今年以来该股累计进行9次回购，合计回购623.20万股，累计回购金额5872.02万港元。（数据宝） VITASOY INT'L回购明细 证券时报·数据宝统计，VITASOYINT'L在港交所公告显示，4月7日以每股9.000港元至9.300港元的价格 回购200.00万股，回购金额达1827.12万港元。该股当日收盘价9.040港元，下跌11.02%，全天成交额 5708.97万港元。 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.04.07 | 200.00 | 9.300 | 9.000 | 1827.12 | | 2025.03.31 | 0.60 | 10.000 | 10.000 | 6.00 | | 2025.03.24 | 89.60 | 9.950 | 9.570 | 884.19 | | 2025.03.21 | 131.60 | 9.900 | 9.360 | 1260.64 | | 2025.03.20 | 70.40 | 9.700 | 9.65 ...

Revenue and Profit Growth - Revenue growth of 2% and a strong 50% increase in profit from operations during the interim period[2][12] - Revenue increased by 2% to HK$3,443 million (previous interim period: HK$3,391 million)[27] - Operating profit surged by 50% to HK$257 million (previous interim period: HK$171 million)[31] - Profit before taxation increased by 52% to HK$240 million (previous interim period: HK$158 million)[32] - Profit for the period attributable to equity shareholders increased by 5% to HK$171 million (previous interim period: HK$163 million)[34] - Profit for the period increased to $175,735 thousand in 2024, up from $166,348 thousand in 2023[129] - Total comprehensive income for the period rose to $230,318 thousand in 2024 from $46,085 thousand in 2023[129] - Equity shareholders of the Company saw their attributable comprehensive income increase to $221,946 thousand in 2024 from $49,232 thousand in 2023[129] - Revenue for the six months ended 30th September 2024 increased to HKD 3,443,462,000, up 1.5% from HKD 3,391,171,000 in the same period last year[125] - Profit from operations grew significantly to HKD 256,948,000, up 50.2% from HKD 171,037,000 in 2023[125] - Profit for the period attributable to equity shareholders of the company increased to HKD 170,515,000, a 4.8% rise from HKD 162,681,000 in 2023[125] - Total comprehensive income for the six months ended 30th September 2024 was HKD 230,358 thousand[140] Gross Profit and Margin - Gross profit margin rose to 51.6% in Hong Kong Dollar terms, driven by lower commodity prices and production optimization[12] - Gross profit increased by 4% to HK$1,777 million, with gross profit margin rising to 51.6% (previous interim period: 50.5%)[27] - Gross profit rose to HKD 1,777,085,000, a 3.8% increase compared to HKD 1,711,679,000 in the previous year[125] Regional Performance - Mainland China operations saw a 15% increase in operating profit, achieving an 11% operating margin[13] - Hong Kong Operation (including Hong Kong SAR, Macau SAR, and Exports) increased revenues by 3% and operating profit by 44%, achieving a 14% operating margin[17] - Australia and New Zealand restored revenue growth by 7%, though an operating loss of HK$46 million was recorded due to manufacturing issues, now resolved[18] - Singapore recorded revenue and profitability improvements due to rising demand for export tofu[19] - Mainland China operations saw a 16% growth in profit from operations in local currency terms, with an 11% operating profit margin, driven by improved manufacturing efficiency and cost control[55] - Revenue from external customers in Mainland China was RMB 1,803 million, nearly unchanged from RMB 1,798 million in the previous year, while profit from operations increased to RMB 201 million, up 16%[56] - Operating profit in Mainland China increased by 16% in local currency, with an operating profit margin of 11%, driven by improved production efficiency and strict cost control[57] - Hong Kong operations achieved a 3% revenue growth to HK$1,156 million, with operating profit surging 44% to HK$159 million, supported by strong core business and innovative product acceptance[60][63] - Australia and New Zealand revenue grew 6% in local currency to AUD 53 million, but operating loss widened to HK$46 million due to manufacturing issues and higher logistics costs[66][67][69] - Singapore revenue increased 5% in local currency to SGD 9.53 million, with operating loss reduced by 78% to SGD 0.36 million, driven by strong tofu export performance and cost controls[75][77] - Revenue from external customers in Mainland China for the six months ended 30th September 2024 was HK$1,958,184 thousand, compared to HK$1,962,039 thousand in the same period in 2023[172] - Hong Kong operations generated HK$1,156,030 thousand in revenue from external customers for the six months ended 30th September 2024, up from HK$1,121,299 thousand in 2023[172] - Australia and New Zealand segment reported a loss from operations of HK$45,508 thousand for the six months ended 30th September 2024, compared to a loss of HK$33,020 thousand in 2023[172] Financial Position and Cash Flow - Total assets increased by 8% to HK$6,084 million, and net cash balance surged by 401% to HK$557 million[9] - Cash and bank deposits increased to HK$1,341 million as of 30th September 2024, up from HK$794 million on 31st March 2024, with 62% in HKD, 29% in RMB, 4% in AUD, and 3% in USD[42] - Net cash balance improved to HK$557 million as of 30th September 2024, compared to HK$111 million on 31st March 2024[42] - Debt increased to HK$783 million as of 30th September 2024, up from HK$684 million on 31st March 2024, with bank borrowings at HK$405 million, bills payable at HK$98 million, and lease liabilities at HK$280 million[42] - Gearing ratio rose to 25% as of 30th September 2024, up from 23% on 31st March 2024, and excluding lease liabilities, the gearing ratio was 16%[42] - Return on capital employed (ROCE) for the interim period was 14%, up from 13% in the previous interim period[42] - Capital expenditure increased to HK$45 million during the interim period, up from HK$35 million in the previous interim period, driven by investments in production line maintenance and upgrades[42] - Net cash generated from operating activities for the six months ended 30th September 2024 was HKD 584,856 thousand, compared to HKD 551,330 thousand in the same period last year[143] - Net cash generated from investing activities for the six months ended 30th September 2024 was HKD 111,414 thousand, compared to a net cash used of HKD 50,962 thousand in the same period last year[143] - Net cash used in financing activities for the six months ended 30th September 2024 was HKD 7,705 thousand, a significant improvement from HKD 339,389 thousand in the same period last year[143] - Cash and cash equivalents at 30th September 2024 increased to HKD 1,339,200 thousand from HKD 642,954 thousand at 1st April 2024[145] - Dividends paid to equity shareholders of the Company for the six months ended 30th September 2024 were HKD 67,384 thousand, compared to HKD 14,975 thousand in the same period last year[143] - Payment for purchase of property, plant and equipment for the six months ended 30th September 2024 was HKD 57,117 thousand, a decrease from HKD 60,608 thousand in the same period last year[143] - Proceeds from new bank loans for the six months ended 30th September 2024 were HKD 309,823 thousand, compared to HKD 15,660 thousand in the same period last year[143] - Repayment of bank loans for the six months ended 30th