HQNMA 中期報告 股份代號 : 6858 （於開曼群島註冊成立之有限公司） 目 錄 頁次 公司資料2 管理層討論及分析4 | --- | |------------------------------| | | | 其他資料 | | 中期簡明綜合財務報表審閱報告 | | 中期簡明綜合損益表 | | 中期簡明綜合全面收益表 | | 中期簡明綜合財務狀況表 | | 中期簡明綜合權益變動表 | | 中期簡明綜合現金流量表 | | 中期簡明綜合財務資料附註 | 35 46 48 49 51 53 55 57 公司資料 | --- | --- | |--------------------------------|------------------------------------------| | | | | 董事會 | 授權代表 | | 執行董事 | 左軍先生 | | 劉建國先生 （董事長兼總裁） | 岑影文女士 | | 伊藤康樹先生 | | | 邨井勇二先生 | 核數師 | | 左軍先生 | 安永會計師事務所 | | 非執行董事 | 執業會計師 | | 楊小平先生 | 註冊公眾利益實體核數師 | | 何平 ...

Financial Performance - Total revenue for the fiscal year ended March 31, 2021, decreased by 4.4% to ¥22,735.1 million from ¥23,787.2 million in the previous year[20]. - Gross profit for the fiscal year was ¥11,445.2 million, with a gross margin of 50.3%[20]. - Operating profit increased significantly to ¥1,232.8 million from ¥405.1 million in the previous year[20]. - The company reported a net profit attributable to owners of ¥1,859.0 million, a recovery from a loss of ¥732.4 million in the previous year[20]. - Overall revenue decreased by 4.9% year-over-year due to the impact of COVID-19, with most self-operated stores closed during the fiscal year[31]. - Revenue growth in China and South Korea was 98.2% and 14.2% respectively, while Japan, North America, and Europe saw declines of 39.7%, 25.8%, and 25.0% respectively, with Japan, South Korea, and China accounting for 81.1% of total revenue[32]. - Revenue from golf balls increased by 20.6% to ¥2,659.2 million, while apparel revenue rose by 36.7% to ¥1,727.0 million, driven by strong market penetration in Japan, Korea, and China[63]. - The company's gross margin remained stable at 50.3%, compared to 50.9% in the previous year[130]. - The company reported a pre-tax profit of ¥2,420.3 million (approximately $22.2 million), a significant improvement from a loss of ¥357.7 million in the previous year[130]. Market Performance - Revenue from China (including Hong Kong and Macau) surged by 100.4% to ¥5,512.0 million, driven by a faster recovery from the pandemic[23]. - Revenue from South Korea rose by 14.2% to ¥6,383.4 million, marking the eighth consecutive year of double-digit growth[23]. - Revenue from third-party retailers and wholesalers decreased by 9.4% to ¥16,762.5 million for the year ended March 31, 2021, compared to ¥18,505.0 million for the previous year[69]. - The average order value in North America rose to over $1,000, reflecting strong consumer interest and brand building efforts[27]. - E-commerce sales increased by 262% due to the successful direct-to-consumer strategy, with flagship stores on Tmall and JD.com experiencing over three-digit growth[24]. Strategic Initiatives - The company emphasized the importance of targeted marketing and promotional activities in driving brand growth in recovering markets[22]. - The company aims to enhance brand influence by engaging with high-end consumer segments and introducing new marketing strategies[28]. - The company continues to focus on high-end and high-performance consumer segments, enhancing its product offerings with technological advancements[31]. - The company has established a strategic partnership with Itochu Corporation to develop apparel and accessories, launching four clothing lines aimed at consumers in Japan, China, and Korea[53]. - The company plans to enhance brand value and customer loyalty by implementing various branding and marketing strategies, including the opening of brand experience stores in major markets such as Japan, China, and the U.S.