Financial Performance - For the six months ended September 30, 2020, the Group reported revenue of HK$2,517,590, a decrease of 19.5% compared to HK$3,128,701 in the same period last year [12]. - The Group's gross profit for the same period was HK$487,035, representing a gross margin of 19.3%, down from 22.5% in the previous year [13]. - The loss attributable to owners of the Company was HK$32,426, compared to a profit of HK$141,423 in the prior year, marking a significant decline of 122.9% [13]. - The basic and diluted loss per share for the period was HK$(2.6), compared to earnings of HK$11.6 per share in the previous year [12]. - The Group recorded a net loss of approximately HK$32.4 million, compared to a net profit of HK$141.4 million in the same period last year [23]. - Net profit decreased from approximately HK$141.4 million in 1HF2020 to a net loss of approximately HK$32.4 million in 1HF2021, resulting in a net profit margin decline from 4.5% to a net loss margin of 1.3% [68]. - The Group's EBITDA for the period was approximately HK$288.3 million, with an EBITDA margin of 11.5% [22]. - Operating profit decreased significantly to HK$14,299, compared to HK$209,054 in the prior year, reflecting a decline of 93.2% [101]. Impact of COVID-19 - The Group's operations were significantly impacted by the COVID-19 pandemic, particularly in the first quarter of Fiscal 2021, with a year-on-year revenue decline of approximately 30% [16]. - The introduction of fabric face masks helped the Group to better utilize its capacity and contributed to revenue generation during the pandemic [17]. - By the second quarter, the revenue decline narrowed to below 10% as operations resumed and order placements increased [17]. - The Group anticipates a meaningful rebound in order demand for the second half of Fiscal 2021, with expectations of returning to growth compared to the same period last year [17]. - The management remains optimistic about future performance as certain regions gain control over the pandemic, allowing partners to resume operations [17]. Revenue Breakdown - The bras and intimate wear segment contributed approximately HK$1,521.0 million in revenue, accounting for 60.5% of the Group's total revenue, with a year-on-year decrease of 41.1% [26]. - Revenue from bras and intimate wear products was approximately HK$1,521.0 million, a year-on-year decrease of 41.1%, accounting for 60.5% of total revenue [28]. - Revenue from functional sports products increased by HK$188.0 million, or 92.7%, to approximately HK$390.8 million in 1HF2021, representing 15.5% of total revenue [45]. - Revenue from pandemic prevention products amounted to approximately HK$373.4 million in 1HF2021, accounting for 14.8% of total revenue [45]. - Revenue from sales of bra pads and other molded products decreased by HK$113.2 million, or 32.8%, to approximately HK$232.4 million in 1HF2021, accounting for 9.2% of total revenue [45]. Cost and Expenses - Gross profit decreased by 30.8% to approximately HK$487.0 million, with a gross profit margin of 19.3% [22]. - Cost of sales decreased from approximately HK$2,425.0 million in 1HF2020 to approximately HK$2,030.6 million in 1HF2021 [49]. - Employee benefit expenses for production personnel were approximately HK$804.3 million in 1HF2021, representing 31.9% of total costs [48]. - Distribution and selling expenses decreased from approximately HK$82.1 million in 1HF2020 to approximately HK$62.7 million in 1HF2021, reflecting a decrease in freight and transportation expenses [59]. - General and administrative expenses decreased from approximately HK$332.2 million in 1HF2020 to approximately HK$298.1 million in 1HF2021, mainly due to a reduction in employee benefit expenses [60]. - Research and development costs decreased from approximately HK$107.9 million in 1HF2020 to approximately HK$90.9 million in 1HF2021, primarily due to a decrease in employee benefit expenses [61]. Cash Flow and Liquidity - Net cash generated from operating activities decreased by HK$380.9 million to approximately HK$78.2 million in 1HF2021 from approximately HK$459.1 million in 1HF2020 [69]. - Net cash used in investing activities amounted to approximately HK$365.9 million in 1HF2021, primarily for the purchase of property, plant, and equipment in Vietnam [69]. - Net cash generated from financing activities was approximately HK$472.8 million in 1HF2021, mainly due to proceeds from borrowings [69]. - The current ratio increased from 1.3 as of 31 March 2020 to 1.6 as of 30 