Financial Performance - Total revenue for the year ended March 31, 2025, was HKD 457,782,000, a slight decrease of 0.5% compared to HKD 459,848,000 in the previous year[3] - Gross profit for the same period was HKD 159,999,000, down 10.7% from HKD 179,210,000 year-over-year[3] - The company reported a net loss attributable to shareholders of HKD 13,440,000, compared to a profit of HKD 8,543,000 in the previous year[4] - The company incurred a loss per share of HKD 1.87, compared to earnings per share of HKD 1.19 in the previous year[4] - The group reported a gross profit of HKD 159,999,000 for 2025, down from HKD 179,210,000 in 2024, reflecting a decline of about 10.5%[19] - The overall gross profit decreased by 10.7% to HKD 160.0 million (2024: HKD 179.2 million), with a gross profit margin dropping from 39.0% to 35.0%[53] Assets and Liabilities - Total assets decreased to HKD 605,782,000 from HKD 711,095,000, reflecting a decline of approximately 14.8%[5] - Total liabilities decreased from HKD 215,602,000 to HKD 139,859,000, representing a reduction of approximately 35.2%[6] - Current liabilities decreased from HKD 62,804,000 to HKD 45,685,000, a decrease of approximately 27.3%[6] - Non-current liabilities decreased from HKD 152,798,000 to HKD 94,174,000, reflecting a reduction of about 38.4%[6] - Total equity and liabilities decreased from HKD 711,095,000 to HKD 605,782,000, indicating a decline of about 14.8%[6] - The total liabilities for the building materials and bathroom equipment segment were HKD 76,919,000, while the kitchen equipment and furniture segment reported liabilities of HKD 25,703,000, resulting in total liabilities of HKD 102,622,000[16] Cash and Cash Equivalents - The company's cash and cash equivalents increased to HKD 96,444,000 from HKD 57,377,000, representing a growth of 68.2%[5] - The group’s cash and cash equivalents rose significantly from HKD 57,377,000 in 2024 to HKD 96,444,000 in 2025, an increase of approximately 68.2%[19] - Cash and cash equivalents increased to approximately HKD 129.5 million (2024: HKD 87.7 million)[54] Revenue Projections - Revenue from product sales for the year 2025 is projected to be HKD 417,525,000, compared to HKD 405,658,000 in 2024, indicating an increase of approximately 2.1%[11] - Contract revenue for 2025 is expected to be HKD 40,257,000, down from HKD 54,190,000 in 2024, reflecting a decrease of about 25.7%[11] - Total revenue for 2025 is estimated at HKD 457,782,000, slightly lower than HKD 459,848,000 in 2024, showing a decrease of approximately 0.5%[11] Market Conditions - The company continues to face challenges from geopolitical tensions and rising inflation, impacting market conditions, particularly in Hong Kong's real estate and construction sectors[38] - The ongoing trade and geopolitical uncertainties are expected to pose continuous risks to Hong Kong's economic stability and growth potential[42] - The anticipated increase in public housing completions from 20,200 units in 2026/27 to over 43,000 units in 2029/30 may indirectly release about 20,000 to 40,000 private rental units annually[65] Operational Strategies - The company plans to focus on market expansion and new product development in the upcoming fiscal year[3] - The company aims to enhance operational efficiency and adapt its product range to meet changing consumer preferences in response to increased price sensitivity[49] - The company is actively assessing macroeconomic fluctuations, including the impacts of tariffs and geopolitical conflicts, to maintain resilience and manage financial risks[69] Employee and Corporate Governance - As of March 31, 2025, the total number of employees is 127, down from 134 in 2024, with total employee costs amounting to HKD 80,230,000, an increase from HKD 67,712,000 in 2024[73] - The audit committee consists of three independent non-executive directors, overseeing financial reporting and risk management[83] - The board has achieved gender diversity following the appointment of an independent non-executive director on February 21, 2025, complying with listing rules[77] Dividends and Shareholder Information - The company does not recommend the payment of a final dividend for the year ending March 31, 2025, compared to a final dividend of HKD 0.5 per share in 2024[28] - No interim dividend was declared for the six months ending September 30, 2024, and no final dividend is recommended for the year ending March 31, 2025[79] - The annual general meeting is scheduled for September 5, 2025, with notifications to be sent to shareholders as per listing rules[80]

Company Overview - The principal activity of the company is investment holding, with subsidiaries engaged in importing, wholesale, retail, and installation of architectural builders' hardware, bathroom, kitchen collections, and furniture, as well as providing interior design services and project management in Hong Kong and the PRC[18]. Economic Environment - Persistent geopolitical tensions, inflation concerns, and a high-interest rate environment have significantly influenced global market sentiment, impacting Hong Kong's economy[19]. - The shift from globalization to de-globalization is intensifying inflationary pressures and dampening overall demand, creating a challenging environment for businesses worldwide[20]. - Economic uncertainty is leading to cautious consumer behavior in Hong Kong, resulting in reduced retail sales and overall consumer spending[20]. - The company is closely monitoring the potential impact of new trade tensions between the U.S. and China, which could affect exports and economic growth in Hong Kong[20]. - The economic outlook remains uncertain, which may affect investor confidence and the overall economic forecast for Hong Kong[26]. - Private consumption in Hong Kong has continued to decline as residents spend more outside the region, particularly in mainland China[26]. - The financial outlook for China in 2025 is anticipated to be challenging, with proposed tariffs of nearly 60% on Chinese imports projected to reduce GDP growth