Financial Performance - The company's revenue for the fiscal year ended December 31, 2019, was HKD 1,210,334,000, an increase of 7.2% compared to HKD 1,128,653,000 in 2018[11] - The net profit for the same period was HKD 138,396,000, down 10.2% from HKD 154,126,000 in 2018, with basic earnings per share decreasing to 27.7 HK cents from 30.8 HK cents[11] - Gross profit decreased by 0.6% to HKD 306,959,000, with a gross margin decline of 2.0 percentage points to 25.4%[24] - Net profit for the year fell by 10.2% to HKD 138,396,000, down from HKD 154,126,000 in 2018[24] - Total revenue for 2019 was HKD 1,210,334 thousand, an increase of 7.2% from HKD 1,128,653 thousand in 2018[181] - Gross profit for 2019 was HKD 306,959 thousand, slightly down from HKD 308,694 thousand in 2018, resulting in a gross margin of 25.4%[181] - Net profit for the year was HKD 138,396 thousand, compared to HKD 154,126 thousand in 2018, reflecting a decrease of 10.2%[181] - Earnings per share (basic) decreased to HKD 27.7 cents from HKD 30.8 cents in 2018, a decline of 10.7%[181] Dividends - The total dividend for the year was 8 HK cents per share, a decrease from 14.5 HK cents in 2018, including an interim dividend of 5 HK cents[12] - The proposed final dividend for the year ended December 31, 2019, is HKD 0.03 per share, down from HKD 0.085 per share in 2018, resulting in a total dividend of HKD 0.08 per share for the year[79] - The company paid dividends totaling HKD 67,500 thousand in 2019, compared to HKD 65,000 thousand in 2018, an increase of 3.8%[190] - The board has adopted a dividend policy targeting a payout ratio of at least 40% of the profit attributable to shareholders for each financial year[81] Revenue Segments - The new product segment of smart wearable devices generated sales of HKD 156,719,000, with the main products being smart watch cases and components[13] - The mobile phone case and components segment achieved sales of HKD 589,104,000, an increase of 18.9% compared to the previous year[13] - The sales of watch bands decreased by 33.8% compared to the previous year[13] - The fashion jewelry and leather goods accessories segment, now renamed as trendy accessories, saw a sales increase of 13.2% compared to the previous year[13] - The sales of smart wearable device frames and parts reached HKD 156,719,000, a 72.1 times increase from HKD 2,174,000 in 2018[24] - The revenue from mobile phone frames and parts rose by 18.9% to HKD 589,104,000, up from HKD 495,437,000 in 2018[22] - The revenue from fashion jewelry increased by 13.2% to HKD 112,448,000, compared to HKD 99,341,000 in 2018[23] - The revenue from straps decreased by 33.8% to HKD 352,063,000, down from HKD 531,701,000 in 2018[20] Assets and Liabilities - Total assets as of December 31, 2019, were HKD 1,110,774,000, with total liabilities of HKD 70,494,000 and net assets of HKD 760,434,000[5] - The group's current assets net value as of December 31, 2019, was HKD 235,477,000, down 12.7% from HKD 269,788,000 in 2018[37] - The group had cash and bank balances of HKD 137,292,000 as of December 31, 2019, a decrease of 42.6% from HKD 239,478,000 in the previous year[37] - The total outstanding secured bank borrowings as of December 31, 2019, was HKD 70,494,000, an increase of 34.9% from HKD 52,250,000 in 2018[38] - The group's trade receivables amounted to HKD 264,090,000, an increase of 72.5% from HKD 153,243,000 as of December 31, 2018[33] - The group's trade payables as of December 31, 2019, were HKD 173,141,000, up 69.5% from HKD 102,206,000 in the previous year[34] - The group's inventory as of December 31, 2019, totaled HKD 133,345,000, a significant increase of 78.1% from HKD 74,804,000 in 2018[35] - Inventory balance as of December 31, 2019, was HKD 133,345,000, a 78.3% increase from HKD 74,804,000 in 2018[32] Operational Efficiency and Strategy - The company plans to invest in the growth of the smart wearable device segment to capture future market opportunities[13] - The company’s operating efficiency is highlighted as a key factor for long-term sustainable development[15] - The company aims to leverage its expertise in premium steel products to explore long-term growth opportunities amid economic uncertainties[14] - The company is committed to improving operational efficiency and utilizing resources to enhance profitability, aiming for sustainable growth[46] Governance and Compliance - The company’s