CASABLANCA(02223)

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卡撒天娇(02223) - 2022 - 年度财报
2023-04-12 09:07
Financial Performance - The company's revenue for the year ended December 31, 2022, decreased by 6.3% to HKD 300.2 million compared to HKD 320.4 million in 2021[26] - The profit attributable to the company's owners dropped approximately 54.9% to HKD 5.4 million from HKD 11.9 million in the previous year[26] - Total revenue for the group in the review period was HKD 300.2 million, a decrease of 6.3% compared to HKD 320.4 million in the same period of 2021[34] - Profit attributable to owners of the company was HKD 5.4 million, down approximately 54.9% from HKD 11.9 million in the same period of 2021[34] - Gross profit decreased by 4.9% to HKD 186.8 million in 2022, with a gross margin of 62.2%, slightly up from 61.3% in 2021[78] - EBITDA for 2022 decreased by 25.1% to HKD 30.8 million, compared to HKD 41.1 million in 2021, primarily due to reduced sales[83] - Other income increased by 345.8% to HKD 6.5 million in 2022, mainly due to government subsidies related to COVID-19 amounting to approximately HKD 4.5 million[79] Assets and Liabilities - Total assets as of December 31, 2022, amounted to HKD 484.8 million, a decrease from HKD 522.3 million in 2021[21] - The total liabilities decreased to HKD 89.1 million in 2022 from HKD 117.5 million in 2021[21] - The current ratio increased from 2.8 in 2021 to 3.4 in 2022, due to a smaller decrease in current assets compared to current liabilities, which were HKD 268.6 million and HKD 80.2 million respectively[95] - The debt-to-equity ratio was 1.3% as of December 31, 2022, compared to 1.0% in 2021, with total equity decreasing by HKD 9.0 million[96] Investment and Development - The company plans to increase investment in live-streaming sales and technology sleep product development[26] - A new subsidiary was established in Q4 2022 to develop live-streaming sales, responding to changing consumer shopping habits[26] - The new industrial building in Huizhou, which officially opened in Q1 2023, will enhance product development and serve as a base for live streaming sales[29] - The group plans to continue developing innovative products that utilize technology to improve sleep quality and promote eco-friendly living[29] - The group launched the new "AI Ecological Pillow" in early 2023, which supports Huawei's HarmonyOS and features 24-hour sleep monitoring[52] Sales and Marketing - The group operates 205 sales points across major cities in Greater China, including 140 counters in well-known department stores[10] - The group’s online sales revenue contribution remained stable during the review period, with a focus on major platforms like Tmall and JD.com[36] - The group aims to enhance online promotions and consumer interaction to capture the attention of younger demographics in Hong Kong[55] - The group actively engaged consumers through social media and pop-up stores, promoting brand awareness and product offerings, including limited edition merchandise[45] Challenges and Market Conditions - The group faced significant challenges in the fiscal year due to the resurgence of COVID-19 in Hong Kong and mainland China, impacting economic conditions and consumer sentiment[133] - The group recorded losses in its retail operations in mainland China due to intense competition in the bedding market[133] - The distribution business saw a significant decline of 30.7%, primarily due to the impact of COVID-19 in mainland China[62] Corporate Governance and Compliance - The company has complied with relevant laws and regulations in Hong Kong and mainland China, with no significant changes affecting operations reported during the year[141] - The company has adopted the corporate governance code as per the listing rules and has complied with its provisions during the year[197] - There were no known breaches of the corporate governance code by the company during the year[198] Employee and Customer Relations - The company aims to provide competitive compensation and career development opportunities to attract and retain talented employees[142] - The company has implemented a VIP membership database to maintain communication with customers and offer special benefits[142] - The company has a mechanism in place to handle customer complaints, which includes collecting, analyzing, and researching complaints to suggest improvements[142] Environmental Commitment - The group is committed to environmental conservation and has implemented internal recycling programs to minimize its environmental impact[138] - The group has received various environmental awards, including the "Seal of Cotton" trademark, recognizing its commitment to sustainable materials[140]
卡撒天娇(02223) - 2022 - 年度业绩
2023-03-24 11:35
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。 Casablanca Group Limited 卡撒天嬌集團有限公司 (於開曼群島註冊成立之有限公司) (股份代號:2223) 年年度業績公告 2022 摘要 附註 2022年 2021年 變動 收入(港幣千元) 300,163 320,403 -6.3% EBITDA(港幣千元) 1 30,775 41,110 -25.1% 本公司擁有人應佔溢利(港幣千元) 5,378 11,936 -54.9% 毛利率 62.2% 61.3% EBITDA利潤率 10.3% 12.8% 純利率 1.8% 3.7% 每股盈利(港仙) 2.09 4.63 -54.9% 於2022年 於2021年 12月31日 12月31日 變動 ...
