Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 3,977,617 thousand, representing a 12.2% increase from HKD 3,544,797 thousand in the same period of 2023[3] - Gross profit for the same period was HKD 938,017 thousand, with a gross margin of 23.6%, compared to HKD 842,710 thousand and a margin of 23.8% in 2023[3] - Profit attributable to the company's owners was HKD 67,619 thousand, an increase of 86.0% from HKD 36,352 thousand in the previous period[3] - Adjusted profit attributable to the company's owners was HKD 203,188 thousand, with an adjusted EBITDA of HKD 642,640 thousand, compared to HKD 196,574 thousand and HKD 645,976 thousand respectively in 2023[3] - The company reported a net profit of HKD 67,619,000 for the six months ended September 30, 2024, down from HKD 106,823,000 in the same period of 2023, indicating a decline of approximately 36.7%[29] - The adjusted net profit for the period was approximately HKD 203.2 million, reflecting a year-on-year increase of 3.4%[68] - Net profit for the first half of FY2025 was approximately HKD 67.6 million, a decrease of 36.7% from FY2024's first half, but an increase of 86.0% compared to HKD 36.4 million in the second half of FY2024[105] Expenses and Costs - Research and development expenses increased to HKD 154,092 thousand from HKD 128,663 thousand, reflecting a focus on innovation[7] - The company’s total distribution and selling expenses for the six months ended September 30, 2024, were HKD 84,273,000, compared to HKD 77,578,000 in the same period of 2023, indicating an increase of approximately 8.9%[29] - General and administrative expenses rose from approximately HKD 269.0 million in the first half of fiscal year 2024 to approximately HKD 324.3 million in the first half of fiscal year 2025, with the percentage of total revenue increasing from 7.6% to 8.2%[95] - Special relocation costs incurred in the first half of fiscal year 2025 amounted to approximately HKD 127.2 million, compared to HKD 90.3 million in the first half of fiscal year 2024, including employee compensation and fixed asset write-offs[98] - Financial cost for the first half of FY2025 increased to approximately HKD 173.6 million, representing 4.4% of total revenue, up from HKD 154.7 million in FY2024[100] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 9,062,099 thousand, up from HKD 8,602,750 thousand as of March 31, 2024[9] - Total liabilities increased to HKD 5,579,106,000 as of September 30, 2024, compared to HKD 5,232,275,000 as of March 31, 2024, representing an increase of approximately 6.63%[11] - Current liabilities rose to HKD 1,877,280,000 from HKD 1,501,871,000, marking an increase of about 25.00%[11] - Non-current liabilities slightly decreased to HKD 3,701,826,000 from HKD 3,730,404,000, a decrease of approximately 0.76%[11] - Trade receivables as of September 30, 2024, amounted to HKD 1,106,951,000, compared to HKD 1,027,483,000 as of March 31, 2024[53] Market and Segment Performance - The company operates in four segments: intimate apparel, sports products, consumer electronics accessories, and cups and other accessories[23] - The intimate apparel segment generated approximately HKD 2,248.2 million in revenue, a year-on-year increase of 1.7%, accounting for 56.5% of total revenue, with a gross profit of HKD 552.0 million and a gross margin of 24.6%[70] - The sports products segment saw revenue rise to approximately HKD 1,327.0 million, a 33.5% increase year-on-year, representing 33.4% of total revenue, with a gross profit of HKD 303.2 million and a gross margin of 22.9%[73] - The consumer electronics accessories segment reported revenue of approximately HKD 243.8 million, up 52.1% year-on-year, contributing 6.1% to total revenue, with a gross profit of HKD 48.6 million and a gross margin of 20.0%[75] - Victoria's Secret China generated revenue of HKD 885.7 million, a slight increase of 0.3% year-on-year, with a net profit of HKD 18.1 million, facing pressure from weak consumer sentiment[78] Future Outlook and Strategy - The company continues to explore market expansion opportunities and new product development strategies to drive future growth[5] - The group anticipates a low-teens level year-on-year revenue growth for the fiscal year 2025, driven by a recovery in order visibility and production capacity[124] - The intimate apparel segment is expected to achieve low single-digit year-on-year revenue growth in fiscal year 2025, focusing on expanding shapewear offerings and collaborating with emerging quality brands[124] - The sports products segment is