EF001 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事會包括執行董事鄭穩偉先生、楊鏡湖先生、廖淑如女士、陳宏道先生、許莉君女士及麥展鵬先生；及獨 立非執行董事陳曉峰先生，鄭文聰教授及吳嵩先生。 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 雋思集團控股有限公司 | | 股份代號 | 01412 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | 公告日期 | 2025年8月29日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | ...

[2025 Interim Results Highlights](index=1&type=section&id=2025%20Interim%20Results%20Highlights) Q.P.P. Holdings Limited's H1 2025 revenue slightly decreased by 1.2% to HK$532.4 million, with profit attributable to equity holders declining 28.4% to HK$38.6 million Key Financial Highlights for H1 2025 | Metric | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 532.4 | 538.6 | -1.2% | | Profit Attributable to Equity Holders | 38.6 | 54.0 | -28.4% | | Basic Earnings Per Share (HK cents) | 7.26 | 10.15 | -28.5% | | Interim Dividend (HK cents per share) | 2.0 | 3.0 | -33.3% | - In H1 2025, **OEM sales accounted for approximately 78.7% of total revenue**, while **website sales accounted for approximately 21.3%**[3](index=3&type=chunk) [Financial Statements](index=2&type=section&id=Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In H1 2025, the Group's revenue slightly decreased while gross profit marginally increased, but higher net other losses and administrative expenses led to significant declines in operating profit and profit for the period Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Metric | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 532,417 | 538,630 | -1.2% | | Cost of Sales | (337,366) | (346,133) | -2.5% | | Gross Profit | 195,051 | 192,497 | +1.3% | | Net Other (Losses) / Gains | (8,959) | 3,521 | -354.5% | | Operating Profit | 41,828 | 57,675 | -27.4% | | Profit for the Period | 38,364 | 52,675 | -27.2% | | Profit Attributable to Equity Holders | 38,631 | 53,975 | -28.4% | | Basic and Diluted Earnings Per Share (HK cents) | 7.26 | 10.15 | -28.5% | - Other comprehensive income / (loss) shifted from a **loss of HK$18,251 thousand in H1 2024** to a **gain of HK$19,513 thousand in H1 2025**, primarily due to currency translation differences[5](index=5&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets increased to HK$1,250.7 million due to higher property, plant and equipment and trade receivables, but a significant rise in current liabilities, especially borrowings, reduced net current assets Interim Condensed Consolidated Statement of Financial Position (Summary) | Metric | June 30, 2025 (HKD '000) | Dec 31, 2024 (HKD '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 1,250,651 | 1,170,888 | +6.8% | | Non-current Assets | 694,610 | 629,115 | +10.4% | | Current Assets | 556,041 | 541,773 | +2.6% | | Total Equity | 881,593 | 882,236 | -0.1% | | Total Liabilities | 369,058 | 288,652 | +27.8% | | Current Liabilities | 360,931 | 272,748 | +32.3% | | Borrowings (Current Liabilities) | 150,453 | 50,150 | +200.0% | - Property, plant and equipment increased by **14.2%** from **HK$427,514 thousand as of December 31, 2024**, to **HK$488,301 thousand as of June 30, 2025**[6](index=6&type=chunk) - Cash and bank balances decreased by **21.8%** from **HK$246,481 thousand as of December 31, 2024**, to **HK$192,820 thousand as of June 30, 2025**[6](index=6&type=chunk) [Notes](index=6&type=section&id=Notes) [1 General Information](index=6&type=section&id=1%20General%20Information) Q.P.P. Holdings Limited, an investment holding company primarily engaged in paper product manufacturing and trading, is incorporated in the Cayman Islands and listed on the HKEX, with Good Elite Holdings Limited as its ultimate controlling company - The Company is incorporated in the Cayman Islands and its shares are listed on the Main Board of the Hong Kong Stock Exchange[8](index=8&type=chunk) - Good Elite Holdings Limited, 50% owned by Mr. Cheng Wan Wai and Mr. Yeung King Woo respectively, is the direct and ultimate controlling company of the Company[8](index=8&type=chunk) [2 Basis of Preparation](index=6&type=section&id=2%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared under HKAS 34 and Listing Rules Appendix D2, and should be read with the annual financial statements for the year ended December 31, 2024 - The interim financial information is prepared in accordance with **HKAS 34** and **Appendix D2 of the Listing Rules**[10](index=10&type=chunk) [3 Accounting Policies](index=7&type=section&id=3%20Accounting%20Policies) Accounting policies are consistent with the 2024 annual financial statements, with new HKAS 21 and HKFRS 1 amendments having no significant impact on the Group's results or financial position - Accounting policies are consistent with the 2024 annual financial statements, and newly adopted standard amendments have no significant impact[11](index=11&type=chunk) [4 Estimates](index=7&type=section&id=4%20Estimates) Management's judgments, estimates, and assumptions for interim financial information preparation share the same key sources of estimation uncertainty as those applied in the 2024 consolidated financial statements - Management's judgments, estimates, and assumptions in preparing financial information are consistent with those applied in the 2024 consolidated financial statements[12](index=12&type=chunk) [5 Revenue and Segment Information](index=8&type=section&id=5%20Revenue%20and%20Segment%20Information) The Group's revenue from paper and other products is segmented into website and OEM sales; H1 2025 saw a slight total revenue decrease, with OEM sales declining and website sales growing, while the US and Europe remain key markets, other regions' share increased Revenue by Business Segment | Segment | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Website Sales | 113,276 | 99,790 | +13.5% | | OEM Sales | 419,141 | 438,840 | -4.5% | | Total | 532,417 | 538,630 | -1.2% | Revenue by Destination | Region | H1 2025 (HKD '000) | H1 2024 (HKD '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | United States | 317,919 | 340,323 | -6.6% | | Europe | 94,666 | 96,081 | -1.5% | | China | 34,795 | 38,292 | -9.1% | | Others | 85,037 | 63,934 | +33.0% | | Total | 532,417 | 538,630 | -1.2% | - Non-current assets are primarily located in **China (HK$512,500 thousand)** and **Vietnam (HK$175,413 thousand)**, with a significant increase in non-current assets in Vietnam[16](index=16&type=chunk) [6 Net Other (Losses) / Gains](index=11&type=section&id=6%20Net%20Other%20(Losses)%20%2F%20Gains) In H1 2025, the Group recorded net other losses of HK$8,959 thousand, mainly driven by exchange losses of HK$8,375 thousand, a reversal from prior period's exchange gains Details of Net Other (Losses) / Gains | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Exchange (Losses) / Gains | (8,375) | 3,869 | | Loss on Disposal of Property, Plant and Equipment | (584) | (348) | | Total | (8,959) | 3,521 | [7 Other Income](index=12&type=section&id=7%20Other%20Income) Other income for H1 2025 decreased to HK$5,338 thousand from HK$7,243 thousand in the prior period, mainly due to reduced government grants Details of Other Income | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Sales of Scraps | 3,991 | 4,054 | | Government Grants | 1,083 | 2,936 | | Others | 242 | 227 | | Total | 5,338 | 7,243 | [8 Profit Before Income Tax](index=12&type=section&id=8%20Profit%20Before%20Income%20Tax) Profit before income tax decreased to HK$44,106 thousand, influenced by increased employee benefit expenses, higher depreciation, and a reversal of provision for obsolete inventories Key Deductions / (Credits) for Profit Before Income Tax | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | (Reversal of) / Provision for Obsolete Inventories | (3,236) | 1,570 | | Employee Benefit Expenses | 190,519 | 180,866 | | Depreciation of Property, Plant and Equipment | 28,982 | 26,908 | | Amortisation of Right-of-use Assets | 3,043 | 2,744 | | Auditor's Remuneration (Audit Services) | 1,199 | 1,090 | | Auditor's Remuneration (Non-audit Services) | 520 | 455 | | Short-term Lease Expenses | 1,150 | 1,492 | | Amortisation of Intangible Assets | 602 | 662 | [9 Net Finance Income](index=13&type=section&id=9%20Net%20Finance%20Income) Net finance income for H1 2025 was HK$2,278 thousand, largely stable year-on-year, with increased bank interest income offset by higher interest