卡撒天娇(02223) - 2022 - 中期财报
2022-09-15 08:44
Financial Performance - Total sales revenue for the first half of 2022 was HKD 143.7 million, a slight increase of 0.7% compared to HKD 142.7 million in the same period of 2021[8]. - Profit attributable to owners for the period was HKD 2.6 million, up approximately 62.6% from HKD 1.6 million in the same period of 2021[8]. - Gross profit for the period was HKD 86.8 million, a decrease of 2.9% from HKD 89.3 million in 2021, with a gross margin of 60.4%[25]. - Other income for the period was HKD 4.0 million, significantly up from HKD 0.7 million in 2021, mainly due to government subsidies[26]. - Revenue from Hong Kong and Macau increased by 7.0% to HKD 114.0 million, while revenue from mainland China decreased by 18.4% to HKD 29.5 million[22]. - EBITDA decreased to HKD 12.9 million from HKD 15.8 million in the previous year, a decline of 18.3%, mainly due to reduced gross profit[32]. - The company reported a foreign exchange loss of HKD 9,629,000 for the period, compared to a gain of HKD 2,288,000 in the previous year[87]. - The effective tax rate for the period was approximately 3.6%, with total tax expenses amounting to HKD 1,557,000 compared to HKD 707,000 in the previous year[112]. Sales and Marketing - E-commerce sales increased by 2.7% year-on-year during the review period[10]. - Sales to other customers saw a significant increase of 26.8% year-on-year[10]. - The company launched its first mattress series, "Casa Sleep-Lab Earth Mantle Series," in February 2022, featuring six models with ergonomic designs[10]. - The company expanded its product range by introducing licensed bedding products for popular cartoons, including "Kakao Friends" and "Pokemon," which received a positive market response[12]. - The company implemented promotional themes on its official online store and optimized backend systems to enhance the online shopping experience[10]. - The company aims to enhance consumer awareness of its mattress products through promotional activities and potential new sales points[19]. Retail Operations - The company maintained 199 retail outlets as of June 30, 2022, with 104 self-operated and 95 distributor-operated outlets across 48 cities in Greater China[10]. - Self-operated retail sales amounted to HKD 102.4 million, down 1.5% from HKD 103.9 million in 2021, accounting for approximately 71.2% of total revenue[23]. - E-commerce sales increased by 2.7% to HKD 14.4 million, while distribution business sales decreased by 6.5% to HKD 12.4 million[23]. Future Plans and Investments - The company plans to open 5 to 8 new distribution points in the second half of 2022, focusing on developing new distribution customers[16]. - The company expects to launch a new smart pillow in the domestic market by the end of 2022, targeting health care product demand due to recurring COVID-19 variants[16]. - The company is actively seeking suitable investments that can bring synergistic effects to its existing business, considering potential investments that align with the overall interests of the company and its shareholders[46]. Corporate Governance - The company has established an audit committee to oversee financial reporting and risk management[7]. - The interim financial statements for the six months ended June 30, 2022, were reviewed by the auditors[8]. - The board of directors did not authorize any significant investments or additions to capital assets as of the report date[48]. Shareholder Information - The total number of shares issued by the company is 257,854,000[4]. - As of June 30, 2022, directors and key executives held a total of 157,875,000 shares, representing 61.2% of the company's issued share capital[59]. - The 2012 share option scheme was terminated, and a new 2022 share option scheme was adopted, which was approved by shareholders on June 6, 2022[52]. - A total of 5,250,000 share options were granted under the 2012 scheme, with an exercise price of HKD 0.48 per share, and all options remained unexercised as of June 30, 2022[53]. Financial Position - The company's cash and cash equivalents increased to approximately HKD 141.8 million from HKD 135.1 million at the end of 2021[32]. - The total assets decreased to HKD 498.973 million from HKD 522.259 million at the end of 2021[33]. - The total liabilities decreased to HKD 101.299 million from HKD 117.541 million at the end of 2021[33]. - The current ratio improved to 3.1 from 2.8 in the previous year[33]. - Total bank borrowings as of June 30, 2022, were approximately HKD 9.3 million, up from HKD 4.0 million at the end of 2021[34]. Social Responsibility and Sustainability - The company continued to promote eco-friendly products under the "Love CASA Love ECO" campaign, emphasizing sustainable materials[13]. - The company received recognition as a "Caring Company" for 11 consecutive years from GS1 Hong Kong, highlighting its commitment to quality products and customer service[13]. - The company will continue to integrate sustainable growth and social responsibility into its business strategy, offering reasonably priced and high-quality products[20].
卡撒天娇(02223) - 2021 - 年度财报
2022-04-28 09:00
Financial Performance - Total revenue for 2021 was HKD 320.4 million, an increase from HKD 309.3 million in 2020, representing a growth of 3.6%[51] - Gross profit for 2021 was HKD 196.4 million, with a gross margin of 61.3%, slightly down from 62.0% in 2020[51][54] - Net profit attributable to shareholders was HKD 11.9 million, a decrease from HKD 16.1 million in 2020, resulting in a net profit margin of 3.7%[51][54] - The company reported an EBITDA of HKD 41.1 million for 2021, with an EBITDA margin of 12.8%[51][54] - The profit attributable to the company's owners for the year was HKD 11.9 million, a decrease of approximately 26.0% from HKD 16.1 million in 2020[64] - Excluding non-recurring government subsidies of approximately HKD 10.0 million received in 2020, the profit attributable to the company's owners actually increased by 93.1% in 2021 compared to 2020[64] - Other income decreased by 88.2% to HKD 1.5 million in 2021, primarily due to the absence of government subsidies received in 2020[105] - The company's profit attributable to owners decreased by 26.0% to HKD 11.9 million in 2021, compared to HKD 16.1 million in 2020[111] - EBITDA increased by 7.8% to HKD 41.1 million in 2021, driven by higher sales[111] Assets and Liabilities - Total assets increased to HKD 522.3 million in 2021 from HKD 510.6 million in 2020, while total liabilities rose to HKD 117.5 million from HKD 85.8 million[53] - The total bank borrowings increased to HKD 3.98 million in 2021 from HKD 2.38 million in 2020, indicating a rise in leverage[53] - Current ratio decreased to 2.8 in 2021 from 4.3 in 2020, indicating a tighter liquidity position[54] - Cash and cash equivalents decreased to HKD 135.1 million as of December 31, 2021, down from HKD 188.4 million in 2020[120] - The company had approximately HKD 119.3 million in available cash and HKD 72.5 million in unused bank financing as of December 31, 2021[117] - Debt-to-equity ratio was 1.0% as of December 31, 2021, compared to 0.6% in 2020, with total liabilities increasing and equity decreasing[123] Market and Sales Strategy - The company plans to focus on expanding its market presence in economically developed cities in China[4] - The group aims to expand distribution, online sales, and wholesale channels to drive sales growth in response to market