银涛控股(01943) - 2025 - 中期财报

Revenue and Financial Performance - Revenue decreased by 59.4% from HKD 254.6 million in the six months ended September 30, 2023, to HKD 103.3 million in the six months ended September 30, 2024, primarily due to reduced successful bids and lower contract values amid intense market competition[5] - Revenue decreased by HKD 151.3 million from HKD 254.6 million in the six months ended September 30, 2023, to HKD 103.3 million in the six months ended September 30, 2024[27] - Revenue for the six months ended September 30, 2024, was HK$103.3 million, a significant decrease from HK$254.6 million in the same period last year, representing a 59.4% decline[59] - Revenue from external customers for the six months ended September 30, 2023, was HK$254,563 thousand, with HK$254,358 thousand from external customers and HK$205 thousand from other sources[100] - Revenue from construction services for the six months ended September 30, 2024, was HK$102,963 thousand, a significant decrease from HK$254,358 thousand in the same period in 2023[114] - Revenue from external customers for the construction services segment was HKD 102.963 million, while the trading and brokerage segment generated HKD 334 thousand in revenue, totaling HKD 103.297 million for the six months ended September 30, 2024[97] - Revenue from major clients in the construction services segment for the six months ended September 30, 2024, included HK$52,854 thousand from Client III and HK$15,269 thousand from Client IV[108] Gross Profit and Loss - Gross loss of HKD 27.6 million in the six months ended September 30, 2024, compared to a gross profit of HKD 15.4 million in the same period last year, with a gross loss margin of 26.8$27.6 million, compared to a gross profit of HK$15.4 million in the previous year[59] - The company's gross margin is under pressure due to competitive pricing in bidding and quoting processes[28] Net Loss and Profit - Net loss attributable to owners of the parent company was HKD 62.5 million, compared to HKD 2.4 million in the same period last year[15] - Net loss for the period was HK$62.5 million, a substantial increase from the net loss of HK$2.4 million in the same period last year[59] - The company's total loss before tax for the six months ended September 30, 2024, was HKD 62.539 million, including unallocated corporate expenses of HKD 4.218 million and financing costs of HKD 34 thousand[97] - Pre-tax loss for the six months ended September 30, 2024, was HK$1,753 thousand for property, plant, and equipment depreciation, compared to HK$2,896 thousand in the same period in 2023[120] Cash and Cash Equivalents - Cash and cash equivalents decreased to HKD 24.4 million as of September 30, 2024, from HKD 98.1 million as of March 31, 2024[17] - Cash and cash equivalents dropped to HK$24.4 million as of September 30, 2024, from HK$98.1 million as of March 31, 2024[61] - Cash and cash equivalents decreased to HK$27,087 thousand as of September 30, 2024, from HK$122,854 thousand as of March 31, 2024[137] - The company's cash and cash equivalents decreased to 24,401 thousand HKD as of September 30, 2024, from 98,139 thousand HKD as of March 31, 2024[160] Administrative and Employee Expenses - Administrative expenses increased by HKD 24.1 million to HKD 35.3 million, primarily due to a HKD 21.7 million increase in discretionary bonuses for employees[10] - Employee benefit expenses (excluding directors and top executives) increased significantly to HK$30,963 thousand for wages and salaries in 2024, up from HK$6,893 thousand in 2023[120] - The company maintains a competitive compensation policy to attract and retain talent, including salary, bonuses, and cash allowances[33] Other Income and Gains - Other income and gains decreased by 86.5$109 thousand, compared to HK$177 thousand in the same period in 2023[114] - Government grants for the six months ended September 30, 2024, were HK$93 thousand, down from HK$192 thousand in the same period in 2023[114] - The company recorded a gain of HK$21,000 from early termination of lease agreements in the six months ended September 30, 2024[126] Assets and Liabilities - Total assets decreased to HK$121.5 million as of September 30, 2024, from HK$184.1 million as of March 31, 2024[61] - Total assets as of September 30, 2024, were HK$176,806 thousand, a decrease from HK$265,365 thousand as of March 31, 2024[105] - Total liabilities as of September 30, 2024, were HK$55,502 thousand, down from HK$81,522 thousand as of March 31, 2024[105] - Financial assets decreased to 65,478 thousand HKD as of September 30, 2024, from 158,785 thousand HKD as of March 31, 2024[160] - Financial liabilities decreased to 55,314 thousand HKD as of September 30, 2024, from 81,334 thousand HKD as of March 31, 2024[162] - Trade receivables increased to 30,055 thousand HKD as of September 30, 2024, from 26,536 thousand HKD as of March 31, 2024[160] - Trade payables and retention payables totaled HK$27,889 thousand as of September 30, 2024, with trade payables from construction services at HK$20,420 thousand[139] - Trade payables within 30 days decreased to 21,801 thousand HKD as of September 30, 2024, compared to 43,499 thousand HKD as of March 31, 2024[142] - Total trade payables decreased to 23,087 thousand HKD as of September 30, 2024, from 44,059 thousand HKD as of March 31, 2024[142] Capital and Share Information - Capital commitments for the acquisition of property, plant, and equipment remained at HKD 1.1 million as of September 30, 2024[20] - The company's issued and fully paid share capital remained unchanged at 1,000,000,000 