September 2024 was HKD 172,640 thousand, compared to HKD 283,008 thousand in the same period last year[143] Earnings and Dividends - Basic earnings per share increased by 5% to HK$15.9 cents, and dividend per ordinary share surged by 186% to HK$4.0 cents[9] - Interim dividend declared at HK4.0 cents per ordinary share, up from HK1.4 cents in the previous interim period[21] - Basic earnings per share increased to 15.9 cents, up from 15.2 cents in the previous year[125] - Final dividend approved for the previous year was HKD 15,017,000[137] - Interim dividend declared for the current year was HKD 15,004,000[137] Strategic Initiatives and Future Outlook - The Group aims to sustain revenue growth and maintain profitability after the summer peak season in the second half of the financial year[2][12] - The company plans to sustain revenue growth and maintain profitability post-summer peak season, focusing on execution, expansion, innovation, and cost management[76][78] - In Mainland China, the company aims to improve commercialization and execution of core products, while acquiring new customers through growing channels[82][87] - Hong Kong operations will leverage market leadership and emphasize product innovation to strengthen brand awareness and equity[83][88] - Australia and New Zealand will focus on sustaining revenue growth through new marketing campaigns and improving profitability in the second half of the financial year[84][89] - Singapore will continue to build momentum in the tofu segment and strengthen collaboration with the new distributor to restore beverage profitability[85][90] - The Philippines joint venture will maintain growth in single-serve and multi-serve segments, while raising awareness of plant-based beverages to increase market share[86] - The joint venture with Universal Robina Corporation in the Philippines will maintain growth in the single-serve and family-size product segments, while increasing awareness of plant-based beverages and promoting trial of new almond and oat milk series to boost market share[91] Employee Engagement and Development - Vitasoy organized 8 Leadership Lounge sessions with 160 participants in the first six months of the 2024/2025 financial year to improve employee engagement[93] - Employees spent approximately 55,854 hours in learning and development activities during the first six months of the 2024/2025 financial year[96] - As of September 30, 2024, Vitasoy had 6,067 employees worldwide with a female-to-male ratio of 48% and a lost-time injury rate of 0.71[100] Community and Sustainability Initiatives - The community care program in mainland China distributed over 4 million packs of Vitasoy Low Sugar Soybean Milk and benefited around 7,000 rural children in 49 primary schools since its launch in December 2021[108] - Vitasoy partnered with the Guangdong Nutrition Society to promote plant-based nutrition and healthy lifestyles during the tenth National Nutrition Week in May 2024[109] - The Beverage Carton Mobile Education Centre engaged with more than 13,800 visitors in Hong Kong SAR from January to April 2024 to promote clean carton recycling and the circular economy[110] - Over 2,000 students aged 6 to 12 from more than 70 schools and organizations visited Vitasoy headquarters in the summer of 2024 to learn about nutrition and beverage manufacturing processes[111] - The company distributed over 4 million boxes of low-sugar soy milk to 7,000 rural children across 7 provinces in China as part of its "Promoting Reasonable Diets, Supporting Rural Revitalization" initiative[112] - In the Philippines, the company distributed Vitasoy Plus Milky Almond to over 36,000 individuals in malnourished communities through its partnership with Scholars of Sustenance Philippines[119] - In Australia, the company continued its partnership with the Mulloon Institute for regenerative agriculture research, aiming to restore thousands of hectares of farmland[117] - In Singapore, the company partnered with Raffles Hospital to promote heart health and plant-based lifestyles during World Heart Day[118] - The company sponsored cultural and sports-related activities, including the AAPI Heritage Reception in New York and charity games in Toronto, to support community health and youth development[120] - The company expects to continue its sustainability glide path, with KPIs focused on product and packaging improvements and energy reduction, to be published in the 2024/2025 Sustainability Report[45] Financial Statements and Reporting - The interim financial report was authorized for issue on 26th November 2024 and has been reviewed by KPMG[149] - The interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[155] - The financial data for the fiscal year ending March 31, 2024, is extracted from the annual financial statements and does not constitute the statutory annual financial statements[156] - The financial statements for the year ended March 31, 2024, have been delivered to the Registrar of Companies as required by the Companies Ordinance[157] - The auditor's report on the financial statements was unqualified and did not include any emphasis of matter or statements under sections 406(2), 407(2), or (3) of the Companies Ordinance[158] - The interim financial report is prepared using the same accounting policies as the FY2023/2024 annual financial statements, with changes expected to be reflected in the FY2024/2025 annual financial statements[159] - Amendments to HKAS 1, HKFRS 16, and HKAS 7/HKFRS 7 have been issued by HKICPA and are effective for the current accounting period, but none have had a material effect on the Group's results or financial position[160] Segment Reporting - The Group manages its business by geographical entities and reports four segments: Mainland China, Hong Kong (including Macau and exports), Australia and New Zealand, and Singapore[164] - Segment assets include tangible assets, intangible assets, and current assets, excluding joint venture interests, deferred tax assets, current tax recoverable, and unallocated head office and corporate assets[166] - Segment liabilities include trade creditors, bills payable, bank loans, lease liabilities, and other liabilities managed directly by the segments, excluding employee retirement benefit liabilities, deferred tax liabilities, current tax payable, and unallocated head office and corporate liabilities[166] - Segment profit is reported as "profit from operations," adjusted for items not attributed to individual segments, such as finance costs, integration expenses, and unallocated head office and corporate expenses[167] - Total reportable segment revenue for the six months ended 30th September 2024 was HK$3,536,800 thousand, a slight increase from HK$3,490,702 thousand in 2023[175] - Consolidated revenue for the six months ended 30th September 2024 was HK$3,443,462 thousand, compared to HK$3,391,171 thousand in 2023[175] - Reportable segment profit from operations increased to HK$330,144 thousand for the six months ended 30th September 2024, up from HK$257,530 thousand