FF301 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06858 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: ...

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Honma Golf Limited 本間高爾夫有限公司 （於開曼群島註冊成立的有限公司） （股份代號：6858） (a) 於股東週年大會當日，(i)本公司已發行股份（「股份」）總數為605,642,500股；及(ii)本公司 並無持有任何庫存股份。 因此，賦予其持有人權利以出席股東週年大會並可於會上對所有決議案表決的股份總數為 605,642,500股。 除受限制股份單位受託人須根據上市規則第17.05A條就上市規則規定股東批准的事項放棄 投票外，概無其他股東須於股東週年大會上就任何決議案放棄投票。 於2025年9月19日舉行之股東週年大會的投票表決結果 本間高爾夫有限公司Honma Golf Limited（「本公司」）於2025年9月19日舉行之股 東週年大會（「股東週年大會」）上，所有列載於2025年7月25日的股東週年大會通 知內的決議案均獲本公司股東（「股東」）以投票方式表決通過。 股東週年 ...

Core Viewpoint - Liu Xiaodong, the controlling shareholder of BaiRun Co., plans to transfer 63 million shares, representing 6.01% of the company's total equity, to Liu Jianguo for a total consideration of RMB 1.47 billion, at a price of RMB 23.34 per share, which is calculated at a 10% discount to the closing price prior to the agreement [1][3]. Group 1 - Liu Jianguo holds 38.72% of the shares in Honma Golf through Kouunn Holdings Limited and has no other significant equity interests in listed companies [2]. - Liu Jianguo is a businessman from Wenzhou, Zhejiang, with a background in managing various companies, including Zhejiang Pentium Electric Co., and has significant ownership in Shanghai Pentium Enterprise Group [2]. - BaiRun Co. is well-known for its pre-mixed cocktails, particularly the RIO brand, and has seen its stock price increase nearly 15 times over two and a half years since mid-November 2018 [3]. Group 2 - BaiRun Co. began its foray into whiskey around 2020, raising RMB 1.006 billion through a private placement to fund whiskey aging projects, which are essential for producing the base liquor for pre-mixed cocktails [3]. - After the share transfer, Liu Xiaodong's holding will decrease to 34.58%, and the transfer aims to diversify the shareholder structure and bring in external resources to promote company development [3][4]. - Liu Jianguo has committed not to participate in the management of BaiRun Co. and will not reduce his holdings in the company for twelve months following the transfer [4].

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 本月底法定/註冊股本總額： USD 50,000 第 1 頁 共 10 頁 v 1.1.1 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 本間高爾夫有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06858 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | | 0.0000025 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 20,00 ...

FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06858 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 20,000,000,000 | USD | 0.0000025 | USD | | 50,000 | 本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 本間高爾夫有限公司（於開曼群島註 ...

Core Insights - The company experienced a significant decline in performance for the fiscal year 2025, with total revenue dropping 17.4% from 26,223 million yen in fiscal year 2024 to 21,672 million yen, and a shift from a profit of 4,828 million yen to a loss of 264 million yen [1] Group 1: Revenue Performance - The company's revenue decreased across major markets, with Japan showing a slight decline of 3.4%, while China faced an 11.9% drop, reflecting a slowdown in the overall economy and retail atmosphere [2] - The Korean market suffered the most, with sales plummeting 55.5%, primarily due to economic slowdown and channel scrutiny [2] Group 2: Product Line Performance - Revenue from golf clubs fell by 17.5%, heavily impacted by the Korean market, although sales in Japan, Europe, and Taiwan grew by 20.7%, 12.3%, and 10.7% respectively, indicating sustained demand in these regions [3] - Golf ball sales faced greater pressure, declining by 31.2%, with Japan experiencing a 37.2% drop due to previous price increases aimed at countering yen depreciation [3] - The apparel segment remained relatively stable, with a minor decline of 0.7%, and a notable 6.4% growth in China, showcasing potential in non-club product lines [3] Group 3: Channel Strategy and Financial Metrics - The self-operated store strategy showed positive growth of 2.8%, with retail sales in China and Taiwan increasing by 11.0% and 8.9% respectively, demonstrating the effectiveness of the direct sales approach [4] - Third-party retailers and wholesalers saw a revenue decrease of 31.8%, with significant declines in Japan, Korea, and China [4] - Financial metrics displayed divergence, with gross margin improving from 51.2% in fiscal year 2024 to 54.4%, while operating profit plummeted to 185.3 million yen from 2,706.2 million yen in the previous year [4]

