[Financial Summary](index=1&type=section&id=Financial%20Summary) This section provides a concise overview of the company's key financial performance for the six months ended June 30, 2025 Financial Summary for the Six Months Ended June 30 | Indicator | June 30, 2025 (HK$ Thousand) | June 30, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 260,400 | 277,358 | -6.1 | | Revenue | 2,329,800 | 2,385,408 | -2.3 | | Gross Profit | 620,400 | 645,162 | -3.8 | | Net Profit | 270,700 | 283,200 | -4.4 | | Net Profit Margin | 11.6% | 11.9% | -0.3 pp | | Basic Earnings Per Share (HK Cents) | 25.05 | 26.67 | -6.1 | | Interim Dividend (HK Cents/share) | 12.5 | 13.33 | -6.2 | | Net Gearing Ratio (as of June 30, 2025 vs December 31, 2024) | 8.2% | 13.5% | -5.3 pp | | Net Debt (as of June 30, 2025 vs December 31, 2024) | 300,400 | 477,300 | -37.1 | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement presents the company's consolidated profit or loss and comprehensive income for the six months ended June 30 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (for the Six Months Ended June 30) | Indicator | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Revenue | 2,329,836 | 2,385,408 | | Cost of Sales | (1,709,402) | (1,740,246) | | Gross Profit | 620,434 | 645,162 | | Other Income | 44,207 | 19,428 | | Other Gains and Losses | (1,134) | 20,998 | | Selling and Distribution Expenses | (105,266) | (101,464) | | Administrative Expenses | (157,482) | (164,799) | | Research and Development Expenses | (55,080) | (51,046) | | Share of Results of Joint Ventures | 1,645 | 1,768 | | Finance Costs | (41,793) | (43,712) | | Profit Before Tax | 309,761 | 324,220 | | Income Tax Expense | (39,103) | (41,051) | | Profit for the Period | 270,658 | 283,169 | | Profit Attributable to Owners of the Company | 260,438 | 277,358 | | Profit Attributable to Non-controlling Interests | 10,220 | 5,811 | | Basic Earnings Per Share (HK Cents) | 25.05 | 26.67 | | Total Comprehensive Income for the Period | 287,160 | 209,945 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the company's consolidated financial position, including assets, liabilities, and equity as of June 30 Condensed Consolidated Statement of Financial Position (as of June 30) | Indicator | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | **Assets** | | | | Non-current Assets | 3,163,696 | 3,150,713 | | Current Assets | 3,257,141 | 3,362,056 | | **Liabilities** | | | | Current Liabilities | 1,874,073 | 1,867,066 | | Non-current Liabilities | 890,758 | 1,111,424 | | **Equity** | | | | Net Assets | 3,656,006 | 3,534,279 | | Equity Attributable to Owners of the Company | 3,558,565 | 3,447,058 | | Non-controlling Interests | 97,441 | 87,221 | | Total Equity | 3,656,006 | 3,534,279 | [Notes](index=6&type=section&id=Notes) This section provides detailed explanatory notes to the condensed consolidated financial statements, covering accounting policies and specific financial items [1. General Information](index=6&type=section&id=1.%20General%20Information) The company was incorporated in the Cayman Islands, listed on the HKEX, and uses Hong Kong Dollars as its functional currency - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on June 14, 2013, and has been listed on the Main Board of the Stock Exchange of Hong Kong since May 23, 2014[9](index=9&type=chunk) - The functional currency of the Company and the presentation currency of the condensed consolidated financial statements is Hong Kong Dollars[10](index=10&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and applicable HKEX Listing Rules - The condensed consolidated financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting' issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[11](index=11&type=chunk) [3. Significant Accounting Policies](index=6&type=section&id=3.%20Significant%20Accounting%20Policies) The financial statements are prepared on a historical cost basis, with new HKFRS amendments having no material impact - The condensed consolidated financial statements are prepared on a historical cost basis[12](index=12&type=chunk) - The Group has applied the Hong Kong Financial Reporting Standards (Amendments) issued by the HKICPA for the first time in the current interim period, including HKAS 21 (Amendments) 'Lack of Exchangeability', which did not have a material impact on the Group's financial position and performance for the current and prior periods[13](index=13&type=chunk) [4. Revenue and Segment Information](index=7&type=section&id=4.