by approximately 0.5 to 1 percentage point[115]. - The ongoing weakness in the Chinese property market is expected to further dampen economic growth, impacting industries reliant on exports and leading companies to reconsider their supply chains[115]. - Hong Kong may face higher costs for re-exports due to U.S. tariffs, potentially decreasing trade volumes and negatively affecting logistics and shipping businesses[115]. - Economic sentiment is crucial in influencing consumer behavior, particularly in travel, with uncertainties leading to reduced discretionary spending[115]. Company Strategy and Performance - The company aims to adapt to the evolving global economic landscape and explore new avenues for growth amidst significant challenges[20]. - The company is focusing on enhancing its operational efficiency and exploring strategic partnerships to navigate the current market conditions[19]. - The company is evaluating opportunities for market expansion and potential acquisitions to strengthen its business portfolio[19]. - The Group's revenue for the six months ended September 30, 2024, was HK$236.5 million, reflecting a 10.5% increase compared to the same period last year[102]. - Revenue from the architectural builders' hardware, bathroom collections, and others segment increased by 4.5% to HK$166.4 million compared to HK$159.2 million in the same period last year[104]. - The Group has adopted a prudent strategy by launching high-quality residential projects, including the KT Marina joint venture in the Kai Tak runway area[27]. - The Group aims to enhance relationships in Hong Kong and China by collaborating with renowned property developers to capitalize on future opportunities[28]. - The Group's cautious optimism about the Hong Kong real estate market is based on a careful assessment of market trends and consumer needs[27]. - Overall turnover of the Group increased by 10.5% to HK$236.5 million from HK$214.0 million year-on-year[110]. - Operating profit rose by 10.9% to HK$13.7 million compared to HK$12.4 million in the same period last year[110]. - Profit after tax approximated HK$8.9 million, reflecting a 5.6% increase from HK$8.4 million year-on-year[110]. Financial Metrics - Gross profit decreased by 11.7% to HK$82.9 million from HK$93.9 million in the previous year[110]. - Administrative expenses and distribution costs decreased by 10.9% to HK$70.6 million from HK$79.2 million[110]. - Current ratio improved to 2.4 from 2.2 as of March 31, 2024, while quick ratio increased to 1.5 from 1.2[110]. - Cash and cash equivalents approximated HK$84.3 million, down from HK$87.7 million as of March 31, 2024[110]. - Inventories decreased to HK$142.4 million from HK$169.7 million due to accelerated delivery of products[110]. - Interest-bearing borrowings decreased to HK$27.5 million from HK$58.6 million as of March 31, 2024[110]. Shareholder Information - As of September 30, 2024, the total interests of directors in the company's shares amounted to 46,496,617 and 135,378,110, representing 18.83% of the issued share capital[182]. - No interim dividend was declared for the six months ending September 30, 2024[172]. - The company did not repurchase any of its shares during the six months ending September 30, 2024[173]. - There were no share option schemes established by the company during the six months ending September 30, 2024[174]. - No significant transactions or contracts involving directors' material interests were reported during the period[175]. - As of September 30, 2024, no arrangements existed for directors or chief executives to acquire benefits through shares or debentures of the company[176]. - No substantial shareholders (not being directors or chief executives) were reported with interests in the shares of the company as of September 30, 2024[185]. - The company did not purchase or sell any listed securities during the six months ending September 30, 2024[173]. - No interests or short positions in shares or debentures were reported for directors and chief executives as of September 30, 2024[183]. - The interests in the shares of the company are held by various entities, with specific beneficiaries noted for each[184]. - Happy Voice Limited holds 12.80% of the company's issued shares, totaling 91,976,507 shares[186]. - Ms. Lim Mee Hwa directly owns 7,200,000 shares, while her spouse Mr. Yeo Seng Chong owns 4,320,000 shares, contributing to a combined total of 45,152,000 shares, representing 6.28% of the company[186]. Workforce and Sustainability - As of September 30, 2024, the company recorded a total workforce of 133 employees, with total staff costs amounting to HK$31.6 million for the period[197]. - The total staff cost for the six months ended September 30, 2023, was HK$30.9 million, indicating a year-on-year increase in employee costs[197]. - The company aims to enhance brand value by providing quality products and services that align with customer lifestyles, focusing on "sincerity" and "quality" to build customer loyalty[197]. - The Group has developed a dedicated sustainability policy to guide operations in business growth, environmental protection, and community investment[194]. - The company has set sustainability expectations for suppliers, including legal compliance and environmental protection, and conducts appraisals to evaluate their performance[197]. - The Group's objective is to become a leading quality supplier in architectural builders' hardware, bathroom, kitchen collections, and furniture[197].