Financial Performance - The company reported a consolidated profit of HK$XX million for the year ended April 30, 2022, representing a YY% increase compared to the previous year[64]. - The Group recorded a turnover of approximately HK$75.3 million for the Year, a decrease of approximately HK$8.1 million from HK$83.4 million in the previous financial year[28]. - The loss attributable to owners of the Company increased to approximately HK$6.4 million, up from a loss of approximately HK$0.8 million in the Year 2021, representing an increase of approximately HK$5.6 million[28]. - The Group's revenue for the year was approximately HK$75.3 million, a decrease of approximately HK$8.1 million or 9.7% from approximately HK$83.4 million in the previous year[40]. - Revenue from the trading business increased by approximately HK$5.2 million or 19.7% to approximately HK$31.6 million, while revenue from the watches business decreased by approximately HK$13.3 million or 23.3% to approximately HK$43.7 million[40]. - The overall gross profit decreased by approximately HK$3.5 million or 7.9% to approximately HK$40.6 million, with the gross profit from the watches business decreasing by approximately HK$8.6 million or 48.6%[42]. - The gross profit margin for the watches business decreased from approximately 31.1% to approximately 20.8% due to a temporary adjustment in sales strategy to expedite stock clearance[42]. - The Group recorded a loss before tax of approximately HK$2.3 million, a shift from a profit before tax of approximately HK$2.3 million in the previous year[50]. - The Group's net loss for the Year was approximately HK$6.4 million, reflecting the impact of the COVID-19 pandemic on its operations[24]. Market and Product Development - User data showed a growth of ZZ% in active users, reaching a total of AA million by the end of the reporting period[64]. - The company provided a revenue guidance of HK$BB million for the next fiscal year, indicating a projected growth of CC%[64]. - New product launches contributed to a revenue increase of DD million, accounting for EE% of total sales[64]. - Market expansion efforts have led to a YY% increase in market share in the Asia-Pacific region[64]. - The company completed a strategic acquisition of GG, which is expected to enhance operational capabilities and drive future growth[64]. - The Group plans to accelerate expansion into overseas markets to diversify its customer base amid high production costs and expected stable fertiliser prices[30]. - The Group's retail trade is anticipated to revive with the relaxation of social distancing measures and the disbursement of electronic consumption vouchers[31]. Research and Development - The company is investing in R&D with a budget of HK$FF million, focusing on innovative technologies to enhance product offerings[64]. Corporate Governance - The board of directors emphasized the importance of corporate governance and compliance with the latest regulations to maintain investor confidence[19]. - The Company emphasizes good corporate governance to enhance shareholder value and achieve effective accountability[101]. - The Board has adopted principles set out in the Corporate Governance Code to ensure effective internal control and risk management[102]. - The Company has adopted and complied with all applicable code provisions of the CG Code throughout the Year, except for specific provisions that were renumbered effective January 1, 2022[103]. - The Board comprises seven Directors, with Independent Non-executive Directors (INEDs) representing more than one-third of the Board members as of April 30, 2022[112]. - The Company has received written confirmation of independence from each INED, ensuring compliance with independence guidelines[118]. - The Company recognizes the importance of good corporate governance elements in its management structure, internal controls, and risk management processes[104]. Financial Management - The Group has adopted cost-saving measures, including job cuts and the closure of underperforming shops, to mitigate financial losses[24]. - Selling and distribution costs increased by approximately HK$2.2 million or 8.2% to approximately HK$29.0 million, primarily due to increased lease expenses and maintenance costs[43]. - Administrative expenses decreased by approximately HK$1.0 million or 5.1% to approximately HK$18.8 million, mainly due to a reduction in impairment loss on right-of-use assets[48]. - Finance costs decreased by approximately HK$0.7 million or 58.3% to approximately HK$0.5 million, attributed to lower finance costs on lease liabilities[49]. - The total remuneration costs incurred by the Group for the year were approximately HK$23.1 million, down from about HK$24.2 million in 2021[60]. - The remuneration paid to the Independent Auditor for audit services was HK$900,000, with an additional HK$50,000 for non-audit services, totaling HK$950,000 for the year[178]. Risk Management and Internal Control - The Company has conducted a review of its risk management and internal control systems, which are deemed adequate and effective[185]. - The internal audit function is in place to assess the adequacy and effectiveness of the Company's systems, ensuring confidentiality and managing conflicts of interest[186]. - The Audit Committee reviews the adequacy of internal financial controls and risk management policies established by management[183]. - The Company will address identified areas for enhancement in its risk management and internal control systems[185]. - The Group has established strict policies to prevent unauthorized use of confidential or inside information[195]. - The Company Secretary ensures compliance with applicable laws and regulations, maintaining reliable information flow among Board members[198]. Board and Committee Activities - The Company has established Board committees to monitor operational and financial performance and ensure appropriate internal control and risk management[109]. - The Audit Committee was established on April 21, 2015, and comprises three Independent Non-executive Directors (INEDs) including Mr. Tian Zhiyuan as the chairman[141][142]. - The Remuneration Committee was also established on April 21, 2015, and includes two INEDs and one Executive Director, with Mr. Tian Zhiyuan as the chairman[151]. - The Nomination Committee also held one meeting, assessing the structure, size, and composition of the Board, and recommending the re-appointment of retiring Directors[164]. - The attendance of the Remuneration Committee members was 1 out of 1 for Mr. Tian Zhiyuan and Mr. Wang Luping, while Mr. Meng Guangyin did not attend[157]. - The Nomination Committee considers diversity in gender, age, cultural background, and professional experience when selecting candidates[167].

