Financial Performance - The company's revenue for the fiscal year ending March 31, 2025, increased by 18.0% to HKD 4,807.9 million, compared to HKD 4,074.7 million in the previous year[2] - The gross profit margin decreased from 18.4% to 16.1%, while the net profit margin attributable to shareholders fell from 6.5% to 4.5%[2] - Net profit attributable to shareholders for the year was HKD 217.2 million, a decline of 17.6% from HKD 263.5 million in the previous year[2] - Total comprehensive income for the year was HKD 179.8 million, compared to HKD 187.0 million in the previous year[4] - Total revenue for 2025 reached HKD 4,807,899, an increase of 17.9% from HKD 4,074,668 in 2024[12] - The company reported a net profit of HKD 228,531 for 2025, down 16.0% from HKD 272,033 in 2024[10] - Gross profit increased by HKD 24.0 million (or 3.2%) to HKD 772.7 million, but the gross profit margin decreased from 18.4% to 16.1%[38] - The group recorded a net profit attributable to shareholders of HKD 217.2 million, a decrease of HKD 46.3 million (or 17.6%) from the previous year, with a net profit margin dropping from 6.5% to 4.5%[40] Dividends - The board proposed a final dividend of HKD 0.04 per ordinary share, down from HKD 0.08 in 2024[2] - The proposed final dividend for 2025 is HKD 22,967, a decrease from HKD 42,704 in 2024, reflecting a reduction in shareholder returns[22] - The board proposed a final dividend of HKD 0.04 per share, down from HKD 0.08 the previous year, resulting in a total dividend payout of HKD 0.26 per share compared to HKD 0.38 the previous year[40] - Proposed final dividend of HKD 0.04 per share for the year ending March 31, 2025, compared to HKD 0.08 in 2024, resulting in a total dividend of HKD 0.26 per share for the year, down from HKD 0.38 in the previous year[49] Assets and Liabilities - Non-current assets increased to HKD 2,012.0 million from HKD 1,518.2 million, driven by higher property, plant, and equipment[5] - Current assets rose to HKD 1,962.0 million from HKD 1,652.3 million, with inventory increasing to HKD 962.6 million from HKD 704.9 million[5] - Current liabilities increased significantly to HKD 1,913.8 million from HKD 1,211.2 million, primarily due to a rise in interest-bearing bank loans[5] - The company's total equity increased to HKD 1,824.1 million from HKD 1,634.4 million, reflecting growth in reserves[6] - As of March 31, 2025, the company's bank loans amounted to HKD 1,447.5 million, up from HKD 909.5 million the previous year[26] - The company’s bank loans due within one year increased to HKD 1,307.5 million from HKD 651.1 million year-on-year[27] - As of March 31, 2025, the group had cash and bank balances of HKD 387.4 million, down from HKD 490.1 million the previous year, while bank loans increased to HKD 1,953.7 million from HKD 1,486.3 million[41] - The debt ratio as of March 31, 2025, was 58.1%, significantly up from 25.7% the previous year[41] Customer and Revenue Breakdown - Revenue from mainland China was HKD 2,471,254, up 5.9% from HKD 2,332,360 in 2024, while the operating profit decreased to HKD 347,093 from HKD 458,933[10] - Major customers contributed significantly, with Customer A generating HKD 2,821,707 and Customer B HKD 1,050,785 in 2025, representing a 9.2% and 63.2% increase respectively from 2024[13] - Sales to mainland China increased by HKD 138.9 million or 6.0% to HKD 2,471.3 million, while the sales ratio from mainland China decreased from 57.2% to 51.4%[36] - Total sales in the European and American markets increased by HKD 378.3 million or 31.1% to HKD 1,595.2 million, raising their share of total sales from 29.9% to 33.2%[36] Operational Changes and Strategy - The company has restructured its operating segments to enhance management oversight, now reporting six segments including Mainland China and the United States[9] - The company’s strategic focus includes enhancing production capabilities in Southeast Asia and investing in technology upgrades to respond to market changes[34] - The group has ten production bases strategically located in mainland China and Southeast Asia, with a focus on developing high-end products and optimizing production technology to reduce labor costs[37] - The group aims to optimize global supply chain configurations and strictly control capital expenditures in response to changing international economic conditions[46] Employee and Expenses - The total employee benefits expense rose to HKD 1,233,545 in 2025, an increase of 17.2% from HKD 1,052,636 in 2024[16] - The group's sales and distribution expenses rose by HKD 11.8 million (or 42.3%), while administrative expenses increased by HKD 48.4 million (or 15.7%) due to higher employee compensation and hiring[39] - Employee benefits expenses totaled HKD 1,233.5 million, an increase from HKD 1,052.6 million the previous year, with approximately 18,800 employees as of March 31, 2025[47] Governance and Compliance - The company has adhered to the corporate governance code, with a change in the roles of Chairman and CEO effective September 2, 2024, ensuring separation of these roles[52] - The audit committee reviewed the accounting principles and practices, including the consolidated financial statements for the year ending March 31, 2025[56] - The independent auditor has confirmed that the figures in the preliminary announcement align with the draft consolidated financial statements for the year[57] - The annual report for the year ending March 31, 2025, will be sent to shareholders and available on the company's website[58] Meeting and Registration - The annual general meeting is scheduled for August 8, 2025, with a suspension of shareholder registration from August 4 to August 8, 2025[50] - The company will not process share transfer registrations from August 27 to August 29, 2025, to determine eligibility for the proposed final dividend[51]

