Financial Performance - The group reported a pre-tax operating loss of HKD 15,600,000 for the year, compared to a pre-tax operating profit of HKD 24,200,000 in 2023[1]. - The group's pre-tax loss, excluding tax, was HKD 13,300,000, down from a pre-tax profit of HKD 22,900,000 in 2023[2]. - The group reported a comprehensive loss of HKD 16.44 million for the year, compared to a comprehensive income of HKD 12.94 million in the previous year[48]. - The group reported a loss of HKD 13,989,000 for the year ending March 31, 2024, compared to a profit of HKD 18,800,000 in the previous year[58]. - Revenue for the year was HKD 516,783,000, a decrease from HKD 753,214,000 in the previous year, representing a decline of approximately 31.4%[66]. - The gross profit decreased to HKD 105,819,000 from HKD 161,442,000, indicating a significant reduction in profitability[67]. - The company recorded a loss attributable to owners of HKD 12,796,000 for the fiscal year, compared to a profit of HKD 19,718,000 in the previous year[112]. - The company’s EBITDA for the fiscal year was HKD 1,561,000, a significant decrease from HKD 39,905,000 in the previous year[130]. Sales and Market Performance - Retail sales in Asia increased by 2.2% to HKD 277,700,000, with sales in the Chinese market contributing HKD 258,900,000, representing over 93.2% of total Asian sales[10]. - Sales in the North American market saw a significant decline of 48.0% due to weakened consumer demand and inventory challenges[13]. - The group's retail sales stabilized at HKD 201,600,000 for the year, reflecting a growth of 4.0% after a 12.0% decline in the first half of the year[15]. - The group’s operating segments reported revenue as follows: China HKD 258,911,000, USA HKD 135,620,000, Canada HKD 85,255,000, and others HKD 36,997,000[79]. - North American sales decreased by 50.3% year-on-year to HKD 220,900,000, with sales in the US and Canada dropping by 48.0% and 53.6% respectively, accounting for 26.2% and 16.5% of total revenue[140]. - Domestic brand customer sales in China increased by 9.9% to HKD 56,600,000, up from HKD 51,500,000 in the previous year[159]. Inventory and Cost Management - Inventory increased significantly to HKD 99.64 million in 2024 from HKD 65.27 million in 2023, indicating a 52.7% rise[51]. - Inventory turnover period increased by 39 days to 71 days, up from 32 days in the previous year, primarily due to higher inventory levels to meet increased order volumes[63]. - The inventory turnover period increased to 71 days in 2024 from 32 days in 2023, indicating a slowdown in inventory movement[150]. - The total operating expenses decreased by 7.9% to HKD 55,307,000 in 2024 from HKD 60,044,000 in 2023, with significant reductions in freight and handling fees by 43.8%[110]. - Distribution expenses fell by 7.9% to HKD 55,300,000, as the company continued to expand its digital presence and closed underperforming retail stores[125]. - Administrative expenses decreased by 2.9% to HKD 76,800,000, attributed to reduced employee performance bonuses and overall cost control measures[126]. Cash Flow and Financial Position - As of March 31, 2024, the group's cash level was HKD 269.3 million, down from HKD 295.3 million on March 31, 2023, with pledged bank deposits of HKD 101.1 million[36]. - The total bank borrowings as of March 31, 2024, amounted to HKD 51.4 million, a decrease from HKD 54.5 million on March 31, 2023, resulting in a debt-to-equity ratio of 13.3%[36]. - The group's cash balance, excluding pledged bank deposits, was HKD 116.8 million as of March 31, 2024, down from HKD 130.1 million in 2023[37]. - The accounts receivable, net of credit loss provisions, amounted to HKD 86,379,000 as of March 31, 2024, compared to HKD 89,401,000 in 2023[104]. - The company’s total liabilities increased, with accounts payable aging analysis showing HKD 66,440,000 due within 90 days as of March 31, 2024, compared to HKD 44,983,000 in 2023[105]. Strategic Initiatives and Future Outlook - The group aims to enhance its digital and data capabilities to adapt to changing consumer behaviors and improve its omnichannel profitability[17]. - The group plans to leverage synergies with retail operations to expand product offerings and meet diverse customer needs in the domestic brand market[16]. - The group is focused on maintaining strong cash flow and effective working capital management to support future strategic initiatives[18]. - The company is focusing on enhancing online presence and brand awareness through various digital channels, including WeChat, Taobao, and TikTok[143]. - The company is implementing cost control measures and optimizing inventory management to maintain profitability amid market uncertainties[144]. - The company plans to enhance manufacturing platform efficiency and flexibility to address challenges posed by global trade conflicts and fluctuating demand in key export markets[173]. - The company aims to achieve customer-centric organic growth by meeting diverse demands and manufacturing requirements of global brand clients[173]. Economic and Market Conditions - The overall economic recovery in China is under pressure, with GDP growth at 5.2% and consumer confidence declining, impacting retail demand[158]. - The overall economic uncertainty and high-interest rate environment continue to suppress business sentiment among customers, leading to cautious inventory management and reduced production orders[170]. - In 2023, the U.S. apparel import volume decreased by 22.0%, reflecting weakened consumer demand for clothing products due to rising living costs and inflationary pressures[160]. Corporate Governance - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange listing rules throughout the year[168]. - The audit committee, including four independent non-executive directors, reviewed the company's accounting policies and financial reporting matters[167].

