Financial Performance - The group's revenue for the six months ended June 30, 2023, was approximately HKD 322.5 million, a decrease of about 12.0% compared to HKD 366.6 million for the same period in 2022[11]. - The company recorded a loss attributable to ordinary equity holders of approximately HKD 6.1 million for the six months ended June 30, 2023, compared to a loss of HKD 1.4 million in the same period of 2022[11]. - Basic and diluted loss per share for the six months ended June 30, 2023, was approximately HKD 2.04, compared to HKD 0.46 for the same period in 2022[11]. - Gross profit for the six months ended June 30, 2023, was HKD 17.8 million, down from HKD 19.3 million in the same period of 2022[12]. - The group reported a total comprehensive loss of HKD 9.96 million for the six months ended June 30, 2023, compared to a total comprehensive loss of HKD 3.73 million for the same period in 2022[12]. - For the six months ended June 30, 2023, the net cash generated from operating activities was HKD 2,417,000, a decrease of 84% compared to HKD 15,145,000 for the same period in 2022[18]. - The total comprehensive loss for the period was HKD 9,956,000, which includes a loss of HKD 6,108,000 and an exchange difference of HKD 3,848,000[16]. - The company reported a total equity of HKD 126,557,000 as of June 30, 2023, down from HKD 165,936,000 at the beginning of the year, indicating a decrease of 24%[16]. - The company experienced a foreign exchange loss of HKD 3,848,000 during the period, which negatively impacted the overall financial results[18]. - The group reported a loss before tax of HKD 5,764,000 for the six months ended June 30, 2023, compared to a profit in the previous period[41]. Revenue Breakdown - For the six months ended June 30, 2023, total revenue was HKD 322,510,000, a decrease of 12% compared to HKD 366,590,000 for the same period in 2022[34]. - Air freight forwarding services generated revenue of HKD 317,518,000, up 1.4% from HKD 312,088,000 in the previous year[34]. - Sea freight forwarding services revenue significantly decreased to HKD 4,992,000 from HKD 54,502,000, representing a decline of 91.8%[34]. - Revenue from Europe decreased by 21.1% to HKD 95,368 from HKD 120,914 year-over-year[46]. - Major customer A contributed HKD 85,095 in revenue, an increase of 9.5% from HKD 77,994 in 2022[49]. Assets and Liabilities - Trade receivables, other receivables, and prepayments as of June 30, 2023, amounted to HKD 162.1 million, an increase from HKD 140.9 million as of December 31, 2022[13]. - Current liabilities increased to HKD 126.2 million as of June 30, 2023, compared to HKD 98.1 million as of December 31, 2022[13]. - Total assets less current liabilities were HKD 128.4 million as of June 30, 2023, down from HKD 138.4 million as of December 31, 2022[13]. - The company's net assets as of June 30, 2023, were HKD 126.6 million, a decrease from HKD 136.5 million as of December 31, 2022[14]. - Trade receivables as of June 30, 2023, amounted to HKD 160,492,000, an increase from HKD 138,846,000 as of December 31, 2022[61]. - Trade payables as of June 30, 2023, were HKD 92,863,000, compared to HKD 67,894,000 as of December 31, 2022[62]. - Interest-bearing loans as of June 30, 2023, were HKD 29,936,000, up from HKD 24,494,000 as of December 31, 2022, with a weighted average effective interest rate of approximately 3.43%[64]. - Total debt as of June 30, 2023, was approximately HKD 32,900,000, compared to HKD 28,100,000 as of December 31, 2022[83]. - The current ratio as of June 30, 2023, was approximately 1.8, down from 2.1 as of December 31, 2022[83]. Operational Insights - The company has not made any acquisitions or significant investments during the reporting period, maintaining a conservative approach to capital allocation[18]. - The company plans to focus on enhancing its logistics services and expanding its market presence in the coming months[20]. - The company has not introduced any new products or technologies during this reporting period, indicating a potential area for future development[20]. - The logistics industry is expected to face challenges such as declining global freight prices and rising costs, necessitating innovative solutions and digital technology adoption[101]. - The group aims to strengthen its market position in Hong Kong and China by purchasing more cargo space to meet customer demand[103]. - The company plans to enhance its ability to secure cargo space through closer collaboration with airlines[103]. - The group is focused on exploring new supply chain routes and optimizing operations to maintain competitiveness[101]. Corporate Governance - The board confirmed that the information in the report is accurate and complete, with no misleading or fraudulent elements[3]. - The company has adhered to the corporate governance code principles as of June 30, 2023, with the exception of the role of Chairman and CEO being held by the same individual, Mr. Zhao[113]. - The board believes that having Mr. Zhao serve as both Chairman and CEO provides strong leadership and effective strategic planning for the group[113]. - The board will regularly review the necessity of appointing different individuals for the roles of Chairman and CEO to maintain good corporate governance[114]. - The company has adopted a code of conduct for securities transactions, ensuring compliance with GEM listing rules, and all directors confirmed adherence to these standards for the six months ending June 30, 2023[116]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2023, confirming compliance with applicable accounting standards and GEM listing rules[119]. Employee and Shareholder Information - As of June 30, 2023, the group had 45 full-time employees, with total employee costs for the six months ending June 30, 2023, amounting to approximately HKD 10,200,000, compared to HKD 8,600,000 for the same period in 2022[99]. - The company does not recommend any dividend payment for the six months ending June 30, 2023, consistent with the previous year[102]. - Major shareholders include Zhao Tong and Wang Xuanlu, each holding approximately 75% of the company through controlled entities[104]. - The stock option plan adopted in December 2020 allows for the issuance of up to 30,000,000 shares, representing 10% of the total shares issued as of June 30, 2023[110]. - The company has not purchased, sold, or redeemed any of its shares during the six months ending June 30, 2023[101].
裕程物流(08489) - 2023 - 中期财报