Financial Performance - The company recorded an unaudited revenue of approximately HKD 23,300,000 for the six months ended September 30, 2022, representing a decrease of about 11.3% compared to the same period last year[3]. - The profit attributable to the owners of the company for the six months ended September 30, 2022, was approximately HKD 17,600,000, primarily due to a reversal of impairment losses under the expected credit loss model[3]. - Basic and diluted earnings per share for the six months ended September 30, 2022, were approximately HKD 0.80, compared to HKD 0.62 for the same period last year[3]. - The company reported a net loss from fair value changes of financial assets at fair value through profit or loss of approximately HKD 10,468,374 for the six months ended September 30, 2022[5]. - The company’s total comprehensive income for the six months ended September 30, 2022, was HKD 16,955,155, compared to HKD 11,556,288 for the same period last year[5]. - The net profit for the period was HKD 17,559,307, down from HKD 13,696,151 in the previous year, indicating a decrease of about 22.5%[36]. - The total revenue from major customers accounted for approximately 21% of total revenue for the six months ended September 30, 2022, up from 9% in the previous year[45]. Dividends and Shareholder Returns - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2022, consistent with the previous year[3]. - The company did not declare an interim dividend for the six months ended September 30, 2022, consistent with the previous year[47]. Assets and Liabilities - Total assets as of September 30, 2022, amounted to HKD 237,720,806, an increase from HKD 224,171,977 as of March 31, 2022[7]. - As of September 30, 2022, the total current liabilities amounted to HKD 79,691,935, an increase from HKD 72,567,168 as of March 31, 2022, representing a growth of approximately 9%[9]. - The total assets less current liabilities reached HKD 220,679,906 as of September 30, 2022, up from HKD 204,919,675 as of March 31, 2022, reflecting a growth of about 7.5%[9]. - The company's equity attributable to owners was HKD 218,033,352 as of September 30, 2022, an increase from HKD 201,078,195 as of March 31, 2022, representing a growth of approximately 8.4%[9]. - The total non-current liabilities decreased to HKD 2,646,554 from HKD 3,841,480, indicating a reduction of about 31%[9]. Cash Flow and Financing - The net cash used in operating activities for the six months ended September 30, 2022, was HKD (37,459,774), compared to HKD (7,096,952) for the same period in 2021, indicating a significant increase in cash outflow[18]. - The financing activities generated a net cash inflow of HKD 17,894,702 for the six months ended September 30, 2022, compared to a net cash outflow of HKD (562,428) in the same period of the previous year[18]. - The company reported a net cash outflow from investment activities of HKD (5,862,834) for the six months ended September 30, 2022, compared to HKD (8,728,872) in the same period of 2021, showing an improvement in cash flow management[18]. - The cash and cash equivalents at the beginning of the period were HKD 29,373,093, compared to HKD 11,001,700 at the beginning of the same period in 2021, indicating a significant increase in available cash[18]. Credit and Risk Management - The group has established a credit risk management policy to assess client credit ratings and repayment capabilities, ensuring limited credit risk due to a diverse client base[77]. - The group believes that the impairment provision for trade receivables is adequate based on the current credit quality and recoverability assessments[73]. - The management regularly reviews credit limits for each client, with any increase requiring approval based on established criteria[77]. - The group has established a credit policy to monitor credit risk, with a focus on timely settlement of receivables within T+2 days[123]. Corporate Governance - The company has established an audit committee to review and supervise financial reporting procedures and internal controls, consisting of three independent non-executive directors[152]. - The company is committed to high standards of corporate governance and has adhered to all applicable codes during the reporting period, with some deviations noted[146]. - The company has a risk management and internal control system in place, which is reviewed by the board to ensure the protection of shareholder interests[150]. Acquisitions and Investments - The group acquired 100% equity of Shenzhen Bifuda Business Consulting Co., Ltd. for a cash consideration of HKD 5,007,591 on September 26, 2022[85]. - The identifiable assets and liabilities acquired had a fair value of HKD 8,786,843, resulting in goodwill of HKD 1,084,232[86]. - The group did not recognize any revenue or loss from the newly acquired subsidiary from the acquisition date to September 30, 2022[86]. Market and Operational Insights - The group aims to expand its client base and enhance its trading platform to develop its brokerage and underwriting businesses[121]. - The group is committed to becoming a leading financial services group in Hong Kong and will continue to explore potential business opportunities to enhance profitability[121]. - The group currently has no foreign currency hedging policy but monitors foreign exchange risks and considers hedging when necessary[127].
昌利控股(08098) - 2023 - 中期财报