expenses on borrowings and supplier financing Details of Net Finance Income | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Bank Interest Income | 4,174 | 3,739 | | Interest Expense on Bank Borrowings | (1,645) | (1,316) | | Interest Expense on Liabilities under Supplier Financing Arrangements | (181) | (23) | | Interest Expense on Lease Liabilities | (70) | (68) | | Net Finance Income | 2,278 | 2,332 | [10 Income Tax Expense](index=13&type=section&id=10%20Income%20Tax%20Expense) Income tax expense for H1 2025 decreased by 21.7% to HK$5,742 thousand due to reduced profit, with varying tax rates applied across Hong Kong, China (preferential for high-tech), and Vietnam (tax holidays/reductions) Details of Income Tax Expense | Item | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Current Income Tax | 5,991 | 10,561 | | Deferred Income Tax | (249) | (3,229) | | Total | 5,742 | 7,332 | - Hong Kong profits tax operates under a two-tiered system, with the **first HK$2 million of assessable profits taxed at 8.25%** and the remainder at **16.5%**[19](index=19&type=chunk) - Chinese subsidiaries, such as Dongguan Q.P.P. Printing Co., Ltd. and Tengda Printing (Heshan) Co., Ltd., enjoy a **preferential tax rate of 15%** as high-tech enterprises, while some small-profit enterprises benefit from a **5% preferential income tax rate on the first RMB3 million of assessable income**[21](index=21&type=chunk) - Vietnamese subsidiary Q P Enterprise (Vietnam) Company Limited enjoys a **tax holiday and a 50% tax reduction for the subsequent four years**[22](index=22&type=chunk) [11 Earnings Per Share Attributable to Equity Holders of the Company](index=15&type=section&id=11%20Earnings%20Per%20Share%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) Basic earnings per share for H1 2025 decreased by 28.5% to 7.26 HK cents due to reduced profit attributable to equity holders, with the weighted average number of ordinary shares remaining constant Details of Earnings Per Share Calculation | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Attributable to Equity Holders (HKD '000) | 38,631 | 53,975 | | Weighted Average Number of Ordinary Shares in Issue (thousand shares) | 532,000 | 532,000 | | Earnings Per Share (HK cents per share) | 7.26 | 10.15 | - The Group had no potentially dilutive ordinary shares in issue during both reporting periods, thus basic and diluted earnings per share are identical[23](index=23&type=chunk) [12 Dividends](index=16&type=section&id=12%20Dividends) The Board declared an interim dividend of 2.0 HK cents per ordinary share for H1 2025, totaling HK$10,640 thousand, a decrease from the prior period, in addition to the 11.0 HK cents final dividend for the previous financial year Dividend Declaration and Payment Status | Dividend Type | H1 2025 (HKD '000) | H1 2024 (HKD '000) | | :--- | :--- | :--- | | Interim Dividend Declared After Reporting Period (HK cents per share) | 10,640 (2.0) | 15,960 (3.0) | | Final Dividend Approved and Paid for Previous Financial Year (HK cents per share) | 58,520 (11.0) | 42,560 (8.0) | [13 Property, Plant and Equipment](index=16&type=section&id=13%20Property%2C%20Plant%20and%20Equipment) In H1 2025, the Group acquired property, plant and equipment totaling HK$81,913 thousand, mainly for Vietnam plant expansion, while disposing of assets with a net book value of HK$984 thousand - Total cost of property, plant and equipment acquired was approximately **HK$81,913 thousand**, primarily attributable to new plant and machinery (**HK$48,096 thousand**) and construction in progress (**HK$26,724 thousand**), mainly for the development and expansion of the Vietnam plant[27](index=27&type=chunk) - The net book value of property, plant and equipment disposed of was approximately **HK$984 thousand**[28](index=28&type=chunk) [14 Trade Receivables](index=17&type=section&id=14%20Trade%20Receivables) As of June 30, 2025, trade receivables increased to HK$200,324 thousand, with credit terms typically 30-90 days, no impairment provision, and primarily denominated in HKD and USD Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (HKD '000) | Dec 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Within 30 days | 98,772 | 72,417 | | 31 to 60 days | 61,750 | 62,120 | | 61 to 90 days | 37,490 | 15,450 | | Over 90 days | 2,312 | 1,595 | | Total | 200,324 | 151,582 | Currency Denomination of Trade Receivables | Currency | June 30, 2025 (HKD '000) | Dec 31, 2024 (HKD '000) | | :--- | :--- | :--- | | USD | 89,172 | 96,761 | | HKD | 107,018 | 50,912 | | RMB | 3,735 | 3,417 | | Others | 399 | 492 | | Total | 200,324 | 151,582 | - The Group does not hold any collateral and has made no impairment provision for trade receivables[30](index=30&type=chunk)[31](index=31&type=chunk) [15 Borrowings](index=18&type=section&id=15%20Borrowings) As of June 30, 2025, total borrowings significantly increased by 200% to HK$150,453 thousand, primarily denominated in HKD and RMB, and secured by right-of-use assets and property, plant and equipment Total Borrowings and Currency Denomination | Item | June 30, 2025 (HKD '000) | Dec 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Bank Borrowings (Current Liabilities) | 150,453 | 50,150 | | Of which: HKD | 44,253 | 12,861 | | Of which: RMB | 106,200 | 37,289 | Assets Pledged for Borrowings | Pledged Assets | June 30, 2025 (HKD '000) | Dec 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Right-of-use Assets | 77,548 | 78,443 | | Property, Plant and Equipment | 61,701 | 63,337 | | Total | 139,249 | 141,780 | - The effective annual interest rates for borrowings include **HIBOR plus 1.0% to 1.2%**, **LPR minus 0.45% to 0.6%**, and a **fixed rate of 2.5%**[36](index=36&type=chunk) [16 Trade Payables](index=20&type=section&id=16%20Trade%20Payables) As of June 30, 2025, trade payables slightly increased to HK$76,607 thousand, primarily denominated in RMB, with most amounts due within 30 days Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HKD '000) | Dec 31, 2024 (HKD '000) | | :--- | :--- | :--- | | Within 30 days | 47,523 | 50,451 | | 31 to 60 days | 15,209 | 16,217 | | 61 to 90 days | 8,191 | 5,502 | | Over 90 days | 5,684 | 3,057 | | Total | 76,607 | 75,227 | Currency Denomination of Trade Payables | Currency | June 30, 2025 (HKD '000) | Dec 31, 2024 (HKD '000) | | :--- | :--- | :--- | | RMB | 54,102 | 53,770 | | HKD | 9,252 | 8,088 | | USD | 6,079 | 6,049 | | VND | 7,174 | 7,320 | | Total | 76,607 | 75,227 | [17 Share Capital](index=21&type=section&id=17%20Share%20Capital) As of June 30, 2025, the Company's authorized share capital was HK$20,000 thousand and issued and fully paid share capital was HK$5,320 thousand, both unchanged from December 31, 2024 - Authorized share capital was **HK$20,000 thousand**, and issued and fully paid share capital was **HK$5,320 thousand**, both remaining unchanged[41](index=41&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=22&type=section&id=Business%20Review) The Group responded to a complex global economic environment by strategically allocating orders, optimizing trading card game production, developing innovative products, and expanding website and OBM sales channels through marketing and trade shows - Established in 1985, the Group is a paper product manufacturing and printing service provider, with key product categories including **board games, greeting cards, educational products, trading card games, and packaging boxes**[42](index=42&type=chunk) - To address tariff policies and geopolitical tensions, the Group strategically allocates orders between its **China and Vietnam production bases** to enhance supply chain flexibility[44](index=44&type=chunk) - The Group continues to optimize its **trading card game production capacity** through workshop integration and technological upgrades, achieving significant growth and expanding its customer base[44](index=44&type=chunk) - Website sales revenue grew by approximately **13.5% to HK$113.3 million**, with the number of active registered user accounts increasing to approximately **82,000**[46](index=46&type=chunk) [Company Profile](index=22&type=section&id=Company%20Profile) Established in 1985, Q.P.P. Group, headquartered in Hong Kong with production in China and Vietnam, provides paper product manufacturing and printing services, including