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].

就攤薄而言，概無就截至二零二四年及二零二三年三月三十一日止年度所呈列的每股基本 盈利作出調整，原因是本集團截至二零二四年及二零二三年三月三十一日止年度並無已發 行的潛在攤薄普通股。 40 設備、 永久持有土地由日本本間擁有並位於日本。 44 瞻性資料。所有應收融資租賃已分類為第1階段，自初始確認以來信貸風險並未出現顯著 增加。未逾期的應收融資租賃的預期信貸虧損率為極低。 上述舉措將繼續提升HONMA的品牌及產品知名度，並增加更年輕及更熱忱的高 爾夫球手的參與度。 5 本間高爾夫有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公 司（「本集團」）截至二零二四年三月三十一日止年度的綜合年度業績。年度業績乃 根據國際財務報告準則（「國際財務報告準則」）編製。此外，年度業績亦已經由本 公司審核委員會（「審核委員會」）審閱。 於二零一九年一月，HONMA重新推出服裝業務。迄今，服裝系列包括一條 專業及一條時尚運動副線，滿足中國高爾夫球手在球場內外的不同需求。 截至二零二四年三月三十一日止年度大部分焦點落在HONMA的二零二三年 秋╱冬季服裝系列及二零二四年春╱夏季服裝系列。 6 截至二零二四年三月三十一 ...

Revenue Performance - Revenue from North America decreased by 40.7% to ¥335.0 million for the six months ended September 30, 2023, primarily due to ongoing adverse effects from last year's distribution network adjustments [3]. - Total revenue for the six months ended September 30, 2023, was ¥4,485,975 million, representing 100% of total revenue, compared to ¥4,874,327 million in the same period last year [11]. - The company's revenue from the Japanese market was 4,172,787 thousand yen for the six months ended September 30, 2023, up from 3,951,625 thousand yen in the same period of 2022, reflecting an increase of about 5.6% [44]. - The group's revenue decreased by 11.6% to ¥13,194.8 million (approximately $93.9 million) for the six months ended September 30, 2023, compared to the same period last year [181]. - Revenue from Japan and Hong Kong increased by 5.6%, while revenue from China (including Hong Kong and Macau) decreased by 12.4% due to a significant slowdown in the overall economy and retail market [181]. - Revenue from golf clubs declined by 12.5%, primarily due to a 26.3% drop in sales in China, while revenue from Japanese golf clubs increased by 20.1% [181]. Profitability and Financial Performance - The pre-tax profit for the six months ended September 30, 2023, was ¥3,635.8 million [16]. - The company reported a profit of 3,329,503 thousand yen for the six months ended September 30, 2023, compared to 3,087,382 thousand yen for the same period in 2022, representing an increase of approximately 7.9% [36]. - The total comprehensive income for the six months ended September 30, 2023, was 2,813,588 thousand yen, compared to 2,159,003 thousand yen for the same period in 2022, indicating an increase of approximately 30.3% [63]. - The total operating profit before tax for the six months ended September 30, 2023, was ¥3,635,760,000, slightly down from ¥3,728,600,000 in the same period of 2022, reflecting a decrease of about 2.5% [66]. - The income tax expense for the six months ended September 30, 2023, was ¥306,257 thousand, compared to ¥641,218 thousand for the same period in 2022, showing a decrease of approximately 52.3% [163]. Assets and Liabilities - The company's inventory as of September 30, 2023, totaled ¥11,196,735 million, compared to ¥12,297,331 million as of March 31, 2023 [24]. - Non-current liabilities totaled 2,094,826 thousand yen as of September 30, 2023, down from 2,201,905 thousand yen as of March 31, 2023, indicating a decrease of about 4.9% [37]. - The company's net asset value increased to 27,936,052 thousand yen as of September 30, 2023, compared to 26,030,928 thousand yen as of the same date in 2022, reflecting a growth of approximately 7.3% [37]. - The company's cash and cash equivalents increased to 16,659,964 thousand JPY as of September 30, 2023, compared to 14,084,777 thousand JPY as of March 31, 2023 [136]. - Trade receivables amounted to 3,431,403 thousand JPY as of September 30, 2023, down from 3,513,495 thousand JPY as of March 31, 2023 [136]. Investments and Capital Expenditures - The company did not undertake any significant investments, acquisitions, or disposals during the six months ended September 30, 2023, but will continue to seek new business development opportunities [29]. - Capital expenditures for the six months ended September 30, 2023, amounted to 251.3 million yen, primarily for the purchase of machinery and equipment [56]. - The company plans to use the remaining unutilized proceeds for general corporate purposes, with no significant plans for major capital asset investments or acquisitions [31]. Employee and Operational Metrics - The total employee benefits expense for the six months ended September 