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 237,529,000, a decrease of 43% compared to HKD 415,433,000 for the same period in 2022[9] - Gross profit for the same period was HKD 44,807,000, down 44% from HKD 80,347,000 year-on-year[9] - The net loss for the period was HKD 11,592,000, compared to a profit of HKD 5,786,000 in the previous year[10] - Basic and diluted loss per share was HKD 2.4, compared to earnings of HKD 1.4 per share in the prior year[9] - The group reported a loss before tax of HKD 11,422,000 for the six months ended September 30, 2023, compared to a profit before tax of HKD 8,162,000 for the same period in 2022[29] - The company incurred a loss of HKD 10,979,000 during the period, compared to a profit of HKD 6,165,000 in the previous period[15] - The total comprehensive expense for the period was HKD 15,874,000, which includes foreign exchange losses of HKD 4,282,000[15] - The group recorded an operating loss before tax of HKD 13,100,000, compared to an operating profit of HKD 10,700,000 in the previous year[45] Assets and Liabilities - Total assets as of September 30, 2023, were HKD 446,774,000, a decrease from HKD 467,555,000 as of March 31, 2023[12] - Current liabilities amounted to HKD 145,039,000, slightly down from HKD 148,834,000 at the end of the previous fiscal year[12] - The company’s equity attributable to owners decreased to HKD 399,409,000 from HKD 416,925,000, reflecting a decline of approximately 4%[13] - Trade receivables, net of credit loss provisions, amounted to HKD 70,779,000 as of September 30, 2023, down from HKD 89,401,000 as of March 31, 2023[37] - Trade payables amounted to HKD 50,683,000 as of September 30, 2023, an increase from HKD 44,983,000 as of March 31, 2023[38] Cash Flow and Financing - The company reported a net cash inflow from operating activities of HKD 2,116,000 for the six months ended September 30, 2023, a significant decrease from HKD 20,983,000 in the same period last year[17] - Cash and cash equivalents decreased by HKD 61,000, ending the period at HKD 182,087,000, compared to HKD 185,511,000 at the end of the previous period[17] - The company repaid bank loans totaling HKD 81,352,000 during the financing activities, a decrease from HKD 146,814,000 in the previous year[17] - New bank borrowings raised during the same period were HKD 72,846,000, allocated for general working capital[39] - The total bank borrowings as of September 30, 2023, amounted to HKD 46,000,000, a decrease from HKD 54,500,000 on March 31, 2023, with a debt-to-equity ratio of 11.9%[67] Revenue Breakdown - Total revenue for the six months ended September 30, 2023, was HKD 237,529,000, with garment sales contributing HKD 149,774,000 and product retail contributing HKD 87,755,000[22] - The revenue breakdown for the six months ended September 30, 2023, shows HKD 125,144,000 from Asia, HKD 102,476,000 from North America, and HKD 9,909,000 from other regions[27] - The company’s revenue from the United States market was HKD 59,467,000, while revenue from Canada was HKD 43,009,000[22] Market Performance - Sales in Asia decreased by 9.6% to HKD 125,100,000, with China contributing HKD 117,600,000, a decline of 9.9% year-on-year[51] - Retail sales in North America fell by 59.4% to HKD 102,500,000, with U.S. sales dropping 60.4% to HKD 59,500,000[53] - Canadian sales decreased by 58.0% to HKD 43,000,000 due to high inflation and a tightening credit environment[56] - Overall retail sales for the period amounted to HKD 87,800,000, a decline of 12.0% compared to the previous year[57] - E-commerce sales decreased by 15.2%, accounting for over 75% of total retail sales[59] Operational Strategies - The group aims to streamline its management structure and implement cost control measures to mitigate financial impacts from reduced orders and profit margins[47] - The company is adjusting inventory strategies due to high levels of client inventory and uncertain market demand[55] - The company is implementing cost optimization measures to improve operational performance amid a competitive market environment[60] - The group plans to actively explore new markets and diversify its product offerings to reduce reliance on specific markets and increase revenue sources[63] - The group is committed to strict cost control measures to improve operational and financial management, aiming for sustainable growth[64] Employee and Governance - Employee benefits expenses totaled HKD 62,900,000 for the period, slightly down from HKD 63,700,000 for the same period last year[72] - The group employs approximately 1,400 staff members, focusing on employee development and competitive compensation to retain talent[72] - The audit committee, consisting of four independent non-executive directors, reviewed the group’s accounting policies and financial reporting matters[82] - The company has complied with all provisions of the corporate governance code during the reporting period[83] - All directors confirmed adherence to the standard code for securities transactions throughout the reporting period[84] Shareholding Structure - As of September 30, 2023, the company’s directors and senior management hold a total of 5,060,160 shares, representing 1.12% of the issued shares[75] - Major shareholder Corona Investments Limited owns 150,059,268 shares, accounting for 33.27% of the issued shares[79] - Webb David Michael holds 22,563,800 shares directly and indirectly through Preferable Situation Assets Limited, totaling 54,158,000 shares, which is 12.00% of the issued shares[80] - The company has not granted, exercised, or cancelled any stock options under the stock option plan during the reporting period[76] - The company did not repurchase any of its listed securities during the reporting period[81]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 同 得 仕（ 集 團 ）有 限 公 司 TUNGTEX (HOLDINGS) COMPANY LIMITED （於香港註冊成立之有限公司） （股份代號：00518） 中期業績公告 截至二零二三年九月三十日止六個月 業績 同得仕（集團）有限公司（「本公司」）及其附屬公司（「本集團」）截至二零二三年九月 三十日止六個月（「本期間」）之未經審核簡明綜合中期業績，連同截至二零二二年 九月三十日止六個月之比較數字如下： 簡明綜合損益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 附註 港幣千元 港幣千元 （未經審核） （未經審核） 營業額 3 237,529 415,433 銷售成本 (192,722) (335,086) 毛利 44,807 80,347 ...