projected to achieve double-digit year-on-year revenue growth in fiscal year 2025, supported by product innovation and the rapid development of the Bonding apparel business[125] - The consumer electronics accessories segment is expected to show significant improvement in performance for fiscal year 2025, driven by increased demand for VR products and new product launches from major brand partners[125] Corporate Governance and Compliance - The company has not adopted any new or revised standards that would have a significant impact on its performance and financial position[21] - The company has appointed Mr. Hong Youli (also known as Hong Youyi) as both Chairman and CEO, believing this will enhance the efficiency and effectiveness of business strategy formulation and execution[145] - The board consists of five executive directors and three independent non-executive directors, ensuring a high level of independence[145] - The audit committee, composed of three independent non-executive directors, is responsible for overseeing financial and accounting policies, risk management, and internal control systems[147] - The independent auditor has reviewed the interim financial results in accordance with the relevant standards, ensuring the integrity of financial reporting[148] Sustainability and Social Responsibility - The company has achieved recognition for its long-term investments in sustainable development, including the completion of the first stage qualification verification for its carbon reduction targets under the Science Based Targets initiative (SBTi)[135] - The company emphasizes the importance of environmental, social, and governance (ESG) factors in driving sustainable development and has made progress in its four key areas of sustainable development agenda[132] - The company has completed the installation of solar power generation modules at its Vietnam C plant and plans to install solar facilities at its Xing'an and Zhaoqing production bases in the second half of the fiscal year and next year[133]

Financial Performance - Revenue for the year ended March 31, 2024, was HK$7,016,802, a decrease of 10.9% from HK$7,879,287 in 2023[21]. - Gross profit decreased by 16.7% to HK$1,583,567, representing 22.6% of revenue, compared to 24.1% in the previous year[21]. - Profit attributable to owners of the Company fell by 62.6% to HK$143,175, down from HK$383,258 in 2023[21]. - Adjusted profit attributable to owners of the Company decreased by 24.2% to HK$316,471, compared to HK$417,387 in the prior year[21]. - Earnings per share decreased to 11.7 HK cents from 31.3 HK cents in 2023[21]. - The Group recorded revenue of approximately HK$7,016.8 million for Fiscal 2024, representing a year-on-year decrease of 10.9% from HK$7,879.3 million in Fiscal 2023[61]. - Net profit for Fiscal 2024 was approximately HK$143.2 million, a decrease of 62.6% year-on-year, with a net profit margin of 2.0%, down 2.9 percentage points from 4.9% in Fiscal 2023[61]. - Adjusted EBITDA decreased by 11.8% to approximately HK$1,185.3 million, with an adjusted EBITDA margin of 16.9%, down 0.2 percentage points from 17.1% in Fiscal 2023[62]. - The total revenue decreased by 10.9% from approximately HK$7,879.3 million in Fiscal 2023 to approximately HK$7,016.8 million in Fiscal 2024[100]. - The Group's net current assets amounted to approximately HK$1,489.8 million as of March 31, 2024, down from HK$1,585.6 million in Fiscal 2023[63]. - The Group's net debt increased to approximately HK$3,530.5 million as of 31 March 2024, up from HK$3,283.5 million as of 31 March 2023, resulting in a net gearing ratio of 104.7%[143][145]. Production and Operations - The Group has established production bases in China and Vietnam to support domestic market growth and export business expansion[3]. - The major production base in Vietnam has been operational since 2016, supporting the growth of the export business[3]. - The company emphasized the importance of cost management and control, achieving record-high production efficiency at its Vietnam facilities[39]. - The Group's production efficiency reached record highs in its core business segments during Fiscal 2024, with plans to resume recruitment in Vietnam as orders recover[91]. - The relocation of production lines for consumer electronics and other products was completed during Fiscal 2024, with further adjustments expected to accommodate order deliveries[96]. - The new Zhaoqing production base is designed to meet world-leading standards, incorporating automated production lines and advanced information