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 236,532 thousand, an increase from HKD 213,973 thousand in the same period of 2023, representing an increase of approximately 10.5%[3] - Gross profit decreased to HKD 82,899 thousand from HKD 93,926 thousand, reflecting a decline of about 11.8% year-over-year[3] - Operating profit increased to HKD 13,714 thousand, compared to HKD 12,363 thousand in the previous year, marking an increase of approximately 10.9%[3] - Net profit attributable to shareholders for the period was HKD 8,886 thousand, up from HKD 8,411 thousand, indicating a growth of about 5.6%[3] - The comprehensive income for the period amounted to HKD 8,785,000, compared to HKD 8,563,000 in the previous period, indicating an increase of about 2.58%[12] - The company reported a profit of HKD 8,886,000 for the current period, an increase from HKD 8,411,000 in the previous period, reflecting a growth of approximately 5.63%[12] - The group gross profit for the six months ended September 30, 2024, was HKD 82,899,000, down from HKD 93,926,000 in the same period of 2023, representing a decrease of approximately 11.8%[33] - Operating profit for the group was HKD 13.7 million, a 10.9% increase from HKD 12.4 million in the previous year[80] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 690,032 thousand, down from HKD 711,095 thousand as of March 31, 2024, a decrease of approximately 3.0%[10] - Total liabilities decreased to HKD 185,754 thousand from HKD 215,602 thousand, reflecting a reduction of about 13.9%[10] - Cash and cash equivalents were HKD 50,719 thousand, down from HKD 57,377 thousand, a decline of approximately 11.5%[10] - Total assets for the reportable segments amounted to HKD 380,913 thousand, while total liabilities were HKD 137,906 thousand[27] - The group's total assets decreased to HKD 690,032,000 from HKD 711,095,000, a decline of approximately 2.9%[33] Equity and Earnings - As of September 30, 2024, total equity increased to HKD 504,278,000 from HKD 496,715,000 as of April 1, 2023, reflecting a growth of approximately 1.14%[12] - The retained earnings as of September 30, 2024, reached HKD 274,522,000, up from HKD 260,522,000 as of April 1, 2023, representing a growth of approximately 5.37%[12] - Basic and diluted earnings per share remained stable at 1.2 HKD cents, unchanged from the previous year[6] - Basic earnings per share for the period ending September 30, 2024, is 8,886 HKD, compared to 8,411 HKD for the same period in 2023, reflecting an increase of approximately 5.6%[45] Cash Flow and Expenditures - The company reported a decrease in the provision for impairment of accounts receivable, with a reduction from 1,886 HKD to 1,903 HKD[49] - Capital expenditures for the period amounted to approximately 4,823,000 HKD, down from 6,809,000 HKD for the six months ending September 30, 2023, indicating a decrease of about 29%[48] - The group’s cash and cash equivalents, along with deposits maturing in over three months, amounted to approximately HKD 84.3 million as of September 30, 2024[81] Market and Economic Conditions - The Hong Kong GDP grew by 1.8% year-on-year in Q3 2024, a slowdown from 3.2% growth in Q2 2024, attributed to a downturn in re-export trade[63] - The geopolitical tensions and inflationary pressures are expected to impact consumer confidence and spending behavior in Hong Kong, potentially leading to a decrease in retail sales[62] - The ongoing conflict in Ukraine has significantly affected global economic conditions, particularly in commodity and agricultural sectors, leading to increased costs for imported goods and energy[59] - The company anticipates that changes in U.S. trade policy could create new trade tensions with China, which may adversely affect Hong Kong's re-export business[60] - The company noted that rising production costs and inflation could directly impact the local economy in Hong Kong due to increased prices for raw materials and energy[59] - The company is facing challenges from a cautious consumer attitude, which may lead to reduced spending on non-essential goods and a focus on savings[62] Sustainability and Corporate Governance - The company is committed to sustainable development, aiming to create sustainable value in economic, environmental, and social aspects through a dedicated sustainability policy[95] - The company is actively working to minimize pollution and reduce resource usage and waste generation, promoting environmental awareness among employees[96] - The company has established specific environmental and social policies to communicate with suppliers and subcontractors, focusing on sustainable development expectations[99] - The board of directors confirmed compliance with corporate governance codes, with no internal audit department established due to the current scale of operations[101] Employee and Operational Insights - Employee benefits expenses increased to HKD 31,565,000 from HKD 30,921,000 year-over-year, reflecting a rise of approximately 2.1%[37] - As of September 30, 2024, the company recorded a total employee count of 133, a slight decrease from 134 as of March 31, 2024[98] - Total employee costs for the period amounted to HKD 31.6 million, compared to HKD 30.9 million for the six months ending September 30, 2023, reflecting an increase of approximately 2.3%[98] Future Outlook - The company plans to continue expanding its market presence and product offerings in the upcoming fiscal year[22] - The company maintains a cautious optimism for the business outlook for the fiscal years 2024/2025, despite market uncertainties and challenges, focusing on improving and expanding market share[91]

Financial Performance - Revenue for the year ended March 31, 2024, was HK$459.8 million, a slight increase from HK$454.8 million in the previous year, representing a growth of approximately 0.7%[4] - Profit before income tax decreased to HK$10.9 million from HK$16.7 million, reflecting a decline of about 34.1% year-over-year[4] - Basic earnings per share fell to HK1.19 cents from HK2.22 cents, a decrease of approximately 46.8%[4] - Shareholders' equity as of March 31, 2024, was HK$495.5 million, down from HK$496.7 million, indicating a slight decline of about 0.2%[4] - Project sales experienced a 61% decline during the financial year ended on March 31, 2024[57] - Despite a challenging environment, revenue and gross profit saw a modest increase compared to the 2022/23 fiscal year[58] - Profit after income tax decreased by 39.3% due to increased operating expenses[59] - Total revenue for the year ended March 31, 2024, was HK$459.8 