%20Revenue%20and%20Segment%20Information) The Group's revenue primarily derives from manufacturing and trading elastic fabrics, lace, and elastic webbing, showing a slight decrease in total revenue - The Group's revenue is derived from the manufacturing and trading of elastic fabric materials, lace, and elastic webbing in Mainland China, Hong Kong, Vietnam, and Sri Lanka[14](index=14&type=chunk) Revenue Breakdown from Contracts with Customers (for the Six Months Ended June 30) | Product Category | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Elastic Fabric Materials - Sportswear and Apparel | 1,230,597 | 1,301,906 | | Elastic Fabric Materials - Intimate Wear | 576,547 | 587,541 | | Lace | 22,076 | 27,800 | | Elastic Webbing | 500,616 | 468,161 | | **Total** | **2,329,836** | **2,385,408** | Segment Revenue and Results (for the Six Months Ended June 30) | Segment | 2025 Revenue (HK$ Thousand) | 2025 Segment Gross Profit (HK$ Thousand) | 2024 Revenue (HK$ Thousand) | 2024 Segment Gross Profit (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | Manufacturing and Trading of Elastic Fabric Materials and Lace | 1,829,220 | 505,274 | 1,917,247 | 528,105 | | Manufacturing and Trading of Elastic Webbing | 500,616 | 115,160 | 468,161 | 117,057 | | **Total** | **2,329,836** | **620,434** | **2,385,408** | **645,162** | [5. Profit Before Tax Has Been Arrived At After Charging (Crediting)](index=10&type=section&id=5.%20Profit%20Before%20Tax%20Has%20Been%20Arrived%20At%20After%20Charging%20(Crediting)) This section details the various expenses and income items impacting profit before tax, including depreciation, inventory costs, and exchange gains/losses Items Charged (Credited) to Profit Before Tax (for the Six Months Ended June 30) | Item | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Depreciation of Property, Plant and Equipment | 191,873 | 203,463 | | Depreciation of Right-of-use Assets |

Group 1 - The core business of the company is the manufacturing and trading of elastic fabric materials, elastic webbing, and lace, with a focus on innovation and technology [2] - The company has established itself as a prominent supplier of sportswear and apparel fabric materials, collaborating with leading global sportswear brands such as Anta, Fila, Lululemon, Under Armour, and Uniqlo [2] - The company is a leader in the global lingerie materials market, providing comprehensive one-stop procurement solutions for lingerie brands, which helps clients reduce inventory levels and shorten production cycles [2] Group 2 - As of December 31, 2024, the company achieved total revenue of 4.687 billion yuan, representing a year-on-year growth of 20.49%, and a net profit attributable to the parent company of 563 million yuan, with a year-on-year increase of 75.29% [1] - The company's gross profit margin stands at 26.81%, and its debt-to-asset ratio is 45.73% [1] - The company's price-to-earnings ratio is 5.2 times, ranking 12th in the textile and apparel industry, which has an average price-to-earnings ratio of -12.09 times [1]

格隆汇8月13日丨超盈国际控股(02111.HK)宣布，公司谨定于2025年8月25日（星期一）举行董事会会 议，以考虑及通过本集团截至2025年6月30日止六个月的中期业绩，及派发中期股息（如有），以及处 理任何其他事项。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Best Pacific International Holdings Limited 超盈國際控股有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2111） 董事會會議召開日期 超盈國際控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）董事會（「董 事 會」）茲 通 告，本 公 司 謹 定 於 二 零 二 五 年 八 月 二 十 五 日（星 期 一）舉行董事會會 議，以 考 慮 及 通 過 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績，及 派發中期股息（如 有），以 及 處 理 任 何 其 他 事 項。 承董事會命 超盈國際控股有限公司 執 行 董 事、首 席 財 務 官 兼 公 司 秘 書 陳耀星 香 港，二 零 二 五 年 八 月 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 超盈國際控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02111 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 50,000,000,000 | HKD | | 0.01 | HKD | | 500,000,000 | 本月 ...

Financial Performance - For the year ended December 31, 2024, Best Pacific achieved a record high overall sales revenue of approximately HK$5,061.3 million, marking an increase of approximately 20.5% compared to 2023[14]. - Revenue has grown significantly from approximately HK$1,860.9 million in 2014 to approximately HK$5,061.3 million in 2024, reflecting a compound annual growth rate of approximately 10.5% over the past decade[15]. - In 2024, the company's total sales revenue reached approximately HK$5,061.3 million, representing an increase of approximately 20.5% compared to HK$4,200.7 million in 2023[24]. - The overall gross profit for 2024 was approximately HK$1,356.8 million, reflecting a 35.2% increase from the previous year, resulting in a gross profit margin of approximately 26.8%, up by 2.9 percentage points[28]. - Profit attributable to owners of the company amounted to approximately HK$608.1 million for 2024, marking a 75.3% increase from approximately HK$347.0 million in 2023[29]. - Basic earnings per share for 2024 were approximately HK58.48 cents, an increase of 75.3% from approximately HK33.36 cents in 2023[29]. - The Group achieved a record high net profit of approximately HK$594.1 million for the year ended 31 December 2024, representing an increase of approximately 70.0% compared to approximately HK$349.4 million for the year ended 31 December 2023[76]. - The net profit margin increased to approximately 11.7% for the year ended 31 December 2024, up approximately 3.4 percentage