YOHO GROUP(02347)

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友和集团(02347) - 2025 - 年度财报
2025-07-17 08:34
年度報告 2024/25年年期報告 友和集團控股有限公司 執行董事 胡發枝先生 (主席兼行政總裁) 徐嘉穎女士 (營運總監) 非執行董事 文立先生 薛永康先生 (於2024年7月22日辭任) 獨立非執行董事 錢中山博士 何潤達先生 梁碩玲博士 目錄 2 公司資料 4 財務摘要 5 營運摘要 6 主席報告 12 主要里程碑及事件 16 管理層討論及分析 33 環境、社會及管治報告 77 董事簡介 80 企業管治報告 102 董事會報告 124 獨立核數師報告 128 綜合損益及其他全面收益表 129 綜合財務狀況表 131 綜合權益變動表 132 綜合現金流量表 133 綜合財務報表附註 182 五年財務概要 2024/25年年期報告 友和集團控股有限公司 2 公司資料 審核委員會 何潤達先生 (主席) 梁碩玲博士 文立先生 提名委員會 胡發枝先生 (主席) 錢中山博士 梁碩玲博士 薪酬委員會 梁碩玲博士 (主席) 徐嘉穎女士 何潤達先生 策略及投資委員會 文立先生 (主席) 胡發枝先生 徐嘉穎女士 薛永康先生 (於2024年7月22日辭任) 公司秘書 陳秀玲女士 授權代表 德勤 • 關黃陳方會計師行 執業會計 ...
22家港股公司回购 中国东方航空股份回购726.31万港元





Zheng Quan Shi Bao Wang· 2025-07-17 01:40
Summary of Key Points Core Viewpoint - On July 16, 22 Hong Kong-listed companies conducted share buybacks, totaling 15.2022 million shares and an amount of 32.662 million HKD [1][2]. Group 1: Buyback Details - China Eastern Airlines repurchased 2.5 million shares for 7.2631 million HKD, with a highest price of 2.950 HKD and a lowest price of 2.890 HKD, accumulating a total buyback amount of 564.32 million HKD for the year [1][2]. - China International Marine Containers repurchased 947,400 shares for 6.4245 million HKD, with a highest price of 6.850 HKD and a lowest price of 6.580 HKD, accumulating a total buyback amount of 42.8144 million HKD for the year [1][2]. - China Xuyang Group repurchased 1.38 million shares for 3.4859 million HKD, with a highest price of 2.540 HKD and a lowest price of 2.500 HKD, accumulating a total buyback amount of 158.3874 million HKD for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on July 16 was from China Eastern Airlines at 7.2631 million HKD, followed by China International Marine Containers at 6.4245 million HKD [1][2]. - In terms of share quantity, the most shares repurchased on July 16 were by China Electric Power, with 4.008 million shares, followed by China Eastern Airlines with 2.5 million shares and Jieli Trading with 2 million shares [1][2].
智通港股回购统计|7月17日





智通财经网· 2025-07-17 01:14
Group 1 - The article reports on share buybacks conducted by various companies on July 16, 2025, with China Eastern Airlines having the largest buyback amount of 7.2631 million yuan for 2.5 million shares [1][2] - A total of 20 companies participated in the buyback, including notable names such as Mengniu Dairy, IGG, and Modern Dental [1] - The cumulative buyback amounts and percentages of total shares for each company are detailed, indicating varying levels of commitment to share repurchase programs [2] Group 2 - China Eastern Airlines (00670) repurchased 2.5 million shares, totaling 7.2631 million yuan, representing 1.782% of its total share capital [2] - Other companies like CIMC (02039) and China Xuyang Group (01907) also engaged in buybacks, with CIMC repurchasing 947,400 shares for 6.4245 million yuan, accounting for 0.220% of its total shares [2] - The buyback activities reflect a strategic move by these companies to enhance shareholder value and signal confidence in their financial health [1][2]
友和集团:2025财年经调整纯利约2160万港元,同比下降8.0%
news flash· 2025-06-26 11:19
Core Insights - The total merchandise transaction value for the year ending March 31, 2025, is approximately HKD 848 million, representing a year-on-year decline of 8.4% [1] - The number of registered members has increased to approximately 1.224 million [1] - The number of orders received has decreased to approximately 433,000, while the average transaction value has increased to approximately HKD 1,960 [1] - Revenue is approximately HKD 754 million, reflecting a year-on-year decrease of 10.4% [1] - Adjusted net profit is approximately HKD 21.6 million, down 8.0% year-on-year [1] - The company proposes a final dividend of HKD 0.015 per ordinary share [1]
友和集团(02347) - 2025 - 年度业绩
2025-06-26 11:14
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責,對其準確性或完整性亦不發表任何聲明,並明確表示,概不對因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Yoho Group Holdings Limited 友和集團控股有限公司 (於開曼群島註冊成立的有限公司) (股份代號: 2347) 截 至 2025年 3月 31日止年度的 年度業績公告 友 和 集 團 控 股 有 限 公 司(「 本公司 」, 連 同 其 附 屬 公 司 統 稱「 本集團 」)董 事(「 董 事 」)會(「 董事會 」)欣 然 宣 佈 本 集 團 截 至 2025年 3月 31日 止 年 度(「 報告期 」或 「 本年度 」)的 經 審 核 綜 合 財 務 業 績(「 年度業績 」)連 同 截 至 2024年 3月 31日止年 度的比較數字。 2 4 /2 5 財年營運摘要 2 4 /2 5 財年財務摘要 1 1. 總 商 品 交 易 額(「 總商品交易額 」) (附註 1) 於 24/25財 年 (附註 2) 達 約 848.1百萬港 元,相較於 23/24財 年( 23/24 ...