Core Viewpoint - The article emphasizes the pivotal role of state-owned enterprises (SOEs) in leading the hydrogen energy sector, highlighting their contributions to the energy revolution and the strategic importance of hydrogen in China's energy landscape [2][8]. Group 1: National Strategy - The hydrogen industry is entering a critical phase of large-scale development, with over 60 countries announcing hydrogen strategies. China has included hydrogen in its Energy Law, with 22 provinces incorporating it into government work reports. The "Medium- and Long-term Planning for Hydrogen Industry Development (2021-2035)" sets a target of 100,000 to 200,000 tons of renewable hydrogen production by 2025 [3]. - SOEs are central to implementing national strategies, with projects like "wind-solar hydrogen + hydrogen-based fuel synthesis" by the National Energy Group in Inner Mongolia and Ningxia, and a million-kilowatt wind-solar hydrogen project by State Power Investment Corporation in Jilin [3]. Group 2: SOE Responsibilities - The report highlights the importance of technological breakthroughs across the entire hydrogen value chain, with SOEs demonstrating strong capabilities in equipment autonomy and technological integration. For instance, the Aerospace Science and Technology Corporation developed a 5 tons/day hydrogen expansion liquefaction system with 100% domestic components [4]. - The China Petroleum and Chemical Corporation initiated a hydrogen pipeline demonstration project, laying the groundwork for cross-regional hydrogen distribution. Additionally, various hydrogen-powered vehicles and systems have been developed, showcasing the innovation capabilities of SOEs [4]. Group 3: Scene Implementation - In 2024, hydrogen energy will see widespread pilot projects in industrial, transportation, and power sectors, with SOEs leading innovation. For example, Baowu Steel's hydrogen-based blast furnace project significantly reduces CO2 emissions in metallurgy [5]. - The National Energy Group's renewable hydrogen coupling with coal-based ammonia project aims to reduce CO2 emissions by 200,000 tons annually, providing a reference for carbon transition in the coal chemical industry [5]. Group 4: Global Perspective - China's hydrogen industry is shifting from technology importation to equipment exportation, with successful international projects such as the world's longest liquid hydrogen maritime transport demonstration by China National Offshore Oil Corporation [6]. - The State Grid is leading the development of international standards for fuel cell systems, enhancing China's influence in the global hydrogen sector [7]. Group 5: Future Challenges - The "China Hydrogen Development Report (2025)" serves as both a report card on industry progress and a task list for SOEs. The focus will be on expanding renewable hydrogen production capacity and overcoming technological challenges in electrolysis and fuel cells [8]. - By 2025, with ongoing policy support and technological advancements, SOEs are expected to play a crucial role in achieving large-scale hydrogen development, contributing to national energy security and global climate governance [8].

Group 1 - The market is reacting to mixed signals from Federal Reserve officials, with a strong performance in the Dow despite hawkish comments about interest rates [3][4] - The pharmaceutical and gold sectors are experiencing significant gains, reminiscent of the 2008 financial crisis, indicating a shift in investor sentiment [4][5] - The technology sector shows a stark contrast, with Microsoft benefiting from a 40% growth in Azure cloud services, while Tesla faces challenges from competitors like BYD [5][6] Group 2 - The decline in the Golden Dragon Index reflects underlying issues in Chinese companies, such as Bilibili's 5% drop due to waning payment willingness among Gen Z [6] - The resilience of the FTSE A50 index suggests foreign investment is still strong, similar to past market behaviors during trade tensions [6] - Investment strategies should focus on the upcoming June dot plot from the Federal Reserve, the potential of AI and cloud computing, and maintaining positions in gold as a safe haven asset [7]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 2,982.9 million, an increase from HKD 2,521.9 million in the same period of 2023, representing a growth of 18.3%[27] - Gross profit for the same period was HKD 508.9 million, slightly down from HKD 517.9 million year-over-year, indicating a decrease of 1.8%[27] - The company recorded a profit before tax of HKD 277.3 million, down from HKD 326.6 million in the previous year, reflecting a decline of 15.1%[27] - Net profit for the period was HKD 193.6 million, compared to HKD 236.2 million in the prior year, a decrease of 18.0%[27] - Basic earnings per share for the period was HKD 33.15, down from HKD 42.94 in the same period last year, a decline of 22.7%[27] - Total comprehensive income for the period was HKD 238.9 million, significantly higher than HKD 149.3 million in the previous year, an increase of 60.0%[32] Assets and Liabilities - Non-current assets increased to HKD 1,889.8 million from HKD 1,518.2 million, a growth of 24.4%[35] - Current assets rose to HKD 2,438.8 million, up from HKD 1,652.3 million, representing an increase of 47.5%[35] - The company's total liabilities increased to HKD 2,025.9 million from HKD 1,211.2 million, a rise of 67.1%[39] - The net asset value of the company reached HKD 2,009.1 million, compared to HKD 1,634.4 million, reflecting an increase of 22.9%[39] Revenue Breakdown - For the six months ended September 30, 2024, total revenue from customer contracts for sports apparel and garments was HKD 2,982,900,000, an increase from HKD 2,521,917,000 in the same period of 2023, representing a growth of approximately 18.3%[58] - Revenue from Mainland China reached HKD 1,690,750,000, up from HKD 1,474,210,000, indicating a growth of about 14.7%[56] Cash Flow and Expenses - Cash and cash equivalents at