受惠于全球通胀压力缓解及利率下调带动市场需求回升，使集团全年营收录得温和增长，然而下半年美 国大选後加征关税导致出口成本攀升，同时印刷行业竞争加剧引发内卷式价格竞争，严重压缩利润空 间，使集团年度录得亏损。於报告期间，全球商业环境面临多重结构性挑战，地缘政治冲突持续升级， 美中战略竞争深化，贸易壁垒进一步加剧，主要经济体推行"近岸外包"与"友岸外包"政策，全球供应链 重构进程加快，企业面临产业链重组带来的额外成本压力，而环球制造业采购经理指数持续在荣枯线附 近徘徊，反映终端市场购买力持续受压。此外，行业更出现产能过剩局面，竞争对手为维持市场份额发 起价格战，导致集团虽实现业务量增长，但整体毛利率同比下降，加上美国大选後实施的新一轮关税政 策，使集团对美国出口业务成本直接增加，成为拖累利润表现的关键因素。面对严峻的市场环境，本期 中国境内三个厂区及亚世安市场均受到不同程度冲击。广州厂区因成本上升由盈转亏而韶关厂区则保持 盈利。苏州厂区则因华东地区价格战加剧而录得亏损。亚世安市场同样受区域需求疲软影响，未能延续 去年盈利表现。 格隆汇6月27日丨星光集团(00403.HK)公布年度业绩，截至2025年3月31日止 ...

[Financial Statements](index=1&type=section&id=Financial%20Statements) [Consolidated Income Statement](index=1&type=section&id=Consolidated%20Income%20Statement) For the year ended March 31, 2025, the Group's revenue grew 7.3% to HKD 895.3 million, but increased costs led to a shift from a HKD 17.42 million profit to a HKD 26.93 million loss, resulting in a basic loss per share of 5.38 HK cents Consolidated Income Statement Summary | Metric | 2025 (HK$'000) | 2024 (HK$'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 895,308 | 834,749 | +7.3% | | Gross Profit | 134,826 | 171,207 | -21.2% | | Operating (Loss) / Profit | (22,223) | 26,309 | Shifted from Profit to Loss | | (Loss) / Profit Attributable to Owners of the Company | (26,928) | 17,422 | Shifted from Profit to Loss | | Basic (Loss) / Earnings Per Share (HK cents) | (5.38) | 3.45 | Shifted from Profit to Loss | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Comprehensive%20Income%20Statement) The total comprehensive loss for the year significantly widened to approximately **HKD 32.99 million** from **HKD 12.81 million** last year, mainly driven by operating losses and exchange differences Comprehensive Income (Loss) Summary | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | (Loss) / Profit for the Year | (27,344) | 16,992 | | Total Other Comprehensive Loss | (5,645) | (29,801) | | Total Comprehensive Loss for the Year | (32,989) | (12,809) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets slightly decreased to **HKD 842 million**, with total equity reducing to **HKD 580 million**, reflecting a minor contraction in overall financial scale despite a slight decrease in total liabilities Financial Position Summary | Metric | As of March 31, 2025 (HK$'000) | As of March 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Total Assets | 842,010 | 891,439 | | Total Liabilities | 262,429 | 266,354 | | Total Equity | 579,581 | 625,085 | [Notes to Financial Statements](index=5&type=section&id=Notes%20to%20Financial%20Statements) [Revenue and Segment Information](index=8&type=section&id=Revenue%20and%20Segment%20Information) The Group's revenue primarily comes from packaging materials, labels, and paper products, with South China contributing most external revenue; however, all segments (South China, East China, Southeast Asia) recorded operating losses this year, a key factor in the Group's overall shift from profit to loss Segment Results by Region | Regional Segment | Revenue from External Customers (HK$'000) - 2025 | Operating (Loss) / Profit (HK$'000) - 2025 | Operating Profit (HK$'000) - 2024 | | :--- | :--- | :--- | :--- | | South China | 635,295 | (2,444) | 2,682 | | East China | 121,362 | (18,516) | 15,108 | | Southeast Asia | 138,651 | (1,263) | 8,519 | - The Group's principal activities are printing and manufacturing packaging materials, labels, and paper products, including environmentally friendly paper products[7](index=7&type=chunk) [Dividends](index=14&type=section&id=Dividends) To conserve resources, the Board recommends no final dividend for the year ended March 31, 2025, compared to 1.5 HK cents per share last year, while the interim dividend remains unchanged at **1 HK cent per share** Dividend Distribution | Dividend Type | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend | 1 HK cent per share | 1 HK cent per share | | Proposed Final Dividend | None | 1.5 HK cents per share | [Trade Receivables and Payables](index=15&type=section&id=Trade%20Receivables%20and%20Payables) At period-end, total trade receivables remained stable with increased loss provisions, while trade payables significantly decreased, possibly indicating accelerated supplier payments or adjusted procurement scale - Net trade receivables were **HKD 172 million**, largely unchanged from the prior year, but loss provisions increased from **HKD 12.65 million** to **HKD 16.60 million**[30](index=30&type=chunk) - Total trade payables and notes decreased from **HKD 90.42 million** to **HKD 70.84 million**, a reduction of approximately **21.7%**[31](index=31&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=16&type=section&id=Performance%20Review) Despite moderate revenue growth, the Group shifted from profit to loss, primarily due to increased export costs from new US tariffs, intensified price competition, global supply chain restructuring, and suppressed end-market purchasing power - The Group recorded an annual loss of approximately **HKD 27 million**, compared to a profit of approximately **HKD 17 million** in the prior year[32](index=32&type=chunk) - Key factors contributing to the loss include new US tariff policies increasing export costs, industry overcapacity leading to price wars, and additional cost pressures from global supply chain