30, 2023, was ¥29,278,000, down from ¥32,933,000 in the same period of 2022, indicating a decrease of approximately 11.5% [96]. - The company's employee-defined benefit liabilities decreased to 145,845 thousand yen as of September 30, 2023, from 349,300 thousand yen as of March 31, 2023, showing a reduction of approximately 58.3% [37]. - The average duration of defined benefit obligations was 4.8 years as of September 30, 2023, down from 5.4 years as of March 31, 2023 [106]. Market Strategy and Brand Positioning - The company has invested significantly in retail distribution networks and digital capabilities in Japan and China to enhance consumer experience [178]. - The company is focusing on the ultra-high-end and super-performance consumer segments, updating its product strategy to include technologically advanced TOUR WORLD golf clubs [184]. - The company has restructured its global brand positioning and communication to appeal to younger golfers, resulting in increased digital engagement metrics [185]. - HONMA is restructuring its growth strategy in North America and Europe, focusing on smaller, high-quality customer segments to enhance financial conditions in these markets [188]. - The company aims to strengthen its market penetration by modernizing and refining its product offerings to attract today's golfers [184]. Customer Engagement and Marketing - HONMA hosted a total of 1,757 customer engagement events across major markets, primarily at golf courses, to improve brand and product awareness [190]. - The company recorded a continuous increase in website traffic, reflecting strong brand equity and consumer interest in the North American market [189]. - HONMA's digital marketing efforts, including social media remarketing and search engine marketing, have led to double-digit monthly growth in natural traffic and conversion rates [198]. Financial Health and Debt Management - The debt-to-equity ratio as of September 30, 2023, was 31.5%, down from 36.3% as of March 31, 2023 [27]. - The company's interest-bearing bank loans stood at 6,540.0 million yen as of September 30, 2023, with an effective interest rate ranging from 0.62% to 3.08% [55]. - The interest expense on bank loans rose to ¥78,048,000 for the six months ended September 30, 2023, compared to ¥40,055,000 in the previous year, marking an increase of approximately 94.6% [93].

Revenue and Profit Performance - Revenue for the fiscal year ending March 31, 2023, reached 29,494,999 thousand yen, a slight increase from the previous year's 28,971,099 thousand yen[17] - Gross profit margin for 2023 was 50.8%, down from 54.1% in 2022[17] - Operating profit for 2023 was 3,856,557 thousand yen, a decrease from 5,456,791 thousand yen in 2022[17] - Net profit attributable to the company's owners for 2023 was 3,255,488 thousand yen, compared to 6,191,197 thousand yen in 2022[17] - Revenue increased by 1.8% to 29,495.0 million yen (equivalent to 218.8 million USD) for the fiscal year ending March 31, 2023[107] - Pre-tax profit for the fiscal year ending March 31, 2023, was 4,092.9 million yen[126] - Pre-tax profit decreased by 45.9% to 4,092.9 million yen (equivalent to 30.4 million USD) compared to 7,560.3 million yen in the previous year[131] Regional Revenue Performance - Japan, the company's largest market, contributed 9,841.4 million yen in revenue, a 15.8% year-on-year increase[23] - Revenue from Korea and China increased by 3.8% and 2.0% respectively, despite challenges from COVID-19[23] - North America revenue grew by 3.2% year-on-year, driven by a strategic focus on high-quality customer segments[23] - Revenue from Japan, Korea, China, and North America grew by 15.6%, 3.8%, 2.0%, and 3.2% respectively, benefiting from strong consumer demand rebound and successful marketing activities[31] - North America revenue increased by 3.2% to 1,024.2 million JPY for the fiscal year ending March 31, 2023, but decreased by 11.0% on a constant currency basis[32] - Revenue growth was recorded in Japan (15.6%), Korea (3.8%), China (2.0%), and North America (3.2%) despite COVID-19 impacts[128] - Revenue from Japan and South Korea increased by 15.6% and 3.8% respectively, while China's growth rate was 2.0% due to COVID-19 disruptions, and Europe saw a sales decline of 68.2% due to a shift