management systems to enhance production efficiency[187]. - The Zhaoqing production base will support the Group's growing business in the PRC and assist international brands in developing the local market[189]. - The Group aims to reduce manpower by 20% while maintaining the same production value to improve personnel productivity and reflect innovation advantages in gross profit margin growth[193]. Sustainability and Social Responsibility - Regina Miracle has set four sustainability goals for 2030, focusing on carbon reduction, waste management, sustainable innovation, and community development[4]. - The Group's commitment to social responsibility aligns with the United Nations' 2030 Sustainable Development Goals[4]. - The Group has made significant progress in carbon reduction, waste management, innovative development, talent nurturing, and community engagement over the past year[200]. - The establishment of a comprehensive governance framework for ESG has improved decision-making and implementation efficiency within the Group[200]. - The Group actively promotes sustainable development strategies and integrates environmental and social responsibility into its management practices[200]. - The recognition received by the Group serves as validation of its commitment to meeting the expectations of international brands for green production[200]. - The Group's efforts in sustainability have positioned it favorably in the competitive landscape of the manufacturing sector[200]. - The Group's initiatives in diversity, equality, and inclusion have been acknowledged, marking a significant milestone in its corporate social responsibility efforts[200]. Market and Business Strategy - The company focused on prioritizing core businesses and bolstering principal operations, particularly in intimate wear and sports products[31]. - The company is prioritizing core segments and strengthening core operations to navigate uncertainties in the macro environment, focusing on restructuring and development opportunities[56]. - The joint venture with Victoria's Secret has positively impacted the company's business in the Chinese market, providing valuable experience for collaboration with more brands[58]. - The Group will continue to prioritize core businesses, particularly intimate wear and sports products, to solidify its market position and stability[176]. - The Group anticipates a recovery in order demand in Fiscal 2025, leading to a rebound in total revenue[172]. - Revenue from the intimate wear segment is expected to grow at a low-to-mid single-digit rate due to recovering orders from major brand partners[173]. - The sports products segment is projected to achieve double-digit revenue growth, driven by steady recovery in sports bras and mid-double-digit growth in bonding apparel[173]. - The Group's bonding apparel business is recognized by target brand partners, with accelerating order growth and potential for significant market expansion[181]. - Orders for Santoni seamless related products recorded double-digit growth, indicating effective breakthroughs in product R&D and sales expansion[182]. - The Group has successfully introduced several products developed for the PRC market to overseas markets, creating new growth opportunities for its IDM business[200]. Research and Development - Regina Miracle's innovative design manufacturer (IDM) business model leverages three core technologies: computer-aided mold design, 3D compression molding, and seamless bonding[2]. - New patented bonding craftsmanship is expected to drive business breakthroughs and expand product categories[38]. - The company is focusing on technology upgrades centered around the patented bonding process, which has a market lead of 5 to 10 years, enhancing product quality and production efficiency[41]. - The Group has made significant progress in the development of Bonding technology, achieving a market lead of 5 to 10 years and identifying increasing demand for Bonding apparel products[183]. - The Santoni seamless product line recorded double-digit order growth, with expectations for continued growth in the coming year[184]. Financial Management - The company plans to reduce finance costs by actively reducing debt and optimizing the existing debt structure from Fiscal 2026 to 2028, aiming to lower the net gearing ratio to a healthy level[44]. - General and administrative expenses as a percentage of total revenue decreased from 8.9% in Fiscal 2023 to 8.0% in Fiscal 2024, attributed to operational streamlining and exchange gains[124]. - Research and development costs increased from approximately HK$235.8 million in Fiscal 2023 to approximately HK$267.5 million in Fiscal 2024, representing 3.8% of total revenue[126]. - Finance costs rose from approximately HK$293.5 million in Fiscal 2023 to approximately HK$337.0 million in Fiscal 2024, with the percentage of total revenue increasing from 3.7% to 4.8%[133].