Financial Performance - The turnover for the Review Period increased by approximately 7.2% to approximately HK$40.1 million, compared to approximately HK$37.4 million for the six months ended 31 October 2020[23]. - Gross profit for the Review Period was approximately HK$21.8 million, up from approximately HK$17.8 million for the same period in 2020[23]. - Loss attributable to owners of the Company was approximately HK$3.2 million for the Review Period, an increase of approximately HK$2.5 million compared to a net loss of approximately HK$0.7 million for the six months ended 31 October 2020[23]. - Revenue increased by approximately HK$2.7 million or 7.2% from approximately HK$37.4 million to approximately HK$40.1 million for the Review Period[35]. - Revenue from trading business rose by approximately HK$2.1 million or 18.1% from approximately HK$11.6 million to approximately HK$13.7 million[35]. - Revenue from watches business increased by approximately HK$0.6 million or 2.3% from approximately HK$25.8 million to approximately HK$26.4 million[35]. - Gross profit increased by approximately HK$4.0 million or 22.5% from approximately HK$17.8 million to approximately HK$21.8 million[37]. - Gross profit from the watches business rose by approximately HK$1.9 million or 30.6% from approximately HK$6.2 million to approximately HK$8.1 million[37]. - The Group recorded a loss before tax of approximately HK$2.0 million for the Review Period, compared to a profit before tax of approximately HK$0.7 million for the previous period[46]. - For the six months ended October 31, 2021, the company reported a loss of HK$3,176,000, compared to a loss of HK$693,000 for the same period in 2020, indicating a significant increase in losses[138]. Cost Management - The Group has implemented cost-saving measures, including job cuts and closure of underperforming shops, to build a lean operating cost structure[23]. - Selling and distribution expenses increased by approximately HK$3.5 million or 28.5% from approximately HK$12.3 million to approximately HK$15.8 million[43]. - Administrative expenses decreased by approximately HK$0.1 million or 1.1% to about HK$8.6 million for the review period[49]. - Financing costs decreased by approximately HK$0.39 million or 52.0% to about HK$0.36 million, mainly due to a reduction in financing costs related to lease liabilities[50]. - The repayment of principal portion of lease liabilities amounted to HK$4,204,000, a decrease from HK$12,085,000 in the previous year, indicating a reduction of approximately 65.2%[138]. Market and Operational Insights - The Group's trading business maintained growth momentum during the Review Period, supported by rising prices of raw materials and expanding market demand[17]. - The overall situation of the fertiliser industry remains steady, with tight supply and demand expected to continue due to market demand and elimination of backward capacity[24]. - The Group plans to further expand operations into new markets and strengthen marketing efforts to diversify its customer base[24]. - Revenue from the watches retail business slightly increased despite a decrease in the number of retail shops during the Review Period[16]. - The Group actively closed more underperforming shops upon expiry of rental agreements to optimize its retail network[16]. Shareholder and Governance Information - The board has resolved not to declare any interim dividend for the review period, consistent with the previous period[82]. - Mr. Meng Guangyin serves as both the Chairman and CEO, which deviates from the Corporate Governance Code provision A.2.1, but the board believes this is in the best interest of the group[85]. - The company has established an Audit Committee comprising three independent non-executive directors[90]. - The company has complied with all provisions of the Corporate Governance Code, except for the aforementioned deviations[85]. Employee and Remuneration Details - The Group had a total of 73 employees as of 31 October 2021, with total remuneration costs of approximately HK$10.8 million for the review period[76]. - The group employed a total of 73 employees as of October 31, 2021, down from 90 employees as of October 31, 2020[80]. - Total salary costs incurred by the group during the review period were approximately HKD 10.8 million, compared to HKD 11.2 million for the six months ended October 31, 2020[80]. Financial Position and Ratios - As of 31 October 2021, the Group's total cash and cash equivalents were approximately HK$6.1 million, down from approximately HK$13.4 million as of 30 April 2021[54]. - The current ratio was maintained at approximately 1.1 times as of 31 October 2021 and 30 April 2021[54]. - The gearing ratio increased to 135.4% as of 31 October 2021, compared to 83.1% as of 30 April 2021[54]. - Total bank borrowings were approximately HK$10.3 million as of 31 October 2021, slightly up from approximately HK$10.2 million as of 30 April 2021[55]. - Total assets as of October 31, 2021, were HK$179,198,000, a decrease from HK$185,802,000 as of April 30, 2021[130]. - Total equity decreased to HK$26,079,000 as of October 31, 2021, from HK$28,724,000 as of April 30, 2021[133]. - Current liabilities amounted to HK$152,235,000 as of October 31, 2021, down from HK$155,108,000 as of April 30, 2021[133]. Segment Performance - The retail segment generated revenue of HK$25,497,000, while the wholesale segment contributed HK$1,046,000, and the trading segment accounted for HK$13,656,000[164]. - The group reported a segment profit of HK$2,375,000, compared to a profit of HK$5,697,000 in the previous year, indicating a decline of approximately 58%[164][167]. - The external sales in the retail segment increased from HK$22,521,000 in 2020 to HK$25,432,000 in 2021, reflecting a growth of about 8.5%[167][164]. - The trading segment showed a significant increase in external commission income, rising from HK$11,589,000 in 2020 to HK$13,656,000 in 2021, marking an increase of approximately 17.9%[167][164]. Cash Flow and Investments - Cash flows from operating activities resulted in a net cash outflow of HK$6,940,000 for the six months ended 31 October 2021, compared to a net cash inflow of HK$180,000 in the previous year[138]. - The company did not generate any cash from investing activities during the six months ended 31 October 2021, compared to a net cash inflow of HK$2,564,000 in the same period of 2020[138]. - Government grants received amounted to HK$822,000, down from HK$2,570,000 in the same period last year[179].

