Financial Performance - For the year ended March 31, 2021, the Group's revenue decreased by 7.5% to HK$909.5 million from HK$982.8 million in 2020[9]. - The consolidated net profit for the year was HK$46.4 million, a significant improvement from a loss of HK$18.2 million in 2020, representing a 355.5% increase[9]. - Basic earnings per share increased to HK13.8 cents from a loss of HK5.4 cents in the previous year, marking a 355.6% improvement[11]. - The total dividend for the year was HK25 cents per share, up 177.8% from HK9 cents per share in 2020, including a special dividend of HK15 cents[11]. - Gross profit increased by 6.4% to HK$153.1 million, with a gross profit margin improvement to 16.8% from 14.6%[9]. - Net profit for the year was HK$46.4 million, improving from a loss of HK$18.2 million the previous year, with net profit margin improving from -1.8% to 5.1%[26]. - For the year ended March 31, 2021, the Group's retained profit was HK$340,608,000, an increase from HK$329,107,000 in 2020[122]. Operational Challenges - The Group faced operational challenges due to COVID-19, impacting material supply and causing order cancellations in key markets[13][14]. - The management emphasized employee health and safety during the pandemic, implementing strict safety measures in workplaces[13]. Inventory and Receivables - Inventory turnover days increased to 36 days from 29 days, while trade receivables turnover days rose significantly to 97 days from 50 days[9]. - Inventory balance increased from HK$56.3 million to HK$93.9 million, with inventory turnover rising from 29 days to 36 days[37]. - Trade receivables increased from HK$133.7 million to HK$240.6 million, with turnover extending from 50 days to 97 days[37]. - Trade payables rose from HK$92.0 million to HK$147.7 million, with turnover increasing from 40 days to 71 days[37]. Financial Position - Total assets as of 31 March 2021 were HK$1,583.9 million, financed by current liabilities of HK$320.3 million, long-term liabilities of HK$58.6 million, and shareholders' equity of HK$1,205.0 million[32]. - Cash and bank deposits amounted to HK$616.3 million, with a net cash outflow from operating activities of HK$16.7 million for the year[33]. - The gearing ratio improved slightly to 2.2% from 2.7%, indicating a reduction in financial leverage[9]. - The Group anticipates a downturn in profit margin for the current financial year due to material cost increases and global shortages in electronic components[27]. Strategic Focus - The company plans to focus on stringent cost control, productivity efficiency improvements, and seek growth opportunities through new customers and product categories[30]. - The group will continue to seek growth opportunities through new customers, product categories, and online sales channels[34]. Corporate Governance - The Company aims to comply with all code provisions as set out in the Corporate Governance Code[194]. - The Board comprises four Executive Directors and three Independent Non-Executive Directors[197]. - All independent non-executive directors confirmed their independence as per the Listing Rules[150]. - The Company has adopted the Model Code for Securities Transactions by Directors and confirmed full compliance by all directors[196]. Employee Relations - The Group provides competitive remuneration packages and training for employees, emphasizing their value as assets[101]. - The Group has been recognized for its commitment to employee development and has been nominated for business care awards since 2007[106]. Environmental Commitment - The Group is committed to environmental sustainability, with manufacturing sites certified under ISO 14001:2004 for environmental management[103]. - The Group's environmental policies incorporate the principles of Reduce, Reuse, and Recycle to enhance resource efficiency[103]. - The Group's environmental management system has achieved ISO 14001:2004 certification, emphasizing sustainability and resource efficiency[108]. Shareholding Structure - As of March 31, 2021, Mr. Cheung Shu Wan holds 49,695,335 ordinary shares, representing approximately 61.43% of the issued share capital of the Company[140]. - Ms. Cheung Lai Chun, Maggie holds 600,000 ordinary shares, totaling 156,949,960 shares including trust interests, which is approximately 46.79% of the issued share capital[140]. - Ms. Cheung Lai See, Sophie holds 1,258,000 ordinary shares, totaling 157,607,960 shares including trust interests, which is approximately 46.99% of the issued share capital[140]. - Dr. Cheung Shu Sang, William holds 900,000 ordinary shares, totaling 157,249,960 shares including trust interests, which is approximately 46.88% of the issued share capital[140]. Customer and Supplier Relations - The Group's major customers are companies selling household electrical appliances under well-known brand names, maintaining long-term relationships with them[92]. - The Group maintains long-term relationships with suppliers, selecting them based on cost, quality, and sustainability criteria[93]. - The largest supplier accounted for 8% of purchases, while the five largest suppliers combined accounted for 30%[116]. - The largest customer represented 34% of sales, and the five largest customers combined accounted for 94%[116].

