Financial Performance - For the nine months ended September 30, 2023, the company reported revenue of HKD 187,521,000, a significant increase of 92.8% compared to HKD 97,297,000 in the same period of 2022[4] - The gross profit for the nine months ended September 30, 2023, was HKD 30,305,000, compared to HKD 29,026,000 in the previous year, reflecting a slight increase of 4.4%[4] - The company incurred a loss before tax of HKD 70,017,000 for the nine months ended September 30, 2023, compared to a loss of HKD 76,177,000 in the same period of 2022, indicating an improvement of 8.5%[4] - The company reported a net loss attributable to owners of HKD 57,671,000 for the nine months ended September 30, 2023, compared to a loss of HKD 71,017,000 in the same period of 2022, showing a reduction of 18.7%[4] - The company reported a total comprehensive income of HKD 169,586,000 for the nine months ended September 30, 2023, compared to HKD 61,683,000 in the previous year, indicating a substantial increase of 174.5%[4] - The company’s basic and diluted loss per share for the nine months ended September 30, 2023, was HKD 0.59, compared to HKD 0.73 in the same period of 2022, showing an improvement of 19.2%[4] - The company’s financial position as of September 30, 2023, shows total equity of HKD 4,877,036,000, an increase from HKD 4,685,791,000 a year earlier[12] Sales and Revenue Sources - Lithium battery sales reached HKD 138,435,000 for the nine months ended September 30, 2023, up 65.4% from HKD 83,791,000 in the previous year[6] - The lithium-ion battery factory contributed approximately 78.5% of the total revenue, while the ride-hailing service acquired in France accounted for 20.2%[33] - The ride-hailing service, Caocao, generated revenue of approximately HKD 37.8 million, with around 500,000 app downloads and 150,000 registered users as of September 2023[34] Expenses and Costs - The financial costs for the nine months ended September 30, 2023, totaled HKD 7,273,000, an increase of 23.5% from HKD 5,888,000 in the previous year[8] - The company’s administrative expenses decreased to HKD 79,512,000 for the nine months ended September 30, 2023, from HKD 72,730,000 in the previous year, reflecting a rise of 9.8%[4] - Operating expenses for the period were approximately HKD 7.8 million, a significant decrease from HKD 50.8 million in the same period last year[35] Business Operations and Challenges - The company is facing challenges in securing large orders from major automakers due to low production capacity, which affects utilization rates and average costs[13] - The company is actively negotiating with potential new customers in the energy storage sector and manufacturers transitioning from lead-acid to lithium batteries[13] - The company has decided to sell its battery-sharing business related to the GETI electric bicycle brand, as further capital allocation to this business is no longer in the best interest of the group[38] Investments and Projects - The total investment for the SAM project in Brazil is estimated at USD 3.01 billion, with an annual production capacity of 27,500,000 tons of iron concentrate[20] - The Anghelas lithium salt lake project aims to produce 50,000 tons of battery-grade lithium carbonate equivalent annually, with a total investment of about $700 million and a production cost of approximately $5,000 per ton[25] - The company has identified two investment opportunities related to lithium salt lake projects in Argentina and is finalizing legal due diligence[39] - The company is reviewing several lithium mica and spodumene projects in Africa and Brazil, exploring potential partnerships for extraction[39] Corporate Governance and Shareholding - As of September 30, 2023, the company has complied with all code provisions set out in the GEM Listing Rules Appendix 15[39] - As of September 30, 2023, the major shareholders include Li Shufu with 6,071,568,675 shares, representing 61.61% ownership[48] - Geely Group Limited holds 4,067,829,000 shares, accounting for 41.28% of the total shares[48] - The acquisition agreement completed on January 16, 2023, resulted in Geely Group obtaining legal control of the target company with a total ownership of approximately 62.40%[46] Regulatory Compliance - The audit committee reviewed the unaudited performance for the nine months ending September 30, 2023, confirming compliance with applicable accounting standards[53] - The company’s articles of association were amended to comply with the latest regulations and were approved by shareholders on June 2, 2023[50] - There were no competitive business interests held by directors or major shareholders as of September 30, 2023[51]
洪桥集团(08137) - 2023 Q3 - 季度业绩