points from approximately 8.3% for the year ended 31 December 2023[80]. - The Group attained an EBITDA of approximately HK$1,188.2 million for the year ended 31 December 2024, representing an increase of approximately 34.5% compared to approximately HK$883.6 million for the year ended 31 December 2023[78]. Market Trends and Expansion - The ongoing athleisure trend and consumers' growing focus on quality and functionality reveal substantial market potential in the sportswear and apparel sector[15]. - Best Pacific launched a new expansion project in Vietnam in the last quarter of 2024, leveraging nearly a decade of experience in the location[16]. - The company anticipates promising returns for shareholders and stakeholders from its continuous efforts in the new expansion project[16]. - The sportswear and apparel elastic fabric segment achieved a record revenue of approximately HK$2,805.7 million, an increase of approximately HK$625.7 million or 28.7% from HK$2,180.0 million in 2023[45]. - The company achieved a high-teens sales growth in Vietnam in 2024, continuing its strong performance from the previous year[34]. - In December 2024, the company acquired land use rights in Nghe An, Vietnam, to establish an advanced production facility, aiming to capture potential growth in sales orders[35]. - The Group plans to develop a second production base in Vietnam, with the first phase of production facilities expected to commence commercial production in 2026[129]. Economic Environment - The global economy experienced moderate growth in 2024, with an estimated world output growth of 3.2% according to the IMF[14]. - World trade volume rose, driven by robust exports from Asia, benefiting Asian textile and garment manufacturers[14]. - The U.S. experienced a year-on-year GDP growth of 2.8% in 2024, contributing to a favorable economic environment for the company's operations[23]. - Ongoing trade tensions and inflation in the U.S. pose risks to consumer confidence and spending, which could impact sales for Best Pacific[118]. - The IMF projects global GDP growth at 3.3% for both 2025 and 2026, which may influence Best Pacific's market strategies moving forward[115]. Operational Efficiency and Cost Management - The Group's cost of sales for 2024 amounted to approximately HK$3,704.5 million, an increase of approximately HK$507.4 million or 15.9% compared to HK$3,197.1 million in 2023[50]. - The gross profit margin improved to 26.8% in 2024 from 23.9% in 2023, driven by better production efficiencies and stable raw material prices[53]. - The Group's finance costs decreased by approximately 24.6% from approximately HK$116.2 million for the year ended 31 December 2023 to approximately HK$87.7 million for the year ended 31 December 2024[70]. - The average trade receivables turnover days improved to 58.3 days in 2024 from 60.5 days in 2023, a decrease of 2.2 days or 3.6%[89]. - The average inventory turnover days decreased to 111.8 days in 2024 from 122.4 days in 2023, a reduction of 10.6 days or 8.7%[89]. Shareholder Returns and Dividends - A final dividend of HK$15.91 cents per ordinary share was declared for the year ended 31 December 2024, compared to HK$11.38 cents per ordinary share for the year ended 31 December 2023[106]. - An interim dividend of HK$13.33 cents per ordinary share was paid on 4 October 2024, up from HK$5.3 cents per ordinary share in 2023[107]. - Best Pacific declared a final dividend of HK$0.1591 per share for the year ending December 31, 2024, compared to HK$0.1138 per share for the previous year, reflecting a significant increase of 40.0%[109]. Sustainability and Corporate Responsibility - Best Pacific's commitment to sustainability is highlighted by securing a sustainability-linked loan in 2024, confirming that its sustainability performance targets are relevant and ambitious[114]. - The Group made charitable donations totaling approximately HK$310,000 during the year[163]. - The Company has complied with relevant laws and regulations in the Cayman Islands, PRC, Hong Kong, Vietnam, Sri Lanka, and the U.S. for the year ended December 31, 2024[161]. Employee and Governance - The Group employed a total of 11,037 employees as of 31 December 2024, an increase from 9,604 employees as of 31 December 2023[98]. - The Group has a performance appraisal system in place to reward and recognize employees, promoting career development through training and advancement opportunities[152]. - The executive directors have renewed their service agreements for an extended term of three years starting from November 23, 2024, with amendments related to holiday and housing benefits[187]. - All directors are subject to retirement by rotation, with Mr. Lu, Mr. Wu, and Mr. Cheung eligible for re-election at the upcoming AGM[189]. - Directors' fees are subject to shareholders' approval, while other emoluments are determined by the Board based on directors' duties and the Group's performance[192].

