受益于此，草姬集团获得了上市前被超购的业绩底气。招股书显示，2021年至2023年，该公司实现营收分别为1.54亿元、1.86亿元和2.28亿元，年平均增速 为24.03% ；实现净利润分别为0.19亿元、0.25亿元和0.36亿元，年平均增速接近45%。 然而，"光鲜"的数据展示完毕后，"潮水"也随之而退。草姬集团上市首日，2024年12月19日，该公司股价在超额认购下仅收获10.40%涨幅，次日便深陷破发 困境的态势则延续至今。截至2025年5月19日，该公司1.95港元/股的收盘价较上市首日的峰值下挫逾六成。 更麻烦的是，草姬集团最亮眼的业绩在上市后遭遇"变脸"。2024年报显示，该公司实现营收2.27亿元，同比下滑2.28%；实现净利润0.12亿元，同比减少近七 成。 在超额认购"神话"破灭背后，破发的境遇如何能实现扭转，郭晋安能否上演"力挽狂澜"的大戏，而在业绩下滑的情况下，依托代工起家的草姬集团，其经营 战略是否会发生改变？值得持续关注。 Wind数据显示，2024年共计70家上市公司登陆港交所，平均超额认购达354.91倍，相比2023年平均不足13倍的超额认购，这70只新股倍受资本市场追捧。其 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue decreased by 2.3% to HKD 245.49 million compared to HKD 251.22 million in 2023[14]. - The net profit for the same period fell by 67.2% to HKD 12.97 million, down from HKD 39.50 million in 2023, primarily due to one-time listing expenses of approximately HKD 19.2 million[9][14]. - Revenue decreased by approximately HKD 5.7 million or 2.3%, from HKD 251.2 million in FY2023 to HKD 245.5 million in FY2024[18]. - Total profit for FY2024 was approximately HKD 13.0 million, a decrease of approximately HKD 26.5 million or 67.2% compared to HKD 39.5 million in FY2023[31]. - Adjusted net profit for FY2024 was approximately HKD 32.1 million, down approximately HKD 7.4 million or 18.6% from HKD 39.5 million in FY2023[31]. Retail and Wholesale Performance - Retail sales increased by 16% in the fiscal year 2024, driven by the opening of 10 new stores, despite a 7.3% contraction in total retail sales in Hong Kong[9]. - Retail business revenue increased by approximately HKD 20.4 million or 16.3%, from HKD 125.3 million in FY2023 to HKD 145.6 million in FY2024, driven by the expansion of retail stores from 16 to 33[20]. - Wholesale business revenue decreased by approximately HKD 23.8 million or 20.2%, from HKD 118.0 million in FY2023 to HKD 94.2 million in FY2024, primarily due to reduced demand from the largest customer[22]. - Consignment revenue decreased by approximately HKD 2.3 million or 28.7%, from HKD 8.0 million in FY2023 to HKD 5.7 million in FY2024, affected by the overall decline in retail sales in Hong Kong[23]. Strategic Plans and Expansion - The company plans to expand its retail network and enhance its e-commerce platform in 2025, aiming to diversify its wholesale business and reduce reliance on any single customer[9][10]. - The company is exploring opportunities to expand into mainland China in 2025, targeting unique market characteristics to ensure effective responses to regulatory and competitive environments[10]. - The company plans to strategically expand its retail business by opening 10 new stores in FY2024, which is expected to boost retail sales[17]. - Future investments will focus on retail network expansion, improving the e-commerce platform, and increasing wholesale business[52]. - The company is exploring opportunities to expand its business into China, particularly the Greater Bay Area and Southeast Asia by 2025, aiming to diversify revenue sources and reduce reliance on the Hong Kong market[53]. Corporate Governance and Management - The company emphasizes a commitment to sustainable development and corporate governance standards following its successful listing on December 19, 2024[8]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[78]. - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules[74]. - The company is committed to high levels of corporate governance and has complied with all applicable codes during the reporting period[73]. - The board is responsible for formulating corporate policies, business strategies, and risk management[75]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the fiscal year ending December 31, 2024, focusing on key strategies, initiatives, and performance related to ESG matters[136]. - The group applies four reporting principles: materiality, quantification, balance, and consistency to ensure transparency and credibility in ESG disclosures[137][138][139][140]. - The group actively engages with stakeholders to identify ESG priorities, emphasizing the importance of open dialogue for business sustainability[143][145]. - The company has implemented standardized quality control procedures to ensure product safety and compliance with relevant laws and regulations[152]. - The company has adopted various environmental measures to reduce energy consumption and packaging usage in its operations[168]. Employee and Workforce Management - Total number of employees as of December 31, 2024, is 247, with 31 males and 216 females[185]. - Employee turnover rate is 29% for males and 54% for females, with a total turnover rate of 51% in Hong Kong[185]. - Training completion rate is 45% for male employees with an average of 24.5 hours of training, and 57% for female employees with an average of 37.1 hours[187]. - The company has maintained a zero-accident record with no work-related fatalities or injuries reported in the past three years[189]. - The organization has a strict zero-tolerance policy towards corruption and bribery, ensuring compliance with relevant laws[190]. Financial Position and Capital Management - Non-current assets increased to HKD 44.53 million in 2024 from HKD 29.00 million in 2023, while current assets rose to HKD 197.47 million from HKD 112.05 million[15]. - The company's net asset value improved significantly to HKD 187.18 million in 2024, compared to HKD 90.63 million in 2023[15]. - As of December 31, 2024, the group has no outstanding bank borrowings, resulting in a capital debt ratio of 0%, compared to approximately 7.1% in 2023[37]. - Cash and cash equivalents as of December 31, 2024, are approximately HKD 119.2 million, significantly higher than HKD 22.5 million in 2023[36]. - The company plans to issue 33,333,600 shares at a price of HKD 3.75 per share, with net proceeds estimated at approximately HKD 94.4 million after deducting underwriting fees and other expenses[55].

