据悉，收购IP为以下各项的统称："VIBE"品牌相关的(a)商标;(b)版权;(c)与 Kimberly相关及╱或Kimberly 使用的所有其他知识产权，包括任何发明、专业知识、商业秘密、设计及计划，在各情况下，连同与使 用或拥有上述各项有关的品牌商誉。 智通财经APP讯，盛诺集团(01418)发布公告，于2025年7月7日(交易时段后)，公司一间全资附属公司 Sinomax USA与Kimberly 订立IP收购协议，据此，Sinomax USA同意购买及Kimberly同意按购买价460万 美元(相当于约3588万港元)出售收购IP。 公告称，该品牌为美国知名品牌，拥有约八年历史，并在其市场分部中享有较高品牌知名度。收购事项 使集团可利用该品牌既有的声誉，提升其产品种类及市场占有率。此外，自2022年11月起，Sinomax USA一直根据许可协议作为被许可人使用收购IP。经考虑(i)收购事项的购买价为460万美元，及(ii)集团 根据许可协议应付的最低季度版税为20万美元，董事认为收购事项为集团从品牌被许可人转为品牌拥有 者提供了一个成本效益高且低风险的机会。完全拥有该品牌将为集团在品牌定位、营销及扩 ...

Financial Performance - Revenue for 2024 increased to HK$4,091,144, representing a growth of approximately 13.4% compared to HK$3,608,894 in 2023[16] - Profit for the year amounted to HK$162,649, an increase from HK$80,502 in 2023, reflecting a significant growth in profitability[16] - Gross profit margin improved slightly to 25.6% in 2024 from 25.5% in 2023[18] - The company achieved a net profit margin of 4.0%, up from 2.2% in the previous year[18] - The Group achieved a revenue increase of approximately HK$482.3 million or 13.4%, reaching approximately HK$4,091.1 million for the fiscal year 2024[33] - Profit for the Reporting Period increased by approximately HK$82.1 million or 102.0%, totaling approximately HK$162.6 million compared to approximately HK$80.5 million for FY2023[43] - Gross profit increased by approximately HK$127.3 million or 13.8%, amounting to approximately HK$1,047.0 million, with a gross profit margin of approximately 25.6%[39] - Sales in the North American market increased by approximately 17.3%, while sales in the China market grew by approximately 10.0%[36] Financial Position - Total assets increased to HK$2,556,986, compared to HK$2,406,144 in 2023, indicating a solid financial position[16] - As of December 31, 2024, the Group had net current assets of approximately HK$370.2 million, an increase from approximately HK$339.4 million as of December 31, 2023[47] - The current ratio improved slightly to 128.6% from 126.8% in 2023, reflecting better liquidity management[18] - The current ratio improved to 128.6% in 2024 from 126.8% in 2023, while the quick ratio increased to 91.8% from 86.6%[55] - The gearing ratio decreased to 40.1% in 2024 from 48.1% in 2023, and the debt to equity ratio slightly improved to 13.9% from 14.4%[55] - Bank balance and cash decreased by approximately HK$47.5 million or 15.3%, totaling approximately HK$262.4 million as of December 31, 2024[47] Dividend and Payout Policy - The payout ratio decreased to 10.7% from 37.0% in 2023, indicating a shift in dividend policy[18] - The Board recommends a final dividend of HK$1.3 cents per ordinary share, totaling approximately HK$22,750,000, subject to Shareholder approval at the AGM on May 16, 2025[102] - The Group's reserves available for distribution to Shareholders amounted to approximately HK$471.5 million as of December 31, 2024, down from approximately HK$516.7 million as of December 31, 2023[112] Strategic Initiatives - The company plans to explore higher growth potential businesses, particularly in the US and European markets[21] - The company aims to diversify its customer base and maintain its position in the visco-elastic health and wellness products market[22] - The company plans to focus on expanding its presence in the U.S. and Europe, with ongoing sales projects expected to drive growth in the Mattress-in-a-box segment[60] - The group will implement various cost-cutting measures across production and logistics to enhance efficiency and manage expenses[59] Awards and Recognition - Sinomax USA was recognized as a Top Foam Technology Solution Provider of 2024, highlighting its innovation in foam-based bedding products[23] - Sinomax USA was recognized as "Company of the Year" by the 2024 BIG Awards for Business, highlighting its commitment to sustainable innovation[27] Management and Governance - The company has over 31 years of experience in accounting and auditing, with Mr. Lam serving as the Chief Financial Officer since August 2013[78] - Mr. Cheung is responsible for the overall management and daily operations of the Group, having joined in 2003 and appointed to the Board in June 2012[74] - The Group's management team includes a mix of family relations, enhancing internal collaboration and strategic alignment[74][75][79] - The company emphasizes the importance of corporate governance, with Mr. Wong serving as the chairman of the audit committee[82] - The executive team is composed of individuals with diverse educational backgrounds, including degrees in business administration and engineering[78][79] - The Group's strategic direction is influenced by its founding members, ensuring continuity in its business strategy[74][79] - The company has a strong governance structure with independent directors serving on multiple committees including audit, remuneration, and corporate governance[88] - The board includes members with extensive experience in their respective fields, enhancing the company's strategic planning and operational oversight[88] - The management team is committed to maintaining high standards of corporate governance and operational excellence[88] Employee and Operational Metrics - The total employee headcount increased to 3,333 in 2024 from 2,846 in 2023, with total staff costs rising to approximately HK$639.1 million from HK$523.6 million[66] - Administrative expenses increased by approximately HK$17.2 million or 6.9%, reaching approximately HK$267.4 million, primarily due to increased staff costs[42] Connected Transactions - The company has ongoing connected transactions with Gu Jia Household Co., Limited, which is a substantial shareholder of a subsidiary[157] - The procurement agreement with Gu Jia Household for the sale of polyurethane foams was revised on November 1, 2017, and governs transactions between the companies[158] - The total sales to Gu Jia Household under the Revised 2021-2023 Gu Jia Procurement Agreement for the year ended December 31, 2023, amounted to approximately RMB283.8 million (approximately HK$313.4 