Financial Performance - Prosper One International Holdings Company Limited reported a consolidated profit of HK$XX million for the year ended April 30, 2021, representing a YY% increase compared to the previous year[4]. - The company achieved a revenue of HK$XX million, which is an increase of YY% year-on-year, driven by strong demand in the market[4]. - The Group recorded a turnover of approximately HK$83.4 million, a decrease of approximately HK$10.8 million from HK$94.2 million in the previous financial year[35]. - The Group's revenue for the year was approximately HK$83.4 million, a decrease of approximately HK$10.8 million or 11.5% from approximately HK$94.2 million for the previous year[51]. - Revenue from the trading business increased by approximately HK$2.6 million or 10.9% to approximately HK$26.4 million, while revenue from the watches business decreased by approximately HK$13.4 million or 19.0% to approximately HK$57.0 million[51]. - The loss attributable to owners of the Company decreased by approximately HK$58.2 million or 98.6%, from approximately HK$59.0 million in 2020 to approximately HK$0.8 million for the Year[35]. - The Group recorded a profit before tax of approximately HK$2.3 million for the Year, a significant improvement from a loss before tax of approximately HK$56.2 million in 2020[62]. Market Strategy and Expansion - The management provided a positive outlook for the upcoming year, projecting a revenue growth of YY% based on anticipated market expansion and new product launches[4]. - Market expansion efforts include entering new geographical regions, with plans to increase market presence in Southeast Asia by YY% over the next year[4]. - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the industry[4]. - The Group aims to maintain stringent product quality and improve services to expand its customer base and enhance loyalty amid the pandemic and economic challenges[40]. - The Group plans to further expand operations into larger markets and strengthen marketing efforts to diversify its customer base[40]. Product Development and Innovation - The company is investing in R&D for new technologies, with a budget allocation of HK$XX million aimed at enhancing product features and user experience[4]. - A new product line is set to launch in Q3 2021, expected to contribute an additional HK$XX million in revenue[4]. - User data indicated a growth in active users by ZZ%, reflecting the company's successful marketing strategies and product offerings[4]. Cost Management and Financial Measures - The Group implemented cost-saving measures including employee no pay leave arrangements and a salary reduction scheme for management to alleviate financial pressure[29]. - Selling and distribution costs decreased by approximately HK$47.9 million or 64.1% to approximately HK$26.8 million, mainly due to reduced lease expenses and sales staff costs[59]. - Administrative expenses decreased by approximately HK$7.5 million or 27.5% from approximately HK$27.3 million in 2020 to approximately HK$19.8 million for the Year[64]. - Finance costs decreased by approximately HK$1.1 million from approximately HK$2.3 million in 2020 to approximately HK$1.2 million for the Year[65]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices[131]. - The Board has established various committees to monitor the Group's operational and financial performance, ensuring appropriate internal control and risk management are in place[140]. - The company has adopted and complied with all applicable code provisions as set out in the Corporate Governance Code throughout the year, except for specific provisions disclosed in the Annual Report[133]. - The company emphasizes a balanced composition of Executive Directors and Independent Non-executive Directors to ensure strong independent judgment on the Board[142]. - The Company has established appropriate internal controls and risk management practices as part of its governance[148]. Board Composition and Meetings - As of April 30, 2021, the Board comprised six Directors, with INEDs representing more than one-third of the Board members[148]. - The Company had three INEDs throughout the year, complying with the requirement that INEDs must represent at least one-third of the Board members[153]. - The Company received written confirmations of independence from all INEDs, ensuring they met the independence guidelines[154]. - The company has a Board diversity policy that emphasizes a balance of skills, experience, and diversity of perspectives among Board members[174]. - The company held two full Board meetings during the year, with resolutions made by circulation of written resolutions due to the simplicity of the Group's businesses[168]. Audit and Remuneration Committees - The Audit Committee, established on April 21, 2015, comprises all three Independent Non-Executive Directors (INEDs) and is chaired by Mr. Tian Zhiyuan[180]. - The Audit Committee's primary functions include monitoring the integrity of the Company's financial statements and overseeing risk management and internal control systems[186]. - The Remuneration Committee was established on April 21, 2015, and includes two independent non-executive directors and one executive director[194]. - The Committee's responsibilities include determining or recommending remuneration packages for individual Executive Directors and senior management[197]. - The Committee reviewed and approved management's performance-based remuneration in line with the Board's corporate goals[197].

