Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 702,343,000, a decrease of 0.2% compared to HKD 704,914,000 in the previous year[3] - The cost of sales increased to HKD 627,395,000, up 5.3% from HKD 595,701,000, resulting in a gross profit of HKD 74,948,000, down 31.2% from HKD 109,213,000[3] - The company reported a pre-tax loss of HKD 39,013,000, compared to a loss of HKD 34,354,000 in the previous year, indicating a deterioration in financial performance[3] - The net loss attributable to shareholders was HKD 28,365,000, an improvement from a loss of HKD 30,558,000 in the prior year, reflecting a 7.1% reduction in losses[3] - The gross profit margin decreased to 10.67% from 15.49% in the previous year, primarily due to intense competition leading to price reductions[52] - The company reported a total loss of HKD 73,465,000 for the year ended March 31, 2024, compared to HKD 74,589,000 in 2023, showing a slight improvement[39] Assets and Liabilities - Total assets decreased to HKD 1,247,054,000 from HKD 1,344,136,000, while total liabilities also decreased to HKD 556,659,000 from HKD 611,767,000[5] - Cash and cash equivalents were reported at HKD 274,529,000, down from HKD 328,760,000, indicating a liquidity contraction[5] - The company's total equity decreased to HKD 670,395,000 from HKD 722,369,000, reflecting a decline of 7.2%[6] - Non-current assets as of March 31, 2024, totaled HKD 315,898,000, a slight decrease from HKD 317,287,000 in 2023[33] - Accounts receivable from customer contracts decreased to HKD 159.933 million from HKD 173.980 million[47] - Total accounts payable increased to HKD 170.960 million from HKD 161.582 million[49] Revenue Segmentation - For the fiscal year ending March 31, 2024, total revenue from customer contracts was HKD 702,343,000, with HKD 700,442,000 from eyewear products and HKD 1,901,000 from licensing income[23] - The eyewear products segment generated external sales of HKD 700,442,000 in the fiscal year ending March 31, 2024, while the other segment contributed HKD 1,901,000[31] - The group’s performance in the eyewear products segment showed a loss of HKD 42,625,000 for the fiscal year ending March 31, 2024, compared to a loss of HKD 33,219,000 in the previous year[31] - The group’s total sales for the eyewear products segment decreased by approximately 0.2% from HKD 702,400,000 in 2023 to HKD 700,442,000 in 2024[23] - The group’s licensing income is recognized when the license holder sells licensed products, typically within 30 days after the reporting period[26] - The group’s segments include eyewear products, contact lenses, and trademark licensing, with the latter two combined under "other segments" due to not meeting quantitative thresholds[28] Operational Efficiency and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[3] - The company reported a significant increase in administrative expenses to HKD 102,914,000 from HKD 105,958,000, indicating a focus on operational efficiency[3] - The company is exploring potential mergers and acquisitions to enhance its market position and product offerings[3] - To enhance efficiency, the group will focus on improving production efficiency, budget control, and optimizing the supply chain[61] - A new eyewear product line under the Fila brand was successfully launched in China, contributing positively to revenue and customer satisfaction[63] - The group plans to diversify its product range by introducing more flexible pricing and customized design elements[63] Governance and Compliance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[65] - The company has established a clear separation of roles between the Chairman and the CEO, with the current structure maintained since its inception[66] - The Audit Committee, composed entirely of independent non-executive directors, has reviewed the consolidated financial statements for the year ending March 31, 2024[68] - The Remuneration Committee is responsible for recommending policies and structures regarding the remuneration of all directors and senior management[69] - The Nomination Committee has been formed to review the structure, size, and composition of the Board, ensuring a balance of skills and diversity[70] - The company has adopted a policy regarding the diversity of Board members, considering various factors such as gender, age, and professional background[73] Market Outlook - The group anticipates a challenging business environment due to high inflation and geopolitical tensions, leading to unstable market demand for eyewear products[60] - The Asia market remains crucial, contributing 98.38% to the group's distribution revenue, up from 98.01% in the previous year[55] Dividend and Shareholder Information - The total dividend declared for the year was HKD 7,884,000, unchanged from the previous year[42] - The company did not recommend a final dividend for the year ended March 31, 2024, compared to no dividend in 2023[43] - The company proposed a special final dividend of HKD 0.015 per share, consistent with the previous year's special dividend[50] Financial Ratios and Performance Metrics - The group maintained a healthy financial position with cash and bank deposits of HKD 275,000,000 as of March 31, 2024, and a debt-to-equity ratio of 5.39%[58] - Current assets net value and current ratio were approximately HKD 342,000,000 and 2.55:1, respectively[59] - The accounts receivable turnover period improved to 81 days from 86 days, while inventory turnover period increased to 62 days from 56 days[59] - Income from bank interest increased significantly to HKD 11,596,000 in 2024 from HKD 5,718,000 in 2023, reflecting a growth of 102.5%[35] - Financing costs rose to HKD 1,945,000 in 2024 from HKD 1,647,000 in 2023, representing an increase of 18.1%[37] - Basic loss per share improved marginally to HKD 0.1079 from HKD 0.1163 in the previous year[52]