in 2023[176] - Consolidated profit before taxation for the six months ended 30th September 2024 was HK$240,077 thousand, compared to HK$157,600 thousand in 2023[176] - Total reportable segment assets as of 30th September 2024 were HK$7,656,171 thousand, up from HK$7,354,554 thousand as of 31st March 2024[180] - Total reportable segment liabilities as of 30th September 2024 were HK$3,308,097 thousand, down from HK$3,442,395 thousand as of 31st March 2024[188] - Consolidated total assets as of 30th September 2024 were HK$6,084,269 thousand, compared to HK$5,636,695 thousand as of 31st March 2024[185] - Consolidated total liabilities increased to HKD 2,806,842,000 from HKD 2,524,058,000, reflecting a growth of approximately 11.2%[194] Financial Costs and Expenses - Finance costs for bank loans decreased to HKD 6,735,000 from HKD 10,510,000, a reduction of 35.9%[196] - Interest on lease liabilities increased significantly to HKD 10,136,000 from HKD 2,927,000, a rise of 246.4%[196] - Interest income rose to HKD 17,424,000 from HKD 8,877,000, marking an increase of 96.3%[197] - Government grants decreased to HKD 2,734,000 from HKD 18,890,000, a decline of 85.5%[197] - Depreciation of right-of-use assets increased to HKD 56,198,000 from HKD 49,697,000, up by 13.1%[197] - Cost of inventories slightly decreased to HKD 1,672,946,000 from HKD 1,685,409,000, a reduction of 0.7%[197] - Recognition of write down of inventories increased to HKD 16,731,000 from HKD 9,873,000, a rise of 69.5%[199] Assets and Liabilities - Non-current assets decreased to $3,228,393 thousand in 2024 from $3,389,625 thousand in 2023[132] - Current assets increased to $2,855,876 thousand in 2024 from $2,247,070 thousand in 2023[132] - Net current assets improved significantly to $426,069 thousand in 2024 from $21,694 thousand in 2023[132] - Total assets less current liabilities rose to $3,654,462 thousand in 2024 from $3,411,319 thousand in 2023[132] - Net assets increased to $3,277,427 thousand in 2024 from $3,112,637 thousand in 2023[134] - Total equity attributable to equity shareholders of the Company grew to $3,162,688 thousand in 2024 from $3,004,560 thousand in 2023[134] - Total equity increased to HKD 3,148,498,000 as of 30th September 2023, up from HKD 3,100,590,000 at the beginning of the period[137] - Retained profits for the period ended 30th September 2023 were HKD 2,196,332,000, reflecting a significant increase from the previous period[137] - Non-controlling interests decreased to HKD 109,893,000 as of 30th September 2023, down from HKD 115,875,000 at the start of the period[137] - Total comprehensive income for the six months ended 30th September 2023 was HKD 46,085,000

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 3,443 million, representing a 2% increase from HKD 3,391 million in the same period last year[2]. - Gross profit increased to HKD 1,777 million, up 4% from HKD 1,712 million, with a gross margin of 51.6%, an increase of 1.1 percentage points[2]. - Operating profit surged by 50% to HKD 257 million, compared to HKD 171 million in the previous year[2]. - Net profit attributable to equity holders was HKD 176 million, a 6% increase from HKD 166 million, with basic earnings per share rising to 15.9 HKD cents from 15.2 HKD cents[4]. - EBITDA for the period was HKD 496 million, reflecting an 18% increase from HKD 422 million[2]. - The total comprehensive income for the period was HKD 230 million, compared to HKD 46 million in the previous year[7]. - Total revenue for the six months ended September 30, 2024, was HKD 3,536,800,000, an increase from HKD 3,490,702,000 for the same period in 2023, representing a growth of approximately 1.3%[19]. - Operating profit for the group increased to HKD 330,144,000 for the six months ended September 30, 2024, compared to HKD 257,530,000 for the same period in 2023, reflecting a growth of about 28.1%[19]. - The consolidated profit before tax for the six months ended September 30, 2024, was HKD 240,077, compared to HKD 157,600 for the same period in 2023, marking an increase of around 52.3%[21]. Assets and Liabilities - Cash and bank deposits (excluding bank loans) increased to HKD 2,855 million as of September 30, 2024, from HKD 2,247 million as of March 31, 2024[9]. - The total net assets as of September 30, 2024, amounted to HKD 3,277,427,000, an increase from HKD 3,112,637,000 as of March 31, 2024, representing a growth of approximately 5.3%[11]. - The total liabilities as of September 30, 2024, were HKD 1,922,598,000, compared to HKD 1,182,788,000 as of March 31, 2024, indicating an increase of approximately 62.6%[19]. - The total liabilities as of September 30, 2024, were HKD 2,806,842, an increase from HKD 2,524,058 as of March 31, 2024, representing a rise of approximately 11.2%[21]. - Accounts receivable and other receivables increased to HKD 1,019,492,000 as of September 30, 2024, from HKD 873,312,000 as of March 31, 2024[38]. - Accounts payable and other payables rose to HKD 1,958,249,000 as of September 30, 2024, compared to HKD 1,824,727,000 as of March 31, 2024[40]. - Bank loans due within one year amounted to HKD 311,944,000 as of September 30, 2024, up from HKD 255,987,000 as of March 31, 2024[42]. Dividends and Shareholder Returns - The company plans to maintain a stable annual dividend payout ratio, declaring an interim dividend of 4.0 HKD cents per share[2]. - The interim dividend declared for the period was HKD 42,924, compared to HKD 15,004 for the same period in 2023, indicating a significant increase[32]. - The company declared an interim dividend of HKD 0.04 per share, significantly higher than HKD 0.014 per share in the previous interim period[46]. Market Performance and Growth - The company experienced a 15% growth in online sales in mainland China, contributing to overall revenue stability[2]. - The company plans to continue expanding its market presence in Australia and New Zealand, where revenue for the six months ended September 30, 2024, was HKD 274,857,000, up from HKD 256,429,000 in 2023, marking a growth of about 7.2%[19]. - The company aims to maintain revenue growth and profitability in the second half of the fiscal year, focusing on execution, expansion, and innovation while managing costs and operational efficiency[73]. - The company is confident in the long-term potential of its product portfolio in the operating markets due to a strong business foundation[74]. - The company plans to enhance its core product portfolio's commercial execution in mainland China and increase new customer acquisition through new sales channels[75]. - In Hong Kong, the company will leverage its extensive sales channels and market leadership to maintain strong performance of core products while enhancing brand visibility and value[76]. - The company has fully restored production stability in Australia and New Zealand and plans to maintain revenue growth through new marketing initiatives[78]. - The company will continue to strengthen growth momentum in the tofu segment and improve profitability in the beverage