Financial Performance - Revenue decreased by approximately 2.3% from about HKD 251.2 million in FY2023 to about HKD 245.5 million in FY2024[2] - Gross profit decreased by approximately 1.8% from about HKD 185.4 million in FY2023 to about HKD 182.1 million in FY2024, with a slight increase in overall gross margin from 73.8% to 74.2%[2] - Net profit and total comprehensive income decreased by 67.2% from about HKD 39.5 million in FY2023 to about HKD 13.0 million in FY2024[2] - Adjusted net profit (non-HKFRS measure) decreased by 18.6% from about HKD 39.5 million in FY2023 to about HKD 32.1 million in FY2024[2] - Operating profit decreased significantly from HKD 48.3 million in FY2023 to HKD 19.8 million in FY2024[3] - Total revenue for the fiscal year 2024 reached HKD 245,490,000, a decrease of 2.9% compared to HKD 251,224,000 in 2023[13] - Retail business revenue increased to HKD 145,641,000, up 16.3% from HKD 125,282,000 in 2023[13] - Wholesale business revenue decreased to HKD 94,157,000, down 20.1% from HKD 117,961,000 in 2023[13] - Pre-tax profit for 2024 was HKD 76,033,000, an increase from HKD 71,822,000 in 2023[18] - The profit before tax for 2024 is HKD 18,677,000, a decrease of 60.5% compared to HKD 47,282,000 in 2023[22] - The basic earnings per share for 2024 is HKD 12,965,000, down 67.2% from HKD 39,502,000 in 2023, with a weighted average number of shares of 101,095,899[23] - Net profit for the fiscal year 2024 was approximately HKD 13.0 million, a decrease of about HKD 26.5 million or 67.2% compared to the previous year[74] - Adjusted net profit for the fiscal year 2024 was approximately HKD 32.1 million, a decrease of about HKD 7.4 million or 18.6% compared to the previous year[74] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.15 per share for FY2024, subject to shareholder approval[2] - The proposed final dividend for 2024 is HKD 20,000,000, with a dividend per share of HKD 0.15, compared to no dividend in 2023[27] - The company plans to pay a final dividend of HKD 0.15 per share, totaling HKD 20,000,040, pending shareholder approval at the upcoming annual general meeting[92] Assets and Liabilities - Total assets increased from HKD 112.0 million in FY2023 to HKD 197.5 million in FY2024, while total liabilities increased from HKD 39.4 million to HKD 37.5 million[4][5] - Non-current assets increased from HKD 28.2 million in FY2023 to HKD 39.5 million in FY2024[4] - Cash and cash equivalents rose significantly from HKD 22.5 million in FY2023 to HKD 119.2 million in FY2024[4] - Trade receivables decreased to HKD 26,367,000 in 2024 from HKD 32,473,000 in 2023, reflecting a decline of 18.7%[29] - Trade payables increased to HKD 3,782,000 in 2024 from HKD 1,703,000 in 2023, representing a growth of 121.5%[32] - The company reported a loss provision of HKD 74,000 for trade receivables in 2024, with no provisions in 2023[31] - The total other receivables increased to HKD 28,619,000 in 2024 from HKD 13,898,000 in 2023, marking a rise of 105.5%[29] - The group had no outstanding bank borrowings as of December 31, 2024, resulting in a capital debt ratio of zero, compared to approximately 7.1% in 2023[79] - As of December 31, 2024, the company has no assets pledged as collateral[91] Operational Highlights - The company underwent a restructuring completed on May 13, 2024, to facilitate its listing on the Hong Kong Stock Exchange[8] - The group plans to open 10 new retail stores in FY2024 to boost retail sales[60] - The group operates eight proprietary brands, including "Herbs," "ZINO," and "Classic" as of December 31, 2024[59] - The group’s retail store count increased from 16 in FY2023 to 23 in FY2024, with plans to further increase to 33 stores[64] - The group has expanded its retail business through various channels, including self-operated retail stores and e-commerce platforms[59] - The group launched new products, including "Herbs Dampness Relief Pills" and a new brand "Herbs Pet"[61] - The total sales value of Hong Kong retail decreased by 7.3%, limiting the group's ability to fully offset the wholesale business shortfall[60] - The group recorded a significant decline in profit of 67.2% due to one-time listing expenses of approximately HKD 19.2 million and increased depreciation costs[60] Expenses and Costs - Depreciation expenses rose to HKD 20,998,000 in 2024, compared to HKD 15,094,000 in 2023, marking a 39.5% increase[19] - The company reported a total tax provision of HKD 5,712,000 for 2024, down from HKD 7,780,000 in 2023, a decrease of 26.6%[20] - Employee costs increased to HKD 76,033,000 in 2024, up from HKD 71,822,000 in 2023, reflecting a rise of 5.5%[18] - Sales cost decreased by approximately HKD 2.3 million or 3.6% to about HKD 63.4 million for the fiscal year 2024, in line with the reduction in sales[67] - Selling and distribution costs decreased by approximately HKD 0.9 million or 0.9% for the fiscal year 