million, representing an increase of 1.1% compared to the previous year[64] - Gross profit for the Group was HK$179.2 million, a slight decrease of 0.8% from HK$180.6 million in the previous year, with a gross profit margin of 39.0% down from 39.7%[72] - Operating profit decreased by 20.8% to HK$14.5 million from HK$18.3 million in the prior year[73] - Cash and cash equivalents as of March 31, 2024, approximated HK$87.7 million, down from HK$146.7 million in the previous year[76] - Inventories increased to HK$169.7 million from HK$144.9 million, while trade and other receivables rose to HK$115.1 million from HK$94.3 million[77] - The gearing ratio as of March 31, 2024, was 2.0%, compared to a net cash position in the previous year[77] Market Outlook - The company anticipates GDP growth of 2.5% to 3.5% in 2024, supported by government initiatives and infrastructure developments[20] - The Hong Kong real estate market is expected to benefit from economic recovery, government support policies, favorable interest rates, infrastructure development, and positive investment sentiment, with GDP growth projected between 2.5% and 3.5% for 2024[23] - The Hong Kong economy's growth is closely tied to China's performance, which saw a GDP growth rate of 5.2% in 2023, despite geopolitical tensions impacting trade and business operations[38][40] - The economic outlook for Hong Kong in 2024 indicates challenges such as decreased demand, price pressure, and reduced investment activity in the private residential unit market[101] - The average GDP growth forecast for Hong Kong in 2024 is 4.6%, down from the 5.2% expected for 2023, indicating a slowdown in economic activity[89] - The anticipated inflation rate is forecasted to average 2.5% per year from 2025 to 2028, which may influence economic stability[110] - The government forecasts GDP growth for 2024/25 at a real economic growth rate of 2.5% to 3.5% per annum, averaging 3.2% from 2025 to 2028[110] Real Estate Market Dynamics - Approximately 120,000 individuals have arrived in Hong Kong under various talent admission schemes over the past 18 months, enhancing the local talent pool and driving demand in the real estate market[21] - The removal of property cooling measures is expected to continue stimulating the real estate market, increasing demand for the company's products[22] - The easing of property cooling measures has revitalized market activity, positively impacting sales, particularly in the second half of the fiscal year[15] - The removal of property cooling measures is anticipated to stimulate the real estate market and drive demand for the company's products, with increased construction activities providing growth opportunities in new projects and renovations[25] - The Hong Kong private domestic unit market in 2024 is expected to face challenges such as declining demand and downward pressure on prices[98] - The government plans to cancel all Special Stamp Duty, Buyer's Stamp Duty, and New Residential Stamp Duty for residential property transactions starting from February 28, 2024[52] - Geopolitical tensions and potential interest rate hikes pose significant risks to the Hong Kong real estate market, necessitating a focus on attracting high-net-worth individuals and investors[27][31] Strategic Initiatives - The company plans to expand its product range and enhance service offerings to capitalize on anticipated increases in construction activity[22] - Operational efficiency improvements through supply chain optimization have been a focus, allowing the company to maintain competitive pricing and improve delivery times[16] - The company plans to strengthen its market presence through targeted marketing campaigns and partnerships with key industry players while remaining vigilant about potential economic uncertainties and market volatility[28] - The strategic focus for 2024 includes proactive risk management, continuous monitoring of market conditions, and maintaining a flexible supply chain to ensure financial prudence[28] - The Group anticipates that ongoing urban development and housing projects in Hong Kong will support demand for its products, although economic uncertainties may temper this demand[119] - The Group plans to focus on sustainable and eco-friendly building materials, aligning with government green technology initiatives[117] Corporate Governance - No interim dividend was declared for the six months ended September 30, 2023, and no final dividend is recommended for the year ended March 31, 2024[127] - Distributable reserves of the Company at March 31, 2024, amounted to HK$60,811,000, down from HK$63,253,000 in 2023[137] - The company has a total of five executive directors and four independent non-executive directors[152][163] - The company’s executive directors have extensive experience in the building materials trading industry, with over 30 years of experience among them[159][163] - The Company received confirmations of independence from all Independent Non-executive Directors, in accordance with Rule 3.13 of the Listing Rules[183] - No Director was interested in any competing business during the year, as required to be disclosed under the Listing Rules[184] - The Company has not entered into any equity-linked agreements that may result in issuing shares during the year[186] Social Responsibility - The company made charitable donations totaling HK$28,160 during the year, down from HK$80,000 in 2023[150]

