JIN MI FANG GROUP HOLDINGS LIMITED
今 米 房 集 團 控 股 有 限 公 司
(incorporated in the Cayman Islands with limited liability)
(Stock code: 8300)
INTERIM REPORT
2024
CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE")
GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.
Given that the companies listed on GEM are generally small and mid-sized companies, there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.
Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.
This report, for which the directors (collectively the "Directors" and individually a "Director") of JIN MI FANG GROUP HOLDINGS LIMITED (the "Company", together with its subsidiaries, the "Group") collectively and individually accept full responsibility, includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange (the "GEM Listing Rules") for the purpose of giving information with regard to the Company. The Directors, having made all reasonable enquiries, confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in all material respects and not misleading or deceptive, and there are no other matters the omission of which would make any statement herein or this report misleading.
JIN MI FANG GROUP HOLDINGS LIMITED
INTERIM REPORT
2024
CONTENTS
Pages | |
Financial Highlights | 2 |
Unaudited Condensed Consolidated Statements of Profit or Loss | |
and Other Comprehensive Income | 3 |
Unaudited Condensed Consolidated Statement of Financial Position | 5 |
Unaudited Condensed Consolidated Statement of Changes in Equity | 7 |
Unaudited Condensed Consolidated Statement of Cash Flows | 8 |
Notes to the Unaudited Condensed Consolidated Financial Statements | 9 |
Management Discussion and Analysis | 22 |
JIN MI FANG GROUP HOLDINGS LIMITED • INTERIM REPORT 2024
FINANCIAL HIGHLIGHTS
- The Group recorded an unaudited revenue of approximately HK$11.6 million for the six months ended 30 September 2024 (six months ended 30 September 2023: approximately HK$17.5 million), representing a decrease of approximately HK$5.9 million or 33.7% over the corresponding period.
- The Group recorded an unaudited loss and total comprehensive loss attributable to owners of the Company of approximately HK$6.4 million for the six months ended 30 September 2024 (six months ended 30 September 2023: unaudited loss and total comprehensive loss attributable to owners of the Company of approximately HK$10.9 million).
- The basic and diluted loss per share attributable to owners of the Company for the six months ended 30 September 2024 was HK0.24 cents (six months ended 30 September 2023: the basic and diluted loss per share attributable to owners of the Company of HK0.41 cents).
- The board of Directors (the "Board") has resolved not to recommend the payment of an interim dividend for the six months ended 30 September 2024 (six months ended 30 September 2023: nil).
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JIN MI FANG GROUP HOLDINGS LIMITED • INTERIM REPORT 2024
The Board is pleased to announce the unaudited condensed consolidated results of the Group for the six months ended 30 September 2024, together with the unaudited comparative figures for the corresponding period in 2023 as follows:
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 September 2024
Six months | |||
ended 30 September | |||
2024 | 2023 | ||
Notes | HK$'000 | HK$'000 | |
(Unaudited) | (Unaudited) | ||
Revenue | 4 | 11,593 | 17,467 |
Cost of inventories sold | (3,465) | (7,119) | |
Gross profit | 8,128 | 10,348 | |
Other income and other gain | 5,360 | 278 | |
Staff costs | (10,195) | (9,320) | |
Depreciation expenses | (7) | (1,963) | |
Property rentals and related expenses | (2,139) | (2,047) | |
Fuel and utility expenses | (885) | (1,099) | |
Administrative expenses | (5,351) | (6,673) | |
Loss from operations | (5,089) | (10,476) | |
Finance costs | 5 | (191) | (479) |
Loss before tax | 6 | (5,280) | (10,955) |
Income tax expenses | 7 | - | (64) |
Loss for the period | (5,280) | (11,019) | |
Loss for the period attributable to: | |||
Owners of the Company | (6,398) | (10,893) | |
Non-controlling interests | 1,118 | (126) | |
(5,280) | (11,019) | ||
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JIN MI FANG GROUP HOLDINGS LIMITED • INTERIM REPORT 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the six months ended 30 September 2024
Six months | |||
ended 30 September | |||
2024 | 2023 | ||
Notes | HK$'000 | HK$'000 | |
(Unaudited) | (Unaudited) | ||
Loss for the year | (5,280) | (11,019) | |
Other comprehensive expense: | |||
Item that may be reclassified subsequently to profit or loss: | |||
Exchange differences arising on translation of financial | |||
statements of foreign operations | 27 | - | |