business through collaboration with new distributors in Singapore[79]. Operational Efficiency - The operating profit margin improved significantly in mainland China, reaching 11% due to optimized production processes[2]. - The operating profit in mainland China increased by 16%, with an operating profit margin of 11%, driven by improved production efficiency and strict cost control[67]. - Sales in Hong Kong grew by 3%, supported by strong core business and consumer recognition of innovative products, leading to a 44% increase in operating profit due to rising revenue and lower raw material costs[70]. - Revenue from Australia and New Zealand increased by 6% in local currency, maintaining market leadership in soy and oat milk categories, despite an operating loss of HKD 46 million due to production issues and high logistics costs[71]. - Revenue from Singapore increased by 5% in local currency, with a significant reduction in operating loss by 78% to approximately SGD 400,000, driven by strong tofu exports and strict cost control[72]. Cost Management - The cost of goods sold for the six months ended September 30, 2024, was HKD 1,672,946, compared to HKD 1,685,409 in the same period of 2023, showing a decrease of approximately 0.7%[26]. - Interest expenses on bank loans for the six months ended September 30, 2024, were HKD 6,735, down from HKD 10,510 in the same period of 2023, showing a decrease of about 35.5%[23]. - The company reported a total employee cost of HKD 90,047 for the six months ended September 30, 2024, slightly up from HKD 89,381 in the same period of 2023, reflecting a marginal increase of 0.7%[26]. - Deferred tax expenses amounted to HKD 32,900,000, compared to a tax credit of HKD 38,700,000 in the previous year[60].

Financial Performance - For FY2023/2024, the profit attributable to equity shareholders grew by 155% to HK$116 million, driven by improved sales execution in Mainland China and product innovation in Hong Kong[15]. - Group revenue for FY2023/2024 was HK$6,217 million, representing a 1% increase over the previous year, with a 10% revenue growth in Mainland China in the second half offsetting a 3% decline in the first half[15]. - Gross profit increased by 3% to HK$3,111 million, while EBITDA rose by 10% to HK$685 million[8]. - Basic earnings per share increased by 153% to 10.9 HK cents, compared to 4.3 HK cents in the previous year[8]. - The total dividend for FY2023/2024 is proposed at 7.7 HK cents per ordinary share, which includes a final dividend of 6.3 HK cents and an interim dividend of 1.4 HK cents[16]. - Total assets decreased by 4% to HK$5,637 million as of March 31, 2024[11]. - The net cash balance improved to HK$111 million, compared to a net debt of HK$197 million in the previous year[11]. - Total equity attributable to equity shareholders increased by 1% to HK$3,005 million[11]. - Profit from operations grew significantly by 79% in FY2023/2024, attributed to a higher gross profit margin and greater efficiencies following rightsizing of investments and expenses[29]. - Gross profit margin rose to 50%, mainly due to higher selling prices and increased efficiency in trade promotional spending[29]. Regional Performance - In Mainland China, revenue increased by 10% in local currency terms during the second half of the year, with both VITASOY and VITA brands returning to growth[28]. - The Hong Kong Operation achieved robust single-digit growth through strong core portfolio performance and selective product innovation[28]. - Revenue from external customers in Mainland China was RMB 3,087 million, showing no change year-on-year, while profit from operations increased by 402% to RMB 203 million[60]. - Revenue from external customers in HK$ was HK$3,359 million, a decrease of 4% from HK$3,509 million in the previous year[60]. - In Australia and New Zealand, revenue from external customers decreased to HK$527 million, a decline of 9% due to out-of-stock situations and logistics issues[65]. Strategic Initiatives - The company aims to continue growing its business and improving structural profitability in the coming year[27]. - New product offerings are being expanded in Mainland China and Hong Kong to appeal to different consumer segments[30]. - The company is well-positioned to capitalize on the growing demand for plant-based beverages[14]. - The company aims to improve revenue and profit growth in Mainland China, leveraging the long-term growth potential of the plant-based movement[72]. - The Hong Kong operation plans to sustain growth by strengthening core products and introducing innovative offerings under the VITASOY and VITA brands[74]. Sustainability and Governance - The company retained its grade A rating in the MSCI ESG ratings and was featured in Corporate Knights' Global 100 Most Sustainable Corporations for the fifth consecutive year[41]. - The company is committed to reducing water intensity in production and aims for zero manufacturing waste to landfill by FY2025/2026[36]. - The company has engaged with top suppliers to improve carbon data for Scope 3 emissions and conducted ESG risk mapping for key commodities[40]. - The Company emphasizes the integration of ESG considerations into its strategic plans, reflecting a proactive approach to macro-economic and regulatory changes[96]. - The Board has established various committees to carry out specialized functions, ensuring effective governance and oversight[92]. Board Composition and Diversity - The board consists of 11 directors, with 5 being independent non-executive directors and 2 being female[85]. - The Company aims to maintain female representation on the Board at "not less than 18%" and will review this target over time[108]. - The overall gender diversity of the Company's workforce for FY2023/2024 is approximately 48% female and 52% male[110]. - The Board Diversity Policy aims to achieve diversity through factors such as experience, professional qualification, gender, and ethnicity, with annual reviews for compliance and effectiveness[102][103]. Risk Management and Internal Control - The Company acknowledges its responsibility for risk management and internal control systems, ensuring they provide reasonable assurance against material misstatement[189]. - The internal control system is designed to manage business risks rather than eliminate them, based on COSO principles[193]. - The Company has established a whistleblowing system to enhance communication regarding ethics and integrity standards[200]. - The Audit Committee is responsible for reviewing the internal control system of anti-corruption[151]. Training and Development - The average training hours for Directors during FY2023/2024 was 75 hours, indicating a commitment to continuous professional development[167]. - The average training hours of Senior Management during FY2023/2024 was 60 hours, emphasizing the importance of continuous professional development[173]. - The Company encourages Senior Management to participate in various continuous professional development programs at the Company's expense[174].