the end of the period were HKD 486,446,000, down from HKD 646,820,000 at the end of the same period in 2023, a decrease of about 24.7%[46] - The net cash flow from operating activities for the six months ended September 30, 2024, was negative HKD 214,507,000, compared to positive HKD 174,181,000 in the same period of 2023[46] - The total tax expense for the period was HKD 83,653,000, a decrease of 7.5% from HKD 90,374,000 in the previous year[67] - The interim dividend declared was HKD 0.22 per share, down from HKD 0.30 per share in 2023, resulting in a total dividend payout of HKD 126,320,000 compared to HKD 160,140,000 in the prior year, a decrease of 21.1%[68] Operational Developments - The company plans to continue expanding its market presence in the United States and Europe, focusing on increasing sales in these regions[55] - The company is committed to ongoing research and development of new products and technologies to enhance its competitive edge in the sports apparel market[55] - The company has initiated a diversification strategy for production bases since 2021, with the acquisition of new production facilities in Vietnam completed in July 2024[139] - The expansion of production bases in Indonesia, China, and Vietnam aims to enhance production efficiency and capacity[139] - The company is investing in modernizing its production facilities, with a new factory construction project in Indonesia underway on approximately 93,000 square meters of land[139] Acquisitions and Investments - The company completed the acquisition of Wisdom Innovation Holdings Limited for a total consideration of HKD 224,532,000, which includes cash and shares, aimed at expanding manufacturing capacity in Vietnam[113] - The identifiable net assets acquired in the acquisition were valued at HKD 171,554,000, with goodwill recognized at HKD 52,978,000[114] - Cash outflow for the acquisition, after accounting for cash received from the acquired entity, was HKD 18,977,000[120] Employee and Governance - The group employed approximately 18,600 employees as of September 30, 2024, an increase from about 15,500 employees as of March 31, 2024[163] - The company has complied with the corporate governance code as per the listing rules, except for the separation of roles between the Chairman and CEO, which has been rectified as of September 2, 2024[181] - The company’s audit committee consists of three independent non-executive directors, ensuring proper oversight of financial matters[185] Shareholder Information - The interim dividend declared is HKD 0.22 per share for the six months ending September 30, 2024, down from HKD 0.30 in 2023[194] - The company will suspend shareholder registration from November 25, 2024, to November 28, 2024, to facilitate the dividend distribution[195] - The major shareholders holding 5% or more of the issued share capital include Time Easy with 72,650,000 shares (12.65%) and Excel Skill with 32,320,000 shares (5.63%) as of September 30, 2024[171]

财联社11月15日讯（编辑 赵昊） 周五（11月15日）美股盘前，三大指数期货延续跌势。截至发稿，道 琼斯指数期货跌0.32%，标普500指数期货跌0.46%，纳斯达克100指数期货跌0.71%。 前一交易日，美股三大指数集体收跌，因美联储主席鲍威尔声称并不急于降息，打击了投资者的乐观情 绪。鲍威尔称，经济没有发出任何美联储需要尽快降息的信号，赋予了央行谨慎作决定的能力。 芝商所的"美联储观察"工具显示，市场预计该行12月降息25个基点的概率缩减至60%附近，维持利率不 变的概率升至近四成，较前一日高出了约20个百分点。 另一方面，先前支撑美股连刷新高的"特朗普交易"明显降温。CFRA Research首席投资策略师Sam Stovall表示，投资者正在评估之前的这波上涨是否有价值。 Stovall补充道："我们目前确实没有看到任何能够颠覆股市的迹象，但投资者总是在四处寻找可能导致 这一趋势结束的因素。"特朗普概念股之一的特斯拉继昨日大跌后，本周已累跌超3%。 与此同时，"特朗普交易"对加密货币的助推力似乎还没消失，发稿前不久，比特币短暂重回9万美元上 方。截至发稿，MicroStrategy盘前涨超3%，C ...

Financial Performance - For the six months ended September 30, 2024, the company's revenue increased by 18.3% to HKD 2,982,900,000, compared to HKD 2,521,900,000 for the same period in 2023[1] - The gross profit margin decreased by 3.4% to 17.1%, down from 20.5% in the same period last year[1] - The profit attributable to the company's owners was HKD 183,200,000, a decline of 20.1% from HKD 229,200,000 in the previous year[1] - The total comprehensive income for the period was HKD 238,940,000, compared to HKD 149,317,000 for the same period last year[3] - The group recorded a pre-tax profit of HKD 277,260,000, down 15.1% from HKD 326,585,000 in the same period last year[10] - Basic earnings per share for the period were HKD 0.33, down from HKD 0.43 in the same period last year[17] - The overall gross profit and pre-tax profit declined compared to the same period last year due to ongoing integration projects that have not yet generated profit[39] Dividends - The board declared an interim dividend of HKD 0.22 per share, down from HKD 0.30 per share in the previous year[1] - The group declared an interim dividend of HKD 0.22 per share, down from HKD 0.30 per share in the previous year[16] - The interim dividend will be paid on December 11, 2024, following a suspension of shareholder registration from November 25 to November 28, 2024[54] Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 2,302,647,000 as of September 30, 2024, compared to HKD 1,959,319,000 as of March 31, 2024[4] - Non-current assets increased to HKD 1,889,799,000 from HKD 1,518,222,000 as of March 31, 2024[4] - Current assets rose significantly to HKD 2,438,824,000 from HKD 1,652,265,000 as of March 31, 2024[4] - The company's cash and bank balances were HKD 486,446,000, slightly down from HKD 490,058,000 as of March 31, 2024[4] - As of September 30, 2024, the group had bank loans of HKD 1,187,620,000 due within one year, up from HKD 651,074,000 as of March 31, 2024[21] - The group's debt ratio increased to 44.7% as of September 30, 2024, compared to 25.7% as of March 31, 2024[44] Revenue Breakdown - Revenue from the China segment reached HKD 1,690,750,000, up 14.7% from HKD 1,474,210,000 in the previous year[10] - The United States segment reported revenue of HKD 570,551,000, a significant increase of 38.0% from HKD 413,577,000 in 2023[10] - The group's sales in mainland China accounted for nearly 60% of total sales, remaining