Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 408,829,000, an increase from HKD 351,306,000 for the same period last year, representing a growth of approximately 16.4%[5] - Gross profit for the same period was HKD 52,669,000, compared to HKD 51,013,000 in the previous year, indicating a slight increase of 3.2%[5] - The company reported a loss attributable to owners of HKD 11,308,000 for the six months ended September 30, 2024, compared to a loss of HKD 2,289,000 in the prior year, reflecting a significant increase in losses[5] - The company reported a pre-tax loss of HKD 15,805,000 for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 4,623,000 in the same period last year[23][28] - Basic loss per share attributable to the owners of the company was HKD (11,308,000) for the current period, compared to HKD (2,289,000) in the previous period[42] - The company recorded a loss attributable to shareholders of HKD 11 million, compared to a loss of HKD 2 million in the previous year[51] Assets and Liabilities - The total assets as of September 30, 2024, were HKD 676,961,000, a decrease from HKD 684,613,000 as of March 31, 2024[7] - Current assets increased to HKD 327,166,000 from HKD 342,139,000, indicating a decrease in liquidity[7] - The company’s cash and cash equivalents decreased to HKD 197,236,000 from HKD 274,529,000, showing a decline of approximately 28.1%[7] - The accounts receivable increased to HKD 224,252 thousand from HKD 159,933 thousand, with overdue accounts over 90 days rising to HKD 7,775 thousand[45] - The accounts payable increased to HKD 141,672 thousand from HKD 111,768 thousand, with overdue accounts over 90 days rising to HKD 3,541 thousand[47] - The net asset value decreased from HKD 670 million to HKD 661 million over the reporting period[57] Revenue Sources - The company recognized revenue from eyewear products amounting to HKD 408,127,000, with no revenue from other categories for the six months ended September 30, 2024[16] - Eyewear product revenue for the six months ended September 30, 2024, was HKD 350,604,000, while total revenue including licensing income reached HKD 351,306,000[25] - The external sales for eyewear products increased to HKD 408,127,000, compared to HKD 350,604,000 in the previous period, reflecting a growth of approximately 16.4%[20] - The ODM business revenue rose by 29.15% to HKD 319 million, accounting for 78% of the total revenue[52] Costs and Expenses - The total administrative costs for the period were HKD 5,076,000, with financing costs amounting to HKD 987,000[22] - The financing costs for the period were HKD 987,000, slightly higher than HKD 898,000 in the previous year[5] - The gross profit margin decreased to 12.88% from 14.52% due to intense industry competition leading to price reductions[51] - The company reported a net impairment loss on accounts receivable of HKD 166,000, down from HKD 349,000 in the previous year, indicating improved receivables management[5] Dividends - The company declared a special dividend of HKD 0.015 per share, totaling HKD 3,942,000 for the period ending March 31, 2024[41] - The company has not proposed an interim special dividend for the six months ending September 30, 2024[41] - The company did not declare any interim special dividend or interim dividend for the six months ending September 30, 2024[50] - The company will not declare any interim special dividend or interim dividend for the six months ending September 30, 2024, compared to an interim special dividend of HKD 0.015 per share in 2023[58] Operational Challenges and Strategies - The company anticipates a challenging business environment due to geopolitical tensions and inflation, which will likely lead to volatile market demand for eyewear products[61] - The company plans to enhance overall efficiency by improving production efficiency, strengthening budget control, and optimizing the supply chain and logistics processes[62] - The company will continue to explore new sales channels and distribution partnerships for its eyewear distribution business[63] - The company aims to diversify its product range by introducing more flexible pricing tiers and incorporating more design and customization elements into its products[63] - The company is committed to maintaining a strong financial position to overcome future challenges and create long-term value for stakeholders[63] - The company will carefully manage fixed asset investments and continue to invest in strategically important assets for future growth[62] - The company’s production line in Vietnam is expected to enhance product supply stability and diversification[62] - The company will review its brand portfolio and leverage opportunities to enrich it with new brands that have strong potential[63] Governance and Compliance - The company’s audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024[67] - The company has established a Nomination Committee, which includes all independent non-executive directors, to review the board's structure and make recommendations for changes aligned with corporate strategy[70] - The Nomination Committee considers candidates' integrity, professional knowledge, industry experience, and commitment to the group's business when recommending or selecting candidates for the board[71] - The company has adopted a diversity policy for board members, ensuring a balanced composition that includes different genders, professional backgrounds, and industry experiences[72] - As of September 30, 2024, the board consists of one female director and seven male directors, maintaining a diverse composition[72] - The company has adopted the standard code of conduct for directors' securities transactions, confirming compliance with the regulations as of September 30, 2024[74] - During the review period, the company or its subsidiaries did not purchase, sell, or redeem any listed securities[75] Acknowledgments - The company expresses gratitude to customers for their support during the period and acknowledges the efforts of shareholders, employees, suppliers, and banks[76] - The board is composed of five executive directors and three independent non-executive directors as of November 29, 2024[77]