友和集团(02347) - 2025 - 中期财报
2024-12-19 08:30
Financial Performance - Revenue for the first half of 2024/25 was HKD 386,994,000, a decrease of 2.9% compared to HKD 396,278,000 in the first half of 2023/24[7] - Gross profit for the first half of 2024/25 was HKD 58,986,000, with a gross margin of 15.2%, up from 14.9% in the previous period[7] - Net profit for the first half of 2024/25 increased to HKD 11,153,000, compared to HKD 10,283,000 in the same period last year, representing an increase of 8.5%[7] - Adjusted net profit for the first half of 2024/25 was HKD 11,839,000, reflecting an adjusted net profit margin of 3.1%, up from 2.7%[7] - Revenue amounted to approximately HKD 387.0 million, down 2.3% year-on-year, yet still outperforming the overall market[25] - Net profit increased by approximately 8.5% to HKD 11.2 million, while adjusted net profit rose by about 12.5% to approximately HKD 11.8 million[25] - Total revenue for the six months ended September 30, 2024, was HKD 386,994,000, a decrease of 0.72% from HKD 396,278,000 for the same period in 2023[96] - Profit before tax increased to HKD 12,914,000, compared to HKD 11,490,000 in the previous year, reflecting a growth of 12.4%[96] - The total comprehensive income for the six months was HKD 11,153,000, compared to HKD 10,283,000 in the same period last year[103] Membership and Customer Engagement - Registered members increased to 1,174,000, up from 1,048,000 in the previous year, indicating a growth of 12%[14] - The launch of the YOHO First membership program offers discounts of up to 15% on nearly 2,800 products and additional benefits for a yearly fee of HKD 399[23] - Registered membership grew to over 1,174,000, representing a 12.0% increase from the previous period[33] - The company has established a dedicated team for advertising sales, leveraging its database of nearly 1.2 million members to drive higher conversion rates through data-driven marketing solutions[77] Operational Metrics - Total merchandise transaction value for the first half of 2024/25 was HKD 432.2 million, slightly down from HKD 434.7 million in the previous year[14] - Average order value for the first half of 2024/25 was HKD 1,927, an increase from HKD 1,849 in the same period last year[14] - The average order value increased by 4.2% to HKD 1,927[33] - Direct sales of large appliances generated HKD 110,652,000, up 11.7% from HKD 99,004,000 in the previous year[108] Cash and Equity Position - The company maintained a cash position of HKD 215,125,000, down from HKD 230,889,000 in the previous year[7] - Total equity as of the end of the reporting period was HKD 271,045,000, compared to HKD 274,805,000 in the previous year[7] - Cash and cash equivalents as of September 30, 2024, amounted to HKD 130,391,000, up from HKD 127,942,000 as of March 31, 2024[97] - Total assets decreased to HKD 328,292,000 from HKD 337,069,000, indicating a decline of 2.2%[97] Share Repurchase and Dividends - The company continues to repurchase shares, acquiring approximately 2.39 million shares in the first half of 2024/25[20] - The company repurchased 2,388,000 shares, resulting in a decrease of approximately HKD 1,000 in equity since March 31, 2024[62] - The company proposed an interim dividend of HKD 0.015 per share, totaling approximately HKD 7,490,000, compared to no dividend in the previous year[90] - The company declared a final dividend of HKD 0.030 per share for the year ended March 31, 2024, totaling HKD 14,980,000, compared to HKD 12,000,000 for the same period in 2023[113] Strategic Initiatives - The company completed the acquisition of J SELECT, with a cash consideration and shares issued at a premium of approximately 66.67% over the closing price on the agreement date[21] - The company plans to extend the timeline for utilizing unutilized net proceeds for brand management and marketing investments until March 31, 2026, to adapt to changing market conditions[70] - The company aims to increase market share through natural growth, with 20.4% of the net proceeds allocated for this purpose, amounting to HKD 15.2 million[67] - The company plans to expand its e-commerce platform product offerings, allocating 7.1% of the net proceeds, which is HKD 5.3 million[67] - The company is focusing on acquiring companies in the e-commerce sector, with 13.7% of the net