山高控股(00412) - 2021 - 中期财报

Financial Performance - Revenue for the six months ended June 30, 2021, was HK$540.4 million, a decrease from HK$621.5 million in the same period in 2020[8] - Gross profit increased to HK$341.9 million in 2021 from HK$284.3 million in 2020[8] - Net profit attributable to the company's owners was HK$115.4 million in 2021, compared to a loss of HK$65.6 million in 2020[8] - Basic earnings per share were 0.48 HK cents in 2021, compared to a loss of 0.27 HK cents in 2020[8] - Total comprehensive income for the period was HK$244.95 million in 2021, compared to a loss of HK$383.81 million in 2020[10] - The company reported a net loss of 65,645 thousand HKD for the period[14] - Other comprehensive losses for the period amounted to 399,008 thousand HKD[14] - Total comprehensive income for the period was HKD 115,388 thousand, with a total comprehensive income attributable to equity holders of HKD 258,493 thousand[15] - Revenue for the six months ended June 30, 2021, was approximately HK$540.4 million, a decrease of 13.05$621.5 million in the same period last year[148] - Gross profit increased by 20.23% to HK$341.9 million, compared to HK$284.3 million in the previous year[148] - Net profit for the period surged by 337.32% to HK$258.5 million, up from HK$59.1 million in the same period last year[148] - The company's attributable profit turned around to HK$115.4 million, compared to a loss of HK$65.6 million in the previous year[148] - Revenue for the six months ended June 30, 2021, was HK$540.4 million, a decrease from HK$621.5 million in the same period in 2020[198] - Gross profit increased to HK$341.9 million in 2021 from HK$284.3 million in 2020[198] - Net profit attributable to the company's owners was HK$115.4 million in 2021, compared to a loss of HK$65.6 million in 2020[198] - Basic earnings per share were 0.48 HK cents in 2021, compared to a loss of 0.27 HK cents in 2020[198] - Other comprehensive loss for the period was HK$13.5 million in 2021, significantly lower than HK$442.9 million in 2020[200] - Total comprehensive income attributable to the company's owners was HK$97.5 million in 2021, compared to a loss of HK$507.4 million in 2020[200] Financial Assets and Investments - The company's financial assets at fair value through profit or loss recorded a net gain of HK$151.98 million in 2021, up from HK$24.87 million in 2020[8] - The fair value loss included in other comprehensive income that will not be reclassified to profit or loss was HKD 239,065 thousand, and the fair value loss that may be reclassified to profit or loss was HKD 108,072 thousand[19] - The total fair value of financial assets at fair value through other comprehensive income (FVOCI) was HK$5,198.986 million as of June 30, 2021, compared to HK$4,884.539 million as of December 31, 2020[57] - The Group realized a net gain of approximately HK$12.713 million from the sale of the Belt and Road Stable Growth Fund during the six months ended June 30, 2021[61] - The fair value of the sold portion of the Belt and Road Stable Growth Fund at the time of sale was approximately HK$120.487 million[61] - Non-listed equity investments in other regions decreased to HK$257.397 million as of June 30, 2021, from HK$262.961 million as of December 31, 2020[57] - Listed equity investments in Hong Kong decreased to HK$111.684 million as of June 30, 2021, from HK$140.321 million as of December 31, 2020[57] - The Group's investment in the Belt and Road Stable Growth Fund was HK$83.913 million as of June 30, 2021, down from HK$175.930 million as of December 31, 2020[57] - The fair value of financial assets measured at fair value through other comprehensive income increased from HKD 4,884,539 thousand as of December 31, 2020, to HKD 5,198,986 thousand as of June 30, 2021[131] - The fair value of financial assets measured at fair value through profit or loss increased from HKD 5,914,185 thousand as of December 31, 2020, to HKD 6,751,356 thousand as of June 30, 2021[131] - Non-listed equity investments in other regions were valued at HKD 257,397 thousand as of June 30, 2021, compared to HKD 262,961 thousand as of December 31, 2020, with a discount for lack of marketability of 20.0%[133] - Listed equity investments in Hong Kong were valued at HKD 111,684 thousand as of June 30, 2021, compared to HKD 140,321 thousand as of December 31, 2020, using Level 1 inputs[133] - Notes in other regions were valued at HKD 776,278 thousand as of June 30, 2021, compared to HKD 237,476 thousand as of December 31, 2020, using Level 2 inputs[133] - Non-listed bonds in other regions were valued at HKD 779,469 thousand as of June 30, 2021, compared to HKD 899,501 thousand as of December 31, 2020, using Level 3 inputs with a discount rate of 