Financial Performance - For the fiscal year ending March 31, 2024, the company's revenue was HKD 6,217 million, a decrease of 2% compared to HKD 6,341 million in the previous year, but a growth of 1% after excluding currency effects[2]. - The gross profit increased by 3% to HKD 3,111 million, with a gross margin of 50.0%, up from 47.5% in the previous year, reflecting a 2.5 percentage point increase[2][3]. - Operating profit surged by 79% to HKD 185 million, with EBITDA rising by 10% to HKD 685 million, indicating a strong operational performance[2][3]. - The profit attributable to equity holders of the company increased significantly by 155% to HKD 116 million, driven by improved sales strategies in mainland China and product innovation in Hong Kong[3]. - The overall comprehensive income for the year was HKD 13 million, a significant recovery from a loss of HKD 182 million in the previous year[6]. - The pre-tax profit for the year was HKD 116,367,000, compared to HKD 45,721,000 in the previous year, representing a significant increase[27]. - The basic earnings per share increased to HKD 0.108 from HKD 0.043 year-on-year, reflecting a growth of approximately 151%[27]. Cash Flow and Assets - Cash and bank deposits (excluding bank loans) rose from HKD 30 million to HKD 538 million, reflecting improved cash flow and reduced capital expenditures[3]. - The company's cash and bank deposits as of March 31, 2024, were HKD 794,452,000, compared to HKD 555,292,000 in the previous year, marking an increase of approximately 43%[7]. - Total assets as of March 31, 2024, amounted to HKD 3,411,319,000, compared to HKD 3,377,597,000 in the previous year, reflecting an increase of approximately 1%[7]. - The company's net assets increased to HKD 3,112,637,000 in 2024 from HKD 3,100,590,000 in 2023, representing a growth of about 0.4%[8]. - The total equity attributable to equity holders of the company rose to HKD 3,004,560,000 in 2024, up from HKD 2,984,715,000 in 2023, indicating an increase of approximately 0.7%[8]. - Current liabilities decreased from HKD 2,471,922,000 in 2023 to HKD 2,225,376,000 in 2024, a reduction of about 10%[7]. - The company's bank loans decreased from HKD 409,633,000 in 2023 to HKD 255,987,000 in 2024, a decline of approximately 37%[7]. - The company's total reserves decreased slightly from HKD 1,963,262,000 in 2023 to HKD 1,960,162,000 in 2024, a decrease of about 0.2%[8]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.063 per share, totaling HKD 0.077 per share for the fiscal year, compared to HKD 0.027 per share in the previous fiscal year[3]. - The total dividend proposed for the year is HKD 82,591,000, which includes an interim dividend of HKD 15,004,000 and a final dividend of HKD 67,587,000[25]. Operational Highlights - Mainland China revenue showed a robust recovery in the second half of the fiscal year, with operating profit increasing by 402% in local currency[3]. - The company's performance in Hong Kong remained strong, with operating profit growth of 42% after excluding COVID-19 related government subsidies[3]. - The company is currently addressing production compliance issues in Australia, which have impacted performance[3]. - The company faced challenges in its Australia and New Zealand operations due to production targets, price competition, and high logistics costs, impacting performance[41]. - In Southeast Asia, Singapore's revenue remained flat year-on-year, while the Philippines joint venture saw strong growth in household products and convenience store platforms[41]. - The company plans to continue expanding its market presence and investing in new technologies[21]. - New product launches and marketing activities are planned to drive continuous growth in the Hong Kong market[55]. - The company aims to restore profitability in Singapore by improving tofu and export sales in collaboration with new distributors[56]. Compliance and Risk Management - The company has not applied any new standards or interpretations that have not yet come into effect during the reporting period, ensuring consistency in accounting policies[10]. - The company emphasizes compliance with tax laws and transparency in tax matters, adhering to OECD transfer pricing guidelines[60]. - The company has implemented a comprehensive risk management framework to identify and mitigate key business risks[62]. Future Outlook - The company plans to optimize production at Vitasoy (Shanghai) by temporarily halting production and maintaining the factory for future operations[37]. - The company plans to expand its business scale and enhance profitability in mainland China for the fiscal year 2024/2025[54].

Financial Performance - Revenue for the interim period decreased by 7% to HK$3,391 million compared to HK$3,642 million in the previous year[7]. - Profit from operations fell by 19% to HK$171 million, down from HK$212 million[7]. - EBITDA decreased by 11% to HK$422 million from HK$473 million[7]. - Profit before taxation decreased by 10% to HK$158 million, but grew by 39% when excluding currency impact and COVID-19-related subsidies[32]. - Profit attributable to equity shareholders increased by 15% to HK$163 million, compared to HK$142 million last year[7]. - The Group's gross profit for the interim period was HK$1,712 million, a decrease of 1% from HK$1,738 million in the previous interim period[27][30]. - The total comprehensive income for the period was HK$162,681,000, a decrease from HK$49,232,000 in the previous year, reflecting a significant change in financial performance[89]. Revenue Breakdown - Revenue from Mainland China decreased by 6% in local currency terms, with profit from operations growing by 44% in local currency[13]. - The Hong Kong operation saw a revenue increase of 4%, driven by product innovations like VITAOAT Oat Milk and VITA Sparkling Tea[14]. - Australia and New Zealand experienced a revenue decrease of 10% in local currency, resulting in a loss from operations due to manufacturing and logistics challenges[14]. - Revenue from Mainland China decreased by 6% in local currency and 11% in Hong Kong Dollar terms, primarily due to advanced orders placed before a price increase and increased market competition[20][24]. - Revenue from Australia and New Zealand decreased by 10% in local currency and 16% in Hong Kong Dollar terms, attributed to temporary manufacturing issues and logistics challenges[16][22]. - Revenue from Singapore increased by 1% to SGD 9,096 thousand, with a 19% improvement in exports offset by weaker beverage sales[52]. Cost and Expenses - Total operating expenses remained stable at HK$1,581 million, with marketing and distribution expenses managed at HK$1,073 million[28][31]. - Administrative expenses increased by 4% to HK$348 million, primarily due to higher costs in the Australia business after the cessation of prior administrative support[28][31]. - The Group's cash flow hedge net movement of (HK$1,748,000), an improvement from (HK$3,424,000) in the previous year[80]. - Total other operating expenses decreased to HK$160,920,000 from HK$186,677,000, a reduction of approximately 13.8%[130]. Cash and Liquidity - Net cash balance improved to HK$156 million from a net debt of HK$197 million[7]. - Cash and bank deposits amounted to HK$710 million as of 30th September 2023, an increase from HK$555 million on 31st March 