restructuring[32](index=32&type=chunk)[33](index=33&type=chunk) [Business Review and Outlook](index=17&type=section&id=Business%20Review%20and%20Outlook) Facing a complex macro environment, the Group implemented various countermeasures, accelerating intelligent manufacturing and AI integration in mainland China, maintaining South China's competitiveness, expanding East China into new markets, and positioning Southeast Asia for significant growth due to supply chain shifts - South China Business: Advancing digital transformation and intelligent production system upgrades, with its eco-friendly brand **TEAM GREEN®** expanding market influence through diversified marketing strategies[42](index=42&type=chunk)[44](index=44&type=chunk) - East China Business: Revenue declined due to delayed greeting card orders impacted by US tariff policies; the team is actively exploring high-end pharmaceutical packaging, board games, and collectible card markets, and collaborating with the Chinese Academy of Sciences on a 'dark factory' demonstration project[45](index=45&type=chunk)[46](index=46&type=chunk) - Southeast Asia Business: Recorded a slight loss due to client project delays and rising costs, but is poised for significant growth opportunities in the new fiscal year, having proactively deployed capacity to accommodate order transfers benefiting from global supply chain restructuring[47](index=47&type=chunk)[49](index=49&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a robust financial position with approximately **HKD 199 million** in cash and bank balances, a net cash position of about **HKD 120 million**, and a healthy debt-to-equity ratio that slightly increased from **11%** to **13.6%** Financial Resources Metrics | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and Bank Balances (HKD million) | 199 | - | | Net Cash Position (HKD million) | 120 | 149 | | Debt-to-Equity Ratio | 13.6% | 11.0% | [Future Outlook](index=24&type=section&id=Future%20Outlook) Given IMF's forecast of slowing global economic growth and escalating trade tensions, management will adhere to prudent operating principles, focusing on optimizing global resource allocation, enhancing operational agility, ensuring robust cash flow, and leveraging RCEP to strengthen Asia-Pacific operations - Facing an uncertain economic outlook, management will adopt prudent operating principles, focusing on enhancing operational agility, ensuring robust cash flow, and leveraging trade agreements like **RCEP** to strengthen Asia-Pacific business[59](index=59&type=chunk) [Corporate Governance and Other Information](index=25&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The company complied with most Corporate Governance Code provisions, with a key deviation being the combined roles of Chairman and CEO held by Mr. Lam Kwong Yu, which the Board believes enhances strategy execution efficiency - There is a deviation from the Corporate Governance Code: the roles of Chairman and Chief Executive Officer are not segregated, both held by **Mr. Lam Kwong Yu**, which the Board believes enhances efficiency[66](index=66&type=chunk) [Shareholder Information](index=27&type=section&id=Shareholder%20Information) The company has set the Annual General Meeting date and the period for suspension of shareholder registration to determine eligible attendees and voters - The Annual General Meeting is scheduled for **Wednesday, August 27, 2025**[70](index=70&type=chunk) - Share transfer registration will be suspended from **August 22 to August 27, 2025** (both dates inclusive)[71](index=71&type=chunk)

Stock Options - The number of stock options granted under the 2022 stock option plan was 51,463,528 shares as of March 31, 2024[5] - The stock option plan is detailed on pages 31 to 33 of the 2024 annual report[5] Financial Reporting - The announcement serves as supplementary information to the 2024 annual report, which should be read in conjunction with it[5] - The announcement was made on May 27, 2025, regarding the financial year ending March 31, 2024[4] - The company emphasizes that all other information in the 2024 annual report remains unchanged[5] Corporate Governance - The board of directors includes executive directors Lin Guangru, Pan Guozheng, Huang Weiguo, and Zhong Zhitang, along with non-executive and independent non-executive directors[5] - The company reiterates its commitment to shareholder engagement and corporate governance[4] - The company is committed to transparency in its financial disclosures and governance practices[4] Responsibility and Accuracy - The company does not assume any responsibility for the accuracy or completeness of the announcement's content[1] - The announcement is part of the company's ongoing communication with stakeholders regarding its financial performance[4]

算力行业高景气持续彰显。 大有能源直线涨停 今天早盘低估值板块显著反弹，煤炭板块大涨超4%。其中，大有能源强势拉升，短短几分钟时间即封 上涨停，截至上午收盘，该股报3.36元/股，上涨10.16%，总市值80亿元。大有能源的涨停，带动了整 个煤炭板块的活跃，美锦能源涨停，晋控煤业涨超6%，陕西煤业、山煤国际等纷纷跟涨。 大有能源主要从事煤炭开采和销售业务，其产品包括优质长焰煤、焦煤、贫煤、洗精煤等，广泛应用于 发电、造气、工业锅炉、炼焦、建材等行业。然而，从其业绩数据来看，2024年1月至9月，大有能源实 现营业收入38.73亿元，同比减少15.28%；归母净利润亏损7.86亿元，同比减少494.88%。在业绩并不理 想的情况下，今日的涨停显得尤为引人注目。 市场分析人士认为，大有能源的涨停或许与煤炭板块的整体复苏有关。近期，随着经济的逐步回暖，工 业生产对煤炭的需求有所增加，煤炭价格也出现了一定程度的回升。此外，市场资金的流向也对煤炭板 块起到了推动作用。在当前市场环境下，部分资金寻求相对稳定的投资标的，而煤炭作为传统的资源行 业，具有一定的抗风险能力，吸引了部分资金的关注。 低估值资源股曝光，投资价值凸显 ...

