Revenue Performance - The group reported revenue from continuing operations of approximately HKD 140 million for the six months ended September 30, 2024, down from HKD 264.7 million in the same period last year[14]. - Total revenue for the six months ended September 30, 2024, was HKD 139,964, a decrease of 47% compared to HKD 264,666 in 2023[184]. - Revenue from the insurance brokerage business was approximately HKD 52.3 million, down from HKD 56.8 million in the previous year[16]. - The asset management segment reported revenue of HKD 13,464 million, while the technology segment generated HKD 38,541 million[173]. - Revenue from the Hong Kong market was HKD 78,653, down from HKD 86,883, a decrease of about 9%[186]. - Revenue from the People's Republic of China dropped significantly to HKD 46,191 from HKD 157,994, a decline of approximately 71%[186]. Profitability - The company recorded a profit of approximately HKD 2,400,000 for the six months ending September 30, 2024, compared to HKD 66,500,000 for the same period in 2023[36]. - The company recorded a pre-tax profit of HKD 3,208,000, a significant decrease from HKD 100,490,000 in the previous year, indicating a decline of approximately 97%[138]. - The net profit from continuing operations was HKD 2,610,000, compared to HKD 99,255,000 in the prior year, reflecting a decrease of about 97%[138]. - The total comprehensive income for the period was a loss of HKD 17,817,000, contrasting with a gain of HKD 64,940,000 in the same period last year[138]. - The company reported a loss attributable to owners of the company of HKD 10,452,000 for the six months ended September 30, 2024, compared to a profit of HKD 76,683,000 in the same period last year[147]. Segment Performance - The securities business segment recorded a profit of approximately HKD 37.5 million, an increase of about HKD 23.3 million compared to HKD 14.2 million in the previous year[15]. - The lending business generated segment revenue and profit contributions of approximately HKD 13,500,000 and HKD 14,800,000, respectively, compared to HKD 6,400,000 for both in the previous year[21]. - The insurance technology segment reported revenue of approximately HKD 38,500,000, down from HKD 72,100,000, with a segment loss of about HKD 4,600,000 compared to a loss of HKD 1,300,000 last year[27]. - The asset management business contributed total revenue of approximately HKD 2,900,000, down from HKD 8,100,000 in the previous year, with a segment profit of about HKD 200,000 compared to HKD 5,300,000 last year[20]. - The membership and activities segment was terminated, resulting in segment revenue and loss of approximately HKD 1,700,000 and HKD 4,500,000, respectively, compared to HKD 17,800,000 and HKD 43,800,000 in the previous year[25]. Financial Position - As of September 30, 2024, the company's cash and bank balances were approximately HKD 159,000,000, an increase from HKD 118,600,000 as of March 31, 2024[45]. - The company's net asset value as of September 30, 2024, was approximately HKD 556,400,000, up from HKD 405,000,000 as of March 31, 2024[45]. - The company's total liabilities due within 12 months decreased from HKD 112.8 million to HKD 108.7 million[1]. - The company's non-current liabilities due after 12 months decreased from HKD 36.8 million to HKD 19.6 million[1]. - The company's total liabilities increased to HKD 2,091,694,000 as of September 30, 2024, from HKD 1,498,583,000 as of April 10, 2023, representing an increase of approximately 39.5%[147]. Capital and Financing Activities - The company issued a total of HKD 39.2 million in corporate bonds during the reporting period, with a coupon rate of 6%[1]. - The company plans to raise approximately HKD 542.59 million through a rights issue, with a revised subscription price of HKD 0.76 per share[12]. - In March 2024, the company raised approximately HKD 91.6 million by issuing 1,525,992,613 new ordinary shares at HKD 0.060 per share, with net proceeds of about HKD 89.6 million used for debt repayment[63]. - In September 2024, the company raised approximately HKD 75.08 million by issuing 183,119,113 new ordinary shares at HKD 0.41 per share, with net proceeds of about HKD 74.12 million allocated as follows: HKD 14.82 million for AI project financing and HKD 44.48 million for business operations[64]. Employee and Operational Changes - The group had a total of 50 full-time employees as of September 30, 2024, down from 100 employees as of March 31, 2024, indicating a 50% reduction in workforce[102]. - Employee costs, including director remuneration, decreased to 15,590 thousand HKD from 19,530 thousand HKD, reflecting a reduction of approximately 20%[192]. - The company has maintained competitive salary levels and offers additional employee benefits, including provident fund contributions, insurance, and discretionary share options based on performance[102]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2024[106][107]. - The company has adhered to the corporate governance code, with a designated contact person ensuring compliance with board procedures and applicable laws[100]. - The company has a commitment to good corporate governance practices, as evidenced by its adherence to the relevant rules and regulations[100]. Risk Management - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk[161]. - The company has established credit policies and continuously monitors credit risk associated with trade receivables and loans[91]. - The company has a low credit risk associated with receivables from brokers and clearing houses due to its dealings with reputable entities[74]. Future Outlook - The group remains optimistic about future prospects despite global economic uncertainties, focusing on identifying new investment opportunities for business diversification and sustainable development[130]. - The group is committed to maintaining operational stability while exploring potential business expansion opportunities in the Hong Kong and China markets, which have shown positive growth signals[130]. - The company plans to allocate additional resources to its securities and asset management businesses, aiming to expand these segments[136].
京基金融国际(01468) - 2025 - 中期财报