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日赢控股(01741) - 2024 - 中期业绩
01741RI YING HLDGS(01741)2024-05-23 13:10

Revenue Performance - Total revenue for the six months ended March 31, 2024, was HK92.109million,comparedtoHK92.109 million, compared to HK107.635 million in the same period last year[32] - Revenue from foundation and site formation works decreased to HK24.349millionfromHK24.349 million from HK54.988 million year-over-year[32] - Revenue from other construction works increased significantly to HK32.508millionfromHK32.508 million from HK12.324 million in the previous year[32] - Sales of health products generated HK17.034millioninrevenue,downfromHK17.034 million in revenue, down from HK19.760 million in the prior year[32] - Revenue decreased by 14.4% to HK92.1millioninthesixmonthsendedMarch31,2024,comparedtoHK92.1 million in the six months ended March 31, 2024, compared to HK107.6 million in the same period last year[68] - Revenue from foundation and site formation works decreased to HKD 24.349 million (26.4% of total revenue) in 2024 from HKD 54.988 million (51.1% of total revenue) in 2023[85] - Revenue from the health management and consulting business decreased from HKD 19.8 million for the six months ended March 31, 2023, to HKD 17.0 million for the six months ended March 31, 2024[131] - The company's total revenue for the six months ended March 31, 2024, was HKD 92.109 million, compared to HKD 107.635 million for the same period in 2023[142] Profit and Loss - Gross profit decreased by 6.4% to HK17.6million,withgrossmarginimprovingto19.217.6 million, with gross margin improving to 19.2% from 17.5% in the previous year[70] - Operating loss widened to HK15.6 million from HK9.8millioninthepriorperiod[50]−Netlossattributabletothecompany′sownersincreasedtoHK9.8 million in the prior period[50] - Net loss attributable to the company's owners increased to HK16.9 million from HK10.5million[52]−Basicanddilutedlosspershareincreasedto2.11HKcentsfrom1.31HKcents[53]−Thegroup′sgrossprofitmarginforgeneralconstructionandrelatedservicesturnedfromagrosslossmarginof81.010.5 million[52] - Basic and diluted loss per share increased to 2.11 HK cents from 1.31 HK cents[53] - The group's gross profit margin for general construction and related services turned from a gross loss margin of 81.0% in 2023 to a gross profit margin of 24.8% in 2024, driven by the resumption of large-scale projects and the absence of further losses from a disputed school reconstruction project[76] - The group reported a loss of HKD 10.3 million in 2023 and HKD 16.7 million in 2024[81] - The company's loss attributable to owners increased from 10,484 to 16,885 thousand HKD, with basic loss per share rising from 1.31 to 2.11 HK cents[114] Assets and Liabilities - Total liabilities decreased to HK127.044 million from HK158.651millionasofSeptember30,2023[12]−NetcurrentassetsstoodatHK158.651 million as of September 30, 2023[12] - Net current assets stood at HK8.644 million, a decrease from HK26.970millionattheendofthepreviousfiscalperiod[12]−Totalequityattributabletothecompany′sownerswasHK26.970 million at the end of the previous fiscal period[12] - Total equity attributable to the company's owners was HK45.664 million, with non-controlling interests at HK(2.493)million[4]−Thecompany′stotalassetslesscurrentliabilitieswereHK(2.493) million[4] - The company's total assets less current liabilities were HK31.660 million, down from HK49.614millionasofSeptember30,2023[12]−TotalassetsdecreasedtoHK49.614 million as of September 30, 2023[12] - Total assets decreased to HK153.4 million from