needs[76] - The group plans to open 5 to 10 new self-operated retail outlets in 2022 to expand revenue scale and enhance single-store income contributions through targeted promotions[12] - The group is focusing on developing new products with 5A features and technology materials to attract young consumers in mainland China, with a particular emphasis on high-end products[80] - The group is enhancing its online sales channels and has updated its official website design, increasing collaboration with e-commerce platforms[65] - The group aims to strengthen brand promotion through online channels and expand its presence on various e-commerce platforms despite ongoing pandemic challenges[82] Product Development and Innovation - The group launched the "CoV ZAP antiviral series" in the first half of 2021, which has a 99% antibacterial rate and has passed multiple international and national testing certifications[71] - The new product "Recycled Antibacterial Quick-Warm Quilt" was introduced in the second half of the year, utilizing patented eco-friendly fibers and high-density fabrics, effectively inhibiting harmful bacteria[72] - The group launched its first mattress series, "Casa Sleep-Lab Earth Mantle Series," in February 2022, featuring six models with ergonomic designs and various support systems[83] - The company launched new health-functional products under the "CASA-V" brand, including those with mosquito-repellent features, aiming to establish "CASA-V" as a healthy and eco-friendly home living brand[167] Operational Challenges and Adjustments - The company is focusing on its "deep sleep system mattress" business after ceasing the "fast fashion" project and reducing the furniture sales business due to operational difficulties[59] - The group recorded a loss in retail operations in mainland China due to intense competition in the bedding market[161] - The economic conditions and consumer habits remain uncertain, impacting the group's ability to predict significant adverse effects on its business[161] Employee and Corporate Governance - Employee headcount decreased from 549 in 2020 to 516 in 2021, while total employee costs increased to HKD 91.8 million from HKD 90.3 million[131] - The company has a stock option plan to reward and retain employees, which was approved for a period of 10 years until October 21, 2022[181] - The company has confirmed compliance with the non-competition agreement by each controlling shareholder for the year[200] Environmental and Social Responsibility - The company has implemented eco-friendly practices, including the use of sustainable raw materials like milk protein and soybean protein fibers in its products[167] - The company has been recognized for its environmental contributions, receiving the "Seal of Cotton" trademark and "Cotton LEADSSM" label in 2020 for using sustainable cotton in its products[167] - The company has been awarded the "U Green Awards - Outstanding Green Contribution Award" for six consecutive years, recognizing its commitment to environmental sustainability[166] Shareholder Information - The total dividend for the year is HKD 0.05 per share, down from HKD 0.10 per share in 2020, with a basic earnings per share of HKD 0.0463, representing a decrease of approximately 26.4%[171] - As of December 31, 2021, the company has distributable reserves of approximately HKD 171,658,000, which includes share premium of HKD 166,376,000 and retained earnings of HKD 5,282,000[172] - Mr. Zheng Sijian holds a beneficial interest in 4,500,000 shares, representing 1.7% of the company's issued share capital[189] - Mr. Zheng Sijian also has a controlled corporation interest in 150,000,000 shares, which accounts for 58.2% of the company's issued share capital[189]
卡撒天娇(02223) - 2021 - 中期财报
2021-09-16 09:00
Financial Performance - Total sales revenue for the first half of 2021 was HKD 142.7 million, an increase of 5.0% compared to HKD 135.8 million in the same period of 2020[5]. - Profit attributable to owners of the company was HKD 1.6 million, a turnaround from a loss of HKD 2.2 million in the same period of 2020[5]. - The company recorded revenue of HKD 142.7 million for the period, representing a 5.0% increase compared to HKD 135.8 million in the previous year[20]. - Gross profit for the period was HKD 89.3 million, a 5.8% increase from HKD 84.4 million in the previous year, with a gross margin of 62.6%[24]. - The company achieved a net profit attributable to shareholders of HKD 1.6 million, recovering from a loss of HKD 2.2 million in the previous year[28]. - EBITDA increased by 28.0% to HKD 15.8 million, up from HKD 12.4 million in the previous year, driven by higher total sales[28]. - The company reported a net loss of HKD 2,169,000 for the six months ended June 30, 2020, compared to a profit of HKD 1,590,000 for the same period in 2021, indicating a turnaround in performance[91]. - The total comprehensive income for the period amounted to HKD 3,878,000, recovering from a loss of HKD 5,438,000 in the previous year[84]. - Basic earnings per share for the period were HKD 0.62, compared to a loss per share of HKD 0.84 in the same period of 2020[84]. Sales and Revenue Breakdown - Sales revenue from mainland China increased by 15.7% despite a reduction of 15 sales points, while sales from Hong Kong and Macau recorded a slight growth of 1.8%[4]. - Self-operated retail sales amounted to HKD 103.9 million, accounting for approximately 72.8% of total revenue, despite a decrease of 16 outlets year-on-year[20]. - Distribution sales increased by 55.1% to HKD 13.2 million, up from HKD 8.5 million in the previous year, due to better control of COVID-19 cases in mainland China[20]. - Revenue from Hong Kong and Macau was HKD 106.5 million, a 1.8% increase from HKD 104.6 million, while revenue from mainland China rose by 15.7% to HKD 36.2 million[23]. - E-commerce sales slightly decreased by 4.9% to HKD 14.1 million, down from HKD 14.8 million in the previous year[20]. - Revenue from bedding sets was HKD 79.52 million, a slight increase of 1.3% from HKD 78.47 million in the previous year[107]. - E-commerce sales remained stable at HKD 14.06 million, while distribution business revenue increased to HKD 13.21 million from HKD 8.52 million, reflecting a significant growth of 55.5%[105]. Assets and Liabilities - As of June 30, 2021, the total assets of the group were HKD 473.3 million, a decrease from HKD 510.6 million as of December 31, 2020, representing a decline of approximately 7.6%[30]. - The group's total liabilities decreased to HKD 70.4 million from HKD 85.8 million, indicating a reduction of about 17.8%[30]. - The total equity as of June 30, 2021, was HKD 402,886,000, down from HKD 424,793,000 as of December 31, 2020, indicating a decrease of approximately 5.1%[87]. - The company's current liabilities decreased to HKD 62,121,000 as of June 30, 2021, from HKD 79,341,000 as of December 31, 2020, a reduction of about 21.7%[87]. - The group had no bank borrowings as of June 30, 2021, compared to HKD 2.4 million in borrowings at the end of 2020[31]. - The group reported a net cash outflow from financing activities of HKD 36,340,000 for the six months ended June 30, 2021, compared to HKD 17,570,000 for the same period in 2020[94]. Investments and Capital Expenditures - The group is actively seeking suitable investments that can bring synergies to its existing business, with a total investment in listed companies amounting to HKD 7.2 million