Financial Performance - The Group reported a profit of approximately HK$7 million for the six months ended 30th September, 2024, an increase of about 6.1% compared to HK$6.6 million in the same period last year[3]. - Revenue for the Group was approximately HK$509 million, reflecting an 11% increase compared to the same period last year[3]. - The Group maintained its core profit level due to stable raw material prices, moderate business growth, and exchange gains from the depreciation of Renminbi[4]. - An interim dividend of HK1 cent per ordinary share has been recommended for the six months ended 30th September, 2024, consistent with the previous year[9]. - Profit for the period attributable to owners of the Company was HK$7,090,000, up from HK$6,647,000 in the previous year, representing a growth of 6.7%[105]. - Basic and diluted earnings per share increased to HK$1.45 from HK$1.36, marking a rise of 6.6%[105]. - Total comprehensive income for the period was HK$27,291,000, compared to a loss of HK$19,863,000 in 2023, indicating a significant turnaround[109]. - The Company reported a comprehensive income of HK$27,291,000 for the six months ended September 30, 2024, compared to a comprehensive loss of HK$19,863,000 for the same period in 2023[118]. Operational Highlights - The Guangzhou and Shaoguan plants in China experienced business growth and continued to record profits, while the Suzhou plant also contributed positively[5]. - The eastern China operation recorded an increase in revenue, although profit margins were affected by increased competition and consumption downgrading[14]. - The southern China operation remained profitable for the six months ended September 30, 2024, despite challenges in the global book market and geopolitical instability[18]. - The Shaoguan plant integrated hardware upgrades with intelligent management software, significantly improving production efficiency and on-time delivery rates[21]. - The eastern China region saw overall revenue growth due to improved performance in the greeting card business, driven by robust market consumption during the National Day holiday[27]. - The Group's frontline business team actively participated in domestic and international exhibitions to expand long-term business opportunities[16]. Innovation and Development - The Group obtained a total of 117 patents, including 21 invention patents, 91 utility model patents, and 5 design patents, enhancing its technological advantages[14]. - A total of nine utility and invention patents were obtained in the eastern China region, including innovations in robotic arm ballpoint machines and automated packaging solutions[27]. - The management team is developing a sponge adhesive machine for greeting card products in collaboration with the Chinese Academy of Sciences[27]. - The management team implemented cost reduction measures, achieving effective control over operating costs and enhancing profitability in the southern China operation[21]. - The Group is focusing on green production systems and low carbon development, adjusting its strategic direction in response to macroeconomic uncertainties[16]. Financial Position - The Group's cash and bank balances and short-term bank deposits amounted to approximately HK$168 million as of September 30, 2024[37]. - The working capital surplus increased to approximately HK$252 million as of September 30, 2024, compared to HK$244 million in the previous year[39]. - The Group's net cash position was approximately HK$123 million as of September 30, 2024, down from HK$158 million in 2023[39]. - The gearing ratio improved to 7% as of September 30, 2024, compared to 13% in the previous year[39]. - Current assets increased to HK$401,168,000 from HK$400,030,000, with inventories rising to HK$84,116,000 from HK$76,190,000[113]. - Total assets as of September 30, 2024, were HK$936,555,000, an increase from HK$891,439,000 as of March 31, 2024[113]. Shareholder Information - As of September 30, 2024, Mr. Lam Kwong Yu holds 202,962,677 shares, representing approximately 40.54% of the total shareholding[52]. - Ms. Yeung Chui has a total interest of 80,928,901 shares, which accounts for approximately 16.17% of the total shareholding[52]. - Dayspring Enterprises Limited, controlled by Ms. Yeung Chui, holds 1,012,901 shares in the Company[52]. - The total number of shares available for issue under the 2022 Share Option Scheme is 51,463,528, representing approximately 10% of the issued share capital as of the approval date and approximately 10.28% as of the interim report date[62]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the six months ended September 30, 2024, except for certain deviations regarding the roles of Chairman and Chief Executive Officer[89]. - All Directors confirmed compliance with the Model Code for Securities Transactions for the six months ended September 30, 2024[95]. - The Audit Committee reviewed the unaudited interim financial information for the six months ended September 30, 2024[80]. - The Remuneration Committee is responsible for recommending the remuneration policy for all Directors and senior management[82]. - The Nomination Committee regularly reviews the structure, size, and composition of the Board[84]. Market and Economic Outlook - Global growth is projected to remain stable at 3.2% for 2024 and 2025, with inflation expected to decrease from 6.7% in 2023 to 5.8% in 2024[31]. - The company is exempt from taxation in Bermuda until 2035, which may positively impact future profitability[164]. - The current income tax expense for Hong Kong profits tax decreased to HK$100,000 in 2024 from HK$728,000 in 2023, representing a reduction of approximately 86.3%[168].

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 508,622,000, representing an increase of 10.6% compared to HKD 459,712,000 for the same period in 2023[2] - Gross profit for the same period was HKD 90,901,000, up from HKD 88,567,000, indicating a growth of 2.5%[2] - The operating profit decreased to HKD 10,196,000 from HKD 11,919,000, reflecting a decline of 14.4% year-over-year[2] - Net profit for the period was HKD 7,090,000, compared to HKD 6,647,000 in the previous year, marking an increase of 6.7%[4] - Basic earnings per share for the period was HKD 1.45, up from HKD 1.36, which is a growth of 6.6%[4] - Revenue for the six months ended September 30, 2024, was HKD 508,622 thousand, an increase of 10.6% compared to HKD 459,712 thousand for the same period in 2023[13] - Operating profit for the group was HKD 10,196 thousand for the six months ended September 30, 2024, compared to HKD 11,919 thousand for the same period in 2023, reflecting a decrease of 14.4%[16] - The group reported a net foreign exchange gain of HKD 1,223 thousand for the six months ended September 30, 2024, compared to HKD 3,835 thousand in the same period of 2023[21] - The company recorded a profit of approximately HKD 7 million for the six months ended September 30, 2024, compared to a profit of approximately HKD 6.6 million for the same period last year, representing an increase of about 5.1%[38] - Revenue for the period was approximately HKD 509 million, an increase of about 11% compared to the same period last year[38] Assets and Liabilities - Total assets as of September 30, 2024, amounted to HKD 936,555,000, an increase from HKD 891,439,000 as of March 31, 2024[8] - The total liabilities increased to HKD 291,689,000 from HKD 266,354,000, indicating a rise of 9.5%[8] - The group’s total liabilities as of September 30, 2024, were HKD 291,689 thousand, an increase from HKD 266,354 thousand as of