31, 2025, marking an increase of 78.8%[62]. - The company's depreciation expense for the six months ended September 30, 2025, was HKD 40,000, slightly down from HKD 42,000 in the previous year[79]. - Trade receivables amounted to HKD 37,218,000 as of September 30, 2025, a decrease from HKD 41,207,000 as of March 31, 2025, reflecting a decline of approximately 9.6%[85]. - Trade payables were reported at HKD 8,298,000 as of September 30, 2025, down from HKD 11,716,000 as of March 31, 2025, indicating a decrease of about 29.5%[86]. - Contract assets stood at HKD 12,712,000 as of September 30, 2025, compared to HKD 13,558,000 as of March 31, 2025, showing a decline of approximately 6.2%[84]. - The company expects to recover HKD 9,081,000 of contract assets within one year, an increase from HKD 7,987,000 as of March 31, 2025[84]. - The weighted average number of ordinary shares used for calculating basic earnings per share remained constant at 301,860,000 shares for both periods[82]. - The company did not acquire or dispose of any property, plant, and equipment during the six months ended September 30, 2025[83]. - The company has not issued any potential dilutive ordinary shares due to the exercise price of options being higher than the average market price of shares during the year[82]. Corporate Governance - The company has complied with all applicable corporate governance codes as per GEM Listing Rules during the reporting period[52]. - No significant events requiring disclosure occurred after September 30, 2025, up to the report date[58]. - The company has granted a total of 19,842,480 share options under its share option scheme as of September 30, 2025[55]. - The exercise price for the share options granted ranges from HKD 0.16 to HKD 0.315 per share[56].
菊福堂生物(08217) - 2026 - 中期财报