as of June 30, 2021, up from HKD 5.2 million at the end of 2020[39]. - The group acquired property, plant, and equipment at a cost of HKD 21,067,000 during the six months ended June 30, 2021, significantly higher than HKD 488,000 in the same period of 2020[131]. - The group recognized an increase in right-of-use assets of approximately HKD 10,682,000 for the six months ended June 30, 2021[125]. - The group has no significant investments or capital asset plans authorized as of the report date[41]. Corporate Governance - The company has established an audit committee to oversee financial reporting and risk management, ensuring compliance with corporate governance standards[71]. - The company has adhered to the corporate governance code and has not deviated from its provisions during the reporting period[69]. - The financial statements have been reviewed by an independent auditor, confirming compliance with the relevant accounting standards[80]. Employee and Management Information - The number of employees decreased to 525 as of June 30, 2021, from 593 in 2020, while total employee costs increased slightly to HKD 43.3 million from HKD 42.5 million[45]. - The total remuneration for directors and other key management personnel was HKD 6,454,000 for the six months ended June 30, 2021, an increase of 3.0% from HKD 6,265,000 in the same period of 2020[160]. - Contributions to retirement benefit plans for key management personnel were HKD 385,000 for the six months ended June 30, 2021, compared to HKD 363,000 for the same period in 2020, indicating a growth of 6.1%[160]. Stock Options and Share Capital - The company has adopted a stock option plan, granting a total of 5,250,000 shares at an exercise price of HKD 1.18 per share, valid from April 17, 2018, to April 16, 2021[48]. - An additional stock option grant of 5,250,000 shares was made on July 2, 2020, at an exercise price of HKD 0.48 per share, valid until July 1, 2023[48]. - As of June 30, 2021, there are 3,906,000 stock options available for issuance under the stock option plan[48]. - As of June 30, 2021, the company has a total of 257,854,000 shares issued[66]. - The total issued and fully paid shares as of June 30, 2021, were 257,854,000 shares, compared to 258,432,000 shares as of June 30, 2020[143]. Dividends - The group declared an interim dividend of HKD 0.05 per share for the six months ended June 30, 2021, compared to no dividend for the same period in 2020[43]. - The total dividend declared for the interim period was approximately HKD 25,785,000, an increase from HKD 7,753,000 in 2020, with a final dividend of HKD 0.10 per share[119].
卡撒天娇(02223) - 2020 - 年度财报
2021-04-14 09:00
Financial Performance - The group's revenue for the year ended December 31, 2020, was HKD 309.3 million, a decrease of 18.4% compared to HKD 378.9 million in 2019[23]. - The profit attributable to the company's owners for 2020 was HKD 16.1 million, down 12.8% from HKD 18.5 million in 2019[23]. - The EBITDA for 2020 was HKD 38.2 million, down from HKD 56.3 million in 2019[16]. - The company reported a current ratio of 4.3 in 2020, indicating strong liquidity[19]. - The gross profit margin improved to 62.0% in 2020 from 60.4% in 2019[19]. - The company recorded better-than-expected sales performance during the traditional peak sales period from November to December 2020, despite the resurgence of COVID-19 cases in Hong Kong[35]. - Other income increased by 419.6% to HKD 12.4 million, mainly due to government subsidies related to COVID-19 amounting to HKD 10.0 million[81]. - The company's profit attributable to owners decreased by 12.8% to HKD 16.1 million, primarily due to a decline in sales despite government support[87]. - EBITDA decreased by 32.2% to HKD 38.2 million, reflecting the impact of reduced sales[87]. - Revenue from self-owned brands decreased by 21.5% to HKD 262.9 million, while licensed brands increased by 5.5% to HKD 46.4 million, resulting in a total revenue decline of 18.4% to HKD 309.3 million[68]. - Sales of bedding sets decreased by 16.7% to HKD 163.2 million, and sales of comforters and pillows decreased by 20.5% to HKD 127.9 million, contributing to an overall revenue decline[72]. - Revenue from Hong Kong and Macau decreased by 14.6% to HKD 226.9 million, while revenue from mainland China decreased by 23.0% to HKD 82.0 million, primarily due to reduced sales to wholesale customers[78]. - Gross profit decreased by 16.2% to HKD 191.7 million, with a gross margin of 62.0%, up from 60.4% in 2019, attributed to a higher proportion of self-operated retail sales[80]. Assets and Liabilities - Total assets as of December 31, 2020, were HKD 510.6 million, slightly down from HKD 511.3 million in 2019[18]. - Total liabilities decreased to HKD 85.8 million in 2020 from HKD 105.0 million in 2019[18]. - The current ratio improved from 3.6 in 2019 to 4.3 in 2020, with total current assets decreasing to HKD 341.4 million and total current liabilities decreasing to HKD 79.3 million[101]. - The debt-to-equity ratio was only 0.6% as of December 31, 2020, down from 1.6% in 2019, indicating a strong financial position[102]. - Trade receivables decreased by 22.0% from HKD 60.5 million on December 31, 2019, to HKD 47.2 million on December 31, 2020, while the turnover days increased from 61.4 days to 63.5 days[93]. - Trade payables decreased by 15.5% from HKD 48.8 million on December 31, 2019, to HKD 41.2 million on December 31, 2020, with turnover days decreasing from 155.6 days to 139.8 days[94]. - As of December 31, 2020, the company had over HKD 140.0 million in available cash net after reserving HKD 48.8 million for capital commitments and HKD 2.4 million in bank borrowings[95]. - Bank borrowings decreased from HKD 6.4 million in 2019 to HKD 2.4 million in 2020, with a floating interest rate of 5.74%[97]. Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.10 per share for the year ended December 31, 2020[23]. - The proposed final dividend is HKD 0.10 per share for the year ending December 31, 2020, compared to HKD 0.03 per share in 2019, reflecting a total dividend increase of 100%[110]. - The company reported a final dividend of HKD 0.10 per share for the year ended December 31, 2020, compared to HKD 0.03 in 2019, representing a total dividend of HKD 0.10 per share for the year, which is approximately 160.0% of the basic earnings per share of HKD 0.0625[150]. - As of December 31, 2020, the company had distributable reserves of approximately HKD 199,439,000, including share premium of HKD 166,376,000 and retained earnings of HKD 33,063,000[151]. - The total number of shares issued as of the annual report date is 257,854,000[185]. Operational Changes and Strategies - The company reduced 20 underperforming self-operated retail outlets in mainland China to decrease reliance on physical retail income[24]. - The company plans to actively expand its commercial customer market to support its retail business, commercial customer business, and online sales as a three-pronged growth strategy[24]. - The company observed a significant increase in demand for health-functional bedding products, leading to the construction of a new production building expected to enhance R&D efficiency and production capacity[25]. - The company focused on providing products for commercial clients, which became the main revenue source during the pandemic[39]. - The company launched new products with health features, including CASA-V brand products with air