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The report highlights a significant recovery in revenue from sports products, driven by the company's streamlined operations and improved production efficiency [3]. - The company is well-positioned to capitalize on industry consolidation and supply chain optimization opportunities, particularly with its main production base in Vietnam [3]. - The report anticipates a rebound in orders for sports products starting from the fourth quarter of FY2024, with a notable recovery trend observed in the second half of the fiscal year [3]. Summary by Sections Business Overview - The company has initiated a new round of recruitment for its international high-tech industrial park project in Zhaoqing, which integrates product R&D, manufacturing, and sales [2]. - The relocation of the Shenzhen production base to Zhaoqing is progressing well, with production lines for consumer electronics accessories, cups, and molded products completed by FY2024 [2]. Financial Performance - For FY2024, the company reported revenues of HKD 7.017 billion, a decrease of 11% year-on-year, with net profit dropping by 63% to HKD 143 million [6]. - The revenue breakdown shows a decline in various product categories, with intimate apparel and sports products experiencing a decrease of 6.9% and 5.1% respectively [3]. - The company’s gross margin decreased by 1.5 percentage points to 22.6%, while the net profit margin fell by 2.9 percentage points to 2% [5]. Future Projections - The report forecasts revenues of HKD 8.062 billion, HKD 9.038 billion, and HKD 9.956 billion for FY2025, FY2026, and FY2027 respectively, with corresponding net profits of HKD 200 million, HKD 304 million, and HKD 399 million [6][7]. - The expected P/E ratios for the upcoming years are projected to decrease from 20.4 in FY2024 to 7.3 by FY2027, indicating a potential increase in valuation attractiveness [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27]. Core Views - The company is expected to see improved orders in FY2024H2, with growth anticipated in the seamless clothing category [10][27]. - Despite a decline in revenue and net profit in FY2024, the company is projected to recover with a focus on core technology and product expansion [27][23]. Summary by Sections FY2024 Performance Overview - The company reported FY2024 revenue of HKD 70.17 billion, a decrease of 10.9%, and a net profit of HKD 1.43 billion, down 62.6% [10][11]. - FY2024H1 revenue was HKD 35.45 billion (-23.16%), while FY2024H2 revenue improved to HKD 34.72 billion (+6.31%) [10][11]. Profitability Analysis - The overall gross margin for FY2024 was 22.6%, down 1.5 percentage points, primarily due to reduced revenue leading to operational deleveraging [13][16]. - The net profit margin for FY2024 was 2.04%, a decline of 2.82 percentage points, attributed to sales decline and increased restructuring and financial costs [16][13]. Product Innovation and Market Strategy - The company is focusing on differentiated product innovation, with expectations for mid-single-digit growth in intimate apparel and double-digit growth in bonding clothing [23][24]. - The company aims to deepen its market presence in China, with sales in the Chinese market increasing from HKD 13.54 billion to HKD 13.83 billion from FY2022 to FY2024 [24][25]. Financial Forecast and Investment Recommendations - The company has adjusted its profit forecasts for FY2025-2027, predicting net profits of HKD 1.9 billion, HKD 3.0 billion, and HKD 5.5 billion respectively [27]. - The current stock price corresponds to a P/E ratio of 15.2 for FY2025, indicating potential for growth as the company recovers from recent challenges [27][7].

我们想先请公司简单的介绍一下二四财年的业绩情况李姐谢谢 谢谢这项帮我们组织这次投资人的会议我先简单花15分钟跟大家分享一下我们二四财年的一些情况在全年实现的收入在70.2亿港币同比下跌10亿% 那其中下半年的收入是34.7亿和上半年相当同比去年的下半年我们有一个6.3%的一个修复性的增长在毛利率方面我们去年全年的毛利率为22.6%那同比去年减少1.5个百分点在利润方面全年实现利润1.43亿同比下滑是63%利润率2% 折旧息税前的利润大概10个亿港元同比下滑23%EBITDA的比率是14.4%其中24财年下半年我们受到一些规模效应不佳重组成本跟财务费用的一些不利的影响利润承受了比较大的一些压力 那如果我们把公领股偿等这些重组费用把它剔除掉我们调整后这个净利润跟EBITDA分别是3.2跟12亿港币占收入的比重分别是4.5%及17%同比整个下滑的幅度均有比较大的一个收窄那我们从品类上面看 我们受到二三财年集团上半年高基数的一个影响我们二四财年整个品类均出现了不同程度的收入下滑但核心业务板块贴身内衣跟运动产品下滑的幅度为中单位数低于集团的整体幅度在下半年贴身内衣的下滑幅度已经收窄到低单位数 运动产品在二次财年下半年则 ...