proceeds, amounting to HKD 10.2 million, allocated for this purpose[67] Stock Options and Employee Incentives - The company granted options to purchase a total of 12,800,000 shares on July 21, 2023, and 14,504,000 shares on September 22, 2023, under the share option plan[145][146] - The total expense recognized for stock options granted by the company during the first half of 2024/25 was approximately HKD 686,000, compared to HKD 236,000 in the first half of 2023/24[182] - The company plans to maintain its stock option program to incentivize key personnel and align their interests with shareholders[151] - The stock options are part of the company's strategy to attract and retain talent in a competitive market[151] Governance and Compliance - The company has adopted the principles and code provisions of the Corporate Governance Code throughout the reporting period, with a noted deviation regarding the roles of Chairman and CEO[190] - The Audit Committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with listing rules[198] - The audit committee reviewed and discussed the group's unaudited interim financial performance during the reporting period[199] - The audit committee had no objections to the accounting treatments adopted by the group[199]
友和集团(02347) - 2025 - 中期业绩
2024-11-28 12:30
Financial Performance - Total merchandise transaction value for the first half of 24/25 reached approximately HKD 432.2 million, a decrease of about 0.6% compared to HKD 434.7 million in the first half of 23/24[2] - Revenue for the first half of 24/25 was HKD 387.0 million, down approximately 2.3% from HKD 396.3 million in the first half of 23/24[2] - Adjusted net profit for the first half of 24/25 was approximately HKD 11.8 million, an increase of about 12.5% from HKD 10.5 million in the first half of 23/24[2] - Net profit for the first half of 24/25 was approximately HKD 11.2 million, up from HKD 10.3 million in the first half of 23/24, representing an increase of about 8.5%[2] - The overall gross profit margin for the first half of 24/25 was approximately 15.2%, compared to 14.9% in the first half of 23/24[2] - Revenue decreased by approximately 2.3%, from HKD 396.3 million in the first half of 2023/24 to HKD 387.0 million in the first half of 2024/25, primarily due to reduced consumer purchasing power in Hong Kong[100] - Gross profit increased by approximately 0.1%, from HKD 58.9 million to HKD 59.0 million, with the gross margin rising from 14.9% to 15.2% due to an expanded product portfolio and competitive pricing strategies[102] - The company reported a significant decrease in revenue from digital entertainment, which fell to HKD 34,961,000 from HKD 45,875,000, a decline of about 23.9%[75] Membership and Customer Engagement - As of September 30, 2024, the number of registered members increased to approximately 1,174,000, up from about 1,048,000 on September 30, 2023[2] - The company launched the YOHO First membership program in August 2024, offering members discounts of up to 15% on nearly 2,800 products and a price guarantee[24] - The company successfully leveraged its online-offline integration model to mitigate market challenges, maintaining consumer engagement and loyalty[18] Acquisitions and Strategic Initiatives - The company completed the acquisition of J SELECT, a high-end retail business, for a cash price and shares issued at HKD 1.00 per share, representing a premium of approximately 66.67% over the closing price on the agreement date[21] - J SELECT has over 600,000 high-spending members, enhancing the company's customer base and data capabilities, which are expected to drive upselling and cross-selling opportunities[23] - The company aims to expand into high-margin categories such as beauty, health, and lifestyle products through the acquisition of J SELECT[23] - The company plans to implement a dual-brand strategy following the successful acquisition of J SELECT, targeting both mass and premium markets to expand market share[45] Financial Position and Cash Flow - The cash position as of September 30, 2024, was robust at approximately HKD 215.1 million, down from HKD 230.9 million on March 31, 2024[2] - The total cash position decreased by 6.9% from approximately HKD 229.6 million on March 31, 2024, to approximately HKD 213.8 million on September 30, 2024[52] - Cash and cash equivalents as of