board games and trading cards, sold via OEM and online channels - The Group's main product categories include **board games, greeting cards, educational products, trading card games, and packaging boxes**[42](index=42&type=chunk) - Sales are made to **OEM clients (approximately 78.7% of total revenue)** and individual and corporate customers through **online sales channels (approximately 21.3% of total revenue)**[3](index=3&type=chunk)[42](index=42&type=chunk) [Business Overview](index=22&type=section&id=Business%20Overview) Amid global economic challenges, the Group responded with flexible supply chain management and investment in high-growth trading card games, while expanding website sales and OBM businesses through marketing and product innovation - The global economic environment is complex and volatile, with **tariff policies and geopolitical tensions posing challenges to the manufacturing industry**[43](index=43&type=chunk) - The Group strategically allocates orders between its **China and Vietnam production bases** to mitigate tariff impacts and enhance supply chain flexibility[44](index=44&type=chunk) - Production capacity for the **trading card game business was optimized**, achieving significant growth through integrated production workshops and technological upgrades[44](index=44&type=chunk) - Website sales business enhanced online platform visibility and expanded global markets through participation in **trade exhibitions and digital marketing strategies**[45](index=45&type=chunk) [Future Outlook](index=23&type=section&id=Future%20Outlook) The Group anticipates a cautious global economic recovery, focusing on OEM diversification and trading card manufacturing expansion through innovation, trade shows, and e-commerce optimization, with a new Vietnam factory expected to boost capacity in Q3 2025 - A **cautious global economic recovery** is anticipated, with stable demand for high-end paper consumer products[47](index=47&type=chunk) - Efforts will be intensified to **diversify OEM business** and focus on expanding the **trading card manufacturing business**, with plans to participate in major trade exhibitions to foster cooperation[47](index=47&type=chunk) - The website sales business will launch new **print-on-demand solutions for trading card products** to cater to niche markets and individual consumer needs[48](index=48&type=chunk) - The new factory building at the **Vietnam production base is expected to commence production in Q3 2025**, significantly enhancing production capacity and flexibility[48](index=48&type=chunk) [Financial Review](index=24&type=section&id=Financial%20Review) In H1 2025, the Group's revenue slightly decreased by 1.2% due to lower OEM sales, despite website sales growth; gross profit margin improved, but exchange losses and increased Vietnam plant employee costs led to a 28.4% decline in profit attributable to equity holders - Total revenue was approximately **HK$532.4 million**, a **1.2% year-on-year decrease**, primarily due to reduced OEM sales revenue[49](index=49&type=chunk) - Gross profit margin increased from approximately **35.7% in H1 2024** to approximately **36.6% in H1 2025**, mainly due to the increased contribution from the higher-margin website sales business[54](index=54&type=chunk) - Profit attributable to equity holders was approximately **HK$38.6 million**, a **28.4% year-on-year decrease**, with net profit margin narrowing from **9.8% to 7.2%**[61](index=61&type=chunk) [Revenue](index=24&type=section&id=Revenue) H1 2025 total revenue decreased 1.2% to HK$532.4 million, with OEM sales down 4.5% to HK$419.1 million due to US tariffs, while website sales grew 13.5% to HK$113.3 million, and other overseas markets expanded Total Revenue by Business Segment | Segment | 2025 (HKD '000) | Share (%) | 2024 (HKD '000) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | OEM Sales | 419,141 | 78.7 | 438,840 | 81.5 | | Website Sales | 113,276 | 21.3 | 99,790 | 18.5 | | Total | 532,417 | 100.0 | 538,630 | 100.0 | Regional Revenue by Destination | Region | 2025 (HKD '000) | Share (%) | 2024 (HKD '000) | Share (%) | | :--- | :--- | :--- | :--- | :--- | | United States | 317,919 | 59.7 | 340,323 | 63.2 | | Europe | 94,666 | 17.8 | 96,081 | 17.8 | | China | 34,795 | 6.5 | 38,292 | 7.1 | | Others | 85,037 | 16.0 | 63,934 | 11.9 | | Total | 532,417 | 100.0 | 538,630 | 100.0 | - The sales proportion from the **US and European markets decreased**, primarily due to business expansion in other overseas markets such as **Vietnam, Japan, and Thailand** during the reporting period[52](index=52&type=chunk) [Cost of Sales](index=25&type=section&id=Cost%20of%20Sales) Cost of sales decreased by 2.5% to HK$337.4 million, primarily due to reduced production volume driven by lower OEM product demand - Cost of sales decreased by approximately **2.5%** from **HK$346.1 million in H1 2024** to **HK$337.4 million in H1 2025**[53](index=53&type=chunk) - The decrease in cost of sales was primarily due to **reduced production volume resulting from lower demand for OEM products**[53](index=53&type=chunk) [Gross Profit](index=26&type=section&id=Gross%20Profit) Gross profit increased by 1.3% to HK$195.1 million, with the gross profit margin improving from 35.7% to 36.6%, mainly due to increased contribution from the higher-margin website sales business - Gross profit was approximately **HK$195.1 million**, an increase of approximately **1.3%** compared to H1 2024[54](index=54&type=chunk) - Gross profit margin increased from approximately **35.7% in H1 2024** to approximately **36.6% in H1 2025**[54](index=54&type=chunk) - The increase in gross profit margin was primarily due to the **increased contribution from the website sales business**, which has a higher gross profit margin compared to OEM business[54](index=54&type=chunk) [Net Other (Losses) / Gains](index=26&type=section&id=Net%20Other%20(Losses)%20%2F%20Gains%20(Financial%20Review)) Net other losses were recorded, primarily due to exchange losses from the appreciation of RMB against HKD - Net other losses were primarily due to the **adverse impact of exchange losses resulting from the appreciation of RMB against HKD**[55](index=55&type=chunk) [Other Income](index=26&type=section&id=Other%20Income%20(Financial%20Review)) Other income decreased, primarily due to reduced government grants received from China - The decrease in other income was primarily due to **reduced government grants received from China** during the reporting period[56](index=56&type=chunk) [Selling and Distribution Expenses](index=26&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses decreased by 5.2% to HK$47.7 million, mainly due to reduced employee costs for sales activities and lower sales commissions - Selling and distribution expenses decreased by approximately **5.2%** from **HK$50.3 million in H1 2024** to **HK$47.7 million in H1 2025**[57](index=57&type=chunk) - The decrease was primarily due to **reduced employee costs related to sales activities** and **lower sales commissions payable** during the reporting period[57](index=57&type=chunk) [Administrative Expenses](index=26&type=section&id=Administrative%20Expenses) Administrative expenses increased by 7.0% to HK$101.9 million, primarily due to increased employee costs at the Vietnam plant - Administrative expenses increased by approximately **7.0%** from **HK$95.2 million in H1 2024** to **HK$101.9 million in H1 2025**[58](index=58&type=chunk) - The increase in administrative expenses was primarily due to **increased employee costs at the Group's Vietnam plant** during the reporting period[58](index=58&type=chunk) [Net Finance Income](index=27&type=section&id=Net%20Finance%20Income%20(Financial%20Review)) Net finance income remained stable at approximately HK$2.3 million across both reporting periods - Net finance income remained stable at approximately **HK$2.3 million** in both H1 2025 and H1 2024[59](index=59&type=chunk) [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense%20(Financial%20Review)) Income tax expense decreased by 21.7% to HK$5.7 million, primarily due to reduced profit recognized - Income tax expense decreased by approximately **21.7%** from **HK$7.3 million in H1 2024** to **HK$5.7 million in H1 2025**[60](index=60&type=chunk) - The decrease in income