September 2020, due to a greater increase in current assets than current liabilities [69]. - The Group's net debt increased to approximately HK$3,446.1 million as of 30 September 2020, up from HK$3,002.4 million as of 31 March 2020, primarily due to increased working capital and capital expenditure [69]. Operational Adjustments - The Group streamlined its manpower and surrendered parts of the leased factory in Shenzhen, incurring one-off expenses of approximately HK$44.5 million [19]. - The Group's operational recovery is expected in the second half of the fiscal year, with a significant rebound in order demand anticipated [18]. - The Group's core business gradually returned to normal, with recruitment resuming in July 2020 to drive output in the second quarter [37]. - The Group has added new domestic e-commerce clients to mitigate pandemic impacts and expand its customer base, enhancing resilience and preparing for future growth [88]. Future Outlook - The management is confident that the business will return to a positive growth trajectory year-over-year, with a steady recovery in growth momentum [83][85]. - The Group plans to prioritize its core businesses and invest in R&D and production resources to strengthen its long-term capabilities [86]. - There is a rising demand for household and comfortable intimate wear, as well as light sportswear and functional sports products, driven by new trends post-Pandemic [86]. - The Group has expanded its presence in China over the past six months and plans to increase the proportion of domestic orders, capitalizing on China's quick recovery from the Pandemic [87]. - The management expresses gratitude to employees for their commitment during the pandemic, emphasizing unity in striving for the Group's long-term goals [94].

Financial Performance - Revenue for Fiscal 2020 was HK$6,341,010, an increase of 1.2% from HK$6,263,280 in Fiscal 2019[10] - Gross profit for Fiscal 2020 was HK$1,440,731, representing a 7.4% increase from HK$1,341,945 in Fiscal 2019[10] - EBITDA for Fiscal 2020 was HK$969,745, a significant increase of 30.0% from HK$745,856 in Fiscal 2019[10] - Basic and diluted earnings per share increased to HK$23.7 from HK$23.1 in the previous year[9] - Net profit margin for Fiscal 2020 was 4.6%, an increase of 0.1 percentage point from 4.5% in Fiscal 2019[10] - The Group recorded a revenue of HK$6,340.0 million for Fiscal 2020, representing a year-on-year increase of 1.2%; net profit grew by 2.7% to HK$290.0 million[15] - Gross profit grew by 7.4% to HK$1,440.7 million, with a gross profit margin of 22.7%, up from 21.4% in Fiscal 2019[33] - EBITDA increased by 30.0% to HK$969.7 million, resulting in an EBITDA margin of 15.3%, compared to 11.9% in the previous fiscal year[33] - Net profit rose by 2.7% to HK$290.0 million, with a net profit margin of 4.6%, slightly up from 4.5% in Fiscal 2019[33] Dividend and Shareholder Returns - Proposed final dividend remained stable at HK$4.0 per share, consistent with the previous year[9] - The total dividend for the fiscal year amounted to HK7.8 cents per share, consistent with the policy of distributing no less than 30% of net profit as dividends[15] - The Board proposed a final dividend of HK4.0 cents per share, bringing the total dividend for the fiscal year to HK7.8 cents per share, up from HK7.6 cents in Fiscal 2019[35] Production and Capacity - The company has two strategic production bases in Shenzhen, China, and Vietnam, which is crucial for its manufacturing capacity[3] - The Group's production capacity was enhanced with the commencement of operations at Vietnam Factory D and E in the first half of the fiscal year[14] - The Group's main production base in Vietnam operated normally post-Lunar New Year despite raw material supply disruptions from China[16] - The Group has adjusted its production capacity deployment, transferring most orders designated for export to the US to Vietnam, while Shenzhen has been repositioned as the R&D base[30] - The Group's production capacity in Vietnam increased, with local production rising from approximately 60% to 73% of total revenue[46] Market Outlook and Strategy - Future outlook includes ongoing investment in research and development to drive product innovation and market expansion[3] - The Group aims to expand its market presence in the large Chinese intimate apparel and functional sports products market in the medium to long term[23] - The Group plans to invest more resources for medium- to long-term expansion in the Chinese