million)[172] - The annual caps for the Revised 2021-2023 Gu Jia Procurement Agreement are set at RMB440.0 million for 2021, RMB520.0 million for 2022, and RMB630.0 million for 2023[172] - The independent non-executive Directors confirmed that the continuing connected transactions have been entered into in accordance with the Listing Rules[175] - The auditor issued unqualified letters regarding the Group's continuing connected transactions, confirming compliance with the relevant standards[175] Lease Agreements - Dongguan Sinohome entered into a lease agreement for the Dongguan Premises at a monthly rental of approximately RMB695,000 for a term of slightly more than two years starting from December 2, 2013[180] - The monthly rental for the Renewal Dongguan Lease Agreement, effective from January 1, 2016, was approximately RMB1.3 million for a three-year term[181] - The monthly rental for the 2023 Dongguan Lease Agreement was approximately RMB720,000 for a one-year term starting January 1, 2023[186] - The monthly rental for the 2024 Dongguan Lease Agreement is approximately RMB750,000 for a one-year term starting January 1, 2024[187] - The rental agreements with Zhejiang Puruimei indicate a consistent strategy of securing long-term leases for operational facilities to support business growth[198] - The lease agreements reflect a commitment to maintaining operational capacity and flexibility in the Chinese market[198]

Financial Performance - Revenue for the year increased by approximately HKD 482.3 million or 13.4% to approximately HKD 4,091.1 million compared to HKD 3,608.9 million in the fiscal year 2023[3] - Gross profit rose by approximately HKD 127.3 million or 13.8% to approximately HKD 1,047.0 million from HKD 919.7 million in the previous fiscal year[3] - Profit for the year increased by approximately HKD 82.1 million or 102.0% to approximately HKD 162.6 million compared to HKD 80.5 million in the fiscal year 2023[3] - Basic and diluted earnings per share increased to 7.89 HKD cents from 3.58 HKD cents in the previous year[5] - Total comprehensive income for the year amounted to HKD 124.2 million, up from HKD 53.7 million in the previous year[5] Dividends - The board recommended a final dividend of 1.3 HKD cents per share, consistent with the previous year's final dividend[3] - The interim dividend declared was HKD 0.01 per share, totaling approximately HKD 17,500,000, while the proposed final dividend is HKD 0.013 per share, amounting to approximately HKD 22,750,000[50] - The board of directors proposed a final dividend of HKD 0.013 per ordinary share, amounting to approximately HKD 22,750,000, pending approval at the annual general meeting on May 16, 2025[99] Assets and Liabilities - Non-current assets totaled HKD 891.9 million, an increase from HKD 799.6 million in the previous year[7] - Current assets increased to HKD 1,665.1 million from HKD 1,606.5 million in the previous year[7] - Total liabilities rose to HKD 1,557.2 million from HKD 1,487.7 million in the previous year[8] - Total equity increased to HKD 999.8 million from HKD 918.5 million in the previous year[8] Market Performance - Sales of health and home products amounted to HKD 2,728,901,000, up from HKD 2,365,437,000, representing a growth of 15.4%[24] - The North American market generated revenue of HKD 1,624,615,000, a 17.3% increase compared to HKD 1,384,678,000 in the previous year[22] - The European and other overseas markets contributed HKD 717,739,000, reflecting a growth of 13.1% from HKD 634,582,000[22] Expenses - The cost of sales for the year was HKD 3,044,162,000, resulting in a gross profit of HKD 1,046,982,000[22] - Research and development expenses increased to HKD 87,966,000 from HKD 80,178,000, indicating a rise of 9.9%[22] - The total cost of sales, selling and distribution expenses, administrative expenses, and R&D costs amounted to HKD 3,893,806,000 in 2024, up from HKD 3,477,910,000 in 2023, representing an increase of approximately 12%[35] - Marketing expenses increased to HKD 138,759,000 in 2024 from HKD 127,154,000 in 2023, indicating an increase of about 9%[35] Taxation - The company's income tax expense for 2024 was HKD 36,846,000, a decrease from HKD 42,110,000 in 2023, reflecting a reduction of approximately 12.5%[47] - The company reported a decrease in Hong Kong profits tax from HKD 7,521,000 in 2023 to HKD 506,000 in 2024, a significant reduction of approximately 93%[47] Joint Ventures and Investments - The company acquired a 45% stake in M DK Holdings ApS for approximately HKD 51,170,000, with an associated share of profit from the joint venture amounting to HKD 5,025,000[37] - The income from the joint venture for the period from October 14, 2024, to December 31, 2024, was HKD 303,965,000, with a total profit and comprehensive income of HKD 11,165,000[42] - The company has invested approximately HKD 51.0 million in a European joint venture, yielding a significant return of approximately HKD 5.02 million from the joint venture's profit[88] Receivables and Payables - Trade receivables increased to HKD 649,369,000 in 2024 from HKD 573,533,000 in 2023, with a net trade receivable of HKD 626,007,000 after deducting credit loss provisions[53] - The total amount of trade and other receivables rose to HKD 807,095,000 in 2024, up from HKD 706,019,000 in 2023, indicating a growth of approximately 14.3%[53] - The company reported trade payables of HKD 487,035,000 in 2024, an increase from HKD 452,711,000 in 2023, reflecting a growth of about 7.6%[63] - The company’s total liabilities for trade and other payables reached HKD 743,860,000 in 2024, an increase from HKD 676,264,000 in 2023, indicating a growth of approximately 10%[63] Employee and Operational Metrics - The total number of employees increased to 3,333, with total employee costs rising to approximately HKD 639.1 million, compared to HKD 523.6 million in the previous fiscal year[92] - Capital expenditures for the reporting period amounted to approximately HKD 65.8 million, up from HKD 62.2 million in the previous fiscal year, primarily for the purchase of equipment and machinery[81] Financial Health - The company's liquidity ratios improved, with the current ratio at 128.6% and the quick ratio at 91.8% as of December 31, 2024[82] - The company's expected credit loss for overdue trade receivables was HKD 122,599,000 in 2024, down from HKD 183,846,000 in 2023, reflecting improved management of overdue accounts[59] Accounting and Reporting - The company anticipates no significant impact from the adoption of new accounting standards effective in 2025 and 2026[18] - The independent auditor, PwC, confirmed that the financial statements for the reporting period are consistent with the audited consolidated financial statements[97] - The annual performance report and 2024 annual report will be published on the Hong Kong Stock Exchange and the company's website[103]