Financial Performance - The turnover for the Review Period decreased by approximately 38.9% to approximately HK$37.4 million, compared to approximately HK$61.2 million for the six months ended 31 October 2019[21]. - Gross profit for the Review Period was approximately HK$17.8 million, down from approximately HK$31.4 million for the same period in 2019[21]. - Loss attributable to owners of the Company was approximately HK$0.7 million for the Review Period, a decrease of approximately HK$11.7 million compared to a net loss of approximately HK$12.4 million for the same period in 2019[21]. - Revenue decreased by approximately HK$23.8 million or 38.9% from approximately HK$61.2 million for the six months ended 31 October 2019 to approximately HK$37.4 million for the Review Period[33]. - Gross profit decreased by approximately HK$13.6 million or 43.3% from approximately HK$31.4 million for the six months ended 31 October 2019 to approximately HK$17.8 million for the Review Period[39]. - The Group recorded a profit before tax of approximately HK$0.7 million for the Review Period, compared to a loss before tax of approximately HK$9.7 million for the same period in 2019[48]. - Total comprehensive income for the period attributable to owners was HK$572,000, a recovery from a comprehensive loss of HK$12,998,000 in the previous year[126]. - The company reported a loss attributable to owners of the Company of HK$693,000 for the six months ended 31 October 2020, significantly improved from a loss of HK$12,376,000 in the same period of 2019[199]. Revenue Breakdown - Revenue from the watches business decreased by approximately HK$24.3 million or 48.5% from approximately HK$50.1 million for the six months ended 31 October 2019 to approximately HK$25.8 million for the Review Period[33]. - Retail segment revenue was HK$24,062,000, down 50.7% from HK$49,040,000 in the previous year[166]. - Wholesale segment revenue decreased to HK$3,546,000, a decline of 129.1% from HK$1,544,000 in the prior year[166]. - Trading segment generated revenue of HK$11,589,000, consistent with HK$11,182,000 from the previous year, showing a slight increase of 3.6%[166]. - The geographical revenue breakdown shows that HK$25,795,000 was generated from Hong Kong and HK$11,589,000 from the PRC for the six months ended October 31, 2020[173]. Cost Management - Selling and distribution expenses decreased by approximately HK$16.2 million or 56.8% from approximately HK$28.5 million for the six months ended 31 October 2019 to approximately HK$12.3 million for the Review Period[41]. - Cost of sales decreased by approximately HK$10.2 million or 34.2% from approximately HK$29.8 million for the six months ended 31 October 2019 to approximately HK$19.6 million for the Review Period[34]. - Administrative expenses decreased by approximately HK$3.4 million or 28.1% from approximately HK$12.1 million to approximately HK$8.7 million during the Review Period[45]. - The total cost of sales, selling and distribution costs, and administrative expenses amounted to HK$40,612,000, a decrease of 42.5% from HK$70,428,000 in 2019[185]. Inventory and Assets - Provision for slow-moving inventories as at 31 October 2020 amounted to approximately HK$19.3 million, down from approximately HK$22.9 million as at 30 April 2020[34]. - Total assets as of 31 October 2020 were HK$185,151,000, a decrease from HK$190,908,000 as of 30 April 2020[130]. - Current assets increased to HK$165,492,000 from HK$162,646,000 as of 30 April 2020[130]. - Total liabilities decreased to HK$157,551,000 from HK$163,880,000 as of 30 April 2020[130]. - Total equity increased to HK$27,600,000 from HK$27,028,000 as of 30 April 2020[130]. Cash Flow and Financing - Net cash generated from operations decreased to HK$1,698,000 in 2020 from HK$2,637,000 in 2019, representing a decline of approximately 35.7%[136]. - The net cash generated from operating activities was HK$180,000 for the six months ended 31 October 2020, down from HK$887,000 in the same period of 2019, a decrease of about 79.7%[136]. - Net cash used in financing activities increased to HK$6,637,000 in 2020 from HK$2,777,000 in 2019, reflecting a rise of approximately 139.5%[136]. - The total cash and cash equivalents at the end of the period decreased to HK$19,535,000 in 2020 from HK$19,799,000 in 2019, a decline of about 1.3%[136]. Corporate Governance - The company has established an Audit Committee comprising three independent non-executive directors[93]. - The company has complied with all corporate governance codes except for two specific provisions regarding the roles of the Chairman and CEO[90]. - The Audit Committee operates under written terms of reference in accordance with the Listing Rules[93]. - The company confirmed compliance with the Model Code governing directors' transactions of listed securities during the Review Period[113]. Shareholder Information - As of October 31, 2020, Mr. Meng holds 600,000,000 shares, representing a 75% shareholding interest in the company[98]. - The total number of shares issued by the company as of October 31, 2020, is 800,000,000[101]. - The company has a Share Option Scheme allowing for the issuance of up to 80,000,000 shares, which is 10% of the issued shares as of the Adoption Date[120]. - No share options were granted, exercised, or cancelled during the Review Period, with none outstanding as of October 31, 2020[121].