market, focusing on intimate wear and functional sports products[73] - The management believes that innovative and cost-effective products will stand out in a weak consumer market, leveraging the Group's strong IDM capabilities developed over the past 20 years[23] Impact of COVID-19 - Due to the COVID-19 pandemic, the Group expects a low double-digit decline in sales performance for the first quarter of Fiscal 2021[17] - The Group implemented cost reduction measures, including a rota system in the Shenzhen factory and plans to surrender parts of the leased factory to reduce operating expenses[19] - The Vietnam government imposed a nationwide lockdown from April 1 to April 23, 2020, affecting overall production efficiency[71] - The Group has initiated the development of pandemic prevention products, including fabric face masks and protective clothing, to meet global demand[20] Research and Development - The Group remains committed to research and development projects with brand partners to create innovative intimate wear products[21] - The company has invested $5 million in research and development to innovate new technologies in intimate wear manufacturing[89] - The company applied for Super Deduction for research and development expenses, allowing for tax deductions ranging from 150% to 175% of incurred expenses[55] Cost Management - Cost of sales as a percentage of total revenue decreased from 78.6% in Fiscal 2019 to 77.3% in Fiscal 2020, attributed to improved efficiency in Vietnam factories[51] - Cost control measures have been implemented, including adjustments to working hours and upstream supply chain management, to reduce labor and operational costs[79] - The company plans to temporarily suspend unnecessary investments in fixed assets to ensure sufficient cash flow for operations[80] Corporate Governance - The Company has adopted a share option scheme as an incentive for Directors and eligible employees[134] - The Board has established various committees, including the audit committee, remuneration committee, and nomination committee, each with defined written terms of reference[198] - The Company emphasizes good corporate governance as essential for effective management, healthy corporate culture, and enhancing shareholder value[178] Management and Leadership - The management team includes individuals with diverse backgrounds in marketing, operations, and technology, contributing to the company's strategic direction[96][100][101][103][105] - The Company aims to leverage its management's extensive industry experience to drive growth and innovation in the intimate wear market[100][103] - The Board currently consists of eight Directors, including five executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[185]

Financial Performance - Revenue for the six months ended September 30, 2019, was HK$3,128,701,000, representing a 2.1% increase from HK$3,062,917,000 in the same period of 2018[14]. - Gross profit for the same period was HK$703,700,000, reflecting a 6.9% increase from HK$658,084,000 year-on-year[14]. - Profit attributable to owners of the Company was HK$141,423,000, up 5.8% from HK$133,722,000 in the previous year[14]. - Earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached HK$441,793,000, a significant increase of 22.4% compared to HK$361,055,000 in 2018[14]. - Earnings per share increased to 11.6 HK cents from 10.9 HK cents year-on-year[14]. - Net profit increased by 5.8% from HK$133.7 million in 1HF2019 to HK$141.4 million in 1HF2020[61]. - Net profit margin improved from 4.4% in 1HF2019 to 4.5% in 1HF2020[61]. Revenue Breakdown - Revenue from bras and intimate wear products amounted to HK$2,580.3 million, representing an 8.7% year-on-year increase and accounting for approximately 82.5% of the Group's overall revenue[25]. - Revenue from bra pads and other moulded products reached HK$345.6 million, accounting for 11.0% of the Group's total revenue, with a gross profit margin of 21.6%[29]. - The functional sports products business contributed HK$202.8 million in revenue, accounting for 6.5% of the Group's total revenue, with a gross profit margin of 19.1%[31]. - Revenue from bras and intimate wear increased by HK$207.4 million, or approximately 8.7%, from HK$2,372.9 million in 1HF2019 to HK$2,580.3 million in 1HF2020, representing 82.5% of total revenue[43]. - Revenue from bra pads and other molded products amounted to HK$345.6 million in 1HF2020, an increase of approximately HK$87.7 million, or 34.0%, compared to HK$258.0 