March 31, 2024[20] - As of September 30, 2024, the group reported cash and bank balances of approximately HKD 168 million, with a working capital surplus of approximately HKD 252 million[57][58] - The group's interest expenses decreased to approximately HKD 1.6 million from HKD 2.3 million in the same period last year[58] - The debt-to-equity ratio as of September 30, 2024, was 7%, down from 13% the previous year, indicating improved financial stability[58] - As of September 30, 2024, the group's net cash position was approximately HKD 123 million, compared to HKD 158 million the previous year[58] Dividends - The company declared a dividend of HKD 5,006,000, unchanged from the previous year[4] - The company proposed an interim dividend of HKD 0.01 per share for the six months ended September 30, 2024, consistent with the interim dividend of HKD 0.01 per share for the same period last year[41] - The company will suspend the registration of share transfers from January 7, 2025, to January 10, 2025, to ensure shareholders qualify for the interim dividend[74] Operational Highlights - The South China region generated revenue of HKD 378,349 thousand, accounting for approximately 74.3% of total group revenue for the six months ended September 30, 2024[16] - The group’s employee costs, including directors' remuneration, increased to HKD 160,294 thousand for the six months ended September 30, 2024, from HKD 147,552 thousand in 2023, representing an increase of 8.5%[23] - The company’s subsidiaries in China are subject to a corporate income tax rate of 25%[27] - The company’s subsidiaries in Singapore and Malaysia are subject to corporate income tax rates of 17% and 24%, respectively[27] - The company aims to enhance its R&D and innovation capabilities to improve productivity and promote sustainable development in the industry[39] - The company’s Guangzhou and Shaoguan plants showed improved performance and continued profitability during the reporting period[39] - The company achieved a total of 117 patents during the reporting period, including 21 invention patents, 91 utility model patents, and 5 design patents[43] - The South China business maintained profitability, with effective cost control and smart initiatives contributing to revenue growth[44] - The East China business saw revenue growth due to improved performance in the greeting card segment, driven by increased domestic consumption during the National Day holiday[51] - The company is actively developing new product lines under the environmentally friendly brand TEAM GREEN®, with significant growth in online sales channels and brand exposure[49] - The company has implemented a comprehensive digital management system in the Shaoguan factory, enhancing production efficiency and on-time delivery rates[48] - The company is focusing on diversifying its investment strategies and developing a green production system to adapt to macroeconomic uncertainties[45] - The company has received multiple awards, including the Golden Jubilee Hong Kong Excellent Brand Award from the Hong Kong Marketing Society[45] - The company is exploring artificial intelligence technologies to improve design, documentation, and production processes, enhancing operational efficiency[43] - The company has established strategic partnerships and is actively participating in international exhibitions to expand its business footprint[45] - The company has obtained a total of 9 utility and invention patents in the East China region during the first half of the year, including innovations in packaging and automation[51] - Southeast Asia business experienced a revenue decline due to project delays but still recorded profitability, with management confident of improvement in the second half of the year[52] Management and Strategy - The management is closely monitoring geopolitical risks and external economic factors, actively adopting measures to enhance automation and promote innovation[56] - The group has committed to continuous investment in human capital, digitalization, and green energy to overcome geopolitical pressures[56] - The group employs approximately 2,600 staff and maintains good relations with employees, offering reasonable compensation and various training programs[62] - The executive directors of the company include Mr. Lin Guangru, Mr. Tian Cheng, Mr. Pan Guozheng, and Mr. Huang Weiguo, with independent non-executive directors including Ms. Yang Cui and others[76] Economic Outlook - The International Monetary Fund (IMF) forecasts global growth rates of 3.2% for 2024 and 2025, with inflation rates expected to decline from 6.7% in 2023 to 5.8% in 2024[56]

Corporate Governance - The company appointed Ms. Elizabeth Law as an Independent Non-Executive Director effective April 1, 2023, for a term of two years[5]. - The Remuneration Committee held three meetings during the fiscal year ending March 31, 2024, with a participation rate of 100%[15]. - The Audit Committee, consisting of all four Independent Non-Executive Directors, held two meetings with a participation rate of 100%[28]. - The Nomination Committee assessed the independence of Independent Non-Executive Directors, confirming their compliance with the independence criteria set out in Listing Rule 3.13[17]. - The company encourages all directors to participate in continuous professional development courses to enhance their skills and knowledge[10]. - The company has adopted a nomination policy outlining the conditions and processes for nominating and appointing directors[32]. - The Nomination Committee will consider various factors, including skills, knowledge, and experience relevant to the company's business when evaluating candidates[24]. - The company ensures timely delivery of board documents to all directors to facilitate informed decision-making[13]. - The company’s governance policies and practices are regularly reviewed to ensure compliance with legal and regulatory requirements[43]. - The company maintains a high level of attendance at board meetings, reflecting strong commitment from its directors[20]. - The Company Secretary, Mr. Poon Kwok Ching, has been appointed since April 1, 2019, ensuring Board procedures are followed and activities are conducted efficiently[44]. - All Directors confirmed compliance with the Model Code for Securities Transactions for the year ended March 31, 2024[46]. - The Company Secretary is responsible for ensuring compliance with legislative, regulatory, and corporate governance developments[68]. Risk Management - The Group's risk management framework includes the Board, Audit Committee, and Senior Management, with annual reviews of effectiveness covering financial, operational, and ESG performance[53]. - The Audit Committee reviewed the interim and annual results for the year ended March 31, 2024, ensuring compliance with generally accepted accounting practices in Hong Kong[64]. - The Group has established a Risk Management Policy to identify, evaluate, and manage significant risks, including ESG risks, with annual assessments conducted by Senior Management[77]. - Significant internal control deficiencies are reported to the Audit Committee and the Board for timely remediation[55]. - The Board considers the Group's risk management and internal control systems effective and adequate during the year[56]. - The Group has engaged an independent professional advisor for ongoing monitoring of risk management and internal control systems[55]. Financial Performance - The Group's working capital surplus as of March 31, 2024, was approximately HK$235 million, unchanged from the