tax expense was primarily due to **reduced profit recognized** during the reporting period[60](index=60&type=chunk) [Profit Attributable to Equity Holders of the Company](index=27&type=section&id=Profit%20Attributable%20to%20Equity%20Holders%20of%20the%20Company%20(Financial%20Review)) Profit attributable to equity holders decreased by 28.4% to HK$38.6 million, with net profit margin narrowing to 7.2%, primarily due to increased Vietnam plant employee costs and adverse exchange losses - Profit attributable to equity holders decreased by approximately **28.4%** from **HK$54.0 million in H1 2024** to **HK$38.6 million in H1 2025**[61](index=61&type=chunk) - Net profit margin decreased from approximately **9.8% in H1 2024** to approximately **7.2% in H1 2025**[61](index=61&type=chunk) - The decrease in net profit was primarily due to **increased employee costs at the Vietnam plant** and the **adverse impact of exchange losses**[61](index=61&type=chunk) [Other Information](index=27&type=section&id=Other%20Information) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintained healthy liquidity, but net current assets and cash balances decreased, while total borrowings, supplier financing liabilities, and lease liabilities significantly increased - Net current assets decreased to approximately **HK$195.1 million** (December 31, 2024: HK$269.0 million)[62](index=62&type=chunk) - Cash and bank balances decreased by approximately **HK$53.7 million** to approximately **HK$192.8 million** (December 31, 2024: HK$246.5 million)[62](index=62&type=chunk) - Total borrowings, liabilities under supplier financing arrangements, and lease liabilities significantly increased to approximately **HK$166.2 million** (December 31, 2024: HK$70.7 million)[63](index=63&type=chunk) [Contingent Liabilities and Capital Commitments](index=28&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) As of June 30, 2025, the Group had no significant contingent liabilities, and capital commitments for property, plant and equipment acquisitions decreased to HK$34.0 million - As of June 30, 2025, the Group had **no significant contingent liabilities**[64](index=64&type=chunk) - Capital commitments amounted to approximately **HK$34.0 million** (December 31, 2024: HK$59.9 million), primarily for the acquisition of property, plant and equipment[65](index=65&type=chunk) [Exchange Rate Risk and Hedging](index=28&type=section&id=Exchange%20Rate%20Risk%20and%20Hedging) The Group faces foreign currency risk from multi-currency denominated revenues and expenses, managing it by monitoring exchange rates and using financial instruments for hedging when needed, without a formal hedging accounting policy - The Group faces foreign currency risk, primarily due to **revenue, production costs, and operating expenses being denominated in different currencies**[66](index=66&type=chunk) - The Group manages risk by closely monitoring foreign currency exchange rate movements and using financial instruments for hedging when necessary, but **does not adopt a formal hedging accounting policy**[66](index=66&type=chunk) [Material Acquisitions or Disposals](index=29&type=section&id=Material%20Acquisitions%20or%20Disposals) The Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - There were **no material acquisitions or disposals** in both H1 2025 and H1 2024[68](index=68&type=chunk) [Future Investment Plans](index=29&type=section&id=Future%20Investment%20Plans) Except as disclosed, the Group has no other plans for significant investments or capital assets and held no significant investments during the reporting period - Except as disclosed in this announcement, the Group has **no other plans for significant investments or capital assets**[69](index=69&type=chunk) - No significant investments were held in H1 2025[70](index=70&type=chunk) [Pledge of Assets](index=29&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, approximately HK$77.5 million of right-of-use assets and HK$61.7 million of property, plant and equipment were pledged for bank borrowings and supplier financing liabilities - Approximately **HK$77.5 million of right-of-use assets** and approximately **HK$61.7 million of property, plant and equipment** were pledged as collateral for bank borrowings and liabilities under supplier financing arrangements[71](index=71&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 3,232 employees, with total employee costs of HK$190.5 million, an increase from the prior period, and remuneration policy is reviewed based on market and performance - As of June 30, 2025, the Group had **3,232 employees** (December 31, 2024: 2,976 employees)[72](index=72&type=chunk) - Total employee costs for H1 2025 were approximately **HK$190.5 million** (H1 2024: HK$180.9 million)[72](index=72&type=chunk) - The remuneration policy considers market conditions and individual performance, including **basic salary, directors' emoluments, retirement scheme contributions, and discretionary bonuses**[72](index=72&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The Group complies with the Corporate Governance Code, with a deviation for the combined Chairman and CEO roles, which the Board believes provides strong leadership; the share option scheme, adopted for incentives, has not granted any options - The Group has adopted and complied with the **Corporate Governance Code in Appendix C1 of the Listing Rules**, with a deviation from code provision C.2.1 (roles of Chairman and Chief Executive should be separate)[73](index=73&type=chunk) - Mr. Cheng Wan Wai serves as both Chairman and Chief Executive Officer, an arrangement the Board believes provides **strong and consistent leadership**[74](index=74&type=chunk) - The share option scheme was adopted on **December 20, 2019**, to provide incentives or rewards, but **no share options have been granted** from its adoption date up to June 30, 2025[76](index=76&type=chunk) [Standard Code for Securities Transactions](index=31&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company adopted a directors' securities transaction code no less exacting than the Listing Rules' Standard Code, with all directors confirming compliance during the reporting period - The Company has adopted a code of conduct for directors' securities transactions no less exacting than the **Standard Code set out in Appendix C3 of the Listing Rules**[75](index=75&type=chunk) - All Directors confirmed compliance with the Company's adopted Standard Code throughout H1 2025[75](index=75&type=chunk) [Share Option Scheme](index=31&type=section&id=Share%20Option%20Scheme) The share option scheme, adopted on December 20, 2019, aims to incentivize eligible persons; as of June 30, 2025, no options have been granted, with 53,200,000 options available for grant - The share option scheme was adopted on **December 20, 2019**, to provide incentives or rewards to selected eligible persons[76](index=76&type=chunk) - No share options have been granted under the scheme to any directors, eligible employees, or other third parties from the adoption date up to June 30, 2025[76](index=76&type=chunk) - The number of share options available for grant is **53,200,000 shares**, representing **10% of the issued shares** as of the date of this interim report[76](index=76&type=chunk) [Changes in Directors' Information](index=31&type=section&id=Changes%20in%20Directors%27%20Information) Changes in directors' information include Professor Cheng Man Chung's re-appointment to the Carbon Neutrality Committee and appointment as Vice Chairman of Guangdong Nuclear Safety Advisory Committee, Mr. Chan Hiu Fung's resignation from TransUnion and new roles at HKGCC and HKFA, and Mr. Wu Sung's re-election as Chairman of the Hong Kong Owners Association - Professor Cheng Man Chung was re-appointed to the **Carbon Neutrality and Sustainable Development Committee** and appointed **Vice Chairman of the Guangdong Nuclear Power Station Nuclear Safety Advisory Committee**[77](index=77&type=chunk)[78](index=78&type=chunk) - Mr. Chan Hiu Fung resigned as an independent non-executive director of TransUnion Limited, was elected **Vice Chairman of the China Committee of the Hong Kong General Chamber of Commerce**, and re-elected as a **director of The Hong Kong Football Association