Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 3,463 million, a decrease of 26.9% compared to HKD 4,736 million in the same period of 2022[11]. - The net loss attributable to equity holders for the same period was HKD 57 million, representing a decline of 149.8% from a profit of HKD 115 million in 2022[11]. - Basic and diluted earnings per share for the period were both HKD (6.7), down 149.3% from HKD 13.6 in the previous year[11]. - Gross profit margin decreased to 3.1% from 10.5%, reflecting a decline of 7.4 percentage points[11]. - Operating loss margin was reported at -6.3%, down 8.1 percentage points from 1.8% in the prior year[11]. - The net loss margin was -1.6%, a decrease of 4.0 percentage points compared to 2.4% in 2022[11]. - The company reported a significant drop in EBITDA, with a figure of HKD 452 million, down 42.9% from HKD 790 million in the previous period[11]. - The company reported a loss of HKD 120,716 for the six months ended June 30, 2023, compared to a profit of HKD 105,096 in the same period of 2022[26]. - The group reported a loss attributable to equity holders of approximately HKD 57,000,000, compared to a profit of approximately HKD 115,000,000 in the previous year[100]. Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2023, was HKD 178,347, a significant decrease from HKD 764,130 in the same period of 2022[16]. - The company’s cash flow from financing activities was negative HKD 495,056 for the six months ended June 30, 2023, compared to negative HKD 138,990 in the same period of 2022[16]. - The company’s cash and bank balances as of June 30, 2023, were approximately HKD 1,359,000,000, down from HKD 1,707,000,000 as of December 31, 2022[105]. - The net cash used in investing activities was HKD 10,959 for the six months ended June 30, 2023, a significant improvement from HKD 325,986 in the same period of 2022[16]. Assets and Liabilities - The total non-current assets as of June 30, 2023, amounted to HKD 6,857,483, a decrease from HKD 7,545,933 at the end of 2022[28]. - The company’s total liabilities as of June 30, 2023, were HKD 5,003,381, compared to HKD 5,614,298 at the end of 2022[28]. - The net debt to equity ratio was 34.3%, down 11.3% from 45.6% in the previous year[11]. - The total equity attributable to equity holders decreased to HKD 5,464,664,000 from HKD 6,038,383,000, reflecting a decline of approximately 9.5%[30]. - Non-current liabilities decreased to HKD 923,964,000 from HKD 1,132,345,000, a reduction of about 18.4%[30]. Market and Demand - Revenue from Mainland China (excluding Hong Kong) for the six months ended June 30, 2023, was HKD 3,302,124,000, down from HKD 4,603,801,000 in the same period of 2022, a decline of about 28.3%[38]. - The global PC market saw a 33% decline in total shipments in Q1 2023, with a total of 54 million units shipped, marking four consecutive quarters of double-digit declines[76]. - The company experienced a significant reduction in demand for computer casings due to the overall weak shipment volume in the first half of 2023[76]. - The company anticipates a gradual recovery in global personal computer market demand in the second half of 2023, driven by the upcoming Windows 11 update and hardware performance upgrades[78]. - The group expects to benefit from the potential growth in the personal computer market, with market research predicting a rebound in 2024[78]. Operational Efficiency - Inventory turnover days improved to 89 days from 109 days, a reduction of 18.3%[11]. - Operating costs decreased by approximately 21.2% to about HKD 325,000,000, down from HKD 412,000,000 in the previous year, primarily due to declines in exports, employee costs, and transportation expenses[81]. - The group aims to optimize its production system to enhance product quality and efficiency in preparation for future growth in the personal computer market[77]. - The group has implemented cost-reduction measures and integrated production facilities to improve resource allocation and cost-effectiveness[77]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and regularly reviews its governance practices[154]. - The company believes that appropriate corporate governance practices are essential for its sustainable development and actively implements such practices[175]. - The company’s board of directors will continue to review the management structure and make necessary changes as needed[176]. - The company has adopted a code of conduct for directors regarding securities trading, which meets or exceeds the standards set by the relevant guidelines[180]. Employee and Compensation - The company had approximately 23,000 employees as of June 30, 2023, compared to about 34,000 employees in 2022[128]. - Employee costs for the period were recorded at approximately HKD 987,000,000, down from HKD 1,520,000,000 in 2022[128]. - The company has capital commitments of approximately HKD 64,000,000 for the acquisition of buildings, machinery, and office equipment as of June 30, 2023, down from HKD 93,000,000 as of December 31, 2022[129]. Shareholder Information - The company reported a total issued share capital of 1,200,008,445 shares as of June 30, 2023, with significant shareholders holding approximately 27.81% of the total issued capital[171]. - The company’s major shareholder, Nanya, holds 25.27% of the total issued shares, indicating a strong ownership concentration[168]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[173].
巨腾国际(03336) - 2023 - 中期财报