previous year[109]. - The Group maintained a net cash position with cash and cash equivalents of approximately HK$149 million as of March 31, 2024, compared to HK$150 million in 2023[109]. - The gearing ratio improved to 11% as of March 31, 2024, down from 14% in the previous year, with total borrowings of approximately HK$69 million[109]. - The Group's consolidated financial statements were audited by PwC, with audit fees amounting to approximately HK$3,045,000 and non-audit services fees of approximately HK$341,000[100]. - The Directors recommended a final dividend of HK1.5 cents per share for the year ended March 31, 2024, resulting in a total dividend of HK2.5 cents per share for the financial year[91]. - The group recorded a profit of approximately HKD 17 million, compared to a profit of approximately HKD 5 million in the same period last year[134]. - The group has maintained its core profit level due to easing inflationary pressures, a decline in major raw material prices, and effective cost optimization measures[158]. - Interest expenses for the year were approximately HK$4 million, down from HK$6 million the previous year, indicating improved financial management[179]. Operational Performance - The ASEAN region experienced a decline in sales but managed to achieve a turnaround from loss during the reporting period[104]. - The Guangzhou plant continued to record profits, while the Shaoguan plant turned around from a loss, and the Suzhou plant experienced a slight decline but remained profitable[104]. - The Group's operations in Southeast Asia faced challenges due to slow global economic recovery but successfully turned profitable[94]. - The overall business revenue from the South China plants decreased, but profitability was achieved through effective cost-saving measures and intelligent initiatives[144]. - The Group's operations in the Southern China region are expected to be affected by weak global market sentiment for books and greeting cards due to various uncertainties[146]. - The Group's operations in Eastern China experienced a slight decrease in revenue due to the slowdown in economic growth and shrinking consumption, with increased industry competition impacting marginal profits[169][174]. - The Southeast Asia operation recorded a decline in revenue but managed to turn losses into profits through effective material control measures and strategic investments in electronics and pharmaceuticals[177]. Strategic Initiatives - The Group's strategic focus includes enhancing customer service quality and investing in new markets and businesses, particularly in electronics and pharmaceuticals[105]. - The group is actively promoting the construction of an AI-driven operational network and integrating the entire value chain to enhance operational efficiency and risk management[144]. - The Group is committed to green, energy-saving, and low-carbon innovation while expanding into new markets and businesses[138]. - The Group's frontline business team actively engaged in domestic and international exhibitions to explore long-term business opportunities in Europe, the United States, and Southeast Asia[145]. - The Group's new product series, including the Habi Rabbit STEAM education series, was launched, and efforts to expand sales channels in mainland China and Southeast Asia were emphasized[148]. - The Group is actively exploring new markets in biotechnology, pharmaceuticals, and game cards to diversify its production capacity and identify future growth opportunities[174][175]. Awards and Recognition - The Group pledged to donate 4% of profits beyond the 8% profit range for charitable purposes, enhancing its commitment to ESG development[145]. - The Group was awarded the "Greater Bay Area Power Brand Award 2022–2023" and the "Most Promising Enterprise Award" at the 2023 Global Economic Influence Awards Ceremony[145]. - The Group has received awards for its contributions to the Greater Bay Area and recognition as a company with significant development potential, enhancing its reputation in the market[170]. Innovation and Technology - A new Heidelberg eight-colour UV printing machine was acquired to enhance printing quality and innovation, alongside the establishment of a fully automated intelligent production line for children's books[172]. - The Shaoguan plant launched a fully automated production line for children's books, improving efficiency and reducing labor intensity[200]. - Automation projects, including smart glue machines and robotic feeding systems, effectively saved labor costs and created unique competitive advantages[200]. - The Group's artificial intelligence initiatives include smart typesetting, automated logistics, and smart production scheduling to enhance operational efficiency and risk management[167]. - The management team implemented lean production management, significantly enhancing operational efficiency and profitability in South China[200].

[Financial Statements](index=1&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2024, group revenue declined 9.6% to HKD 835 million, but effective cost control led to a 4.2% gross profit increase, an 87.7% surge in operating profit to HKD 26.31 million, and a 221.8% rise in profit for the year to HKD 16.99 million, boosting basic EPS from 1.26 to 3.45 HK cents Key Consolidated Statement of Profit or Loss Metrics (For the Year Ended March 31) | Metric | 2024 (HKD '000) | 2023 (HKD '000) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 834,749 | 923,236 | -9.6% | | Gross Profit | 171,207 | 164,363 | +4.2% | | Operating Profit | 26,309 | 14,018 | +87.7% | | Profit Before Tax | 25,071 | 9,623 | +160.5% | | Profit for the Year | 16,992 | 5,280 | +221.8% | | Profit Attributable to Owners of the Company | 17,422 | 6,478 | +169.0% | | Basic Earnings Per Share (HK cents) | 3.45 | 1.26 | +173.8% | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Despite a profit of HKD 16.99 million for the year, a HKD 29.71 million exchange difference loss resulted in a total comprehensive loss of HKD 12.81 million, which narrowed from HKD 20.25 million in the prior year Consolidated Comprehensive Income/(Loss) (For the Year Ended March 31) | Metric | 2024 (HKD '000) | 2023 (HKD '000) | | :--- | :--- | :--- | | Profit for the Year | 16,992 | 5,280 | | Other Comprehensive Loss (primarily exchange differences) | (29,801) | (25,534) | | **Total Comprehensive Loss for the Year** | **(12,809)** | **(20,254)** | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the group's total assets were HKD 891.44 million and total liabilities were HKD 266.35 million, both decreasing year-on-year, while total equity slightly declined to HKD 625.09 million, maintaining a net cash position Consolidated Statement of Financial Position Summary (As of March 31) | Metric | 2024 (HKD '000) | 2023 (HKD '000) | | :--- | :--- | :--- | | Non-current Assets | 400,030 | 419,738 | | Current Assets | 491,409 | 533,754 | | **Total Assets** | **891,439** | **953,492** | | Current Liabilities | 256,783 | 298,852 | | Non-current Liabilities | 9,571 | 10,504 | | **Total Liabilities** | **266,354** | **309,356** | | **Total Equity** | **625,085** | **644,136** | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information and Basis of Preparation](index=5&type=section&id=2.