Revenue and Sales Performance - Revenue for the six-month period ended June 30, 2024, increased by approximately HK$403.2 million or approximately 25.2% to approximately HK$2,002.8 million compared to approximately HK$1,599.6 million for the corresponding period last year[27]. - Sales in the China market increased by approximately 20.6% for the Reporting Period, primarily due to an increase in orders from major customers[28]. - North American market sales increased by approximately 36.9% for the Reporting Period, attributed to an increase in market share[29]. - Sales in Europe and other overseas markets recorded an increase of approximately 12.6% for the Reporting Period, mainly due to increased sales to customers in Vietnam[29]. - The total revenue breakdown by market shows China at HK$863.6 million, North America at HK$813.6 million, and Europe and other overseas markets at HK$325.6 million for the Reporting Period[28]. - Revenue from the China market was HK$863,566,000, reflecting a 20.6% increase from HK$716,016,000 in the prior year[114]. - The North American market generated revenue of HK$813,581,000, up 37.0% from HK$594,351,000 in the same period last year[114]. - Sales of health and household products amounted to HK$1,341,486,000 for the six months ended June 30, 2024, up 26.4% from HK$1,061,249,000 in 2023[113]. - Sales of polyurethane foam increased to HK$661,289,000, a rise of 22.8% from HK$538,337,000 in the previous year[113]. Profitability and Financial Performance - Gross profit increased by approximately HK$140.4 million or approximately 38.3% to approximately HK$507.3 million during the Reporting Period, compared to approximately HK$366.9 million for the corresponding period last year[30]. - Profit for the period increased by approximately HK$51.8 million or 231.8% to approximately HK$74.2 million compared to approximately HK$22.4 million for the corresponding period last year[32]. - Operating profit increased significantly to HK$115,842,000, compared to HK$49,460,000 in the prior year, marking a 134.0% rise[84]. - Profit for the period attributable to equity owners of the Company was HK$62,096,000, a substantial increase from HK$18,637,000, reflecting a growth of 233.5%[83]. - Total comprehensive income for the period was HK$54,229,000, compared to a loss of HK$10,010,000 in the previous year[87]. - The Group's overall performance reflects a strong recovery and growth trajectory in key markets, indicating effective strategic initiatives[27]. Expenses and Cost Management - Selling and distribution costs increased by approximately HK$44.0 million or 21.1% to approximately HK$253.0 million compared to HK$209.0 million for the six-month period ended 30 June 2023[32]. - Administrative expenses increased by approximately HK$32.8 million or 35.9% to approximately HK$124.2 million compared to HK$91.4 million for the six-month period ended 30 June 2023[32]. - The increase in gross profit margin was mainly due to cost-cutting measures, including improvements in production efficiency and reduction of raw material costs[30]. Cash Flow and Current Assets - Net current assets as at 30 June 2024 were approximately HK$397.4 million, an increase from approximately HK$339.4 million as at 31 December 2023[34]. - Bank balances and cash as at 30 June 2024 increased by approximately HK$47.7 million or 15.4% to approximately HK$357.6 million compared to approximately HK$309.9 million as at 31 December 2023[34]. - Cash generated from operations for the six-month period was HK$150,823,000, with net cash generated from operating activities amounting to HK$136,875,000, down from HK$187,738,000 in 2023[95]. - The company reported a net increase in cash and cash equivalents of HK$47,495,000, compared to HK$68,790,000 in the same period last year[95]. Future Outlook and Strategic Initiatives - Future outlook remains positive with expectations of continued growth driven by expanding market presence and customer base[27]. - The Group plans to enhance product offerings and invest in new technologies to sustain competitive advantage in the market[27]. - The Group expects continued financial improvement in 2024 and aims to enhance production efficiency across various areas, including production and logistics[44]. - The successful Mattress-in-a-box product line will be promoted not only in the US but also in Europe, with expectations for increased sales and profits[44]. - The Group has entered into several new factory lease contracts in 2024 to expand business operations in Vietnam and the US to meet growing customer demands[44]. Shareholder Information and Corporate Governance - As of June 30, 2024, LAM Chi Fan holds 1,275,906,000 shares, representing approximately 72.91% of the total shareholding[54]. - The total number of shares issued by the company as of June 30, 2024, is 1,750,002,000[54]. - The company has disclosed that all substantial shareholders' interests are recorded in compliance with the Securities and Futures Ordinance[58]. - The company maintains compliance with the Model Code regarding the disclosure of interests and short positions[56]. - The company is committed to high standards of corporate governance to