香港科技探索(01137) - 2023 - 中期业绩

Financial Performance - For the first half of 2023, HKTVmall recorded a total merchandise transaction value of approximately HKD 4,028,000,000, a decrease of 3.8% compared to approximately HKD 4,186,000,000 for the same period in 2022[7]. - The total merchandise transaction value based on completed orders for the first half of 2023 was HKD 3,986,600,000, compared to HKD 4,135,300,000 in the first half of 2022[10]. - The total merchandise transaction value for the first half of 2023 was HKD 3,986,600,000, representing a decline of 3.6% compared to HKD 4,135,300,000 in the first half of 2022[48]. - The group recorded a net profit of HKD 48.7 million in H1 2023, down from HKD 127.8 million in H1 2022, with adjusted EBITDA of HKD 82.6 million compared to HKD 195.6 million in the previous year[57]. - The company reported a profit of HKD 48,696,000 for the six months ending June 30, 2023, compared to HKD 127,849,000 for the same period in 2022[114]. - The net profit for the period was HKD 48,696, a significant decline of 61.9% from HKD 127,849 in the same period last year[132]. - Basic earnings per share decreased to HKD 0.05 from HKD 0.14, reflecting a 64.3% drop[132]. - Revenue for the six months ended June 30, 2023, was HKD 1,828,567, a decrease from HKD 1,922,144 in the same period of 2022, representing a decline of approximately 4.9%[151]. - Revenue from direct merchandise sales was HKD 1,162,383, down from HKD 1,210,255, indicating a decrease of about 4.0%[162]. - Revenue from licensed sales and other service income was HKD 606,010, compared to HKD 641,745, reflecting a decline of approximately 5.6%[162]. Customer Engagement and Behavior - The average purchase frequency per customer in Q2 2023 was 4.80 times, down from 5.09 times in Q4 2022[9]. - The number of independent customers reached 1,229,000 in the first half of 2023, an increase from 1,107,000 in the same period of 2022[12]. - The number of independent customers who shopped on HKTVmall increased from 1,107,000 in the first half of 2022 to 1,229,000 in the first half of 2023, indicating a structural change in consumer shopping behavior[28]. - The average retention rate of senior members in the "HKTVmall Senior Club" is 64.0% higher than that of general customers, with a 97.0% increase in total merchandise transaction value in Q2 2023 compared to Q2 2022[41]. - The company emphasized maintaining existing customer online shopping habits while expanding the customer base[7]. Operational Efficiency and Costs - The mixed commission rate slightly decreased to 21.7% in the first half of 2023, compared to 22.1% in the same period of 2022[14]. - Delivery costs as a percentage of total merchandise transaction value decreased from 11.4% in the first half of 2022 to 10.6% in the first half of 2023[53]. - Other operating expenses decreased by HKD 3,600,000 to HKD 913,700,000 in the first half of 2023, with delivery costs and marketing expenses being the main operational cost items[50]. - E-commerce operating and support costs increased from 4.6% of total completed order merchandise trading volume in H1 2022 to 5.1% in H1 2023, primarily due to increased talent resources and related expenses from diversified business expansion[54]. - Operating expenses for O2O store operations increased from 2.0% of total merchandise transaction value in the first half of 2022 to 2.4% in the first half of 2023[74]. Strategic Initiatives and Expansion - HKTVmall expanded its product offerings to over 1,300,000 items as of June 2023, up from over 1,000,000 items in June 2022[12]. - The company aims to adjust the gross margin of its 1P business to 23.5%, down from 26.8% in the first half of 2022, to promote sales of less frequently purchased products online[33]. - The company is adapting its business model to align with changes in the market environment, acknowledging that it cannot change the broader social situation[22]. - The company plans to expand consumer coverage by enhancing rapid logistics services for wet market products, attracting both existing and new customers[64]. - The company plans to expand its delivery capacity by renovating an existing 30,000 square feet facility, expected to be completed in Q1 2025[130]. - A new distribution center of approximately 200,000 square feet is planned, with about 170,000 square feet dedicated to smart delivery, expected to double the capacity of the current center by 2027[130]. - The company plans to extend its service range to Australia and Canada, targeting a launch in Q3 to Q4 of 2023[90]. - The company is actively seeking new exploration projects to ensure continuous progress and push the company to new heights[45]. Market Challenges and Competition - The management noted that due to intense competition, the gross profit margin has declined, despite effective control of operational expenses, leading to a decrease in profitability[21]. - The first half of 2023 did not experience the same surge in demand for grocery and personal care products as seen in early 2022 due to the pandemic[27]. - The total merchandise transaction value for grocery and miscellaneous goods decreased by HKD 340 million due to the absence of demand spikes seen in February and March 2022, but it remains the largest contributing product category for HKTVmall[30]. - The group anticipates a moderate growth in total merchandise turnover for HKTVmall in 2023, influenced by economic challenges and increased interest rates[107]. Financial Position and Investments - The group invested HKD 375.2 million in other financial assets as of June 30, 2023, up from HKD 344.5 million as of December 31, 2022[58]. - The total cash position of the group as of June 30, 2023, was HKD 660.6 million, a decrease from HKD 705.8 million as of December 31, 2022[100]. - As of June 30, 2023, the group's bank financing amounted to HKD 1,034.1 million, with other financial assets of HKD 313.6 million and cash of HKD 185.2 million held in various banks[84]. - The company is focusing on cash management activities based on overall treasury objectives and policies, concentrating investments in liquid investment instruments and fixed income products[79]. - The company raised approximately HKD 463.5 million from the subscription of 90,000,000 new ordinary shares at HKD 5.15 per share, resulting in a net amount of approximately HKD 453.2 million[82]. Governance and Compliance - The company has maintained compliance with the listing rules of the Hong Kong Stock Exchange during the reporting period[193]. - The company did not comply with certain corporate governance code provisions due to specific reasons outlined in the report[194]. - The company has a balanced and effective board governance structure as of the reporting date[195].