Financial Performance - Revenue for the fiscal year ended March 31, 2024, was HKD 7,016,802, a decrease of 10.9% from HKD 7,879,287 in the previous year[2] - Gross profit for the same period was HKD 1,583,567, representing a gross margin of 22.6%, down from 24.1% in the prior year[2] - Adjusted profit attributable to the company's owners was HKD 316,471, a decrease of 24.2% compared to HKD 417,387 in the previous year[2] - Basic and diluted earnings per share were HKD 11.7, down from HKD 31.3 in the previous year[5] - The net profit for the period was HKD 143,175,000, reflecting a decrease compared to the previous fiscal year, where the net profit was HKD 383,258,000[24] - Overall gross profit decreased from approximately HKD 1,902.1 million in fiscal year 2023 to approximately HKD 1,583.6 million in fiscal year 2024, with the gross profit margin declining by 1.5 percentage points to 22.6%[63] - The company reported a total of HKD 24,257,000 in other income for the fiscal year ending March 31, 2024[22] - Other income fell from approximately HKD 38.0 million in fiscal year 2023 to approximately HKD 24.3 million in fiscal year 2024, primarily due to a reduction in government subsidies[63] - The company reported a total tax expense of HKD 9,002,000 for 2024, a decrease of 87.7% from HKD 72,963,000 in 2023[34] - The income tax expense for FY2024 is approximately HKD 9.0 million, a significant decrease from HKD 73.0 million in FY2023[66] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 2.2 per share, compared to HKD 1.8 in the previous year[2] - The board proposed a final dividend of HKD 2.2 cents per share for the fiscal year 2024, compared to HKD 1.8 cents per share in fiscal year 2023[39] - The company has proposed a final dividend of HKD 0.022 per share, totaling approximately 48.7% of the group's net profit for the year ended March 31, 2024[92] Assets and Liabilities - Total assets as of March 31, 2024, were HKD 8,602,750, a slight decrease from HKD 8,682,290 in the previous year[11] - Total liabilities increased to HKD 5,232,275 from HKD 5,135,028 in the previous year[11] - Cash and cash equivalents decreased to HKD 623,117 from HKD 675,028 in the previous year[10] - The company’s current assets net value was approximately HKD 1,489.8 million for fiscal year 2024, down from HKD 1,585.6 million in 2023[47] - As of March 31, 2024, the net debt is approximately HKD 3,530.5 million, an increase from HKD 3,283.5 million as of March 31, 2023[67] Operational Segments - For the fiscal year ending March 31, 2024, total revenue from the five business segments amounted to HKD 7,016,802,000, with the highest contribution from the intimate apparel segment at HKD 4,121,437,000[22] - The intimate apparel segment generated approximately HKD 4,121.4 million in revenue for FY2024, a decrease of 6.9% from HKD 4,424.8 million in FY2023, accounting for 58.7% of total revenue[48] - The sports products segment contributed revenue of about HKD 2,311.5 million in FY2024, down 5.1% from HKD 2,436.3 million in FY2023, representing 32.9% of total revenue[49] - The consumer electronics accessories segment saw revenue decline by 23.1% to approximately HKD 285.6 million in FY2024, down from HKD 371.5 million in FY2023, making up 4.1% of total revenue[51] - Revenue from the cups and other accessories segment fell by 25.0% to approximately HKD 241.9 million in FY2024, compared to HKD 322.6 million in FY2023, accounting for 3.5% of total revenue[52] - The footwear segment reported revenue of approximately HKD 56.3 million in FY2024, a significant drop from HKD 324.0 million in FY2023, contributing only 0.8% to total revenue[53] Research and Development - Research and development expenses rose to HKD 267,463, compared to HKD 235,765 in the previous year[5] - Research and development costs for the fiscal year were HKD 267,463,000, indicating a focus on innovation and product development[22] - Research and development costs increased from approximately HKD 235.8 million in fiscal year 2023 to approximately HKD 267.5 million in fiscal year 2024, representing 3.8% of total revenue, up from 3.0% in the previous year[64] Financial Costs and Expenses - Total financial costs for 2024 amounted to HKD 334,615,000, compared to HKD 290,335,000 in 2023, indicating an increase of 15.3%[31] - Financial costs rose from approximately HKD 293.5 million in fiscal year 2023 to approximately HKD 337.0 million in fiscal year 2024, with the percentage of financial costs to total revenue increasing from 3.7% to 4.8% due to global interest rate hikes[65] - Total distribution and selling expenses were HKD 152,270,000, while general and administrative expenses were HKD 561,126,000, indicating significant operational costs[22] Corporate Governance - The company has established five board committees to ensure effective corporate governance and transparency for all shareholders[85] - The board consists of five executive directors and three