2024, primarily due to reduced advertising and promotional expenses[69] - Administrative and other operating expenses increased by approximately HKD 8.1 million or 26.0% due to the addition of 10 self-operated retail stores[70] - Financing costs increased by approximately HKD 166,000 or 17.1% to about HKD 1,136,000 for the fiscal year 2024, mainly due to increased lease liabilities[72] Future Outlook and Strategy - The company aims to strengthen its online presence and marketing efforts to expand its customer base, focusing on retail network expansion and enhancing e-commerce platforms by 2025[97] - The company is exploring opportunities to expand its business into mainland China by 2025, targeting the unique characteristics of each market to ensure effective responses to regulatory and competitive environments[98] - The health product market in Hong Kong continues to grow steadily, driven by increased health awareness post-COVID-19, with consumers favoring natural products and personalized nutrition[95] - The company remains cautiously optimistic about future prospects despite macroeconomic uncertainties, leveraging its strong wholesale and retail business advantages to capture growth opportunities in the health product market[96] - There are no plans for significant acquisitions or sales of subsidiaries or joint ventures in the fiscal year 2024[90] Corporate Governance - The company has adhered to all corporate governance codes as per the listing rules from the listing date until December 31, 2024, except for specific deviations noted[100] - The roles of the Chairman and CEO are not separated, with the current arrangement deemed beneficial for effective management and business development[101] - The board believes that having the same person serve as both Chairman and CEO ensures consistent internal leadership and effective strategic planning[102] - The audit committee, composed of three independent non-executive directors, has reviewed and approved the consolidated financial statements for the reporting period[108] - The company's auditor, BDO Limited, confirmed that the financial data aligns with the group's consolidated financial statements for the year ending December 31, 2024[109] Share Incentive Plan - The maximum number of shares that may be issued under the share incentive plan is 13,333,360 shares, representing 10% of the total issued shares as of the announcement date[39] - The company issued 33,333,600 new ordinary shares at a cash price of HKD 3.75 per share, raising approximately HKD 125,001,000[40] - The share issuance costs amounted to approximately HKD 11,417,000, which is considered a reduction in the share premium generated from the issuance[40] - The share incentive plan aims to attract, retain, and motivate eligible participants through rewards based on the group's performance[38] - The company is authorized to issue a total of 99,999,990 shares to shareholders at par value following the completion of the initial public offering[40] - No share rewards were granted during the reporting period as the share incentive plan became effective on December 19, 2024[36] - The performance targets for the share rewards may include financial and management objectives, determined by the board or authorized personnel[42] - The company must seek shareholder approval if the total shares issued under the incentive plan exceed 1% of the total issued shares within a twelve-month period[41] - The company has established a share reward plan with a minimum vesting period of 12 months from the grant date, with certain exceptions allowing for shorter periods[43] - No payment is required from selected participants when applying for or accepting rewards[45] - The board has the authority to determine the purchase price of rewards based on the market price of shares at the time of issuance[46] - Rewards are non-transferable and cannot be sold, assigned, or pledged by the selected participants[47] - Any rewards will automatically become invalid if the selected participant is no longer eligible or if the company undergoes liquidation[49] - The company reserves the right to terminate the share reward plan at any time, but previously granted rewards will still be valid[53] - The board can delegate management of the share reward plan to a committee or other designated individuals[51] - The company will issue shares to a trustee and transfer necessary funds to facilitate the purchase of shares for the reward plan[52] - The vesting schedule may include performance-based conditions instead of solely time-based criteria[43] - The company may reclaim any unvested rewards if the selected participant is terminated for cause or engages in misconduct[50] Miscellaneous - No significant events occurred after the reporting period and up to the date of this announcement[107] - The annual performance announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website[110]