Financial Performance - The group's consolidated revenue for the six months ended September 30, 2023, decreased by 5.90% to HKD 351 million, compared to HKD 373 million in 2022[5] - The gross margin and net profit margin were 14.52% and -0.65%, respectively, showing slight improvement from 14.43% and -0.32% in 2022[5] - The ODM business revenue fell by 15.70% to HKD 247 million, accounting for 70.37% of total revenue, with significant declines in Europe and the US markets[6] - Revenue from the brand eyewear distribution business increased by 32.05% to HKD 103 million, representing 29.34% of total revenue, benefiting from the economic recovery in Asia[7] - The basic loss per share for the period was HKD 0.87, compared to HKD 0.45 in 2022[5] - The company reported a loss before tax of HKD 4,623,000, compared to a loss of HKD 2,026,000 in the previous year, indicating a worsening financial performance[36] - The net loss attributable to shareholders for the period was HKD 2,289,000, compared to a loss of HKD 1,191,000 in the prior year[36] - The company incurred a total comprehensive expense of HKD 31,940,000 during the period, which includes a foreign exchange loss of HKD 30,749,000[42] - The company reported a loss attributable to owners of the company of HKD 1,191,000 for the six months ended September 30, 2023, compared to a loss of HKD 2,289,000 for the previous period, indicating a 48% improvement[42] Cash Flow and Liquidity - The group recorded a net operating cash inflow of HKD 12 million during the review period, maintaining a strong liquidity position[9] - As of September 30, 2023, the group held cash and bank balances of HKD 320 million, with outstanding bank loans of approximately HKD 37 million[9] - The company’s cash and cash equivalents stood at HKD 319,781,000, down from HKD 328,760,000, reflecting a decrease in liquidity[39] - The company reported a net cash inflow from operating activities of HKD 11,859,000 for the six months ended September 30, 2023, compared to HKD 3,649,000 for the same period in 2022, representing an increase of 225%[43] - Cash and cash equivalents decreased by HKD 4,054,000 during the period, ending at HKD 319,781,000 compared to HKD 307,766,000 at the same time last year[43] Debt and Financial Position - The debt-to-equity ratio was 5.31%, indicating a stable financial position[9] - Current liabilities increased to HKD 230,344,000 from HKD 212,438,000, indicating a rise in short-term financial obligations[39] - Total liabilities as of September 30, 2023, were reported at HKD 116,640,000 for payables due within 90 days[68] Dividends and Shareholder Returns - The company declared an interim special dividend of HKD 0.015 per share, consistent with the previous year, while not declaring an interim dividend[12] - The company paid dividends totaling HKD 3,942,000 during the period, consistent with the previous year[43] Operational Efficiency and Strategy - The company anticipates a challenging business environment due to high inflation, potential interest rate hikes, and ongoing geopolitical conflicts, which will likely lead to significant fluctuations in market demand for eyewear products[18] - The company plans to enhance overall efficiency by improving production efficiency, strengthening budget control, streamlining organizational structure, and optimizing supplier networks and logistics processes[18] - The company is progressing well with plans to establish new production lines in Vietnam and Jiangxi Province, China, to enhance product supply flexibility[18] - The company will continue to prudently manage fixed asset investments while strategically investing in assets that are crucial for future growth[18] Corporate Governance - The company has established an audit committee to review financial reports and ensure compliance with internal controls and risk management[22] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[21] - The board of directors has adopted a diversity policy, ensuring a balanced composition that includes members of different genders, professional backgrounds, and industry experiences[26] Shareholder Information - Directors and key executives hold a total of 141,533,828 shares, representing 53.86% of the company's issued share capital[82] - The Vision Trust, established by directors Gu Yiyong and Gu Jiayong, holds 141,533,828 shares, accounting for 53.86% of the issued share capital[86] - Webb David Michael holds 28,984,000 shares, which is 11.02% of the issued share capital[87] - FMR LLC holds 26,277,000 shares, representing 9.99% of the issued share capital[87] - Fidelity Puritan Trust owns 20,999,000 shares, which is 7.99% of the issued share capital[87] - Preferable Situation Assets Limited holds 18,346,000 shares, accounting for 6.98% of the issued share capital[87] - Yeo Seng Chong and Lim Mee Hwa each hold 13,160,000 shares, representing 5.01% of the issued share capital[87] - All disclosed shareholdings are classified as good positions, with no other individuals recorded as major shareholders as of September 30, 2023[90]

Financial Performance - The company's consolidated revenue for the year ended March 31, 2023, decreased by 19.61% to HKD 705 million compared to HKD 877 million in the previous year[22]. - The company recorded a net loss attributable to shareholders of HKD 31 million for the year, compared to a profit of HKD 9 million in the previous year, resulting in a basic loss per share of HKD 0.1163[22]. - The gross profit margin decreased to 15.49% from 18.11% in the previous year, while the net profit margin fell to -4.33% from 0.99%[22]. - The ODM business revenue decreased by 23.68% to HKD 551 million, accounting for 78.16% of total revenue, primarily due to high inflation and reduced consumer confidence in Europe and the US[23]. - Revenue from the brand eyewear distribution business slightly increased by 4.86% to HKD 151 million, representing 21.42% of total revenue[24]. - The revenue from the brand contact lenses business was HKD 1 million, down from HKD 9 million in the previous year[26]. - The company reported a total revenue of HKD 1.2 billion for the fiscal year ending March 31, 2023, representing a year-on-year increase of 15%[49]. - The company reported a net loss of HKD 30,558,000 for the year, compared to a profit of HKD 8,655,000 in 2022[169]. - Total comprehensive loss for the year was HKD 51,232,000, a significant decline from a comprehensive income of HKD 18,803,000 in the prior year[169]. Assets and Liabilities - The company's long-term assets recorded a non-cash impairment loss of HKD 25 million due to the challenging business environment[22]. - As of March 31, 2023, the group had total equity attributable to owners of HKD 722,000,000, down from HKD 781,000,000 as of March 31, 2022[27]. - Non-current assets decreased to HKD 332,754,000 from HKD 385,221,000, reflecting a decline of 13.6%[171]. - Current assets also decreased to HKD 612,410,000 from HKD 655,154,000, a reduction of 6.5%[171]. - The total number of shares available for issuance under the 2014 Share Option Scheme is 26,277,828 shares, equivalent to approximately 10% of the total issued shares as of March 31, 2023[117]. Cash Flow and Financing - The group recorded a net operating cash inflow of HKD 33,000,000 for the year ended March 31, 2023, with cash and bank balances amounting to HKD 329,000,000[27]. - The operating cash flow before changes in working capital was HKD 20,015,000, down from HKD 36,341,000 in the prior year, indicating a decline of approximately 45%[177]. - The net cash generated from operating activities was HKD 33,474,000, a decrease of 26% from HKD 45,166,000 in the previous year[179]. - The financing activities used cash of HKD 22,072,000, slightly down from HKD 23,160,000 in the previous year, indicating a stable financing strategy[179]. Market and Business Strategy - The group plans to establish a production facility in