Financial Performance - Revenue for the six months ended June 30, 2023, was HK$164,000, compared to HK$757,000 for the same period in 2022, representing a decrease of approximately 78.3%[9]. - Loss before income tax for the period was HK$10,931,000, a significant improvement from a loss of HK$43,182,000 in the prior year, indicating a reduction of about 74.7%[9]. - Total comprehensive loss attributable to owners of the Company for the period was HK$10,931,000, down from HK$43,182,000 in the previous year, reflecting a decrease of approximately 74.7%[9]. - Basic and diluted loss per share improved to HK$1.56 from HK$6.17, marking a reduction of about 74.7%[9]. - The Company received dividends of HK$163,000 during the six months ended June 30, 2023, down from HK$757,000 in the same period of 2022[24]. - Dividend income dropped to HK$163,000 from HK$757,000, reflecting a decline of 78.5% year-over-year[41]. - For the six months ended June 30, 2023, the Group recorded a loss attributable to owners of approximately HK$10,931,000, a decrease from a loss of approximately HK$43,182,000 in the same period of 2022[130]. Assets and Equity - Non-current assets as of June 30, 2023, totaled HK$7,274,000, slightly down from HK$7,324,000 as of December 31, 2022[13]. - Current assets decreased to HK$89,713,000 from HK$101,987,000, a decline of approximately 12%[13]. - Net current assets were HK$78,972,000, down from HK$89,853,000, indicating a decrease of about 12.1%[16]. - Total equity as of June 30, 2023, was HK$86,246,000, compared to HK$97,177,000 at the end of 2022, reflecting a decrease of approximately 11.3%[16]. - Net asset value per share decreased to HK$0.12 from HK$0.14, a decline of about 14.3%[16]. - As of June 30, 2023, the total equity attributable to owners of the Company decreased to HK$86,246,000 from HK$214,213,000 as of January 1, 2022, reflecting a loss of HK$10,931,000 for the period[19]. - The accumulated losses increased to HK$758,634,000 as of June 30, 2023, compared to HK$630,667,000 as of January 1, 2022[19]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended June 30, 2023, was HK$360,000, a significant decrease from HK$12,489,000 in the same period of 2022[24]. - The Company reported a net cash used in financing activities of HK$1,098,000 for the six months ended June 30, 2023, compared to HK$11,833,000 in the prior year[24]. - Cash and cash equivalents at the end of the reporting period decreased to HK$1,546,000 from HK$3,754,000 as of June 30, 2022[24]. - The Group's outstanding borrowings as of June 30, 2023, were approximately HK$10,000,000, a slight decrease from approximately HK$10,515,000 as of December 31, 2022[164][165]. - The gearing ratio (total debts/total equity) as of June 30, 2023, was 11.6%, compared to 10.8% as of December 31, 2022[167][173]. - The effective interest rate on the margin loan ranged from 7.11% to 7.48% as of June 30, 2023, compared to 6.48% to 6.63% as of December 31, 2022[166]. Expenses - Administrative expenses for the period were HK$6,778,000, down from HK$9,654,000, indicating a reduction of approximately 29.5%[9]. - Directors' remuneration decreased to HK$2,360,000 from HK$4,559,000, a decline of 48.2% year-over-year[51]. - Total finance costs decreased to HK$100,000 from HK$391,000, representing a reduction of 74.4%[49]. - The total staff costs for the six months ended June 30, 2023, amounted to approximately HK$3,840,000, a decrease of 39.2% compared to HK$6,317,000 for the same period in 2022[188]. Investments - The Company has maintained its principal activities in investing in listed and unlisted equity and debt securities, as well as investment funds[27]. - The Group's investment strategy includes a focus on both listed and unlisted equity securities, with significant holdings in various sectors[112]. - The Group's main investments as of June 30, 2023, included approximately HK$57,486,000 in listed financial instruments, HK$26,199,000 in unlisted direct investments, and HK$3,394,000 in unlisted investment funds[138]. - The fair value of unlisted equity securities increased to approximately HK$18,864,000 as of June 30, 2023, compared to HK$18,446,000 as of December 31, 2022, an increase of 2.3%[68]. - The fair value of unlisted debt securities as of June 30, 2023, was approximately HK$7,335,000, up from HK$6,800,000 as of December 31, 2022, indicating an increase of approximately 7.9%[72]. - The Group's financial assets measured at fair value on a recurring basis are categorized into a three-level fair value hierarchy as defined in HKFRS 13, with significant unobservable inputs requiring independent valuation[92]. Corporate Governance and Compliance - The unaudited condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34, indicating compliance with local financial reporting standards[28]. - The directors of the Company expect that the Group has adequate resources to continue operational existence for the foreseeable future, adopting a going concern basis[30]. - The Company has confirmed compliance with the Corporate Governance Code during the reporting period[193]. - The company has adopted the Model Code for Securities Transactions by Directors to ensure compliance with securities trading regulations[189]. Market Outlook and Strategy - The Board believes that the recovery in China will help the economy in the near future, supported by potential stimulus measures from the Chinese government[180][181]. - The board remains cautious and focused on identifying and investing in businesses with attractive valuations and bright prospects[184]. - The Directors do not intend to seek bank borrowings until substantially all funds have been invested, and any borrowing will not exceed the consolidated net assets at the time[140]. - The Group's focus remains on capturing new opportunities and strengthening competitiveness through robust financial performance and strong free cash flow[144].
胡桃资本(00905) - 2023 - 中期财报