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 438,760,000, a decrease of 23% compared to HKD 568,691,000 for the same period in 2019[9] - Gross profit for the same period was HKD 71,284,000, down from HKD 76,012,000, reflecting a gross margin of approximately 16.3%[9] - Profit before tax increased significantly to HKD 22,184,000, compared to HKD 4,834,000 in the previous year, marking a growth of 359%[9] - Net profit for the period was HKD 19,270,000, a substantial increase from HKD 1,147,000 in the prior year[9] - Total comprehensive income for the period amounted to HKD 32,141,000, compared to HKD 73,147,000 in the same period last year[19] - The group reported a total revenue of HKD 438,760,000 for the six months ended September 30, 2020, with a segment profit of HKD 29,210,000[47] - The profit for the six months ended September 30, 2020, was HKD 19,270,000, compared to HKD 1,147,000 for the same period in 2019, representing a significant increase[70] - The net profit for the six months was HKD 19.27 million, a significant increase from HKD 1.15 million in the previous year, resulting in a net profit margin increase from 0.2% to 4.4%[99] Assets and Liabilities - Non-current assets as of September 30, 2020, totaled HKD 560,971,000, an increase from HKD 554,792,000 as of March 31, 2020[23] - Current assets increased to HKD 1,025,244,000 from HKD 919,980,000, driven by higher trade receivables and cash balances[23] - Total assets minus current liabilities amounted to HKD 1,235,543,000, slightly up from HKD 1,229,178,000 as of March 31, 2020[25] - The company’s total equity as of September 30, 2020, was HKD 1,175,020,000, an increase from HKD 1,166,359,000 as of March 31, 2020[27] - Trade receivables as of September 30, 2020, amounted to HKD 208,701,000, an increase from HKD 134,658,000 as of March 31, 2020, indicating a growth of approximately 55%[80] - The total borrowings as of September 30, 2020, were HKD 28.599 million, down from HKD 31.161 million as of March 31, 2020, resulting in a debt-to-equity ratio of 2.4%[102] Cash Flow - Operating cash flow before changes in working capital was HKD 28,259,000, down from HKD 31,819,000 year-on-year[29] - The net cash generated from operating activities was HKD 44,628,000, compared to HKD 53,630,000 in the previous year[29] - The net cash inflow from operating activities for the six months ended September 30, 2020, was HKD 44.628 million, compared to HKD 53.63 million in the same period of 2019[102] Expenses - The total cost of inventory recognized as an expense for the six months ended September 30, 2020, was HKD 367,476,000, down from HKD 492,679,000 in 2019, indicating a decrease of approximately 25.4%[69] - Sales and distribution costs decreased by 25% to HKD 8.04 million, maintaining a percentage of 1.9% of sales revenue[98] - Administrative expenses decreased by 8% to HKD 47.55 million, with the percentage of sales revenue increasing from 9.1% to 10.8%[98] Dividends - The company declared dividends of HKD 23,480,000 for the period, compared to HKD 10,063,000 in the previous year[32] - The total dividend declared for the period was HKD 23,480,000, with a final dividend of HKD 0.07 per share, compared to HKD 10,063,000 and HKD 0.03 per share in 2019[73] - The board declared an interim dividend of HKD 0.02 per share, consistent with the previous year[94] Government Support - The group recognized government grants amounting to HKD 2,249,000 during the period, related to the first phase of the employment support scheme[66] - The company received HKD 2.087 million in government subsidies related to COVID-19 to compensate for salary expenses from September to November 2020[92] Market Strategy - The company plans to continue exploring market expansion opportunities and enhancing product development strategies in the upcoming periods[4] - The company plans to seek growth opportunities through new customers, new product categories, and online sales channels in mainland China[100] - The company emphasizes strict cost and expenditure control to enhance productivity and efficiency in response to the ongoing challenges posed by the COVID-19 pandemic[100] Employee and