to an indirect distribution model[129] Product Sales Performance - Golf club sales increased by 3.3% for the fiscal year ending March 31, 2023, driven by the launch of BERES AIZU and TW757 products targeting the ultra-premium and high-performance consumer markets[25] - Apparel sales grew by 1.6% year-over-year, supported by increased investment in professional and fashion sport sub-lines[25] - Golf club revenue grew by 3.2%, while apparel revenue increased by 1.5%, but golf ball sales declined by 1.1% due to raw material supply challenges[108] Financial Position and Cash Flow - Total assets as of March 31, 2023, were 40,367,360 thousand yen, slightly down from 41,427,472 thousand yen in 2022[19] - Net current assets stood at 20,024,291 thousand yen, up from 19,763,221 thousand yen in 2022[19] - The company maintained strong operating cash flow, with net cash inflow of 3,682.9 million yen for the fiscal year[22] - Operating cash flow remained positive at 3,675.9 million yen (equivalent to 27.3 million USD) for the fiscal year ending March 31, 2023[110] - The company held cash and cash equivalents of JPY 14,084.8 million as of March 31, 2023, primarily in RMB, JPY, and USD, consisting mainly of cash on hand and demand deposits[196] Expenses and Costs - Gross profit decreased by 4.4% to 14,988.3 million JPY, with gross margin declining from 54.1% to 50.8%[38] - Apparel gross profit dropped by 44.8% to 802.9 million JPY, with gross margin falling from 49.1% to 26.7%, primarily due to supply chain disruptions in Japan and Korea[40] - Gross margin decreased by 3.3 percentage points to 50.8% due to rising raw material costs, currency pressures, and tighter inventory provisions[109] - Administrative expenses remained stable at 1,381.1 million yen for the fiscal year ending March 31, 2023[123] - Financing costs increased by 88.2% to 125.0 million yen due to higher Japanese borrowing rates[124] - Financing income rose by 25.0% to 13.5 million yen due to increased average bank deposit balances[125] Capital Expenditures and Investments - Capital expenditures for the fiscal year ending March 31, 2023, amounted to 663.5 million JPY, primarily allocated to purchasing factory machinery, office equipment, and leasehold improvements[55] - Potential strategic acquisitions accounted for 29.4% of the intended use of proceeds, with JPY 4,939 million utilized as of March 31, 2023[59] - Sales and marketing activities in North America, Europe, Japan, South Korea, and China (including Hong Kong and Macau) accounted for 15.1% of the intended use of proceeds, with JPY 2,536 million utilized[59] - Capital expenditures accounted for 13.0% of the intended use of proceeds, with JPY 2,184 million utilized[59] - Repayment of interest-bearing bank loans accounted for 17.3% of the intended use of proceeds, with JPY 2,906 million utilized and 0.2% remaining unused[59] - The unused balance of global offering proceeds as of March 31, 2023, was approximately JPY 4,942.2 million, held in reputable banks[61] - The company did not undertake any significant investments, acquisitions, or disposals during the fiscal year ending March 31, 2023, but continues to seek new business development opportunities[86] Debt and Financial Obligations - The company's interest-bearing bank loans as of March 31, 2023, amounted to JPY 7,290.0 million, with interest rates ranging from 0.17% to 3.08%[75] - The company's debt-to-equity ratio as of March 31, 2023, was 36.3%, down from 38.1% on March 31, 2022[76] - The company has fully repaid the interest-bearing bank loans intended to be repaid using the proceeds from the global offering, with the remaining unused balance of 0.2% to be evaluated for appropriate use based on business needs[89] Dividend and Shareholder Returns - The company proposed a final dividend of 1.5 yen per share for the fiscal year ending March 31, 2023, totaling approximately 908.5 million yen, representing 27.9% of the distributable profit for the year[90] - The company's dividend for the fiscal year ending March 31, 2023, is 3.0 yen per share, totaling 1,817.0 million yen, representing approximately 55.8% of the distributable profit[174] - The company's distributable reserves as of March 31, 2023, amounted to 10,006 million yen, down from 11,524 million yen the previous