Financial Performance - The solar power business generated revenue of approximately HKD 39,300,000 (around RMB 34,200,000) for the six months ended December 31, 2022, a decrease of 29.1% compared to HKD 55,500,000 (around RMB 45,800,000) for the same period in 2021[6]. - The distribution system business recorded revenue of approximately HKD 25,200,000 (around RMB 21,900,000), down 76.3% from HKD 106,200,000 (around RMB 87,500,000) in the previous year[7]. - The company reported revenue of HKD 64,452,000 for the six months ended December 31, 2022, a decrease of 60.24% compared to HKD 162,302,000 for the same period in 2021[54]. - Revenue from mainland China decreased to HKD 64,452,000 in the six months ended December 31, 2022, down 60% from HKD 161,684,000 in the same period of 2021[82]. - Revenue from supplying solar photovoltaic components and equipment was HKD 36,554,000, a decline of 34% compared to HKD 55,534,000 in the previous year[86]. Profitability and Losses - The group reported a gross profit of approximately HKD 6,000,000, a decline of 52.0% from HKD 12,400,000 in the same period last year, with a gross profit margin improvement from 7.7% to 9.3%[11]. - The attributable loss to equity holders was approximately HKD 9,600,000, an improvement from a loss of HKD 13,500,000 in the previous year, with basic loss per share improving from HKD 0.97 to HKD 0.69[11]. - The company reported a net loss of HKD 9,633,000 for the six months ended December 31, 2022, compared to a loss of HKD 13,503,000 in the same period last year, indicating a 28% improvement in loss[58]. - The company recorded a loss before tax of HKD 1,959,000, an improvement from a loss of HKD 4,046,000 in the previous year[54]. - The company reported a pre-tax loss of HKD 9,633,000 for the six months ended December 31, 2022, an improvement from a loss of HKD 13,503,000 in the previous period[97]. Assets and Liabilities - As of December 31, 2022, the group's net current assets were approximately HKD 234,800,000, down from HKD 246,000,000 as of June 30, 2022[15]. - Total assets as of December 31, 2022, amounted to HKD 365,566,000, an increase from HKD 308,038,000 as of June 30, 2022[55]. - Current liabilities totaled HKD 130,739,000, up from HKD 62,055,000 in the previous period, reflecting increased financial obligations[55]. - The company's total liabilities amounted to HKD 85,028,000, which includes trade and other payables of HKD 6,936,000 and bank loans of HKD 43,943,000[120]. - The expected credit loss provision for trade receivables was HKD 40,762,000 as of December 31, 2022, compared to HKD 48,016,000 as of June 30, 2022, indicating a reduction of about 15%[103]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to HKD 15,866,000 from HKD 38,810,000 as of June 30, 2022, indicating a decline in liquidity[55]. - Cash flow from operating activities showed a net outflow of HKD 33,125,000, worsening from a net outflow of HKD 4,928,000 in the previous year, indicating a significant increase in cash usage[60]. - The company’s cash and cash equivalents decreased to HKD 15,866,000 at the end of the reporting period, down from HKD 50,296,000 a year earlier, representing a decline of 68.4%[60]. - The company incurred a foreign exchange loss of HKD 7,989,000 during the period, contributing to the overall comprehensive loss of HKD 17,622,000[58]. Operational Highlights - The company faced business development slowdowns and weakened customer demand due to COVID-19 outbreaks in Eastern China during the first half of 2022[36]. - The board of China Baoli remains optimistic about long-term development despite a decline in the market value of its financial assets[33]. - The company is engaged in expanding its operations in the renewable energy sector, particularly in solar photovoltaic components and power engineering services in Singapore[61]. - The company has a significant investment in subsidiaries, including a 100% ownership in solar component supply and installation operations in China[63]. Shareholder and Governance Matters - The company did not declare any interim dividend for the six months ended December 31, 2022[51]. - The board believes that the current governance structure does not affect the balance of power and authority between the board and management[40]. - The company has adopted a share option scheme approved at the annual general meeting held on February 13, 2017[128]. - The company proposed a share consolidation on January 17, 2023, to merge every 20 existing shares of HKD 0.01 into one consolidated share of HKD 0.20[137]. Employee and Management Compensation - Employee costs for China Baoli amounted to approximately HKD 8,600,000 during the review period, up from HKD 8,200,000 for the same period last year[35]. - The remuneration for key management personnel for the six months ended December 31, 2022, was HKD 5,348,000, a decrease from HKD 6,117,000 in the previous year[125]. - The company granted stock options to 8 eligible participants, including 2 directors and 1 senior management, for a total of 98,800,000 shares at a nominal value of HKD 0.01 per share[132].
工盖有限公司(01421) - 2023 - 中期财报