HK201.8millionasofMarch31,2024[54]−Thegroup′snon−currentassetsinChinaincreasedtoHKD18.062millionin2024fromHKD16.327millionin2023,whileassetsinHongKongdecreasedtoHKD4.954millionfromHKD6.317million[91]−Thegroup′sbankcashandbalancesdecreasedtoHKD29.687millionin2024fromHKD41.450millionin2023[103]−TradereceivablesoverdueasofMarch31,2024,amountedtoHKD11.231million,withHKD2.260millionoverduefor90daysormore[102]−Thegroupacquiredproperty,plant,andequipmentworthHKD813,000in2024,comparedtoHKD506,000in2023[98]−Tradereceivablesdecreasedfrom25,006to18,985thousandHKD,withaslightreductioninimpairmentlossprovisionfrom4,400to4,431thousandHKD[125]−Tradepayablesdecreasedsignificantlyfrom9,099to3,573thousandHKD,indicatingimprovedpaymenttermsorreducedliabilities[121]−AsofMarch31,2024,thecompany′snetcurrentassetswereHKD8.6million,downfromHKD27.0millionasofSeptember30,2023[152]−Thecompany′sbankbalancesandcashstoodatHKD29.7millionasofMarch31,2024,comparedtoHKD41.5millionasofSeptember30,2023[152]−Thecompany′stotalequityattributabletoownerswasHKD28.7millionasofMarch31,2024,downfromHKD45.7millionasofSeptember30,2023[152]−Thecompany′stotaldebt,includingbankborrowingsandleaseliabilities,wasHKD34.7millionasofMarch31,2024,comparedtoHKD50.5millionasofSeptember30,2023[152]−ThecompanyhasavailablebankfinancingofHKD9.0millionasofMarch31,2024,withnoneutilizedasofSeptember30,2023[152]−ThecompanyhaspledgedvehicleswithanetbookvalueofHKD0.9millionascollateralunderirrevocableleaseagreementsasofMarch31,2024,upfromHKD0.5millionasofSeptember30,2023[154]−Thecompany′scapital−to−debtratioincreasedto131.7201.8 million as of March 31, 2024[54] - The group's non-current assets in China increased to HKD 18.062 million in 2024 from HKD 16.327 million in 2023, while assets in Hong Kong decreased to HKD 4.954 million from HKD 6.317 million[91] - The group's bank cash and balances decreased to HKD 29.687 million in 2024 from HKD 41.450 million in 2023[103] - Trade receivables overdue as of March 31, 2024, amounted to HKD 11.231 million, with HKD 2.260 million overdue for 90 days or more[102] - The group acquired property, plant, and equipment worth HKD 813,000 in 2024, compared to HKD 506,000 in 2023[98] - Trade receivables decreased from 25,006 to 18,985 thousand HKD, with a slight reduction in impairment loss provision from 4,400 to 4,431 thousand HKD[125] - Trade payables decreased significantly from 9,099 to 3,573 thousand HKD, indicating improved payment terms or reduced liabilities[121] - As of March 31, 2024, the company's net current assets were HKD 8.6 million, down from HKD 27.0 million as of September 30, 2023[152] - The company's bank balances and cash stood at HKD 29.7 million as of March 31, 2024, compared to HKD 41.5 million as of September 30, 2023[152] - The company's total equity attributable to owners was HKD 28.7 million as of March 31, 2024, down from HKD 45.7 million as of September 30, 2023[152] - The company's total debt, including bank borrowings and lease liabilities, was HKD 34.7 million as of March 31, 2024, compared to HKD 50.5 million as of September 30, 2023[152] - The company has available bank financing of HKD 9.0 million as of March 31, 2024, with none utilized as of September 30, 2023[152] - The company has pledged vehicles with a net book value of HKD 0.9 million as collateral under irrevocable lease agreements as of March 31, 2024, up from HKD 0.5 million as of September 30, 2023[154] - The company's capital-to-debt ratio increased to 131.7% as of March 31, 2024, up from 117.1% as of September 30, 2023, primarily due to an increase in bank borrowings[180] Expenses and Costs - Administrative and other operating expenses totaled HK(35.577) million[37] - Administrative and other operating expenses remained stable at approximately HKD 35.9 million in 2023 and HKD 35.6 million in 2024[78] - Employee benefits expenses, including directors' remuneration, surged from 16,151 to 24,234 thousand HKD, indicating higher labor costs[112] - R&D costs decreased from 5,525 to 3,046 thousand HKD, suggesting a reduction in innovation spending[112] - Total employee costs for the six months ended March 31, 2024, were approximately HKD 24.2 million, compared to HKD 18.0 million in the same period last year[184] Other Income and Losses - Other income, gains, and losses amounted to HK2.137million,asignificantdropfromHK2.137 million, a significant drop from HK7.471 million in the same period last year[33] - Other income, gains, and losses decreased by HKD 5.4 million from HKD 7.5 million in 2023 to HKD 2.1 million in 2024, primarily due to reduced agency commission income and the absence of a one-time legal claim compensation received in 2023[77] - The group recorded a tax expense of HKD 37,000 in 2024, compared to HKD 14,000 in 2023, mainly