shares, with a nominal value of 10,000 HKD as of both September 30, 2024, and March 31, 2024[143] - The company's share option plan allows for the issuance of up to 100,000,000 shares, representing 10.0% of the issued shares at the time of listing[50] - No share options were granted, exercised, canceled, or lapsed during the six months ended September 30, 2024[52] - No share options were granted under the share option plan from the adoption date until the approval of the interim financial statements[150] - The company's share option plan allows for the issuance of up to 100,000,000 shares, representing 10% of the issued share capital at the listing date[146] Dividends and Financial Statements - No interim dividend was declared for the six months ended September 30, 2024[16] - The company did not declare any interim dividend for the six months ended September 30, 2024, and 2023[124] - The company's financial statements are prepared in accordance with Hong Kong Accounting Standard 34 (HKAS 34) and the applicable disclosure requirements of the Hong Kong Stock Exchange Listing Rules[86] - The company's financial statements are unaudited but have been reviewed by the company's audit committee[88] - The company's audit committee reviewed and confirmed the unaudited condensed consolidated financial statements for the six months ended September 30, 2024[40] - The company's accounting policies applied in the interim financial statements are consistent with those applied in the 2024 annual financial statements, with no significant changes[92] - The company adopted new and revised Hong Kong Financial Reporting Standards (HKFRS) effective from April 1, 2024, including amendments to HKFRS 16, HKAS 1, and HKAS 7, which did not result in significant changes to accounting policies or financial impact[93] Business Segments - The company identified two reportable segments: construction services and trading & brokerage, which are managed separately due to differing business strategies[96] - The construction services segment reported a segment loss of HKD 56.798 million, and the trading and brokerage segment reported a loss of HKD 1.490 million, resulting in a total segment loss of HKD 58.288 million for the six months ended September 30, 2024[97] - Segment profit for the six months ended September 30, 2023, was HK$1,330 thousand, with a segment loss of HK$1,354 thousand in the trading and brokerage segment[100] Company Strategy and Market Position - The company is exploring opportunities to expand its customer base and market share, including potential business opportunities outside Hong Kong[28] - The company is considering expanding its core business geographically to enhance future growth and diversify revenue sources[28] - The company changed its name from "Silver Tide Holdings Limited" to "King's Stone Holdings Group Limited" effective August 26, 2024[53] - The new company name is intended to provide a fresh corporate image and identity[54] Subsidiaries and Investments - The company's main subsidiaries include Hefa Xuying Engineering Limited, which is engaged in construction services, and Huanghe Securities Limited, which is involved in securities trading and brokerage[84] - The company did not make any significant acquisitions, disposals, or investments during the reporting period[30][31][32] - The company acquired assets worth HK$300,000 in the six months ended September 30, 2024, a decrease from HK$928,000 in the same period in 2023[126] Shareholder Information - Central Force Premium Group Limited holds 750,000,000 shares, representing 75.0% of the company's equity[45] - Regal Loyalty Limited, controlled by Mr. Wang Jianfeng, holds 750,000,000 shares, representing 75.0% of the company's equity[42][45] - Ms. Xu Fang, spouse of Mr. Wang Jianfeng, is deemed to have an interest in 750,000,000 shares, representing 75.0% of the company's equity[45] Financial Assets and Liabilities - The company's financial assets and liabilities are measured at fair value using market-observable inputs and are classified into three levels based on the observability of the inputs[163] - Cash and cash equivalents, trade receivables, contract assets, receivables from ultimate holding company, prepayments, other receivables, trade payables, retention payables, other payables, and accruals are not measured at fair value due to their short-term nature, with their carrying amounts approximating fair value[166] Other Financial Information - The company's equity attributable to owners of the parent decreased to HK$121.3 million as of September 30, 2024, from HK$183.8 million as of March 31, 2024[73] - The company's total reserves decreased to HK$111.3 million as of September 30, 2024, from HK$173.8 million as of March 31, 2024[72] - Net cash used in operating activities was HK$73.0 million for the six months ended September 30, 2024, compared to net cash generated from operating activities of HK$6.9 million in the same period last year[78] - The effective tax rate for Chinese subsidiaries is 25% under the Enterprise Income Tax Law[123] - Contract assets as of September 30, 2024, included unbilled revenue of HK$24,056 thousand and retention receivables of HK$76,358 thousand, with a total of HK$100,206 thousand after impairment[129] - Trade receivables aged within 30 days amounted to HK$21,592 thousand as of September 30, 2024, down from HK$26,536 thousand as of March 31, 2024[134] - The company did not purchase, sell, or redeem any listed securities during the six months ended September 30, 2024[47] - No significant events occurred after the reporting period[167]