stable compared to the same period last year[38] - The total sales reached HKD 2,982,900,000, an increase of HKD 461,000,000 or 18.3% compared to HKD 2,521,900,000 in the previous year[37] Costs and Expenses - The group's financing costs rose to HKD 35,326,000, compared to HKD 21,397,000 in the previous year, marking an increase of 65.0%[12] - Sales and distribution expenses increased by HKD 5.9 million (or 31.9%) due to rising sales volumes, while administrative expenses rose by HKD 25.2 million (or 16.4%) primarily due to increased employee compensation[40] - The company's actual tax rate increased to 30.2%, up 2.5% from 27.7% in the previous year, largely due to losses from newly acquired production bases in Vietnam[40] - The total tax expense for the period was HKD 83,653,000, compared to HKD 90,374,000 in the previous year, reflecting a decrease of 7.4%[15] Acquisitions and Investments - The company completed the acquisition of Wisdom Innovation Holdings Limited for a total consideration of HKD 224,532,000, which includes cash and shares[26] - The identifiable net assets at fair value at the time of acquisition amounted to HKD 171,554,000, with goodwill recognized at HKD 52,978,000[28] - The company incurred transaction costs of HKD 1,115,000 related to the acquisition, which were expensed in the income statement[29] - The group completed the acquisition of the "Vietnam Dingsen" production base in July 2024, which provides immediate capacity and significant potential for expansion[38] Operational Strategy - The company is expanding its production bases in Indonesia, China, and Vietnam to enhance production efficiency and capacity[35] - The group is actively optimizing operations to achieve economies of scale from multiple production bases despite short-term profit impacts due to increased financing costs and depreciation[36] - The company continues to invest in R&D and modern production systems to support its strategic direction towards high-end, intelligent, and digital development[34] Employee and Governance - The group employed approximately 18,600 employees as of September 30, 2024, an increase from about 15,500 employees as of March 31, 2024[47] - The company has adhered to the corporate governance code as per the listing rules, with a change in the roles of Chairman and CEO effective from September 2, 2024[49] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial matters[51] - The company has confirmed compliance with the standards for securities trading by directors throughout the six-month period ending September 30, 2024[50] Risk Management - The group continues to monitor foreign exchange risks primarily related to transactions in USD and RMB, employing financial instruments as necessary to manage potential risks[45]

Financial Performance - The company's revenue for the year increased by 0.6% to HKD 4,074,700,000, compared to HKD 4,051,100,000 in the previous year[2] - The gross profit margin decreased from 18.7% to 18.4%, while the net profit margin attributable to shareholders fell to 6.5%[2] - The annual profit attributable to shareholders was HKD 263,500,000, a decline of 10.0% from HKD 292,600,000 in the previous year[2] - The total comprehensive income for the year was HKD 187,042,000, down from HKD 195,429,000[9] - The adjusted profit before tax was HKD 380,779,000, compared to HKD 399,444,000 in the previous year[23] - Basic and diluted earnings per share attributable to the company’s shareholders were HKD 49.3, down from HKD 54.8 in the previous year[23] - The total sales for the year amounted to HKD 4,074,700,000, a slight increase of HKD 23,600,000 (or 0.6%) compared to last year's total sales of HKD 4,051,100,000[108] - The gross profit for the year decreased by 1.0% to HKD 748,700,000, with a gross profit margin slightly declining from 18.7% to 18.4%[108] - The pre-tax profit decreased by 4.7% to HKD 380,800,000, resulting in a pre-tax profit margin decline from 9.9% to 9.3%[108] - The net profit attributable to shareholders was HKD 263,500,000, a decrease of HKD 29,100,000 (or 10.0%) from last year's HKD 292,600,000[111] Revenue Sources - Revenue from mainland China reached HKD 2,332,360,000, up from HKD 1,964,572,000, with a profit of HKD 458,933,000 compared to HKD 267,590,000 last year[19] - Sales from mainland China increased to 57.2% of total sales (2024) from 48.5% (2023), a rise of 8.7%[85] - Sales revenue from sportswear and apparel was HKD 4,071,097 thousand in 2024, slightly up from HKD 4,040,529 thousand in 2023, reflecting a growth of approximately 0.8%[64] - The sales from the three major markets (Mainland China, the US, and Europe) accounted for approximately 87% of total sales in the review year, compared to 86% in 2023[61] Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.08 per share, consistent with the previous year[2] - The company plans to declare a final dividend of HKD 0.08 per share, maintaining the same as last year, with a total annual dividend of HKD 0.38 per share[111] - The proposed final dividend for the fiscal year ending March 31, 2024, is HKD 0.08 per share, consistent with the previous year, leading to a total dividend of HKD 0.38 per share[120] Assets and Liabilities - The total assets less current liabilities amounted to HKD 1,959,319,000, an increase from HKD 1,832,814,000[12] - The net asset value decreased to HKD 1,634,416,000 from HKD 1,682,246,000[13] - The total non-current assets increased to HKD 1,518,222 thousand in 2024 from HKD 1,412,551 thousand in 2023, representing a growth of approximately 7.5%[31] - Current assets decreased slightly to HKD 1,652,265 thousand in 2024 from HKD 1,662,196 thousand in 2023, a decline of about 0.6%[31] - The total liabilities decreased from HKD 1,241,933 thousand in 2023 to HKD 1,211,168 thousand in 2024, a reduction of approximately 2.5%[31] - The bank loan amount as of March 31, 2024, was HKD 1,486,300,000, an increase from HKD 