September 30, 2024, were HKD 130,391,000, compared to HKD 127,942,000 as of March 31, 2024, indicating a slight increase[64] - The company maintained a net cash position with total cash and cash equivalents amounting to approximately HKD 1.3 million, unchanged from March 31, 2024[53] Dividends and Shareholder Returns - The board proposed an interim dividend of HKD 0.015 per ordinary share for the first half of 24/25, compared to zero in the first half of 23/24[2] - The company declared a final dividend of HKD 0.030 per share for the year ending March 31, 2024, totaling HKD 14,980,000, compared to HKD 12,000,000 for the same period in 2023, reflecting a 24.2% increase[82] - The company has proposed an interim dividend of HKD 0.015 per share for the period ending September 30, 2024, totaling HKD 7,490,000, compared to no interim dividend declared in the previous year[82] Operational Efficiency - Operating expenses as a percentage of total revenue remained stable at approximately 12.9% for both the first half of 23/24 and 24/25[39] - The average order value increased by approximately 4.2% to HKD 1,927 in the first half of 24/25[38] - The company is enhancing logistics capabilities to provide customized third-party logistics solutions, aiming to improve order processing efficiency[48] Market Strategy and Growth Potential - The company aims to transition to a 3P model, enhancing product diversity and customer loyalty, while leveraging a strong merchant network for growth[47] - The company is strategically planning expansion into the Greater Bay Area, capitalizing on the demand for quality products and improved cross-border logistics[49] - The company’s core strategy involves leveraging Hong Kong as a "super connector" to introduce high-quality global products to the mainland market[51] - E-commerce sales in Hong Kong surpassed HKD 30 billion in 2023, indicating significant growth potential despite a relatively low penetration rate[43] Capital Expenditures and Investments - The company invested approximately HKD 905,000 in capital expenditures for the fiscal year 24/25, a significant increase from approximately HKD 60,000 in the fiscal year 23/24[53] - The total amount spent on property, plant, and equipment during the interim period was HKD 905,000, compared to HKD 60,000 in the same period last year, showing a significant increase[85] Governance and Compliance - The board adopted corporate governance principles and complied with the relevant codes throughout the reporting period[132] - The audit committee reviewed the unaudited interim financial performance for the reporting period and found no objections to the accounting treatments adopted by the group[140] - The interim financial data has been reviewed by the external auditor, Deloitte, in accordance with the Hong Kong Institute of Certified Public Accountants' standards[140]
友和集团(02347) - 2024 - 年度财报
2024-07-18 23:10
Financial Performance - Total revenue for the fiscal year 2023/24 was HKD 841,148,000, a decrease of 1.1% from HKD 855,076,000 in 2022/23[8] - Gross profit for the fiscal year 2023/24 was HKD 121,833,000, resulting in a gross margin of 14.5%, down from 15.3% in the previous year[8] - Adjusted net profit for the fiscal year 2023/24 was HKD 23,379,000, slightly up from HKD 23,036,000 in 2022/23, with an adjusted net profit margin of 2.8%[8] - Total merchandise transaction value for 2023/24 was HKD 926.3 million, a slight decrease from HKD 929.2 million in the previous year[13] - The average order value for the fiscal year 2023/24 was HKD 1,948, compared to HKD 1,950 in 2022/23[13] - Total gross merchandise value for the fiscal year 2023/24 was approximately HKD 926.3 million, nearly flat compared to HKD 929.2 million in 2022/23[15] - Revenue for the fiscal year 2023/24 decreased to approximately HKD 841.1 million from HKD 855.1 million in 2022/23, representing a decline of about 1.6%[70] - Gross profit decreased from approximately HKD 131.2 million in 2022/23 to about HKD 121.8 million in 2023/24, a decline of 7.1%[71] - Net profit surged by approximately 253.9% to about HKD 22.3 million, with adjusted net profit increasing by about 1.5% to approximately HKD 23.4 million, highlighting the company's resilience[45] Membership and Customer Engagement - The number of registered members increased to 1,108,000 in 2023/24, up from 961,000 in 