Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HK$33,000, compared to HK$8,000 in the same period of 2023, indicating a significant increase[5]. - The gross profit for the period was HK$5,887, showing an improvement from a gross loss of HK$9,586 in the previous year[5]. - The loss from operations decreased to HK$5,854, down from HK$9,578 in the prior year, reflecting better operational efficiency[5]. - The total comprehensive loss for the period was HK$4,491, compared to HK$8,104 in the same period of 2023, indicating a reduction in overall losses[5]. - The loss per share improved to HK$0.03, compared to HK$0.05 in the previous year, demonstrating a positive trend in financial performance[5]. - The company experienced a loss before tax of HK$5,868, which is an improvement from HK$9,610 in the same period of 2023[5]. - The company recorded other comprehensive income of HK$1,377 for the period, compared to HK$1,506 in the same period of 2023[5]. - The company reported a total comprehensive loss of HK$4,432,000 for the six months ended June 30, 2024, compared to a loss of HK$8,002,000 in the same period last year, indicating an improvement of about 44.5%[7]. - The loss for the Period decreased to approximately HK$5.9 million, compared to HK$9.6 million for the six months ended 30 June 2023[38]. - The Group's loss attributable to shareholders for the Period amounted to approximately HK$5.8 million, compared to HK$9.6 million for the six months ended 30 June 2023[38]. Assets and Liabilities - As of June 30, 2024, the company's non-current assets decreased to HK$261,000 from HK$315,000 as of December 31, 2023, representing a decline of approximately 17.1%[6]. - Current assets, including prepayments and other receivables, decreased to HK$2,523,000 from HK$3,512,000, a reduction of about 28.2%[6]. - The company's net current liabilities increased to HK$205,570, compared to HK$201,133 as of December 31, 2023, indicating a rise of approximately 2.2%[6]. - Total equity attributable to owners of the company decreased to HK$206,619, down from HK$202,187, reflecting a decline of about 2.1%[7]. - The total assets decreased to HK$2,784,000 from HK$3,827,000, while total liabilities increased slightly to HK$208,093,000 from HK$204,645,000[5]. - The total deficiency in equity of the Group amounted to approximately HK$205.3 million, compared to HK$200.8 million as of December 31, 2023[82]. - The net current liabilities of the Group were approximately HK$205.6 million as of June 30, 2024, an increase from HK$201.1 million as of December 31, 2023[84]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2024, was HK$119,000, a significant improvement compared to a net cash used of HK$2,635,000 in the same period last year[9]. - Cash and cash equivalents at the end of the period were HK$365,000, down from HK$4,220,000 at the beginning of the period, representing a decrease of approximately 91.4%[9]. - Cash and cash equivalents as of June 30, 2024, were HK$0.4 million, down from HK$0.8 million as of December 31, 2023[84]. Operational Efficiency - The finance costs for the period were HK$14, down from HK$32 in the previous year, indicating reduced borrowing costs[5]. - Lease liabilities decreased to HK$213,000 from HK$843,000, a reduction of approximately 74.7%[6]. - Staff costs, including directors' emoluments, decreased to HK$2,836,000 from HK$7,412,000[20]. - Distribution costs and general operating expenses for the Period decreased to approximately HK$5.9 million, down from HK$9.6 million for the six months ended 30 June 2023[37]. - The Group's employee benefit expenses for the Period were approximately HK$2.8 million, down from HK$7.4 million for the six months ended 30 June 2023[37]. - The Group had a total of approximately 40 employees as of June 30, 2024, down from 55 employees as of December 31, 2023[90]. Strategic Initiatives - The company aims to enhance operational strategies and explore market expansion opportunities in the upcoming periods[4]. - The Company is exploring opportunities for industrialisation, including renovation of existing facilities and procurement of production equipment[45]. - The Group is identifying potential collaboration or acquisition opportunities to enhance electric vehicle manufacturing capabilities[46]. - The Company is confident that the acquisition and financing opportunities will secure a stable revenue stream for the development of electric vehicles[49]. - The Company plans to optimize its manufacturing processes and obtain relevant permits for mass production of electric vehicles in China[48]. - The acquisition aims to enhance the manufacturing capability for electric vehicles and expand sales channels to leading automobile manufacturers in China[49]. Shareholder Information - As of June 30, 2024, Sun East LLC holds 2,673,071,189 shares, representing 13.13% of the issued share capital of the Company[63]. - Dr. Yeung Yung has a total interest of 2,741,211,189 shares, which is approximately 13.47% of the total shareholding[66]. - Liu Stephen Quan holds 291,760,000 shares, accounting for 1.43% of the total shareholding[66]. - Chen Xiao holds 25,000,000 shares, representing 0.12% of the total shareholding[66]. - The total number of shares in issue as of June 30, 2024, is 20,352,872,747[68]. Corporate Governance - The Company is committed to maintaining high standards of corporate governance and has complied with all code provisions set out in the Corporate Governance Code[88]. - The Group did not hold any significant investments during the reporting period and has no plans for material investments or capital assets for the year ending December 31, 2024[62]. Future Outlook - The uncertain macroeconomic environment adversely affected the Group's development of electric vehicles and negotiations with potential partners[37]. - The Company is confident that the Group will gradually catch up as the global economy improves in the future[39].
正道集团(01188) - 2024 - 中期财报