1,132,000,000 in the previous year[112] - The debt ratio as of March 31, 2024, was 25.7%, significantly up from 6.4% the previous year[113] Operational Developments - The company completed the acquisition of industrial land and factory in Indonesia, covering approximately 93,500 square meters, with production expected to start in 2026[59] - The Vietnam Long An plant, integrated into the group in 2022, has completed renovation and optimization, officially commencing production in April 2024[104] - The company has introduced advanced automation equipment and systems to enhance production efficiency and precision, contributing to sustainable development[92] Foreign Exchange and Financial Management - The company reported a net foreign exchange loss of HKD 7,836 thousand in 2024, down from HKD 26,473 thousand in 2023, indicating an improvement in foreign exchange management[49] - The company faced foreign exchange risk primarily from transactions in USD and RMB, and will use financial instruments to manage potential risks[114] - The company continues to monitor foreign exchange risks and manage them appropriately[91] Other Financial Metrics - The company reported a net employee benefit expense of HKD 1,052,636 thousand in 2024, up from HKD 1,042,700 thousand in 2023, indicating a rise of about 1%[49] - Inventory levels rose to HKD 704,869 thousand in 2024 from HKD 677,184 thousand in 2023, an increase of approximately 4%[31] - Bank interest income increased to HKD 5,502,000 (2024) from HKD 3,806,000 (2023), representing a growth of 44.6%[68] - Total revenue decreased to HKD 19,855,000 (2024) from HKD 22,722,000 (2023), a decline of 12.3%[68] - Tax expenses rose to HKD 108,746,000 (2024) from HKD 98,501,000 (2023), an increase of 10.4%[74] - The actual tax rate increased to 28.6% (2024) from 24.7% (2023), a rise of 3.9%[87] - Other income and gains amounted to HKD 19,900,000 (2024), down from HKD 22,700,000 (2023)[88] Outlook and Strategy - The board maintains a cautiously optimistic outlook for the business in the fiscal year 2025, emphasizing strict cost control measures and further optimization of diversified production bases[118] - No significant acquisitions or disposals of subsidiaries occurred in the fiscal year ending March 31, 2024, with the last major acquisition being the purchase of assets from the Vietnam Long An factory in April 2022[116] - The company has no significant contingent liabilities as of March 31, 2024[117]

Revenue Performance by Region - Revenue from mainland China increased to 1,474,210 thousand HKD in 2023, up from 1,195,852 thousand HKD in 2022, representing a growth of 23.3%[4] - Revenue from the US decreased to 413,577 thousand HKD in 2023, down from 574,996 thousand HKD in 2022, a decline of 28.1%[4] - Revenue from Europe decreased to 335,336 thousand HKD in 2023, down from 457,970 thousand HKD in 2022, a decline of 26.8%[4] - Revenue from Japan decreased to 48,757 thousand HKD in 2023, down from 64,685 thousand HKD in 2022, a decline of 24.6%[4] - Revenue from other regions decreased slightly to 250,037 thousand HKD in 2023, down from 254,052 thousand HKD in 2022, a decline of 1.6%[4] - The company's sales in Mainland China increased by HKD 278,400,000, accounting for 58.5% of total sales, up 11.6% from the previous year[28] - Sales in the US and European markets decreased by HKD 161,400,000 and HKD 122,600,000, respectively, with their share of total sales dropping by 6.2% and 4.7%[28] Overall Financial Performance - Total revenue for the group decreased to 2,521,917 thousand HKD in 2023, down from 2,547,555 thousand HKD in 2022, a decline of 1.0%[4] - Profit before tax decreased to 326,585 thousand HKD in 2023, down from 331,587 thousand HKD in 2022, a decline of 1.5%[4] - Net profit for the period decreased to 236,211 thousand HKD in 2023, down from 245,857 thousand HKD in 2022, a decline of 3.9%[4] - Basic earnings per share decreased to 0.43 HKD in 2023, down from 0.45 HKD in 2022, based on a net profit attributable to owners of 229,225 thousand HKD and 533,800,000 issued ordinary shares[11] - The company's profit attributable to owners for the six months ended September 30, 2023, was HK$229,200,000, a decrease of HK$9,900,000 (or 4.1%) compared to HK$239,100,000 in the same period last year[56] - The profit margin attributable to owners decreased from 9.4% to 9.1% during the review period[56] - Total sales for the period remained stable at HKD 2,521,900,000 (2022: HKD 2,547,600,000), with a decrease of HKD 25,700,000 (or 1.0%)[76] - Gross profit slightly decreased by HKD 5,900,000 (or 1.1%) to HKD 517,900,000 (2022: HKD 523,800,000), with a gross margin decline of 0.1% from 20.6% to 20.5%[76] - Pre-tax profit slightly decreased by HKD 5,000,000 (or 1.5%) to HKD 326,600,000 (2022: HKD 331,600,000), with a pre-tax profit margin decline of 0.1% from 13.0% to 12.9%[76] - Revenue for the six months ended September 30, 2023, was HKD 2,521,917 thousand, a slight decrease from HKD 2,547,555 thousand in the same period last year[111] - Gross profit for the period was HKD 517,863 thousand, down from HKD 523,788 thousand in the previous year[111] - Profit before tax for the six months ended September 30, 2023, was HKD 326,585 thousand, compared to HKD 331,587 thousand in the same period last year[111] - Net profit attributable to the company's owners was HKD 229,225 thousand, down from HKD 239,111 thousand in the previous year[111] - Basic earnings per share for the period were 42.94 HK cents, compared to 44.79 HK cents in the same period last year[111] Dividend and Shareholder Information - The company declared an interim dividend of 0.30 HKD per share for the six months ended September 30, 2023[10] - The company declared an interim dividend of HKD 0.30 per share, totaling HKD 160,140,000, unchanged from the previous year[33] - The company declared an interim dividend of HK$0.30 per share for the six months ended September 30, 