Financial Performance - The total revenue for the fiscal year ended March 31, 2023, increased by 28.0% to HKD 753,200,000[6]. - The company recorded a profit attributable to shareholders of HKD 19,700,000, compared to a loss of HKD 26,100,000 in the previous year[6]. - The company achieved a pre-tax profit of HKD 22,900,000, a turnaround from a pre-tax loss of HKD 26,500,000 in the previous year[15]. - Gross profit was HKD 161,400,000, with a gross margin of 21.4%, up from 19.0% year-on-year, attributed to increased sales leverage and improved operational efficiency[15]. - The group's EBITDA for the year was HKD 39,900,000, a turnaround from an EBITDA loss of HKD 8,900,000 in the previous year[47]. - The net profit for the year was HKD 18,800,000, a significant recovery from a loss of HKD 26,697,000 in 2022[196]. - Basic and diluted earnings per share improved to HKD 4.4 from a loss of HKD 5.8 in the prior year[194]. - Total comprehensive income for the year was HKD 12,937,000, compared to a loss of HKD 20,160,000 in 2022[196]. Market Performance - North America market revenue grew significantly by 65.1%, accounting for 59.0% of total revenue[7]. - Revenue from the Asian market, primarily impacted by challenges in China, decreased by 9.7%, representing 36.1% of total revenue[7]. - Retail sales for the "Betu" brand in China declined by 10.6% year-on-year, or 5.4% excluding foreign exchange effects[8]. - Total sales in China fell by 12.7% year-on-year to HKD 254,400,000, with retail sales and sales to domestic brand customers contributing to this decline[25]. - Sales in the Asian market decreased by 9.7% year-on-year to HKD 271,800,000, primarily due to the impact of COVID-19 in mainland China, which accounted for approximately 93.6% of Asian sales[25]. Cost Management and Efficiency - The company continues to implement strict cost control measures and reduce capital expenditures to enhance operational efficiency[8]. - Distribution expenses decreased by 12.9% to HKD 60,000,000, aligning with a 10.6% decline in retail sales[16]. - The cost of sales as a percentage of total revenue decreased to 78.6% from 81.0% in the previous year, attributed to improved sales leverage and operational efficiency[41]. - The group's capital expenditure for the year was HKD 1,800,000, a significant decrease from HKD 43,600,000 in the same period last year[37]. Operational Challenges - The retail environment in China remains challenging, with domestic sales showing a decline due to weak consumer demand and economic uncertainty[19]. - The company is focusing on cost control and management to mitigate the negative impact of reduced foot traffic in physical stores[22]. - Management anticipates ongoing macroeconomic and geopolitical uncertainties will continue to hinder global consumer market recovery, particularly in North America[31]. Governance and Corporate Structure - The board of directors consists of three executive directors and four independent non-executive directors, ensuring a diverse governance structure[68]. - The company has established audit, remuneration, and nomination committees to oversee specific areas of corporate governance[75]. - The board composition is reviewed regularly to ensure it possesses the necessary expertise and experience for the company's business needs[69]. - The company provides directors with ongoing training on regulatory requirements and corporate governance to support their roles[70]. Shareholder Engagement and Dividends - The board proposed a final dividend of HKD 0.005 per share for the fiscal year, consistent with the previous year[12]. - The company has adopted a dividend policy to allow shareholders to share in profits while retaining sufficient reserves for future business development[102]. - The company encourages shareholders to attend the annual general meeting to raise inquiries and has established various communication channels for shareholder engagement[99]. Environmental and Social Responsibility - The company is committed to sustainable development goals and promoting environmentally friendly practices in its supply chain[9]. - The company is committed to high environmental standards and compliance with relevant laws and regulations, including corporate governance and disclosure requirements[125]. - The company’s environmental, social, and governance report will be published in July 2023, detailing its policies and benefits[125]. Risk Management - The Group's risk management system includes systematic assessment and prioritization of financial, operational, and regulatory risks[91]. - The internal audit function is responsible for regular and independent reviews of the Group's risk management and internal control systems[93]. - The Group encourages employees to report any concerns regarding financial reporting or internal controls[94].