Governance - The group employed approximately 2,370 employees as of September 30, 2020, a decrease from 2,650 in 2019[108] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules, with some deviations noted[126] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2020[132] Other Financial Information - The fair value loss on investment properties was HKD 4,000,000, significantly reduced from HKD 21,995,000 in the previous period[9] - The fair value of investment properties decreased by HKD 4,000,000 during the period, compared to a decrease of HKD 21,995,000 for the same period in 2019[76] - The group has not engaged in hedging activities to mitigate foreign currency risks but monitors such risks closely[106] - The company did not sign any new lease contracts during the interim period, maintaining its existing lease agreements[78] - The company did not purchase, sell, or redeem any of its shares during the six months ended September 30, 2020[124] - The company expressed gratitude to employees, shareholders, and business partners for their contributions and support[134]

Financial Performance - Revenue for the year ended March 31, 2020, was HK$982,835,000, a decrease of 18.7% compared to HK$1,209,200,000 in 2019[11] - The company reported a net loss of HK$18,164,000, representing a net loss margin of -1.8%, compared to a profit of HK$28,119,000 and a margin of 2.3% in 2019[11] - Earnings per share decreased to -5.4 cents from 8.4 cents in the previous year, reflecting a decline of 164.3%[11] - For the year ended 31 March 2020, sales turnover decreased by 19% to HK$982.8 million, with sales turnover to Europe down 17% to HK$461.6 million, Asia down 39% to HK$169.8 million, and America down 6% to HK$309.9 million[15] - The net loss for the year was HK$18.2 million, a decrease from a profit of HK$28.1 million in the previous year, resulting in a net profit margin drop from 2.3% to -1.8%[25] Profitability and Margins - Gross profit increased by 51.2% to HK$143,802,000, with a gross profit margin of 14.6%, up from 7.9% in the previous year[11] - Gross profit for the year increased by 51% to HK$143.8 million, with gross profit margin rising from 8% to 15% due to changes in customer and product mix, stable raw material costs, and tight cost control measures[17] - Return on equity fell to -1.6%, down from 2.5% in the previous year, a decline of 4.1 percentage points[11] Expenses and Cost Control - Selling and distribution expenses decreased by 23% to HK$18.4 million, representing 1.9% of sales turnover, down from 2.0% the previous year[18] - Administration expenses increased by 1% to HK$104.0 million, rising as a percentage of sales turnover from 8.5% to 10.6%[18] - The Group continues to apply stringent cost control measures across all expenses to mitigate the impact of the challenging business environment[18] Operational Efficiency - Trade receivables turnover days improved to 50 days from 76 days, a reduction of 26 days[11] - Trade payables turnover days improved to 40 days from 46 days, a reduction of 6 days[11] - Inventory turnover days remained stable at 29 days, unchanged from the previous year[11] Impact of COVID-19 - The Group's operations were significantly impacted by the COVID-19 pandemic, leading to order cancellations and delays in product shipments in the first quarter of 2020[15] - The Group's manufacturing facilities resumed operations in phases starting late February 2020 after being shut down due to government orders[15] - The company expects a decrease in sales turnover for the current financial year due to the cautious order placement by customers amid the COVID-19 pandemic[25] Investments and Assets - Total assets as of 31 March 2020 were HK$1,474.8 million, down from HK$1,496.8 million in 2019, while total liabilities decreased from HK$324.5 million to HK$245.6 million[32] - Cash and bank deposits increased to HK$656.8 million from HK$558.6 million in the previous year, with a net cash inflow from operating activities of HK$117.9 million compared to an outflow of HK$602,000 in 2019[32] - The inventory balance decreased from HK$76.2 million to HK$56.3 million, maintaining an inventory turnover of 29 