Financial Performance - Total comprehensive income attributable to the company for the year ended March 31, 2024, was HKD 2,372,000, compared to HKD 10,793,000 for the previous year, representing a decrease of approximately 78%[7] - Basic and diluted earnings per share for the year ended March 31, 2024, were 1.19 HK cents, down from 2.22 HK cents in the previous year, indicating a decline of about 46.4%[7] - Total revenue for the fiscal year ending March 31, 2024, was HKD 459,848,000, compared to HKD 454,764,000 for the previous year, representing a growth of approximately 1.5%[28] - Gross profit decreased to HKD 179,210,000 from HKD 180,606,000, reflecting a decline of about 0.8%[28] - The profit attributable to equity holders for the year was HKD 8,543,000, down from HKD 14,073,000, a decline of approximately 39.0%[28] - Operating profit before tax was HKD 10,862,000, down from HKD 16,669,000, indicating a decrease of about 34.0%[28] - The net loss from other income was HKD (3,088,000), a decline from a profit of HKD 1,003,000 in the previous year[28] - The total income tax expense for 2024 was HKD 2,319,000, a decrease from HKD 2,596,000 in 2023, representing a reduction of approximately 10.7%[75] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 711,095,000, a decrease from HKD 740,573,000 in the previous year, reflecting a reduction of approximately 4%[9] - Total liabilities decreased to HKD 215,602,000 from HKD 243,858,000, marking a decline of about 11.6%[9] - Deferred tax liabilities decreased to HKD 14,500,000 from HKD 17,201,000, a reduction of approximately 15.7%[9] - The company’s total equity attributable to shareholders was HKD 495,493,000, slightly down from HKD 496,715,000, indicating a marginal decrease of about 0.2%[8] - The company’s cash and cash equivalents decreased significantly to HKD 57,377,000 from HKD 123,296,000, reflecting a decline of approximately 53.5%[8] Inventory and Receivables - Inventory increased to HKD 169,712,000 from HKD 144,909,000, representing an increase of approximately 17.1%[8] - Trade receivables and other receivables rose to HKD 115,145,000 from HKD 94,298,000, indicating a growth of about 22%[8] - Accounts receivable increased to 96,532 thousand HKD in 2024 from 71,605 thousand HKD in 2023, representing a growth of 35%[80] - The group recorded a year-end balance of receivables of HKD 2,193,000 for 2024, up from HKD 1,397,000 in 2023, indicating a growth of approximately 57.1%[59] Segment Performance - The reported revenue from external customers for the Kitchen Equipment and Furniture segment was HKD 109,905, while the total revenue was HKD 459,848[41] - The reported revenue from external customers for the Bathroom Equipment segment was HKD 349,943, contributing to the total revenue of HKD 459,848[41] - Sales in the bathroom equipment segment increased by 27.5%[89] - Revenue from the construction and bathroom equipment segment increased by 11.2% to HKD 349.9 million, while kitchen equipment and furniture revenue decreased by 21.6% to HKD 109.9 million[123] Economic and Market Conditions - The geopolitical tensions have significantly impacted the economic landscape, with China's GDP growth rate for 2023 reported at 5.2%[62] - The Hong Kong economy showed resilience with a GDP growth of 3.2% for the year, despite geopolitical challenges affecting the real estate market[86] - The economic outlook for China in 2024 faces significant challenges, including high levels of corporate and local government debt, impacting financial stability and growth[104] - The Hong Kong government needs to implement strong policy measures and economic diversification strategies to mitigate challenges and restore growth trajectories in the medium to long term[106] - The ongoing geopolitical uncertainties and potential changes in policy and regulatory frameworks have increased challenges, reducing market attractiveness for investors during this volatile period[116] Strategic Initiatives - The company aims to maintain and strengthen relationships with reputable property developers to seize future opportunities[92] - The company continues to monitor foreign exchange risks and aims to effectively manage cash flow and capital commitments to meet current and future cash needs[127] - The company plans to focus on sustainable building materials in line with government green technology initiatives, aiming to enhance energy efficiency and reduce carbon footprints[155] - The company has established a sustainable development policy to create sustainable value across economic, environmental, and social dimensions[156] Corporate Governance - The company has adopted measures to ensure effective internal audit functions despite not having a dedicated internal audit department[144] - The board does not recommend the payment of a final dividend for the year ending March 31, 2024, amounting to HKD 3,594,000[163] - The annual general meeting is scheduled for September 6, 2024, with notifications to be sent to shareholders in due course[164] - The company will temporarily suspend share registration from September 3 to September 6, 2024, to determine eligible shareholders for the annual general meeting[165]

Company Overview - The company's principal activity is investment holding, with subsidiaries engaged in importing, wholesale, retail, and installation of architectural builders' hardware, bathroom, kitchen collections, and furniture, as well as providing interior design services and project management in Hong Kong and the PRC [10]. Economic Environment - The global economic growth is projected to decline from approximately 5.0% in 2022 to 2.2% in 2023 due to the Russia-Ukraine conflict and US-China tensions, impacting consumer confidence and demand for goods [13]. - China's GDP experienced a period-to-period growth of 5.5% in the first half of 2023, with growth rates of 4.5% and 6.3% in the first and second quarters, respectively [14]. - The decline in foreign direct investment in China reflects ongoing geopolitical tensions, alongside a slowdown in the real estate market and rising price pressures, which dampen economic growth and consumer confidence [14]. - The US-China relationship significantly influences Hong Kong's economic performance, with potential trade restrictions impacting export opportunities and the re-export industry [21]. - Disruptions in trade policies or tariffs between the US and China can directly affect Hong Kong's economy, influencing trade volumes and market stability [22]. - The ongoing geopolitical challenges and economic uncertainties present formidable obstacles to global trade and investment flows, affecting business confidence in Hong Kong [12]. Company Strategy and Outlook - The company is focused on navigating external challenges while balancing growth objectives with necessary structural reforms in the current economic landscape [16]. - The company's future outlook remains contingent on its ability to adapt to the evolving economic environment and external pressures [19]. - The company aims to adapt its business strategy by collaborating with key stakeholders and diversifying its product range to better meet evolving market demands [79]. - The company is adjusting its business strategy to adapt to the changing real estate market, focusing on collaboration with key stakeholders and diversifying its product offerings [82]. - The company anticipates a decline in turnover from products for the secondary property market due to weak demand from potential homebuyers influenced by high-interest rates and market uncertainty [72]. Financial Performance - Revenue decreased by 8.5% compared to the previous year's equivalent period, while gross profit exhibited only a slight reduction of approximately 1.2% [33]. - The Group's total turnover for the six months ended September 30, 2023, was HK$214.0 million, a decrease of 8.5% compared to the same period last year (2022: HK$233.9 million) [45][49]. - Revenue from the architectural builders' hardware, bathroom collections, and others segment increased by 2.2% to HK$159.2 million (2022: HK$155.7 million) [48][51]. - Revenue from the kitchen collection and furniture segment decreased by 29.9% to HK$54.8 million (2022: HK$78.2 million) [49][52]. - The Group's operating profit was HK$12.4 million, representing a decrease of 39.2% from the same period last year (2022: HK$20.3 million) [50]. - Profit after tax approximated HK$8.4 million, a decrease of 45.6% compared to the corresponding period last year (2022: HK$15.5 million) [50]. - The current sluggish market conditions may adversely affect performance in the second half of the year, with challenges in securing new contracts [35]. Market Conditions - Total exports of goods in Hong Kong saw a year-on-year decline of 17.0% in real terms during the first half of 2023 [23]. - The Business confidence indicator dropped to 6 in Q3 from 15 in Q2, indicating a pessimistic outlook among enterprises [23]. - Residential property prices in Hong Kong fell by approximately 9.0% year-on-year in May 2023 [24]. - Only 55.0% of units in projects completed in the first half of 2023 were sold, lower than the five-year average sell-through rate of 78.0% [25]. - The primary market recorded 6,085 transactions in the first half of the fiscal year, a 16.7% decrease compared to last year [26]. - The secondary market saw 15,288 units traded, indicating a 20.8% reduction from the previous fiscal year [26]. - The Government collected only HK$3.38 billion in land revenue, approximately 4.0% of its HK$85 billion budget for land premiums for the 2023/24 fiscal year, a 75.1% drop from last year [32]. Financial Position - As of September 30, 2023, the current ratio was 1.9 and the quick ratio was 1.0, with cash and cash equivalents approximating HK$107.3 million [53][61]. - Inventories increased to HK$202.2 million (March 31, 2023: HK$144.9 million) due to accumulation of products pending delivery [54]. - The gearing ratio of the Group was 0.7% as of September 30, 2023 (March 31, 2023: net cash position) [55]. - Cash and cash equivalents decreased to HK$86,872,000 from HK$123,296,000, a decline of 29.5% [140]. - Net cash used in operating activities was HK$28,091,000, compared to a net cash generated of HK$78,895,000 in the same period last year [140]. - Total assets increased to HK$764,851,000 as of September 30, 2023, up from HK$740,573,000 as of March 31, 2023, representing a growth of 3.0% [137]. - Current assets rose to HK$423,732,000, a 7.9% increase from HK$392,543,000 at the end of the previous fiscal year [137]. - Total equity attributable to equity holders increased to HK$501,684,000, up from HK$496,715,000, reflecting a growth of 1.9% [138]. Shareholder Information - As of September 30, 2023, Mr. TSE Sun Wai, Albert holds 135,378,110 shares, representing 18.83% of the total issued share capital [101]. - Happy Voice Limited is a substantial shareholder with 91,976,507 shares, accounting for 12.80% of the issued shares [107]. - The total shareholding of Ms. Lim and Mr. Yeo in the Company is 45,152,000 shares, which includes direct and deemed shareholdings [107]. Employee and Operational Insights - The total staff cost for the period amounted to HK$30.9 million, slightly up from HK$30.7 million for the same period last year [113]. - The workforce as of September 30, 2023, was recorded at 135 employees, a decrease from 141 employees as of March 31, 2023 [113]. - The Group aims to enhance brand value by managing customer expectations and providing quality products and services [115]. - The Group has developed a dedicated sustainability policy to guide operations towards best practices in environmental protection and community investment [110]. - The Group's environmental policy focuses on minimizing pollution and conserving natural resources [110]. Financial Risks and Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk [159]. - There have been no changes in financial risk management controls or policies since the year ended March 31, 2023 [159]. - The interim financial information does not include all financial risk management disclosures required in the annual financial statements [159]. - Management is currently assessing the impact of new standards and amendments that are not yet effective, with no substantial changes anticipated at this stage [154]. Dividends and Share Transactions - The company has not declared an interim dividend for the six months ended September 30, 2023 [86]. - No shares were redeemed or purchased by the company or its subsidiaries during the six months ended September 30, 2023 [87]. - The company has not operated any share option schemes during the six months ended September 30, 2023, with no outstanding share options [88].