year[154] - The company will evaluate its dividend policy and distributions from time to time, with details provided in the "Corporate Governance Report - Dividend Policy" section of the annual report[200] Tax and Regulatory Compliance - Income tax expenses decreased by 38.8% from 1,369.1 million yen in the fiscal year ending March 31, 2022, to 837.3 million yen in the fiscal year ending March 31, 2023[94] - The company's effective tax rate increased from 18.1% in the fiscal year ending March 31, 2022, to 20.5% in the fiscal year ending March 31, 2023[94] - The company has not experienced any significant legal or regulatory violations in Japan, China, or South Korea during the fiscal year[161] Operational and Strategic Initiatives - The company typically launches new golf clubs, balls, and accessories every 24 months, with additional promotion of older generation products for 12 months[77] - The company plans to strengthen its leadership in the ultra-premium segment and expand into the high-performance consumer segment in Asia[113] - The company plans to focus on high-quality customer segments in North America and Europe, and leverage its R&D capabilities to develop products aligned with market trends[133] - The company's growth strategy focuses on expanding non-club businesses, such as golf balls, bags, gloves, and apparel[166] - The company closed 615 sales points in Europe, reducing the total number of sales points to 35, while opening 8 new sales points in North America, forming a network of 345 sales points[173] - The company aims to reduce emissions and waste through energy-efficient machinery, water-saving equipment, and promoting energy-saving awareness among employees[160] Supply Chain and Inventory Management - The company relies on strategic suppliers in Japan, Taiwan, China, Hong Kong, and the US, with OEM partnerships exceeding five years[135] - The company's inventory aging analysis is based on product launch dates rather than capitalization dates, with some inventory aged 2-3 years reflecting products launched 2-3 years prior to the fiscal year-end[195] - Trade receivables and bills turnover days decreased by 14 days from 68 days in FY2022 to 54 days in FY2023, primarily due to enhanced collection efforts in certain markets[187] - Trade payables and bills turnover days decreased by 11 days from 58 days in FY2022 to 47 days in FY2023, mainly due to reduced procurement caused by high inventory levels throughout the year[187] Corporate Governance and Social Responsibility - The company operates the largest number of self-operated stores among major golf product companies, equipped with golf simulators and specialized fitting centers[135] - The company donated products worth 1.96 million yen during the fiscal year ending March 31, 2023[179] - The company's restricted stock unit plan, effective for 10 years from October 20, 2015, has approximately 2 years and 7 months remaining as of March 31, 2023[183] - The company's pledged deposits increased by 8.89% from 4.75 million yen to 5.17 million yen due to exchange rate fluctuations[178]

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。 截至二零二三年三月三十一日止年度的 年度業績公告 | --- | --- | |-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Revenue Growth - For the six months ended September 30, 2022, the company's revenue increased by 25.7% compared to the same period in 2021[7]. - Revenue from Japan increased by 3.4%, while Korea saw a significant growth of 97.1% year-on-year due to the rising number of golf participants and successful new product launches[7]. - Revenue from China, North America, and other regions recorded strong growth rates of 11.1%, 31.6%, and 41.2% respectively[7]. - Japan, Korea, and China contributed 81.9% of the company's total revenue[7]. - Total revenue increased by 25.7% from ¥11,871.9 million to ¥14,927.4 million for the six months ending September 30, 2022[37]. - Revenue from Japan increased by 3.4% to ¥3,951.6 million, while revenue from South Korea surged by 97.1% to ¥4,237.6 million[44]. - Revenue from China (including Hong Kong and Macau) rose by 11.1% to ¥4,028.4 million, although it decreased by 4.3% on a constant currency basis due to government lockdowns[44]. - North American revenue increased by 31.6% to ¥565.1 million, with a 9.9% increase