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 5,061.3 million, an increase of about 20.5% compared to HKD 4,200.7 million for the year ended December 31, 2023[3]. - The gross profit margin for the year ended December 31, 2024, was approximately 26.8%, an increase of about 2.9 percentage points from the previous year[3]. - The net profit margin for the year ended December 31, 2024, was approximately 11.7%, an increase of about 3.4 percentage points compared to the previous year[3]. - The group's profit for the year ended December 31, 2024, was approximately HKD 594.1 million, an increase of about 70.0% from HKD 349.4 million for the year ended December 31, 2023[3]. - The basic earnings per share for the year ended December 31, 2024, was approximately HKD 58.48, an increase of about 75.3% from HKD 33.36 for the previous year[3]. - The group's EBITDA for the year ended December 31, 2024, was approximately HKD 1,188.2 million, an increase of about 34.5% from HKD 883.6 million for the year ended December 31, 2023[3]. - The total comprehensive income for the year ended December 31, 2024, was approximately HKD 475.7 million, compared to HKD 276.1 million for the previous year[6]. - The total revenue from external customers for the year ended December 31, 2024, was HKD 5,061,290, an increase from HKD 4,200,707 in 2023, representing a growth of approximately 20.5%[22]. - The gross profit for the fiscal year ending December 31, 2024, was approximately HKD 1,356.8 million, an increase of about 35.2% compared to the same period in 2023[50]. - The net profit attributable to shareholders for the fiscal year ending December 31, 2024, was approximately HKD 608.1 million, an increase of about 75.3% compared to the same period in 2023[52]. Dividends - The proposed final dividend per ordinary share for the year ended December 31, 2024, is HKD 15.91, compared to HKD 11.38 for the previous year[3]. - The company reported a mid-year dividend of HKD 0.1333 per share for 2024, compared to HKD 0.053 per share in 2023, reflecting an increase of approximately 151%[34]. - The total dividend for the year 2023 was HKD 0.1138 per share, up from HKD 0.0422 per share in 2022, representing a growth of about 169%[35]. - The final dividend declared for the year ending December 31, 2024, is HKD 0.1591 per share, compared to HKD 0.1138 per share for the previous year[102]. Assets and Liabilities - The company's non-current assets amounted to HKD 3,150,713,000 in 2024, compared to HKD 3,102,586,000 in 2023, reflecting a slight increase of 1.5%[8]. - Current assets increased to HKD 3,362,056,000 in 2024 from HKD 2,880,810,000 in 2023, marking a growth of approximately 16.7%[8]. - The net current asset value improved significantly to HKD 1,494,990,000 in 2024, up from HKD 778,309,000 in 2023, indicating a growth of about 92%[8]. - Non-current liabilities rose to HKD 1,111,424,000 in 2024, compared to HKD 565,354,000 in 2023, representing an increase of approximately 96.7%[10]. - The company's equity increased to HKD 3,534,279,000 in 2024 from HKD 3,315,541,000 in 2023, reflecting a growth of about 6.6%[10]. - The group's net asset to liability ratio as of December 31, 2024, was approximately 13.5%, down from 15.0% as of December 31, 2023[3]. Revenue Segments - Revenue from the sale of elastic fabrics, lace, and elastic bands was HKD 4,075,614,000 and HKD 985,676,000 respectively in 2024, showing strong performance in these segments[19]. - The revenue from elastic fabric materials reached approximately HKD 4,014.5 million in 2024, accounting for 79.3% of total revenue, with a year-on-year increase of 21.6%[57]. - The sportswear and apparel segment achieved a record revenue of approximately HKD 2,805.7 million, up about HKD 625.7 million or 28.7% from HKD 2,180.0 million in 2023[58]. - The lingerie elastic fabric material sales reached approximately HKD 1,208.8 million, an increase of about HKD 87.4 million or 7.8% compared to the previous year[60]. Expenses and Costs - The total cost of inventory recognized as an expense was HKD 3,704,524 in 2024, compared to HKD 3,197,081 in 2023, indicating an increase of about 15.9%[27]. - The financing costs for the year ended December 31, 2024, were HKD 87,653, down from HKD 116,224 in 2023, indicating a reduction of approximately 24.5%[22]. - The total income tax expense for 2024 was HKD 80,382, significantly higher than HKD 35,924 in 2023, representing an increase of about 123.5%[28]. - The depreciation of property, plant, and equipment was HKD 372,849 in 2024, compared to HKD 327,734 in 2023, reflecting an increase of approximately 13.8%[27]. - Sales and distribution expenses accounted for approximately 4.3% and 4.5% of total revenue for the years ended December 31, 2023, and December 31, 2024, respectively, indicating stable expense ratios[68]. - Administrative expenses as a percentage of total revenue decreased from approximately 7.2% for the year ended December 31, 2023, to 6.7% for the year ended December 31, 2024, primarily due to economies of scale achieved[70]. Research and Development - The group recorded a significant increase in research and development expenses, amounting to HKD 106.7 million for the year ended December 31, 2024, compared to HKD 85.3 million for the previous year[4]. - Research and development expenses remained stable at approximately 2.0% and 2.1% of total revenue for the years ended December 31, 2023, and December 31, 2024, respectively[71]. - The company is committed to enhancing R&D capabilities to meet the growing demand for innovative sportswear and apparel products[95]. Market Expansion and Strategy - The company plans to continue expanding its market presence in China, Hong Kong, Vietnam, and Sri Lanka, focusing on the manufacturing and sale of elastic fabrics and related products[17]. - The company plans to expand its operations in Vietnam, leveraging nearly ten years of local experience to implement a new project successfully[45]. - The company has acquired land use rights in Vietnam to initiate a new plan for establishing an advanced production base in the region[54]. - The company has observed significant business potential in Vietnam, leveraging existing knowledge and experience in the region[97]. Corporate Governance and Sustainability - The company is committed to maintaining high standards of corporate governance, which is crucial for sustainable development and growth[105]. - The company has achieved ISO 9001 certification, ensuring high standards in product quality and service[90]. - The company has received Bluesign® Standard certification, recognized as one of the strictest environmental standards for textile products[92]. - The company successfully obtained a sustainability-linked loan from a major bank, confirming the relevance and challenge of its sustainability performance targets[92]. Economic Outlook - The global economic growth for 2024 is projected at 3.2%, with the US GDP expected to grow by 2.8% driven by strong consumer spending[47]. - China's GDP growth for 2024 is reported at 5.0%, supported by a series of stimulus policies aimed at boosting consumer and investment confidence[47]. - Sri Lanka's textile and apparel export value is projected to be approximately $4.8 billion in 2024, representing a 5.0% increase from 2023[55]. - The company remains cautiously optimistic about the market outlook despite ongoing economic policy risks and geopolitical tensions[94]. Workforce and Employment - The group employed a total of 11,037 full-time employees as of December 31, 2024, an increase from 9,604 employees as of December 31, 2023, showing growth in workforce[87]. - The company has maintained its salary policy without significant changes, continuing to provide competitive compensation and regular training for employees[88].