[50]. Product Development - The company launched the GS series of golf clubs in January 2021, targeting enthusiastic golfers with a handicap of 8 to 20[35]. - The introduction of the XP performance-enhanced series under the TOUR WORLD product line aims to capture growth potential in the high-performance consumer segment[42]. - HONMA offers three main product families: BERES, TOUR WORLD, and Be ZEAL, targeting specific consumer segments based on performance and design preferences[41]. - The company has been actively expanding its product development team, with Dr. Suwa having extensive experience in various leadership roles since joining in 1978[120]. Operational Efficiency - The company has strengthened its e-commerce capabilities, leading to double-digit monthly growth in natural traffic and conversion rates since the relaunch of its website in January 2019[46]. - The company has implemented a rigorous apprenticeship program in its Sakata facility to retain and cultivate craftsmanship[48]. - The company has taken additional steps to reduce emissions and waste, such as using energy-efficient machinery and promoting a paperless environment[137]. - The company has implemented several measures to enhance its global brand positioning and digital engagement, resulting in monthly growth in natural traffic and conversion rates[142]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and transparency in its operations[114]. - The board of directors confirmed compliance with the standards for securities trading throughout the fiscal year[200]. - The independent non-executive directors have confirmed their independence according to the relevant listing rules for the year ending March 31, 2021[172]. - The company has appropriate insurance coverage for directors against potential legal liabilities[191]. Human Resources - The company emphasizes attracting and retaining skilled employees through performance-based incentives, crucial for long-term success[135]. - The compensation policy aims to attract and retain skilled personnel, with a combination of salary, allowances, and performance-related bonuses[186]. - The management team is well-equipped with advanced degrees and professional qualifications, enhancing the company's operational capabilities[115][117][119]. Financial Position - Total assets decreased to ¥36,493.5 million from ¥38,897.3 million in the previous year[21]. - Total equity increased slightly to ¥21,321.1 million from ¥21,263.8 million[21]. - Cash and cash equivalents as of March 31, 2021, totaled 10,771.9 million yen, primarily held in USD, JPY, and CNY[93]. - The debt-to-equity ratio as of March 31, 2021, was 49.4%, a decrease from 50.1% on March 31, 2020[95]. Shareholder Information - The proposed final dividend for the year ended March 31, 2021, is ¥1.7 per share, totaling approximately ¥1,029.6 million, representing about 8.2% of the distributable profits[105]. - The total dividend for the fiscal year ending March 31, 2021, will be ¥3.2 per share, amounting to ¥1,938.1 million, representing approximately 14.5% of the distributable profit[144]. - As of March 31, 2021, the company's distributable reserves amounted to approximately ¥12,488 million, down from ¥14,165 million as of March 31, 2020[146].

HONMA GOLF LIMITED 本間高爾夫有限公司 股份代號 : 6858 （於開曼群島註冊成立之有限公司） 2020/21 中期報告 .071 NA 目 錄 公司資料2 頁次 管理層討論及分析4 其他資料 35 中期簡明綜合財務報表審閱報告 45 中期簡明綜合損益表 47 中期簡明綜合全面收益表 48 中期簡明綜合財務狀況表 50 中期簡明綜合權益變動表 52 中期簡明綜合現金流量表 54 中期簡明綜合財務報表附註 56 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 邨井勇二先生 左軍先生 | --- | |-------| | | | | | | | | | | | | | | | | | | | | | | | | | --- | |----------------| | | | | | | | | | | | 獨立非執行董事 | | | | | | | | | | | | | | | | | 公司秘書 岑影文女士 授權代表 左軍先生 岑影文女士 核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 公司網站 www.honma.hk 股份代號 6858 開曼群島註 ...