enhance shareholder value[68]. - The audit committee reviewed the unaudited condensed consolidated financial information for the Reporting Period[74]. Employee and Compensation Information - As of June 30, 2024, the employee headcount increased to 3,208 from 2,742 a year earlier, with total staff costs amounting to approximately HK$303.0 million, up from HK$235.5 million[50]. - The Group maintains a competitive remuneration package and various fringe benefits for employees, including medical insurance and training programs[50]. - Key management personnel compensation increased significantly, with salaries and allowances rising to HK$12,484,000 in 2024 from HK$6,761,000 in 2023, representing an increase of approximately 84%[167]. - Total compensation for key management personnel reached HK$12,681,000 in 2024, up from HK$6,923,000 in 2023, indicating an overall increase of approximately 83%[167]. Financial Ratios and Capital Structure - Current ratio as at 30 June 2024 was 130.4%, compared to 126.8% as at 31 December 2023[40]. - Quick ratio as at 30 June 2024 was 93.0%, compared to 86.6% as at 31 December 2023[40]. - Gearing ratio as at 30 June 2024 was 45.8%, down from 48.1% as at 31 December 2023[40]. - Debt to equity ratio as at 30 June 2024 was 8.2%, a decrease from 14.4% as at 31 December 2023[40]. Research and Development - Research and development costs for the period were HK$40,910,000, compared to HK$34,278,000 in the previous year, showing an increase of 19.5%[84]. Inventory and Trade Receivables - The Group's trade receivables, net of allowance for credit losses, increased to HK$600,699,000 as of June 30, 2024, up from HK$542,854,000 at December 31, 2023, reflecting improved sales performance[137]. - The Group's finished goods inventory as of June 30, 2024, was HK$256,759,000, an increase from HK$231,585,000 at December 31, 2023, indicating a strategic buildup of inventory[135]. - The total cost of inventories recognized as expenses in the six-month period ended June 30, 2024, amounted to HK$1,161,730,000, compared to HK$966,186,000 for the same period in 2023, indicating a significant increase[135]. Financial Risks and Management - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk[104]. - The Group's financial risk management information is not fully included in the interim financial information and should be read in conjunction with the annual financial statements[104].

Financial Performance - Revenue for the six months ended June 30, 2024, increased by approximately HKD 403.2 million or 25.2% to approximately HKD 2,002.8 million compared to approximately HKD 1,599.6 million in the same period last year[1] - Gross profit for the reporting period rose by approximately HKD 140.4 million or 38.3% to approximately HKD 507.3 million from approximately HKD 366.9 million in the previous year[1] - Profit for the period increased by approximately HKD 51.8 million or 231.8% to approximately HKD 74.2 million compared to approximately HKD 22.4 million in the same period last year[1] - Operating profit for the period was HKD 115.8 million, up from HKD 49.5 million in the previous year[2] - Basic earnings per share attributable to equity holders of the company increased to HKD 3.55 from HKD 1.06 in the same period last year[2] - The company's net profit for the six months ended June 30, 2024, was HKD 62,096,000, compared to HKD 18,637,000 for the same period in 2023, marking a significant increase[17] Revenue Breakdown - Total revenue for the six months ended June 30, 2024, was HKD 2,002,775,000, representing an increase of 25.1% from HKD 1,599,586,000 for the same period in 2023[12] - Revenue from health and home products was HKD 1,341,486,000, up 26.4% from HKD 1,061,249,000 in the previous year[12] - Revenue from polyurethane foam sales increased to HKD 661,289,000, a rise of 22.8% compared to HKD 538,337,000 in the prior period[12] - The North American market generated revenue of HKD 813,581,000, which is a 37.0% increase from HKD 594,351,000 in the same period last year[13] - Sales in the North American market increased by approximately 36.9% to HKD 813.6 million, driven by an increase in market share[30] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 2,484.6 million, compared to HKD 2,406.1 million as of December 31, 2023[4] - Total liabilities as of June 30, 2024, were HKD 1,534.6 million, an increase from HKD 1,487.7 million as of December 31, 2023[5] - Total equity attributable to equity holders of the company increased to HKD 946.3 million from HKD 925.8 million as of December 31, 2023[5] - Cash and cash equivalents as of June 30, 2024, were HKD 357.6 million, compared to HKD 309.9 million as of December 31, 2023[4] Costs and Expenses - Research and development costs for the period were HKD 40.9 million, compared to HKD 34.3 million in the previous year[2] - Interest income rose to HKD 3,388,000 from HKD 2,914,000, reflecting a growth of 16.2%[14] - Total other income increased to HKD 32,239,000, up from HKD 9,310,000, indicating a substantial growth of 246.5%[14] - The company incurred total finance costs of HKD 23,096,000, a decrease from HKD 25,460,000 in the previous year, showing a reduction of 9.3%[14] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.01 per share for the six-month period ending June 30, 2024, totaling approximately HKD 17.5 million, compared to HKD 0.004 per share in 2023[18] - The interim dividend declared is HKD 0.01 per share, totaling approximately HKD 17.5 million, to be paid on October 10, 2024[43] Financial Ratios - The current ratio improved to 130.4% and the debt-to-equity ratio decreased to 8.2% as of June 30, 2024, indicating a stronger financial position[37] Employee and Operational Insights - The total number of employees increased to 3,208, with total employee costs rising to approximately HKD 303.0 million, reflecting the increase in headcount[45] - The company provides competitive compensation and various benefits to employees, including housing and travel allowances based on their level within