2024 年度報告 25 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 董事長報告書 | 5 | | 管理層討論及分析 | 7 | | 董事及高級管理層履歷 | 36 | | 董事會報告 | 43 | | 企業管治報告 | 68 | | 環境、社會及管治報告 | 91 | | 獨立核數師報告 | 139 | | 綜合損益表 | 144 | | 綜合全面收益表 | 145 | | 綜合財務狀況表 | 146 | | 綜合權益變動表 | 148 | | 綜合現金流量表 | 150 | | 財務報表附註 | 152 | 盧伯卿先生 （主席） 汪建國先生 徐輝先生 頁 公司資料 董事會 執行董事 劉建國先生 （董事長兼總裁） 伊藤康樹先生 左軍先生 劉宏立先生 非執行董事 楊小平先生 何平僊先生(1) 謝吉人先生(2) 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 田青女士(3) 審核委員會 薪酬委員會 汪建國先生 （主席） 徐輝先生 左軍先生 提名委員會 劉建國先生 （主席） 汪建國先生 盧伯卿先生 田青女士(3) 公司秘書 岑影文女士 授權代表 左軍先生 岑影文女 ...

Shareholding Structure - Kouunn Holdings Limited holds 234,227,100 shares, representing 38.67% of the total shares[2] - Huang Wenhuan holds 234,512,775 shares, representing 38.72% of the total shares[2] - Charoen Pokphand Group Company Limited holds 181,296,500 shares, representing 29.93% of the total shares[2] - Fosun International Limited holds 35,629,425 shares, representing 5.88% of the total shares[2] - As of September 30, 2024, the total number of issued shares is 605,642,500[9] Restricted Share Unit Plan - The company has a Restricted Share Unit Plan with 3,485,095 units available for grant as of September 30, 2024[12] - The Restricted Share Unit Plan was approved on October 20, 2015, and is valid for ten years[16] - The plan aims to attract and retain skilled personnel for future development and expansion[16] - As of September 30, 2024, there are 18,333,312 shares related to the Restricted Share Unit Plan[12] - The total number of restricted share units granted during the six-month period ending September 30, 2024, is 2,805,387[22] - The total number of restricted share units held by senior management and other executives is 2,291,016[22] - The number of restricted share units granted to the chairman and CEO, Liu Jianguo, is 285,675[22] - The number of restricted share units granted to executive director, Ito Yasuki, is 133,341[22] - The total number of restricted share units exercised during the period is 49,140[22] - The total number of restricted share units that have lapsed during the period is 2,756,247[22] Taxation - The company’s subsidiaries in the U.S. are subject to a federal corporate income tax rate of 21%[14] - The tax provision for the group's Chinese subsidiaries is calculated at a statutory rate of 25%[29] - The effective tax rate for the Hong Kong registered subsidiary is 16.5%, while the effective tax rate for the Japan registered subsidiary is 30.62% for the six months ending September 30, 2024[47] - The company reported a total tax expense of ¥(766,344,000) for the six months ended September 30, 2024, compared to a tax expense of ¥306,257,000 for the same period in 2023[138] Financial Performance - Revenue for the six months ended September 30, 2024, was ¥9,814,533 thousand, a decrease of 25.5% compared to ¥13,194,832 thousand for the same period in 2023[64] - Gross profit for the same period was ¥5,199,266 thousand, down from ¥6,876,979 thousand, reflecting a decline of 24.4%[64] - The company reported a loss before tax of ¥1,611,911 thousand, compared to a profit of ¥3,635,760 thousand in the previous year[64] - The net loss for the period was ¥845,567 thousand, a significant decrease from a profit of ¥3,329,503 thousand in the prior year[64] - Basic and diluted loss per share for the period was ¥(1.40), compared to earnings of ¥5.50 per share in the same period last year[64] - Other income for the six months was ¥56,889 thousand, a sharp decline from ¥2,019,415 thousand in the previous year[64] - Total comprehensive income for the period was ¥(527,267) thousand, compared to ¥2,813,588 thousand in the same period last year[68] Assets and Liabilities - Non-current assets increased to ¥9,642,883 thousand as of September 30, 2024, compared to ¥8,894,695 thousand on March 31, 2024, reflecting a growth of approximately 8.4%[69] - Current assets decreased to ¥30,469,246 thousand from ¥33,650,502 thousand, representing a decline of about 9.4%[69] - Total liabilities decreased from ¥11,682,684 thousand to ¥11,016,611 thousand, a reduction of approximately 5.7%[69] - The net value of current assets is ¥19,452,635 thousand, down from ¥21,967,818 thousand, indicating a decrease of around 11.5%[69] - The company's total equity as of September 30, 2024, is ¥27,236,649 thousand, down from ¥28,672,380 thousand, reflecting a decline of about 5.0%[76] Cash Flow - For the six months ended September 30, 2024, the company reported a cash flow from operating activities of 4,402,189 thousand yen, compared