Financial Performance - The company reported a consolidated profit of HK$XX million for the year ended April 30, 2020, representing a year-on-year increase of XX%[16] - The Group recorded a turnover of approximately HK$94.2 million, representing a decrease of approximately HK$108.1 million from approximately HK$202.3 million in the previous financial year[29] - The net loss for the year increased by approximately HK$32.1 million to approximately HK$59.0 million, compared to a net loss of approximately HK$26.9 million for the year 2019, marking an increase of 119.3%[28][34] - The overall gross profit decreased by approximately HK$45.2 million or 50.4% from approximately HK$89.6 million for the Year 2019 to approximately HK$44.4 million for the Year[56] - The Group's revenue for the Year was approximately HK$94.2 million, representing a decrease of approximately HK$108.1 million or 53.4% from approximately HK$202.3 million for the Year 2019[49] Business Impact and Challenges - The watches retail business was severely impacted by social unrest and the COVID-19 pandemic, leading to temporary shop closures and reduced operating hours[27] - The outlook for the watches retail business remains challenging due to economic recession and ongoing COVID-19 impacts, with a focus on negotiating further rental relief[37] - The decrease in revenue was partly due to a sharp decline in inbound visitors and the standstill of inbound tourism since the outbreak of COVID-19[49] Cost Management and Efficiency - The Group implemented cost-saving measures, including employee no-pay leave arrangements, salary reductions for management, and the closure of underperforming retail shops[28] - The company has implemented cost-cutting measures that are expected to reduce operational expenses by XX%[16] - The Group plans to conduct more stringent cost reductions and clear slow-moving inventories to improve financial conditions[37] Market Strategy and Growth - User data showed an increase in active users by XX% compared to the previous year, reaching a total of XX million users[16] - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of XX% driven by new product launches and market expansion strategies[16] - The company plans to expand its market presence in Southeast Asia, targeting a XX% increase in market share over the next two years[16] - A strategic acquisition was completed, enhancing the company's capabilities in the technology sector, expected to contribute an additional HK$XX million in revenue annually[16] Research and Development - Investment in research and development increased by XX%, focusing on innovative technologies and product enhancements[16] Corporate Governance - The company is committed to good corporate governance to enhance shareholder value and has adopted principles from the CG Code[127] - The Board believes the company has complied with all applicable code provisions throughout the year, except for specific provisions disclosed in the Annual Report[129] - The company has adopted a Model Code for securities transactions by Directors, with all Directors confirming compliance during the year[130] Board Composition and Meetings - As of April 30, 2020, the Board comprised six Directors, with Independent Non-executive Directors (INEDs) representing more than one-third of the Board members[142] - The company held two regular full Board meetings during the year, with resolutions made by circulation of written resolutions as needed[159] - The attendance record for the Board meetings shows that Mr. Liu Guoqing and Mr. Liu Jiaqiang attended all meetings, while Mr. Meng Guangyin attended 1 out of 2[163] Committees and Responsibilities - The Audit Committee, established on April 21, 2015, includes all three Independent Non-Executive Directors (INEDs) and is chaired by Mr. Tian Zhiyuan[169] - The Remuneration Committee was established on April 21, 2015, and includes two independent non-executive directors and one executive director[181] - The Nomination Committee also held one meeting during the year, reviewing the structure, size, and composition of the Board[191] Financial Position and Liquidity - The company reported a cash flow from operations of HK$XX million, indicating a strong liquidity position[16] - As of April 30, 2020, the Group's total cash and cash equivalents were approximately HK$22.2 million, a slight decrease from approximately HK$22.5 million as of April 30, 2019[68] - The current ratio decreased from approximately 1.3 times as of April 30, 2019, to approximately 1.0 time as of April 30, 2020[68] Employee and Remuneration - As of April 30, 2020, the Group had a total of 96 employees, a decrease from 118 in 2019, with total remuneration costs of approximately HK$31.6 million, down from HK$35.4 million in 2019[79] - The Remuneration Committee ensures that no Director is involved in deciding their own remuneration[189] Environmental, Social, and Governance (ESG) - The board of directors emphasized the importance of ESG initiatives, committing to a XX% reduction in carbon emissions by 2025[16]