%20Basis%20of%20Preparation) The group primarily engages in printing and manufacturing packaging materials, labels, and paper products, with financial statements prepared under HKFRS; new accounting standard amendments adopted this year had no significant impact on financial position - The group's principal business involves printing and manufacturing packaging materials, labels, and paper products, including eco-friendly paper products[8](index=8&type=chunk) - The group first applied several newly revised accounting standards for the financial year beginning April 1, 2023, with no significant expected impact on current or future periods[12](index=12&type=chunk) [Revenue and Segment Information](index=8&type=section&id=3.%20Revenue%20and%20Segment%20Information) Group revenue primarily stems from packaging materials, labels, and paper products sales, with South China contributing the most revenue and East China achieving the highest operating profit; notably, both South China and Southeast Asia segments successfully turned profitable this year Segment Performance Summary (For the Year Ended March 31, 2024) | Segment | Revenue from External Customers (HKD '000) | Profit/(Loss) for the Year (HKD '000) | 2023 Corresponding Period Profit/(Loss) (HKD '000) | | :--- | :--- | :--- | :--- | | South China | 567,983 | (5,999) | (4,574) | | East China | 122,453 | 14,397 | 20,031 | | Southeast Asia | 144,313 | 8,594 | (10,177) | | **Total** | **834,749** | **16,992** | **5,280** | - Despite South China segment revenue decreasing from HKD 615 million to HKD 568 million, its operating profit significantly increased from HKD 38 thousand to HKD 2.682 million; Southeast Asia segment revenue also fell from HKD 163 million to HKD 144 million, but successfully turned profitable from a HKD 9.98 million loss to an HKD 8.52 million profit[21](index=21&type=chunk)[23](index=23&type=chunk) [Dividends](index=14&type=section&id=9.%20Dividends) The Board recommends a final dividend of 1.5 HK cents per share, bringing the full-year dividend to 2.5 HK cents per share, including the 1 HK cent interim dividend, representing a 150% increase from last year's 1 HK cent Annual Dividend Details | Dividend Type | FY2024 (Per Share) | FY2023 (Per Share) | | :--- | :--- | :--- | | Interim Dividend | 1.0 HK cents | 1.0 HK cents | | Proposed Final Dividend | 1.5 HK cents | Zero | | **Full-Year Dividend** | **2.5 HK cents** | **1.0 HK cents** | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) [Performance Review](index=16&type=section&id=Performance) Despite a 9.6% revenue decline due to global economic uncertainty, the group maintained core profit and significantly grew annual profit through cost optimization, falling raw material prices, and RMB depreciation gains, with key factories exceeding expectations and Shaoguan and Southeast Asia operations turning profitable - Revenue decreased by **9.6%** to approximately **HKD 835 million**, but profit for the year increased from approximately **HKD 5 million** last year to approximately **HKD 17 million**[39](index=39&type=chunk) - Key drivers for profit growth include falling prices of major raw materials, effective implementation of cost optimization measures, and exchange gains from RMB depreciation[40](index=40&type=chunk) - Performance across factories exceeded expectations: Guangzhou factory remained profitable, Shaoguan factory turned profitable, Suzhou factory recorded profit despite a slight business decline, and the Southeast Asia region also turned profitable despite a sales decrease[40](index=40&type=chunk) [Business Overview and Outlook](index=17&type=section&id=Business%20Overview%20and%20Outlook) Facing global economic slowdown and geopolitical risks, the group adopted a prudent strategy, enhancing core competitiveness through AI-driven operations, advanced equipment investment, new business expansion (food, pharmaceutical packaging), and strengthened ESG practices, with regional strategies tailored to market dynamics [South China Operations](index=19&type=section&id=South%20China%20Operations) South China operations enhanced efficiency through targeted investments, including a new Heidelberg eight-color UV printing machine, a food-safe packaging workshop, and an automated children's book production line in Shaoguan, significantly reducing labor costs, while also establishing a printing cultural education base and promoting the 'TEAM GREEN®' eco-friendly brand - Shaoguan factory made significant investments, including acquiring a new Heidelberg eight-color UV printing machine, constructing a new food-safe packaging workshop, and establishing a fully automated smart production line for children's books to enhance automation[50](index=50&type=chunk) - The eco-friendly brand 'TEAM GREEN®' actively expanded its market presence, participating in multiple exhibitions and broadening its online and offline sales channels[52](index=52&type=chunk) [East China Operations](index=20&type=section&id=East%20China%20Operations) To counter domestic market contraction, East China operations diversified into biotechnology, pharmaceuticals, and game cards, while innovating new materials and technologies, collaborating with CAS on automation, and implementing ESG initiatives like a zeolite rotor system and solar photovoltaic power generation at the Suzhou factory - To counter domestic sales contraction, business expanded into new areas such as biotechnology, pharmaceuticals, and game cards[53](index=53&type=chunk) - ESG initiatives: The Suzhou factory's invested zeolite rotor collection system and solar photovoltaic power generation system were put into operation by year-end, increasing clean energy usage[54](index=54&type=chunk) [Southeast Asia Operations](index=21&type=section&id=Southeast%20Asia%20Operations) Despite a revenue decline due to global economic slowdown, Southeast Asia operations successfully turned profitable by leveraging global industrial transfer trends, accelerating capacity expansion with a new Penang plant to serve North Malaysia clients, and reducing production costs through enhanced lean operations and supply chain management - Despite a decline in revenue, the business successfully turned profitable[55](index=55&type=chunk) - To address geopolitical and supply chain changes, the group established a new plant in Penang, intensifying efforts to expand into the electronics and pharmaceutical business markets[55](index=55&type=chunk) [Liquidity and Financial Resources](index=22&type=section&id=Liquidity%20and%20Financial%20Resources) The group maintains a robust financial position with approximately HKD 218 million in cash and bank balances as of March 31, 2024, and a net cash status, with the debt-to-equity ratio decreasing from 14% to 11%, indicating lower financial leverage Financial Position Metrics (As of March 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Cash and Bank Balances (HKD) | Approx. HKD 218 million | - | | Working Capital Surplus (HKD) | Approx. HKD 235 million | Approx. HKD 235 million | | Net Cash Position (HKD) | Approx. HKD 149 million | Approx. HKD 150 million | | Debt-to-Equity Ratio | 11% | 14% | [Future Outlook](index=24&type=section&id=Future%20Outlook) Management remains cautious about future economic prospects, citing IMF reports of slow global expansion, and will continue to implement cost-saving and revenue-generating measures, including enhanced automation, innovation, business diversification, and investments in human capital and green energy, to navigate geoeconomic fragmentation and create long-term shareholder value - Citing the International Monetary Fund (IMF) report, global economic growth is projected to remain at **3.4%** for 2024 and 2025, indicating a historically low expansion rate[65](index=65&type=chunk) - Group strategy: The group will continue to actively adopt measures to increase revenue and reduce