to 3,576,820 thousand yen for the same period in 2023, representing an increase of approximately 23.1%[84] - The net cash flow from investing activities was reported at (386,159) thousand yen for the six months ended September 30, 2024, compared to (196,923) thousand yen in the previous year, indicating a worsening of investment cash flow[88] - The company recorded a net increase in cash and cash equivalents of 2,104,283 thousand yen for the six months ended September 30, 2024, compared to an increase of 1,605,009 thousand yen in the same period of 2023[88] - As of September 30, 2024, the company's cash and cash equivalents totaled 18,054,555 thousand yen, up from 16,659,964 thousand yen at the end of September 2023[88] Revenue Breakdown - Revenue from product sales was ¥9,783,259, down from ¥13,103,514, indicating a decline of 25.5% year-over-year[113] - Revenue from services decreased significantly to ¥31,274 from ¥91,318, reflecting a decline of 65.7%[113] - The Japanese market generated ¥4,156,839 in revenue, slightly down from ¥4,172,787, a decrease of 0.4%[109] - Revenue from China (including Hong Kong and Macau) fell to ¥3,122,951 from ¥3,529,130, a decline of 11.5%[109] - Other regions contributed ¥1,172,714, up from ¥1,079,222, marking an increase of 8.6%[109] - North America saw revenue increase to ¥413,800 from ¥335,024, a growth of 23.4%[109] Operational Strategies - The company aims to enhance its market penetration in the ultra-high-end and super-performance consumer segments by streamlining its product strategy and updating its product lines[123] - The company is investing significantly in retail distribution networks and digital capabilities in Japan and China to provide a consistent and enhanced consumer experience[123] - The company plans to celebrate its 67th anniversary in 2025, emphasizing its commitment to brand revitalization and marketing efforts targeting younger golfers[123] - The company is focusing on enhancing its brand and product awareness among younger golf enthusiasts through digital ecosystem initiatives and advanced e-commerce functionalities[151] - The company continues to apply innovative patented technologies in the design and development of its golf clubs, targeting affluent and passionate golfers[152] Employee and Governance - Employee benefits expenditure for the six months ending September 30, 2024, amounted to ¥2,339.6 million[197] - The group employs 689 employees globally, with a majority based in Japan, and offers competitive compensation packages[197] - The company’s corporate governance practices are in compliance with the applicable code provisions, except for a deviation regarding the roles of the chairman and CEO[44] - The company’s audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process[50] Market Challenges - Economic uncertainties and geopolitical tensions continue to pose operational challenges and business uncertainties for the group in the current fiscal year[200] - The group is restructuring its customer relationship management systems in key markets like Japan, China, and the USA to enhance online sales[193]

Financial Performance - The group's revenue decreased by 25.6% to ¥9,814.5 million (approximately $64.8 million) for the six months ending September 30, 2024, due to a continued downturn in the global economic outlook and weakened consumer confidence [2]. - Total revenue decreased by 25.6% from 13,194.8 million JPY for the six months ended September 30, 2023, to 9,814.5 million JPY for the six months ending September 30, 2024 [43]. - Total revenue decreased by 28.4% for the six months ending September 30, 2024, compared to the same period in 2023, amounting to ¥9,814.5 million [44]. - Revenue from golf clubs dropped by 33.3%, primarily due to declines in sales in Korea and China (including Hong Kong and Macau) [2]. - Revenue from golf balls decreased by 17.1% to ¥910.0 million, with a 21.2% decline in sales volume in Japan [49]. - Revenue from apparel increased by 6.1% to ¥1,340.6 million, despite weak consumer confidence in China [49]. - Revenue from accessories and other related products rose by 8.4% to ¥890.1 million, attributed to an improved product mix starting in Spring 2024 [50]. - Revenue from Japan slightly decreased by 0.4% to ¥4,156.8 million, with wholesale revenue down 7.6% [54]. - Revenue from South Korea plummeted by 82.6% to ¥686.8 million due to a reevaluation of the distribution network [54]. - Revenue from China (including Hong Kong and Macau) decreased by 11.5% to ¥3,122.9 