Financial Performance - The Group's turnover for the Review Period decreased by approximately 50.8% to approximately HK$61.2 million, compared to approximately HK$124.4 million for the same period in 2018[16]. - Gross profit for the Review Period was approximately HK$31.4 million, down from approximately HK$51.9 million in the same period of 2018[16]. - The loss attributable to owners of the Company was approximately HK$12.4 million for the Review Period, an increase of approximately HK$4.1 million compared to a net loss of approximately HK$8.3 million for the same period in 2018[16]. - Revenue decreased by approximately HK$63.2 million or 50.8% from approximately HK$124.4 million to approximately HK$61.2 million for the Review Period[28]. - Revenue from the watches business decreased by approximately HK$62.8 million or 55.6% from approximately HK$112.9 million to approximately HK$50.1 million, primarily due to a sharp decline in inbound visitors[28]. - Loss before income tax increased by approximately HK$2.4 million or 32.9%, from HK$7.3 million for the six months ended 31 October 2018 to HK$9.7 million for the Review Period[42]. - Loss attributable to owners of the Company rose by approximately HK$4.1 million or 49.4%, from HK$8.3 million for the six months ended 31 October 2018 to HK$12.4 million for the Review Period[43]. - Total comprehensive expense for the period attributable to owners was HK$12,998,000, compared to HK$8,754,000 in the same period last year, reflecting a 48.5% increase[109]. - The Group reported a loss before income tax of HK$9,675,000 for the six months ended October 31, 2019, compared to a loss of HK$7,264,000 for the same period in 2018[178][180]. Cost Management - Cost of sales decreased by approximately HK$42.8 million or 59.0% from approximately HK$72.6 million to approximately HK$29.8 million for the Review Period[29]. - Selling and distribution expenses decreased by approximately HK$15.4 million or 35.1% from approximately HK$43.9 million to approximately HK$28.5 million for the Review Period[36]. - Administrative expenses decreased by approximately HK$2.0 million or 14.2% from approximately HK$14.1 million to approximately HK$12.1 million for the Review Period[37]. - The total cost of sales, selling and distribution costs, and administrative expenses amounted to HK$70,428,000, a decrease of 46% compared to HK$130,567,000 in the same period of 2018[195]. - The cost of inventories sold for the six months ended 31 October 2019 was HK$30,564,000, down 59% from HK$74,774,000 in 2018[195]. Cash Flow and Liquidity - As of 31 October 2019, total cash and cash equivalents were approximately HK$19.8 million, down from approximately HK$22.5 million as of 30 April 2019[45]. - Cash and cash equivalents at the end of the period were HK$19,799,000, down from HK$44,022,000 at the end of the same period last year, a decrease of 55.0%[113]. - The company reported a net decrease in cash and cash equivalents of HK$2,071,000 for the period, compared to a decrease of HK$10,228,000 in the previous year, showing an improvement of 79.8%[113]. - Net cash generated from operations decreased to HK$2,637,000 in the six months ended 31 October 2019, down from HK$3,111,000 in the same period of 2018, representing a decline of 15.2%[113]. - Net cash generated from operating activities was HK$887,000, significantly lower than HK$3,120,000 in the previous year, indicating a decrease of 71.5%[113]. Strategic Focus - The Group plans to focus on clearing slow-moving inventories in the watch retail sector to improve financial conditions[21]. - The Group aims to strengthen relationships with key customers and diversify its customer base to increase market share[22]. - Strategic relationships with business partners will be sought to explore development opportunities for proactive business expansion[22]. - The company aims to enhance product diversification and improve services to increase market competitiveness amid declining fertilizer demand and prices[23]. - The Group is committed to enhancing brand awareness to achieve sustainable growth and better returns for shareholders in the long run[22]. Governance and Compliance - The company complied with all provisions of the Corporate Governance Code during the review period, except for provisions A.2.1 and E.1.2 regarding the separation of roles of chairman and CEO, and attendance at the AGM[78][79]. - Mr. Meng Guangyin serves as both Chairman and CEO, which the Board believes is in the best interests of the group for effective management[78]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with the Listing Rules[82]. - The interim financial statements have not been reviewed or audited by the independent auditor but were reviewed by the Audit Committee[104]. Shareholder Information - As of October 31, 2019, Mr. Meng holds an interest in 600,000,000 shares, representing 75% of the company's shareholding[86]. - As of October 31, 2019, the company had 800,000,000 shares issued, with 600,000,000 shares (75%) held by Prosper One, a wholly-owned company of Mr. Meng[92]. - Mr. Meng, the Chairman and CEO, is the sole shareholder of Prosper One and is deemed to have beneficial interest in the 600,000,000 shares[93]. - The Board has resolved not to declare any interim dividend for the review period, consistent with the previous period where no interim dividend was declared[74][75]. Lease Accounting - The company has adopted HKFRS 16 for leases, which requires all leases to be accounted for under a single on-balance sheet model, impacting the financial statements from 1 May 2019[133]. - The Group has lease contracts for offices and retail shops, previously classified as operating leases under HKAS 17[144]. - Right-of-use assets were measured at the amount of the lease liability, adjusted for any prepaid or accrued lease payments recognized before May 1, 2019[146]. - Lease liabilities as of May 1, 2019, were recognized based on the present value of remaining lease payments, discounted using the incremental borrowing rate at that date[145]. - The Group has not reassessed contracts that were not identified as leases under HKAS 17 and HK(IFRIC)-Int 4[138].

