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].