days[32] Shareholder Information - As of March 31, 2020, Mr. Cheung had personal interest in 49,695,335 shares and The Cheung Lun Family Trust had interest in 156,349,960 shares[53] - The company has a significant interest held by The Cheung Lun Family Trust, which indirectly owns 156,349,960 shares[59] - At March 31, 2020, the interests of directors and chief executives in the company's shares totaled 206,045,295, representing approximately 61.43% of the issued share capital[99] Corporate Governance - The company is committed to high standards of corporate governance practices, detailed in the Corporate Governance Report[138] - The Company has complied with most of the code provisions of the Corporate Governance Code, with deviations noted in provisions A.4.1, A.4.2, A.5.1, and A.6.7[151] - The Board consists of four Executive Directors and three Independent Non-Executive Directors, with all Executive Directors attending 100% of the meetings held[173][171] Management and Strategy - The management team includes experienced professionals with over 17 years of experience in various functions, particularly in sales and marketing[63] - The company is led by a diverse management team with expertise in engineering, manufacturing, and logistics[62][63][64] - The company aims to seek growth opportunities through new customers, new product categories, and expansion into mainland China and online sales channels[25] Employee Information - As of 31 March 2020, the group employed approximately 2,500 employees, down from 3,200 in 2019[35] - Performance bonuses for employees are granted on a discretionary basis, based on individual performance and attainment of set targets[35] Tenancy and Rental Agreements - The total rent paid for the year by the group in respect of the tenancy agreements amounts to HK$2,733,100[111][121][122] - The monthly rent for a tenancy agreement with Ardent Investment Limited is HK$123,800, totaling HK$1,485,600 for the year[111] Charitable Contributions - The company made charitable donations amounting to approximately HK$72,000 during the year[138]

Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 568.7 million, a decrease of 11.7% compared to HKD 644.2 million for the same period in 2018[10] - The company reported a net profit of HKD 1.1 million for the period, a significant decline from HKD 36.2 million in the prior year[10] - The basic earnings per share for the period was HKD 0.34, a decrease from HKD 10.80 in the previous year[17] - The company reported a pre-tax profit of HKD 4,834,000 for the six months ended September 30, 2019, a decrease of 87% compared to HKD 37,108,000 for the same period in 2018[25] - The net profit for the six months ended September 30, 2019, was HKD 1,147,000, a significant decrease from HKD 36,234,000 in the same period of 2018[81] - Net profit dropped by 97% to HKD 1.147 million, down from HKD 36.234 million in the same period last year[109] Assets and Liabilities - Total assets as of September 30, 2019, amounted to HKD 1,012.4 million, up from HKD 981.1 million as of March 31, 2019[18] - The company's net asset value rose to HKD 1,196,954,000, up from HKD 1,133,870,000 compared to the previous year[23] - Total assets minus current liabilities increased to HKD 1,261,751,000 from HKD 1,172,284,000 year-over-year[24] - The group maintained a strong cash position with cash and bank deposits of HKD 588.76 million as of September 30, 2019, compared to HKD 558.59 million as of March 31, 2019[117] - The total liabilities as of September 30, 2019, were HKD 347.54 million, with a debt-to-equity ratio of 2.8%[117] Revenue Breakdown - For the six months ended September 30, 2019, the total revenue from the group was HKD 568.691 million, with a segment profit of HKD 33.338 million[66] - The revenue breakdown by region showed Europe at HKD 246.665 million, Americas at HKD 206.970 million, Asia at HKD 92.054 million, and other regions at HKD 23.002 million[66] - Sales revenue in Europe decreased by 16% to HKD 246.665 million, while sales in the Americas increased by 16% to HKD 206.97 million[110] - Approximately 15% of sales revenue was impacted by the US-China trade war, with