Vietnam to enhance product supply stability[37]. - The group aims to improve overall efficiency by enhancing production efficiency, budget control, and optimizing supplier networks and logistics processes[37]. - The group anticipates continued volatility in market demand for eyewear products due to geopolitical and macroeconomic challenges[35]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[49]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach, with a budget of HKD 500 million allocated for this purpose[49]. Corporate Governance - The board of directors held five meetings during the fiscal year, with full attendance from all members, indicating strong governance[50]. - The company has maintained compliance with corporate governance codes, ensuring transparency and accountability[47]. - The independent directors possess significant financial expertise, enhancing the board's overall effectiveness[49]. - The company confirms that the independence of the board is a key factor for good corporate governance, with mechanisms in place for independent professional advice[52]. - The company has adopted a board diversity policy, ensuring a balanced composition of skills, experience, and perspectives among board members[70]. Risk Management - The company recognizes market risk, credit risk, and liquidity risk as major risks affecting its operational and financial status[93]. - The board has established a structured risk management system to identify, assess, and monitor risks, ensuring effective internal controls[75]. - The risk management system includes regular evaluations and action plans for identified risks, ensuring accountability within the organization[79]. Shareholder Information - Shareholders holding at least 10% of the voting rights can request a special general meeting within two months of their request[84]. - The company proposed a final special dividend of HKD 0.015 per share, totaling approximately HKD 3,942,000[91]. - The total sales from the top five customers accounted for approximately 71.07% of the company's total sales, with the largest customer contributing about 24.93%[99]. Environmental and Ethical Commitment - The company is committed to environmental sustainability and has implemented policies to reduce waste and energy consumption[95]. - The company emphasizes ethical conduct and integrity as core values, aligning with relevant anti-corruption laws and regulations[82].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 新興光學集團控股有限 公司 SUN HING VISION GROUP HOLDINGS LIMITED 新 興 光 學 集 團 控 股 有 限 公 司* （於百慕達註冊成立之有限公司） （股份代號：125） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 財 政 年 度 業 績 公 告 新興光學集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本 公司及其附屬公司（「本集團」）截至二零二三年三月三十一日止年度綜合業績 連同去年比較數字如下： ...

Financial Performance - The group's consolidated revenue for the six months ended September 30, 2022, decreased by 20.47% to HKD 373 million, compared to HKD 469 million in the previous year[4] - The gross profit margin and net profit margin declined to 14.43% and -0.32%, respectively, from 17.53% and 1.13% in the previous year[4] - The ODM business revenue fell by 25.06% to HKD 293 million, accounting for 78.55% of the group's total revenue[5] - Revenue from the ODM business in Europe and the US decreased by 7.03% to HKD 172 million and by 39.76% to HKD 100 million, respectively[5] - The brand eyewear distribution business saw a revenue increase of 5.41% to HKD 78 million, representing 20.91% of total revenue[6] - Revenue for the six months ended September 30, 2022, was HKD 373,460,000, a decrease of 20.4% compared to HKD 469,444,000 for the same period in 2021[30] - Gross profit for the same period was HKD 53,890,000, down 34.5% from HKD 82,315,000 year-on-year[30] - The company reported a loss before tax of HKD 2,026,000, compared to a profit of HKD 5,108,000 in the previous year[30] - The net loss for the period was HKD 1,191,000, a significant decline from a profit of HKD 5,288,000 in the prior year[30] - Total comprehensive loss for the period amounted to HKD 31,940,000, compared to a comprehensive income of HKD 9,288,000 in the same period last year[31] Cash Flow and Financial Position - The group's cash flow from operations was HKD 4 million, with bank deposits and cash totaling HKD 308 million as of September 30, 2022[8] - The debt-to-equity ratio was 5.25%, indicating a stable financial position[8] - The net current assets and current ratio were approximately HKD 395 million and 2.67:1, respectively[9] - The net cash generated from operating activities was HKD 3,649,000 for the six months ended September 30, 2022[39] - The company incurred a net cash outflow of HKD 10,610,000 from financing activities during the same period[40] - The cash and cash equivalents at the end of the period were HKD 307,766,000, a decrease from HKD 301,833,000 in the previous year[40] - The company's total assets as of September 30, 2022, were HKD 759,015,000, down from HKD 798,048,000 as of March 31, 2022[35] - Current liabilities decreased to HKD 236,731,000 from HKD 242,327,000 in the previous period[34] Dividends and Shareholder Returns - The board declared an interim special dividend of HKD 0.015 per share, maintaining the same level as the previous year[10] - The company plans to distribute an interim special dividend of HKD 0.015 per share, totaling HKD 3,942,000, consistent with the previous year[66] - The company paid dividends amounting to HKD 3,942,000 during the period[40] Operational Challenges and Future Outlook - The company anticipates a challenging and uncertain business environment due to high inflation, high interest rates, and ongoing geopolitical tensions, which are expected to adversely affect profitability in the future[15] - The company plans to enhance overall efficiency by improving production efficiency, strengthening budget control, and optimizing supply chain processes[15] - The company aims to maintain flexible production capacity to quickly adjust operations based on market demand and mitigate potential supply chain disruptions[15] - The company is committed to prudent management of fixed asset investments while continuing to invest in strategically important assets for future growth[15] - The company will introduce a more flexible product range to cater to changing consumer preferences and behaviors[16] - The company will continue to explore new sales channels and distribution partners for its eyewear distribution business[16] - The company emphasizes its strong financial position and product development capabilities in the eyewear industry to overcome future challenges[16] Employee and Governance - The company employed approximately 3,400 staff as of September 30, 2022, with compensation linked to performance and market conditions[12] - The company has adopted a policy for board member diversity, ensuring a balanced composition of different genders