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 同 得 仕（ 集 團 ）有 限 公 司 TUNGTEX (HOLDINGS) COMPANY LIMITED （於香港註冊成立之有限公司） （股份代號：00518） 業績公告 截至二零二三年三月三十一日止年度 業績 同得仕（集團）有限公司（「本公司」）及其附屬公司（「本集團」）截至二零二三年三月 三十一日止年度（「本年度」）之已審核綜合業績，連同截至二零二二年三月三十一日 止年度之比較數字如下： 綜合損益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 港幣千元 港幣千元 營業額 3 753,214 588,269 銷售成本 (591,772) (476,223) 毛利 161,442 112,046 其他收入及收益 6,744 4,972 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 415,433,000, a significant increase from HKD 232,444,000 in the same period last year, representing an increase of 78.5%[9] - Gross profit for the same period was HKD 80,347,000, compared to HKD 35,623,000 in the previous year, reflecting a gross margin improvement[9] - The net profit for the period was HKD 5,786,000, a turnaround from a net loss of HKD 32,334,000 in the prior year[10] - Basic and diluted earnings per share were HKD 1.4, compared to a loss per share of HKD 7.1 in the previous year[9] - The group reported a consolidated profit of HKD 31,222,000 for the six months ended September 30, 2022, compared to a loss of HKD 15,790,000 in the previous year, indicating a turnaround in performance[32] - The company recorded a pre-tax profit of HKD 8,162,000 for the six months ended September 30, 2022, compared to a pre-tax loss of HKD 32,393,000 in the same period of the previous year[32] Assets and Liabilities - Total assets as of September 30, 2022, were HKD 500,176,000, down from HKD 517,064,000 as of March 31, 2022[12] - Current liabilities decreased to HKD 198,981,000 from HKD 218,977,000, indicating improved liquidity management[12] - The total equity attributable to the owners of the company was HKD 400,261,000, slightly down from HKD 405,325,000 as of March 31, 2022[13] - The total cash and cash equivalents at the end of the period were HKD 185,511,000, a decrease from HKD 278,082,000 at the beginning of the period[17] - Trade receivables, net of credit loss provisions, amounted to HKD 96,567,000 as of September 30, 2022, up from HKD 82,681,000 as of March 31, 2022[47] - Trade payables amounted to HKD 60,984,000 as of September 30, 2022, down from HKD 77,988,000 as of March 31, 2022[49] Cash Flow and Investments - The company reported a net cash inflow from operating activities of HKD 20,983,000 for the six months ended September 30, 2022, compared to a net outflow of HKD 27,647,000 in the same period last year[17] - The company’s investment activities resulted in a net cash outflow of HKD 5,000,000 for the period, reflecting ongoing investments in property and equipment[17] - The company invested HKD 642,000,000 in properties, plant, and equipment during the six months ended September 30, 2022, compared to HKD 41,001,000 in the same period of the previous year[44] Market Performance - Total revenue from customer contracts for the six months ended September 30, 2022, was HKD 415,433,000, with significant contributions from the United States (HKD 150,038,000) and Canada (HKD 102,369,000)[25] - North America generated revenue of HKD 252,407,000, while Asia contributed HKD 138,435,000, and Europe and other regions accounted for HKD 24,591,000 during the same period[32] - Retail sales in North America increased by 190.3% year-on-year to HKD 252,400,000, accounting for 60.8% of total revenue[63] - Sales in Canada grew over 1.5 times to HKD 102,400,000, driven by strong consumer spending and economic activity[65] - Sales in Asia remained stable at HKD 138,400,000, with China contributing HKD 130,600,000, a decrease of approximately 5.0%[66] - Retail sales in China declined by 3.2% to HKD 99,700,000, reflecting ongoing impacts from the pandemic[68] Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development to drive future growth[10] - The company shifted its strategic focus from China to the North American market, resulting in nearly double the sales growth in that region compared to the previous year[59] - The company plans to enhance and restructure production capacity at its Vietnam factory to meet rising export order demand[59] - The company continues to invest in long-term strategic initiatives, particularly in digital technology and sustainability[77] Employee and Operational Insights - The total employee benefits expense increased to HKD 63,734,000 for the six months ended September 30, 2022, up from HKD 56,730,000 in the prior year[36] - The company employed approximately 1,300 employees as of September 30, 2022, up from about 1,200 employees as of March 31, 2022, primarily due to an increase in production workers[87] - The company successfully adjusted inventory and expenditure to mitigate the financial impact of the pandemic on retail performance[60] - The management implemented flexible adjustments in production planning and supply chain optimization to address uncertainties[62] Governance and Shareholder Information - Major shareholder Corona Investments Limited held 150,059,268 shares, representing 33.27% of the issued shares as of September 30, 2022[96] - The total number of issued shares as of September 30, 2022, was 451,067,557[99] - The audit committee, consisting of four independent non-executive directors, reviewed the group's accounting policies and financial reporting matters during the period[103] - The company adhered to all provisions of the corporate governance code as set out in the listing rules during the period[104]

Financial Performance - Total revenue reached HKD 588.3 million, a year-on-year increase of 27.8% from HKD 460.4 million in the previous year[9]. - The net loss for the year was HKD 26.7 million, compared to a net profit of HKD 255.3 million in the previous year, which included one-time non-operating items[9]. - Gross profit increased by 13.8% to HKD 112,000,000, with a gross margin of 19.0%, a decrease of approximately 2.4 percentage points compared to the previous year[16]. - The company recorded a pre-tax loss of HKD 26,500,000, compared to a pre-tax profit of HKD 254,900,000 in the previous year, which included one-time non-operating gains from asset sales[16]. - Excluding one-time and non-operating items, the operating loss decreased by 46.7% to HKD 29,600,000, reflecting a rebound in revenue and effective cost improvement measures[17]. - The company reported a loss before tax of HKD 29,600,000 for the year, an improvement from a loss of HKD 55,500,000 in the previous year[61]. - The company reported a loss per share of HKD 0.058 in 