Revenue Performance - The Group recorded revenue of approximately HK$48.3 million, representing an increase of approximately 14.7% compared to approximately HK$42.1 million for the corresponding period in 2021[2]. - Revenue from secondary tutoring services, English language training, and test preparation courses was approximately HK$13.0 million, a decrease of approximately 18.2% from approximately HK$15.9 million for the corresponding period in 2021[16]. - Revenue from VR product trading and related services was approximately HK$3.5 million, up from approximately HK$2.8 million in 2021[19]. - STEAM education services generated revenue of approximately HK$0.9 million, an increase from approximately HK$0.2 million in 2021[19]. - Revenue from trading gaming products was approximately HK$30.0 million, compared to approximately HK$21.9 million in 2021[19]. - Revenue from secondary tutoring services decreased to approximately HK$436,000, representing a decline of approximately 35.8% compared to approximately HK$679,000 in the corresponding period in 2021[84]. - Revenue from English language training and test preparation courses increased to approximately HK$85,000, reflecting an increase of approximately 165.6% compared to approximately HK$32,000 in the corresponding period in 2021[84]. - The Group's total revenue for the period was approximately HK$48.3 million, an increase of approximately 14.7% from approximately HK$42.1 million in the corresponding period in 2021[86]. - Trading of VR products and related services saw revenue rise to approximately HK$3.5 million, marking a 25.0% increase from approximately HK$2.8 million in the corresponding period in 2021[87]. - Revenue from trading of gaming products increased to approximately HK$30.0 million, representing a growth of 37.0% compared to approximately HK$21.9 million in the corresponding period in 2021[105]. Financial Performance - The Group incurred a loss of approximately HK$5.9 million for the six months ended December 31, 2022, compared to a loss of approximately HK$4.8 million in 2021[30]. - Loss attributable to owners of the Company for the Period was approximately HK$6.5 million, compared to approximately HK$4.6 million in 2021, with loss per share remaining at approximately HK$0.01[113]. - Loss before tax for the period was HK$5,872,000, compared to a loss of HK$4,760,000 in the prior year, indicating a 23.3% increase in losses[196]. - Total comprehensive expense for the period was HK$5,872,000, compared to HK$4,759,000 in the previous year, representing a 23.3% increase[196]. - Other income, gains, and losses recorded a net gain of approximately HK$4.8 million, up from approximately HK$1.4 million in 2021, mainly due to a reversal of impairment loss on loan receivables[129]. - Other income recorded a net gain of approximately HK$4.8 million, up from approximately HK$1.4 million in 2021, primarily due to a reversal of impairment losses on receivables of about HK$3.8 million[134]. Cash Flow and Liquidity - The Group's cash and cash equivalents at the end of the period were approximately HK$28.4 million, up from HK$21.5 million at the beginning of the period[59]. - The current ratio decreased to approximately 3.2 times as of December 31, 2022, down from approximately 7.6 times as of June 30, 2022[27]. - The total amount of interest-bearing borrowing was HK$22.0 million, all due within one year, compared to HK$nil on June 30, 2022[146]. - The Group's total gross loan and interest receivables amounted to approximately HK$22.4 million, down from approximately HK$30.0 million as of June 30, 2022[46]. - The Group maintained strict control over its receivables, assessing credit risk due to adverse financial conditions caused by the COVID-19 pandemic[47]. - The Group has established appropriate liquidity risk management systems to manage its short, medium, and long-term funding needs[172]. Business Strategy and Operations - The Group operates one learning center under the "Modern Education" brand and seven directly-owned education centers along with 29 franchised centers under the "Modern Bachelor Education" brand[4]. - The Group has adopted a hybrid learning model combining in-person and remote learning to accommodate students not comfortable returning to campus[16]. - The management believes in "from crisis comes opportunity" and is actively exploring market opportunities to enhance resource deployment and introduce online classes[17]. - The Group has developed a hybrid business model in the education industry, integrating metaverse experiences with traditional learning[8]. - The introduction of the UFO Group aims to enhance the Group's education services by adopting new technologies such as Metaverse and Web 3.0, responding to market dynamics and opportunities[117]. - The introduction of VR, augmented reality, and artificial intelligence from the UFO Group is expected to enhance the Group's educational offerings and facilitate international market expansion[166]. - The Group plans to diversify its game product distribution and increase sales through e-commerce and esports events in the coming year[171]. Employee and Operational Costs - Staff costs decreased to approximately HK$13.4 million during the Period from approximately HK$14.3 million in the corresponding period in 2021, mainly due to a reduction in headcount[130]. - Tutor contractor fees increased slightly to approximately HK$1.4 million during the Period, attributed to higher enrollments in emerging STEAM educational services[131]. - Marketing expenses increased by approximately HK$1.7 million or approximately 278.6% compared to the corresponding period in 2021, primarily due to extended marketing activities[132]. - Other operating expenses increased by approximately HK$0.3 million or 7.6% compared to the corresponding period in 2021, mainly due to various operating expenses[112]. Financial Position and Ratios - The gearing ratio increased to approximately 25.4% as of December 31, 2022, compared to approximately 11.3% as of June 30, 2022[27]. - The Group's investment portfolio included listed securities in 13 companies and unlisted funds, with significant investments not exceeding 5% of total assets[49][68]. - The Group had no significant contingent liabilities as of December 31, 2022, and June 30, 2022[187]. - There were no capital expenditures contracted for but not provided in the financial statements as of December 31, 2022, and June 30, 2022[187]. - The Group maintained a prudent treasury policy, financing operations primarily through internally generated resources and equity or debt financing[175]. - The Group's income and expenditure are mainly denominated in Hong Kong dollars, minimizing foreign exchange exposure[32].
源宇宙教育(01082) - 2023 - 中期财报