and professional backgrounds[21] - The company maintains a board consisting of one female director and seven male directors as of September 30, 2022[21] Shareholding Structure - As of September 30, 2022, United Vision International Limited holds 141,533,828 shares, representing 53.86% of the company's issued share capital[104] - David Michael Webb directly holds 9,640,000 shares and indirectly holds 16,782,000 shares through Preferable Situation Assets Limited, totaling 26,422,000 shares, which is 10.05% of the issued share capital[107] - FMR LLC holds 26,277,000 shares, accounting for 9.99% of the company's issued share capital[106] - Fidelity Puritan Trust directly holds 20,999,000 shares, representing 7.99% of the issued share capital[109] - Preferable Situation Assets Limited holds 18,346,000 shares, which is 6.98% of the issued share capital[108] - Yeo Seng Chong and Lim Mee Hwa each hold 13,160,000 shares, representing 5.01% of the issued share capital[104] - As of September 30, 2022, the company has no unexercised options under the old and 2004 share option schemes[97] - The maximum number of shares that can be issued under the 2014 share option scheme is 10% of the issued share capital as of August 22, 2014[97] - The Vision Trust, established by Gu Yi Yong and Gu Jia Yong, is the ultimate beneficiary of the shares held by United Vision International Limited[100] - As of September 30, 2022, no other directors or senior executives hold any shares or related interests in the company[100]

Financial Performance - Revenue for the year ended March 31, 2022, was HKD 876,741,000, an increase of 25% compared to HKD 701,671,000 in 2021[21] - Profit attributable to owners decreased slightly to HKD 9,000,000 from HKD 10,000,000 in the previous year, primarily due to a tax credit of HKD 7,000,000 in the prior fiscal year[25] - The group's consolidated revenue increased significantly by 24.93% to HKD 877 million for the year ended March 31, 2022, compared to HKD 702 million in 2021[27] - Gross profit for the year was HKD 158,751,000, up from HKD 130,373,000, indicating a year-over-year increase of about 21.7%[164] - The net profit attributable to the company's owners was HKD 8,655,000, compared to HKD 9,508,000 in the previous year, reflecting a decrease of approximately 9%[160] - The total comprehensive income for the year was HKD 18,803,000, compared to HKD 15,099,000 in the previous year, marking an increase of approximately 24%[161] Revenue Breakdown - The ODM business's revenue distribution shows Europe and the USA as the top two markets, accounting for 49.03% and 40.44% of total ODM revenue, respectively[25] - The ODM business revenue rose by 35.71% to HKD 722 million, accounting for approximately 82.33% of the group's total revenue[27] - The group's ODM revenue in Europe and the US grew by 45.68% to HKD 354 million and by 25.32% to HKD 292 million, respectively[27] - The brand contact lens business revenue decreased by 60.87% to HKD 9 million, representing only 1% of the group's total revenue[30] Operational Efficiency - The company has made continuous efforts in streamlining operations and reducing costs, positively contributing to profitability despite challenges faced during the year[25] - The company plans to enhance production efficiency, strengthen budget control, streamline organizational structure, and optimize supplier networks and logistics processes[36] - The company aims to maintain flexible production capacity to quickly adjust operations based on market demand and mitigate potential disruptions in the global supply chain[36] Financial Position - As of March 31, 2022, the group had cash and cash equivalents of HKD 324 million and outstanding bank borrowings of approximately HKD 40 million[30] - The debt-to-equity ratio was 5.15%, indicating a stable financial position for the group[30] - The average collection period for receivables improved to 83 days, and inventory turnover period improved to 51 days during the review year[30] - The total accounts receivable amounted to HKD 199,082,000, with a credit loss provision of HKD 11,617,000 as of March 31, 2022[142] - The company's equity attributable to owners increased by 1.7% to HKD 781,485 thousand in 2022 from HKD 770,147 thousand in 2021[168] Governance and Compliance - The board of directors consists of five executive directors and three independent non-executive directors, ensuring a balanced governance structure[50] - The company has complied with all applicable corporate governance code provisions during the fiscal year ending March 31, 2022[48] - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this structure provides effective leadership[55] - The company is committed to high standards of corporate governance to enhance management and protect shareholder interests[48] Risk Management - The group continues to monitor foreign exchange risks closely, utilizing forward contracts to manage risks associated with currency fluctuations[32] - The company has established a structured risk management system with clear objectives, employing a top-down approach to identify, assess, and monitor risks[74] - No significant deficiencies were found in the company's risk management and internal control systems during the annual review conducted by the board[76] Shareholder Information - The company proposed a final special dividend of HKD 0.015 per share, amounting to approximately HKD 3,942,000[87] - The company maintains a dividend policy aimed at balancing sufficient liquidity for future development and distributing profits to shareholders[79] - The Vision Trust holds 141,533,828 shares, representing 53.86% of the issued share capital, owned by the chairman and vice-chairman[108] Investments and Assets - The group acquired properties, plants, and equipment at a cost of approximately HKD 16,838,000 to maintain existing facilities and upgrade production capabilities[93] - The carrying amounts of identified long-term assets were HKD 289,850,000 for properties, HKD 14,292,000 for plant and equipment, HKD 31,647,000 for right-of-use assets, and HKD 19,742,000 for intangible assets as of March 31, 2022[144] - The company’s financial assets measured at fair value through profit or loss increased to HKD 1,625 thousand in 2022 from zero in 2021, indicating new investment strategies[165] Employee and Stakeholder Relations - The company emphasizes the importance of maintaining long-term relationships with employees, suppliers, and customers[94] - As of March 31, 2022, the group employed approximately 3,500 staff members, with compensation based on performance, tenure, and market conditions[33] Future Outlook - The group anticipates a challenging and uncertain business environment due to the resurgence of COVID-19 and geopolitical tensions, which may lead to increased input prices and operational costs[36] - The company remains committed to creating long-term value for stakeholders and achieving sustainable growth despite the challenging business environment[37]