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。 （股份代號：599） 中 期 業 績 公 告 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 怡 邦 行 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司（統 稱「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 審核簡明綜合業績。 中期簡明綜合全面收益表 截至二零二三年九月三十日止六個月 未經審核 截至九月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 收益 4 213,973 233,893 銷售成本 (120,047) (138,974) ...

Financial Performance - Revenue for the year ended March 31, 2023, was HK$454.8 million, a decrease of 8.0% from HK$494.6 million in 2022[4] - Operating profit for the same period was HK$18.3 million, down 4.6% from HK$19.2 million in 2022[4] - Profit before income tax increased to HK$16.7 million, up 7.0% from HK$15.6 million in 2022[4] - Profit attributable to shareholders rose to HK$14.1 million, an increase of 18.4% compared to HK$11.9 million in 2022[4] - Basic earnings per share improved to HK2.22 cents, up from HK1.95 cents in the previous year[4] - Proposed final dividend per share is HK0.5 cents, reduced from HK1.0 cent in 2022[4] - The Group's total turnover for the financial year ended 31 March 2023 was HK$454.8 million, representing a decrease of 8.1% compared to the previous year[67] - Overall gross profit decreased by 1.6% to HK$180.6 million (2022: HK$183.5 million), with a gross profit margin increase to 39.7% from 37.1%[75] Economic Outlook - Hong Kong's economy contracted by 3.5% in 2022, but showed signs of recovery with a 2.7% growth in the first quarter of 2023[18] - The government forecasts economic growth for Hong Kong in 2023 to be between 3.5% and 5.5% in real terms[18] - The Government forecasts economic growth of 3.5% to 5.5% in real terms for 2023, driven by strong recovery in inbound tourism and domestic demand[60] - The nominal retail sales value for the first four months of 2023 increased by 19.9% compared to the same period in 2022[60] - The Chinese economy contracted by 4.2% year-on-year in Q4 2022, marking the fourth consecutive quarter of contraction, but expanded by 4.5% in Q1 2023[53] - Hong Kong's economy suffered a contraction of 3.5% last year due to the pandemic's impact on the Chinese economy and external factors like the US-China trade dispute[59] - Global trade volume in goods and services is forecast to grow by only 2.3% in 2023, significantly below pre-pandemic trends[50] Market Conditions - The high-interest rate environment is expected to threaten small businesses' operations and weaken consumer confidence, leading to reduced investment and retail activity[31] - The Hong Kong housing market is in recovery, with expectations of increased demand for residential units due to the opening of the China-Hong Kong border and the arrival of top talents[33] - The Group maintains a cautiously optimistic outlook for the Hong Kong real estate market in 2023, despite existing uncertainties and risks[34] - The demand for housing units in Hong Kong is expected to remain weak in 2023 due to external and local market conditions[111] Government Initiatives - The HKSAR government has launched the Top Talent Pass Scheme (TTPS) to attract talent, offering a two-year visa to eligible applicants[28] - The TTPS aims to develop green and sustainable finance and attract information technology enterprises to the Hong Kong-Shenzhen Innovation and Technology Park[28] - The HKSAR government introduced a Labour Importation Scheme to address acute manpower shortages in the construction and transport sectors[26] - The Hong Kong government's Consumption Voucher Scheme 2023, valued at HK$5,000 per eligible resident, is expected to increase HK GDP by 0.6% in 2023[107] Company Strategy and Operations - The Group has successfully adapted to adverse market conditions, focusing on monitoring market trends and enhancing operational efficiency[35] - The Group aims to maintain and strengthen its working relationships in Hong Kong and PRC despite the challenging economic conditions[66] - The company aims to minimize operational costs and lower the debt-to-equity ratio in response to market challenges[112] - The company will continue to adjust its strategies based on its strengths and relationships with established developers[112] Shareholder Information - The final dividend recommended for the year ended March 31, 2023, is HK$0.5 per share, totaling HK$3,594,000, down from HK$6,006,000 the previous year[118] - Distributable reserves of the company as of March 31, 2023, amounted to HK$63,253,000, an increase from HK$58,840,000 in 2022[127] - The company has not redeemed any shares or purchased/sold any listed securities during the year[126] - There are no pre-emptive rights for existing shareholders under the Articles of Association[132] Management and Governance - The Group's management team is experienced and closely involved in daily operations, ensuring quick adaptation to changes in the operating environment[200] - All Independent Non-executive Directors have confirmed their independence in accordance with Rule 3.13 of the Listing Rules[172] - No Director was interested in any competing business during the year that required disclosure under the Listing Rules[173] - Each Director has entered into a service contract with the company for a term of 12 months, subject to re-election by shareholders at annual general meetings[164]

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之內容概不 負責，對其準確性或完備性亦不發表任何聲明，並明確表示概不會就因本公 告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 （股份代號：599） 經 審 核 全 年 業 績 公 告 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 怡 邦 行 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公司（統稱「本集團」）截至二零二三年三月三十一日止年度的綜合財務業績如下： 綜合全面收益表 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 千港元 千港元 收益 2 454,764 494,592 銷售成本 3 (274,158) (311,096) 毛利 180,606 183,496 其他收入 2 782 2,005 其他收益╱（虧損），淨額 2 1,003 (1,361) 金融及合約資產之減值虧損淨額 (2,431) (94) ...

