Financial Performance - Revenue for the first half of 2024 was HKD 183,678,000, a decrease of 38.3% compared to HKD 297,754,000 in the first half of 2023[1] - Gross profit for the first half of 2024 was HKD 38,280,000, down 27.4% from HKD 52,752,000 in the same period last year[1] - The company reported a loss before tax of HKD 90,808,000 for the first half of 2024, compared to a loss of HKD 51,812,000 in the first half of 2023[2] - Basic and diluted loss per share for the first half of 2024 was HKD 3.8, compared to HKD 2.3 in the first half of 2023[2] - The company recorded other income of HKD 27,390,000 in the first half of 2024, down from HKD 38,057,000 in the same period last year[1] - The company incurred a total loss attributable to shareholders of HKD 82.3 million in the first half of 2024, primarily due to historical business clean-up efforts[30] - The group recorded a loss attributable to shareholders of HKD 82,300,000 in the first half of 2024, compared to a loss of HKD 50,400,000 in the first half of 2023, resulting in a basic loss per share of HKD 0.038[36] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 1,125,564,000, down from HKD 1,320,405,000 as of December 31, 2023[4] - Non-current assets decreased to HKD 788,165,000 as of June 30, 2024, from HKD 829,135,000 at the end of 2023[4] - The company reported a total liability of HKD 449,527,000 as of June 30, 2024, down from HKD 530,347,000 as of December 31, 2023[14] - The company’s total equity attributable to owners was HKD 1,481,554,000 as of June 30, 2024, down from HKD 1,619,926,000 at the end of 2023[5] Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 183,678,000, with mobile and IoT terminal sales contributing HKD 156,346,000[9] - The revenue from property leasing management was HKD 22,229,000 for the six months ended June 30, 2024, compared to HKD 25,127,000 in the same period of 2023[9] - The mobile and IoT terminal segment generated revenue of HKD 156.3 million, a decline of 42.7% year-over-year, resulting in a loss of HKD 37.4 million[31] - The automotive smart products segment recorded a loss of HKD 25.3 million due to significant R&D investments not capitalized, despite becoming a tier-one supplier in the automotive industry[32] - Revenue from non-core leasing management decreased by 11.5% to HKD 22,200,000 in the first half of 2024, compared to HKD 25,100,000 in the same period of 2023[36] Operational Efficiency - The inventory turnover period decreased to 94 days in the first half of 2024 from 119 days in the previous year, indicating improved operational efficiency[40] - The company’s operating expenses for the six months ended June 30, 2024, were HKD 4,698,000[10] - The company’s financing costs for the six months ended June 30, 2024, amounted to HKD 1,053,000[10] Employee and Management Changes - The group had approximately 573 employees as of June 30, 2024, down from 688 employees as of December 31, 2023[46] - A management team of five members has been established to assume the responsibilities of the CEO, including three executive directors and two management members[49] - The company has not appointed a new CEO since the resignation of Mr. Gao Jun on September 30, 2022, which constitutes a deviation from the corporate governance code C.2.1[48] Future Outlook and Strategy - The company plans to optimize existing product lines and focus on core competitive products to enhance customer orders and user experience in the mobile and IoT terminal business[34] - The automotive smart products segment is expected to achieve mass production in the second half of 2024, shifting focus from R&D to quality assurance and delivery[34] - The company aims to explore new business models and maintain a pragmatic approach to create value and returns for shareholders[34] Compliance and Governance - The audit committee has reviewed the accounting principles and interim financial data for the six months ending in 2024, which has been reviewed by Deloitte[51] - The company has adopted the standard code for securities trading as per the listing rules and confirmed compliance for the year[50] - The interim report for 2024 will be published on the company's website and the Hong Kong Stock Exchange website at an appropriate time[52] Shareholder Information - The company declared a special dividend of HKD 0.04 per share, totaling approximately HKD 85.7 million, distributed in the first half of 2024[29] - The board expresses gratitude to shareholders, customers, suppliers, banks, and professional advisors for their support and acknowledges the contributions of all employees during the year[53] - The board consists of four executive directors and three independent non-executive directors as of the announcement date[55]
晨讯科技(02000) - 2024 - 中期业绩