Limited**[79](index=79&type=chunk)[80](index=80&type=chunk) - Mr. Wu Sung was re-elected **Chairman of the Hong Kong Owners Association Executive Committee**[80](index=80&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=32&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) In H1 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - In H1 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[81](index=81&type=chunk) [Interim Dividend and Register of Members](index=32&type=section&id=Interim%20Dividend%20and%20Register%20of%20Members) The Board declared an interim dividend of 2.0 HK cents per ordinary share for H1 2025, payable around October 9, 2025, with share transfer registration suspended from September 17-19, 2025, to determine eligibility - The Board resolved to declare an interim dividend of **2.0 HK cents per ordinary share** for H1 2025, totaling approximately **HK$10.6 million**[82](index=82&type=chunk) - The interim dividend will be paid on or about **Thursday, October 9, 2025**[82](index=82&type=chunk) - The share transfer registration will be suspended from **Wednesday, September 17, 2025, to Friday, September 19, 2025**[83](index=83&type=chunk) [Events After Reporting Period](index=33&type=section&id=Events%20After%20Reporting%20Period) No significant events affecting the Group occurred after H1 2025 and up to the date of this announcement - No significant events affecting the Group occurred after H1 2025 and up to the date of this announcement[84](index=84&type=chunk) [Audit Committee and Auditor's Review](index=33&type=section&id=Audit%20Committee%20and%20Auditor%27s%20Review) The Audit Committee reviewed the Group's accounting principles and interim condensed consolidated financial statements, which were also reviewed by independent auditor PricewaterhouseCoopers under HKSRE 2410 - The Audit Committee, comprising three independent non-executive directors, has reviewed the **accounting principles adopted by the Group** and the **interim condensed consolidated financial statements**[85](index=85&type=chunk) - Independent auditor PricewaterhouseCoopers has reviewed the unaudited interim condensed consolidated financial information in accordance with **Hong Kong Standard on Review Engagements 2410**[86](index=86&type=chunk) [Publication of Report](index=33&type=section&id=Publication%20of%20Report) The H1 2025 interim results announcement will be published on the HKEX and Company websites, with the full interim report dispatched to shareholders and published online in due course - The H1 2025 interim results announcement will be published on the **HKEX website (www.hkexnews.hk)** and the **Company's website (www.qpp.com)**[87](index=87&type=chunk) - The interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the aforementioned websites in due course[87](index=87&type=chunk) [Board Composition](index=33&type=section&id=Board%20Composition) As of this announcement date, the Board comprises six executive directors and three independent non-executive directors - The Board comprises **six executive directors and three independent non-executive directors**[89](index=89&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 雋思集團控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01412 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 | HKD | | 20,000,000 | 本月底法定/註冊股本 ...

Economic Overview - In FY2024, the global economic landscape showed moderate growth, driven by resilient consumer demand and strategic fiscal policies, despite geopolitical uncertainties from the 2024 United States presidential election[15]. - The major markets, including the US and Europe, are expected to see modest economic growth in 2025 despite various risks[27]. Company Performance - Overall revenue increased by approximately 16.5% to approximately HK$1,210.9 million for FY2024[25]. - Profit attributable to equity holders increased by approximately 61.2% from approximately HK$80.1 million in FY2023 to approximately HK$128.9 million in FY2024[25]. - The Group's revenue increased from approximately HK$1,039.2 million for FY2023 to approximately HK$1,210.9 million for FY2024, representing an increase of approximately 16.5%[45]. - Adjusted profit attributable to equity holders of the Company rose by approximately 61.2% from approximately HK$80.1 million for FY2023 to approximately HK$129.1 million for FY2024[45]. - The Group's net profit margin improved from approximately 7.5% for FY2023 to approximately 10.5% for FY2024[45]. Sales and Revenue Breakdown - OEM sales rose by approximately 16.4% from approximately HK$845.8 million in FY2023 to approximately HK$984.8 million in FY2024, driven by increased demand for tabletop games and greeting cards[25]. - Web sales amounted to approximately HK$226.1 million for FY2024, representing an increase of approximately 16.9%[25]. - Revenue from OEM sales increased from approximately HK$845.8 million for FY2023 to approximately HK$984.8 million for FY2024, representing an increase of approximately 16.4%[56]. - Revenue from web sales amounted to approximately HK$226.1 million for FY2024, which represented an increase of approximately 16.9% compared to approximately HK$193.4 million for FY2023[57]. Manufacturing and Operational Developments - The full-scale operation of the newly developed Vietnam plant contributed additional production capacity, allowing the company to absorb orders from major OEM customers seeking alternative manufacturing locations[16]. - The company focused on optimizing manufacturing solutions for trading cards publishers and brands, particularly in product development and production know-how, to thrive in the high-end trading cards manufacturing market[16]. - The Vietnam plant commenced full-scale operations during the reporting period and is set to become a crucial production hub for the Group[48]. - The Group plans to strengthen its OEM solutions by innovating in product structural design and utilizing new materials[49]. - The Group aims to enhance production capacity, particularly at the newly developed Vietnam plant, to address geopolitical risks and improve efficiency[31]. Financial Management - Selling and distribution expenses increased by approximately 3.1% from approximately HK$101.6 million for FY2023 to approximately HK$104.7 million for FY2024[69]. - Administrative expenses increased by approximately 11.1%, from approximately HK$182.7 million for FY2023 to approximately HK$202.8 million for FY2024, primarily due to increased staff costs[70][74]. - Income tax expense rose by approximately 36.8%, from approximately HK$16.0 million for FY2023 to approximately HK$21.8 million for FY2024, with an effective tax rate decrease from approximately 16.9% to approximately 14.6%[76][79]. - Net cash generated from operating activities was approximately HK$204.1 million for FY2024, compared to approximately HK$112.1 million for FY2023[88]. - Total borrowings, supplier finance arrangements, and lease liabilities amounted to approximately HK$70.7 million as of 31 December 2024, up from approximately HK$50.8 million as of 31 December 2023[87]. Corporate Governance and Leadership - The Company has complied with the Corporate Governance Code during FY2024, except for the deviation from code provision C.2.1 regarding the separation of roles between the chairman and chief executive officer[166]. - The executive team has been in place since at least April 2018, indicating stability in leadership and strategic direction[119][120][123]. - The Company has established a risk management committee to oversee potential risks and ensure strategic alignment with business objectives[123]. - The Board oversees the Group's businesses, strategic decisions, and performance, ensuring effective governance and sound internal control systems[170]. - The Board consists of nine Directors, including six executive Directors and three independent non-executive Directors[178]. Strategic Initiatives - Continuous efforts will be made to implement smart operations and develop a smart operation network across the entire Group[31]. - The development of QPMN remains a key growth strategy for the Group's web sales business in the long run[49]. - The Group aims to explore market potential for products such as trading card games, board games, and tarot decks to expand revenue streams[49]. - The company successfully launched 7 crowdfunding projects on Kickstarter, significantly increasing brand exposure[22]. Executive Team Experience - The company has over 35 years of experience in the printing industry, with key executives being co-founders since its establishment in 1985[116][117]. - The executive team includes Ms. Liu Shuk Yu Sanny, responsible for strategic planning and overseeing overseas sales, with over 35 years of industry experience[119][122]. - Mr. Chan Wang Tao Thomas oversees business development and sales, bringing over 30 years of experience in the paper-based items manufacturing and printing industry[120][125]. - Mr. Mak Chin Pang is responsible for administrative and legal compliance, accounting, and corporate finance, with over 20 years of experience in these areas[123][125].