purification and antibacterial functions[41]. - The company engaged in joint promotions with various brands to attract young consumers, including collaborations with popular games and local influencers[46]. - The company is committed to enhancing its online presence by opening stores on various e-commerce platforms and increasing online advertising resources to reach consumers who prefer online shopping[140]. - The company has closed underperforming self-operated outlets in mainland China and is investing more resources into developing new sales channels, including new media[138]. - The company aims to expand its sales through new media and wholesale business to reduce reliance on physical retail operations in Hong Kong and mainland China[140]. - The company is focusing on strengthening advertising and marketing efforts while enhancing new product development to mitigate market pressures[138]. Market Outlook and Future Plans - The company expects a positive market recovery in 2021 with the rollout of COVID-19 vaccines, aiming to provide more stylish and health-functional bedding products through various sales channels[25]. - The outlook for 2021 anticipates a recovery in consumer confidence as COVID-19 vaccines are expected to control the pandemic[48]. - The group plans to enhance online sales by expanding to more e-commerce platforms and improving pricing strategies[49]. - The group is developing more luxury bedding products to capture a larger share of the high-end market, responding to consumer demand for health and eco-friendly products[51]. - The group aims to maintain stable operations in Hong Kong, focusing on diversifying commercial customer collaborations and expanding e-commerce sales[52]. Environmental and Social Responsibility - The company has implemented internal recycling programs for office consumables, including carbon powder, cartridges, and paper, to minimize environmental impact[143]. - The company has received the "Seal of Cotton" trademark and "Cotton LEADSSM" label for its commitment to using sustainable cotton in its products[145]. - The company has been recognized for its environmental contributions, receiving awards such as the "U Green Awards - Outstanding Green Contribution Award" in 2020[143]. - The company has adopted an equity incentive plan to reward and retain directors and employees contributing to its growth and development[147]. - The company emphasizes the importance of attracting, training, and retaining skilled employees to support future growth and mitigate talent loss risks[140]. Employee and Management Information - As of December 31, 2020, the group had 549 employees, a decrease from 640 in 2019, with total employee costs amounting to HKD 90.3 million, down from HKD 98.1 million in 2019[111]. - The group provides competitive compensation and benefits to all employees, including social insurance, mandatory provident fund, bonuses, and stock option plans[197]. - The remuneration of the company's directors is determined by the remuneration committee based on the group's operational performance, individual performance, and comparable market statistics[198]. - The audit committee, composed of three independent non-executive directors, is responsible for reviewing the group's financial reporting process and risk management systems[200].
卡撒天娇(02223) - 2020 - 中期财报
2020-09-10 09:00
Financial Performance - Total revenue for the first half of 2020 was HKD 135.8 million, a decrease of 26.1% compared to HKD 183.8 million in the same period of 2019[9] - The company reported a loss attributable to shareholders of HKD 2.2 million, compared to a profit of HKD 11.9 million in the same period of 2019[9] - Gross profit decreased to HKD 84.4 million, down 25.7% from HKD 113.7 million in 2019, with a gross margin of 62.1%[28] - EBITDA decreased from HKD 29.6 million in the previous year to HKD 12.4 million, representing a decline of 58.3%, mainly due to a reduction in total sales[33] - The company incurred a loss before tax of HKD 1,371,000, compared to a profit of HKD 14,282,000 in the previous year, reflecting a significant downturn[86] - The net loss for the period was HKD 2,187,000, contrasting with a profit of HKD 11,269,000 in the prior year, marking a shift in performance[86] - The total comprehensive loss for the period amounted to HKD 5,438,000, compared to a comprehensive income of HKD 11,249,000 in 2019[86] - Basic and diluted loss per share was HKD 0.84, compared to earnings per share of HKD 4.59 in the same period last year[86] Revenue Breakdown - E-commerce sales revenue increased significantly to HKD 14.8 million, up 244.1% from HKD 4.3 million in the same period of 2019[12] - Self-operated retail sales amounted to HKD 98.5 million, representing approximately 72.5% of total revenue, down 10.5% from HKD 110.1 million in 2019[24] - Revenue from distribution business decreased to HKD 8,520,000 from HKD 14,895,000, a decline of 42.5%[109] - Revenue from other sales, including wholesale to clients in China, Hong Kong, and Macau, decreased to HKD 14,040,000 from HKD 54,565,000, a drop of 74.3%[109] Cost Management - The sales and distribution costs decreased by 14.2% to HKD 64.9 million, down from HKD 75.7 million in the previous year[32] - Financing costs decreased to HKD 630,000 from HKD 864,000, a reduction of 27%[116] Strategic Initiatives - The company launched new products including the "御蜓暖芯被" and 3MTM柔彩絲系列床品套件, focusing on eco-friendly and health-oriented features[16] - The company aims to strengthen its brand leadership by promoting CASA-V products with antibacterial and air-purifying features[17] - The company is focusing on improving its product mix by increasing the proportion of imported goods to capture a larger share of the high-end market[16] - The group plans to close approximately 10 to 15 underperforming physical retail locations in the second half of 2020 to improve resource allocation efficiency[21] - The group aims to leverage e-commerce and commercial client channels to offset expected declines in physical retail revenue[20] Impact of COVID-19 - The export business faced challenges due to the pandemic, with some clients delaying orders until normal economic activities resume[13] - The company is closely monitoring the potential impact of COVID-19 on its financial performance and has taken preventive measures to mitigate risks[47] - The COVID-19 pandemic continues to disrupt the group's business and economic activities, but management expects any reasonable fluctuations in performance due to the pandemic will not significantly impact cash flow[160] Shareholder Information - The board did not recommend an interim dividend for the six months ended June 30, 2020, compared to HKD 0.02 per share for the same period in 2019[48] - The company has adopted a share option scheme, granting options to subscribe for a total of 5,250,000 shares at an exercise price of HKD 1.18, with the options exercisable from April 17, 2018, to April 16, 2021[55] - As of June 30, 2020, none of the options under the share option scheme had been exercised[55] - The company repurchased 578,000 ordinary shares in July 2020 at a total purchase price of HKD 370,470, with a maximum price of HKD 0.660 and a minimum price of HKD 0.470 per share[53] Financial Position - As of June 30, 2020, total bank borrowings amounted to approximately HKD 4.4 million, down from HKD 6.4 million as of December 31, 2019, with an actual annual interest rate of 5.72%[37] - The company maintained a current ratio of 4.3 as of June 30, 2020, compared to 3.6 as of December 31, 2019, indicating improved liquidity[35] - Total liabilities decreased to HKD 81.5 million as of June 30, 2020, from HKD 105.0 million as of December 31, 2019[35] - The total assets decreased to HKD 402,123,000 from HKD 416,002,000, reflecting a decline of approximately 3.5%[89] - The total equity attributable to owners decreased to HKD 393,158,000 from HKD 406,268,000, a reduction of about 3.2%[89] Employee Information - Employee headcount decreased to 593 as of June 30, 2020, from 636 in 2019, with total employee costs amounting to HKD 42.5 million, down from HKD 49.9 million[51] - The total remuneration for directors and key management personnel for the six months ended June 30, 2020, was HKD 6,265,000, a decrease from HKD 7,201,000 in 2019[157]