the organization[46] - The company has entered into new factory lease agreements in Vietnam and the US to expand operations and meet growing customer demand[40] - The company plans to continue promoting its successful Mattress-in-a-Box product line in the US and Europe, expecting further sales growth[40] Corporate Governance - The company adheres to high standards of corporate governance to protect shareholder interests and enhance corporate value, complying with the corporate governance code as per the Hong Kong Stock Exchange[47] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[52] - The board of directors has reviewed the accounting principles and policies adopted by the company during the reporting period[49] - The company's auditor has conducted a review of the unaudited interim financial information in accordance with the relevant standards[50] - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website, containing all required information for the reporting period[51] Trade Receivables and Payables - Trade receivables, net of credit loss provisions, increased to HKD 600.7 million as of June 30, 2024, from HKD 542.9 million as of December 31, 2023, representing an increase of 10.6%[19] - Total trade and other receivables amounted to HKD 746.2 million as of June 30, 2024, compared to HKD 706.0 million as of December 31, 2023, reflecting a growth of 5.7%[19] - Trade payables decreased slightly to HKD 449.4 million as of June 30, 2024, from HKD 452.7 million as of December 31, 2023[23] - The company reported a total of HKD 727.9 million in current trade and other payables as of June 30, 2024, compared to HKD 675.4 million as of December 31, 2023, indicating an increase of 7.8%[23] - The aging analysis of trade receivables shows that HKD 409.1 million is within 30 days, up from HKD 291.5 million as of December 31, 2023, indicating a significant improvement in collection[21] - The company’s trade payables have a credit period ranging from 30 to 60 days, with the aging analysis indicating a stable payment cycle[24]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[4]. - Revenue for 2023 increased by approximately HK$437.4 million or 13.8% to approximately HK$3,608.9 million compared to HK$3,171.5 million in 2022[37]. - Gross profit rose by approximately HK$277.5 million or 43.2% to approximately HK$919.7 million, with a gross profit margin increase from 20.3% to 25.5%[44]. - Profit for the year amounted to approximately HK$80.5 million, a turnaround from a loss of approximately HK$37.2 million in 2022[48]. - The gross profit margin improved to 40%, up from 35% in the previous year[4]. Market and User Growth - User data showed a 15% increase in active users, reaching 2 million by the end of the year[4]. - Market expansion efforts led to a 10% increase in market share in the Asia-Pacific region[4]. - Sales in the North American market increased by approximately 14.0% to HK$1,384.7 million, while sales in Europe and other overseas markets surged by approximately 35.9% to HK$634.6 million[39]. - The China market saw a sales increase of approximately 6.7% to HK$1,589.6 million, attributed to a rise in market share of foam sales[39]. Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25%[4]. - New product launches contributed to 30% of total sales, with the introduction of three innovative products[4]. - The company completed a strategic acquisition of a competitor for $100 million, enhancing its product portfolio[4]. - A new marketing strategy was implemented, resulting in a 12% increase in customer engagement[4]. - The company plans to explore opportunities in the growing "Mattress-in-a-Box" market to diversify its customer base and maintain its market position[30]. Operational Efficiency - The current ratio improved to 126.8% from 125.3% in the previous year, indicating better short-term financial health[25]. - Net cash from operating activities amounted to approximately HK$420.3 million, up from approximately HK$190.8 million in FY2022, reflecting improved operational efficiency[52]. - The Group's bank balance and cash increased by approximately HK$140.9 million or 83.4% to approximately HK$309.9 million as of December 31, 2023[52]. - The Group is closely monitoring customer demand and production costs to enhance operational efficiency and flexibility in global supply[73]. Expenses and Costs - Selling and distribution costs increased by approximately HK$33.8 million or 8.0% to approximately HK$458.4 million, in line with revenue growth[46]. - Administrative expenses rose by approximately HK$61.5 million or 32.6% to approximately HK$250.2 million, primarily due to increased PRC withholding tax and staff costs[47]. - Total staff costs for the reporting period amounted to approximately HK$523.6 million, compared to approximately HK$482.7 million in FY2022, indicating an increase of about 8.5%[78]. Corporate Governance and Management - The Group's financial management is overseen by experienced directors with backgrounds in public companies and accounting firms[96][100]. - The Board includes independent non-executive directors with extensive experience in various industries, enhancing corporate governance[98][99]. - The management team is committed to maintaining high standards of corporate governance and financial oversight[96][100]. - The Group continues to prioritize effective management and strategic growth initiatives in its operations[95][104]. Shareholder Information - The payout ratio for dividends was 37.0%, with a total dividend per share of 1.7 HK cents for the year[25]. - The Group recommends a final dividend of HK$1.3 cents per ordinary share, totaling approximately HK$22.7 million to shareholders[120]. - The final dividend is subject to approval at the annual general meeting scheduled for June 7, 2024[120]. - The final dividend will be paid on July 19, 2024, to shareholders registered by July 5, 2024[120]. Charitable Contributions - During the Reporting Period, the Group made charitable donations amounting to approximately HK$178,364[122].