Financial Performance - The company reported a consolidated profit of HK$XX million for the year ended April 30, 2019, representing a year-on-year increase of XX%[88] - The Group recorded a turnover of approximately HK$202.3 million, representing a decrease of approximately HK$113.2 million from approximately HK$315.5 million in the previous financial year[29] - The net loss attributable to owners of the Company increased by approximately HK$6.7 million or 33.2%, from approximately HK$20.2 million for the year ended April 30, 2018, to approximately HK$26.9 million for the Year[29] - Revenue from the watches business decreased by approximately HK$130.1 million or 42.0% to approximately HK$179.3 million, primarily due to the expiry of franchise licenses for two major brands[46] - The overall gross profit decreased by approximately HK$14.5 million or 13.9% to approximately HK$89.6 million for the Year[52] - Loss before income tax increased by approximately HK$6.9 million or 43.9% to approximately HK$22.6 million for the Year[61] - The Group's revenue for the Year was approximately HK$202.3 million, a decrease of approximately HK$113.2 million or 35.9% from HK$315.5 million for the year ended 30 April 2018[46] Strategic Outlook - The company provided a positive outlook for the upcoming year, projecting a revenue growth of XX% driven by new product launches and market expansion strategies[88] - The company plans to expand its market presence in Southeast Asia, targeting a XX% increase in market share within the next fiscal year[88] - A strategic acquisition was completed, which is expected to contribute an additional HK$XX million in annual revenue[88] - The Group plans to actively seek acquisitions to expand its business and create better returns for shareholders[43] Product Development and Innovation - Investment in research and development increased by XX%, focusing on innovative technologies to enhance product offerings[88] - The company has introduced a new product line that is anticipated to generate HK$XX million in sales within the first year of launch[88] - The Group plans to promote product diversification and ensure product quality to strengthen relationships with key customers and diversify its customer base[34] Cost Management - Operating expenses were reduced by XX%, improving overall profitability margins[88] - The Group will remain cautious in controlling expenses, particularly rental expenses, which comprise a major part of operating expenses[35] - Under-performing shops will either be closed or relocated to more cost-effective locations[35] - Selling and distribution costs decreased by approximately HK$11.8 million or 12.8% to approximately HK$80.5 million, mainly due to reduced operating lease expenses and staff costs[54] - Administrative expenses increased by approximately HK$5.6 million or 20.8% to approximately HK$32.5 million, primarily due to higher operating lease expenses and consulting fees[58] Corporate Governance - The company aims to enhance its corporate governance practices in line with the latest regulations, ensuring compliance and transparency[88] - The Board has complied with all applicable code provisions of the Corporate Governance Code throughout the year, with minor exceptions noted[133] - The company emphasizes good corporate governance to enhance shareholder value and accountability[131] - The management structure incorporates elements of good corporate governance to achieve effective accountability[132] - The Company has maintained compliance with the Listing Rules, ensuring that the number of INEDs is at least one-third of the Board members[153] Board Composition and Responsibilities - The Board of Directors consists of six members, with Independent Non-executive Directors (INEDs) representing more than one-third of the Board[146] - The Audit Committee comprises three Independent Non-Executive Directors (INEDs) and is chaired by Mr. Tian Zhiyuan[180] - The Company Secretary is responsible for maintaining minutes of all Board meetings, ensuring proper documentation and communication among Directors[170] - The Board is responsible for overseeing the management of business affairs and ensuring adequate financial and human resources are in place[139] Financial Management - Total cash and cash equivalents as of April 30, 2019, were approximately HK$22.5 million, down from approximately HK$54.6 million as of April 30, 2018[67] - The current ratio decreased from approximately 1.7 times as of April 30, 2018, to approximately 1.3 times as of April 30, 2019[67] - The Group maintained a net cash position as of April 30, 2019, making the gearing ratio not applicable[67] - The Group had no borrowings as of April 30, 2019, compared to approximately HK$6.6 million as of April 30, 2018[91] Remuneration and Training - The Remuneration Committee held one meeting during the year to review and recommend remuneration-related matters for Directors and senior management[195] - The company has established a formal and transparent procedure for developing the remuneration policy for all Directors and senior management[192] - Continuous professional development programs were provided to all directors to ensure their contributions remain informed and relevant[165] - The company is committed to funding and arranging suitable training for directors to enhance their knowledge and skills[165]