due to taxable profits from the China business[80] Projects and Operations - The company increased capital in two subsidiaries, Baocheng Construction Limited and Huang'an Construction Limited[67][71] - Revenue decline was primarily due to reduced projects in foundation and site formation works, general building works, and construction-related consultancy services[74] - Health management and consulting business revenue decreased due to lower sales of health intelligent robots[74] - The company has several ongoing projects with expected completion dates ranging from 2024 to 2025, indicating a robust project pipeline[123][124] - The company had 24 ongoing construction projects as of March 31, 2024, with a total contract value of HKD 203.6 million, compared to 23 projects with a total contract value of HKD 341.4 million as of September 30, 2023[129] - The company's subsidiary, Huang An Construction Limited, is involved in a dispute with a school in Hong Kong over unpaid fees for design and construction work, with arbitration proceedings ongoing[163] Financial Reporting and Compliance - The company applied new and revised Hong Kong Financial Reporting Standards during the period, including amendments to HKFRS 10 and HKAS 28[59] - The company has maintained full compliance with the Corporate Governance Code as of March 31, 2024[191] - The Audit Committee, established on September 17, 2018, reviewed the unaudited condensed consolidated financial statements for the six months ended March 31, 2024[193] - The company's board of directors includes executive directors and independent non-executive directors as of the announcement date[194] Capital and Financing - The company has utilized HKD 86.1 million of the net proceeds from its IPO as of March 31, 2024, with the remaining HKD 0.5 million expected to be fully utilized by September 30, 2024[151] - The company's net proceeds from the IPO amounted to approximately HKD 86.6 million, which have been partially utilized according to the future plans and uses of proceeds as disclosed in the prospectus[158] - The company's capital structure consists solely of ordinary shares, with no changes since its listing on the Hong Kong Stock Exchange on October 16, 2018[160] - The company has no capital commitments as of March 31, 2024, compared to none as of September 30, 2023[165] - The company's operating and investment activities are primarily funded by cash generated from operations, bank borrowings, and equity from shareholders[161] - The company has no significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures during the six months ended March 31, 2024[178] Share Options and Employee Incentives - The company has adopted a share option plan to attract and retain qualified personnel, offering additional incentives to employees, directors, consultants, and other stakeholders[173] - The company's share option plan allows for the issuance of shares up to 10% of the total issued shares at the time of plan approval, with the limit renewable every three years[188] - The share option plan, effective from September 17, 2018, for a ten-year period, had 80,000,000 options available for grant as of March 31, 2024[200] - No share options were granted, exercised, expired, lapsed, or canceled during the six months ended March 31, 2024[200] - The company's share option plan requires shareholder approval for any grants exceeding 1% of the issued shares within any 12-month period[198] Legal and Governance Issues - The company has suspended the duties and powers of an executive director, Mr. Sun Wei, due to his alleged involvement in a potential financial fraud case under investigation in China[181][182] - The company did not buy back or redeem any of its listed securities during the six months ended March 31, 2024[185] - The company has no interim dividend declared or proposed for the six months ended March 31, 2024, consistent with the same period in 2023[169] Employee and Labor Costs - The company had 210 employees as of March 31, 2024, an increase from 172 employees in the same period last year, primarily due to recruitment for the development of health management and consulting business in China[184]