on a constant currency basis[45]. - Revenue from self-operated stores was ¥4,566.9 million, a 29.9% increase from ¥3,516.1 million, driven by optimized retail operations[47]. - Revenue from third-party retailers and wholesalers rose by 24.0% to ¥10,360.5 million, attributed to strong demand[47]. Product Performance - Golf club sales increased by 31.2% for the six months ended September 30, 2022, demonstrating strong brand value and resilience since 1959[9]. - Revenue from the BERES and TOUR WORLD product families grew by 37.1% and 17.1% respectively compared to the same period last year[9]. - Golf clubs accounted for 76.6% of total revenue for the six months ended September 30, 2022, with Japan showing a robust growth of 20.3% year-on-year[10]. - The company aims to enrich its TOUR WORLD product family with technology-enhanced series and modern designs to attract contemporary golfers[6]. - The company has launched new product families, including the GS series and TW757 series, aimed at attracting younger, performance-focused golfers[24]. Market Strategy - The company is focusing on two market segments: ultra-high-end and ultra-performance, to simplify and strengthen its product portfolio[6]. - The company has redefined its brand to appeal to younger golfers, enhancing its global brand positioning and communication strategies[8]. - The company aims to enhance its growth strategy in North America and Europe, focusing on smaller, high-quality customer segments[11]. - The company is focusing on sustainable growth in North America and Europe, which account for nearly 70% of the global golf market, by targeting high-quality customer segments[27]. - The company has established a strategic partnership with Itochu Corporation to develop its apparel business, promoting HONMA as a "golf lifestyle brand" in Japan, China, and Korea[28]. Financial Performance - Operating profit increased by 37.5% from ¥1,590.3 million to ¥2,187.5 million[36]. - Net profit attributable to equity holders increased by 129.0% from ¥1,348.4 million to ¥3,087.4 million[36]. - Basic and diluted earnings per share rose by 128.7% from ¥2.23 to ¥5.10[36]. - Gross profit margin decreased from 55.3% to 52.7%, while total sales cost increased by 33.0%[36]. - The company attributes stable revenue growth to ongoing improvements in product development, merchandise planning, and retail operations[41]. Operational Efficiency - The company closed 378 sales points in Europe, reducing the total to 237, while opening eight new sales points in North America, resulting in a network of 345 locations[11]. - The average order value exceeded $1,000, indicating a positive trend in e-commerce activities[12]. - HONMA hosted 1,912 customer events during the six months ended September 30, 2022, enhancing brand and product awareness[14]. - The company continues to evaluate and expand its sales and distribution networks to adapt to local retail landscapes and consumer behaviors[20]. - The company has implemented a customer relationship management system with e-commerce functionalities to provide a comprehensive brand experience[8]. Challenges and Risks - The golf industry is expected to face challenges due to public health uncertainties and supply chain issues, but the company sees positive recovery trends as golf participation increases[29]. - The company is committed to optimizing operational efficiency and maintaining cash reserves to mitigate the impacts of global health challenges[29]. - The company will continue to monitor external challenges related to COVID-19 and adjust its business strategies accordingly to protect employee health and safety[30]. Shareholder Information - The company declared an interim dividend of ¥1.5 per share, totaling approximately ¥908.5 million, which represents 29.4% of the group's distributable profit for the six months ended September 30, 2022[83]. - Kouunn Holdings Limited holds 233,560,525 shares, representing 38.56% of the total shares[90]. - Huang Wenhuan holds 234,512,775 shares, representing 38.72% of the total shares[90]. - The total number of issued shares is 605,642,500[93]. - The company has not yet committed to any acquisition targets as of the reporting date, indicating a cautious approach to potential acquisitions in the golf product industry[82].