million in 1HF2019, accounting for 11.0% of total revenue[43]. - Revenue from sales of functional sports products decreased to HK$202.8 million in 1HF2020 from HK$432.0 million in 1HF2019, a decline of 53.1%[40]. Cost and Expenses - Cost of sales increased from HK$2,404.8 million in 1HF2019 to HK$2,425.0 million in 1HF2020, with the cost of sales as a percentage of total revenue decreasing from 78.5% to 77.5%[47]. - Distribution and selling expenses increased from HK$72.9 million in 1HF2019 to HK$82.1 million in 1HF2020, representing 2.6% of total revenue in 1HF2020 compared to 2.4% in 1HF2019[55]. - General and administrative expenses increased from HK$303.9 million in 1HF2019 to HK$332.2 million in 1HF2020, representing an increase of 9.5%[57]. - General and administrative expenses as a percentage of total revenue rose from 9.9% in 1HF2019 to 10.6% in 1HF2020[57]. - Finance costs increased from HK$33.5 million in 1HF2019 to HK$65.5 million in 1HF2020, a rise of 95.5%[58]. - Finance costs as a percentage of total revenue increased from 1.1% in 1HF2019 to 2.1% in 1HF2020[58]. Production and Capacity - The Company plans to enhance production scale and efficiency in its Vietnamese factories in the second half of the fiscal year to meet demand from brand partners[17]. - The Group has commenced operations in its Vietnamese Factories D and E, strengthening its production capacity layout in Vietnam[16]. - The Group's production capacity and efficiency in its Vietnamese factories have improved, contributing to continuous enhancements in profit margins[24]. - Production capacity in Vietnam accounted for approximately 65% of total revenue, significantly up from 53% in the same period last year[36]. - The Group's factories in Vietnam and Shenzhen employed approximately 34,000 and 9,500 workers respectively, with skilled workers making up 68% of the workforce in the Vietnam factories[39]. - The Group's production efficiency and profitability have improved due to the maturation of its factories in Vietnam, particularly with the commencement of operations in more automated facilities[38]. Dividends and Shareholder Returns - The interim dividend proposed is HK3.8 cents per share, up from HK3.6 cents in the previous period, aligning with the policy of distributing not less than 30% of net profit as dividends[24]. Taxation and Financial Position - Income tax expense decreased significantly from HK$25.2 million in 1HF2019 to HK$3.5 million in 1HF2020[60]. - The effective tax rate decreased from 23.3% in 1HF2019 to 14.7% in 1HF2020, primarily due to tax holidays for Vietnam subsidiaries[60]. - As of 30 September 2019, the Group's net debt increased to HK$2,762.6 million from HK$2,557.7 million as of 31 March 2019, resulting in a gearing ratio of 94.8% compared to 87.5% previously[63]. - The adjusted net gearing ratio as of 30 September 2019 was 88.6%, compared to 84.6% as of 31 March 2019, after excluding currency depreciation impacts[63]. Future Outlook and Strategy - The Group remains optimistic about future business growth and expansion plans despite global economic concerns[75]. - The management is optimistic about future business growth despite global economic concerns, focusing on production line expansion and efficiency improvements without new facility investments for the next two years[78]. - The Group aims for a balanced customer mix while continuing to develop core intimate wear and functional sports products, leveraging cross-industry competitive advantages[82]. - Increased investment in standardizing craftsmanship and automating production processes is expected to enhance production efficiency and agility[83]. - The management believes that past investments in expanding production capacity in Vietnam will lead to significant profit optimization and long-term value creation for brand partners and shareholders[84]. Accounting and Financial Reporting - The Group adopted HKFRS 16, resulting in lease liabilities recognized at HK$201,122,000 as of April 1, 2019, with a weighted average incremental borrowing rate of 5.2% per annum[123][124]. - The Group's financial information reflects the impact of the adoption of HKFRS 16 without significant changes to its accounting policies[122]. - The Group's leasehold land and land use rights are now grouped as part of right-of-use assets effective from April 1, 2019[127]. - The total segment assets increased due to the accounting policy changes, with specific increases noted in bra pads and functional sports products[133].