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue of Q P Group Holdings Limited was approximately HKD 1,210.9 million, an increase of about 16.5% compared to the fiscal year 2023[4] - The profit attributable to equity shareholders for the fiscal year 2024 was approximately HKD 129.1 million, representing an increase of approximately 61.2% from the fiscal year 2023[4] - The basic earnings per share for the fiscal year 2024 was approximately HKD 0.2427, compared to HKD 0.1506 for the fiscal year 2023[4] - The gross profit for the fiscal year 2024 was HKD 436.2 million, compared to HKD 356.1 million in the fiscal year 2023, indicating a significant increase[5] - The operating profit for the fiscal year 2024 was HKD 145.5 million, compared to HKD 90.4 million in the fiscal year 2023[5] - The total comprehensive income for the fiscal year 2024 was HKD 106.0 million, compared to HKD 58.1 million in the fiscal year 2023[6] - Revenue for the year ended December 31, 2024, increased to HKD 1,210,937,000, up 16.5% from HKD 1,039,199,000 in 2023[18] - Gross profit for the year was HKD 436,175,000, representing a gross margin of approximately 36.0%, compared to HKD 356,092,000 and a margin of 34.3% in 2023[20] - The company reported a net profit of HKD 127,281,000 for 2024, an increase of 62.7% from HKD 78,268,000 in 2023[20] - The group's revenue for the fiscal year 2024 was approximately HKD 1,210.9 million, an increase of 16.5% from approximately HKD 1,039.2 million in fiscal year 2023[55] - OEM sales for fiscal year 2024 amounted to approximately HKD 984.8 million, up by approximately HKD 139.0 million or 16.4% from approximately HKD 845.8 million in fiscal year 2023[50] - Website sales for fiscal year 2024 reached approximately HKD 226.1 million, an increase of approximately HKD 32.7 million or 16.9% from approximately HKD 193.4 million in fiscal year 2023[50] - The group's net profit margin improved from approximately 7.5% in fiscal year 2023 to approximately 10.5% in fiscal year 2024[52] Dividends - The board of directors proposed a final dividend of HKD 0.11 per share for the fiscal year 2024, up from HKD 0.08 per share in the fiscal year 2023[4] - The interim dividend declared for the current year is HKD 0.03 per share, an increase from HKD 0.02 per share in the previous year, totaling HKD 15.96 million compared to HKD 10.64 million[34] - The board of directors has proposed a final dividend of 11.0 HKD cents per share for the year ending December 31, 2024, amounting to approximately 58.5 million HKD, pending shareholder approval[97] Assets and Liabilities - The total assets as of December 31, 2024, amounted to HKD 1,170.9 million, compared to HKD 1,090.7 million as of December 31, 2023[8] - The total equity attributable to equity shareholders was HKD 882.2 million as of December 31, 2024, compared to HKD 834.7 million as of December 31, 2023[9] - The net cash and bank balances increased to HKD 246.5 million in 2024 from HKD 160.4 million in 2023[8] - Total borrowings as of December 31, 2024, are approximately HKD 50.15 million, an increase from HKD 47.88 million in 2023, reflecting a growth of 4.3%[41] - Trade payables increased to HKD 75.23 million in 2024 from HKD 64.44 million in 2023, representing a rise of 16.7%[46] - The total borrowings, supplier financing arrangements, and lease liabilities amounted to approximately HKD 70.7 million as of December 31, 2024, compared to HKD 50.8 million a year earlier[71] - As of December 31, 2024, the company's capital debt ratio is approximately 8.0%, compared to 6.1% as of December 31, 2023[82] Operational Efficiency - The company identified two reportable segments: website sales generated HKD 226,100,000 and OEM sales generated HKD 984,837,000 in 2024[20] - The aging analysis of trade receivables shows that amounts overdue by more than 90 days decreased from HKD 23.28 million in 2023 to HKD 1.60 million in 2024, indicating improved collection efficiency[38] - The company has no impairment provisions for trade receivables for both 2024 and 2023, indicating a stable credit risk environment[38] - The company maintained a healthy current asset net value of approximately HKD 269.0 million as of December 31, 2024, up from HKD 204.3 million a year earlier[70] - Administrative expenses increased by approximately 11.1% to about HKD 202.8 million in fiscal year 2024, mainly due to rising employee costs[65] - The company reported a capital commitment of approximately HKD 59.9 million for the purchase of properties, plants, and equipment as of December 31, 2024, up from HKD 21.0 million in the previous year[74] Market and Customer Insights - Revenue from the U.S. market was HKD 772,747,000, up 11.2% from HKD 695,088,000 in 2023[21] - Major customers contributed significantly to revenue, with Customer A generating HKD 274,561,000 and Customer B generating HKD 364,360,000 in 2024[21] - The number of active registered user accounts grew by approximately 21.1% from about 64,100 on December 31, 2023, to approximately 77,600 on December 31, 2024[52] Future Plans and Developments - The Vietnam factory became a significant production site during the reporting period, with construction agreements for expansion signed in September 2024[52] - The new factory building in Vietnam is expected to commence operations in the third quarter of 2025, enhancing the group's supply chain capabilities[54] - The group plans to enhance its competitive advantage in trading card games (TCG) and collectible card production through innovation in product structure design and printing technology[54] - The group aims to improve operational efficiency and competitiveness through the expansion of smart operations across more production lines and workshops[54] Miscellaneous - The company has entered into a construction contract with an independent contractor for the construction of a factory in Vietnam at a cost of 176,600,000,000 VND (approximately 55,992,391 HKD) to enhance its supply chain capabilities[79] - The company has approximately 78.4 million HKD in right-of-use assets and approximately 63.3 million HKD in properties, plants, and equipment pledged as collateral for bank loans and supplier financing arrangements[81] - The company has maintained the required public float as per listing rules prior to the announcement date[95] - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending December 31, 2024[86] - The company has not disclosed any significant events affecting its operations after the fiscal year 2024[87] - The company has adopted a stock option plan to incentivize selected qualified individuals for their contributions, with no options granted under this plan as of December 31, 2024[84] - The company will suspend share transfer registration from June 3, 2025, to June 6, 2025, to determine shareholder eligibility for the annual general meeting[99] - The company will also suspend share transfer registration from June 16, 2025, to June 18, 2025, for the proposed final dividend distribution, pending shareholder approval[100] - The annual performance announcement will be published on the Hong Kong Stock Exchange and the company's website, with the annual report for the year ending December 31, 2024, to be sent to shareholders by April 30, 2025[101]

| --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | 00 GroupCD 購 恩 集團 Q P Group Holdings Limited 售思集團控股有限公司 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code 股份代號 : 1412 | | | | | | | 2024 INTERIM REPORT 中 期 報 告 | | | | | | | | | | | | ...