2023, with a payout ratio of 69.9%[56] - The company declared an interim dividend of HKD 0.30 per share for the six months ended September 30, 2023, unchanged from the previous year[97] - The company's major shareholders include Time Easy Investment Holdings Limited with a 13.61% stake and Excel Skill with a 6.05% stake[65] Financial Position and Cash Flow - The company's interest expenses increased by HKD 13,700,000 (179.1%) due to higher loan interest rates and increased bank loans for capacity expansion[29] - Bank loan interest and lease liability interest totaled HKD 21,397,000, a significant increase from HKD 7,667,000 in the previous year[31] - The company's depreciation of property, plant, and equipment decreased to HKD 46,560,000 from HKD 50,014,000 in the previous year[31] - Exchange losses decreased significantly to HKD 6,355,000 from HKD 26,925,000 in the previous year[31] - Accounts receivable within 30 days increased to HKD 570,416,000 from HKD 268,080,000 in the previous period[39] - Bank loans supported by corporate guarantees increased to HKD 760,201,000 from HKD 622,823,000 in the previous period[42] - As of September 30, 2023, the company held cash and bank balances of HK$646,800,000, an increase from HK$515,400,000 as of March 31, 2023[57] - The company's committed but not provided amounts for factory renovations, machinery, and equipment purchases were HK$95,948,000 as of September 30, 2023, slightly down from HK$96,780,000 as of March 31, 2023[49] - The company's debt ratio as of September 30, 2023, was 6.5% (March 31, 2023: 6.4%)[81] - The company's bank loan utilization as of September 30, 2023, was HKD 760,200,000 (March 31, 2023: HKD 622,800,000)[80] - Total non-current assets decreased to HKD 1,365,602K as of September 30, 2023, compared to HKD 1,412,551K on March 31, 2023[138] - Total current assets increased to HKD 1,928,178K as of September 30, 2023, from HKD 1,662,196K on March 31, 2023[138] - Net current assets rose to HKD 706,989K as of September 30, 2023, up from HKD 420,263K on March 31, 2023[138] - Total assets minus current liabilities increased to HKD 2,072,591K as of September 30, 2023, compared to HKD 1,832,814K on March 31, 2023[138] - Net cash flow from operating activities was HKD 174,181K for the six months ended September 30, 2023, up from HKD 167,903K in the same period in 2022[143] - Net cash used in investing activities decreased to HKD 60,733K for the six months ended September 30, 2023, from HKD 103,652K in the same period in 2022[143] - Net cash from financing activities was HKD 58,920K for the six months ended September 30, 2023, compared to a net cash used of HKD 26,440K in the same period in 2022[143] - Cash and cash equivalents at the end of the period increased to HKD 646,820K as of September 30, 2023, from HKD 452,100K as of September 30, 2022[143] - Total equity attributable to owners of the company increased to HKD 1,700,402K as of September 30, 2023, from HKD 1,629,452K on March 31, 2023[139] - Non-current liabilities increased to HKD 315,760K as of September 30, 2023, from HKD 150,568K on March 31, 2023[139] Operational and Strategic Developments - The company has diversified its production bases across Mainland China, Indonesia, and Vietnam to mitigate risks and enhance operational flexibility[77] - The company's new factories in Foshan (Mainland China), Bandung (Indonesia), and Long An (Vietnam) are expected to increase production capacity and reduce policy and business environment risks[74] - The company employed approximately 15,000 staff as of September 30, 2023 (March 31, 2023: approximately 15,000)[85] - The company received government subsidies in Mainland China and Hong Kong to promote the manufacturing industry and maintain employment rates[125] Tax and Other Financial Metrics - The effective tax rate rose to 27.7%, up 1.8% from the previous year, due to a higher proportion of profits from Mainland China, which has a higher tax rate[29] - Other income and gains amounted to HKD 8,800,000 (2022: HKD 13,700,000), including HKD 5,000,000 from government incentives or subsidies (2022: HKD 10,300,000) and HKD 1,600,000 from bank interest income (2022: HKD 1,100,000)[78] - Other comprehensive income for the period was a loss of HKD 86,894 thousand, compared to a loss of HKD 136,560 thousand in the previous year[112] - Total comprehensive income for the period was HKD 149,317 thousand, up from HKD 109,297 thousand in the same period last year[112] - The company did not have any potentially dilutive ordinary shares issued during the periods ended September 30, 2023, and 2022[132] - The company's financial statements were prepared in accordance with historical cost convention, except for financial assets measured at fair value through profit or loss[123] Risk Management and Outlook - The company faces foreign exchange risks primarily from USD and RMB transactions, which are partially offset by matching sales and purchases in the same currency[60] - The company's management remains cautiously optimistic about the business outlook despite an uncertain economic environment and soft consumer demand[57] - The company has no significant seasonal impact on its borrowing needs and believes its current financial resources are sufficient for operational and expansion plans[58] - The company's directors and CEO held no registered interests or short positions in the company or any related corporations as of September 30, 2023[63]