2022/23, representing a growth of 15.3%[13] - The registered membership exceeded 1.1 million, with an industry-leading average transaction value of approximately HKD 1,948[48] Business Models and Strategies - The company plans to continue focusing on its core 1P business model in electronics and appliances, aiming for higher market share and exploring untapped categories[19] - The 3P business model has shown steady growth in merchant numbers, product offerings, and total gross merchandise value, with a high average transaction value maintained[19] - The company is actively seeking merger and acquisition opportunities to accelerate growth, with several promising prospects identified[17] - The company has upgraded its platform system multiple times to support future growth and accommodate new brands joining the platform[19] Market Expansion and Future Plans - The company aims to continue expanding its market presence and enhancing its product offerings in the upcoming fiscal year[14] - The company is preparing to expand its target consumer base to the Greater Bay Area and explore opportunities in Southeast Asia for future growth[20] - The company anticipates a challenging retail environment in Hong Kong but expects some relief in the second half of 2024, driven by declining global interest rates and government initiatives[94] Financial Health and Equity - Cash net position improved to HKD 230,889,000 in 2023/24, up from HKD 211,266,000 in the previous year[8] - Total equity increased to HKD 274,805,000 in 2023/24, compared to HKD 264,861,000 in 2022/23[8] - The adjusted return on equity for 2023/24 was 8.5%, slightly down from 8.7% in the previous year[8] Shareholder Returns - The board declared a final dividend of HKD 0.030 per share for the fiscal year 2023/24, up from HKD 0.024 per share in 2022/23, totaling approximately HKD 14.9 million, pending shareholder approval[15] - The company repurchased approximately 2.2 million shares during the fiscal year to protect shareholder interests and proposed a final dividend of HKD 0.03 per share[46] Operational Efficiency - Operating expenses as a percentage of total revenue decreased from 13.1% in 2022/23 to 12.3% in 2023/24, indicating effective cost control[67] - Sales and distribution expenses decreased from approximately HKD 76.5 million in 2022/23 to about HKD 66.6 million in 2023/24, attributed to reduced logistics and storage costs[74] Environmental, Social, and Governance (ESG) Initiatives - The company has established a governance framework to enhance focus on environmental, social, and governance initiatives, overseen by the board[115] - The company has identified 22 key environmental, social, and governance issues through stakeholder engagement, prioritizing them based on importance[121] - The company has committed to integrating energy efficiency into procurement standards for electronic equipment by the fiscal year 2026/27[117] - The company has implemented a service to collect old electronic appliances when delivering new ones, aiming to reduce carbon footprint and ensure responsible recycling[111] Employee Management and Development - The company has implemented a competitive compensation framework, including a monthly attendance bonus and additional bonuses for retail frontline staff based on sales performance and customer ratings[153] - The company has established a fitness area in the workplace to promote employee well-being and encourage a healthier lifestyle[165] - The company has implemented a comprehensive training program to enhance employee skills and performance, ensuring alignment with the company's culture and operational framework[169] Community Engagement - The company donated cash and products to support local communities during the reporting period[192] - The "Wish Come True" initiative has been supported for eight consecutive years, providing essential electronic products to low-income families, single-parent households, and individuals with special needs[194] - The Y Charity program enables over 10,000 tax-exempt charitable organizations to fundraise through the company's e-commerce platform without management fees, aiming to increase fundraising outreach[197]
友和集团(02347) - 2024 - 年度业绩
2024-06-27 11:22