2022, compared to earnings per share of HKD 0.567 in 2021[65]. Sales and Market Performance - The company experienced sales growth in both the Chinese and broader Asian markets despite ongoing pandemic-related restrictions[9]. - Sales in Asia grew by 9.2% to HKD 300,800,000, with sales in China accounting for 96.9% of Asian sales and 49.5% of total sales[24]. - Retail sales overall increased by 16.0% to HKD 225,400,000, benefiting from a shift to e-commerce amid ongoing pandemic restrictions[25]. - North American sales experienced a significant growth of 57.0%, reaching HKD 269,200,000, compared to HKD 171,500,000 in the previous year[26]. - Overall retail sales in China increased by 16.0% to HKD 225,400,000, despite a decline of 18.1% in physical store sales due to pandemic restrictions[30]. - Online sales grew by 43.8%, with their share of total retail sales rising from 55.1% to 68.3%[32]. Operational Efficiency and Cost Management - Operational expenses were reduced, and strategic measures were implemented to improve sales performance, leading to a healthier financial and operational state[10]. - The company has actively reduced non-priority capital expenditures to optimize working capital and enhance operational leverage[10]. - Distribution expenses increased by 16.3% to HKD 68,900,000, driven by a 43.8% growth in online sales and increased advertising costs[17]. - Administrative expenses decreased by 27.0% to HKD 74,300,000, primarily due to the termination of manufacturing operations in Shenzhen and Dongguan[17]. - Financing costs decreased by 43.9% to approximately HKD 2,900,000, attributed to effective cash flow and working capital management[18]. Corporate Governance - The board of directors held a total of 7 meetings during the fiscal year ending March 31, 2022, with all directors attending the annual general meeting[78]. - The company adopted the new corporate governance code effective from April 1, 2022, ensuring compliance with all relevant principles and provisions[77]. - The board consists of 3 executive directors and 5 independent non-executive directors, ensuring a diverse governance structure[84]. - The company has established committees, including the Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific areas of corporate governance[91]. - The company emphasizes the importance of independent directors and their roles in corporate governance, with all independent directors actively participating in board meetings[93]. Environmental and Social Responsibility - The company is committed to enhancing environmental protection measures and sustainable development practices as part of its operational strategy[11]. - The company is committed to high environmental standards and compliance with relevant laws and regulations during its business development[151]. - The company’s environmental, social, and governance report will be published in July 2022, detailing its policies and benefits[151]. - The company regularly collects feedback from stakeholders to understand their needs and optimize resource utilization for future business and community development[154]. Future Outlook and Strategy - The company aims to leverage digitalization and technology as a new normal in response to the pandemic's impact on business and social models[10]. - The company plans to continue closing unprofitable stores, reducing the number of Betu brand physical stores in China to 173, a net decrease of 4 stores[31]. - Management anticipates ongoing uncertainty and challenges in the short term due to factors such as inflation and geopolitical tensions[33]. - The company aims to leverage its production capabilities in Zhongshan to maintain quality and timely production under challenging conditions[36]. - The management team is actively exploring potential mergers and acquisitions to drive growth and market expansion[171]. Financial Position and Liquidity - As of March 31, 2022, the group's cash level was HKD 293,300,000, down from HKD 393,800,000 a year earlier, with total bank borrowings amounting to HKD 85,600,000[41]. - The group’s inventory turnover period increased to 71 days from 62 days year-on-year, attributed to higher inventory levels in the garment division to support increased order volumes[41]. - The company maintains sufficient levels of cash and cash equivalents to manage liquidity risk and reduce the impact of cash flow fluctuations[145]. - The company is exposed to foreign currency translation risks due to foreign currency transactions and borrowings, and it manages this risk through appropriate measures[147]. Shareholder Information - The company reported a proposed final dividend of HKD 0.5 per share for the year ended March 31, 2022, down from HKD 1.5 per share in the previous year[134]. - The total reserves available for distribution to shareholders as of March 31, 2022, amounted to HKD 72,686,000, a decrease from HKD 94,508,000 in the previous year[135]. - The largest customer accounted for 21% of total sales, while the top five customers represented 54% of total sales[133]. - The largest shareholder, Corona Investments Limited, holds 150,059,268 shares, representing 33.27% of the total issued shares[183].