[Cover and Financial Highlights](index=1&type=section&id=cover_and_highlights) [Financial Highlights](index=1&type=section&id=financial_highlights) The company's operating revenue slightly decreased by 1.0% to HKD 2.52 billion, with profit attributable to owners declining 4.1% to HKD 229 million, while gross margin remained stable and interim dividend per share was maintained 2023/24 Interim Financial Performance Summary | Indicator | For the six months ended September 30, 2023 | Prior Year Period | Year-on-year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (HKD) | 2,521,900,000 | 2,547,600,000 | -1.0% | | Gross Profit Margin (%) | 20.5% | 20.6% | -0.1 percentage points | | Profit Attributable to Owners of the Company (HKD) | 229,200,000 | 239,100,000 | -4.1% | | Interim Dividend (HKD per share) | 0.30 | 0.30 | Flat | [Condensed Consolidated Interim Financial Statements](index=2&type=section&id=condensed_consolidated_interim_financial_statements) [Condensed Consolidated Income Statement](index=2&type=section&id=condensed_consolidated_income_statement) The Group's operating revenue slightly decreased by 1.0% to HKD 2.522 billion, with gross profit declining 1.1% and profit for the period decreasing 3.9% to HKD 236 million due to higher finance costs and tax expenses Condensed Consolidated Income Statement (For the six months ended September 30) | Item | 2023 (HKD thousands) | 2022 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,521,917 | 2,547,555 | -1.0% | | Gross Profit | 517,863 | 523,788 | -1.1% | | Profit Before Tax | 326,585 | 331,587 | -1.5% | | Profit for the Period | 236,211 | 245,857 | -3.9% | | Profit Attributable to Owners of the Company | 229,225 | 239,111 | -4.1% | Earnings Per Share | Item | 2023 | 2022 | | :--- | :--- | :--- | | Basic Earnings Per Share (HK cents) | 42.94 | 44.79 | | Diluted Earnings Per Share (HK cents) | 42.94 | 44.79 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=condensed_consolidated_statement_of_comprehensive_income) Total comprehensive income for the period increased to HKD 149 million, influenced by profit for the period and exchange losses of HKD 84.14 million from overseas operations - Total comprehensive income for the period was **HKD 149 million**, primarily impacted by profit for the period of **HKD 236 million** and exchange losses from overseas operations of **HKD 84.14 million**[27](index=27&type=chunk)[28](index=28&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=condensed_consolidated_statement_of_financial_position) As of September 30, 2023, total assets reached HKD 3.29 billion and net assets HKD 1.76 billion, with net current assets significantly increasing to HKD 710 million, while interest-bearing bank borrowings also rose Condensed Consolidated Statement of Financial Position Summary | Item (HKD thousands) | September 30, 2023 (Unaudited) | March 31, 2023 (Audited) | | :--- | :--- | :--- | | Total Non-current Assets | 1,365,602 | 1,412,551 | | Total Current Assets | 1,928,178 | 1,662,196 | | Total Current Liabilities | 1,221,189 | 1,241,933 | | **Net Current Assets** | **706,989** | **420,263** | | Total Non-current Liabilities | 315,760 | 150,568 | | **Net Assets** | **1,756,831** | **1,682,246** | [Notes to the Financial Statements](index=6&type=section&id=notes_to_the_financial_statements) The notes provide detailed information on the basis of preparation, accounting policy changes, segment performance, revenue, finance costs, taxation, dividends, earnings per share, and asset/liability specifics, with new HKFRS adoption having no material impact [3. Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) The Group's business is segmented by customer location, with Mainland China revenue growing 23.3% to become the largest contributor at 58.5% of total revenue, while US, European, and Japanese markets saw significant declines - The Group's operating segments are classified by customer location (destination of sales) into Mainland China, the United States, Europe, Japan, and other regions[22](index=22&type=chunk) Operating Revenue by Segment (For the six months ended September 30) | Region | 2023 (HKD thousands) | 2022 (HKD thousands) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Mainland China | 1,474,210 | 1,195,852 | +23.3% | | United States | 413,577 | 574,996 | -28.1% | | Europe | 335,336 | 457,970 | -26.8% | | Japan | 48,757 | 64,685 | -24.6% | | Other Regions | 250,037 | 254,052 | -1.6% | | **Total** | **2,521,917** | **2,547,555** | **-1.0%** | [5. Finance Costs](index=8&type=section&id=5.%20Finance%20Costs) Total finance costs surged by 179% to HKD 21.4 million, primarily driven by a substantial increase in bank loan interest from HKD 7.4 million to HKD 21.25 million Finance Costs Details (For the six months ended September 30) | Item | 2023 (HKD thousands) | 2022 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank borrowings | 21,246 | 7,396 | | Interest on lease liabilities | 151 | 271 | | **Total** | **21,397** | **7,667** | [8. Interim Dividend](index=10&type=section&id=8.%20Interim%20Dividend) The Board declared an interim dividend of HKD 0.30 per share for the six months ended September 30, 2023, consistent with the prior year, totaling approximately HKD 160 million - The Board declared an interim dividend of **HKD 0.30 per share**, consistent with the prior year period[42](index=42&type=chunk) [9. Earnings Per Share](index=10&type=section&id=9.%20Earnings%20Per%20Share) Basic earnings per share are calculated based on HKD 229 million profit attributable to owners and 534 million ordinary shares, with diluted earnings per share being identical due to no dilutive effects - Basic earnings per share were **HKD 0.4294**, calculated based on profit for the period of **HKD 229,225,000** and **533,800,000** ordinary shares in issue[43](index=43&type=chunk) [12. Interest-bearing Bank Borrowings](index=12&type=section&id=12.