Financial Performance - For the six months ended June 30, 2023, the company recorded revenue of HKD 9,283,390,000, a decrease of 38.1% compared to HKD 14,996,092,000 in the same period last year[22] - The gross profit for the same period was HKD 700,456,000, down 3.1% from HKD 723,126,000 year-on-year, with a gross margin of 7.6% compared to 4.8% in the previous year[22] - The profit attributable to shareholders for the period was HKD 271,351,000, a decrease of 9.7% from HKD 300,663,000 in the prior year, resulting in basic earnings per share of HKD 0.4336, down from HKD 0.4804[22] - The company reported a net loss of HKD 1,448 for the six months ended June 30, 2023, compared to a profit of HKD 824 in the same period of 2022[48] - Total comprehensive income attributable to owners was HKD 403,233,000 for the six months ended June 30, 2023, compared to HKD 391,192,000 in the same period of 2022, representing an increase of approximately 3.0%[59] - Basic and diluted earnings per share were HKD 43.36 for the six months ended June 30, 2023, down from HKD 48.04 in the same period of 2022, reflecting a decrease of about 9.0%[59] Cash Flow and Liquidity - The company reported a net cash position of approximately HKD -2,180,986,000, compared to a net capital debt ratio of 1% as of December 31, 2022[23] - Net cash generated from operating activities was HKD 2,371,858, a significant improvement from a cash outflow of HKD 1,169,795 in the previous year[76] - The company reported a net increase in cash and cash equivalents of HKD 3,127,384, compared to an increase of HKD 103,925 in the same period last year[76] - The total cash and cash equivalents at the end of the period were HKD 4,560,907, up from HKD 1,862,902 at the end of the previous period[76] Assets and Liabilities - As of June 30, 2023, the company's current ratio was 132%, down from 139% as of December 31, 2022[23] - Current assets net value was HKD 2,169,726,000 as of June 30, 2023, compared to HKD 1,924,402,000 as of December 31, 2022, indicating an increase of around 12.8%[72] - Total assets less current liabilities amounted to HKD 3,494,503,000 as of June 30, 2023, up from HKD 3,252,748,000 as of December 31, 2022, representing a rise of approximately 7.4%[72] - Current liabilities rose to HKD 6,725,514,000 as of June 30, 2023, compared to HKD 4,886,120,000 as of December 31, 2022, representing an increase of about 37.6%[72] Inventory and Receivables - The accounts receivable turnover period was approximately 32 days, slightly improved from 33 days in 2022[12] - The inventory turnover period was approximately 52 days, up from 37 days in the previous year[24] - Trade and other receivables decreased to HKD 853,280,000 as of June 30, 2023, from HKD 1,113,014,000 as of December 31, 2022, indicating a decline of approximately 23.3%[71] - Inventory stood at HKD 2,460,210,000 as of June 30, 2023, compared to HKD 2,398,330,000 as of December 31, 2022, reflecting an increase of about 2.6%[71] Shareholder Information - The company maintained an interim dividend of HKD 10.00 per share, unchanged from the previous year[57] - Major shareholders include Dr. Yan Yulin with 114,800,000 shares (18.34%) and a controlled corporation holding 227,542,800 shares (36.36%), totaling 342,342,800 shares (54.70%)[137] - The company held 224,423,000 shares of Yangyu, representing approximately 34.4% of its issued share capital as of June 30, 2023[37] Market and Economic Conditions - The company is facing challenges such as slow economic growth, low demand visibility, high inflation, and elevated interest costs, but the global semiconductor industry's shift towards digital and green economies is expected to support growth in 2024[133] - The group managed to control inventory levels and operating costs despite ongoing macroeconomic challenges affecting consumer demand for mobile phones and electronics[105] Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code during the six months ending June 30, 2023[144] - The company has no knowledge of any other relevant interests or short positions in its issued capital as of June 30, 2023[143] Future Plans and Strategies - The company plans to issue 224,423,000 rights shares at a subscription price of HKD 0.12 per share, with an expected investment of approximately HKD 26,900,000[146] - The company has entered into foreign exchange forward contracts to hedge against foreign exchange risks related to payables denominated in foreign currencies[135]
S.A.S. DRAGON(01184) - 2023 - 中期财报