million, impacted by ongoing economic pressures [54]. - Revenue from North America increased by 23.5% to ¥413.8 million, driven by improved distribution networks and new product launches [55]. - Revenue from Europe surged by 92.4% to ¥261.4 million, confirming the effectiveness of the shift to an indirect distribution model [55]. - Revenue from self-operated stores increased by 6.5% to ¥5,507.6 million for the six months ended September 30, 2024, compared to ¥5,170.6 million for the same period in 2023 [58]. - Revenue from third-party retailers and wholesalers decreased by 46.3% to ¥4,306.9 million for the six months ended September 30, 2024, down from ¥8,024.3 million in the previous year [58]. Profitability and Loss - The company recorded a pre-tax loss of ¥1,611.9 million (approximately $10.6 million), a decrease from ¥3,635.8 million in the same period last year [4]. - The net loss for the six months ended September 30, 2024, was 845.6 million yen, with a net loss margin of 8.6% [77]. - Operating loss for the six months ended September 30, 2024, was 351.5 million yen, compared to an operating profit of 1,690.0 million yen in the previous period [80]. - The gross profit margin increased by 0.9 percentage points to 53.0% for the six months ending September 30, 2024, attributed to improved price management and sustained growth in retail revenue [4]. - The gross profit decreased by 24.4% to ¥5,199.3 million for the six months ended September 30, 2024, compared to ¥6,877.0 million for the same period in 2023 [61]. - The gross margin improved to 53.0% for the six months ended September 30, 2024, up from 52.1% in the previous year despite a decrease in gross profit [61]. - Selling and distribution expenses increased to ¥4,643.4 million for the six months ended September 30, 2024, from ¥4,486.0 million in the previous year, with the percentage of revenue rising from 34.0% to 47.3% [68]. - Administrative expenses increased by 21.0% to ¥823.3 million for the six months ended September 30, 2024, compared to ¥680.4 million for the same period in 2023 [69]. Cash Flow and Financial Position - Operating cash flow remained positive at ¥4,024.4 million (approximately $26.6 million), compared to ¥3,251.3 million in the same period last year [4]. - The company had cash and cash equivalents of ¥18,054.6 million, primarily held in RMB, JPY, and USD [89]. - The total cash and cash equivalents at the end of the period were 18,054,555 thousand yen, up from 16,659,964 thousand yen, marking an increase of approximately 8.4% [128]. - The company’s interest-bearing bank loans amounted to ¥6,240.0 million, with actual interest rates ranging from 0.17% to 3.08% [90]. - The debt-to-equity ratio as of September 30, 2024, was 32.0%, a decrease from 34.1% on March 31, 2024 [92]. - The company has adopted a conservative financing and treasury policy to maintain optimal financial conditions and minimize financial risks [95]. - The company reported a net cash flow from investing activities of (386,159) thousand yen, compared to (196,923) thousand yen in the previous year, indicating a decline of approximately 96.1% [128]. - The financing activities resulted in a net cash outflow of (1,533,944) thousand yen, slightly higher than the outflow of (1,449,364) thousand yen in the prior year, reflecting an increase of about 5.8% [128]. Strategic Initiatives - The company is focusing on brand repositioning and enhancing communication with target consumers to attract younger golfers [11]. - Significant investments are being made in retail distribution networks and digital capabilities in Japan and China to provide a consistent consumer experience [8]. - The company aims to streamline its product strategy to enhance penetration in the ultra-high-end and ultra-performance consumer segments [9]. - The group is implementing a customer relationship management system and advanced e-commerce features to strengthen direct communication with consumers and boost sales [11]. - The company is focusing on the high-end and super-performance segments of the golf market, targeting affluent consumers willing to pay premium prices for unique golf clubs [18]. - The company is adjusting its growth strategy in North America and Europe, focusing on smaller, high-quality customer segments to strengthen its market presence [14]. - The company aims to recruit young golfers with significant social media presence to enhance brand image and attract a younger demographic [16]. - The company plans to launch new golf balls with proprietary patents