奇士达(06918)公布，于2025年8月6日，该公司拟透过配售代理向不少于六名承配人配售最多约1.25亿股 配售股份，每股配售股份0.133港元，较股份于配售协议日期在联交所所报的收市价每股0.165港元折让 约19.4%。 假设所有配售股份成功配售，净筹约1610万港元。约61.9%用于集团偿还债务;及约38.1%用作一般营运 资金(包括工资、租金及集团其他营运开支)。预期所得款项净额将于2025年年底前悉数动用。 ...

Core Viewpoint - The company, Qishida (06918.HK), has announced a placement agreement to issue up to 124,912,800 shares at a price of HKD 0.133 per share, which represents a discount of approximately 19.4% from the market price of HKD 0.165 at the time of the agreement [1] Group 1 - The placement is conditional and will be conducted through a placement agent, targeting at least six independent third-party investors [1] - The expected total gross proceeds from the placement are approximately HKD 16.6 million, with net proceeds estimated at around HKD 16.1 million [1] - If all placement shares are successfully placed, the net price per share will be approximately HKD 0.1292 [1]

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Kidztech Holdings Limited 奇 士 達 控 股 有 限 公 司 （ ） 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 （股份代號：6918） 根據一般授權配售新股份 配售代理 亞太證券有限公司 於二零二五年八月六日（交易時間後），配售代理與本公司訂立配售協議，據 此，本公司有條件同意透過配售代理，按盡力原則，以每股配售股份0.133港 元的配售價，向不少於六名承配人（其本身及其最終實益擁有人（如有）為獨 立第三方）配售最多124,912,800股配售股份。配售股份將根據一般授權配發及 發行。 配售事項下的最高配售股份數目佔：(i)於本公告日期本公司現有已發行股本 624,564,000股股份的20.00%；及(ii)本公司經配發及發行最高數目配售股份擴 大後已發行股本約16.67%（假設本公司已發行股本由本公告日期至完成日期 止期間並無變動）。配售事項下的最高配售股份數 ...

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 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: 奇士達控股有限公司(於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月4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) | 06918 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.001 | HKD | | 5,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.001 | HKD | ...