2023[33]. - The Group's total current liabilities decreased from $524,686,000 as of 31st March 2023 to $237,450,000 as of 30th September 2023[164]. - The Group's cash at bank and in hand decreased to $249,234,000 as of September 30, 2023, from $259,778,000 as of March 31, 2023, a decline of approximately 4.4%[156]. Shareholder Returns - The Board of Directors declared an interim dividend of HK1.4 cents per ordinary share, up from HK1.3 cents in the previous interim period[17]. - The interim dividend declared after 30th September 2023 is 1.4 cents per ordinary share, an increase from 1.3 cents in the previous interim period, totaling $15,019,000[168]. - The company paid dividends of HK$14,975,000 to equity shareholders, reflecting a commitment to returning value to shareholders[91]. Strategic Initiatives - The company plans to focus on improving sales execution and restoring revenue growth while containing costs in the second half of the financial year[53]. - The company is confident in the growth potential of sustainable plant-based food and beverages and aims to expand core products strategically[54]. - The organizational redesign has created synergy across functional teams, enhancing local capabilities[43]. - The company is committed to providing a safe, healthy, and inclusive workplace, with initiatives like safety awareness training and a Women Leaders Networking Group[65]. Employee Engagement - As of September 30, 2023, Vitasoy had a total of 6,534 employees, with a gender ratio of 48% female and a lost-time injury rate of 0.64[66]. - During the interim period, employees spent approximately 35,235 hours in learning and development activities to enhance skills[65]. - A Sustainable Engagement Score of 85% was achieved, outperforming global food and beverage companies by 2%[64]. Tax and Compliance - The company is committed to transparency with tax authorities and compliance with tax laws across all relevant jurisdictions[36]. - Current tax expense for Hong Kong Profits Tax was $12,464,000, up from $6,152,000 in the previous period, indicating a significant increase of 102.5%[133]. - The company experienced a deferred tax credit of $(38,749,000), contrasting with a deferred tax expense of $22,616,000 in the previous interim period, highlighting a substantial change in tax position[133]. Market Position and Community Engagement - The company maintained leadership in the ready-to-drink soymilk and tea categories in Hong Kong, according to Nielsen retail audit[46]. - The company distributed approximately 1.6 million packs of Low Sugar Soyabean Milk to over 6,000 students from 42 primary schools as part of its community care project[68]. - Vitasoy has been a principal sponsor of the CafeSmart initiative for four consecutive years, supporting charities to combat homelessness in Australia[73].

Revenue and Profitability - Revenue for the six months ended September 30, 2023, was HKD 3,391 million, a decrease of 7% compared to HKD 3,642 million in the same period last year[2]. - Total revenue for the six months ended September 30, 2023, was HKD 3,490,702,000, a decrease of 6.4% compared to HKD 3,729,632,000 for the same period in 2022[13]. - Revenue from external customers in Mainland China was HKD 1,962,039,000, down 11.5% from HKD 2,215,748,000 in the previous year[13]. - Revenue in mainland China decreased by 6% to RMB 1,798,000,000, while operating profit grew by 44% with an operating margin of 10%[46]. - Revenue from the Hong Kong business increased by 4%, driven by strong performance in core products and innovations like VITAOAT oat milk[32]. - Revenue from Australia and New Zealand decreased by 10% in local currency and 16% in HKD, with a reported operating loss of HKD 33,000,000 due to high costs and supply chain issues[48]. - Singapore revenue increased by 1% in local currency and 4% in HKD, with export business growing by 19% despite challenges in the beverage sector[49]. Profit and Earnings - Gross profit was HKD 1,712 million, down 1% from HKD 1,738 million, with a gross margin increase to 50.5% from 47.7%[2][3]. - Operating profit decreased by 19% to HKD 171 million, but increased by 15% when excluding the impact of foreign exchange and government subsidies[3]. - Profit attributable to equity holders increased by 15% to HKD 163 million, with a significant 99% increase when adjusted for prior year subsidies[3]. - Basic earnings per share for the six months ended September 30, 2023, were HKD 162,681, an increase of 14.7% from HKD 141,801 in the same period of 2022[21]. - The diluted earnings per share increased to HKD 0.151 from HKD 0.132, reflecting a 15% growth year-over-year[23]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.014 per share, up from HKD 0.013 per share in the previous interim period[3]. - The company declared an interim dividend of HKD 1.4 per share, compared to HKD 1.3 per share in the previous interim period[20]. - The company repurchased approximately HKD 6,000,000 worth of its shares during the interim period[56]. Financial Position and Liabilities - The net asset value as of September 30, 2023, was HKD 3,148,498,000, compared to HKD 3,100,590,000 as of March 31, 2023, reflecting an increase of 1.5%[9]. - The company reported a net current liability of HKD 19,196,000 as of September 30, 2023, but maintains that it can meet its obligations based on expected cash flows[11]. - Total liabilities reported were HKD 3,454,434, down 5.3% from HKD 3,647,261[15]. - The company's total liabilities included bank loans of HKD 36,083,000 and lease liabilities of HKD 75,764,000 as of September 30, 2023[9]. - The company did not comply with certain financial covenants related to bank loans, with an outstanding loan amount of approximately HKD 100,335,000[29]. Operational Performance - Operating profit in mainland China grew by 44% in local currency terms, achieving an operating margin of 10%[3]. - The Hong Kong business showed solid performance with a 22% increase in operating profit when excluding prior year subsidies[3]. - Revenue and profitability in Australia and New Zealand were impacted by short-term production and logistics issues[3]. - Tofu export sales in Singapore increased, offsetting intense competition in local tofu products and beverages[3]. - The company aims to enhance sales execution and restore revenue growth while controlling costs and improving operational efficiency in the second half of the fiscal year[50]. Future Outlook and Strategy - The company plans to continue its focus on sustainable development and improving product and packaging offerings, with key performance indicators to be reported in the upcoming sustainability report[43]. - The company remains confident in the growth potential of plant-based products in mainland China and plans to focus on core products and regions to improve profitability[51]. - In Hong Kong, the company will implement product innovation and strengthen core products for sustainable growth[52]. - The company plans to improve tofu business performance in Singapore and advance cost rationalization efforts[53]. Miscellaneous - The company has not applied any new standards or interpretations that have not yet come into effect during the current accounting period[12]. - The interim report will be published on the Hong Kong Stock Exchange website and the company's website shortly[57].