Financial Performance - Total merchandise transaction value for the fiscal year 23/24 reached approximately HKD 926.3 million, a decrease of about 0.3% compared to HKD 929.2 million in the fiscal year 22/23[6]. - Revenue for the fiscal year 23/24 was HKD 841.1 million, down approximately 1.6% from HKD 855.1 million in the fiscal year 22/23[6]. - The overall gross profit margin for the fiscal year 23/24 was approximately 14.5%, compared to 15.3% in the fiscal year 22/23[6]. - Adjusted net profit for the fiscal year 23/24 was approximately HKD 23.4 million, slightly up from HKD 23.0 million in the fiscal year 22/23[6]. - Net profit for the fiscal year 23/24 was approximately HKD 22.3 million, significantly higher than HKD 6.3 million in the fiscal year 22/23, mainly due to reduced listing expenses and strict cost management measures[6]. - The gross profit for the same period was HKD 121.8 million, compared to HKD 131.2 million in 2023, indicating a decrease of about 7.1%[66]. - Revenue decreased from approximately HKD 855.1 million in FY 22/23 to approximately HKD 841.1 million in FY 23/24, a decline of about 1.6%[104]. - Net profit for FY 23/24 was approximately HKD 22.3 million, compared to HKD 6.3 million in FY 22/23, with net profit margin rising from 0.7% to 2.7%[113]. Membership and Customer Engagement - As of March 31, 2024, the number of registered members increased to approximately 1,108,000, up from 961,000 as of March 31, 2023[6]. - The registered member count exceeded 1.1 million, with an industry-leading average transaction value of approximately HKD 1,948[26]. - The company’s loyalty program allows customers to earn reward points for future discounts, with the revenue from these points recognized upon redemption or expiration[86]. Strategic Initiatives - The company adopted a more cautious operational strategy, focusing resources on core development projects and actively managing costs amid a challenging economic environment[14]. - The company expanded its 3P business model to include a wider range of product categories, enhancing its online and offline retail integration[12]. - The company plans to explore acquisition opportunities to accelerate growth in the near future[15]. - The company is preparing to expand its business into Southeast Asia, leveraging accumulated experience and resources[19]. - The company aims to deepen supply chain relationships and expand into underdeveloped categories to increase market share[17]. - The company is closely monitoring market trends and consumer behavior to align its strategies accordingly, particularly regarding the establishment of new physical stores[53]. Capital Management and Investments - The company repurchased approximately 2.2 million shares during the fiscal year to protect shareholder interests[23]. - The group plans to invest approximately HKD 78,000 in capital expenditures for the fiscal year 2023/24, compared to approximately HKD 8.0 million in the previous fiscal year[59]. - The company has no significant capital commitments or contingent liabilities as of March 31, 2024[126]. - The company incurred listing expenses of HKD 12,483,000 in the fiscal year 22/23, which are no longer applicable post-listing[121]. Market Performance and Trends - The company anticipates a challenging retail environment but expects some recovery in the second half of 2024 due to easing operational pressures and government initiatives[51]. - The 1P business model remains the main contributor to the group's performance in the short to medium term, with a focus on expanding customer base and enhancing customer loyalty despite a challenging retail environment in Hong Kong[52]. - The company is exploring market expansion opportunities outside of Hong Kong, with revenue from mainland China dropping to HKD 7,290,000 from HKD 28,225,000[81]. Governance and Compliance - The board consists of seven directors, including three independent non-executive directors, ensuring a balance of power and decision-making within the company[133]. - The audit committee reviewed the audited financial performance for the year ending March 31, 2024, in discussions with senior management and auditors[137]. - The company has adopted its own securities trading policy for directors, which complies with the standards set out in the listing rules[136]. - The company will hold its annual general meeting on August 30, 2024, where the annual report for the year ending March 31, 2024, will be published[140].