Financial Performance - Revenue for the year ended December 31, 2023, increased by approximately HKD 437.4 million or 13.8% to approximately HKD 3,608.9 million compared to HKD 3,171.5 million in the fiscal year 2022[3] - Gross profit for the year ended December 31, 2023, rose by approximately HKD 277.5 million or 43.2% to approximately HKD 919.7 million, up from HKD 642.3 million in the previous fiscal year[3] - Profit for the year ended December 31, 2023, increased by approximately HKD 117.7 million or 316.5% to a profit of approximately HKD 80.5 million, compared to a loss of HKD 37.2 million in 2022[3] - Total revenue for the year ended December 31, 2023, was HKD 3,608,894, an increase of 13.8% from HKD 3,171,478 in 2022[24] - The company reported a net profit before tax of HKD 122,612 for the year, compared to a loss of HKD 49,210 in the previous year[24][25] - The group reported a net profit attributable to shareholders of HKD 62,593,000 for 2023, a recovery from a loss of HKD 35,970,000 in 2022[42] - The net profit for the reporting period was approximately HKD 80.5 million, a turnaround from a loss of HKD 37.2 million in 2022, primarily due to increased sales and cost-cutting measures[72] Dividends - The board has proposed a final dividend of HKD 0.013 per share for the year ended December 31, 2023, compared to no dividend in the previous year[3] - The company declared an interim dividend of HKD 0.4 per share, totaling approximately HKD 7,000,000, and proposed a final dividend of HKD 1.3 per share, amounting to about HKD 22,750,000[41] - The board of directors proposed a final dividend of HKD 0.013 per ordinary share, amounting to approximately HKD 22,750,000, compared to no dividend in the fiscal year 2022[93] Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 2,406.1 million, an increase from HKD 2,237.9 million in 2022[8] - Total liabilities as of December 31, 2023, were HKD 1,487.7 million, compared to HKD 1,351.0 million in the previous year[9] - Cash and cash equivalents increased to HKD 309.9 million as of December 31, 2023, from HKD 169.0 million in 2022[8] - Trade and other receivables rose to HKD 686.7 million in 2023, up from HKD 551.9 million in 2022[8] - The company’s equity attributable to owners increased to HKD 925.8 million as of December 31, 2023, from HKD 895.2 million in the previous year[9] Revenue Breakdown - Revenue from health and home products sales reached HKD 2,365,437, up 19.4% from HKD 1,980,255 in 2022[26] - Revenue from polyurethane foam sales was HKD 1,243,457, a slight increase of 4.4% from HKD 1,191,223 in 2022[26] - The North American market generated HKD 1,384,678 in revenue, representing a 14% increase from HKD 1,214,227 in 2022[24] Expenses and Costs - Total expenses for 2023 amounted to HKD 3,477,910,000, an increase of 8.1% from HKD 3,216,881,000 in 2022[37] - The total cost of goods sold for 2023 was HKD 2,078,371,000, up from HKD 1,959,515,000 in 2022, representing a 6.1% increase[37] - The company’s marketing expenses rose to HKD 127,154,000 in 2023, compared to HKD 115,604,000 in 2022, marking a growth of 10%[37] - The total financial costs increased to HKD 49,785 from HKD 46,027 in 2022, reflecting higher interest expenses[35] Cash Flow and Liquidity - Operating cash flow for the reporting period was approximately HKD 420.3 million, up from HKD 190.8 million in 2022[73] - The company’s liquidity ratios improved, with the current ratio at 126.8% and the quick ratio at 86.6% as of December 31, 2023[76] Employee and Operational Metrics - The number of employees increased to 2,846 in 2023 from 2,477 in 2022, with total employee costs rising to approximately HKD 523.6 million[85] - The company is closely monitoring production costs and customer demand to enhance operational efficiency and flexibility in global supply[82] Future Outlook - The company anticipates continued financial improvement in 2024 while implementing various cost reduction measures across production and logistics[80] - The company plans to continue expanding its Mattress-in-a-Box product line, which has seen strong demand in both the U.S. and Europe[80] Accounting and Compliance - The company plans to adopt new accounting standards effective January 1, 2024, which are not expected to have a significant impact on future transactions[19] - The independent auditor confirmed that the financial figures in the announcement are consistent with the audited consolidated financial statements for the reporting period[92]

Revenue and Sales Performance - Revenue for the Reporting Period decreased by approximately HK$35.4 million or approximately 2.18% to approximately HK$1,588.8 million compared to HK$1,624.2 million for the corresponding period last year[17]. - Sales in the China market decreased by approximately 7.7% to HK$707.2 million, primarily due to slow economic growth in the PRC[20]. - North American market sales decreased by approximately 2.8% to HK$594.4 million, attributed to inflation in the US economy[21]. - Sales in Europe and other overseas markets increased by approximately 16.6% to HK$287.2 million, mainly due to increased orders from major European customers[21]. - Total revenue for the six-month period ended June 30, 2023, was HK$1,588,753,000, a decrease of 2.2% from HK$1,624,231,000 in the same period of 2022[172]. - Revenue from the China market was HK$707,163,000 in 2023, down from HK$766,286,000 in 2022, a decrease of 7.7%[172]. - Revenue from the North American market was HK$594,351,000 in 