HQNMA Honma Golf Limited 本間高爾夫有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 6858 2019/20 年度報告 STATE (7) (0) 目 錄 目 錄 | --- | --- | |----------------------|-------| | | 頁次 | | | | | 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 | 34 | | 董事會報告 39 | | | 企業管治報告 61 | | | 環境、社會及管治報告 | 76 | | 獨立核數師報告 114 | | | 綜合損益表 120 | | | 綜合全面收入表 121 | | | 綜合財務狀況表 122 | | | 綜合權益變動表 124 | | | 綜合現金流量表 126 | | | 財務報表附註 129 | | 公司資料 審核委員會 董事會 執行董事 劉建國先生（董事長兼總裁） 伊藤康樹先生 邨井勇二先生 左軍先生 非執行董事 楊小平先生 何平僊先生 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 盧伯卿 ...

Financial Performance - For the six months ended September 30, 2019, HONMA's net sales decreased by 7.9% compared to the same period in 2018, with a fixed exchange rate basis showing a decrease of 7.0%[6]. - Total revenue decreased by 7.9% from ¥11,503.2 million to ¥10,590.973 million for the six months ending September 30, 2019[34]. - Golf club revenue fell by 13.8% from ¥9,369.5 million to ¥8,077.2 million, with a fixed exchange rate decline of 13.0%[37]. - The revenue from the Be Zeal product family decreased by 77.9% due to the company's focus on the BERES and TOUR WORLD series[37]. - TOUR WORLD family sales increased by 73.1% on a fixed exchange rate basis, confirming the company's strategy to focus on high-end performance segments[37]. - Gross profit margin decreased from 59.1% to 49.7%, reflecting an increase in cost of sales from ¥4,707.1 million to ¥5,330.1 million[32]. - Operating loss was ¥28.5 million compared to an operating profit of ¥2,036.5 million in the previous period[32]. - Net loss attributable to equity holders was ¥51.2 million, a significant decline from a profit of ¥2,134.5 million[32]. - Adjusted SG&A expenses increased by 11.0% to ¥5,320.6 million, compared to ¥4,793.1 million in the previous period[32]. - Other income and gains decreased significantly from ¥762.6 million to ¥36.7 million, a drop of 95.2%[32]. - The company reported a financing cost increase of 425.2%, rising from ¥5.4 million to ¥28.5 million[32]. - The company reported a loss before tax of ¥(510,733) thousand, compared to a profit of ¥2,764,942 thousand in the same period last year[104]. - Net loss for the period was ¥(51,238) thousand, a significant decline from a profit of ¥2,134,478 thousand in 2018[105]. - Total comprehensive income for the period was ¥(39,352) thousand, compared to ¥2,226,211 thousand in the previous year[106]. Sales and Market Performance - Sales in South Korea and Europe led growth rates, increasing by 51.4% and 9.4% respectively on a fixed exchange rate basis[6]. - Japan, HONMA's largest market, saw a decline of 21.7% on a fixed exchange rate basis, primarily due to a 101.6% year-on-year decrease in Be ZEAL revenue[6]. - Sales in China grew by 9.4% on a fixed exchange rate basis, attributed to the relaunch of product lines[6]. - Japan, South Korea, and China combined accounted for 84.0% of total sales[6]. - HONMA's golf clubs accounted for 76.3% of total sales, indicating a strong focus on core product offerings[11]. - Golf ball revenue rose by 53.5% (at constant exchange rates), with significant growth in Japan (68.6%) and South Korea (47.4%) markets[11]. - The apparel segment saw a 53.1% increase in sales, primarily driven by the 2019 spring/summer collection[11]. - The company hosted nearly 2,500 customer events across major markets, enhancing brand and product visibility[12]. Brand Strategy and Marketing - HONMA has restructured its brand to appeal to younger golfers, launching a new global website and enhancing social media presence[8]. - The company has begun establishing or restructuring customer relationship management systems and adding e-commerce functionalities in key markets[8]. - HONMA signed a long-term partnership with global brand ambassador Justin Rose, significantly increasing brand exposure in the US and Europe[8]. - The company decided to focus on high-end performance consumer segments and will not renew the Be ZEAL product family[6]. - HONMA aims to enhance its brand positioning and communication globally to attract high-end golfers[8]. - HONMA's brand