6.63%[133] - Listed bonds in Hong Kong, China, and other regions were valued at HKD 287,715 thousand, HKD 68,180 thousand, and HKD 1,243,147 thousand respectively as of June 30, 2021, using Level 2 inputs[133] - Investment funds in other regions were valued at HKD 83,913 thousand as of June 30, 2021, compared to HKD 175,930 thousand as of December 31, 2020, using Level 2 inputs[133] - The fair value of Haitong Anxin Preferred Tiered Bond Fund decreased to HKD 358,019,000 as of June 30, 2021, from HKD 368,694,000 as of December 31, 2020[68] - SCCS Investment Fund LP's fair value increased to HKD 266,574,000 as of June 30, 2021, from HKD 256,840,000 as of December 31, 2020[68] - Amber Hill ES Fund SPC's fair value slightly increased to HKD 165,655,000 as of June 30, 2021, from HKD 165,435,000 as of December 31, 2020[69] - ABCI China Rising Private Equity 3 SP and CEL Odyssey Project Fund LP's fair value increased to HKD 601,069,000 as of June 30, 2021, from HKD 540,171,000 as of December 31, 2020[70] - The fair value of non-listed equity investments in a Cayman Islands entity engaged in AI development in China increased to HKD 167,172,000 as of June 30, 2021, from HKD 151,530,000 as of December 31, 2020[71] - The fair value of non-listed equity investments in a Chinese limited partnership focused on automotive design and manufacturing increased to HKD 399,682,000 as of June 30, 2021, from HKD 370,159,000 as of December 31, 2020[71] - The unrealized loss on listed equity investments in Hong Kong was HKD 94,884,000 for the six months ended June 30, 2021, compared to a loss of HKD 56,890,000 for the same period in 2020[73] - The realized gain on listed equity investments in Hong Kong was HKD 225,797,000 for the six months ended June 30, 2021, compared to a loss of HKD 21,106,000 for the same period in 2020[75] - The realized gain on other investment funds in other regions was HKD 14,636,000 for the six months ended June 30, 2021, compared to no gain or loss for the same period in 2020[75] - The realized gain on listed bonds in other regions was HKD 16,525,000 for the six months ended June 30, 2021, compared to HKD 6,312,000 for the same period in 2020[75] - The fair value of a financial asset at amortized cost as of June 30, 2021, was approximately HKD 155,256,000, which was used as collateral for other borrowings[76] Segment Performance - The company reclassified its reportable operating segments, splitting the securities investment segment into standard investment and non-standard investment segments, and renaming the lending segment to licensed business segment[27] - The company's reportable segments include standard investment, non-standard investment, licensed business, financial leasing, and fintech, with unallocated segments consolidated under "unallocated"[28] - The company's standard investment segment focuses on investing in listed securities and bonds for interest income, dividend income, and capital appreciation[28] - The company's non-standard investment segment engages in direct investment activities, including debt instruments, unlisted bonds, notes, unlisted equity investments, and investment funds[28] - The company's licensed business segment provides lending services, securities brokerage, asset management, advisory services, and asset trading platforms[28] - The company's financial leasing segment is involved in direct financial leasing and advisory services[28] - The company's fintech segment focuses on online investment, technology-driven lending services, and internet new media services[28] - The company's segment performance is evaluated based on adjusted profit before tax, excluding unallocated income, financing costs, expenses, and share of associates' performance[28] - The company allocated all assets and liabilities to reportable segments, except for corporate assets, deferred tax liabilities, certain borrowings, and other payables and accruals[28] - Standard investment business achieved a pre-tax profit of HKD 188,171,000, an increase of 84.71% compared to the same period last year[153] - Non-standard investment business generated revenue and pre-tax profit of HKD 225,622,000 and HKD 91,559,000 respectively[154] - Licensed business revenue decreased by 71.13% to HKD 43.64 million compared to HKD 151.15 million in the same period last year[155] - Financial leasing business revenue increased by 53.72% to HKD 94.12 million, with pre-tax loss decreasing by 38.75% to HKD 115.65 million[156] - Tech finance business revenue was HKD 18.67 million, down from HKD 63.46 million last year, and the company sold Coastal Silk Limited for HKD 171.14 million, exiting the tech finance business[157] Assets and Liabilities - Total non-current assets decreased from 6,471,950 thousand HKD to 5,875,709 