Financial Performance - Revenue for the six months ended March 31, 2024, was HKD 655,608 thousand, a decrease of 72.6% compared to HKD 2,397,095 thousand in the same period of 2023[3] - Gross profit for the period was HKD 32,141 thousand, compared to a loss of HKD 14,388 thousand in the previous year, representing a 323.4% increase[3] - The net cash position improved to HKD 44,853 thousand from a negative HKD 147,044 thousand, marking a 130.5% increase[3] - Total equity increased by 48.3% to HKD 317,032 thousand from HKD 213,776 thousand year-over-year[3] - Basic and diluted earnings per share from continuing operations was HKD 21.42, a significant improvement from a loss of HKD 73.74 in the previous year[3] - The company reported a pre-tax profit from continuing operations attributable to owners of HKD 99,266 thousand, compared to a loss of HKD 219,898 thousand in the same period last year, reflecting a 145.1% increase[3] - Total comprehensive income for the period was HKD 100,769 thousand, compared to a loss of HKD 225,239 thousand in the previous year[9] - The company reported a profit from continuing operations of HKD 101,167,000 for the six months ended March 31, 2024, compared to a loss of HKD 218,675,000 in the previous year[22] - The company recorded a net profit of approximately HKD 101.2 million for the 2024 period, compared to a net loss of approximately HKD 232.4 million in 2023[157] - The company's profit before tax for 2024 was approximately HKD 99.3 million, a significant recovery from a loss of approximately HKD 219.9 million in 2023[189] - The net profit after tax for 2024 was approximately HKD 101.2 million, compared to a loss of approximately HKD 218.7 million in 2023[191] Revenue Sources - Revenue from cryptocurrency trading for the six months ended March 31, 2024, was HKD 620,989,000, a decrease of 74.0% compared to HKD 2,384,836,000 in the same period of 2023[22] - Revenue from the technology solutions business decreased to approximately HKD 2.9 million in 2024, down from HKD 7.1 million in 2023, primarily due to the sale of Win Techno Inc. in November 2022[128] - Cryptocurrency trading business revenue was approximately HKD 621.0 million, with a gross profit of about HKD 7.7 million, compared to a gross loss of approximately HKD 14.8 million in 2023[135] - Revenue from virtual asset lending and trading activities amounted to approximately HKD 0.7 million in 2024[185] - The company generated approximately HKD 17.2 million and HKD 0.8 million in asset management and consulting services, respectively, during the 2024 period[131] Cost Management - Administrative expenses decreased to HKD 54,093,000 from HKD 105,796,000 year-on-year, reflecting a reduction of 48.9%[22] - The company’s financing costs decreased to HKD 4,679,000 from HKD 8,130,000, indicating a reduction of 42.5%[43] - Other losses decreased from approximately HKD 4.0 million in 2023 to about HKD 0.2 million in 2024, primarily due to reduced losses from the sale of subsidiaries[138] - Cash used in operating activities for 2024 was approximately HKD 52.3 million, a decrease from approximately HKD 164.1 million in 2023 due to cost management measures[195] - Total employee costs for the 2024 period amounted to approximately 33.9 million HKD, a decrease from 62.2 million HKD in the previous period[181] Asset Management - The company recognized a fair value gain on cryptocurrency of HKD 42,165,000, significantly up from HKD 8,213,000 in the same period last year[22] - The group recognized a reversal of impairment loss amounting to HKD 78,810,000 for the six months ended March 31, 2024, compared to an impairment provision of HKD 99,410,000 for the same period in 2023[107] - The company recognized an impairment loss of approximately HKD 85,897,000 related to FTX deposits, representing about 60.6% of the original amount[153] - The group has a net value of other assets of HKD 134,661,000 as of March 31, 2024, compared to HKD 55,851,000 as of September 30, 2023[103] Business Operations - The company continues to focus on providing technology solutions and services in the virtual asset ecosystem, including asset management and cryptocurrency trading[14] - The company has terminated its contract manufacturing business after selling its stake in Pindong Group, reclassifying it as discontinued operations[58] - The company’s operations are primarily located in the People's Republic of China, including Hong Kong, with revenue based on customer location or cryptocurrency trading location[60] - The company has no loss provisions recognized in the profit and loss statement as of March 31, 2024, indicating stable credit risk since initial recognition[80] - The company plans to apply new and revised Hong Kong Financial Reporting Standards upon their effective date, which may impact future financial reporting[56] Future Outlook - The company has not disclosed specific future outlook or guidance in the provided content[4] - The company continues to explore new technology solutions and services in the cryptocurrency ecosystem, aiming for market expansion and innovation[39] - In 2024, the company will focus on the innovative development of one-stop product solutions, comprehensive deepening of compliant asset management, and diversified development of blockchain ecology[183] Shareholder Information - The group has issued 465,960,665 shares as of March 31, 2024, following a special resolution to issue 157,000,000 new ordinary shares at a subscription price of HKD 2.08 per share[112] - The company issued 157,000,000 new ordinary shares at a subscription price of HKD 2.08 per share, raising a total of approximately HKD 155.4 million[141] Miscellaneous - The company changed its stock abbreviation from "NEW HUO TECH" to "SINOHOPE TECH" effective October 16, 2023[117] - The group has entered into an agreement to sell FTX claims for USD 19,500,088.87, equivalent to approximately HKD 152,219,643.73, as of May 24, 2024[83] - The group is actively seeking potential buyers for the FTX claims due to the ongoing bankruptcy proceedings of FTX[106] - The company launched Wallet as a Service (WaaS) for Web3 developers, enabling institutions to build and manage enterprise-level wallets securely and quickly, serving millions of users[184]
新火科技控股(01611) - 2024 - 中期业绩