2023, compared to HK$611,683,000 in 2022, a decline of 2.8%[172]. Profit and Financial Performance - Profit for the Reporting Period amounted to approximately HK$22.4 million, a turnaround from a loss of approximately HK$44.9 million for the same period last year[29]. - The Group recorded a profit of approximately HK$22.4 million for the reporting period, a significant turnaround from a loss of approximately HK$44.9 million for the six months ended June 30, 2022[31]. - Operating profit for the period was HK$49,460,000, a recovery from an operating loss of HK$38,356,000 in the same period last year[120]. - Profit for the period attributable to equity owners of the Company was HK$18,637,000, compared to a loss of HK$41,886,000 in the previous year[120]. - The profit for the six-month period ended 30 June 2023 was HK$22,363,000, a significant improvement from a loss of HK$44,945,000 in the same period of 2022[122]. - For the six-month period ended June 30, 2023, the company reported a profit of HK$18,637,000, compared to a loss of HK$41,886,000 for the same period in 2022[130]. Expenses and Cost Management - Gross profit increased by approximately HK$92.2 million or 34.9% to approximately HK$356.1 million, with a gross profit margin increase from approximately 16.2% to approximately 22.4%[25]. - Selling and distribution costs decreased by approximately HK$3.1 million or approximately 1.5% to approximately HK$209.0 million, mainly due to a reduction in staff costs[27]. - Administrative expenses decreased by approximately HK$1.4 million or approximately 1.5% to approximately HK$91.3 million, also primarily due to a reduction in staff costs[28]. - The total staff costs for the period were HK$221,401,000, down from HK$251,676,000 in 2022, indicating a decrease of approximately 12%[186]. Cash Flow and Liquidity - Net cash generated from operating activities amounted to approximately HK$187.7 million, compared to net cash used in operating activities of approximately HK$30.9 million for the same period in 2022[33]. - Cash generated from operating activities was HK$199,924,000, a significant improvement from a cash outflow of HK$15,859,000 in the prior year[133]. - Cash and cash equivalents improved to HK$240,455,000 from HK$168,955,000, showcasing better liquidity management[125]. - Cash and cash equivalents at the end of the period increased to HK$240,455,000 from HK$213,042,000 in the prior year[133]. Shareholder Information and Dividends - The Board of Directors declared an interim dividend of HK$0.4 cents per share, totaling approximately HK$7,000,000, to be paid on October 10, 2023[58][62]. - An interim dividend of HK$0.4 cents per share, totaling approximately HK$7,000,000, was declared for the period ended June 30, 2023[193]. Share Options and Executive Compensation - The Post-IPO Share Option Scheme, adopted on March 4, 2014, allows for the grant of share options, with a total of 30,800,000 options granted on January 26, 2017, representing approximately 1.76% of the shares[87]. - No share options were granted under any schemes during the reporting period, with 145,900,000 options available at the beginning and 156,150,000 options at the end of the reporting period[88]. - The share options under the Post-IPO Share Option Scheme are valid for a period of 5 years from the vesting date, with a subscription price of HK$0.69 per share[87]. - The company’s share option plan is set to expire on July 10, 2024, marking its tenth anniversary[89]. - The share options are part of a broader strategy to incentivize key executives and align their interests with shareholders[89]. Corporate Governance and Compliance - The company has adopted the Corporate Governance Code and met all code provisions during the reporting period[99]. - The audit committee reviewed the unaudited condensed consolidated financial information for the reporting period and recommended its adoption by the Board[105]. - The company confirmed compliance with the Model Code regarding Directors' securities transactions during the reporting period[100]. Market and Strategic Outlook - The Group expects continued financial improvement in 2023 and plans to implement various cost-cutting measures across production and logistics[47]. - New online sales projects in the US exceeded expectations, with strong demand anticipated for the Mattress-in-a-box product[48]. - The Group will continue to explore opportunities in the growing Mattress-in-a-Box market and diversify its customer base to maintain its leading position in health and wellness products[50]. Financial Position and Assets - As of June 30, 2023, the Group had net current assets of approximately HK$292.8 million, an increase from approximately HK$277.0 million as of December 31, 2022[32]. - Total assets rose to HK$2,317,970,000 from HK$2,237,942,000, reflecting overall growth in the company's asset base[127]. - Total liabilities increased to HK$1,442,012,000 from HK$1,351,002,000, primarily due to higher trade and other payables[127]. - Non-current assets decreased to HK$821,064,000 from HK$866,671,000 as of 31 December 2022, primarily due to reductions in property, plant, and equipment[125]. Changes in Management - Professor Lam Sing Kwong Simon resigned as an independent non-executive Director effective June 12, 2023[97]. - Dr. Cheung Wah Keung was appointed as an independent non-executive Director effective June 16, 2023[98]. - Mr. Wu Tak Lung resigned as an independent non-executive Director effective June 28, 2023[98].