非常感谢大家抽时间参加科马奥尔夫2023财年度中期业绩公布媒体线上沟通会首先我会为大家介绍今天在线上参会的管理层包括首席财务官兼首席营运官边卫文女士和投资者关系团队首先 把时间交给投资者关系总监陈丽珠女士介绍一下公司2023财年中期业绩表现之后我们会有一个问答环节到时候各位媒体朋友可以用Zoom的直手功能提问或者以视窗输入问题下面我先将时间交给陈女士有请 好的 谢谢Samantha各位媒体和分析师朋友复途和智通大陆演平台上关注Huma的朋友们大家晚上好非常感谢大家包容参加Huma此次中期业绩沟通会很高兴能有这样的机会和大家进行交流那首先我们用一张图来先简单的介绍一下HumaHuma于1959年创立于日本是高端高尔夫用具的第一品牌 在60多年工匠精神的传承中我们始终追求我们产品的卓越性能和出众的品质在目前HOMA也是全球唯一的一家垂直整合型的高尔夫公司拥有我们自主的研发和生产基地在位于日本九田的研发和生产基地战地 大约有16万平方米我们拥有236名研发人员与能工巧匠在此呢我们开发和研制出覆盖球杆和非球杆的全品类的产品组合那在高尔夫的球杆的方面我们聚焦传统的超高端的这个消费区间并且呢也在逐渐的渗透增速最快的超性能 ...

Financial Performance - For the fiscal year ending March 31, 2022, total revenue reached a historical high of ¥28,971.1 million, an increase of 27.4% from ¥22,735.1 million in the previous year[6] - Gross profit rose by 37.0% to ¥15,685.6 million, compared to ¥11,445.2 million for the fiscal year ending March 31, 2021[6] - The operating profit increased significantly to ¥5,456.8 million from ¥1,232.8 million in the previous year[4] - Overall revenue increased by 27.4% for the fiscal year ending March 31, 2022, despite ongoing challenges from COVID-19[14] - Net profit increased by 233.0% from ¥1,859.1 million to ¥6,191.2 million, indicating strong overall financial performance[43] - Basic and diluted earnings per share increased to ¥10.22 from ¥3.07, marking a growth of 232.9%[43] - Profit before tax surged by 212.4% to ¥7,560.3 million (approximately $65.0 million) compared to ¥2,420.3 million for the previous year[115] Revenue Growth by Region - Revenue growth was recorded across all products and regions, with Japan, China, Europe, and other regions showing increases of 29.8%, 38.7%, 47.1%, and 48.7% respectively[8] - Revenue from Japan grew by 29.8%, while China led in growth rate with a 38.7% increase, highlighting the expanding retail presence and optimized product mix[15] - European and other regions saw revenue increases of 47.1% and 48.7% respectively, attributed to successful market launches of golf club products[15] - Revenue from North America increased by 8.0% to ¥992,169 million from ¥918,542 million[51] - Revenue from South Korea rose by 7.0% to ¥6,831,638 million from ¥6,383,392 million[50] - Revenue from China (including Hong Kong and Macau) surged by 38.7% to ¥7,644,271 million from ¥5,512,022 million[50] Product Performance - Golf club sales increased by 23.9% for the fiscal year ending March 31, 2022, driven by the launch of new products like Beres Aizu and TW757[9] - Revenue from apparel and accessories rose significantly, with increases of 71.6% and 43.1% respectively, making apparel the second-largest product category for HONMA[9] - Golf clubs contributed 71.9% of the total revenue for the group as of March 31, 2022, with golf ball revenue rising by 11.8% compared to the previous year[19] - The gross margin for the group's golf club products improved by 3.8 percentage points to 54.1% for the year ended March 31, 2022[114] Strategic Initiatives - The company plans to launch more youth-oriented and female-targeted products to maintain growth momentum[7] - The company continues to invest in brand awareness and marketing to attract younger consumers and expand market share[7] - HONMA's brand exposure was enhanced through participation in golf tournaments, notably with TEAM HONMA's Hideto Tanihara winning major championships[11] - The company aims to attract younger consumers with the launch of the limited-edition Sakura series