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华泰瑞银(08006) - 2023 Q1 - 季度财报
SINO SPLENDIDSINO SPLENDID(HK:08006)2023-05-12 10:19

Financial Performance - The Group's revenue for the first quarter of 2023 was HK$9,321,000, a decrease of 48.6% compared to HK$18,132,000 in the same period of 2022[9]. - Gross profit for the quarter was HK$3,463,000, down 53.0% from HK$7,378,000 in Q1 2022[9]. - Loss before tax for the period was HK$4,590,000, significantly improved from a loss of HK$20,877,000 in the previous year, representing a reduction of 78.0%[9]. - Total comprehensive expenses for the period amounted to HK$4,987,000, compared to HK$20,887,000 in Q1 2022, indicating a decrease of 76.1%[10]. - Basic and diluted loss per share for the quarter was HK$3.23, compared to HK$17.60 in the same period last year, reflecting a 81.7% improvement[10]. - The company reported a loss of HK$4,590,000 for the three months ended March 31, 2023, compared to a loss of HK$20,877,000 for the same period in 2022, representing a 78% improvement in loss[24]. - The Group's financial performance showed significant improvement in loss reduction compared to the previous year, indicating potential for future recovery[9]. Revenue Breakdown - Revenue from Travel Media decreased to HK$800,000 from HK$3,683,000, a decline of 78.3% year-on-year[18]. - Revenue from Financial Magazine and Other Media was HK$8,250,000, down from HK$14,050,000, a decrease of 41.0%[18]. - Money Lending revenue remained stable at HK$271,000, unchanged from the previous year[18]. - Revenue from the Travel Media Business was HK$0.8 million, a decrease of 78% or HK$2.85 million compared to HK$3.7 million for the same period in 2022, representing 8.6% of the Group's total revenue[43]. - Revenue from the Financial Magazine and Other Media Business was HK$8.25 million, contributing 88.8% of the Group's total revenue for the year under review[45]. - Revenue from the money lending business was HK$0.27 million, accounting for 3% of the Group's total revenue for the year, with an outstanding principal amount and accrued interest of approximately HK$9.7 million[53]. Expenses and Cost Management - Selling and distribution costs decreased by HK$5.2 million to HK$3 million, a reduction of 63.4% compared to HK$8.2 million for the same period in 2022[35]. - Administrative expenses decreased by HK$6.5 million to HK$4.8 million, representing a decrease of 57.5% over the corresponding period in 2022[35]. Share Capital and Dividends - The weighted average number of ordinary shares in issue for the purpose of basic loss per share increased to 142,301,000 in Q1 2023 from 118,631,000 in Q1 2022, reflecting a 20% increase[27]. - No interim dividend was recommended for the quarterly period, consistent with the previous year where no dividend was paid[22]. - The Group's total capital structure as of 31 March 2023 included 147,540,930 shares with a total share capital value of approximately HK$5.9 million[39]. - The total issued share capital as of March 31, 2023, was 147,540,930 shares, with Mr. Wang Tao holding a long position of 2,119,950 shares (1.44%) and Mr. Yang Xingan holding 964,550 shares (0.65%)[71]. - As of March 31, 2023, Niu Cheng Jun holds 22,336,184 shares, representing 15.14% of the issued share capital of the Company[77]. Share Options and Employee Incentives - The company has 19,290,900 outstanding share options as of March 31, 2023, compared to none in the previous year[28]. - The total number of share options granted during the reporting period was 19,290,900[95]. - The 2013 Share Option Scheme, adopted on December 31, 2013, will expire on December 31, 2023, allowing the Company to grant share options to eligible participants[81]. - The maximum number of shares that may be issued upon the exercise of all share options under the 2013 Share Option Scheme must not exceed 10% of the issued share capital of the Company at the time of approval[87]. - Options granted under the 2013 Share Option Scheme must be exercised within 10 years from the date of grant, with a nominal consideration of HK$1[91]. - The total number of shares issued upon exercise of share options in any 12-month period shall not exceed 1% of the shares in issue unless approved by shareholders[90]. - The Company aims to provide flexible means to reward eligible participants through the share option scheme[86]. - The Company will seek shareholder approval to refresh the limit of share options to 10% of the shares in issue as needed[87]. Taxation and Reserves - The Group did not report any income tax expense or credit for the quarter[9]. - The effective tax rate for qualifying group entities in Hong Kong is 8.25% on the first HK$2 million of profits, with profits above that taxed at 16.5%[21]. - The company’s reserves as of March 31, 2023, totaled HK$91,916,000, a decrease from HK$96,903,000 at the end of 2022, indicating a decline of approximately 5%[29]. - The company’s retained profits as of March 31, 2023, were negative at HK$75,954,000, worsening from negative HK$71,364,000 at the end of 2022[29]. - The company did not make any transfers to reserve funds from foreign investment enterprises due to a lack of profit after taxation in both periods[32]. Loan and Credit Management - The Group recognized loan impairments due to expected credit losses, indicating an increase in the default rate of borrowers in 2022[60]. - The largest unsecured loan receivable was approximately HK$4,000,000, with three loans due for repayment in 2023[58]. - The Group's loan impairment calculations considered borrowers' financial status, repayment records, and collateral values[60]. - The total gross principal amount of loan receivables was approximately HK$11,000,000, with interest receivables of HK$823,000[56]. - The interest rates for loan receivables ranged from 8% to 10% per annum, with principal amounts between HK$3,500,000 and HK$4,000,000[58]. Corporate Governance - None of the Directors or the chief executive had any interests or short positions in the shares of the Company as of March 31, 2023[68]. - No competing interests were reported among Directors and their close associates during the three months ended March 31, 2023[80]. - The Company has not received any notifications of interests or short positions in shares from any person other than Directors and the chief executive as of March 31, 2023[78]. - The audit committee reviewed the accounting principles and practices adopted by the Group and the unaudited consolidated financial statements for the three months ended 31 March 2023[96]. - The Group's financial statements are unaudited for the first quarter of 2023[96]. - The executive director of Sino Splendid Holdings Limited is Wang Tao[96]. - The report was issued on 12 May 2023[96].