board of directors includes a mix of executive and independent non-executive members, ensuring governance and oversight[85] - The company has adopted corporate governance practices in compliance with the applicable code provisions, with some deviations noted[123] - The independent auditor, Deloitte, was appointed for the year, and a resolution will be proposed at the annual general meeting for their reappointment[121] - The company has established internal control and risk management systems to ensure compliance with legal and regulatory requirements[129] - The board emphasizes the development of corporate governance and internal control systems as part of its strategic oversight[128] - The audit committee, composed entirely of independent non-executive directors, held four meetings in the fiscal year to review financial performance and internal controls[139] - The remuneration committee, which includes four independent non-executive directors, held one meeting to review performance-linked bonuses and executive compensation[140] - The company has purchased liability insurance for directors and senior management to protect against legal actions arising from corporate activities[130] Market and Economic Conditions - The global economic and trade activities faced significant disruptions due to the COVID-19 pandemic, with central banks lowering interest rates to boost liquidity[46] - The company plans to focus on high-end steel products and expand its product range to include mobile and wearable device accessories to mitigate risks associated with economic downturns[70] Shareholder Information - The total number of ordinary shares held by major shareholders includes Ming Fung Investment Limited and Ming Fung Group (Hong Kong) Limited, each holding approximately 330,000,000 shares, representing 66% of the total issued share capital[108] - The executive directors, including Yao Hanming and Luo Huiping, collectively own 66.34% of the company's issued share capital through controlled corporations[102] - Major shareholders include Shengxiong Holdings Limited, which holds 42,500,000 shares, accounting for 8.5% of the total issued share capital[108] - The company has a significant concentration of ownership, with the top two shareholders controlling 66.34% of the shares[102] - The company maintained a sufficient public float, with at least 25% of the total issued share capital held by the public[117] Environmental and Social Responsibility - The company has implemented environmental protection measures, including energy-efficient lighting and waste management systems, to comply with local regulations[76] - The company made charitable contributions totaling HKD 267,000 during the year, compared to HKD 174,000 in 2018[82]

Financial Performance - Revenue for the first half of 2019 decreased by 2.7% to HKD 478,511,000 compared to HKD 491,687,000 in the same period of 2018[9] - Profit for the period fell by 15.1% to HKD 53,334,000 from HKD 62,832,000 year-on-year[9] - The group's gross profit decreased by 5.9% to HKD 126,462,000, with a gross margin of 26.4% compared to 27.3% in the previous year[21] - Net profit for the period fell by 15.1% to HKD 53,334,000, with basic earnings per share also declining by 15.1% to HKD 0.107[21] - Profit before tax decreased to HKD 60,692,000 from HKD 66,850,000, representing a decline of 9.7%[39] - Total comprehensive income for the period was HKD 52,144,000, slightly down from HKD 53,140,000[39] Revenue Breakdown - Sales of watch bands decreased by 26.6% to HKD 191,489,000, while sales of mobile phone frames and parts increased by 29.3% to HKD 238,093,000[12] - Revenue from watch bands was HKD 191,489,000, a decrease from HKD 260,922,000 in the same period last year, representing a decline of approximately 26.6%[85] - Revenue from mobile phone frames and components increased to HKD 238,093,000 from HKD 184,073,000, marking a growth of approximately 29.4%[85] - Revenue from fashion jewelry reached HKD 43,911,000, up from HKD 37,332,000, reflecting an increase of approximately 17.0%[85] - The total revenue for the six months ended June 30, 2019, was HKD 478,511,000, compared to HKD 491,687,000 for the same period in 2018, indicating a decrease of about 2.7%[85] Expenses and Costs - Gross profit margin slightly decreased by 0.9 percentage points to 26.4% due to changes in product mix[12] - Selling and distribution expenses decreased