costs, enhance automation, drive innovation and diversified business development, and continuously invest in human capital, digitalization, and green energy[65](index=65&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Share Repurchases](index=26&type=section&id=Purchase%20or%20Redemption%20of%20Shares) During the year ended March 31, 2024, the company repurchased 6,002,000 ordinary shares on the Stock Exchange for approximately HKD 1.22 million, all of which were cancelled, with the Board believing this action enhances earnings per share and net asset value per share Annual Share Repurchase Details | Date | Number of Shares Repurchased | Purchase Price Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | | July-October 2023 | 6,002,000 | 0.193 - 0.207 | 1,215,986 | [Code on Corporate Governance Practices](index=27&type=section&id=Compliance%20with%20Code%20on%20Corporate%20Governance%20Practices) The company largely complied with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are combined under Mr. Lam Kwong Yu, an arrangement the Board believes enhances strategic development and execution, with the board composition ensuring power balance - There is a deviation from Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are not segregated, both held by Mr. Lam Kwong Yu[75](index=75&type=chunk) - The Board believes this arrangement allows the company to develop long-term business strategies more effectively and efficiently, and the Board's structure is sufficient to ensure a balance of power[75](index=75&type=chunk)

Financial Performance - The Group reported a profit of approximately HK$7 million for the six months ended 30th September 2023, down 22% from HK$9 million in the same period last year[2]. - Revenue for the period was approximately HK$460 million, representing a 15% decrease compared to the same period last year[2]. - Operating profit decreased to HK$11,919,000, down 33.9% from HK$18,009,000 in the previous year[120]. - Profit for the period was HK$6,647,000, a decline of 25.5% compared to HK$8,918,000 in the prior year[120]. - Basic earnings per share for the period was 1.36 HK cents, down from 1.73 HK cents in the same period last year[120]. - Total comprehensive loss for the period amounted to HK$19,863,000, compared to a loss of HK$42,754,000 in the previous year[123]. - The company reported a decrease in currency translation differences, which amounted to a loss of HK$26,347,000, down from HK$51,409,000 in the previous year[123]. - The Group's cash and bank balances and short-term bank deposits amounted to approximately HK$238 million as of September 30, 2023[39]. - Interest expense decreased to approximately HK$2 million from HK$3 million in the same period of 2022[40]. - Working capital surplus increased to approximately HK$244 million as of September 30, 2023, compared to HK$232 million in the previous year[41]. Operational Highlights - The Group's operations in China performed better than expected, with the Guangzhou plant remaining profitable, the Shaoguan plant turning losses into profits, and the Suzhou plant recording a slight decline but still achieving profitability[4]. - The Eastern China operation experienced a slight decrease in performance due to economic slowdown and increased competition, while the Southeast Asia operation recorded profits despite a decline in sales[15]. - The Group anticipates weak market demand for products and services in the second half of the year, posing significant challenges to operations[10]. - The Group is enhancing operational efficiency through the development of an artificial intelligence operation network and integrating the value chain, achieving interim results despite challenging conditions[14]. - The Group is committed to green and low-carbon development, actively promoting sustainable practices within its operations[19]. - The Shaoguan plant acquired a new Heidelberg eight-colour UV printing machine and established a new food-safe packaging workshop, enhancing service quality and diversifying business development[24]. - A fully automatic intelligent production line for children's books was established at the Shaoguan plant, significantly reducing labor costs and increasing production efficiency[25]. - The Group is increasing investment in the pharmaceutical business and enhancing lean operation standards to reduce production and management costs[33]. Market and Industry Context - The International Monetary Fund (IMF) projected global growth rate to decline from 3.5% in 2022 to 3.0% in 2023 and 2.9% in 2024[34]. - Headline inflation is expected to fall from 9.2% in 2022 to 5.9% in 2023 and 4.8% in 2024[34]. - The Group's Southern China operations maintained profitability despite a decline in global book market demand, attributed to high inflation and interest rates in Europe and the US[22]. Shareholder Information - As of September 30, 2023, Mr. Lam Kwong Yu holds 202,962,677 shares, representing 40.06% of the total shareholding[55]. - Ms. Yeung Chui has beneficial ownership of 79,916,000 shares and an additional 1,012,901 shares through Dayspring Enterprises Limited, totaling 80,928,901 shares or 15.97%[55][57]. - Mr. Poon Kwok Ching holds 118,000 shares, accounting for 0.02% of the total shareholding[55]. - The Company has adopted a new share option scheme since August 18, 2022, allowing for the issuance of up to 51,463,528 shares, which is approximately 10% of the issued share capital[60][68]. - The maximum number of shares that can be issued upon exercise of options under the 2022 Share Option Scheme must not exceed 30% of the shares in issue at any time[69]. - No share options were granted under the 2022 Share Option Scheme during the six months ended September 30, 2023[79]. Financial Position - Total assets decreased from HK$953,492,000 as of March 31, 2023, to HK$913,594,000 as of September 30, 2023, representing a decline of approximately 4.2%[127]. - Total equity attributable to owners of the Company decreased from HK$643,374,000 as of March 31, 2023, to HK$623,738,000 as of September 30, 2023, a decrease of about 3.1%[129]. - Current liabilities decreased from HK$298,852,000 as of March 31, 2023, to HK$280,332,000 as of September 30, 2023, a reduction of about 6.2%[129]. - Trade receivables increased from HK$172,865,000 as of March 31, 2023, to HK$205,742,000 as of September 30, 2023, an increase of approximately 19.0%[127]. - Cash and cash equivalents slightly decreased from HK$243,019,000 as of March 31, 2023, to HK$237,992,000 as of September 30, 2023, a decrease of about 2.1%[127]. - The Company’s reserves decreased from HK$592,710,000 as of March 31, 2023, to HK$573,074,000 as of September 30, 2023, a decline of approximately 3.3%[129]. Employee and Training - Approximately 2,500 employees are currently employed, with ongoing training and development programs in place[49]. - Employee costs decreased to HK$147,552,000 from HK$160,542,000, a reduction of 8.1%[171]. Capital Expenditure - Capital expenditure for the period was HK$15,070,000, compared to HK$25,076,000 in the previous year, indicating a decrease of 40%[165]. - Additions to property, plant, and equipment amounted to HK$13,785,000, down from HK$30,814,000 in the previous year, a decrease of 55.2%[165]. Risk Management - The Group's financial risk management includes market risk, credit risk, liquidity risk, and price risk[148]. - There have been no significant changes in the risk management policies since the year-end[148]. - The carrying amounts of the Group's financial assets approximate their fair values due to short-term maturities[148].