Financial Performance - The group's consolidated revenue for the six months ended September 30, 2021, increased significantly by 61.17% to HKD 469 million, compared to HKD 291 million in the previous year[5]. - The gross profit margin improved to 17.53%, up from 13.22% in the previous year, reflecting enhanced profitability[5]. - Total revenue for the six months ended September 30, 2021, was HKD 469,444,000, an increase from HKD 291,040,000 in the same period last year, representing a growth of 61.3%[33]. - Gross profit for the same period was HKD 82,315,000, compared to HKD 38,481,000 in the previous year, indicating a significant increase of 114.2%[33]. - The company reported a profit before tax of HKD 5,108,000, a turnaround from a loss of HKD 13,362,000 in the prior year[33]. - Net profit for the period was HKD 5,288,000, compared to a loss of HKD 12,008,000 in the same period last year[33]. - Basic earnings per share for the period was HKD 2.31, compared to a loss per share of HKD 4.59 in the previous year[35]. - The company reported a loss of HKD 12,066,000 during the period, compared to a profit in the previous year, indicating a significant change in financial performance[41]. - The loss attributable to the company's owners for the period was HKD 6,061,000, an improvement from a loss of HKD 12,066,000 in the same period last year[86]. Revenue Breakdown - The revenue from the ODM business rose by 81.02% to HKD 391 million, accounting for 83.37% of the total revenue[5]. - Revenue from the ODM business in Europe and the US grew by 69.72% to HKD 185 million and 100.00% to HKD 166 million, respectively[5]. - The brand eyewear distribution business saw a revenue increase of 19.35% to HKD 74 million, representing 15.78% of total revenue[7]. - The brand contact lens business experienced a decline of 72.73% in revenue to HKD 3 million, accounting for only 0.64% of total revenue[8]. - The group reported total revenue of HKD 469,444,000 for the six months ended September 30, 2021, with eyewear products contributing HKD 465,322,000 and contact lenses contributing HKD 3,420,000[53]. - The group’s operating segments include eyewear products, contact lenses, and trademark licensing, with the eyewear segment generating HKD 465,322,000 in external sales[59]. Financial Position - The group maintained a strong financial position with net operating cash inflow of HKD 6 million during the review period[10]. - As of September 30, 2021, the group held cash and bank balances of HKD 302 million, with outstanding bank loans of HKD 41 million[10]. - The debt-to-equity ratio was reported at 5.33%, indicating a solid financial structure[10]. - As of September 30, 2021, total assets minus current liabilities amounted to HKD 796,278,000, an increase from HKD 791,348,000 as of March 31, 2021, representing a growth of approximately 0.12%[38]. - The company's cash and cash equivalents decreased to HKD 301,833,000 from HKD 316,981,000, reflecting a decline of about 4.77%[43]. - The total equity attributable to owners of the company increased to HKD 776,243,000 from HKD 770,147,000, marking an increase of approximately 0.93%[39]. - The total liabilities increased to HKD 284,341,000 from HKD 276,241,000, reflecting a rise of approximately 2.4%[38]. Dividends and Shareholder Returns - The board declared an interim special dividend of HKD 0.015 per share, reflecting a commitment to maintaining adequate liquidity while rewarding shareholders[10]. - The company declared an interim special dividend of HKD 0.015 per share, totaling HKD 3,942,000, for the six months ended September 30, 2021[85]. - The company suspended the transfer of shares from December 21, 2021, to December 28, 2021, to facilitate the payment of the interim special dividend[110]. Employee and Management Information - The group has approximately 4,000 employees as of September 30, 2021, with compensation based on performance, tenure, and market conditions[13]. - Employee benefit expenses for the period were HKD 190,570,000, compared to HKD 125,096,000 in the previous year, reflecting a rise of 52.3%[81]. - The group’s short-term employee benefits for key management personnel increased to HKD 2,746,000 for the six months ended September 30, 2021, compared to HKD 1,192,000 for the same period in 2020[101]. Corporate Governance - The board intends to maintain the current leadership structure, with the same individual serving as both Chairman and CEO, to ensure effective governance[20]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021[22]. - The company has established a remuneration committee to provide recommendations on the compensation policies for all directors and senior management[22]. - The nomination committee is responsible for reviewing the board's structure and composition to ensure it meets the company's strategic needs[23]. - The company maintained a diverse board composition, which is believed to enhance decision-making quality[24]. - The company has adopted a policy for the nomination of directors based on integrity, expertise, and industry experience[24]. Market Outlook and Strategy - The company anticipates significant fluctuations in market demand for eyewear products due to ongoing global supply chain disruptions and rising input costs[16]. - The group will continue to enhance overall efficiency by improving production efficiency, budget control, and optimizing supplier networks and logistics processes[17]. - The production facility in Henan will be upgraded to alleviate the burden on the existing factory in Guangdong[18]. - The company plans to strengthen its e-commerce network and allow more products for online distribution to cater to the growing home economy[19]. - The company aims to introduce a more flexible range of products with customized design elements to adapt to changing consumer preferences[19]. Shareholder Information - The company’s major shareholders include United Vision International Limited, holding 141,533,828 shares, which accounts for 53.86% of the issued share capital[117]. - FMR LLC and Webb David Michael are significant shareholders, holding 26,277,000 shares (9.99%) and 26,098,000 shares (9.93%) respectively[117]. - The total number of shares available for issuance under the 2014 share option scheme was 26,277,828 shares, representing approximately 10% of the company's issued share capital[113]. - The 2014 share option scheme has a remaining term of approximately 2.9 years as of September 30, 2021[112]. - The company has not granted, exercised, canceled, or expired any share options under the share option scheme since its adoption[102]. - The total number of shares held by directors and key executives as of September 30, 2021, includes 141,533,828 shares held indirectly through trusts[116].