%20Interest-bearing%20Bank%20Borrowings) As of September 30, 2023, total interest-bearing bank borrowings increased to HKD 760 million, with HKD 510 million current and HKD 250 million non-current, at interest rates ranging from 4.93% to 6.13% Interest-bearing Bank Borrowings Summary | Item (HKD thousands) | September 30, 2023 | March 31, 2023 | | :--- | :--- | :--- | | Current bank borrowings | 509,641 | 544,323 | | Non-current bank borrowings | 250,560 | 78,500 | | **Total** | **760,201** | **622,823** | [Management Discussion and Analysis](index=13&type=section&id=management_discussion_and_analysis) [Business Review](index=13&type=section&id=business_review) Despite a challenging market with declining consumer demand and high inventory, the Group maintained stable performance, driven by a significant HKD 278 million sales increase in Mainland China, while actively diversifying production bases in China, Indonesia, and Vietnam - The market environment is severe, impacted by both declining consumer demand and high inventory adjustments[51](index=51&type=chunk) - Sales in the Mainland China market significantly increased by **HKD 278 million**, with its sales contribution rising from **46.9% to 58.5%**, while sales in European and American markets decreased due to high interest rates[54](index=54&type=chunk) - The Group continues to expand capacity, with the Foshan factory integrated into the system, the Bandung factory in Indonesia commenced production, and the Long An factory in Vietnam completed renovation and is ready for production[71](index=71&type=chunk) [Financial Performance Review](index=14&type=section&id=financial_performance_review) Total sales and gross margin remained stable, but profit before tax margin slightly decreased to 12.9%, with sales and distribution expenses down 16.5%, administrative expenses up 3.8%, and finance costs surging 179.1% due to increased borrowings and rising interest rates - Total sales, gross profit, and profit before tax remained largely consistent with the prior year period, with a profit before tax margin of **12.9%**[91](index=91&type=chunk) - Sales and distribution expenses decreased by **16.5%**, administrative expenses increased by **3.8%**, and other operating expenses significantly decreased by **76.9%** due to reduced exchange losses[75](index=75&type=chunk) - Finance costs surged by **179.1%** year-on-year due to increased bank borrowings and rising interest rates[75](index=75&type=chunk) - The effective tax rate increased from **25.9% to 27.7%**, primarily due to a higher proportion of profit derived from Mainland China, which has a higher tax rate[75](index=75&type=chunk) [Liquidity and Financial Resources](index=16&type=section&id=liquidity_and_financial_resources) The Group maintained robust liquidity with HKD 647 million in cash and bank balances, a low gearing ratio of 6.5%, and ample bank loan facilities, with HKD 760 million utilized - As at September 30, 2023, the Group held cash and bank balances of **HKD 647 million**, an increase from **HKD 515 million** at the beginning of the period[78](index=78&type=chunk) - The gearing ratio (net debt/total capital) was **6.5%**, largely consistent with **6.4%** at the beginning of the period, maintaining a healthy level[94](index=94&type=chunk) - As at the end of the reporting period, bank loan facilities amounted to **HKD 1.106 billion**, with **HKD 760 million** utilized[108](index=108&type=chunk) [Outlook](index=16&type=section&id=outlook) Despite an uncertain economic environment and weak consumer demand, the Board remains cautiously optimistic, with management focusing on market monitoring, cost control, and optimizing production base layout to navigate challenges and capitalize on opportunities - Facing economic uncertainty and weak demand, the Board maintains a cautiously optimistic outlook on business prospects[94](index=94&type=chunk) - Management will address risks and challenges and achieve higher-level development through continuous market monitoring, cost control, and optimization of production bases[94](index=94&type=chunk)[90](index=90&type=chunk) [Other Information](index=17&type=section&id=other_information) [Employees and Remuneration Policy](index=17&type=section&id=employees_and_remuneration_policy) As of September 30, 2023, the Group employed approximately 15,000 staff, with remuneration based on performance, experience, and industry practice, complemented by statutory pension schemes - As at September 30, 2023, the Group employed approximately **15,000** staff[109](index=109&type=chunk) - Employee remuneration is determined based on performance, experience, and industry practice, with statutory pension schemes provided[81](index=81&type=chunk) [Corporate Governance](index=18&type=section&id=corporate_governance) The company complied with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are combined, which the Board believes does not affect power balance, and the Audit Committee has reviewed the interim financial statements - The company complied with the Corporate Governance Code, with one deviation: the roles of Chairman and Chief Executive Officer are held by the same person (**Mr. Chung Yuk Sing**)[83](index=83&type=chunk)[98](index=98&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed these unaudited condensed consolidated interim financial statements[100](index=100&type=chunk) [Interim Dividend and Closure of Register](index=19&type=section&id=interim_dividend_and_closure_of_register) The company announced an interim dividend of HKD 0.30 per share, payable on December 11, 2023, with shareholder registration suspended from November 24 to 28, 2023, to determine eligibility - An interim dividend of **HKD 0.30 per share** was declared, payable on **December 11, 2023**[85](index=85&type=chunk) - Shareholder registration will be suspended from **November 24 to November 28, 2023**[85](index=85&type=chunk)

與全球前贍性 運動服裝品牌並肩 矢志成為最佳 生產夥伴 財務摘要 ... 董事及高級管理層履歷 . . . 綜合全面收益表 財務報表附註 . 54 二零二三年 二零二二年 業績 百萬港元 百萬港元 每股基本盈利 54.8港仙 51.5港仙 資產總值 3,075 3,125 財務摘要 55 Annual Report 2023 二零二三年年報 環球經濟復蘇的同時也帶來多項挑戰，通貨膨脹和利率上調為經濟增添不確定性，零售需求增長放緩。面 對跌宕起伏的營商環境，集團集思廣益採取多項措施積極應變，保持集團業務的穩定發展。 主席報告（ 續 ） Annual Report 2023 二零二三年年報 節能減排 開源節流 綠色環保是集團履行企業社會責任的應有之義。年內部分生產基地建設了屋頂光伏發電站，為集團提供了清潔且 可再生的能源，以減少對傳統能源的依賴，從而降低能源成本；集團各生產基地亦通過其他節能減排措施，降碳 減污，為綠色低碳發展履踐致遠。 主席 鍾育升 香港，二零二三年六月二十八日 管理層討論與分析（ 續 ） 本集團多年來一直致力於不同國家建立生產基地，增加產能以滿足客戶不同需要，同時亦平衡本集團潛在面對之 政治及 ...