independent non-executive directors, ensuring a high level of independence[86] - The audit committee, chaired by Dr. Ko Ching Fai, is responsible for overseeing the financial and accounting policies of the group[88] - The company has adopted the standard code for securities trading by directors, confirming compliance as of March 31, 2024[90] Strategic Initiatives - The company aims to enhance its market presence through strategic decisions made by the primary operating decision-maker, focusing on performance evaluation and resource allocation[21] - The company’s strategy focuses on strengthening core operations amidst macroeconomic uncertainties and exploring growth opportunities in the Chinese market[45] - The company aims to enhance asset turnover and precisely plan capital expenditures to support product innovation and maintain competitive advantages[80] - The company plans to actively reduce debt from fiscal years 2026 to 2028, targeting a healthy net debt ratio to optimize financial conditions and enhance shareholder returns[81] Sustainability Efforts - The company’s new production base in Zhaoqing has received LEED Gold certification, demonstrating its commitment to sustainable development and meeting international green production expectations[83] - The company plans to submit science-based emission reduction targets to the Science Based Targets initiative in fiscal year 2025, further promoting the application of clean energy[83] - The company has been recognized as one of the "Top 100 Sustainable Enterprises in Vietnam" for three consecutive years, highlighting its ongoing efforts in sustainability[83] Future Outlook - The company expects a recovery in order demand entering FY2025, driving overall revenue growth[74] - The intimate apparel segment is projected to achieve low single-digit revenue growth in FY2025[74] - The sports products segment is expected to see double-digit growth, becoming a major growth driver for the company[74] - The consumer electronics accessories segment is expected to recover revenue growth in FY2025 as market demand stabilizes and brand partners' products undergo initial market validation[75]

Financial Performance - Revenue for the six months ended September 30, 2023, was HK$3,544,797, a decrease of 23.2% compared to HK$4,613,295 for the same period in 2022[8]. - Profit attributable to owners of the Company for the period was HK$106,823, representing a decline of 65.9% from HK$312,965 in the previous year[8]. - Adjusted profit attributable to owners of the Company was HK$196,574, down 45.8% from HK$362,686 in the prior year[8]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the period was HK$556,225, a decrease of 31.4% from HK$811,016 in the same period last year[8]. - Basic and diluted earnings per share for the six months ended September 30, 2023, were 8.7 HK cents, down from 25.6 HK cents in the previous year[10]. - The gross profit margin for the period was 23.8%, compared to 25.3% in the same period of 2022[8]. - Gross profit decreased by 27.9% to approximately HK$842.7 million, with a gross profit margin of 23.8% compared to 25.3% in 1HF2023[15]. - Net profit for the Period was approximately HK$106.8 million, a decrease of 65.9% year-on-year, resulting in a net profit margin of 3.0%[15]. - The Group's EBITDA decreased by 31.4% to approximately HK$556.2 million, with an EBITDA margin of 15.7%[15]. - Adjusted EBITDA decreased by 25.0% to approximately HK$646.0 million, with an adjusted EBITDA margin of 18.2%[15]. - The Group's operating profit for 1HF2024 was approximately HK$287.9 million, with an operating profit margin of 8.1%[62]. - Net profit in 1HF2024 was approximately HK$106.8 million, resulting in a net profit margin of 3.0%, an increase of 52.0% compared to HK$70.3 million in 2HF2023[62]. Revenue Breakdown - The intimate wear segment contributed revenue of approximately HK$2,210.7 million, accounting for 62.4% of total revenue, with a year-on-year decrease of 10.3%[19]. - Sports products revenue decreased by 33.0% year-on-year to approximately HK$994.2 million, accounting for 28.0% of total revenue, with a gross profit margin of 22.9%[20]. - Consumer electronics components revenue was approximately HK$160.3 million, down 38.0% year-on-year, representing 4.5% of total revenue, with a gross profit margin of 20.0%[24]. - Revenue from bra pads and other accessory products was approximately HK$134.8 million, a decrease of 36.6% year-on-year, accounting for 3.8% of total revenue, with a gross profit margin of 22.6%[25]. - Footwear segment revenue fell to approximately HK$44.6 million, down 77.0% year-on-year, representing 1.3% of total revenue, with a gross profit margin of 18.0%[27]. - VS China revenue increased by 51.1% year-on-year to HK$882.9 million, contributing significantly to the Group's IDM business with a net profit of HK$21.8 million[28]. - Revenue from intimate wear decreased by 10.3% to HK$2,210.7 million, while