Market Performance - In 2024, the global toy market showed signs of recovery, with the AI toy market size reaching US$18.1 billion[14]. - The U.S. toy sales stabilized in Q3 2024 after a period of decline, recovering faster than the European market[14]. - The overall economic landscape remains challenging, with weak consumer spending impacting growth in various markets[14]. Company Strategy - The company implemented a strategy focused on cost control, low margins, and steady sales to navigate a complex economic environment[14]. - The group intensified efforts in market expansion, brand building, research and development, and innovation to enhance core competitiveness[19]. - The company is actively expanding into high-end sectors, artificial intelligence, and green-related products and technologies[14]. - The Group aims to enhance its market competitiveness by exploring opportunities in emerging countries along the Belt and Road Initiative and expanding into high-end, AI, and green-related products[40]. - The Group intends to provide a more diversified product portfolio and services by exploring cooperation opportunities in high-end, artificial intelligence, and green-related products and technologies[101]. Financial Performance - The Group's total revenue increased by approximately 66.5% from approximately RMB 131.4 million in FY2023 to approximately RMB 218.8 million in FY2024[23]. - Smart toy vehicles revenue rose by approximately 70.5% year-on-year, primarily due to the adjustment of sales strategies targeting emerging markets and export-oriented wholesalers in Hong Kong[29]. - The Group's gross profit increased from approximately RMB15.0 million for FY2023 to approximately RMB18.3 million for FY2024, representing an increase of approximately 22.0%[42]. - The Group's net loss decreased from approximately RMB98.3 million for FY2023 to approximately RMB61.1 million for FY2024, primarily due to increased sales revenue and decreased net impairment losses[43]. - Selling expenses decreased from approximately RMB1.6 million for FY2023 to approximately RMB7 thousand for FY2024, mainly due to freight and market expenses being handled by Hong Kong wholesalers[44]. - Administrative expenses decreased by approximately 4.3% from approximately RMB35.1 million in FY2023 to approximately RMB33.6 million in FY2024, mainly due to a further decrease in employee expenditure[49]. - Net impairment losses on trade and other receivables decreased from approximately RMB40.7 million for FY2023 to approximately RMB31.4 million for FY2024, representing a decrease of approximately 23.0%[51]. - Taxation expense significantly decreased from approximately RMB6.9 million in FY2023 to approximately RMB0.3 million in FY2024, mainly due to notable changes in deferred taxation[52]. Operational Efficiency - The average inventory turnover period improved from approximately 55.5 days in FY2023 to approximately 40.0 days in FY2024[59]. - Trade receivables increased from approximately RMB247.4 million as of December 31, 2023, to approximately RMB301.3 million as of December 31, 2024, due to increased sales[60]. - The average turnover days for trade receivables decreased from approximately 332.0 days in fiscal year 2023 to approximately 296.0 days in fiscal year 2024[64]. - The Group's internal control system is designed to provide reasonable assurance against material misstatement or loss, with ongoing reviews by the Board to ensure effectiveness in protecting material assets and shareholders' interests[173]. Human Resources - The company plans to improve talent team building for product development and production, and enhance quality control standards[19]. - The Group had 32 full-time employees as of December 31, 2024, compared to 27 in 2023, with a significant decrease attributed to outsourcing part of the production process[95]. - The Group's remuneration packages include salaries, accidental insurance, and allowances, with bonuses being discretionary based on performance[96]. - The Group's contributions to the Mandatory Provident Fund Scheme in Hong Kong are 5% of employees' earnings, subject to a cap of HK$1,500[98]. Corporate Governance - The Board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[118]. - The Board has achieved gender diversity with three male and three female directors, resulting in a 50% gender diversity[121]. - The Company has implemented recruitment procedures to provide career development opportunities for suitable female candidates, with 46% of colleagues being female as of December 31, 2024[126]. - The Board held four meetings during FY2024 to discuss and approve the Company's operations and business development, including financial budgets and financial statements[131]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all Directors confirmed compliance during FY2024[138]. Risk Management - The Group employs a three-tier risk management approach, with business units identifying risks, management overseeing risk controls, and external consultants reviewing the processes[175]. - An external independent consultant reviewed the Group's risk management and internal control systems during the year, confirming their general effectiveness[177]. - The Board has conducted a review of the effectiveness of the risk management and internal control system, considering them generally effective and adequate in all material respects[178]. Shareholder Communication - The Board emphasizes the importance of effective communication with shareholders, proposing separate resolutions for substantial issues at shareholder meetings[185]. - The Company has maintained an ongoing dialogue with shareholders through various channels, including general meetings and corporate communications[194]. - During FY2024, the Company reviewed its Shareholders communication policy and found it effectively implemented[199].

奇十达(6918.HK)获评( @ 格安全 | ٌ 2017 x 20:00 x 17 x 12 x 20 x 17 x 12 x 12 x 1 x 1 x 1 00 x q 20 x 1 x 1 \ 0 0 x 1 x 1 \ 0 0 % : q 20 x 1 x 1 \ 0 0 % : 0 0 x 1 \ 0 0 % : 0 0 % : 0 0 % : 0 % 0 % : 0 % : ä½­­ | x ¼é글 Y æ± き x ∞ ºè ↑ ¡ æ ¥æº æ ¥ ºæ == ®æ == ® == == == = æ═ë¯♂级主¢¦ ‡ â∈ï ç» ҡ è¡¢«ã'፤デ ‡ â�—åæ'ã↑ ‡ â' † åೊ¹ºã' Ï' å¤§ç» '庡¹¼æÈ═Ֆ⯹ç□ïßæ ± â� ²ֲ²ײ²ֲ §å == = è & == ä° # a == à ° à | ↑ ู้,■㉅●€≡¶åW®8월 \ ΎλΙ | α=½οΥλίας | Δ΄ Τζι■ | ολ Β Δ΄ Σ | ΟΥΡΑ | ΟΙ ΔΥΡΑ | ΟΙΡΑ | ΟΙΡΑ | Σ | Σ | Σ | Δ | Δ | Δ | Δ | | | | ΟΥ ...