卡撒天娇(02223) - 2019 - 年度财报
2020-04-20 08:42
Financial Performance - The company reported total revenue of HKD 378.9 million for the year ended December 31, 2019, representing a 12.2% increase compared to HKD 337.6 million in 2018[36]. - The profit attributable to the company's owners was HKD 18.5 million, a significant increase of 136.0% from HKD 7.8 million in the previous year[36]. - EBITDA for the year was HKD 56.3 million, which translates to an EBITDA margin of 14.9%, up from 8.3% in 2018[29][32]. - Gross profit increased by 7.2% to HKD 228.8 million, with a gross margin of 60.4%, down from 63.2% in 2018 due to a rise in lower-margin sales from other business segments[88]. - Operating expenses for sales and distribution rose by 2.1% to HKD 154.6 million, while administrative expenses decreased by 1.8% to HKD 48.8 million[92]. - Financing costs surged by 327.7% to HKD 1.6 million, primarily due to the adoption of new accounting standards related to lease liabilities[93]. - The effective tax rate for the company was 28.1%, significantly lower than 43.6% in 2018, influenced by operational losses and non-deductible expenses in mainland China[94]. - Revenue from Hong Kong and Macau increased by 10.3% to HKD 265.9 million, mainly due to higher sales to wholesale customers, offsetting declines in retail and distribution sales[87]. - Sales from self-owned brands amounted to HKD 334.9 million, representing 88.4% of total revenue, with a 14.3% increase compared to HKD 293.1 million in 2018[68]. - Revenue from the "Other" category, which includes sales to wholesale customers in Hong Kong and mainland China, surged by 116.0% to HKD 102.7 million, significantly contributing to overall revenue growth[74]. Assets and Liabilities - Total assets as of December 31, 2019, were HKD 511.3 million, a slight decrease from HKD 514.7 million in 2018[31]. - The company’s total liabilities decreased to HKD 105.0 million in 2019 from HKD 116.1 million in 2018[31]. - The current ratio for 2019 was 3.6, indicating strong liquidity compared to 3.4 in 2018[32]. - Total bank borrowings as of December 31, 2019, were HKD 6.4 million, down from HKD 10.0 million in 2018[106]. - The debt-to-equity ratio was only 1.6% as of December 31, 2019, down from 2.5% in 2018[108]. Retail and Market Expansion - The company operates 229 sales points across Greater China, including 164 counters in well-known department stores[9][20]. - The group had a total of 229 retail outlets as of December 31, 2019, compared to 224 outlets in the previous year, showing a stable expansion in the retail network[43]. - The group executed an "alliance strategy" in mainland China, collaborating with various industries to expand corporate gift sales channels, achieving expected results[43]. - The group aims to reduce reliance on traditional retail income by actively developing commercial customer markets and enhancing online sales channels[42]. - The company plans to continue expanding its wholesale business and exploring new markets to drive future growth[74]. Product Development and Innovation - The group plans to strengthen product development focusing on 5A features, environmental concepts, and health functions to meet consumer demand[38]. - The company launched a revolutionary "Tech Pillow Series" in Q1 2019, which includes three products that have gained market popularity[50]. - The company increased the sales proportion of imported goods in the mainland China market, enhancing its share in the high-end market[50]. - The company introduced new licensed products from globally recognized brands, including Coca-Cola and popular cartoon characters, to diversify its product offerings[50]. - The company plans to enhance online sales channels and collaborate with well-known influencers to promote the CASA-V brand concept[58]. - The company will focus on developing environmentally friendly and health-functional products in the Hong Kong market, including the launch of the "Royal Dragon Warm Core Quilt" in early 2020[59]. Challenges and Market Conditions - The operating environment in Hong Kong faced challenges due to social events, leading to reduced sales and operational difficulties for retailers[41]. - The overall economic growth in China was reported at 6.1% for 2019, reflecting a challenging market environment influenced by external factors[41]. - The company expects to face challenges in retail operations due to the impact of the COVID-19 pandemic and will focus on innovative health-functional bedding products to maintain market superiority[55]. - The group recorded a loss in retail operations in mainland China due to increased competition and economic conditions, leading to the closure of underperforming stores[144]. Corporate Governance and Management - The audit committee consists of three independent non-executive directors, responsible for reviewing the financial reporting process and risk management[200]. - The company has arranged appropriate directors and officers liability insurance for its directors and senior management[183]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[191]. - The management team has over 25 years of experience in finance and accounting, which supports the group's financial reporting and management[136]. - The group is focused on attracting and retaining skilled employees to support future growth, emphasizing the importance of talent management[147]. Environmental and Social Responsibility - The company has implemented an internal recycling program for office consumables, including toner, cartridges, and paper, to minimize environmental impact[150]. - The company received the U Green Awards for outstanding green contributions for five consecutive years, recognizing its commitment to environmental sustainability[150]. - The company plans to publish its Environmental, Social, and Governance report within five months after the end of the fiscal year ending December 31, 2019[151]. Shareholder Information - The company proposed a final dividend of HKD 0.03 per share for the year ended December 31, 2019, totaling HKD 0.05 per share for the year, which is approximately 69.8% of the basic earnings per share of HKD 0.0716[120]. - As of December 31, 2019, the company's distributable reserves amounted to HKD 175,323,000, including share premium of approximately HKD 166,688,000 and retained earnings of HKD 8,635,000[158]. - The total issued share capital of the company as of the report date was 258,432,000 shares[180]. - The major shareholder, World Empire, holds 150,000,000 shares, representing 58.0% of the company's issued share capital[188].