Financial Performance - The company's revenue for the fiscal year ending March 31, 2021, decreased by 23.13% to HKD 702 million, compared to HKD 913 million in the previous year[21]. - The profit attributable to shareholders for the fiscal year was HKD 10 million, a significant recovery from a loss of HKD 166 million in the previous year[21]. - The ODM business revenue declined by 25.39% to HKD 532 million, accounting for approximately 75.78% of the total revenue[21]. - Revenue from the brand eyewear distribution business decreased by 19.55% to HKD 144 million, representing about 20.51% of total revenue[21]. - The company reported a basic earnings per share of HKD 0.04, compared to a loss per share of HKD 0.63 in the previous year[21]. - The group's brand contact lens business revenue increased by 35.29% to HKD 23,000,000 for the year ended March 31, 2021, compared to HKD 17,000,000 in the previous year, accounting for 3.28% of the group's total revenue[24]. - The company's total operating revenue for the year ended March 31, 2021, was HKD 1,000,000 from the Jill Stuart trademark licensing business, compared to HKD 2,000,000 in the previous year[24]. - The company reported a net profit of HKD 9,508 thousand, a significant recovery from a net loss of HKD 165,819 thousand in the previous year[156]. - The total comprehensive income for the year was HKD 15,099 thousand, compared to a loss of HKD 168,128 thousand in the prior year[156]. - The company plans to continue focusing on market expansion and new product development to drive future growth[156]. Cash Flow and Financial Position - As of March 31, 2021, the group held cash and bank balances of HKD 317,000,000, with outstanding bank borrowings amounting to HKD 42,000,000[24]. - The group's net cash inflow from operating activities was HKD 44,000,000 for the year ended March 31, 2021[24]. - The capital debt ratio as of March 31, 2021, was 5.51%, indicating a stable financial position[24]. - The group maintained a strong liquidity position with net current assets of approximately HKD 404,000,000 and a current ratio of 2.5:1 as of March 31, 2021[24]. - The company reported a significant reduction in property, plant, and equipment depreciation from HKD 51,344,000 to HKD 15,741,000[167]. - The company's cash and cash equivalents at the end of the year stood at HKD 316,981,000, compared to HKD 308,806,000 at the beginning of the year[169]. - The total assets as of March 31, 2021, were HKD 770,600,000, reflecting a decrease from HKD 755,501,000 in the previous year[167]. Operational Efficiency and Strategy - The company experienced a rebound in market demand in the fourth quarter of the fiscal year, which helped improve overall revenue and operational efficiency[21]. - The company aims to streamline operations to effectively reduce fixed costs and improve overall efficiency during challenging market conditions[21]. - The company plans to enhance budget control across business units and streamline organizational structures to reduce costs and improve employee motivation[32]. - The company will continue to explore new sales channels and distribution partners, particularly strengthening its e-commerce network[33]. - A new product line with lower price points will be launched to expand the existing product range and cater to diverse consumer preferences across different regions[33]. - The company is investing in upgrading its production facilities in Henan to alleviate the burden on existing factories in Guangdong[33]. - The company aims to maintain flexible production capacity to respond to potential market demand fluctuations in the fiscal year 2021/22[32]. Governance and Compliance - The board of directors consists of five executive directors and four independent non-executive directors, ensuring a balanced governance structure[44]. - The company has complied with all applicable corporate governance code provisions during the fiscal year ending March 31, 2021[42]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this structure provides effective leadership[49]. - The company has a policy for the rotation and re-election of directors, with specific terms outlined in the company’s articles of association[51]. - The independent non-executive directors possess appropriate professional accounting qualifications and financial management knowledge[44]. - The company has adopted a policy on board diversity, ensuring a balanced and diverse composition of the board to enhance decision-making quality[63]. - The board is responsible for overseeing the company's financial performance and compliance with applicable laws and regulations[47]. Risk Management - The risk management system has a structured framework and employs a top-down approach to identify, assess, and monitor risks, with regular evaluations conducted by various departments[70]. - No significant deficiencies were found in the risk management and internal control systems as of March 31, 2021, and appropriate measures will be taken to address identified areas for improvement[71]. - The group identified key risks including market risk, credit risk, and liquidity risk, detailed in the financial statements[85]. Shareholder Information - The board has proposed a special dividend of HKD 1.5 per share, expected to be paid around September 14, 2021[24]. - The company proposed a final special dividend of HKD 0.015 per share, amounting to approximately HKD 3,942,000[83]. - Major shareholders include United Vision International Limited and Marshvale Investment Limited, each holding 143,033,828 shares, representing 54.43% of the total issued shares[114]. - The company has adopted a new share option plan in 2014, allowing for the issuance of up to 10% of the total issued share capital[107]. - The independent non-executive directors confirmed their independence according to the listing rules[120]. Audit and Financial Reporting - The independent auditor, Deloitte, has audited the consolidated financial statements and found them to be true and fair[135]. - The board of directors is responsible for preparing the consolidated financial statements in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance, ensuring no material misstatements due to fraud or error[146]. - The auditor identifies and assesses risks of material misstatement in the financial statements and designs audit procedures to address those risks[149]. - The audit report is issued by Deloitte, with the audit partner being a certified public accountant, Hu Jia Ming[154].