Investment Rating - The report does not explicitly mention an investment rating for the company [1][2][3] Core Viewpoints - The company announced the acquisition of a land use right in Vietnam's Nghe An province to expand production capacity by 10-15% in the first phase [4][5][6] - The total land area acquired is approximately 512,000 square meters, with a total payment of HKD 220 million (USD 28.66 million) to be paid in installments [7][8][9] - The company plans to invest HKD 500 million in factory construction over the next 15-21 months, with production expected to commence by March 2026 [11][12] - The expansion aligns with the growth trend in the international sportswear market, where the company has seen a 35.8% increase in sportswear and apparel revenue in H1 2024, accounting for 54.6% of total revenue [15][16][19] - The Vietnam facility is expected to enhance operational efficiency due to competitive labor costs and tariff advantages in the international supply chain [25][26][28] Industry Analysis - The international sportswear and leisurewear industry has maintained a growth trend, with the company benefiting from this trend as a core supplier of elastic fabrics [16][17] - From 2014 to 2023, the company's revenue CAGR was 9.5%, with sportswear business revenue CAGR at 31.6% [18] - The sportswear market continues to show potential for scale expansion and fabric upgrades, which aligns with the company's expansion plans [20][21][22] Operational Efficiency - The company's existing Vietnam production base has achieved double-digit profit margins, outperforming other facilities [27] - The new Vietnam expansion is expected to leverage local labor cost advantages and supply chain benefits to further improve operational efficiency and support long-term growth [28][30][31]

Financial Performance - For the six months ended June 30, 2024, Best Pacific International Holdings Limited reported total sales revenue of approximately HK$2,385.4 million, representing an increase of approximately 25.1% compared to the same period in 2023[11]. - The overall gross profit for the Reporting Period was approximately HK$645.2 million, reflecting an increase of approximately 60.9% compared to the corresponding period in 2023, resulting in a gross profit margin of approximately 27.0%, up approximately 6.0 percentage points[12]. - Profit attributable to owners of the Company amounted to approximately HK$277.4 million, representing an increase of approximately 100.1% compared to the six months ended June 30, 2023[12]. - Basic earnings per share for the Reporting Period was approximately HK26.67 cents, which is an increase of approximately 100.1% from approximately HK13.33 cents for the same period in 2023[12]. - The net profit for the six months ended June 30, 2024 was approximately HK$283.2 million, representing an increase of approximately 138.6% compared to HK$118.7 million for the same period in 2023[43]. - The net profit margin for the six months ended June 30, 2024, was approximately 11.9%, up about 5.7 percentage points from approximately 6.2% for the same period in 2023[46]. - The Group's EBITDA for the six months ended June 30, 2024, was approximately HK$598.1 million, compared to approximately HK$387.7 million for the same period in 2023[48]. - Total comprehensive income for the period was HK$209,945, compared to HK$13,221 in the previous year, marking a substantial improvement[123]. Revenue Breakdown - The sportswear and apparel elastic fabric segment achieved sales revenue of approximately HK$1,301.9 million, reflecting a remarkable growth of approximately 35.8% compared to approximately HK$958.6 million for the same period in 2023[23]. - Revenue from lingerie elastic fabric sales reached approximately HK$587.5 million, representing an increase of approximately 11.2% compared to the same period in 2023[24]. - Sales of elastic webbing totaled approximately HK$468.2 million during the reporting period, marking an increase of approximately 21.0% compared to the same period in 2023[24]. - Revenue for the six months ended June 30, 2024, increased to HK$2,385,408, representing a 25.1% growth compared to HK$1,906,712 for the same period in 2023[122]. - Segment revenue from the manufacturing and trading of elastic fabric and lace was HK$1,917,247,000, while the elastic webbing segment generated HK$468,161,000[149]. Economic Environment - The International Monetary Fund (IMF) forecasts a global economic growth rate of 3.2% for 2024, with the U.S. GDP growth reported at 1.4% and 2.8% in the first and second quarters, respectively[7]. - China's GDP growth during the first half of 2024 was reported at 5.0%, reflecting a robust economic environment[7]. - The textile product exports from China surged by 8.2% in the first half of 2024 compared to the same period in 2023, indicating a positive export momentum in the sector[8]. - Vietnam experienced a 4.6% increase in textile and garment exports for the first six months of 2024 compared to the corresponding period in 2023, showcasing regional growth in the textile sector[8]. Operational Efficiency - The Group's cost of sales for the six months ended 30 June 2024 was approximately HK$1,740.2 million, an increase of approximately HK$234.5 million or 15.6% compared to the same period in 2023[26]. - The