Revenue and Profit Performance - Revenue for the six months ended 30 September 2023 increased to HK$678,804,000, up from HK$606,127,000 in the same period last year, representing a growth of approximately 12%[18] - Gross profit for the period was HK$324,027,000, compared to HK$268,189,000 in the previous year, reflecting a 20.8% increase[18] - Profit before tax for the six months ended 30 September 2023 was HK$38,429,000, a significant improvement from a loss of HK$19,023,000 in the same period last year[18] - Profit attributable to owners of the parent was HK$3.549 million, a turnaround from a loss of HK$53.385 million in the previous year[25] - Basic and diluted earnings per share attributable to ordinary equity holders of the parent were HK0.30 cents, compared to a loss of HK4.35 cents in the same period last year[26] - Revenue for the period reached 2,097,109 units[156] - Profit for the period was 3,549 units[170] Share Repurchase and Issuance - The company repurchased 33,540,000 shares at a total cost of HK$14,727,600 during July 2023, with the highest purchase price per share at HK$0.45 and the lowest at HK$0.425[10] - The total number of shares in issue as of 30 September 2023 was 1,171,102,888[10] - Rich Time, WOE, and Wang On each hold 810,322,940 shares, representing 69.19% of the company's shares[34] - Mr. Tang holds a 50.67% interest in Wang On, which indirectly owns Rich Time and WOE, both holding 810,322,940 shares in the company[36] - Mr. Tang Ching Ho holds 7,320,095,747 shares in CAP, representing approximately 73.54% of CAP's total issued share capital[87] - Mr. Tang Ching Ho is also interested in 810,322,940 shares of the Company held by Rich Time Strategy Limited, with an approximate 50.67% interest[88] Share Option Schemes - The 2013 Share Option Scheme expired on 21 August 2023, and a new 2023 Share Option Scheme was adopted on 22 August 2023, effective for 10 years[40] - The 2023 Share Option Scheme allows the company to grant options to employees, directors, and associates as incentives, with a maximum issuance limit of 10% of the company's issued shares[40] - Any grant of options resulting in shares issued or to be issued exceeding 1% of the company's total shares within a 12-month period requires separate shareholder approval, with the participant and close associates abstaining from voting[42] - Share options granted to directors, chief executives, or substantial shareholders must be approved by independent non-executive directors (INEDs), excluding any INED who is the grantee[42] - Grants to substantial shareholders or INEDs resulting in shares exceeding 0.1% of the company's total shares within 12 months require shareholder approval via a poll, with the grantee and associates abstaining from voting[42] - The exercise period for options is determined by the Board but must not exceed 10 years from the grant date[42] - The minimum holding period before options can be exercised is generally not less than 12 months, with a vesting period that may be shortened under certain circumstances to encourage exceptional performance[42] - The 2023 Share Option Scheme is valid for 10 years starting from August 22, 2023, with no further options to be granted after this period, though existing options remain exercisable[42] - The exercise price for options must not be less than the highest of: (i) the closing price on the grant date, (ii) the average closing price for the 5 business days preceding the grant date, or (iii) the nominal value of the company's shares[42] - No share options were granted, exercised, cancelled, or lapsed under the 2013 and 2023 Schemes during the period, with 117,110,288 share options available for grant as of 30 September 2023[45] - The CAP 2022 Scheme, effective from 26 August 2022, allows the CAP Board to grant share options to eligible participants, with a validity period of 10 years until 25 August 2032[45] - The number of share options granted to any CAP Participant in any 12-month period cannot exceed 1% of the issued CAP Shares without prior shareholder approval[48] - Share options granted to substantial shareholders or independent non-executive directors exceeding 0.1% of issued CAP Shares and HK$5,000,000 in value require prior shareholder approval[48] - The CAP Board may refresh the share option limit to 10% of the total issued CAP Shares, subject to shareholder approval, with a cap of 30% for all outstanding options[49] - As of 30 September 2023, 50,000,000 share options were outstanding for CAP Director Leung Sui Wah, Raymond, with an exercise price of HK$0.118 per share[53] - Other employees had 126,000,000 share options outstanding as of 30 September 2023, down from 161,000,000 due to 35,000,000 lapsed options[53] - The total outstanding share options under the CAP 2012 Scheme decreased from 211,000,000 to 176,000,000 during the period, primarily due to lapsed options[53] - 35,000,000 share options lapsed under the CAP 2012 Scheme, leaving 176,000,000 shares available for issue, representing approximately 1.77% of the existing issued share capital of CAP[56] - No share options were granted, exercised, canceled, or lapsed under the CAP 2022 Scheme, with 995,306,782 share options remaining available for grant as of 30 September 2023[56] Asset and Liability Changes - Total non-current assets decreased to HK$4.057 billion from HK$4.311 billion as of 31 March 2023[27] - Total current assets decreased to HK$2.526 billion from HK$2.702 billion as of 31 March 2023[27] - Net current assets were HK$910.085 million, down from HK$1.045 billion as of 31 March 2023[27] - Trade receivables decreased to HK$66.566 million from HK$68.028 million as of 31 March 2023[27] - Cash and cash equivalents decreased to HK$456 million from HK$525.869 million as of 31 March 2023[27] - Trade payables increased to HK$125.164 million from HK$79.489 million as of 31 March 2023[27] - Other payables and accruals decreased to HK$640.713 million from HK$690.388 million as of 31 March 2023[27] - Total assets less current liabilities decreased from HK$5,356,627,000 to HK$4,968,002,000 as of 30 September 2023[62] - Non-current liabilities decreased from HK$1,668,243,000 to HK$1,482,266,000, primarily due to reductions in unsecured notes and interest-bearing bank borrowings[62] - Net assets decreased from HK$3,688,384,000 to HK$3,485,736,000, with equity attributable to owners of the parent declining from HK$2,349,191,000 to HK$2,225,827,000[62] - Total assets amounted to 2,349,191 units[166] Comprehensive Loss and Other Financial Metrics - Total comprehensive loss for the period was HK$189.922 million, compared to HK$420.356 million in the same period last year, showing a significant improvement[22][25] - Net loss for the period was (27,150) units[157] - Other comprehensive loss for the period was (10,076) units[185] - Changes in fair value resulted in a loss of (23,420) units[186] - Reversal of impairment losses on financial assets was (13,344) units[191] - Reclassification adjustment for gains/losses included in profit or loss was (93) units[200] Corporate Governance - The Company deviated from code provision C.2.1 of the Corporate Governance Code, with Mr. Tang Ching Ho serving as both chairman and managing director[59] - The Company maintains a high standard of corporate governance, emphasizing transparency, accountability, integrity, and independence[60] - The Board comprises three executive Directors and four independent non-executive Directors, ensuring a balance of skills and experience for the Group's development[59]
位元堂(00897) - 2024 - 中期财报