by 30.7% to HKD 10,444,000, mainly due to the decline in watch band sales[16] - Administrative expenses increased by 9.9% to HKD 55,522,000, attributed to rising employee costs[17] - Financing costs decreased by 14.1% to HKD 1,288,000 compared to HKD 1,500,000 in the previous year[18] - The company incurred depreciation of property, plant, and equipment amounting to HKD 20,560,000 for the six months ended June 30, 2019, compared to HKD 18,912,000 in 2018, reflecting an increase of 8.7%[90] Assets and Liabilities - Total assets as of June 30, 2019, were HKD 925,349,000, a decrease of 1.6% from HKD 940,568,000[10] - Inventory balance increased by 17.6% to HKD 87,952,000, primarily due to increases in raw materials and work-in-progress[22] - Trade receivables amounted to HKD 150,699,000, with a turnover period of 57.5 days, up from 47.5 days in the previous year[24] - Trade payables stood at HKD 106,830,000, with a turnover period of 53.7 days, compared to 44.9 days in the previous year[25] - Current assets net value decreased to HKD 240,067,000, while cash and bank balances dropped to HKD 163,525,000[26] - Current liabilities decreased to HKD 207,777,000 from HKD 236,173,000, a reduction of 12.1%[41] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2019, was HKD 37,481,000, a decrease of 31.4% from HKD 54,589,000 in the same period of 2018[46] - Net cash used in investing activities amounted to HKD (58,062,000), compared to HKD (42,873,000) in the previous year, indicating a significant increase in investment outflows[46] - Cash used in financing activities totaled HKD (55,222,000), which included HKD (42,500,000) in dividends paid to shareholders, compared to HKD (35,000,000) in the previous year[46] - The company reported a net decrease in cash and cash equivalents of HKD (75,803,000) for the six months ended June 30, 2019, compared to a decrease of HKD (36,069,000) in the same period of 2018[46] Dividends - The company declared an interim dividend of HKD 0.05 per share, down 16.7% from HKD 0.06 per share in the previous year[9] - The interim dividend declared for the six months ended June 30, 2019, was HKD 0.05 per share, totaling HKD 25,000,000, down from HKD 0.06 per share and HKD 30,000,000 in the same period of 2018[94] Governance and Compliance - The company maintained compliance with the corporate governance code, with the exception of two specific provisions[115] - The audit committee reviewed the interim results for the six months ended June 30, 2019, ensuring adherence to accounting principles and internal controls[117] - The company has established a remuneration committee and a nomination committee, both consisting of independent non-executive directors[118] - The company’s board of directors includes a mix of executive and independent non-executive members, ensuring a balance of power[116] - The company has confirmed compliance with the standard code for securities transactions by directors during the reporting period[120] Shareholding Structure - As of June 30, 2019, the total number of ordinary shares held by directors and senior management in the company is approximately 331,700,000, representing 66.34% of the total issued share capital[124] - The company has a significant ownership structure, with Ming Fung Investment Limited holding 330,000,000 shares, which is 66% of the total issued share capital[133] - The company’s major shareholders include Sheng Hung Holdings Limited, which holds 42,500,000 shares, accounting for 8.5% of the total issued share capital[133] - The beneficial ownership of directors includes Mr. Yao Hanming and Ms. Luo Huiping, who collectively control 66.34% of the company through their holdings in Ming Fung Investment Limited[126] - The company has a clear governance structure with significant shareholding concentrated among a few key individuals and entities[133]

盈利時控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號 : 6838 2 018年 報 目錄 公司資料及重要日期 2 | --- | |------------------------------| | | | | | 財務摘要 | | 主席報告書 | | 管理層討論及分析 | | 董事、高級管理人員及公司秘書 | | 董事會報告 | | 企業管治報告 | | 獨立核數師報告 | | 綜合損益及其他全面收益表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 綜合財務報表附註 | | 五年財務概要 | 3 4 6 11 14 25 34 38 39 40 41 42 84 公司資料及重要日期 | --- | --- | --- | --- | |---------------------------------------|-----------------------------------------------|-------|---------------------------------------------------------------------- ...