Financial Performance - The company's consolidated revenue for the year ended March 31, 2024, was approximately HKD 702 million, a slight decrease from HKD 705 million in 2023[10]. - The company reported a loss attributable to owners of HKD 28 million for the year, an improvement from a loss of HKD 31 million in 2023[10]. - The gross profit margin decreased to 10.67% from 15.49% in the previous year, primarily due to intense competition leading to price reductions[10]. - ODM business revenue decreased by 6.53% to HKD 515 million, accounting for 73.36% of total revenue, with significant declines in Europe and the US[11]. - Revenue from the brand eyewear distribution business increased by 22.52% to HKD 185 million, benefiting from economic rebounds in several Asian countries[12]. - The company anticipates a challenging business environment due to high inflation and interest rates, with unstable market demand for eyewear products expected in the short term[21]. - 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 worsening financial performance[137]. - Net loss attributable to shareholders for the year was HKD 28,365,000, a reduction from HKD 30,558,000 in the prior year[137]. - Total assets decreased to HKD 1,246,954,000 from HKD 1,345,136,000, reflecting a decline in overall asset value[138][139]. - Current assets decreased to HKD 563,481,000 from HKD 612,410,000, indicating a reduction in liquidity[138]. - The company's cash and cash equivalents decreased to HKD 274,529,000 from HKD 328,760,000, showing a decline in cash reserves[138]. - Total equity decreased to HKD 670,395,000 from HKD 722,369,000, reflecting a decrease in shareholder value[139]. Cash Flow and Investments - The company held cash and bank balances of HKD 275 million as of March 31, 2024, with bank borrowings of approximately HKD 36 million[14]. - The company invested HKD 11,205,000 in property, plant, and equipment, up from HKD 9,163,000 in the previous year, reflecting ongoing capital expenditures[142]. - The company incurred a loss of HKD 2,001,000 from joint ventures, which was not present in the previous year[141]. - The financing activities resulted in a cash outflow of HKD 20,768,000, slightly lower than the outflow of HKD 22,072,000 in the previous year[142]. - The company paid dividends of HKD 7,884,000, consistent with the previous year[142]. Corporate Governance - The board consists of five executive directors and three independent non-executive directors, with independent directors accounting for at least one-third of the board[32]. - The company has adhered to all applicable corporate governance code provisions during the fiscal year ending March 31, 2024[30]. - 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[36]. - The board held four meetings during the fiscal year, with all directors attending all meetings[33]. - The company has established mechanisms to ensure the independence of the board, including annual reviews and independent professional advice[34]. - The company is committed to maintaining high standards of corporate governance to enhance management and protect shareholder interests[30]. - The board is responsible for formulating company policies and overall strategies while effectively overseeing business management[34]. - The company plans to maintain the current board structure while regularly reviewing its effectiveness to ensure a balance of power[36]. Risk Management - The company has established a structured risk management system to identify, assess, and report risks, ensuring effective internal controls[53]. - The group identified key risks including market risk, credit risk, and liquidity risk, which could impact its operational and financial status[68]. - The company closely monitors foreign exchange risks and utilizes forward contracts to manage risks associated with currency fluctuations[17]. - The risk management system includes regular assessments and action plans for identified risks, ensuring ongoing monitoring and improvement[56]. - No significant deficiencies were found in the risk management and internal control systems during the annual review conducted by the board[54]. Employee and Stakeholder Engagement - The group has approximately 3,200 employees as of March 31, 2024, with compensation based on individual performance and overall business results[18]. - The company emphasizes maintaining diversity and equal opportunity in its employee recruitment process[50]. - The company encourages employees to report any suspected illegal activities or corruption, ensuring anonymity and protection for whistleblowers[59]. - The group is committed to creating long-term value for stakeholders despite the anticipated challenges in the business environment[23]. Shareholder Information - The company plans to declare a special final dividend of HKD 0.015 per share for the year ended March 31, 2024[15]. - The group proposed a final special dividend of HKD 0.015 per share, amounting to approximately HKD 3,942,000[66]. - Major shareholders include United Vision International Limited, Marshvale Investments Limited, and HSBC International Trustee Limited, each holding 141,533,828 shares, representing 53.86% of the issued share capital[98]. - The company has a total of 141,533,828 shares held by The Vision Trust, representing 53.86% of the issued share capital, owned by directors Gu Yiyong and Gu Jiayong[81]. Accounting and Financial Reporting - The consolidated financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[158]. - The group assesses control over subsidiaries based on three elements, and will reevaluate if any of these elements change[160]. - Revenue from customer contracts is recognized when control of goods or services is transferred to the customer[167]. - The group recognizes revenue from transferred products based on the expected consideration amount, excluding anticipated returns or exchanges[172]. - The group will cease to recognize assets and liabilities of a subsidiary when control is lost, with any resulting gains or losses recorded in profit or loss[162]. - The group evaluates for objective evidence of impairment in joint ventures, conducting impairment tests as necessary[166]. - The group recognizes gains or losses on the sale or disposal of property, plant, and equipment based on the difference between the sale proceeds and the carrying amount of the asset[194].

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].