Financial Performance - The company reported unaudited financial results for the six months ended June 30, 2022[14]. - The financial performance has been approved by the board of directors for publication[14]. - The report includes a summary of the consolidated financial position as of June 30, 2022, and the related consolidated income statement for the six-month period[9]. - Revenue for the three months ended June 30, 2022, was HKD 127,011,000, a decrease of 4% compared to HKD 132,203,000 in the same period of 2021[15]. - Gross profit for the six months ended June 30, 2022, was HKD 32,937,000, down 18% from HKD 40,130,000 in the prior year[15]. - The company reported a net loss of HKD 1,444,000 for the three months ended June 30, 2022, compared to a profit of HKD 7,548,000 in the same period of 2021[16]. - Basic loss per share for the three months ended June 30, 2022, was HKD (0.14), compared to earnings of HKD 1.24 in the same period of 2021[16]. - Total revenue for the six months ended June 30, 2022, was HKD 262,044,000, a marginal increase from HKD 262,273,000 in the same period of 2021[33]. - The company reported a pre-tax profit of HKD 3,190,000 for the six months ended June 30, 2022, down from HKD 15,296,000 in the same period of the previous year, representing a decline of 79.0%[34]. - The net profit for the six months ended June 30, 2022, was HKD 3,660,000, compared to HKD 12,860,000 for the same period in 2021, indicating a decrease of approximately 71.5%[43]. Assets and Liabilities - Total assets decreased to HKD 338,620,000 as of June 30, 2022, from HKD 351,090,000 as of December 31, 2021[18]. - Trade receivables decreased to HKD 105,468,000 as of June 30, 2022, from HKD 129,761,000 as of December 31, 2021, indicating a reduction of approximately 18.7%[18]. - The company’s net assets increased to HKD 78,865,000 as of June 30, 2022, compared to HKD 76,156,000 as of December 31, 2021[19]. - The company’s current liabilities as of June 30, 2022, were approximately HKD 79,587,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[27]. - The current ratio as of June 30, 2022, was 0.67, slightly down from 0.68 on December 31, 2021, while the debt-to-equity ratio was approximately 162.4% compared to 175.1% at the end of 2021[72]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2022, was HKD 26,920,000, a decrease of 23.5% compared to HKD 35,011,000 for the same period in 2021[23]. - The net cash used in investing activities was HKD (795,000), significantly improved from HKD (3,776,000) in the previous year[23]. - The net cash used in financing activities was HKD (24,156,000), slightly better than HKD (25,355,000) in the prior year[23]. - The total cash and cash equivalents increased to HKD 16,845,000 as of June 30, 2022, compared to HKD 14,108,000 at the end of June 30, 2021, reflecting a growth of 19.4%[23]. - Cash and bank balances increased to approximately HKD 18.4 million as of June 30, 2022, from HKD 14.9 million on December 31, 2021, with 43%, 51%, and 6% of the balances denominated in HKD, USD, and RMB respectively[72]. Expenses - The company’s administrative expenses rose to HKD 30,094,000 for the six months ended June 30, 2022, compared to HKD 28,771,000 in the same period of 2021, reflecting an increase of approximately 4.6%[15]. - The total employee costs for the six months ended June 30, 2022, amounted to HKD 33,788,000, an increase of 9.2% from HKD 30,882,000 in the same period of 2021[40]. Corporate Governance and Compliance - The company is subject to the GEM listing rules and must comply with the relevant provisions of the Hong Kong Accounting Standards[9]. - The independent review report confirms that no matters were found that would lead to a belief that the interim financial report was not prepared in accordance with the applicable accounting standards[12]. - The audit committee has reviewed the unaudited condensed financial statements for the period and confirmed compliance with applicable accounting standards and GEM listing rules[122]. - The interim financial statements for the group were reviewed by the auditor, who issued an unqualified review report[123]. - The company complied with the corporate governance code, except for the separation of roles between the chairman and the chief executive officer[110]. Shareholder Information - As of June 30, 2022, the company had a total of 600,000,000 shares issued, with key executives holding the following shares: Mr. Yuan Jingbo (980,000 shares, 0.16%), Mr. Bu Jinxi (1,510,000 shares, 0.25%), and Mr. Zeng Sihao (850,000 shares, 0.14%)[89][90]. - Major shareholder Million Venture Holdings Limited holds 156,000,000 shares, representing 26% of the total shares, with Mr. Zheng also holding the same amount through controlled entities[94][96]. - The company has a stock option plan that allows for the issuance of up to 60,000,000 shares, which is 10% of the total shares issued at the time of listing[97]. - As of June 30, 2022, a total of 9,000,000 stock options granted under the stock option plan remain unexercised[98]. - During the period, 1,500,000 stock options expired according to the stock option plan[104]. - No stock options were exercised during the reporting period[100]. - The company has not entered into any arrangements that would allow directors to benefit from purchasing shares or bonds of the company or any other entity[101]. - There were no significant contracts in which directors had a substantial interest during the reporting period[102]. Legal Matters - The company received a winding-up petition from FC Bangladesh Limited regarding alleged debts owed by Jun Gao Logistics and its subsidiary Transpeed Hong Kong Limited on April 21, 2022[111]. - On May 18, 2022, an agreement was reached to withdraw the winding-up petitions against both Jun Gao Logistics and Transpeed, with the withdrawal order approved on June 2, 2022[113]. - The company is currently seeking legal advice regarding a summons issued by its former controlling shareholder, which claims that the former shareholder indirectly held approximately 75% of the company's shares until early 2021[116]. - The company anticipates that the legal summons will not have a significant impact on its operations[117]. Strategic Developments - The group has begun developing cold chain logistics for temperature-controlled transportation and storage of pharmaceuticals, food, and skincare products[60]. - The group aims to enhance its e-commerce fulfillment services to capture a higher market share, indicating growth in this segment[62]. - The group is actively seeking investment opportunities in suitable logistics hubs to support its warehousing and logistics services[62]. - The group is committed to integrating technology into its logistics services, including fintech logistics and the use of big data solutions[60]. - The group recorded a profit attributable to owners of approximately HKD 3.7 million for the period, a decrease from HKD 12.9 million for the six months ended June 30, 2021, primarily due to reduced gross margins in e-commerce fulfillment and logistics services, lack of non-governmental subsidies, and increased administrative expenses[69].
骏高控股(08035) - 2022 - 中期财报