sports products and consumer electronics components saw declines of 33.0% and 37.9% respectively[36]. Cost and Expenses - Cost of sales as a percentage of total revenue increased from 74.7% in 1HF2023 to 76.2% in 1HF2024, primarily due to decreased revenue and lower capacity utilization[43]. - Overall gross profit decreased from approximately HK$1,168.4 million in 1HF2023 to approximately HK$842.7 million in 1HF2024, with a gross profit margin decrease of 1.5 percentage points to 23.8%[46][47]. - Distribution and selling expenses decreased from approximately HK$103.4 million in 1HF2023 to approximately HK$77.6 million in 1HF2024, remaining stable at 2.2% of total revenue[52]. - General and administrative expenses decreased from approximately HK$393.3 million in 1HF2023 to approximately HK$269.0 million in 1HF2024, with a percentage of total revenue decrease from 8.5% to 7.6%[53]. - Research and development costs remained relatively stable at approximately HK$128.7 million in 1HF2024 and approximately HK$126.0 million in 1HF2023, with the percentage of total revenue increasing from 2.7% to 3.6%[53]. Strategic Initiatives - The Company is focusing on new product development and market expansion strategies to enhance future performance[7]. - The Company plans to explore potential mergers and acquisitions to strengthen its market position[7]. - The management remains optimistic about future growth despite the current financial challenges[7]. - The Group aims to optimize production processes through vertical integration, smart management, automation, and localized supply chains[33]. - The Group aims to deepen collaborations with existing brand partners while actively seeking new partnerships to expand market share[79]. - The Group is reallocating resources from the footwear segment to outerwear, leveraging seamless bonding craftsmanship to fill the revenue gap[83]. - The Group is focusing on enhancing competitive strengths in intimate wear and sports segments to absorb potential fluctuations in other business areas[87]. Market Conditions - Consumer sentiment remains cautious, impacting the textile and retail industries, leading to a tepid overall market recovery[12]. - The ongoing destocking cycle is nearing its mid-to-late stage, contributing to a gradual recovery in overall market sentiment[80]. - The trend of increasing market concentration is expected to benefit leading brands, allowing them to gain market share even during downturns[79]. - The Group's revenue from the domestic market accounted for over 15% of total revenue during the Period, indicating significant growth in the Chinese market[98]. - E-commerce business revenue for VS China grew by over 100%, contributing to the overall growth of the Group's IDM business in the PRC market[98]. Financial Position - As of September 30, 2023, the Group's current ratio was 2.1, and net debt was approximately HK$3,589.1 million[63]. - The net gearing ratio increased to 111.3% as of September 30, 2023, compared to 92.6% on March 31, 2023[63]. - Total capital expenditures for 1HF2024 amounted to approximately HK$491.3 million, significantly higher than HK$207.2 million in 1HF2023[65]. - The Group employed a total of 35,140 full-time staff as of September 30, 2023, with total staff costs amounting to approximately HK$1,171.7 million, representing 33.1% of total revenue[74]. - Trade receivables increased to HK$1,078,957 from HK$710,534, indicating a rise of 51.7%[120]. - Current liabilities increased to HK$1,379,477 from HK$1,318,808, reflecting a rise of 4.6%[120]. Research and Development - Research and development costs for the period amounted to HK$128,663,000, reflecting the company's commitment to innovation[166]. - The Group's latest bra pad technologies have enhanced the wearing experience of core product categories, including intimate apparel and sports bras[89]. - The company is entitled to claim a super deduction of 200% on research and development expenses for tax purposes, effective from 2022[197]. Sustainability and ESG - The Group has made significant progress in energy conservation, waste reduction, and the use of environmentally friendly raw materials[102]. - The Group's commitment to ESG practices is integral to its corporate sustainability strategy, aligning with the 2030 Sustainable Development Goals[101]. - The Zhaoqing factory's first phase received LEED Gold Certification in June 2023, enhancing sustainability compliance for international brand partners[102].

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 就 因 本 公 告 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Regina Miracle International (Holdings) Limited 維珍妮國際（控股）有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2199） 截 至2023年9月30日止六個月的 中期業績公告 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------|--------------------------|---------------------|-------------------------|--------------------------------------|----------------------------- ...