Financial Performance - The group's consolidated revenue decreased significantly by 40.81% to HKD 291 million for the six months ended September 30, 2020, compared to HKD 492 million in the same period last year[6]. - The gross profit margin fell to 13.22%, down from 18.77% in the previous year, indicating a substantial decline in profitability[6]. - The ODM business revenue dropped by 43.90% to HKD 216 million, accounting for 74.23% of the group's total revenue[7]. - The brand eyewear distribution business revenue decreased by 35.42% to HKD 62 million, representing 21.31% of the total revenue[8]. - The brand contact lenses business revenue increased by 37.50% to HKD 11 million, making up 3.78% of the total revenue[9]. - The company reported a loss of HKD 12,008,000 for the period, compared to a loss of HKD 8,395,000 in the previous year, indicating a 42.5% increase in losses[36]. - Gross profit for the period was HKD 38,481,000, down 58.3% from HKD 92,277,000 in the prior year[38]. - Basic loss per share was HKD 4.59, compared to HKD 3.27 in the previous year, reflecting a 40.2% increase in loss per share[42]. - The company reported a loss before tax of HKD 13,362,000 for the six months ended September 30, 2020[65]. - The company reported a basic loss attributable to shareholders of HKD 12,066,000 for the six months ended September 30, 2020, compared to a loss of HKD 8,592,000 for the same period in 2019[85]. Cash Flow and Financial Position - The group maintained a healthy financial position with a net operating cash inflow of HKD 56 million and cash and bank balances of HKD 347 million as of September 30, 2020[11]. - The debt-to-equity ratio was reported at 5.83%, indicating a reasonable level of leverage for the group[11]. - The average collection period for receivables increased from 89 days to 96 days, reflecting a slight slowdown in cash collection[12]. - The inventory turnover period increased from 58 days to 81 days, necessitating closer monitoring of inventory usage[12]. - The company's cash and cash equivalents increased to HKD 347,088,000 from HKD 308,806,000, representing a growth of 12.3%[45]. - Total liabilities decreased to HKD 237,662,000 from HKD 251,993,000, a reduction of 5.7%[45]. - The equity attributable to owners of the company was HKD 746,102,000, down from HKD 755,085,000, indicating a decrease of 1.5%[47]. - For the six months ended September 30, 2020, the net cash generated from operating activities was HKD 56,430,000, compared to HKD 24,358,000 for the same period in 2019, representing an increase of 132.4%[51]. - The total cash and cash equivalents at the end of the period were HKD 347,088,000, an increase from HKD 323,693,000 in the previous year, reflecting a growth of 7.2%[51]. Market Environment and Business Strategy - The business environment is expected to remain challenging and uncertain, with ongoing risks related to new COVID-19 outbreaks and consumer confidence recovery anticipated to be a long process[19]. - Despite signs of stronger customer orders in the second half of the fiscal year, the company anticipates high volatility in future demand for eyewear products[19]. - The company plans to enhance its e-commerce infrastructure and collaborate with strategic partners to expand online sales, particularly in emerging markets like China and India[21]. - The company aims to diversify its product range with affordable, tailored designs for key market segments in response to changing consumer preferences[21]. - The board emphasizes maintaining financial strength and long-term competitiveness while navigating short-term profitability pressures[21]. Corporate Governance and Shareholder Information - The company has established various committees, including an audit committee, to enhance corporate governance and ensure compliance with regulations[22][23][24][25]. - The board is committed to maintaining a diverse composition to enhance decision-making quality and align with the company's long-term goals[26]. - As of September 30, 2020, major shareholders hold 54.43% of the company's issued share capital, with specific individuals holding significant stakes[114]. - United Vision International Limited, Marshvale Investments Limited, HSBC International Trustee Limited, and Gu Li Hua collectively own 143,033,828 shares, representing 54.43% of the company's issued share capital[117]. - FMR LLC holds 26,277,000 shares, accounting for 9.99% of the company's issued share capital[119]. - David Michael Webb owns 26,098,000 shares, which is 9.93% of the company's issued share capital[122]. - Fidelity Puritan Trust directly holds 20,999,000 shares, representing 7.99% of the company's issued share capital[119]. - Preferable Situation Assets Limited, owned by David Michael Webb, holds 18,346,000 shares, which is 6.98% of the company's issued share capital[119]. - No other individuals were recorded as major shareholders as of September 30, 2020, according to the securities and futures regulations[124]. Impairment and Asset Management - The company recognized impairment losses of HKD 112,000,000 for properties, plants, and equipment, and HKD 18,000,000 for right-of-use assets as of March 31, 2020[60]. - Cumulative impairment losses for properties, plants, and equipment, and right-of-use assets as of September 30, 2020, were HKD 112,000,000 and HKD 18,000,000, respectively[60]. - The company did not recognize additional impairment losses for identified long-term assets during the reporting period[60]. - The overall economic environment and travel restrictions due to Covid-19 negatively affected the company's operations and customer order delays[59]. Revenue Breakdown - Total revenue for the six months ended September 30, 2020, was HKD 291,040,000, a decrease of 40.9% compared to HKD 491,724,000 for the same period in 2019[74]. - Revenue from eyewear products was HKD 278,168,000, a decrease of 42.2% compared to HKD 480,946,000 for the same period in 2019[62]. - Revenue from contact lenses increased to HKD 11,134,000, up 32.8% from HKD 8,395,000 in the previous year[62]. - Revenue from Hong Kong decreased to HKD 18,263,000 from HKD 24,387,000, representing a decline of 25.5%[74]. - Revenue from China decreased to HKD 43,414,000 from HKD 49,264,000, a decline of 11.9%[74]. - Revenue from Italy significantly decreased to HKD 100,776,000 from HKD 172,075,000, a drop of 41.5%[74]. - Revenue from the United States decreased to HKD 84,082,000 from HKD 156,881,000, a decline of 46.5%[74].

