贝森金融二零二五年中期报告

PAGE Management Discussion and Analysis2 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income15 Interim Condensed Consolidated Statement of Financial Position16 Interim Condensed Consolidated Statement of Changes in Equity18 Notes to the Interim Condensed Consolidated Financial Information22 Corporate Governance and Other Information52 Corporate Information MANAGEMENT DISCUSSION AND ANALYSIS INTERIM RESULTS FOR THE SIXMONTHS ENDED 30 JUNE 2025 The board (the “Board”) of directors (the “Directors”) of BisonFinance Group Limited (the “Company”) hereby presents theunaudited interim condensed consolidated results of the Companyand its subsidiaries (collectively the “Group”) for the six monthsended 30 June 2025, together with the comparative figures forthe six months ended 30 June 2024 and as at 31 December 2024respectively. FINANCIAL REVIEW 149 For the six months ended 30 June 2025, the Group is principallyengaged in the provision of financial services with the licencesto carry out Type 1 (dealing in securities), Type 4 (advising onsecurities) and Type 9 (asset management) regulated activities underthe Securities and Futures Ordinance (the “SFO”) (collectively the“Financial Services Business”). Revenue 14,400,00023,300,00038.5% For the six months ended 30 June 2025, the Group reportedrevenue of approximately HK$14.4 million (six months ended30 June 2024: approximately HK$23.3 million), representing adecrease of approximately 38.5% as compared to the correspondingperiod in 2024. Loss for the period attributable to owners of theparent 28,200,0009,600,000194.6%(i)11,600,0004,900,000(ii)3,200,000(iii)2,300,000 The Group’s loss for the period attributable to owners of the parentwas approximately HK$28.2 million for the six months ended 30June 2025 (six months ended 30 June 2024: approximately HK$9.6million), representing an increase in loss of approximately 194.6%as compared to the corresponding period in 2024. Such increasein loss was mainly attributable to (i) a net unrealised loss on aninvestment in a private equity fund of approximately HK$11.6million was recognised for the six months ended 30 June 2025,whereas a net unrealised gain on an investment in a private equityfund of approximately HK$4.9 million was recognised duringthe six months ended 30 June 2024, (ii) the increase in staffexpenditure of approximately HK$3.2 million, and (iii) the increasein research and development costs of approximately HK$2.3million. FUTURE PLANS FOR MATERIALINVESTMENTS OR CAPITAL ASSETS There was no specific plan for material investments or capital assetsas at 30 June 2025. In the event that the Group is engaged in anyplan for material investments or capital assets, the Company willmake announcement(s) and comply with the Rules Governing theListing of Securities (the “Listing Rules”) on The Stock Exchangeof Hong Kong Limited (the “Stock Exchange”) as and whenappropriate. INTERIM DIVIDEND The Board resolved not to declare an interim dividend for the sixmonths ended 30 June 2025 (six months ended 30 June 2024: Nil). LIQUIDITY, FINANCIAL RESOURCESAND CAPITAL STRUCTURE Liquidity and Financial Resources 86,500,000101,700,000 As at 30 June 2025, the Group’s cash and cash equivalentsamounted to approximately HK$86.5 million (31 December 2024:approximately HK$101.7 million), which are denominated in HongKong dollars, United States (“US”) dollars, Euros, Singapore dollarsand Renminbi. 90,800,00092,100,0002.8%10.0%2,772.4%292.6%28,200,00025.5%2,500,00029,400,000119,300,000153,600,000 As at 30 June 2025, the Group’s indebtedness comprisedpromissory notes and lease liabilities of approximately HK$90.8million (31 December 2024: approximately HK$92.1 million).The Group’s indebtedness are denominated in Hong Kong dollars.All the indebtedness carried interests with fixed rates rangingfrom 2.8% to 10.0% per annum. All of the indebtedness shall berepayable in 1 to 2 years (31 December 2024: 1 to 2 years). Thegearing ratio, representing the ratio of total indebtedness to thetotal share capital and reserves of the Group, was approximately2,772.4% as at 30 June 2025 (31 December 2024: approximately292.6%). The increase in the gearing ratio was mainly due to thedecrease in reserves of the Company by approximately 25.5%mainly resulting from the loss attributable to owners of theparent of approximately HK$28.2 million for the six monthsended 30 June 2025, despite the decrease in total indebtednessfor the six months ended 30 June 2025. As at 30 June 2025, theGroup had net current assets of approximately HK$2.5 million(31 December 2024: approximately HK$29.4 million) and totalassets of approximately HK$119.3 million (31 December 2024:approximately HK$153.6 million). Charge on Group Assets 800,000800,000 As at 30 June 2025, bank deposits of the Company of approximatelyHK$0.8 million (31 December 2024: approximately HK$0.8million) were pledged mainly for the corporate credit cards issuedto