in celebration of its 65th anniversary[12] - The company continues to seek sponsorships with young Asian golfers to strengthen brand appeal among younger demographics[23] E-commerce and Digital Strategy - E-commerce sales surged by 125% year-on-year, reflecting the success of the direct-to-consumer strategy and investment in online channels[10] - The company aims to enhance its e-commerce capabilities and has rebuilt its website, resulting in double-digit monthly growth in digital engagement metrics[31] - HONMA's digital ecosystem was enhanced with new CRM systems and e-commerce functionalities to improve consumer engagement[17] Market Expansion and Retail Strategy - HONMA opened 120 new retail locations in North America, bringing the total to 337[20] - The total number of sales points increased by 209 to approximately 4,144 as of March 31, 2022, including 1,569 points in large sports retail stores[29] - The company is deepening collaborations with major sporting goods stores in both domestic and new markets as part of its growth strategy[111] - The company is actively sponsoring TEAM HONMA golfers to enhance brand visibility and market presence[111] Financial Health and Investments - The total assets of the company amounted to ¥41,427.5 million, an increase from ¥36,493.5 million in the previous year[5] - Total equity reached ¥25,352.6 million, compared to ¥21,321.1 million in the previous year[5] - Cash and cash equivalents amounted to ¥14,454.6 million as of March 31, 2022, primarily held in USD, JPY, and RMB[77] - Interest-bearing bank loans totaled ¥7,700.0 million as of March 31, 2022, with actual interest rates ranging from 0.33% to 1.07%[78] - Debt-to-equity ratio improved to 38.1% as of March 31, 2022, down from 49.4% a year earlier[79] Corporate Governance and Leadership - Yang Xiaoping appointed as a non-executive director in May 2018, providing strategic advice for business development[98] - The company emphasizes the importance of strategic advice from its board members to enhance business development and market expansion[98][100] - The board comprises experienced professionals with diverse backgrounds in finance, technology, and corporate governance, ensuring robust oversight and strategic direction[101][103] Challenges and Future Outlook - The golf industry is expected to face challenges due to global public health uncertainties and supply chain issues, but HONMA anticipates revenue growth in all major markets as golf participation increases[40] - The company is committed to sustainable business development and creating long-term value for shareholders while adapting to the new normal in the golf industry[40] - The company will continue to cautiously assess potential acquisition targets in the golf product industry based on brand recognition, geographical coverage, distribution networks, product variety, and financial status[88]

非常感谢大家抽时间参加HOMA高尔夫2022财政年度全年业绩公布媒体线上沟通会首先我会为大家介绍今天在线的管理层他们包括首席财务官兼首席营运官边卫文女士投资者关系总监陈丽珠女士首先我把时间交给 陈女士介绍一下公司2022年财政年度业绩的表现之后我们会有一个问答环节到时候各位媒体朋友可以用zoom的直手功能提问或者可以在问答视窗输入问题下面我先将时间交给陈女士有请 各位分析师朋友 媒体朋友富途和智通大陆眼平台的各位投资人朋友 大家好欢迎各位波荣参加鸿马高尔夫2022财年全年业绩发布会我们将在接下去的一小时为大家分享这一年的业务进展和取得的成绩并期待在问答环节和大家进行交流截至2022年 3月31日的年度红马交出了一份令人满意的成绩单首先对首次参加公司发布会的朋友我先简单介绍一下红马 欧马高尔夫成立于1959年是高尔夫业内最富盛名的标志性品牌之一公司以精湛的工艺、卓越的性能以及无与伦比的产品质量而闻名融合先进的创新科技以及日本的传统工艺为全球高尔夫球手提供高端、高性能的高尔夫球杆、球类、服装以及配件 作为全球唯一的垂直整合型高尔夫公司鸿马拥有自主设计开发及制造的能力在日本九天拥有占地16万平方米的研发和制造中心2 ...