awareness in North America increased to 63%, with nearly half of surveyed consumers linking the brand to increased exposure in local events[9]. - HONMA plans to enhance brand value and customer loyalty through various marketing strategies, including signing Justin Rose as a global brand ambassador to strengthen brand image in mature markets like North America, Europe, and Japan[24]. - The company aims to increase market share in its home markets (Japan, Korea, and China) by expanding the TOUR WORLD product family and enhancing exposure in international events due to Justin Rose's involvement[25]. Retail Expansion and Distribution - The company opened 101 new sales points in Europe while closing only 6, resulting in a total of 613 sales points as of September 30, 2019[10]. - HONMA plans to open approximately 30 high-end retail stores and 30 to 50 retail hubs within golf courses in North America over the next 18 to 24 months[9]. - The group increased its sales points to approximately 3,898, representing an increase of 283 sales points compared to the previous year[17]. - The company is continuously evaluating existing channels and exploring new ones to improve its sales and distribution network[18]. Financial Position and Capital Management - Cash and cash equivalents as of September 30, 2019, totaled ¥10,222.1 billion, primarily held in USD, JPY, and CNY[66]. - The group had a total of 74 self-operated HONMA brand stores, with 39 located in China (including Hong Kong and Macau) and 30 in Japan[16]. - The company plans to fund its expansion and operations through internal resources, bank loans, and proceeds from global offerings[66]. - The company has no currency risk as most of its operations and transactions are conducted in JPY, with no derivative contracts used for hedging[66]. - As of September 30, 2019, the group's interest-bearing borrowings amounted to ¥5,600.0 million, with an actual interest rate ranging from 0.30% to 0.55%[67]. - The debt-to-equity ratio as of September 30, 2019, was 34.2%, a significant increase from 13.0% as of March 31, 2019[68]. - Capital expenditures for the six months ended September 30, 2019, totaled ¥896.1 million, primarily for purchasing machinery and office equipment[69]. - The company has adopted a prudent financing and treasury policy to maintain optimal financial conditions and minimize financial risks[70]. Employee and Governance Matters - Employee benefits expenditure for the six months ended September 30, 2019, amounted to ¥2,610.6 million[21]. - The company has complied with all applicable corporate governance code provisions except for the separation of the roles of chairman and CEO[97]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ended September 30, 2019[99]. - The company has extended the service agreements of its executive directors for an additional three years starting from September 18, 2019[99]. - The salary of the executive director, Mr. Ito Yasuki, has been adjusted to JPY 16,366,366 annually, with a performance bonus of JPY 5,767,650[99]. Shareholder Information - The interim dividend declared for the six months ended September 30, 2019, was ¥1.64 per share, totaling approximately ¥1,000 million, representing about 7.0% of the distributable reserves[76]. - The company has adopted a dividend policy that allows the board to decide on the distribution and amount based on operational performance, cash flow, and financial condition[95]. - The company declared dividends totaling ¥6,129,187,000 during the period, reflecting ongoing shareholder returns despite the reported losses[110].

HQNMA HONMA GOLF LIMITED 本間高爾夫有限公司 股份代號 : 6858 2018/19 年度報告 目 錄 | --- | --- | |----------------------|-------| | | 頁次 | | 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 8 | | | 董事及高級管理層履歷 | 36 | | 董事會報告 41 | | | 企業管治報告 62 | | | 環境、社會及管治報告 | 76 | | 獨立核數師報告 103 | | | 綜合損益表 109 | | | 綜合全面收益表 110 | | | 綜合財務狀況表 111 | | | 綜合權益變動表 113 | | | 綜合現金流量表 114 | | | 財務報表附註 116 | | 公司資料 盧伯卿先生 董事會 執行董事 劉建國先生（董事長兼總裁） 伊藤康樹先生 邨井勇二先生 左軍先生 非執行董事 楊小平先生 何平僊先生 獨立非執行董事 盧伯卿先生 汪建國先生 徐輝先生 審核委員會 辦事處 | --- | --- | |------------------- ...