Financial Performance - Vitasoy Group's revenue for FY2022/2023 decreased by 2% to HK$6,341 million compared to HK$6,501 million in the previous year[9]. - The profit attributable to shareholders was HK$46 million, a significant recovery from a loss of HK$159 million in the previous year[16]. - EBITDA increased by 82% to HK$621 million from HK$340 million in the previous year[9]. - Total assets decreased by 14% to HK$5,850 million from HK$6,807 million in the previous year[12]. - Net debt balance improved by 15% to HK$197 million from HK$232 million in the previous year[12]. - Total equity attributable to shareholders decreased by 8% to HK$2,985 million from HK$3,258 million in the previous year[12]. - Basic earnings per share improved to 4.3 HK cents from a loss of 14.9 HK cents in the previous year[9]. - Profit from operations reached HK$104 million, a significant recovery from a loss of HK$213 million in the previous year, despite rising raw material and utility costs[24]. - Profit before taxation was HK$49 million, recovering from a loss of HK$236 million last year[41]. - Gross profit for the year was HK$3,012 million, a decrease of 2% from HK$3,071 million in the previous year, with a gross profit margin increasing to 48% from 47%[33]. Dividend and Shareholder Returns - The Board of Directors recommended a final dividend of HK1.4 cents per ordinary share, bringing the total dividend for FY2022/2023 to HK2.7 cents per ordinary share[16]. - The total dividend for FY2022/2023 is proposed at HK$2.7 per share, comprising a final dividend of HK$1.4 cents and an interim dividend of HK$1.3 cents[18]. - The company intends to declare dividends aligned with profit fluctuations, potentially including special dividends in addition to interim or final dividends[196]. - The company is committed to sharing success with shareholders while considering liquidity and capital requirements in its dividend decisions[196]. Market Performance and Strategy - Sales analysis indicated that 34% of revenue came from Hong Kong operations, while Australia and New Zealand contributed 9%[13]. - The company experienced a 2% revenue increase net of currency impact despite rising input costs and utility expenses[16]. - Group revenue decreased by 2% in Hong Kong dollar terms but increased by 2% net of currency impact, driven by effective cost rationalization and higher government subsidies[24]. - In Mainland China, revenue declined by 2% in local currency, while profit from operations showed growth, indicating stabilization in the market[19]. - The Hong Kong SAR experienced double-digit growth in both revenue and profit from operations due to the easing of pandemic restrictions and strong consumer acceptance of innovations[19]. - Revenue in Australia and New Zealand grew by 3% in local currency, supported by the Oat Milk line and new plant-based Greek Style Yoghurt[19]. - Singapore's revenue faced challenges due to the commoditization of the tofu category, while the Philippines saw strong growth across all platforms and channels[19]. - The company plans to enhance its core VITASOY and VITA brand portfolio in Mainland China through new marketing campaigns and strategic innovations[20]. - In ASEAN markets, the company aims to improve tofu performance and scale up beverage sales, particularly in Singapore and the Philippines[20]. Cost Management and Efficiency - Total operating expenses decreased by 11% to HK$3,022 million from HK$3,409 million in FY2021/2022[37]. - Marketing, selling, and distribution expenses decreased by 9% to HK$2,024 million from HK$2,215 million in FY2021/2022[37]. - Other operating expenses decreased by 34% to HK$326 million from HK$492 million in FY2021/2022[37]. - Administrative expenses decreased by 4% to HK$672 million from HK$702 million in FY2021/2022[37]. - COVID-19 related government subsidies increased to HK$65 million from HK$20 million in FY2021/2022[38]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the year ended March 31, 2023[72]. - The Board of Directors is responsible for the overall management of the company and has established various committees for specialized functions[76]. - The company emphasizes the alignment of its culture with business strategies and regularly reviews its core values and ethics policies[73]. - The company has adopted a Corporate Governance Policy, revised in March 2022, to align interests of shareholders and stakeholders[130]. - The status of compliance with the Corporate Governance Code was reviewed, ensuring transparency in disclosures[127]. - The Company has established a Group Business Ethics Policy to enforce ethical standards among employees, with zero tolerance for violations[129]. Risk Management - The Board acknowledges its responsibility for risk management and internal control systems, which are designed to manage rather than eliminate business risks[164]. - The internal control system is based on the COSO components and aims to provide reasonable assurance regarding the safeguarding of assets and the accuracy of financial reporting[167]. - The risk management framework includes ongoing monitoring and oversight to proactively identify and manage risks across the Company[175]. - The risk governance structure consists of three layers: oversight by the Audit Committee, risk monitoring by the Enterprise Risk Management Executive Committee, and risk ownership by department heads[179]. - The risk management process involves anticipating, evaluating, responding, reacting, and reporting on risks, ensuring comprehensive risk management integration into daily operations[180][182]. Sustainability and ESG Initiatives - The company received an "A" grade in the MSCI ESG ratings and was listed in the Corporate Knights' Global 100 Most Sustainable Corporations for the fourth consecutive year[28]. - Vitasoy International Singapore became a Certified B Corporation™ in January 2023, enhancing its commitment to social and environmental performance[28]. - The Group's 2022/2023 Sustainability Report was reviewed and approved, highlighting the company's commitment to sustainability[135]. - The company aims to achieve a set of external sustainability targets under its Sustainability Framework by FY2025/2026[135]. - The company is focusing on decarbonation pathways and has provided strategic direction on its progress in various external ESG ratings[135]. Board Composition and Diversity - Five out of eleven directors are Independent Non-executive Directors (INEDs), exceeding the requirement for INEDs to make up at least one third of the Board[89]. - The Board has adopted a Board Diversity Policy to achieve diversity through factors such as experience, professional qualification, knowledge, gender, ethnicity, and age[94]. - Female representation on the Board during FY2022/2023 was 18.2%, achieving the target of "not less than 18%" set for FY2024/2025[98]. - The Remuneration and Nomination Committee has established measurable objectives for achieving gender and age diversity up to FY2024/2025 and has approved new objectives for FY2029/2030[97]. Training and Development - The average training hours for Directors during FY2022/2023 was 50 hours[148]. - Senior Management averaged 67 hours of training during the same period[153]. - The Company organized an annual in-house training program in August 2022 focusing on general disclosure obligations and key considerations for transactions[149]. - The training program for Directors included topics such as governance, innovation, and technology[150]. - The Company encourages continuous professional development for both Directors and Senior Management[153].

