Financial Performance - For the three months ended March 31, 2023, the company reported total revenue of HKD 4,868,000, a decrease of 40.0% compared to HKD 8,140,000 for the same period in 2022[21]. - The company incurred a total comprehensive loss of HKD 29,996,000 for the three months ended March 31, 2023, compared to a loss of HKD 20,648,000 for the same period in 2022, representing an increase in loss of 45.0%[12]. - The company reported a loss per share of HKD 0.06 for the three months ended March 31, 2023, compared to a loss per share of HKD 0.04 for the same period in 2022[26]. - The company’s accumulated losses increased to HKD 252,093,000 as of January 1, 2023, from HKD 112,430,000 as of March 31, 2022[12]. - The company reported a total comprehensive loss of HKD 30,545,000 for the three months ended March 31, 2023, compared to a loss of HKD 20,917,000 for the same period in 2022, representing an increase of 46.0%[36]. - The loss attributable to owners of the company was HKD 29,996,000, up from HKD 20,648,000 in the previous year, indicating a year-over-year increase of 45.0%[37]. - The basic and diluted loss per share for the period was HKD 3.93, compared to HKD 3.40 in the same period last year, reflecting a 15.6% increase[37]. - The group recorded a total loss and comprehensive expenses of approximately HKD 30,500,000 for the period, compared to HKD 20,900,000 in the previous year[141]. - The company reported a pre-tax loss of HKD 30,582,000, which is a significant increase from a pre-tax loss of HKD 21,135,000 in the same quarter last year[193]. Revenue Breakdown - The revenue from commercial printing services was HKD 2,544,000, down 52.6% from HKD 5,355,000 in the previous year[21]. - The revenue from financial printing services was HKD 2,167,000, a decrease of 10.4% compared to HKD 2,419,000 in the same period last year[21]. - The company generated installation service revenue of HKD 2,889,000 for the three months ended March 31, 2023, with no revenue reported in the same period last year[20]. - The company reported a total revenue from other income of HKD 679,000 for the three months ended March 31, 2023, compared to HKD 134,000 in the same period of 2022, representing a growth of 406.0%[48]. - The revenue for the electric vehicle charging business increased by approximately 112% to HKD 7,600,000 for the first quarter of 2023, driven by growth in various revenue segments, particularly from subscription fees and EHSS projects[86]. - The company recorded revenue of approximately HKD 2,900,000 from installation services for electric vehicle charging infrastructure projects during the period, which was not present in the previous year[124]. - Revenue from electric vehicle charging systems increased by approximately 11.8%, from HKD 3,400,000 in Q1 2022 to HKD 3,800,000 in Q1 2023, driven by an increase in customer numbers and sales orders[97]. - Revenue from subscription fees rose significantly from approximately HKD 140,000 in Q1 2022 to HKD 773,000 in Q1 2023, attributed to an increase in user numbers under public and private subscription plans[98]. - Total revenue for the first quarter of 2023 was approximately HKD 12,457,000, an increase from HKD 11,716,000 in the same period of 2022, representing a growth of about 6.3%[94]. Expenses and Costs - Total employee costs, including director remuneration, increased to HKD 25,449,000 in Q1 2023 from HKD 16,432,000 in Q1 2022, marking a year-over-year increase of 55.0%[49]. - The company incurred interest expenses of HKD 731,000 for the three months ended March 31, 2023, compared to HKD 659,000 in the same period of 2022, reflecting an increase of 10.9%[49]. - Administrative and other operating expenses increased by approximately 14.1% to about HKD 20,200,000 for the three months ended March 31, 2022, consistent with revenue growth[134]. - Sales expenses rose by approximately 120.7%, from HKD 410,000 in Q1 2022 to HKD 905,000 in Q1 2023, primarily due to increased commissions paid to sales staff[133]. - Financing costs rose by approximately 10.9% to about HKD 731,000, primarily due to increased bank loan interest from higher loan amounts[138]. - The cost of services related to the electric vehicle charging business rose by approximately 93.8% to HKD 6,200,000, aligning with the revenue increase[71]. - The gross loss margin for the printing business was approximately 63.0% in Q1 2023, compared to 26.8% in Q1 2022, indicating a significant decline in profitability[101]. - The gross profit from the electric vehicle charging business was approximately HKD 1,400,000 in Q1 2023, with a gross profit margin of about 18.4%, up from 11.5% in Q1 2022[104]. Electric Vehicle Market and Initiatives - The company achieved a significant increase in subscribers for its Cornerstone HOME service, reaching 325 subscribers as of March 31, 2023, a 778% increase from 37 subscribers a year earlier[61]. - The number of newly registered electric vehicles in Hong Kong for the first three months of 2023 was 6,385, nearly double the 3,234 registered in the same period of 2022, representing a growth rate of approximately 97.0%[57]. - The company successfully launched its first charging station in Bangkok, Thailand, and expanded its operations into Australia and Singapore, tapping into rapidly growing electric vehicle markets[62]. - The number of licensed electric private cars in Hong Kong reached 51,998 by the end of March 2023, representing 8.96% of all licensed private cars, up from 5.14% a year earlier, indicating a growth of 1.8 times in quantity and 1.7 times in proportion[80]. - The electric vehicle charging industry is rapidly growing in Hong Kong and other Asian countries, reflecting increasing consumer adoption of electric vehicles[198]. - The company is committed to aligning with global trends in electric vehicle technology and expanding its offerings in this sector[198]. - The company aims to enhance user experience on its platform and contribute to global climate change efforts as the electric vehicle market continues to expand[64]. Shareholder and Governance Information - Major shareholders include Mr. Wu with 32.93% and Mr. Leung with 31.60% of the issued share capital[150]. - Major shareholders include Global Fortune holding 235,603,225 shares (29.86%), Tanner Enterprises with 98,392,000 shares (12.47%), and Gateway Capital (Hong Kong) Limited with 97,716,000 shares (12.38%)[181]. - The company has complied with all applicable provisions of the corporate governance code as per GEM Listing Rules during the reporting period[170]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the period, confirming compliance with applicable accounting standards[159]. - The audit committee, consisting of three independent non-executive directors, assists the board in financial reporting and internal control effectiveness[183]. - The company has confirmed compliance with trading standards as per GEM Listing Rules from January 1, 2023, to the report date[171]. Fundraising Activities - The company completed the first subscription on March 6, 2023, issuing 20,000,000 shares at a subscription price of HKD 0.62 per share, raising a total of approximately HKD 12,200,000[164][169]. - 80% of the raised funds are allocated for the development of electric vehicle charging business, while 10% is intended for upgrading and purchasing new equipment and hardware[169]. - The net proceeds from the second subscription agreement are approximately HKD 40,100,000, also intended for the electric vehicle charging business[145]. - As of January 1, 2023, there were no unutilized net proceeds carried forward from previous fundraising activities[168]. - The second subscription involves related parties and must comply with GEM Listing Rules regarding disclosure and independent shareholder approval[166].
基石科技控股(08391) - 2023 Q1 - 季度财报