Financial Performance - For the year ended March 31, 2023, the Group's revenue decreased by 12% to approximately HK$923 million, with a profit of approximately HK$5 million compared to HK$357 million last year[17]. - Operating profit for the year was HK$14,018,000, a significant decline from HK$367,421,000 in the previous year[100]. - The profit attributable to owners of the company was HK$6,478,000, compared to HK$357,473,000 in 2022, indicating a substantial drop[100]. - The company declared dividends of HK$5,096,000, down from HK$57,765,000 in the previous year[100]. - The Group's cash and bank balances and short-term bank deposits amounted to approximately HK$252 million as of March 31, 2023, with a working capital surplus of approximately HK$235 million[62][63]. - Interest expenses decreased to approximately HK$6 million from HK$18 million in the previous year, indicating improved cost management[62][66]. - The Group's gearing ratio improved to 14% as of March 31, 2023, down from 22% in the previous year, reflecting a stronger financial position[63]. - The total equity attributable to owners of the company was HK$643,374,000, a decrease from HK$670,645,000 in the previous year[101]. Operational Challenges - The global political and economic situation remains complex, affecting consumer demand and leading to a more conservative business model among customers[19]. - The unfavorable macro environment has impacted the purchasing power and consumption desire of end consumers[19]. - The overall economic growth is expected to remain low, with significant challenges in market demand for printing services due to geopolitical tensions and economic slowdown, particularly in developed economies[37]. - The eastern China operation recorded a slight decrease in performance due to COVID-19 lockdowns and economic growth slowdown, but overall add-on value improved through effective cost control[41]. - The overall consumer sentiment in developed economies remains weak, affecting the business growth of the Southern China operation[50]. Cost Optimization and Efficiency - Excluding the disposal of Starlite Printers (Shenzhen) Co., Ltd last year, the core profit level improved due to effective cost optimization measures and exchange gains from the depreciation of Renminbi[18]. - The Group implemented several cost optimization measures during the reporting period[18]. - The Group completed resource integration for its Southern China plants, reducing procurement, production, logistics, and inventory costs, thereby enhancing competitiveness and market share[51]. - The management team is focusing on lean operations and simplifying production processes to enhance overall operational standards and reduce costs[61][64]. Sustainability Initiatives - The Group is actively promoting a green production system and has established solar photovoltaic power generation systems in Shaoguan and Suzhou plants to align with national dual-carbon policies[43]. - The Group aims to integrate sustainability initiatives with its energy conservation and emission reduction concepts, establishing a benchmark for green manufacturing[43]. - The Group is committed to carbon emission management and has initiated various environmental protection measures[90]. - The company is focusing on environmental sustainability by implementing initiatives such as using biodegradable materials like bamboo in product designs[94]. - The establishment of ESG working groups across subsidiaries aims to enhance the company's commitment to environmental, social, and governance standards[96]. Market and Product Development - The performance of the three plants in China was better than expected, with the Guangzhou plant recording a profit and the Shaoguan plant significantly narrowing its losses[19]. - The Suzhou plant improved its profitability despite disruptions from Shanghai's lockdown measures and a decline in sales at the beginning of the year[19]. - The Group's frontline business team is engaging in international exhibitions to explore new business opportunities following the lifting of pandemic restrictions[43]. - The Group plans to strengthen business development in mainland China and Southeast Asia, expanding sales channels through online media and physical stores[53]. - TEAM GREEN® brand sales increased with the resumption of retail activities, and new product series were launched, including the JIGZLE wood animals series[53]. Awards and Recognition - The global limited-edition OPERA GIRL of TEAM GREEN® won multiple awards at the 33rd Hong Kong Print Awards, including the Gold Award for Creative Products[53]. - The Guangzhou plant received the Science and Technology SME Certificate, and the Shaoguan plant built a solar photovoltaic power generation system, optimizing energy consumption and reducing costs[51]. Corporate Governance and Management - The Group's Chairman received the Outstanding Contribution Leader Award for contributions to the Guangdong-Hong Kong-Macao Greater Bay Area[47]. - The Audit Committee consists of all four Independent Non-Executive Directors and has reviewed the financial statements for the year ended March 31, 2023[198]. - The Remuneration Committee is responsible for recommending the remuneration policy for all Directors and senior management[199]. - The Nomination Committee regularly reviews the structure and composition of the Board and makes recommendations for any proposed changes[200].