Financial Performance - For the fiscal year 2022/2023, the company achieved a revenue growth of 2% after excluding foreign exchange effects, although revenue decreased by 2% in HKD terms due to the depreciation of RMB and AUD [2]. - The operating profit for the year was HKD 104 million, a significant recovery from a loss of HKD 213 million in the previous year, attributed to effective cost control and increased government subsidies in Hong Kong [2]. - The gross profit for the year was HKD 3,012 million, a decrease of 2%, while the gross profit margin improved from 47% to 48% [2]. - EBITDA increased by HKD 281 million or 82% to HKD 621 million, with the EBITDA margin rising from 5% to 10% [2]. - The profit attributable to equity holders of the company was HKD 46 million, compared to a loss of HKD 159 million in the previous year, aligning with the profit forecast announced on May 19, 2023 [2]. - Total revenue for the year ended March 31, 2023, was HKD 6,340,559,000, a decrease from HKD 6,501,215,000 in the previous year, representing a decline of approximately 2.5% [13]. - Revenue from Mainland China for the year was HKD 3,509,101,000, down from HKD 3,838,297,000, reflecting a decrease of about 8.6% [13]. - Revenue from Hong Kong operations increased to HKD 2,143,815,000 from HKD 1,933,856,000, marking an increase of approximately 10.8% [13]. - The company experienced a net loss of HKD 340,309,000 from its Mainland China operations, compared to a profit of HKD 45,918,000 in the previous year [13]. - The company reported a pre-tax profit of HKD 325,641,000 in 2023, compared to HKD 492,162,000 in 2022, reflecting a decrease of about 34% [18]. Dividends - The total dividend for the fiscal year 2022/2023 is HKD 2.7 cents per share, compared to no dividends in the previous fiscal year [2]. - The board proposed a final dividend of HKD 0.014 per share, resulting in a total annual dividend of HKD 0.027 per share for the fiscal year 2022/2023 [34]. - The company declared an interim dividend of 1.3 HK cents per ordinary share for 2023, totaling 13,916,000 HKD, compared to no dividend in 2022 [21]. - The proposed final dividend of 1.4 HK cents per ordinary share is expected to amount to 15,009,000 HKD, also compared to no dividend in 2022 [21]. Acquisitions and Investments - The company completed the acquisition of the remaining 49% stake in Vitasoy Australia Products Pty. Ltd. in February 2023 [2]. - The company acquired the remaining 49% stake in Vitasoy Australia Products Pty. Ltd. for 51,000,000 AUD (approximately 280,345,000 HKD), increasing its ownership to 100% [32]. Operational Challenges and Strategies - The company faced weak commercialization and export of tofu products in Singapore, impacting its business there [2]. - The company plans to enhance its tofu product performance and launch new plant-based milk products to accelerate beverage sales in Singapore and the Philippines [36]. - In Australia and New Zealand, the company aims to solidify its leadership in the plant milk sector and further develop new plant-based yogurt products [36]. - Revenue in Singapore decreased by 11% due to the commoditization of tofu products and weak overseas demand [49]. Financial Position and Liquidity - The net current liabilities decreased from HKD 475,424 thousand to HKD 275,637 thousand, indicating improved liquidity [6]. - The company had cash and bank deposits of HKD 555,292,000 as of March 31, 2023, which is crucial for meeting its current liabilities [8]. - The company’s cash and bank deposits as of March 31, 2023, were HKD 555,000,000, down from HKD 622,000,000 a year earlier [54]. - Total assets reported were HKD 7,585,390,000, down from HKD 8,227,692,000, reflecting a decrease of approximately 7.8% [13]. - Total assets decreased from HKD 6,807,120,000 in 2022 to HKD 5,849,519,000 in 2023, reflecting a reduction of approximately 14% [14]. - Total liabilities decreased from HKD 3,238,021,000 in 2022 to HKD 2,748,929,000 in 2023, a decline of about 15% [14]. - The debt-to-equity ratio decreased to 25% from 26% in the previous year [54]. Government Support and Grants - Government grants received in 2023 amounted to HKD 64,397,000, down from HKD 77,060,000 in 2022, representing a decrease of approximately 16% [15]. - The company received COVID-19 related government subsidies of HKD 65 million during the fiscal year, up from HKD 20 million in the previous year [41]. Risk Management and Compliance - The group emphasizes the importance of corporate and social responsibility in its tax strategy, ensuring compliance with tax laws in all relevant jurisdictions [56]. - The overall financial management policy focuses on forecasting and controlling risks, implementing a centralized cash and financial management system for all subsidiaries [57]. - A comprehensive risk management framework is in place to predict, assess, and mitigate key business risks, with enhanced key risk indicators to identify emerging external risks [58]. - The audit committee, consisting of four independent non-executive directors, has reviewed the group's accounting principles and discussed audit, risk management, and financial reporting matters [59]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming fiscal year [8]. - The company remains confident in its long-term profitability growth trajectory, focusing on innovative product development and market expansion strategies [36].

litasoy International Holdings Ltd. 維他奶國際集團有限公司 Planting Goodness Everyday Interim Report 2022/23 中期報告 Stock Code 股份代號：0345 Planting Goodness Everyday Contents 目錄 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------| | | | | 02 | Directors and Corporate Information 董事及集團資料 | | 04 | Financial Highlights 財務摘要 | | 05 | Management Report 管理層報告 | | 17 | Corporate Responsibility 企業責任 | | 20 | Consolidated Statement of Profit o ...