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 232,444,000, an increase of 2.5% compared to HKD 226,736,000 for the same period in 2020[7] - Gross profit decreased to HKD 35,623,000, down 4.4% from HKD 37,244,000 year-on-year[7] - The net loss for the period was HKD 32,334,000, compared to a profit of HKD 239,781,000 in the previous year[8] - Basic and diluted loss per share was HKD 7.1, a significant decrease from earnings of HKD 53.2 per share in the prior period[7] - The company reported a total loss of HKD 32,393,000 before tax for the six months ended September 30, 2021, compared to a profit of HKD 239,759,000 for the same period in 2020[34] - The loss attributable to the company's owners for the six months ended September 30, 2021, was HKD 32,022,000, compared to a profit of HKD 240,142,000 for the same period in 2020[40] - The group recorded a pre-tax loss of approximately HKD 32,400,000, compared to a pre-tax profit of HKD 239,800,000 in the same period last year due to a one-time gain from the sale of a subsidiary[56] Assets and Liabilities - Total assets as of September 30, 2021, were HKD 470,961,000, down from HKD 554,207,000 as of March 31, 2021[10] - The company’s equity attributable to owners decreased to HKD 394,264,000 from HKD 431,618,000, reflecting the impact of the net loss[11] - Trade receivables, net of credit loss provisions, amounted to HKD 53,392,000 as of September 30, 2021, down from HKD 62,699,000 as of March 31, 2021[45] - The company maintained a healthy asset-to-liability ratio of 18.8% as of September 30, 2021, with total bank borrowings of HKD 72,000,000[78] Cash Flow - The net cash used in operating activities for the six months ended September 30, 2021, was HKD (27,647,000), compared to HKD (5,154,000) for the same period in 2020, indicating a significant increase in cash outflow[15] - The net cash used in investing activities was HKD (41,001,000) for the six months ended September 30, 2021, compared to HKD (39,579,000) in the previous year, reflecting ongoing investments in property and equipment[15] - The net cash used in financing activities was HKD (108,086,000), a decrease from HKD (120,984,000) in the same period last year, primarily due to repayments of bank loans[15] - Cash and cash equivalents at the end of the period decreased to HKD 178,035,000 from HKD 372,495,000 in the previous year, showing a decline of approximately 52%[15] Revenue Breakdown - Revenue from garment products in the China market was HKD 137,371,000, while revenue from the United States was HKD 46,751,000, and from Canada was HKD 40,189,000[23] - For the six months ended September 30, 2021, total revenue from external goods sales was HKD 232,444,000, with contributions of HKD 139,367,000 from Asia, HKD 86,940,000 from North America, and HKD 6,137,000 from Europe and others[29] - The company reported a total of HKD 129,528,000 in revenue from garment production and sales for the six months ended September 30, 2021, compared to HKD 146,370,000 in the same period of 2020, indicating a decrease of about 11.5%[25] - The company reported a decrease in revenue from North America, which was HKD 96,357,000 for the six months ended September 30, 2020, compared to HKD 86,940,000 in 2021, representing a decline of approximately 9.8%[29] Operational Highlights - The company has not disclosed any new product developments or market expansion strategies in the current report[22] - The company’s operating segments are categorized into Asia, North America, and Europe, focusing on garment manufacturing and sales[26] - The group recorded a stable revenue of HKD 232,400,000, representing a year-on-year increase of 2.5%[55] - The gross profit margin slightly decreased by 1.1 percentage points due to the temporary suspension of operations at the Vietnam production base from mid-July to the end of September 2021[55] - Distribution expenses increased by 41.1% to HKD 33,200,000 compared to HKD 23,500,000 in the same period last year[55] - Administrative expenses decreased by 25.6% to HKD 36,700,000 from HKD 49,300,000 in the previous year[55] - The group incurred capital expenditures of HKD 41,001,000 for the purchase of properties, plants, and equipment during the reporting period[42] Strategic Focus - The group's strategic focus has shifted to online sales and franchise business to enhance competitiveness amid ongoing COVID-19 challenges[66] - The company is focusing on enhancing its "Betu" brand retail network and exploring online sales channels to improve customer satisfaction and sales[74] - The company has resumed operations at its production facility in Vietnam since late September 2021, with expectations for comprehensive development post-pandemic[75] - The production facility in Zhongshan is leveraging local production advantages to supply high-quality garments with shorter turnaround times[74] Shareholder Information - As of September 30, 2021, major shareholder Corona Investments Limited held 150,059,268 shares, representing 33.27% of the issued shares[94] - Wykeham Capital Asia Value Fund held 44,832,000 shares, accounting for 9.93% of the issued shares[94] - The total number of issued shares as of September 30, 2021, was 451,067,557[97] Dividends - The company did not declare an interim dividend for the six months ended September 30, 2021, compared to an interim dividend of HKD 0.022 per share for the same period in 2020[38] - The company declared a final dividend of HKD 0.015 per share for the year ended March 31, 2021, totaling HKD 6,800,000[85] - The board declared a special dividend of HKD 0.0175 per share related to asset sales, payable on December 10, 2020[85] - A second special dividend of HKD 0.2217 per share was declared on November 27, 2020, related to the sale of a subsidiary, payable on December 23, 2020[85] Governance and Compliance - The company’s financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[17] - The audit committee reviewed the group's accounting policies and financial reporting matters during the period[102] - The company adhered to all corporate governance codes as per the listing rules during the period[103]