Financial Performance - Total revenue for the six months ended June 30, 2024, was approximately HKD 538.6 million, an increase of about 16.9% compared to HKD 460.7 million for the same period in 2023[1][2] - Profit attributable to equity shareholders for the six months ended June 30, 2024, was approximately HKD 54.0 million, representing an increase of about 50.9% from HKD 35.8 million in the same period of 2023[1][2] - Basic earnings per share for the six months ended June 30, 2024, was approximately HKD 0.1015, compared to HKD 0.0672 for the same period in 2023[1][2] - The company reported a total comprehensive income of HKD 34.4 million for the six months ended June 30, 2024, compared to HKD 6.6 million for the same period in 2023[3][4] - The company reported a net profit of HKD 52,675,000 for the six months ended June 30, 2024, compared to HKD 35,770,000 for the same period in 2023, representing a growth of 47.3%[16] - The company's net profit margin improved from approximately 7.8% in the first half of 2023 to approximately 9.8% in the first half of 2024[40] Dividends - The board declared an interim dividend of HKD 0.03 per share for the first six months of 2024, up from HKD 0.02 per share in the same period of 2023[1] - The company declared an interim dividend of 3.0 HKD cents per share for the reporting period, compared to 2.0 HKD cents per share for the same period in 2023, marking a 50% increase[28] - The board declared an interim dividend of HKD 0.03 per share, totaling approximately HKD 16 million for the first six months of 2024[69] - The interim dividend will be paid to shareholders listed on the register as of September 20, 2024[69] Revenue Breakdown - Sales from the website segment amounted to HKD 99,790,000, while OEM sales contributed HKD 438,840,000, indicating a strong performance in OEM sales[15] - Revenue from major customers (each contributing 10% or more of total revenue) included HKD 104,976,000 from Customer A and HKD 170,499,000 from Customer B[17] - Revenue from the United States increased to HKD 340,323,000, up from HKD 317,562,000 in the previous year, showing a growth of 7.2%[18] - OEM sales revenue rose by approximately 19.3% from about HKD 367.8 million in the first half of 2023 to about HKD 438.8 million in the first half of 2024, attributed to increased demand for tabletop game products from major OEM customers[40] - Website sales revenue increased by approximately 7.4% from about HKD 92.9 million in the first half of 2023 to about HKD 99.8 million in the first half of 2024[40] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 1,161.5 million, compared to HKD 1,090.7 million as of December 31, 2023[5] - Current assets as of June 30, 2024, were HKD 532.6 million, an increase from HKD 444.0 million as of December 31, 2023[5] - Total liabilities as of June 30, 2024, were HKD 334.9 million, compared to HKD 255.9 million as of December 31, 2023[7] - The company's borrowings increased from approximately HKD 47.879 million as of December 31, 2023, to approximately HKD 96.174 million as of June 30, 2024, representing an increase of about 101.0%[33] - Trade payables rose to approximately HKD 92.408 million as of June 30, 2024, compared to HKD 64.436 million as of December 31, 2023, an increase of about 43.4%[35] Expenses - Total costs of sales, distribution expenses, and administrative expenses amounted to 491,719,000 HKD for the six months ended June 30, 2024, compared to 441,346,000 HKD in 2023, indicating an increase of 11.4%[22] - Employee benefits expenses, including directors' remuneration, rose to 180,866,000 HKD for the six months ended June 30, 2024, compared to 161,655,000 HKD in 2023, an increase of 11.8%[22] - Sales and distribution expenses increased by approximately 6.8% to about HKD 50.3 million in the first half of 2024, up from approximately HKD 47.1 million in the same period of 2023[49] - Administrative expenses rose by approximately 9.0% to about HKD 95.2 million in the first half of 2024, compared to approximately HKD 87.4 million in the first half of 2023[50] Operational Insights - The company is currently evaluating the impact of new accounting standards on its financial performance and position[12] - Management has determined two reportable segments based on sales channels: website sales and OEM sales, with performance assessed based on gross profit metrics[15] - The company plans to enhance operational efficiency and capacity at its Vietnam facility while pursuing digitalization and smart operations initiatives[42] Employee and Staffing - The group employed a total of 3,085 staff as of June 30, 2024, an increase from 2,677 employees as of December 31, 2023[63] - Total employee costs, including directors' remuneration, were approximately HKD 180.9 million for the first half of 2024, compared to HKD 161.7 million for the same period in 2023[63] Audit and Governance - The independent auditor has reviewed the unaudited interim condensed consolidated financial information for the first six months of 2024[73] - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and practices adopted by the group[72] Miscellaneous - The company has not made any impairment provisions for trade receivables as of June 30, 2024, due to the absence of significant customer defaults[31] - There have been no significant events affecting the group since the end of the first six months of 2024 up to the date of this announcement[71] - The company has not disclosed any changes in the biographies of directors since the date of the 2023 annual report[67] - The chairman of the board is Zheng Wenwei, with a team of executive and independent non-executive directors[75]

Employee and Gender Diversity - As of December 31, 2023, the Group had a total of 2,677 employees, with 1,487 males (55.5%) and 1,190 females (44.5%)[11] - The Board consists of nine Directors, including seven male Directors and two female Directors, with three independent non-executive Directors representing one third of the Board[6] - The Company does not intend to set measurable gender diversity objectives, focusing instead on equal opportunities in the recruitment process[12] - The Board is committed to promoting gender diversity at all levels, including management, and will review gender diversity in accordance with business development[6] Internal Control and Risk Management - The Company has adopted a series of internal control policies and procedures to ensure effective operations, reliable financial reporting, and compliance with applicable laws and regulations[20] - The Board conducted an annual review of the risk management and internal control systems, confirming their effectiveness and adequacy for the year ended December 31, 2023[24] - The internal audit department performs annual risk assessments and monitors key controls to ensure the internal control system functions as intended[20] - The Company has established risk management policies to identify, evaluate, and manage operational risks, with each department responsible for maintaining a comprehensive risk register[23] - The Group has adopted enhanced internal control procedures to prevent non-compliance incidents[25] - The Audit Committee receives periodic summary reports from the internal audit department regarding the effectiveness of internal controls[20] Training and Development - The percentage of employees trained in 2023 was 95.2% for males and 95.5% for females, with 73.0% for senior managers and above, 96.6% for middle management, and 95.6% for general staff[45] - Average training hours completed per employee in 2023 were 14.2 hours for males, 13.0 hours for females, 2.3 hours for senior managers and above, 8.5 hours for middle management, and 14.7 hours for general staff[46] - The Group has established a five-year target for staff development to enhance employee training and competency[40] - The Group's training programs cover various areas, including leadership, teamwork, production, and occupational safety[39] Supplier and Quality Management - The Group has a total of 496 approved suppliers, with 455 located in the PRC and 41 in other regions[54] - Suppliers are selected based on product quality, safety standards, production capacity, and compliance with environmental protection standards[51] - The Group's quality management system is certified under ISO9001:2015, covering quality assurance, quality engineering, and quality control[62] - The quality assurance team is accredited by ANSI-ASQ National Accreditation Board under ISO 17020, demonstrating technical competence in calibration and testing[62] - The Group's in-house laboratory is accredited by various international bodies, including CNAS and CPSC, ensuring compliance with international testing standards[62] Corporate Governance and Shareholder Engagement - The Company has established procedures for shareholders to propose candidates for election as directors, ensuring transparency and compliance with regulations[94] - Shareholders can submit written requisitions to the board for special meetings if they hold at least 10% of the paid-up capital[85] - The Company emphasizes the importance of corporate governance and shareholder engagement in its operations[93] - The Company has arranged appropriate Directors' and Officers' liability insurance coverage, which will be reviewed and renewed annually[183] - The