customers bearing tariff costs[110] Expenses and Costs - Selling and distribution costs decreased by 12.4% to HKD 10.983 million, maintaining a percentage of 1.9% of sales revenue[113] - Administrative expenses decreased by 1.4% to HKD 51.656 million, with the percentage of sales revenue increasing from 8.1% to 9.1%[113] - The financial expenses related to bank loans increased to HKD 586, compared to HKD 420 in the previous year[10] Investment Properties - Investment properties increased to HKD 525.8 million, compared to HKD 327.4 million at the end of the previous fiscal year[18] - The company reported a loss from changes in the fair value of investment properties amounting to HKD 21,995,000, compared to a gain of HKD 44,400,000 in the previous year[26] - The fair value of investment properties in Wanchai was revalued at HKD 305.4 million, resulting in a fair value decrease of HKD 22 million during the reporting period[113] Accounting Standards - The group adopted the new and revised Hong Kong Financial Reporting Standards, effective from April 1, 2019, which includes HKFRS 16 on leases[33] - The application of HKFRS 16 resulted in a reclassification of assets, with the carrying amount of right-of-use assets recognized at HKD 19,949,000 as of April 1, 2019[50] - The group confirmed that the application of new accounting standards did not have a significant impact on the financial position and performance for the current and prior periods[34] Dividends - The company paid dividends of HKD 10,063,000 during the period, compared to HKD 20,126,000 in the same period last year[29] - The company declared a final dividend of HKD 0.03 per share for 2019, totaling HKD 10,063,000, down from HKD 20,126,000 in 2018[84] - The company declared an interim dividend of HKD 0.02 per share, up from HKD 0.01 per share in 2018[109] Employee and Shareholder Information - The group employed approximately 2,650 employees as of September 30, 2019, down from 3,380 in the previous year[122] - Major shareholders include Credit Suisse Trust Limited with 156,349,960 shares, representing approximately 46.61% ownership[130] - Unison Associates Limited holds 149,779,960 shares, accounting for about 44.65% of the total shares[130] Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules[137] - There was a failure to present a resolution for the re-election of an independent non-executive director at the annual general meeting held on August 28, 2019[140] - The company has not established a nomination committee, but the board will consider suitable candidates as needed[141]

Financial Performance - Revenue for the year ended March 31, 2019, decreased by 7% to HK$1,209.2 million compared to HK$1,305.2 million in 2018[10]. - Gross profit for the same period decreased by 26% to HK$95.1 million, with a gross profit margin decline from 9.9% to 7.9%[10][15]. - Net profit fell by 39.9% to HK$28.1 million, resulting in a net profit margin of 2.3% compared to 3.6% in the previous year[10]. - Sales turnover to Europe decreased by 14% to HK$557.4 million, representing 46% of total sales[14]. - Sales turnover to Asia decreased by 15% to HK$277.8 million, accounting for 23% of total sales[14]. - Sales turnover to America increased by 12% to HK$328.3 million, representing 27% of total sales[14]. - The Group's sales revenue decreased by 7% to HK$1.2 billion for the year ended March 31, 2019, with European sales down 14% to HK$557.4 million, Asian sales down 15% to HK$277.8 million, and American sales up 12% to HK$328.3 million[16]. - Gross profit fell by 26% to HK$95.1 million, with the gross profit margin declining from 10% to 8% due to rising raw material costs and labor shortages[16]. - Net profit decreased by 40% to HK$28.1 million, resulting in a net profit margin drop from 3.6% to 2.3%[21]. - Total dividend per share decreased by 50% to HK$4 from HK$8 in the previous year[10]. Operational Efficiency - Trade receivables turnover days improved to 76 days from 81 days, while trade payables turnover days decreased to 46 days from 60 days[10][11]. - Inventory balance decreased from HK$98.9 million to HK$76.2 million, maintaining an inventory turnover of 29 