友和集团(02347) - 2024 - 中期财报
2023-12-15 08:30
Financial Performance - Total gross merchandise volume and revenue for the first half of the fiscal year 2023/24 were approximately HKD 434.7 million and HKD 396.3 million, representing a decrease of about 10.0% and 11.6% compared to the same period in the previous year[19]. - The net profit for the reporting period was approximately HKD 10.3 million, a significant increase of about 921.2% compared to HKD 1.0 million in the same period last year, primarily due to reduced listing expenses and increased bank interest income[19]. - Revenue for the first half of 2023/24 was HKD 396.3 million, a decline from HKD 448.2 million in the same period last year[40]. - Gross profit for the first half of 2023/24 was HKD 58.9 million, compared to HKD 67.8 million in the previous year[40]. - Adjusted net profit for the first half of 2023/24 was HKD 10.5 million, down from HKD 15.8 million year-over-year[40]. - The company reported a gross margin of 14.9%, slightly down from 15.1% in the previous year[40]. - The company maintained a stable debt-to-equity ratio of zero as of September 30, 2023, and March 31, 2023[83]. - The company reported a cash outflow of approximately HKD 19.8 million from operating activities during the period[82]. - The profit attributable to the company's owners for the six months ended September 30, 2023, was HKD 10,283,000, significantly up from HKD 1,007,000 in the same period of 2022, indicating a substantial increase of approximately 920.5%[187]. Membership and Merchant Growth - The number of registered members reached approximately 1.05 million as of September 30, 2023, an increase of 87,000 members since March 31, 2023, indicating continued brand penetration[8]. - The company successfully attracted over 440 registered merchants to the platform, introducing approximately 20,000 stock-keeping units (SKUs), with a target of 60,000 non-repeating SKUs by the end of the fiscal year 2023/24[9]. - Registered member count increased by 19.6% to 1,048,000 from 876,000 year-over-year[26]. Strategic Focus and Business Model - The company is focusing on enhancing its core competitiveness and has adjusted its development strategy to strengthen its 3P business model, diversifying its product mix and revenue structure[20][21]. - The company is focusing on an OMO (Online-Merge-Offline) business model to enhance customer experience and drive growth[35]. - The company aims to improve the online shopping experience by continuously enhancing the user interface and functionality of its e-commerce platform, as well as improving logistics efficiency and after-sales service quality[8]. - The company has implemented a more flexible commission system to attract high-quality third-party merchants to the platform, allowing them to adopt more competitive pricing strategies[21]. - The company is actively seeking strategic acquisitions to gain growth opportunities, targeting e-commerce platforms, upstream and downstream companies, or brands[66]. Market and Economic Conditions - The company anticipates that the local retail market will take time to recover, and the challenging business environment may impact organic growth momentum[66]. - The company is focusing on the Greater Bay Area for market expansion, leveraging its brand advantage and strong supply chain capabilities to target affluent middle-class consumers in mainland China[70]. Operational Metrics - The number of orders received decreased by 8.6% to 235,000 from 257,000 in the previous year[26]. - Average transaction value per order was HKD 1,849, down 1.6% from HKD 1,880[26]. - Operating expenses as a percentage of total revenue were approximately 12.9% for the first half of 2023/24, compared to 11.8% for the same period in 2022/23[87]. - Direct sales from large appliances increased to HKD 99,004,000, up 20.7% from HKD 81,986,000 year-over-year[163]. - Revenue from kitchen appliances decreased to HKD 37,773,000, down 22.2% from HKD 48,563,000 year-over-year[163]. Cash and Capital Management - Cash and cash equivalents increased to HKD 218.8 million from HKD 211.3 million year-over-year[40]. - The total cash position increased by 3.6% from approximately HKD 209.9 million as of March 31, 2023, to HKD 217.5 million as of September 30, 2023[82]. - As of September 30, 2023, the unutilized net proceeds amount to approximately HKD 49.8 million, which has been deposited in approved financial institutions in Hong Kong as interest-bearing deposits[61]. - The company has allocated 7.1% of the net proceeds, approximately HKD 5.3 million, to expand the product offerings on its e-commerce platform[86]. - The company aims to strengthen its supply chain capabilities, allocating 9.2% of the net proceeds, approximately HKD 6.9 million, for this purpose[86]. Employee and Operational Costs - For the six months ended September 30, 2023, the total employee costs amounted to HKD 18,213,000, an increase from HKD 17,010,000 for the same period in 2022, representing a growth of approximately 7.1%[177]. - Sales and distribution expenses decreased from approximately HKD 36.8 million in the first half of 22/23 to approximately HKD 33.6 million in the first half of 23/24, a reduction of about 8.7%[94]. - The company reported a decrease in selling and distribution expenses to HKD 33,573,000 from HKD 36,799,000, reflecting cost management efforts[154]. Shareholder Information - The company did not declare any interim dividend for the period ended September 30, 2023[144]. - The company declared a final dividend of HKD 0.024 per share for the year ended March 31, 2023, totaling HKD 12,000,000[167].