Revenue and Sales Performance - The group's revenue for the fiscal year decreased by 35.1% to HKD 460.4 million, primarily due to reduced demand from major customers in North America [12]. - Total revenue decreased by 35.1% year-on-year to HKD 460,400,000, primarily due to a significant decline in sales in the North American market [22]. - The overall sales in China for the year were HKD 258.8 million, reflecting a slight decrease of 4.7% compared to the previous year [13]. - Sales in the Chinese market showed a recovery in the second half of the year, with a year-on-year growth of 16.5%, while the first half experienced a contraction of 22.5% [13]. - Sales in Asia amounted to HKD 275,600,000, a moderate decrease of 2.7%, accounting for 59.9% of total revenue [26]. - North American market sales dropped significantly by 58.0% to HKD 171,500,000, accounting for 37.2% of total revenue, primarily due to weakened demand and strict trade credit control [27]. - Sales in the U.S. fell by 65.9% to HKD 86,800,000, while Canadian sales decreased by 44.9% to HKD 84,600,000, reflecting the severe impact of the pandemic on consumer spending [28]. - Retail sales in China increased by 5.2% in the second half of the year, although total retail sales for the year were HKD 194,300,000, down 14.5% year-on-year [32]. Profitability and Financial Performance - The company recorded a profit attributable to shareholders of HKD 256,000,000, compared to a loss of HKD 83,600,000 in the same period last year [22]. - The group reported a profit before tax of HKD 254,900,000, a significant improvement from a loss of HKD 84,100,000 in the previous year [52]. - The net profit for the year was HKD 255,298,000, a substantial increase from the loss of HKD 84,345,000 reported in the prior year [190]. - The gross profit for the same period was HKD 98,489,000, with other income and gains amounting to HKD 43,060,000 [188]. - The company achieved a profit before tax of HKD 254,943,000, compared to a loss of HKD 84,345,000 in the previous year, indicating a significant turnaround [188]. Cost Management and Expenses - Operating costs and expenses decreased by 19.9% year-on-year, with distribution expenses down by HKD 59,300,000 and administrative expenses down by 18.0% to HKD 101,800,000 [22]. - Employee costs decreased to HKD 71,305,000 from HKD 81,846,000, a reduction of HKD 10,541,000 due to store closures and team streamlining [48]. - Distribution and administrative expenses totaled HKD 101,816,000, down from HKD 124,100,000 in the previous year, reflecting a decrease of HKD 22,284,000 [48]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.015 per share, in addition to an interim dividend of HKD 0.022 and a special dividend of HKD 0.2392, totaling HKD 0.2762 per share for the year [14]. - The total distributable reserves available for shareholders as of March 31, 2021, amounted to HKD 94,508,000, a significant increase from HKD 10,022,000 in 2020 [101]. - The company distributed a special dividend of HKD 0.0175 per share, an interim dividend of HKD 0.022 per share, and a second special dividend of HKD 22.17 per share during the fiscal year [100]. Strategic Initiatives and Future Plans - The company plans to relocate its Hong Kong headquarters following the acquisition of a commercial property, which aligns with its development plans [16]. - The company plans to further optimize its retail platform by streamlining loss-making stores and adjusting its physical store portfolio [25]. - The company aims to maintain a flexible retail platform and low-cost structure to sustain competitive advantages in a challenging market [33]. - The company is committed to building a green solar factory in Vietnam, aiming to reduce pollution and greenhouse gas emissions while lowering energy costs in the long term [11]. - The company plans to enhance its retail operations in mainland China, focusing on improving organizational efficiency and supply chain management [41]. Risk Management and Governance - The company emphasizes a cautious financial policy and continuous monitoring of risk conditions to maintain a robust capital structure [11]. - The company has implemented a robust internal control and risk management system to ensure effective governance [81]. - The board is responsible for setting overall corporate strategy and monitoring operational and financial performance [81]. - The company has engaged external consultants to review the effectiveness of its risk management and internal control systems annually [89]. - The company has established guidelines for director appointments, re-elections, and succession planning [84]. Market Conditions and Economic Outlook - The short-term outlook remains highly uncertain and challenging, with intense competition in the fashion and apparel industry [14]. - The global economic outlook remains challenging due to the pandemic, with major economies experiencing contraction, but China is projected to achieve positive GDP growth in 2020 [35]. - The company anticipates that pent-up demand will drive economic recovery as restrictions are lifted and vaccination efforts progress globally [38]. Employee and Operational Adjustments - The group employed approximately 1,300 employees, down from about 1,800 in the previous year, due to operational adjustments related to the pandemic [58]. - The company has a structured approach to director re-election, ensuring continuity and governance compliance [123]. - The company has not faced any legal claims that would necessitate compensation payments beyond statutory requirements [123].