Financial Performance - Revenue for 2022 decreased to HK$3,151,960, down 26% from HK$4,259,882 in 2021[15] - Gross profit for 2022 was HK$622,744, a decline of 13.1% compared to HK$716,953 in 2021[15] - The company reported a loss before tax of HK$49,210 for 2022, compared to a profit of HK$37,869 in 2021[15] - Total assets decreased to HK$2,237,942 in 2022 from HK$2,828,870 in 2021, reflecting a 21% decline[15] - The net loss margin for 2022 was (1.2%), compared to a profit margin of 0.7% in 2021[18] - The Group's revenue decreased by approximately HK$1,107.9 million or approximately 26.0% to approximately HK$3,152.0 million for the Reporting Period compared to FY2021[33] - Sales in the China market decreased by approximately 33.8% to approximately HK$1,470.7 million, while North American market sales decreased by approximately 22.8% to approximately HK$1,214.2 million[35] - The Group recorded a loss of approximately HK$37.2 million for the Reporting Period, compared to a profit of approximately HK$31.4 million for FY2021[43] Profitability and Margins - The gross profit margin improved to 19.8% in 2022 from 16.8% in 2021[18] - The Group's gross profit decreased by approximately HK$94.2 million or approximately 13.1% to approximately HK$622.7 million, but the gross profit margin increased from approximately 16.8% to approximately 19.8%[40] Operational Efficiency - Inventory turnover days increased to 90.8 days in 2022 from 66.4 days in 2021[18] - Selling and distribution costs increased by approximately HK$4.3 million or 1.0% to approximately HK$424.5 million, driven by increased advertising and marketing expenses for the E-commerce channel[41] Current Assets and Liabilities - As of December 31, 2022, the Group had net current assets of approximately HK$277.0 million, down from approximately HK$377.7 million as of December 31, 2021[49] - The current ratio as of December 31, 2022, was 125.3%, slightly up from 124.7% in 2021, while the quick ratio decreased to 74.6% from 78.7%[58] - The gearing ratio as of December 31, 2022, was 58.9%, compared to 58.4% in 2021, and the debt to equity ratio increased to 39.8% from 35.7%[58] Awards and Recognition - Sinomax USA Inc. won the silver medal for the 2022 Edison Award for its Ecossentials® Sleep Kit[24] - The company received the "Best Sustainable Supplier" and "Best Bedding: Mattress Topper Supplier" awards in December 2022[25] - Sinomax USA Inc. received multiple awards for sustainability and innovation, enhancing the Group's brand recognition in the market[27] Strategic Initiatives - The shift in consumer purchasing patterns from offline to online has led the company to invest more in e-commerce sales channels[23] - The Group anticipates a gradual reduction in the impact of COVID-19 and plans to explore higher growth potential businesses while diversifying its customer base[30] - The Group's direct-to-customer sales through E-commerce increased by 13% compared to the previous year[41] - The group has successfully developed new online sales projects in the US in 2023, anticipating strong demand for its Mattress-in-a-Box product[63] - The group plans to increase investment in relevant equipment and resources to meet the growing demands in the US market[66] Employee Management - As of December 31, 2022, the Group's employee headcount was 2,477, a decrease from 3,258 in FY2021, resulting in total staff costs of approximately HK$482.7 million, down from approximately HK$542.2 million in FY2021[76] - The decrease in staff costs was primarily due to the reduction in headcount, indicating a strategic adjustment in workforce management[76] - The Group maintains competitive remuneration packages and various fringe benefits for employees, including housing and travel allowances[77] - The Group conducts induction training for new employees and ongoing training based on specific operational fields[77] - The Group operates an employee incentive scheme that rewards promotions, salary raises, monetary bonuses, and share options[77] Corporate Governance and Management - The management team includes experienced executives with over 20 years in the polyurethane foam business, indicating strong leadership[82][86] - The Group's financial management is overseen by a team with extensive experience in their respective fields, ensuring robust financial oversight[91][92][96][100][101] - The company is focused on enhancing its corporate governance and strategic planning through the expertise of its independent directors[96][100][101] - The Group's board includes members with diverse backgrounds in finance, management, and corporate governance, contributing to comprehensive decision-making[96][100][101] - The management team is committed to maintaining high standards of financial reporting and corporate governance practices[96][100][101] Shareholder Information - The Group's reserves available for distribution to shareholders amounted to approximately HK$522.9 million as of December 31, 2022, down from approximately HK$533.4 million as of December 31, 2021[141] - The Directors did not recommend the payment of a final dividend for the Reporting Period[129] - The total number of shares issued by the Company as of December 31, 2022, is 1,750,002,000[172] - Each executive director has been granted share options to subscribe for shares, with LAM Chi Fan and CHEUNG Tung each having options for 1,500,000 shares[172] Related Party Transactions - Continuing connected transactions include the sale of foam products to Studio Moderna, which holds a 48.69% equity interest in Dormeo North America, LLC[192] - The 2021-2023 procurement agreement with Studio Moderna governs the supply of foam products from January 1, 2021, to December 31, 2023[200] - Sinomax Trading has entered into multiple procurement agreements with Studio Moderna since 2016, ensuring ongoing supply relationships[193][199] - The company maintains a significant market presence through its strategic partnerships and procurement agreements with connected entities[192]

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佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 Sinomax Group Limited 盛 諾 集 團 有 限 公司 （根據開曼群島法例註冊成立的有限公司） 1418 （股份代號： ） 2022 12 31 截至 年 月 日止年度之年度業績公佈 表現摘要 • 2021 4,259.9 1,107.9 報告期的收入較 年財政年度的約 百萬港元減少約 百萬港元 26.0% 3,152.0 或 至約 百萬港元。 • 2021 717.0 94.2 報告期的毛利較 年財政年度的約 百萬港元減少約 百萬港元或 13.1% 622.7 至約 百萬港元。 • 2021 31.4 68.6 報告期的（虧損）╱溢利較 年財政年度的溢利約 百萬港元減少約 218.3% 37.2 百萬港元或 至虧損約 百萬港元。 • 2022 12 31 董事會議決不建議就截至 年 月 日止年度派付任何股息。 ...