Financial Performance - Regina Miracle reported annual results for the year ended March 31, 2019, with comparative figures for the previous year 2018[9]. - Revenue for the fiscal year ended March 31, 2019, was HK$6,263,280, representing a 6.7% increase from HK$5,868,048 in the previous year[10]. - Profit attributable to owners of the Company increased by 17.6% to HK$282,438 from HK$240,188[10]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 22.3% to HK$745,856 compared to HK$609,791 in the prior year[10]. - Gross profit margin improved to 21.4%, up 0.4 percentage points from 21.0%[10]. - Net profit margin increased to 4.5%, reflecting a 0.4 percentage point rise from 4.1%[10]. - The overall gross profit increased from HK$1,233.9 million in Fiscal 2018 to HK$1,341.9 million in Fiscal 2019, with a gross profit margin of 21.4% compared to 21.0% in Fiscal 2018[53]. - The Group's net profit increased by 17.6% from HK$240.2 million in Fiscal 2018 to HK$282.4 million in Fiscal 2019, with a net profit margin rising from 4.1% to 4.5%[65]. - The Group's total revenue increased by 6.7% from HK$5,868.0 million in Fiscal 2018 to HK$6,263.3 million in Fiscal 2019[46]. Production and Operations - The company operates under an innovative design manufacturer (IDM) business model, providing a diverse range of intimate wear and functional sports products[3]. - The Group has two main production bases: R&D and production in Shenzhen, China, and an important production base in Vietnam since 2016[3]. - The third facility in Vietnam commenced operations during the year, contributing to business growth despite global trade challenges[13]. - The Group aims to optimize overall management and enhance production capacity in existing and upcoming facilities over the next three years, without additional funding for new facilities in 2019 and 2020[21]. - The new facility in Hung Yen Province, Vietnam, will utilize seamless knitting technology with a total area of approximately 60,000 square meters and an annual production capacity of about 10 million pieces, expected to be operational in the second half of 2020[20]. - The Group's production bases in Shenzhen and Vietnam are being strategically adjusted to meet changing sourcing strategies of brand partners due to macroeconomic conditions[31]. - The Group's factories in Vietnam are enhancing automation to improve productivity, with Factory D and E expected to come into full operation in June and September 2019, respectively[20]. - The Group plans to increase automation in its Vietnam factories to develop a dynamic and efficient production hub[42]. Market Strategy and Growth - The company aims to expand its market presence and enhance production capacity to meet growing demand[5]. - Future outlook includes the development of new products and technologies to strengthen competitive advantage in the intimate wear market[5]. - The board emphasizes the importance of strategic partnerships with world-renowned brand partners to drive growth[5]. - The company focused on optimizing its brand and product portfolio to achieve a balanced and healthy growth strategy[32]. - Revenue from functional sports products surged by 39.5% to HK$857.8 million, representing 13.7% of total revenue[37]. - The company has expanded its user base, reaching 1.2 million active customers, representing a 20% increase compared to the previous year[89]. - Future outlook indicates a projected revenue growth of 10% for the upcoming fiscal year, driven by new product launches and market expansion strategies[90]. - Regina Miracle International plans to enter two new international markets by the end of the fiscal year, aiming for a 25% increase in global market share[92]. Corporate Governance and Social Responsibility - Regina Miracle is committed to maintaining high standards of corporate governance and social responsibility[5]. - The Group has received multiple awards for its investor relations and ESG reporting, affirming its commitment to corporate governance and sustainable development[22][23]. - The Company emphasizes good corporate governance practices to enhance shareholders' value and ensure effective management[166]. - The Board is satisfied that the company has complied with all code provisions of the Corporate Governance Code for the year ended March 31, 2019[167]. - The Group is committed to managing the environmental and social impacts of its operations while driving economic growth[26]. - The management team has emphasized a focus on sustainability, aiming for a 50% reduction in carbon footprint by 2025[88]. Financial Management and Investments - Net cash generated from operating activities was HK$563.2 million in Fiscal 2019, up from HK$466.2 million in Fiscal 2018[70]. - Net cash used in investing activities rose to HK$1,230.6 million in Fiscal 2019 from HK$979.7 million in Fiscal 2018, with approximately HK$1,090.4 million invested in new property, plant, and equipment in Vietnam[71]. - The Group's current ratio improved to 1.2 times as of March 31, 2019, compared to 1.0 times as of March 31, 2018[66]. - Net debt increased to HK$2,557.7 million as of March 31, 2019, from HK$1,700.2 million as of March 31, 2018, mainly due to capital expenditures in Vietnam[66]. - The gearing ratio as of March 31, 2019, was 87.5%, up from 59.3% in the previous year[66]. - Total capital expenditures for Fiscal 2019 amounted to approximately HK$1,210.5 million, an increase of 6.2% from HK$1,140.0 million in Fiscal 2018, primarily for the construction of production lines and factories in Hai Phong, Vietnam[74]. Management and Leadership - The management team is committed to driving growth and profitability through effective operational strategies and market expansion initiatives[109]. - The Group's management team includes professionals with extensive backgrounds in finance, engineering, and product development, enhancing operational efficiency[108]. - The Company has a strong focus on research and development, with multiple patents in intimate wear design and technology[102]. - The Company has adopted a Board diversity policy to enhance effectiveness and maintain high standards of corporate governance[184]. - The Board currently consists of eight Directors, including five executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[176].