Financial Performance - The company reported a revenue of HKD 226,736,000 for the six months ended September 30, 2020, a decrease of 42.5% compared to HKD 394,830,000 for the same period in 2019[8]. - Gross profit for the same period was HKD 37,244,000, down from HKD 83,931,000, reflecting a significant decline in profitability[8]. - The net profit for the period was HKD 239,781,000, a substantial recovery from a loss of HKD 30,807,000 in the previous year[10]. - The company achieved a basic and diluted earnings per share of 53.2 cents, compared to a loss per share of 6.6 cents in the prior year[8]. - Total comprehensive income for the period amounted to HKD 243,352,000, compared to a loss of HKD 37,574,000 in the same period last year[10]. - The company reported a net loss of HKD 30,493,000 for the period, resulting in total comprehensive expenses of HKD 37,260,000[15]. - The company recorded a profit before tax of HKD 239,800,000, compared to a loss of HKD 26,900,000 in the previous year[60]. - Net profit attributable to the company's owners for the period was HKD 240,100,000, compared to a loss of HKD 30,500,000 in the same period last year[60]. Assets and Liabilities - Current assets increased to HKD 649,096,000 from HKD 414,967,000, indicating improved liquidity[12]. - The company's total assets reached HKD 696,188,000, up from HKD 466,422,000, reflecting growth in asset base[12]. - Non-current liabilities were reported at HKD 12,415,000, compared to HKD 10,864,000 in the previous period, indicating a slight increase in long-term obligations[13]. - The company's equity attributable to owners increased to HKD 409,146,000 from HKD 265,433,000, showing a strong improvement in shareholder value[13]. - Total equity as of September 30, 2020, was HKD 307,795,000, down from HKD 345,683,000 as of April 1, 2019[15]. - Total bank borrowings amounted to HKD 122,200,000 as of September 30, 2020, down from HKD 150,200,000 as of March 31, 2020, with a debt-to-equity ratio of 30.6%[88]. Cash Flow - Cash and cash equivalents increased by HKD 257,269,000, compared to an increase of HKD 11,317,000 in the previous period[18]. - The company had a cash outflow from operating activities of HKD 5,154,000, compared to HKD 20,133,000 in the previous period[18]. - The net cash generated from investing activities was HKD 296,937,000, primarily from the sale of property, plant, and equipment[18]. - The company raised new bank loans amounting to HKD 91,389,000 during the financing activities[18]. - As of September 30, 2020, the group's cash level was HKD 489,200,000, an increase from HKD 230,700,000 as of March 31, 2020, with a net cash increase of HKD 286,400,000 mainly due to proceeds from the Shenzhen sale[88][89]. Sales and Revenue Breakdown - Revenue from customer contracts for the six months ended September 30, 2020, totaled HKD 226,736,000, with significant contributions from China (HKD 114,233,000) and the United States (HKD 58,754,000)[25]. - For the six months ended September 30, 2020, total revenue from external goods sales was HKD 226,736,000, with North America contributing HKD 96,357,000, Asia HKD 123,851,000, and Europe and others HKD 6,528,000[32]. - North American sales decreased by 58.0% to HKD 96.4 million, accounting for approximately 42.5% of total revenue[64]. - U.S. sales dropped significantly by 60.4% to HKD 58.8 million, with a GDP contraction of 31.4% in Q2 2020[64]. - Asian sales decreased by 18.1% to HKD 123.9 million, representing 54.6% of total revenue, with over 92.2% of this from the Chinese market[66]. Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.0175 per share and an interim dividend of HKD 0.022 per share for the six months ended September 30, 2020[40]. - A special dividend of HKD 0.2217 per share was declared following the Shenzhen sale[74]. Operational Changes and Future Plans - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[8]. - The company is focusing on both online and offline sales channels to maximize synergy and maintain competitiveness[70]. - The company plans to invest in a solar system project for its green factory in Vietnam and explore domestic market potential[83]. - The company will adapt its business model to the "new normal" characterized by digitalization and changing consumer preferences[84]. - The board will continuously review the company's balance sheet to maximize benefits for the company and its shareholders[84]. Employee and Governance - The group employed approximately 1,400 employees as of September 30, 2020, down from 1,800 employees as of March 31, 2020, due to reduced orders and sales volumes amid the COVID-19 pandemic[91]. - The audit committee reviewed the group's accounting policies and discussed risk management and internal control measures[103]. - The company adhered to all corporate governance code provisions throughout the reporting period[104].