overall gross profit increased from approximately HK$401.0 million for the six months ended 30 June 2023 to approximately HK$645.2 million for the same period in 2024, reflecting improved production capacity utilization[29]. - The gross profit margin improved to approximately 27.0% for the six months ended 30 June 2024, up from 21.0% in the same period of 2023[27]. - The company observed a rebound in sales orders since late 2023, driven by increased confidence in economic recovery and restocking initiatives by clients[11]. - Improvements in sales orders and capacity utilization were observed at core manufacturing locations, with expectations for this positive trend to continue into the latter half of the year[77]. Sustainability Initiatives - The company is committed to delivering sustainable supply chain solutions, focusing on reducing production lead time and addressing trade and tariff considerations[14]. - The Group has reduced coal usage and increased the use of green energy sources and biomass fuel to lower greenhouse gas emissions[70]. - The Group has installed rooftop photovoltaic power panels to reduce purchased electricity, contributing to a greener manufacturing environment[70]. - The Group's factories have adopted the Higg Facility Environmental Module (FEM) for standardized environmental assessment, with verified FEM scores above the industry median[70]. - The Group is dedicated to endorsing the United Nations 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs)[66]. Shareholder Information - As of June 30, 2024, Grandview Capital Investment Limited holds 637,500,000 shares, representing approximately 61.30% of the company's total shareholding[88]. - FMR LLC has an interest in 103,876,900 shares, accounting for about 9.99% of the total shareholding through its controlled corporations[88]. - The total number of shares held by substantial shareholders indicates a strong concentration of ownership within a few entities[89]. - The Company declared an interim dividend of HK13.33 cents per ordinary share for the six months ended 30 June 2024, expected to be paid on 4 October 2024[107]. Financial Position - As of 30 June 2024, net working capital was approximately HK$1,157.3 million, an increase of approximately HK$379.0 million compared to HK$778.3 million as of 31 December 2023[44]. - The current ratio improved to 1.7 times as of 30 June 2024, compared to 1.4 times as of 31 December 2023[44]. - The Group's net gearing ratio as of June 30, 2024, was approximately 11.6%, down from approximately 15.0% as of December 31, 2023[50]. - The total liabilities decreased from HK$1,514,576,000 as of December 31, 2023, to HK$1,225,467,000 as of June 30, 2024, indicating a reduction of 19.1%[191]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the six months ended 30 June 2024[98]. - The Board has declared an interim dividend of HKD 0.1333 per ordinary share for the six months ended June 30, 2024[110]. - The unaudited condensed consolidated results for the six months ended June 30, 2024, have been reviewed by Deloitte Touche Tohmatsu, with no disagreements from the Audit Committee[109].

Revenue Growth - Revenue for the six months ended June 30, 2024, increased by 25.1% to approximately HKD 2,385.4 million compared to the same period in 2023[1] - Sales revenue from sportswear and apparel fabric materials increased by 35.8% to approximately HKD 1,301.9 million for the six months ended June 30, 2024[1] - Total revenue for the six months ended June 30, 2024, was HK$2,385,408 thousand, with HK$1,917,247 thousand from the manufacturing and trading of elastic fabric and lace, and HK$468,161 thousand from elastic webbing[12] - Revenue from elastic fabric for sportswear and apparel increased to HK$1,301,906 thousand in 2024 from HK$958,585 thousand in 2023, a growth of 35.8%[12][13] - Revenue from elastic fabric for lingerie rose to HK$587,541 thousand in 2024 from HK$528,580 thousand in 2023, an increase of 11.2%[12][13] - Revenue from elastic webbing grew to HK$468,161 thousand in 2024 from HK$386,969 thousand in 2023, a 21.0% increase[12][13] - The company's total sales revenue for the first half of 2024 reached HKD 2,385.4 million, a 25.1% increase compared to the same period in 2023[30] - Revenue from elastic fabric materials accounted for 79.2% of total revenue, with sportswear and apparel contributing 54.6% and lingerie contributing 24.6%[36] - Revenue from elastic bands and lace accounted for 19.6% and 1.2% of total revenue, respectively, with elastic bands showing a 21.0% YoY increase[36] - The company's sportswear and apparel elastic fabric division achieved significant growth, with sales revenue increasing by 35.8% to HKD 1,301.9 million in the first half of 2024, compared to HKD 958.6 million in the same period of 2023[37] - The underwear business showed strong growth, with elastic fabric sales reaching HKD 587.5 million, an increase of 11.2% compared to the same period in 2023[37] - Elastic band sales increased by 21.0% to HKD 468.2 million in the first half of 2024, driven by market recovery and increased product visibility[37] - The company's sales revenue from elastic fabric for sportswear and apparel customers rebounded strongly in the first half of 2024, highlighting significant market