卡撒天娇(02223) - 2019 - 中期财报
2019-09-12 08:34
Financial Performance - For the first half of 2019, the group's total revenue reached HKD 183.8 million, a 24.8% increase compared to HKD 147.3 million in the same period of 2018[6]. - The group recorded a profit attributable to owners of HKD 11.9 million, a turnaround from a loss of HKD 2.5 million in the previous year[6]. - The group's gross profit was HKD 113.7 million, up 20.6% from HKD 94.2 million in the previous year, with a gross margin of 61.8%[21]. - EBITDA rose significantly by 275.3% to HKD 29.6 million from HKD 7.9 million in the previous year, primarily due to increased total sales[26]. - Revenue for the six months ended June 30, 2019, was HKD 183,822,000, an increase from HKD 147,308,000 in the same period of 2018, representing a growth of 24.8%[92]. - Gross profit for the same period was HKD 113,677,000, compared to HKD 94,226,000 in 2018, reflecting a gross margin improvement[92]. - The net profit for the six months ended June 30, 2019, was HKD 11,269,000, a significant recovery from a loss of HKD 3,232,000 in the prior year[92]. - Total comprehensive income for the period was HKD 11,249,000, compared to a loss of HKD 5,650,000 in the same period of 2018[92]. - Basic and diluted earnings per share for the period were HKD 4.59, a recovery from a loss per share of HKD 0.97 in the previous year[92]. - Profit before tax for the six months ended June 30, 2019, was HKD 6,329,000, up from HKD 3,924,000 in the same period of 2018, indicating a growth of approximately 61.4%[149]. Revenue Sources - Self-owned brand sales increased by 28.8% to HKD 162.8 million, accounting for approximately 88.6% of total revenue[19]. - Revenue from Hong Kong and Macau increased by 33.7% to HKD 138.7 million, driven by higher sales to wholesale customers[20]. - Sales of bedding sets increased by 33.7% to HKD 104.3 million, reflecting strong demand from wholesale customers[20]. - Revenue by product category included HKD 104,300,000 from bedding sets, HKD 70,797,000 from comforters and pillows, and HKD 8,725,000 from other home products, totaling HKD 183,822,000[144]. - Revenue by region showed HKD 138,720,000 from Hong Kong and Macau, HKD 45,005,000 from China, and HKD 97,000 from other countries[144]. Operational Developments - The group expanded its sales network to 232 points of sale, up from 224 at the end of 2018, covering 65 cities in Greater China[7]. - The group launched a new retail project department to enhance online and offline sales integration, and actively pursued cross-industry partnerships[9]. - Innovative products such as the "Technology Pillow Series" were introduced, which includes three models utilizing advanced materials and technologies[10]. - The group participated in the Hong Kong International Home Textile Fair, strengthening its confidence in expanding export business[9]. - Marketing efforts were intensified in the Greater Bay Area, including advertising along high-speed rail stations in key cities[12]. - The group collaborated with well-known brands for licensed bedding products, including Coca-Cola and popular Korean cartoon characters, which received positive market response[13]. - The group initiated a bedding recycling program in partnership with the International Red Cross, promoting environmental awareness among consumers[13]. Financial Position - As of June 30, 2019, the total bank borrowings amounted to HKD 85.35 million, a decrease of 14% from HKD 99.61 million as of December 31, 2018[28]. - The net cash balance was HKD 162.91 million, down from HKD 171.95 million, reflecting a decrease of approximately 5.8%[28]. - The total assets increased slightly to HKD 515.80 million from HKD 514.73 million, while total liabilities decreased by 8.8% to HKD 105.89 million[28]. - The current ratio improved to 3.8 from 3.4, indicating better short-term financial health[28]. - Total assets as of June 30, 2019, were HKD 348,102,000, a slight decrease from HKD 367,767,000 as of December 31, 2018[95]. - Net assets increased to HKD 409,912,000 from HKD 398,663,000 at the end of 2018, indicating a growth of 2.9%[95]. - Cash and cash equivalents at the end of the period were HKD 164,247,000, down from HKD 172,147,000 at the end of the previous period[101]. - The net cash generated from operating activities was HKD 5,020,000, a decrease from HKD 9,877,000 in the same period of 2018[101]. Corporate Governance - The board of directors includes three independent non-executive directors[70]. - The audit committee is responsible for reviewing the financial reporting process and risk management[68]. - The independent directors bring a wealth of experience from various sectors, contributing to the company's governance and strategic direction[75]. - The financial reporting and corporate governance practices are aligned with industry standards, reflecting the company's commitment to transparency and accountability[79]. Strategic Planning - The company is focused on strategic planning, particularly in product development and market expansion, to enhance its competitive edge[73]. - The management team is committed to exploring new strategies for market expansion and potential acquisitions to enhance overall business performance[78]. - The company is actively seeking suitable investments that can bring synergistic effects to its existing business[35]. - The company aims to leverage its extensive experience in the home goods retail sector to drive growth and improve operational efficiency[78]. Shareholder Information - The interim dividend declared was HKD 0.02 per ordinary share, compared to no dividend in the same period last year[39]. - The company has a total of 258,432,000 shares issued as of June 30, 2019[64]. - World Empire holds 150,000,000 shares, representing 58.0% of the company's issued share capital[63]. - Mr. Zheng Si-jian holds a beneficial interest in 4,500,000 shares, accounting for 1.8% of the issued share capital[51]. - The company declared an interim dividend of HKD 0.02 per share, totaling HKD 5,169,000, for shareholders listed on September 12, 2019[158]. Accounting Policies - The group applied the new Hong Kong Financial Reporting Standard No. 16 for leases, which replaced the previous standard, resulting in changes to accounting policies[107]. - The group recognized lease liabilities of approximately HKD 19,956,000 and right-of-use assets of approximately HKD 37,704,000 upon the initial application of HKFRS 16 on January 1, 2019[130]. - The group’s accounting policies and methods for the six months ended June 30, 2019, are consistent with those used in the annual financial statements for the year ended December 31, 2018[104]. - The group has not experienced significant changes in financial performance due to the new accounting standards applied[105].
