Financial Performance - For the three months ended March 31, 2023, the revenue was HK$173,000, a significant decrease of 99.7% compared to HK$59,473,000 in the same period of 2022[7]. - The gross profit for the same period was HK$7,000, down from HK$2,075,000, indicating a decline in profitability[7]. - The loss from operations increased to HK$1,789,000, compared to a loss of HK$455,000 in the prior year, reflecting a worsening operational performance[7]. - The total comprehensive loss for the period was HK$3,487,000, slightly improved from HK$3,625,000 in the previous year[7]. - Loss per share for the period was HK$0.34, consistent with the previous year's loss per share of HK$0.36[7]. - The Group's total revenue decreased significantly by HK$59.3 million from HK$59.5 million in Q1 2022 to HK$0.2 million in Q1 2023[37]. - Sales of manufactured products were HK$0 in Q1 2023, compared to HK$13.4 million in Q1 2022[24]. - Revenue from trading of electronic products, accessories, and raw materials was HK$173, down from HK$46.0 million in Q1 2022[24]. - The overall gross profit margin remained around 4%, consistent with 2022, but gross profit decreased by HK$2.1 million due to the drop in revenue[38]. - The basic loss per share for Q1 2023 was HK$3,523,000 compared to HK$3,666,000 in Q1 2022[31]. - Loss attributable to owners of the Company was HK$3.5 million in Q1 2023, a decrease of HK$0.2 million from HK$3.7 million in Q1 2022, driven by lower administrative expenses and reduced share of associate's loss[50]. Operational Highlights - Administrative expenses decreased to HK$1,798,000 from HK$2,531,000, showing a reduction in overhead costs[7]. - The share of results of associates improved to a loss of HK$1,242,000 from a loss of HK$2,818,000, indicating better performance from associated companies[7]. - The Group's operations were constrained by macro-environmental factors, including geopolitical tensions and labor shortages[35][41]. - The Group engaged in research and development, manufacturing, and sales of consumer electronic products, as well as online information and digital marketing services[34]. - The Group plans to maintain a cautious stance and make tactical adjustments to capture new opportunities while controlling operational costs[56]. - There are intentions to review the existing business portfolio and potentially dispose of parts of it or change asset allocation based on performance reviews[57]. - The Group may restructure existing debts and implement fundraising plans to improve financial position if suitable opportunities arise[58]. - Geopolitical conflicts and economic uncertainties are acknowledged as challenges, but the Group remains optimistic about business recovery in the post-pandemic era[56]. Taxation and Compliance - The company reported no income tax expense for the period, consistent with the previous year[7]. - No provision for Hong Kong Profits Tax or PRC Enterprise Income Tax was made as the Group's subsidiaries did not generate any assessable profit for the three months ended March 31, 2023[25][27]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2023, confirming compliance with applicable accounting standards and GEM Listing Rules[78]. - The company is in the process of identifying suitable candidates to fill a vacancy in the audit committee to ensure compliance with GEM Listing Rules[77]. - The company has established an audit committee in compliance with GEM Listing Rules, but currently has only two independent non-executive directors[77]. - No controlling shareholders or directors have interests in any competing business during the three months ended March 31, 2023[69]. Shareholding Information - As of March 31, 2023, Martford Limited holds 316,981,250 ordinary shares, representing 30.75% of the company's issued share capital[68]. - Wu Xiongbin owns 174,469,166 ordinary shares, accounting for 16.93% of the company's issued share capital[68]. - Pu Wei has a beneficial interest in 88,008,000 ordinary shares, which is 8.54% of the company's issued share capital[68]. - The company did not purchase, sell, or redeem any of its listed securities during the three months ended March 31, 2023[70]. - Mr. Wu Xiongbin subscribed convertible bonds amounting to HK$20 million, convertible into 166,666,666 shares at an initial conversion price of HK$0.12 per share[76].
汇思太平洋(08147) - 2023 Q1 - 季度财报