potential[62] Profitability - Gross profit for the six months ended June 30, 2024, increased by 60.9% to approximately HKD 645.2 million, with a gross profit margin of 27.0% compared to 21.0% in the same period in 2023[1] - Net profit for the six months ended June 30, 2024, increased by 138.6% to approximately HKD 283.2 million, with a net profit margin of 11.9%, up 5.7 percentage points from the same period in 2023[1] - Basic earnings per share for the six months ended June 30, 2024, increased by 100.1% to HKD 26.67 cents compared to HKD 13.33 cents in the same period in 2023[1] - Total comprehensive income for the six months ended June 30, 2024, was HKD 209.9 million, compared to HKD 13.2 million in the same period in 2023[3] - Gross profit for the six months ended June 30, 2024, was HK$645,162 thousand, with HK$528,105 thousand from elastic fabric and lace, and HK$117,057 thousand from elastic webbing[15] - Operating profit for the six months ended June 30, 2024, was HK$364,752 thousand, with HK$304,419 thousand from elastic fabric and lace, and HK$60,333 thousand from elastic webbing[15] - Profit before tax for the six months ended June 30, 2024, was HK$324,220 thousand[15] - Gross profit for the period was HKD 400,976 thousand, with HKD 326,549 thousand from elastic fabric and lace manufacturing and HKD 74,427 thousand from elastic band manufacturing[16] - Profit before tax for the six months ended June 30, 2023, was HKD 137,982 thousand[16] - Gross profit for the first half of 2024 was HKD 645.2 million, a 60.9% YoY increase, with a gross margin of 27.0%, up 6.0 percentage points from the previous year[31] - Net profit attributable to shareholders for the first half of 2024 was HKD 277.4 million, a 100.1% YoY increase, with basic earnings per share rising to HKD 26.67 cents, also a 100.1% increase[31] - The company's overall gross profit increased from HKD 401.0 million in the first half of 2023 to HKD 645.2 million in the first half of 2024, with a gross margin improvement from 21.0% to 27.0%[39] - Net profit for the six months ended June 30, 2024, was approximately HKD 283.2 million, a 138.6% increase compared to HKD 118.7 million in the same period in 2023[48] - Net profit margin for the six months ended June 30, 2024, was 11.9%, up 5.7 percentage points from 6.2% in the same period in 2023[48] Financial Position - The company's net debt decreased to approximately HKD 394.0 million as of June 30, 2024, compared to HKD 498.8 million as of December 31, 2023[1] - The company's net asset-to-liability ratio decreased to 11.6% as of June 30, 2024, from 15.0% as of December 31, 2023[1] - The company's net asset value as of June 30, 2024, was HK$3,407,156 thousand, compared to HK$3,315,541 thousand as of December 31, 2023[5] - Non-current liabilities decreased to HK$783,097 thousand as of June 30, 2024, from HK$565,354 thousand as of December 31, 2023[5] - Total bank and other borrowings decreased to 1,225,467 thousand HKD in 2024 from 1,514,576 thousand HKD in 2023, showing a reduction in debt levels[28] - Unsecured bank borrowings decreased to 1,081,654 thousand HKD in 2024 from 1,370,763 thousand HKD in 2023, reflecting a reduction in unsecured debt[29] - Net debt-to-equity ratio as of June 30, 2024, was 11.6%, down from 15.0% as of December 31, 2023[51] - Trade receivables and bills receivable totaled 785,988 thousand HKD in 2024, compared to 737,674 thousand HKD in 2023, indicating an increase in sales-related receivables[24] - Trade receivables aged 0-90 days accounted for 731,163 thousand HKD in 2024, up from 681,265 thousand HKD in 2023, showing a rise in short-term receivables[25] - Trade payables aged 0-90 days decreased to 265,059 thousand HKD in 2024 from 300,030 thousand HKD in 2023, reflecting changes in payment terms[26] - Bills payable aged 0-90 days decreased to 163,849 thousand HKD in 2024 from 190,748 thousand HKD in 2023, indicating a reduction in short-term liabilities[27] - Operating working capital as of June 30, 2024, was approximately HKD 1,157.3 million, an increase of HKD 379.0 million compared to December 31, 2023[49] - Bank deposits pledged as collateral as of June 30, 2024, were approximately HKD 74.7 million, down from HKD 88.0 million as of December 31, 2023[54] Dividends - The company declared an interim dividend of HKD 13.33 cents per share for the six months ended June 30, 2024, compared to HKD 5.3 cents per share in the same period in 2023[1] - The company declared a final dividend of HKD 11.38 cents per share for the year ended December 31, 2023, totaling approximately HKD 118,330,000, compared to HKD 4.22 cents per share and HKD 43,880,000 for the previous year[21] - An interim dividend of HKD 13.33 cents per share was declared for the six months ended June 30, 2024, compared to HKD 5.3 cents per share for the same period in 2023[21] - The company declared an interim dividend of HK$0.1333 per ordinary share for the six months ended June 30, 2024, payable on October 4, 2024[67] - The company will suspend share transfer registration from September 12 to September 16, 2024, to determine eligibility for the interim dividend[68] Operational Efficiency - The company's Vietnam operations achieved over 30% sales growth in the first half of 2024, outperforming the market's 4.6% growth in textile