卡撒天娇(02223) - 2018 - 年度财报
2019-04-23 08:43
Financial Performance - Total revenue for 2018 was HKD 337.6 million, a decrease of 2.5% from HKD 347.4 million in 2017[31]. - Gross profit for 2018 was HKD 213.3 million, resulting in a gross margin of 63.2%, down from 64.6% in 2017[31][34]. - EBITDA for 2018 was HKD 28.1 million, representing an EBITDA margin of 8.3%, a decline from 12.8% in 2017[31][34]. - Net profit attributable to shareholders for 2018 was HKD 7.8 million, compared to HKD 27.0 million in 2017, reflecting a net profit margin of 2.3%[31][34]. - The profit attributable to shareholders was HKD 7.8 million, down 71.0% from HKD 27.0 million in 2017, primarily due to reduced sales to wholesale customers and increased related expenses[42]. - EBITDA for 2018 decreased by 37.0% to HKD 28.1 million, down from HKD 44.6 million in 2017[99]. - The company's net profit attributable to owners for 2018 was HKD 7.8 million, a decrease of 71.0% compared to HKD 27.0 million in 2017[99]. - Revenue from self-operated retail stores increased by 2.8% to HKD 253.98 million, representing 75.2% of total revenue in 2018[79]. - Sales of bedding sets rose by 11.7% to HKD 176.63 million, making up 52.3% of total revenue, while sales of comforters and pillows dropped by 20.0% to HKD 140.88 million[84]. - Revenue from Hong Kong and Macau decreased by 5.2% to HKD 241.06 million, while revenue from mainland China increased by 5.1% to HKD 95.59 million[92]. Assets and Liabilities - Total assets increased to HKD 514.7 million in 2018 from HKD 475.8 million in 2017[33]. - Total liabilities rose to HKD 116.1 million in 2018, up from HKD 78.2 million in 2017[33]. - The company reported a current ratio of 3.4 and a quick ratio of 2.5, indicating strong liquidity[34]. Market and Business Strategy - The company plans to focus on enhancing product quality and specifications to meet rising consumer demands[37]. - The company plans to continue diversifying its business and optimizing its product mix in 2019, focusing on innovative health-functional bedding products[42]. - The company has established new teams for hotel projects and export business to expand revenue sources[42]. - The company aims to enhance consumer shopping experience and increase retail sales revenue by targeting the young market with "fast fashion" bedding and home products[52]. - The company aims to enhance brand promotion in the Greater Bay Area, including advertising at high-speed rail stations and on new media platforms[66]. - The company is actively pursuing collaborations with well-known brands and has secured licensing agreements for products featuring popular characters, aiming to attract younger consumers[66]. - The company aims to provide stylish, high-quality bedding and home products at reasonable prices, focusing on expanding revenue sources and enhancing brand value[66]. - The group aims to reduce reliance on retail by developing more wholesale business, with revenue significantly dependent on large purchase agreements with specific wholesale clients[148]. Operational Changes - The company operated 224 sales outlets across Greater China, including 120 self-operated outlets in major cities[11][25]. - The number of retail points as of December 31, 2018, was 224, a decrease from 232 points in 2017, including 120 self-operated points and 104 operated by distributors[43]. - The group faced a loss in retail operations in mainland China due to increased competition and changing consumer habits, particularly through new media sales channels[147]. - The group has closed underperforming self-operated stores in mainland China and is investing more resources in developing new sales channels and enhancing advertising efforts[147]. Employee and Management - Employee costs for the year amounted to HKD 95.4 million, an increase from HKD 87.4 million in the previous year[126]. - The total number of employees decreased to 622 from 642 in the previous year due to relocation of the e-commerce team[126]. - The group emphasizes the importance of attracting, training, and retaining skilled employees to support future growth, with regular reviews of talent retention and recruitment practices[150]. - The company has a competitive compensation package for employees and offers training and promotion opportunities to support career development[158]. Awards and Recognition - The company received multiple awards in 2018, including the "Hong Kong Excellent Brand" award and recognition from the Hong Kong Industrial Association for product design contributions[57]. - The company celebrated its 25th anniversary in 2018 with various promotional activities, including a public voting event on Facebook, which engaged consumers and highlighted classic products[56]. Capital and Investments - The company invested HKD 8.6 million in capital expenditures during the year, down from HKD 20.5 million in 2017[114]. - The total planned amount for capital allocation is HKD 44.2 million, with all funds utilized[119]. - The company has a distributable reserve of HKD 175,466,000 as of December 31, 2018, which includes share premium of approximately HKD 166,268,000 and retained earnings of HKD 9,198,000[170]. Stock Options and Shareholding - The company has adopted a stock option plan allowing the subscription of a total of 5,594,000 ordinary shares at an exercise price of HKD 4.95, with 2,934,000 options unexercised as of January 1, 2018[174]. - The total number of stock options granted to directors and key executives was 1,990,000, with 4,950,000 options remaining unexercised[178]. - The total number of stock options exercised by employees was 300,000, with 944,000 options remaining unexercised[178]. - The company’s directors and key executives hold a total of 157,875,000 shares, representing 61.1% of the issued share capital[184]. Risks and Challenges - The group faces financial risks including interest rate risk, foreign exchange risk, credit risk, and liquidity risk, with management policies outlined in the financial statements[151]. - The group faced a 5.2% depreciation of the RMB against the HKD during the year, impacting performance[123]. - The actual tax rate for 2018 was 43.6%, significantly higher than 18.7% in 2017, primarily due to operating losses and non-deductible expenses[98].