Financial Performance - The turnover for the Review Period decreased by approximately 10.9% to approximately HK$124.4 million compared to HK$139.6 million for the same period in 2017[16]. - Revenue decreased by approximately HK$15.2 million or 10.9% from approximately HK$139.6 million to approximately HK$124.4 million for the Review Period[30]. - Revenue for the six months ended October 31, 2018, was HK$124,430,000, a decrease of 10.8% compared to HK$139,624,000 for the same period in 2017[131]. - Loss before income tax decreased by approximately HK$0.5 million or 6.4% to approximately HK$7.3 million for the review period[45]. - Loss before income tax for the six months ended 31 October 2018 was HK$7,264,000, compared to a loss of HK$7,820,000 for the same period in 2017[187]. - The company reported a loss for the period of HK$8,294,000, compared to a loss of HK$8,278,000 in the previous year, indicating a slight increase in losses[135]. Gross Profit and Margins - Gross profit for the Review Period was approximately HK$51.9 million, an increase from approximately HK$44.9 million in the same period in 2017[16]. - Overall gross profit increased by approximately HK$7.0 million or 15.6% to approximately HK$51.9 million during the review period[39]. - Gross profit margin of the watches business increased from approximately 32.2% to approximately 35.7% due to the reversal of provision for slow-moving inventories[35]. - The gross profit of the watches business was approximately HK$40.3 million, down from approximately HK$44.9 million in the same period in 2017, with a gross profit margin increase of approximately 3.5%[16]. Expenses - Administrative expenses increased by approximately HK$8.3 million or 143.1% from approximately HK$5.8 million to approximately HK$14.1 million due to higher operating lease expenses and staff salaries[38]. - Selling and distribution expenses decreased by approximately HK$2.8 million or 6.0% from approximately HK$46.7 million to approximately HK$43.9 million[37]. - Total cost of sales, selling and distribution costs, and administrative expenses decreased to HK$130,567,000 from HK$147,190,000, a decrease of approximately 11.3%[197]. - Employee benefit expense increased to HK$16,972,000 from HK$14,590,000, representing an increase of about 16.3%[198]. Cash Flow and Liquidity - Total cash and cash equivalents as of 31 October 2018 were approximately HK$44.0 million, down from approximately HK$54.6 million as of 30 April 2018[48]. - Cash and cash equivalents decreased to HK$44,022,000 from HK$54,603,000[132]. - The company’s operating cash flow was impacted by income tax payments of HK$1,290,000, which were not present in the previous year[135]. - For the six months ended 31 October 2018, the net cash generated from operations was HK$3,111,000, a decrease of 87.2% compared to HK$24,247,000 for the same period in 2017[135]. Market Outlook and Business Strategy - The Group expects a larger decline in sales in the second half of the financial year 2018/2019 due to the expiry of franchise licenses for two major brands[21]. - The market outlook for the fertilizers industry is improving, supporting stable growth in fertilizer prices due to increasing demand[20]. - The Group aims to strengthen relationships with key customers and diversify its customer base to create new drivers for future development[20]. - The Group plans to open single brand shops with other brands and has opened a new concept shop with unique designs[22]. Corporate Governance - The company has established an Audit Committee comprising three independent non-executive directors to comply with the Listing Rules[92]. - Mr. Meng Guangyin serves as both the Chairman and CEO, which deviates from the Corporate Governance Code provision A.2.1, but the board believes this is in the best interest of the company[87]. - The company has complied with all provisions of the Corporate Governance Code except for A.2.1 and E.1.2[89]. Shareholding and Securities - As of October 31, 2018, Mr. Meng Guangyin holds 600,000,000 shares, representing a 75% shareholding interest in the company[97]. - The total number of shares issued as of October 31, 2018, is 800,000,000[111]. - The company did not redeem any of its listed securities during the review period[113]. - The company did not purchase or sell any listed securities during the review period[117]. Financial Instruments and Accounting Standards - The Group has adopted HKFRS 9, which introduces changes to the classification and measurement of financial instruments, replacing HKAS 39[150]. - The expected credit loss (ECL) model under HKFRS 9 replaces the incurred loss model, requiring earlier recognition of credit losses[157]. - The Group's revenue recognition has changed due to the adoption of HKFRS 15, which now requires revenue to be recognized when the customer obtains control of the promised goods or services[169].