Financial Performance - The company reported a significant revenue decline of 25.42% to HKD 913 million for the fiscal year ending March 31, 2020, compared to HKD 1,224 million in the previous year[14]. - The net loss attributable to shareholders for the same period was approximately HKD 166 million, resulting in a loss per share of HKD 0.63[17]. - The company's ODM business revenue decreased by 29.39% to HKD 282 million, down from HKD 370 million in the previous year[17]. - The gross profit for the same period was HKD 160.518 million, down 39.3% from HKD 264.650 million in the previous year[127]. - The company reported a loss before tax of HKD 165.740 million, compared to a profit of HKD 84.749 million in 2019[127]. - The net loss for the year was HKD 165.819 million, a significant decline from a profit of HKD 72.519 million in the prior year[127]. - Basic loss per share was HKD 0.63, compared to earnings of HKD 0.27 per share in the previous year[127]. - The cost of sales decreased to HKD 752.269 million from HKD 959.267 million, reflecting a reduction of 21.6%[127]. - Administrative expenses were reduced to HKD 144.798 million from HKD 156.956 million, a decrease of 7.7%[127]. - The company recognized impairment losses of HKD 112 million on property, plant, and equipment, which was not present in the previous year[127]. Operational Challenges - The company faced challenges due to the COVID-19 pandemic, which led to temporary factory shutdowns in China and delayed shipments to customers[17]. - The business environment for the fiscal year 2020/21 is expected to be extremely challenging due to the ongoing impact of the coronavirus pandemic[22]. - The ongoing trade tensions between the US and China are expected to hinder market demand and impact supply chains[23]. - The company anticipates significant fluctuations in product demand in the coming months[23]. Financial Position - The group's bank balance stood at HKD 309 million, with outstanding bank loans amounting to HKD 45 million[20]. - The capital debt ratio was 5.90% as of March 31, 2020, with net current assets of approximately HKD 405 million and a current ratio of 2.6:1[20]. - The group recorded a net operating cash inflow of HKD 51 million during the fiscal year[20]. - The company's equity attributable to owners decreased from HKD 953,417,000 to HKD 755,085,000, a decline of approximately 20.8%[129]. - The company’s cash and cash equivalents decreased from HKD 358,768,000 to HKD 308,806,000, a decline of about 13.9%[128]. - The company reported a net cash outflow of HKD 49,123,000 for the year ended March 31, 2020, compared to HKD 31,733,000 in the previous year, indicating a 54.7% increase in cash outflow[132]. Strategic Initiatives - The company is focusing on innovation and product development to enhance user experience and market appeal[8]. - The management highlighted the importance of maintaining operational efficiency through continuous improvement in manufacturing processes[12]. - The company is committed to creating a seamless integration into customers' supply chains to support their success[9]. - The group plans to maintain sufficient liquidity to navigate future uncertainties while balancing profit distribution to shareholders[22]. - The group plans to tighten accounts receivable and inventory controls to maximize cash flow generated from operations[23]. - The establishment of a new production facility in Vietnam is expected to diversify the company's supply outside of Southern China[23]. - The company has secured exclusive distribution rights for Kenzo eyewear products, enhancing its product portfolio[23]. - The group aims to optimize its cost structure by outsourcing non-core services and improving labor efficiency[23]. Governance and Compliance - The board consists of four executive directors and three independent non-executive directors, with independent directors accounting for at least one-third of the board[30]. - All independent non-executive directors have confirmed their independence according to the listing rules[30]. - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period[28]. - The chairman and CEO roles are held by the same individual, which deviates from the corporate governance code, but the board believes this structure provides effective leadership[34]. - The board held four meetings during the reporting period, with full attendance from all directors[31]. - The company has established a remuneration committee to propose policies and procedures for the remuneration of all directors and senior management[39]. - The company has a policy for continuous professional development for all directors to enhance their knowledge and skills[37]. Risk Management - The group identified key risks including market risk, credit risk, and liquidity risk, which may impact its operational and financial conditions[65]. - The risk management system is structured and aims to identify, assess, and respond to risks, with regular evaluations conducted by various departments[53]. - The audit committee reviewed the group's interim and annual reports, providing recommendations to the board regarding risk management and internal controls[42]. - The group continues to monitor foreign exchange risks closely and utilizes forward contracts to manage potential currency fluctuations[22]. Shareholder Information - The group paid an interim dividend of HKD 0.015 per share, totaling approximately HKD 3,942,000.00[63]. - The board did not recommend the payment of a final dividend for the year ending March 31, 2020[63]. - The group maintains a shareholder communication policy to ensure effective information dissemination to shareholders and investors[56]. - The top five customers accounted for approximately 67.69% of the total sales, with the largest customer representing about 20.72% of total sales[70]. Accounting and Financial Reporting - The financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[162]. - The group recognizes revenue from customer contracts when control of goods or services is transferred to customers[170]. - The group applies the equity method for investments in joint ventures, recognizing its share of profits or losses and other comprehensive income[169]. - The group recognizes rental income from operating leases on a straight-line basis over the lease term[195]. - The company has adopted new Hong Kong Financial Reporting Standards, which will be effective from April 1, 2020, and is not expected to have a significant impact on the financial position and performance[159].