Other comprehensive expense for the year | 27 | - | |
Total comprehensive expense for the year | (5,253) | (11,019) | |
Total comprehensive expense for the year | |||
attributable to: | |||
Owners of the Company | (6,371) | (10,893) | |
Non-controlling interests | 1,118 | (126) | |
(5,253) | (11,019) | ||
Loss per share attributable to owner of the Company | |||
Basic and diluted loss per share (HK cents) | 8 | (0.24) | (0.41) |
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JIN MI FANG GROUP HOLDINGS LIMITED • INTERIM REPORT 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2024
At | At | ||
30 September | 31 March | ||
2024 | 2024 | ||
Notes | HK$'000 | HK$'000 | |
(Unaudited) | (Audited) | ||
Non-current assets | |||
Property, plant and equipment | 10 | 57 | - |
Right-of-use assets | 11 | 32 | 38 |
Rental deposits and prepayments | 14 | 42 | 949 |
131 | 987 | ||
Current assets | |||
Inventories | 5,062 | 4,691 | |
Trade receivables | 13 | 137 | 467 |
Deposits, prepayments and other receivables | 14 | 3,554 | 3,490 |
Prepaid tax | 241 | 109 | |
Cash and cash equivalents | 686 | 9,114 | |
9,680 | 17,871 | ||
Current liabilities | |||
Trade payables | 15 | 729 | 1,189 |
Accruals and other payables | 11,869 | 10,319 | |
Amount due to a related company | 219 | 217 | |
Amount due to directors | 6,528 | 2,380 | |
Bank borrowings | 16 | 5,167 | 7,104 |
Lease liabilities | 12 | 1,532 | 4,669 |
Tax payables | 55 | 57 | |
26,099 | 25,935 | ||
Net current liabilities | (16,419) | (8,064) | |
Total assets less current liabilities | (16,288) | (7,077) | |
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JIN MI FANG GROUP HOLDINGS LIMITED • INTERIM REPORT 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 30 September 2024
At | At | ||
30 September | 31 March | ||
2024 | 2024 | ||
Notes | HK$'000 | HK$'000 | |
(Unaudited) | (Audited) | ||
Non-current liabilities | |||
Provision for reinstatement costs | - | 172 | |
Lease liabilities | 12 | - | 3,786 |
- | 3,958 | ||
Net liabilities | (16,288) | (11,035) | |
Capital and reserve | |||
Share capital | 17 | 26,434 | 26,434 |
Reserves | (42,142) | (35,771) | |
Equity attributable to owners of the Company | (15,708) | (9,337) | |
Non-controlling interest | (580) | (1,698) | |
Total equity | (16,288) | (11,035) | |
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JIN MI FANG GROUP HOLDINGS LIMITED • INTERIM REPORT 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2024
Attributable to owners of the Company | ||||||||
Share | Non- | |||||||
Share | Share | option | Exchange | Accumulated | controlling | |||
capital | premium | reserve | reserve | losses | Sub-total | interests | Total equity | |
HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | HK$'000 | |
(Note) | (Note) | |||||||
At 1 April 2023 (Audited) | 26,434 | 113,760 | 2,750 | - | (121,899) | 21,045 | (8) | 21,037 |
Loss and total comprehensive loss | ||||||||
for the period | - | - | - | - | (10,893) | (10,893) | (126) | (11,019) |
At 30 September 2023 (Unaudited) | 26,434 | 113,760 | 2,750 | - | (132,792) | 10,152 | (134) | 10,018 |
At 1 April 2024 (Audited) | 26,434 | 113,760 | - | (8) | (149,523) | (9,337) | (1,698) | (11,035) |
Loss and total comprehensive loss | ||||||||
for the period | - | - | - | 27 | (6,398) | (6,371) | 1,118 | (5,253) |
At 30 September 2024 (Unaudited) | 26,434 | 113,760 | - | 19 | (155,921) | (15,708) | (580) | (16,288) |
Note: Share option reserve represents the fair value of services estimated to be received in exchange for the grant of the relevant share options over the relevant vesting periods, the total of which is based on the fair value of the share options at grant date. The amount for each period is determined by spreading the fair value of the share options over the relevant vesting period (if any) and is recognised as staff costs and related expenses with a corresponding increase in the share option reserve.
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JIN MI FANG GROUP HOLDINGS LIMITED • INTERIM REPORT 2024
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2024
For the six months | ||
ended 30 September | ||
2024 | 2023 | |
HK$'000 | HK$'000 | |
(Unaudited) | (Unaudited) | |
Net cash generated from/(used in) operating activities | 596 | (4,942) |
Net cash used in investing activities | - | (643) |
Net cash used in financing activities | (9,051) | (5,123) |
Net decrease in cash and cash equivalents | (8,455) | (10,708) |
Cash and cash equivalents at the beginning of the reporting | ||
period | 9,114 | 26,697 |
Effect of foreign exchange rate change | 27 | - |
Cash and cash equivalents at the end of the reporting period | 686 | 15,989 |
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