Company maintains ongoing communication with shareholders to enhance investor relations and understanding of business performance[153] Environmental Commitment and Performance - The Company is committed to environmental protection and has developed energy conservation and carbon reduction policies[166] - Total greenhouse gas emissions decreased from 265.51 tonnes CO2e in 2022 to 90.29 tonnes CO2e in 2023, a reduction of approximately 66.0%[195] - Total packaging materials used for finished goods decreased from 3,099.57 tonnes in 2022 to 2,240.84 tonnes in 2023, a reduction of about 27.7%[197] - Total electricity consumption decreased from 23,345.70 MWh in 2022 to 22,288.40 MWh in 2023, a decrease of approximately 4.5%[197] - Total solid non-hazardous waste generated decreased from 7,735.91 tonnes in 2022 to 6,648.46 tonnes in 2023, a reduction of about 14.1%[195] - The Group is committed to building a "green office" and has implemented measures to reduce printing paper usage[149] Community Engagement and Social Responsibility - The Group made approximately HK$357,000 in cash donations to charitable organizations during the Reporting Period[118] - A total of 3,296 hours were dedicated to knowledge sharing and charity work by the Group during the Reporting Period[118] - The Group has set a 5-year community investment target to enhance its social contributions[119] - The Group supported the Hong Kong Red Cross for the 15th consecutive year as the main sponsor of its annual fundraising campaign[120] - The Group organized volunteer activities with an elderly center to support disadvantaged elderly individuals[129] Financial Performance and Dividends - The Group's results for the year ended 31 December 2023 are detailed in the consolidated statement of profit or loss and other comprehensive income[163] - The Board recommended a final dividend of HK8.0 cents per share, amounting to approximately HK$42.6 million for the year ended 31 December 2023[163] - The Company expects to pay dividends of not less than 30% of distributable profits each financial year[156] - The Company has adopted a dividend policy that considers operations, earnings, capital requirements, and other relevant factors before recommending dividends[156] Compliance and Legal Matters - The Company has not encountered any significant violations of applicable laws and regulations during the financial year[170] - The Group implements a zero-tolerance policy against child and forced labor, ensuring compliance with relevant laws and regulations[48] - The Group requires suppliers to obtain "Customs-Trade Partnership Against Terrorism" certification and undergo regular audits[51] - During the Reporting Period, the Group was not aware of any breaches of laws related to child and forced labor in its operations[48]

Financial Performance - For the fiscal year ending December 31, 2023, the total revenue of Q P Group Holdings Limited was approximately HKD 1,039.2 million, a decrease of about 18.6% compared to the fiscal year 2022[3]. - The net profit attributable to equity shareholders for the fiscal year 2023 was approximately HKD 80.1 million, representing a decrease of about 36.8% from the fiscal year 2022[8]. - Basic earnings per share for the fiscal year 2023 were approximately HKD 15.06, down from HKD 23.84 in the fiscal year 2022[9]. - Operating profit for the fiscal year 2023 was HKD 90.4 million, a decline from HKD 143.0 million in the previous year[4]. - The company reported a total comprehensive income of HKD 58.1 million for the fiscal year 2023, compared to HKD 71.0 million in 2022[11]. - Gross profit for the fiscal year 2023 was HKD 356.1 million, compared to HKD 416.8 million in fiscal year 2022, representing a decrease of approximately 14.5%[51]. - The net profit for the fiscal year 2023 was HKD 78.3 million, down from HKD 126.8 million in fiscal year 2022, indicating a decline of approximately 38.2%[51]. - The profit attributable to equity shareholders decreased by about 36.8% from HKD 126.8 million in FY2022 to HKD 80.1 million in FY2023, with a net profit margin dropping from approximately 9.9% to 7.5%[105]. Revenue Breakdown - Revenue from original equipment manufacturer (OEM) sales accounted for 81.4% of total revenue, while online sales contributed 18.6%[3]. - OEM sales accounted for 81.4% of total revenue in FY2023, totaling HKD 845.8 million, while website sales contributed 18.6% with HKD 193.4 million, maintaining similar levels compared to FY2022[109]. - Sales to the United States accounted for HKD 695,088,000, down 19.7% from HKD 866,131,000 in the previous year[30]. - The company's total revenue from external customers in China was HKD 540,596,000, slightly up from HKD 536,893,000 in 2022[30]. - Sales in the U.S. market accounted for 66.9% of total revenue in FY2023, totaling HKD 695.1 million, while European sales contributed 16.7% with HKD 173.9 million[110]. Expenses and Costs - Total costs, including cost of sales and administrative expenses, amounted to HKD 967,360,000, down from HKD 1,155,253,000 in 2022[35]. - Research and development expenses for 2023 were approximately HKD 28,036,000, a decrease from HKD 40,839,000 in 2022[34]. - Sales and distribution expenses decreased by approximately 8.0% from about HKD 110.4 million in FY2022 to about HKD 101.6 million in FY2023, primarily due to improved delivery strategies for online sales[144]. - Administrative expenses slightly decreased by about 1.4% from approximately HKD 185.2 million in FY2022 to about HKD 182.7 million in FY2023, remaining stable compared to the previous fiscal year[144]. - The group's sales cost decreased by approximately 20.5% from about HKD 859.6 million in FY2022 to about HKD 683.1 million in FY2023, primarily due to a reduction in procurement orders from OEM customers[112]. Assets and Liabilities - The total assets of the company as of December 31, 2023, were HKD 1,090.7 million, down from HKD 1,179.2 million in 2022[18]. - The total liabilities decreased to HKD 255.9 million in 2023 from HKD 336.4 million in 2022[7]. - The total borrowings as of December 31, 2023, were approximately HKD 47.9 million, a significant decrease from HKD 116.3 million as of December 31, 2022[73]. - The group maintained a healthy liquidity position with total borrowings and lease liabilities of approximately HKD 50.8 million as of December 31, 2023, down from approximately HKD 119.2 million as of December 31, 2022[120]. - As of December 31, 2023, net current assets were approximately HKD 204.3 million, down from about HKD 253.8 million as of December 31, 2022[147]. Dividends - The company proposed a final dividend of HKD 0.08 per share for the fiscal year 2023, compared to HKD 0.11 per share in the fiscal year 2022[9]. - The company declared an interim dividend of HKD 0.02 per share for FY2023, down from HKD 0.03 per share in FY2022, with a proposed final dividend of HKD 0.08 per share compared to HKD 0.11 per share in FY2022[90]. Operational Strategies - The company plans to enhance operational efficiency by integrating production bases and optimizing production line layouts and processes[82]. - The company aims to leverage the advantages of its new factories in Huizhou and Vietnam to strengthen its OEM business production capabilities[82]. - The group plans to enhance its e-commerce platform Q P Market Network (QPMN) and expand its product offerings to increase market share in the online sales business[134]. - The group is actively pursuing new business opportunities and diversifying its OEM operations to adapt to the challenging market environment[133]. - The group has implemented various business strategies, including digital marketing and participation in overseas exhibitions, to maintain competitiveness in the online sales sector[131]. Governance and Management - The company has adopted the corporate governance code as per the listing rules, ensuring high levels of governance and accountability[180]. - The board believes that the current arrangement of having the same individual serve as both Chairman and CEO provides strong and consistent leadership[199]. Other Key Information - The company has not adopted the revised Hong Kong Financial Reporting Standards for the reporting period ending December 31, 2023, as they are not mandatory[26]. - There have been no significant events affecting the group since the end of the fiscal year 2023[198]. - The company’s inventory write-down provision was HKD 1,433,000 in 2023, significantly lower than HKD 10,443,000 in 2022[35]. - The fair value gain from derivative financial instruments was approximately HKD 1.3 million in FY2023, compared to a loss of about HKD 19.9 million in FY2022[162]. - The total employee count as of December 31, 2023, was 2,677, an increase from 2,280 as of December 31, 2022[196]. - The total employee cost for the fiscal year 2023 was approximately HKD 343.9 million, compared to HKD 356.2 million in the fiscal year 2022[196].

智通财经APP讯，隽思集团(01412)发布公告，集团预期截至2023年12月31日止年度(2023年度)将取得公司权益持有人应占综合溢利约7700万港元至8500万港元，而截至2022年12月31日止年度(2022年度)则约为1.27亿港元。 公告称，该减幅主要归因于集团2023年度的原始设备制造商(OEM)销售收益较2022年度有所减少，此乃主要由于2023年度公司的主要市场通胀压力持续以及全球经济增长放缓，削弱消费气氛，令若干主要OEM客户对产品的需求减少。尽管集团的OEM销售收益有所下跌，集团于2023年度的网站销售收益仍维持稳定。 尽管如上所述，集团的2023年度权益持有人应占综合溢利预期将减少，基于目前状况，除非出现任何不可预见的情况，董事会对集团的财务状况仍充满信心，并已做好充分准备以应对未来的潜在挑战。此外，集团将继续致力通过业务拓展及多元化发展，以寻求可持续增长机会。 ...