Financial Performance - For the six months ended September 30, 2022, the Group's total revenue was HK$233.9 million, a decrease of 7.1% compared to the previous first half-yearly period[33]. - Gross profit increased by 7.9% compared to the last corresponding period, primarily due to the depreciation of the Euro against HKD[31]. - Operating profit grew by 21.6% during this challenging period, despite the overall decrease in revenue[31]. - Profit after tax increased by 35.5% to approximately HK$15.5 million, up from HK$11.4 million in the previous year[39]. - Revenue from the architectural builders' hardware, bathroom collections, and others segment decreased by 26.1% to HK$155.7 million from HK$210.7 million[36]. - Revenue from the kitchen collection and furniture segment increased by 90.1% to HK$78.2 million, compared to HK$41.2 million in the same period last year[38]. - The Group's gross profit margin improved to 40.6% from 34.9% in the previous year[36]. - Earnings per share increased to HK2.6 cents, compared to HK1.9 cents in the previous year, representing a 36.8% growth[146]. - Total comprehensive income for the period attributable to equity holders of the Company was HK$14,838,000, up 28.5% from HK$11,557,000 in 2021[146]. Economic Environment - The Hong Kong government revised the real GDP growth forecast for 2022 down to negative 3.2% after the economy contracted by 4.5% year-on-year in the third quarter of 2022[23]. - The strengthening of the US dollar has macroeconomic implications, with the dollar appreciating 22% against the Japanese Yen, 15% against GBP, and 13% against the Euro since the start of the year[22]. - Supply chain challenges and geopolitical instability are significant risks to global growth over the next 12 months[25]. - The overall market environment remains challenging, with GDP growth estimated to decline by 3.2%[36]. - The International Monetary Fund projected global growth to slow from 6.0% in 2021 to 3.2% in 2022 and further to 2.7% in 2023[53]. - The PRC government acknowledged it was unlikely to meet its original 5.5% growth target for the year due to economic disruptions[54]. - The ongoing COVID-19 pandemic and geopolitical tensions are contributing to economic instability, affecting consumer sentiment and asset values[64]. - The rising inflation and tightening monetary policies in major economies are increasing the risk of declining global demand and asset values[64]. Strategic Initiatives - The Group plans to continue observing market trends and adjusting strategies accordingly to navigate the adverse market environment[32]. - The Group's flexibility will facilitate optimal operation in changing business conditions[32]. - The Group aims to leverage its established network to explore new opportunities for future development while maintaining operational efficiency for sustainability[72]. - The Group will continue to monitor changes in the business environment to adapt its strategies accordingly[72]. - The company plans to closely monitor market trends and adjust strategies accordingly to navigate the changing business conditions[36]. Financial Position - As of September 30, 2022, the current ratio and quick ratio were 1.9 and 1.3, respectively, with cash and cash equivalents approximating HK$168.0 million[46]. - Inventories increased to HK$130.1 million, up from HK$115.4 million as of March 31, 2022[46]. - Trade and other receivables decreased to HK$133.6 million from HK$154.7 million, primarily due to timing differences in product deliveries and collections[46]. - The Group's interest-bearing borrowings increased to HK$44.5 million as of September 30, 2022, compared to HK$42.1 million as of March 31, 2022[46]. - Total assets as of September 30, 2022, amounted to HK$749,437,000, an increase from HK$702,224,000 as of March 31, 2022[149]. - Total liabilities increased to HK$227,293,000 from HK$185,709,000, indicating a rise in financial obligations[154]. Capital Management - The Group's Board has determined the need for additional funding to cope with uncertainties and support business objectives after reviewing cash flow and capital requirements for the next two years[69]. - The Board concluded that a rights issue is the best way to raise capital without incurring additional high-interest debt, allowing current shareholders to increase their stake at a reduced price[70]. - The company proposed a rights issue of one Rights Share for every four existing shares at a subscription price of HKD0.192, aiming to issue a total of 150,150,000 Rights Shares[77]. - The estimated net proceeds from the rights issue are approximately HKD27.5 million, which will be allocated as follows: HKD15.0 million for renovation costs of a new showroom and warehouse, HKD9.9 million for bank loan repayment, and HKD2.6 million for general working capital[77]. Governance and Compliance - The Board of Directors consists of eight members, including five executive directors and three independent non-executive directors, ensuring governance compliance[123]. - The Company has maintained the prescribed public float under the Listing Rules, confirming compliance with regulatory requirements[134]. - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's accounting policies and discussed the effectiveness of risk management and internal controls[134]. - The Company does not currently have an internal audit department but the Board is responsible for risk management and internal control systems[125]. Sustainability Efforts - The company has developed a dedicated sustainability policy focusing on business growth, environmental protection, and community investment[109]. - The company aims to minimize pollution and protect the environment by conserving natural resources and reducing energy use[110]. - The Group has established a dedicated environmental and social policy to align sustainability expectations with suppliers and subcontractors, focusing on legal compliance, anti-corruption, and environmental protection[113]. - The Group actively promotes environmental awareness among employees and encourages the implementation of eco-friendly principles[114].