Financial Performance - For the fiscal year 2023, Regina Miracle reported a total revenue of HKD 2.1 billion, representing a 10% increase compared to HKD 1.9 billion in fiscal year 2022[20]. - Revenue for Fiscal 2023 was approximately HK$7,879.3 million, a decrease of 5.6% compared to HK$8,346.7 million in Fiscal 2022[26]. - Net profit for the year was HK$383.3 million, with an operating profit of HK$787.8 million, reflecting a year-on-year increase of 3.8%[26]. - Basic earnings per share decreased to HK31.3 cents from HK42.5 cents in the previous year[22]. - The Group recorded revenue of approximately HK$7,879.3 million for the fiscal year, a year-on-year decrease of 5.6% from HK$8,346.7 million in Fiscal 2022[57]. - Gross profit decreased by 7.0% to approximately HK$1,902.1 million, with a gross profit margin of 24.1%, down 0.4 percentage points from 24.5% in Fiscal 2022[57]. - Net profit decreased from approximately HK$520.7 million in Fiscal 2022 to approximately HK$383.3 million in Fiscal 2023, resulting in a net profit margin decline from 6.2% to 4.9%[86]. - The Group's adjusted EBITDA decreased by 0.2% to approximately HK$1,385.4 million, with an adjusted EBITDA margin of 17.6%, up 1.0 percentage point from 16.6% in Fiscal 2022[57]. Market Expansion and Strategy - The company plans to enter new markets in Southeast Asia, targeting a 25% growth in market share over the next three years[4]. - Regina Miracle's strategic partnerships with international brands contributed to 70% of its total revenue, highlighting the importance of brand collaborations[20]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence, with a focus on complementary brands in the intimate wear sector[4]. - The company anticipates business growth momentum in the first and second quarters of the new fiscal year, expecting a half-on-half improvement for the first six months[51]. - The Group plans to redeploy production space from the footwear business to the seamless bonding apparel business, expecting rapid growth in this category to offset income shortfalls[90]. - The Group aims to leverage industry reshuffling to increase cooperation with domestic brands and expand revenue from the Chinese market[98]. Production and Efficiency - The company expanded its production capacity in Vietnam, which has been a key driver for its export business growth since 2016[4]. - Focus has shifted from capacity expansion to improving overall efficiency, with initiatives in production automation and supply chain localization[32]. - The establishment of a new production base in Zhaoqing, Guangdong, will commence operations in phases in the upcoming fiscal year, replicating past successes in production efficiency[33][34]. - The Group is enhancing production capacity through automation, digitalization, and supply chain localization to improve efficiency and reduce costs[66]. - The Group aims to maintain production scale with approximately 20% less manpower if sales volumes return to peak levels, reflecting improved production efficiency[92]. Sustainability and Corporate Responsibility - Regina Miracle aims to achieve a 20% reduction in carbon emissions by 2030 as part of its commitment to sustainable development[4]. - The company has received multiple awards for its commitment to sustainability, including recognition as one of the "Top 100 Sustainable Businesses in Vietnam" and a "Green Factory" honor for its Shenzhen facility[46]. - The company is committed to corporate social responsibility, focusing on carbon reduction, waste management, and sustainable innovation[42][45]. - Regina Miracle has set clear sustainable development goals in carbon reduction, waste management, sustainable innovation, and community engagement under the "2030 Sustainable Development Agenda"[102]. Challenges and Market Conditions - Challenges faced include tightened monetary policies, high inflation, and reduced demand in developed economies, impacting consumer sentiment[24]. - The textile and retail industries are undergoing a destocking cycle, leading to adjustments in performance across all segments[24]. - The company achieved record high revenue in the first half of the fiscal year, but faced a significant decrease in order volume in the second half due to inflationary pressures and high inventories among brand partners[54]. Leadership and Governance - The company has a strong leadership team with extensive experience in their respective fields, enhancing operational efficiency and innovation[106]. - The Group's Chairman, YY Hung, was recognized as one of the "2023 Greater Bay Area Best 30 ESG Entrepreneurs" by Forbes China, highlighting the Group's leadership and innovation[102]. - The Board comprises five executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[192]. - The company emphasizes good corporate governance practices, which are essential for effective management and enhancing shareholder value[190]. Research and Development - The company has invested HKD 50 million in R&D for new product development, focusing on innovative intimate wear technologies[4]. - The Group's focus on R&D and product design is expected to drive future growth and market expansion[104]. - The latest seamless bonding technology will be promoted to expand its application from intimate wear to outerwear, enriching the product portfolio[93]. Financial Management - The Group's total undrawn banking facilities amounted to approximately HK$3,783.6 million as of March 31, 2023, compared to HK$2,371.0 million on March 31, 2022[57]. - The Group's income tax expense was approximately HK$73.0 million in Fiscal 2023, down from HK$96.8 million in Fiscal 2022[86]. - The Group's financial reporting is overseen by Mr. Law, who has approximately 22 years of experience in auditing and corporate finance[120].

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 就 因 本 公 告 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Regina Miracle International (Holdings) Limited 維珍妮國際（控股）有限公司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：2199） 截 至2023年3月31日止年度的 全年業績公告 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-----------------|-------|---------------|----------------------------------------|------------------|-------| | | | | | | | | | 財務概要 | | | 截 至 3 月 31 | 日止年度 | | | | | 20 ...