Financial Performance - The company reported revenue of HKD 78,156,000 for the three months ended March 31, 2023, compared to HKD 11,865,000 for the same period in 2022, representing a significant increase of 558%[4] - The gross profit for the first quarter of 2023 was HKD 12,033,000, up from HKD 7,428,000 in the previous year, indicating a growth of 62%[4] - The company incurred a loss before tax of HKD 19,425,000 for the three months ended March 31, 2023, a reduction in loss compared to HKD 56,378,000 for the same period in 2022, reflecting an improvement of 65%[4] - The company reported a total comprehensive income of HKD 197,043,000 for the three months ended March 31, 2023, compared to HKD 730,129,000 for the same period in 2022, showing a decrease of 73%[4] - Basic loss per share for the first quarter of 2023 was HKD 0.15, an improvement from HKD 0.58 in the same quarter of 2022[11] - The company reported other operating income of HKD 6,354,000 for Q1 2023, compared to a loss of HKD 42,939,000 in Q1 2022, indicating a turnaround[7] - The company recorded a gross profit of approximately HKD 12 million for the period, with a gross margin of 15.4%, a decrease from 62.6% in the previous year[25] - The company reported a loss attributable to owners of approximately HKD 14,300,000, significantly reduced from a loss of HKD 56,800,000 in the previous period[27] Revenue Sources - Lithium-ion battery sales reached HKD 59,731,000 in Q1 2023, a substantial increase from HKD 10,575,000 in Q1 2022, marking a growth of 465%[6] - The lithium-ion battery factory in Zhejiang contributed approximately 79.5% of the total revenue, while the ride-hailing service acquired in France accounted for 18.1%[25] - As of March 31, 2023, the company has confirmed revenue of approximately HKD 14.2 million from its ride-hailing service, Caocao, which has around 150,000 registered users[16] - The ride-hailing service, Caocao, generated revenue of approximately HKD 14.2 million but faced losses due to economic impacts from the European war and strikes in France[25] Investments and Projects - The company has invested approximately $159.1 million in the SAM project, which aims to produce 27.5 million tons of iron concentrate annually with an average grade of 66.2% over the first 18 years[18] - The total investment for the SAM project is projected to be $3.01 billion, with operational costs expected to be approximately $18.9 per ton for the first 18 years, rising to $24.4 per ton thereafter[19] - The company plans to invest approximately USD 350 million to acquire a 38.75% stake in Tibet Summit Resources, which holds 100% interests in lithium brine projects in Argentina[21] - The total investment for the Anghelas lithium project is estimated at around USD 700 million, with a production cost of approximately USD 5,000 per ton of lithium carbonate[23] - The Anghelas lithium brine project has a lithium resource of 2.05 million tons of lithium carbonate equivalent, with an average lithium concentration of 490 mg/L[23] - The company is exploring investment opportunities in two lithium salt lake projects in Argentina, with due diligence and formal agreement discussions ongoing[31] - The company is considering strategic partnerships or overall sales for its iron ore project in Brazil, which is still progressing towards self-development[30] Operational Metrics - Financial costs for the first quarter of 2023 were HKD 2,487,000, an increase from HKD 2,091,000 in the same period of 2022[8] - The company has not recognized any income tax expense for the three months ended March 31, 2023, due to no taxable profits generated in Hong Kong[9] - Cash and cash equivalents as of March 31, 2023, amounted to approximately HKD 176,100,000, up from HKD 165,500,000 as of December 31, 2022[27] - The capital debt ratio was 3.4% as of March 31, 2023, compared to 3.2% as of December 31, 2022[28] Shareholder Information - The controlling shareholder, Geely Group Limited, acquired a total of 68.86% of the issued share capital of the target company, resulting in a legal control of approximately 62.40% of the company[38] - As of March 31, 2023, Li Shufu holds a total of 6,071,568,675 shares, representing approximately 61.61% of the company[41] - Geely Group Limited holds 41.28% of the company’s shares, while Hongqiao Capital Limited holds 41.25%[41] Corporate Governance - The audit committee reviewed the unaudited results for the three months ended March 31, 2023, confirming compliance with applicable accounting standards[45] - No significant contracts were reported where directors had a direct or indirect interest during the review period[44] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the three-month period[45] - The company has adopted the GEM Listing Rules regarding the standards of conduct for directors' securities transactions[45] - No competitive business interests were reported by directors or controlling shareholders during the three-month period[43]
洪桥集团(08137) - 2023 Q1 - 季度业绩