and apparel exports[33] - Sri Lanka operations saw over 40% sales growth in the first half of 2024, driven by capacity expansion and increased orders from selected customers[34] - The company has improved operational efficiency at its overseas production bases in Vietnam and Sri Lanka, leading to significant financial improvements for its international subsidiaries[63] - The company expects the positive trend in sales orders and capacity utilization to continue in the second half of 2024, supported by a stabilizing economic recovery[63] - The company is actively evaluating the feasibility of expanding manufacturing capacity in Vietnam and other regions to meet potential growth in export demand[63] - The company's annual design capacity for elastic fabrics, elastic webbing, and lace as of June 30, 2024, is approximately 253.8 million meters, 1,950.2 million meters, and 45.0 million meters, respectively[63] Expenses and Costs - Sales cost increased by 15.6% to HKD 1,740.2 million in the first half of 2024, primarily due to higher overall sales revenue[38] - The company's other income remained stable at HKD 19.4 million in the first half of 2024, with a notable increase in scrap sales revenue due to business expansion[41] - Exchange gains decreased to HKD 20.4 million in the first half of 2024 from HKD 24.3 million in the same period of 2023, influenced by currency fluctuations[42] - Administrative expenses increased to 6.9% of total revenue in the first half of 2024, up from 6.5% in the same period of 2023, due to business expansion and higher employee benefits[44] - R&D expenses remained consistent at 2.1% of total revenue in both the first half of 2023 and 2024, reflecting the company's commitment to innovation[45] - The company's effective tax rate decreased to 12.7% in the first half of 2024 from 14.0% in the same period of 2023, benefiting from preferential tax treatments in Vietnam and Sri Lanka[47] - Depreciation of property, plant, and equipment for the six months ended June 30, 2024, was HKD 203,463 thousand, compared to HKD 163,372 thousand for the same period in 2023[17] - Inventory cost recognized as an expense for the six months ended June 30, 2024, was HKD 1,740,246 thousand, compared to HKD 1,505,736 thousand for the same period in 2023[17] - Hong Kong profits tax for the six months ended June 30, 2024, was HKD 19,048 thousand, compared to HKD 9,669 thousand for the same period in 2023[18] - Mainland China enterprise income tax for the six months ended June 30, 2024, was HKD 10,716 thousand, compared to HKD 8,927 thousand for the same period in 2023[18] - Capital expenditures for the six months ended June 30, 2024, totaled approximately HKD 164.4 million, up from HKD 128.5 million in the same period in 2023[53] Sustainability and Environmental Practices - The company is committed to sustainability, supporting the UN 2030 Agenda for Sustainable Development, and has adopted eco-friendly practices such as using green energy and biomass fuels to reduce greenhouse gas emissions[59][60] - The company has installed low-water-ratio dyeing machines and increased the reuse of discharge and reverse osmosis water to reduce fresh water usage in production[60] - The company has obtained the Bluesign® Standard certification, recognized as one of the most stringent environmental standards for textile products, and uses the Higg Facility Environmental Module (FEM) for standardized environmental assessments[60] Global Economic and Market Trends - Global economic growth in 2024 is projected at 3.2% by the IMF, with the US GDP growing 1.4% in Q1 and 2.8% in Q2, while China's GDP grew 5.0% in the first half of 2024[30] - China's textile product exports increased by 8.2% YoY in the first half of 2024, and Vietnam's textile and apparel exports grew by 4.6% during the same period[30] - Global GDP is expected to grow at 3.2% in 2024 and 3.3% in 2025, with world trade growth projected at 3.25% annually during 2024-2025, supported by declining global inflation[61] Corporate Governance and Leadership - The company's board of directors includes Mr. Lu Yukwong, Mr. Zhang Haitao, Mr. Ng Siu Lun, Ms. Cheng Ting Ting, Mr. Chan Yiu Sing, Mr. Lu Lap Bun, Mr. Zhang Yiming*, Mr. Kwok Tai Chi*, and Mr. Lam Yin Shing*[70] - The announcement was made on August 27, 2024, by Mr. Lu Yukwong, Chairman of Chaoying International Holdings Limited[70] - The board expresses gratitude to employees, shareholders, customers, banks, and business partners for their trust and support[70] - Independent non-executive directors are marked with an asterisk (*) in the board list[70] Foreign Exchange and Risk Management - The company's revenue is primarily denominated in USD and HKD, while a portion of procurement and expenses are in CNY, VND, and LKR. Significant exchange rate fluctuations could impact the company's financial performance[55] - The company manages foreign exchange risk by analyzing sales orders and expected payments in foreign currencies, and by holding cash and bank deposits in the respective currencies through its subsidiaries in Hong Kong, Vietnam, and Sri Lanka[55] Employee and Workforce - The company employs 10,683 full-time employees as of June 30, 2024, an increase from 9,604 on December 31, 2023, mainly due to overall capacity expansion[57]