thousand HKD, a decline of 9.2%[12] - Total current assets decreased from 18,494,244 thousand HKD to 16,801,720 thousand HKD, a decline of 9.1%[12] - Total current liabilities decreased from 7,758,594 thousand HKD to 4,032,683 thousand HKD, a significant decline of 48%[12] - Net current assets increased from 10,735,650 thousand HKD to 12,769,037 thousand HKD, an increase of 19%[13] - Total assets minus current liabilities increased from 17,207,600 thousand HKD to 18,644,746 thousand HKD, an increase of 8.3%[13] - Total non-current liabilities increased from 7,550,852 thousand HKD to 8,973,432 thousand HKD, an increase of 18.8%[13] - Equity attributable to owners of the company increased slightly from 2,393,777 thousand HKD to 2,491,312 thousand HKD, an increase of 4.1%[13] - Total equity remained relatively stable, increasing from 9,656,748 thousand HKD to 9,671,314 thousand HKD, a marginal increase of 0.15%[13] - Total assets as of June 30, 2021, were HK$22.68 billion, a decrease from HK$24.97 billion as of December 31, 2020[149] - Net assets increased slightly to HK$9.67 billion, compared to HK$9.66 billion at the end of 2020[149] - Cash and cash equivalents decreased significantly to HK$2.01 billion from HK$5.05 billion at the end of 2020[149] - Total borrowings decreased to HK$12.66 billion from HK$14.83 billion at the end of 2020[149] - Total assets as of June 30, 2021, were approximately HK$22.68 billion, with a net asset value of HK$9.67 billion[166] - The company's debt-to-asset ratio decreased to 55.84% as of June 30, 2021, from 59.40% at the end of 2020[166] - Cash and cash equivalents totaled HK$2.01 billion as of June 30, 2021, representing 8.88$3.49 billion, bonds of HK$7.47 billion, and other borrowings of HK$1.70 billion as of June 30, 2021[168] - The company's issued share capital increased by 4.07% to HK$2.49 billion as of June 30, 2021[170] Expenses and Costs - Administrative expenses increased to HK$225.1 million in 2021 from HK$196.3 million in 2020[8] - Finance costs significantly increased to HK$128.19 million in 2021 from HK$1.13 million in 2020[8] - Unallocated expenses increased significantly, with employee benefits rising to HKD 68,897,000 from HKD 38,080,000 year-over-year, while lease payments decreased to HKD 1,188,000 from HKD 6,683,000[30] - Total employee benefit expenses increased to 118,677 thousand HKD from 92,507 thousand HKD in the previous period[42] - Employee costs, including director remuneration, amounted to HK$118.68 million for the reporting period[173] Borrowings and Financing - Total borrowings as of June 30, 2021, were HKD 12,662,127,000, a decrease from HKD 14,829,314,000 as of December 31, 2020[106] - Bank borrowings increased to HKD 3,492,948,000 as of June 30, 2021, from HKD 2,931,344,000 as of December 31, 2020[107] - Unsecured loans guaranteed by Shandong Hi-Speed Group amounted to HKD 2,446,131,000 as of June 30, 2021, up from HKD 2,044,256,000 as of December 31, 2020[107] - The company had two secured loans as of June 30, 2021: (i) a loan guaranteed by the company with a book value of approximately HKD 23,306,000 (secured by financing lease receivables of approximately HKD 19,032,000), and (ii) a loan guaranteed by a subsidiary with a book value of approximately HKD 126,281,000 (secured by financing lease receivables of approximately HKD 180,345,000)[108] - As of June 30, 2021, the company's bonds included: (i) a 3.80% bond maturing in 2021 with a value of HKD 1,168,616,000, (ii) a 3.95% bond maturing in 2022 with a value of HKD 3,944,398,000, (iii) a 3.95% bond maturing in 2024 with a value of HKD 1,558,774,000, and (iv) a 4.30% bond maturing in 2029 with a value of HKD 789,996,000[109] - The total bond value as of June 30, 2021, was HKD 7,472,284,000, compared to HKD 11,348,620,000 as of December 31, 2020, reflecting a decrease due to repayments and interest payments[110] - Coastal Emerald Limited issued a 3.80% guaranteed bond (3.80% Guaranteed Bond-I) with a principal amount of USD 800,000,000, which matured on June 1, 2021, and was fully repaid during the six months ended June 30, 2021[111] - Coastal Emerald issued a 3.95% guaranteed bond (3.95% Guaranteed Bond-II) with a principal amount of USD 200,000,000 on May 24, 2021, maturing on May 24, 2024, and guaranteed by the company[112] - As of June 30, 2021, the group had six outstanding other borrowings, including a USD 15,000,000 loan secured by financial assets at fair value through other comprehensive income (FVOCI) of approximately USD 30,000,000, with an annual interest rate of 3.50% and due for repayment by June 28, 2022[113] - The company had three outstanding other borrowings totaling approximately $70.86 million (equivalent to approximately HK$549.35 million) as of December 31