days[38]. - Trade receivables decreased from HK$289 million to HK$250.5 million, with a trade receivables turnover improvement from 81 days to 76 days[38]. - Trade payables decreased from HK$193.2 million to HK$140.8 million, with trade payables turnover improving from 60 days to 46 days[38]. - Selling and distribution expenses decreased by 2.9% to HK$23.9 million, while administration expenses decreased by 5.6% to HK$102.6 million[18]. - Capital expenditures for the year were HK$24 million, down from HK$32 million in 2018, funded by internal resources and bank loans[39]. Financial Position - As of March 31, 2019, total assets were HK$1.4968 billion, financed by current liabilities of HK$324.5 million and shareholders' equity of HK$1.1339 billion[33]. - The Group held HK$558.6 million in cash and bank deposits, with a gearing ratio of 3.2%[34]. - Total assets as of March 31, 2019, were HK$1.4968 billion, a decrease from HK$1.5874 billion in 2018[36]. - Cash and bank deposits amounted to HK$558.6 million as of March 31, 2019, down from HK$597 million in 2018[36]. - Net cash outflow from operating activities for the year ended March 31, 2019, was HK$600,000, compared to a net outflow of HK$32.4 million in 2018[36]. - The group maintains a healthy financial position with a debt-to-equity ratio of 3.2% as of March 31, 2019, compared to 3.6% in 2018[36]. Market and Economic Factors - The statutory minimum wages in Huizhou, PRC, increased by 15% in July 2018, adversely affecting the Group's margins[15]. - Approximately 22% of the Group's sales turnover came from the US market, which could be adversely affected by the ongoing Sino-US trade war[25]. Management and Governance - The company has a strong management team, with key executives including Cheung Shu Wan (Managing Director), Cheung Lai See (Executive Director), and Cheung Shu Sang (Executive Director), all of whom have extensive experience in their respective fields[62][68][71]. - The Honorary Chairman, Cheung Lun, has over 60 years of management and technical experience in the industry, contributing to the company's strategic direction since its listing in 1992[73][75]. - The financial and administrative functions of the group are managed by Cheung Lai See, who has been with the company since 1995 and holds advanced degrees in Business Management[62][64]. - The company emphasizes its commitment to corporate governance and transparency, as evidenced by the detailed disclosures regarding shareholdings and interests of directors[61][64][70]. - The family trust structure indicates a strong alignment of interests between the management and shareholders, potentially enhancing long-term strategic decision-making[61][75]. - The board of directors includes a mix of executive and independent non-executive directors, ensuring a diverse range of expertise and oversight[76][77]. Customer and Supplier Relationships - The Group's major customers are companies selling household electrical appliances under well-known brand names, maintaining long-term relationships with them[98]. - The Group has maintained a long-term relationship with suppliers, selecting them based on criteria such as cost, quality, and sustainability[105]. - The largest customer accounted for 33% of sales, while the five largest customers combined represented 92% of total sales[125]. - The largest supplier contributed to 10% of purchases, and the five largest suppliers combined accounted for 24% of total purchases[125]. Corporate Social Responsibility - The Group is committed to environmental sustainability, with manufacturing sites certified under ISO 14001:2004[108]. - The Group has been recognized as a Caring Company since 2007, reflecting its commitment to employee welfare and community involvement[106]. - The Group made charitable and other donations amounting to approximately HK$106,000 during the year[191]. Future Outlook - The Group plans to invest in engineering and R&D capabilities to enhance productivity and efficiency while seeking growth opportunities through new customers and product categories[27]. - The annual report includes an indication of likely future development of the Group's business[96].