to align with its brand positioning and consumer preferences [12]. - The company is developing a non-club product line to provide a comprehensive golf lifestyle experience, particularly in China [37]. Market and Operational Challenges - The group continues to face operational challenges and business uncertainties due to economic factors and geopolitical tensions [31]. - The company anticipates that the golf industry will face challenges due to oversupply, labor shortages, and rising material costs, but remains confident in its ability to navigate these issues [38]. - The company is leveraging advanced technology and traditional Japanese craftsmanship to design and manufacture aesthetically pleasing and high-performance golf clubs [18]. - The company has no significant contingent liabilities as of September 30, 2024 [94]. - The company has not reported any supplier financing arrangements, indicating no impact from recent accounting standard revisions on its financial statements [137]. Research and Development - Research and development expenses for the six months ended September 30, 2024, were 150.7 million JPY, up from 110.6 million JPY in the previous period, indicating a focus on product innovation [37]. - The company’s research and development costs for the six months ended September 30, 2024, were ¥150,745 thousand, compared to ¥110,637 thousand in the previous year [149]. Corporate Governance - The company has complied with all applicable corporate governance code provisions except for C.2.1, which states that the roles of the chairman and CEO should be separate [196]. - The audit committee, consisting of three independent non-executive directors, has reviewed the group's interim results for the six months ending September 30, 2024 [199]. - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website [200].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of ¥26,222.9 million, a decrease from ¥29,494.9 million in the previous year[19] - The net profit for the same period was ¥4,828.1 million, representing a 48.3% increase year-over-year from ¥3,255.6 million[19] - The operating cash flow for the fiscal year was ¥5,416.1 million, reflecting a growth of 47.3% compared to the previous year[19] - The gross profit margin for the fiscal year was 51.2%, slightly up from 50.8% in the previous year[31] - Total assets as of March 31, 2024, amounted to ¥42,545.2 million, an increase from ¥40,367.4 million in the previous year[32] - The total equity increased to ¥28,672.4 million from ¥26,030.9 million year-over-year[32] - Employee benefits expenses amounted to ¥4,492.0 million for the fiscal year ending March 31, 2024, reflecting the company's commitment to competitive compensation[87] - The company's total revenue decreased by 11.1% from ¥29,495.0 million for the year ended March 31, 2023, to ¥26,222.9 million for the year ending March 31, 2024[126] Sales and Revenue Breakdown - Golf clubs contributed 69.6% of the total revenue for the fiscal year ending March 31, 2024[69] - Revenue from Japan decreased by 4.7% to ¥9,363.1 million, primarily due to a 19.2% drop in wholesale revenue, while retail sales increased by 16.0%[135] - Revenue from China (including Hong Kong and Macau) fell by 3.7% to ¥7,508.5 million, attributed to a slowdown in the overall economy and retail market[136] - Revenue from Europe decreased by 18.3% to ¥361.8 million, reflecting a shift to an indirect distribution model[137] - Revenue from golf clubs dropped by 15.1% to ¥18,256.6 million, with sales in Japan, Korea, and China down by 4.5%, 12.5%, and 16.3% respectively[149] - Revenue from Korea decreased by 15.5% to ¥5,988.6 million, reflecting the optimization of the distribution network prior to new product launches[153] - Revenue from North America fell by 38.2% to ¥632.9 million, primarily due to ongoing negative impacts from last year's distribution network adjustments[154] - Revenue from other regions decreased by 28.7% to ¥2,367.9 million, mainly due to unfavorable currency depreciation and weakened purchasing power[155] - Revenue from self-operated stores was ¥10,952,237, accounting for 41.8% of total revenue, with a year-on-year increase of 7.2%[158] - Revenue from third-party retailers and wholesalers was ¥15,270,620, representing 58.2% of total revenue, showing a significant decline of 20.8%[158] Product Performance - Sales of the BeZEAL 3 product increased by 600% year-over-year, while the BERES series sales in Japan grew by 19.6%[20] - Revenue from golf balls slightly declined by 0.2% from ¥2,942.3 million to ¥2,936.3 million, primarily due to a 1.4% decrease in sales volume in Japan[130] - Apparel revenue grew by 4.9% year-on-year, with a remarkable 23.2% growth in mainland China[57] - Revenue from apparel increased by 4.9% from ¥3,009.1 million to ¥3,157.5 million, despite weak consumer confidence in China[132] Market Strategy and Growth - The company plans to continue enhancing its online presence and social media platforms to improve brand engagement and communication[5] - The company is investing in a digital ecosystem to enhance customer relationship management and e-commerce capabilities, aiming for a 360-degree brand experience[45] - The company continues to focus on the ultra-high-end and ultra-performance consumer segments, which are expected to drive future growth[42] - The company is restructuring its growth strategy in North America and Europe to target smaller, high-quality customer segments[70] - HONMA aims to strengthen its market share in the high-performance segment, particularly in Japan, Korea, and China, where significant growth potential remains[91] - The company plans to enhance its direct-to-consumer communication and sales strategy in North America and Europe, which together account for over 60% of the global golf market[93] - HONMA's marketing strategy focuses on transforming its image to appeal to younger, performance-oriented golfers, particularly through the new TOUR WORLD product lines[88] - The company is targeting the high-performance segment in North America with its TOUR WORLD product line to support growth strategies in that market[118] Brand Development and Consumer Engagement - The company has seen a continuous increase in membership numbers in China and Japan, enhancing customer relationship management systems[22] - The company launched products specifically designed for female golfers, including the 65th Anniversary Limited Series and BERES LADYGO[24] - The company sponsors TEAM HONMA, which includes six professional golfers, to enhance brand visibility and drive sales growth, particularly in Japan[50] - The company is focusing on enhancing consumer engagement and retail experience through digital capabilities and brand communication[36] - The company aims to attract younger, passionate golfers by recruiting social media-savvy athletes to strengthen brand repositioning[50] - The group hosted 3,564 customer events across major markets, primarily at golf courses, to enhance brand awareness[73] - The company is focused on enhancing brand exposure in Asia through collaborations with coaches and key opinion leaders[165] Operational Challenges and Sustainability - The company is facing challenges in the golf industry, including increased competition and supply chain issues due to labor shortages and rising raw material costs[95] - HONMA continues to monitor external challenges and will adjust its business strategies as necessary to mitigate risks while ensuring employee health and safety[96] - The company is committed to sustainable business development and creating long-term value for shareholders amid global economic uncertainties[121] - Water resource usage decreased by 5% compared to the previous year, with a density increase of 6.5%[188] Retail Expansion - The company opened 14 new stores in China, 1 in Japan, and 2 in other Asian regions, enhancing the retail experience with a unified brand image[49] - The company plans to continue expanding its self-operated stores, which numbered 95 in Asia as of March 31, 2024[80] - The company expanded its sales and distribution network, increasing the total number of stores from 90 to 95, with significant growth in China[105] - The total number of sales points in North America decreased to 344, with six new openings and seven closures during the year[163] - In Europe, the company reopened 94 new sales points, resulting in a network of 129 locations[163] - A strategic partnership with Itochu Corporation has been established to develop a clothing business, aiming to promote HONMA as a "golf lifestyle brand"[169] Innovation and Development - Research and development expenses for the fiscal years ending March 31, 2023, and March 31, 2024, were ¥199.7 million and ¥228.9 million, respectively, indicating a focus on product innovation[94] - The company is committed to applying innovative technologies and traditional Japanese craftsmanship in its product development[45] - The company aims to provide a comprehensive golf lifestyle experience by developing non-club product lines[169]