Financial Performance - For the fiscal year 2024, the revenue was approximately RMB 218.8 million, a significant increase of about 66.5% compared to RMB 131.4 million in fiscal year 2023[2] - The gross profit margin for fiscal year 2024 was approximately 8.4%, down by about 3.0% from 11.4% in fiscal year 2023[2] - The loss for fiscal year 2024 was approximately RMB 61.1 million, a reduction of about 37.8% from a loss of RMB 98.3 million in fiscal year 2023[2] - The basic and diluted loss per share for fiscal year 2024 was approximately RMB 9.8 cents, a decrease of about 41.7% from RMB 16.8 cents in fiscal year 2023[2] - Total revenue for 2024 reached RMB 218,773 thousand, compared to RMB 131,409 thousand in 2023, marking a significant increase of 66.3%[16] - Revenue from sales of car models increased to RMB 215,410 thousand in 2024, up from RMB 126,340 thousand in 2023, representing a growth of 70.5%[15] - The company's gross profit increased from approximately RMB 150 million in FY2023 to approximately RMB 183 million in FY2024, representing a growth of about 22.0%[42] - The net loss decreased from approximately RMB 983 million in FY2023 to approximately RMB 611 million in FY2024, primarily due to increased sales revenue and reduced financing costs[43] Assets and Liabilities - As of December 31, 2024, the total assets less current liabilities amounted to RMB 303.7 million, down from RMB 336.9 million in 2023[4] - The cash and bank balance as of December 31, 2024, was approximately RMB 10.7 million, compared to RMB 48.9 million in 2023[7] - The company has a current liability of approximately RMB 288.6 million as of December 31, 2024, compared to RMB 303.4 million in 2023[4] - The net asset value as of December 31, 2024, was RMB 285.9 million, down from RMB 336.9 million in 2023[5] - Trade receivables increased to RMB 356.8 million in 2024 from RMB 316.5 million in 2023, with a net amount of RMB 301.3 million after impairment provisions[27] - The company’s bank and other borrowings decreased to RMB 125.8 million in 2024 from RMB 143.7 million in 2023[29] - The company's trade payables increased to RMB 54.4 million in 2024 from RMB 49.9 million in 2023[28] - The company's capital debt ratio as of December 31, 2024, was approximately 44.0%, compared to 42.7% as of December 31, 2023[47] Operational Strategy - The company is focusing on business development and effective cost control measures to achieve profitability and positive cash flow[7] - The company plans to cease low-margin sales of raw materials and electronic components starting in 2025 to focus on long-term growth[35] - The group plans to prioritize overseas markets and expand its customer base, focusing on Hong Kong and China wholesale and retail sectors[65] - The company aims to diversify its product offerings through the development of new products and global licensing strategies[65] - The group intends to enhance production capacity and efficiency by outsourcing part of its production processes to suppliers and subcontractors[65] - The company is exploring strategic partnerships in high-end, artificial intelligence, and green technology sectors to broaden its product and service offerings[65] Financial Governance - The audit committee has reviewed and approved the audited financial statements for the fiscal year 2024[70] - The independent auditor has confirmed that the financial figures in the announcement are consistent with the group's audited financial statements[71] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[66] Future Outlook - The company is currently evaluating the impact of new accounting standards on its financial statements, which are expected to be adopted in the upcoming years[13] - The company has not recognized any significant impact from the new accounting standards on its consolidated financial statements as of the reporting date[12] - There are significant uncertainties regarding the company's ability to continue as a going concern, which may raise substantial doubts about its operational viability[73] - The financial statements are prepared on a going concern basis, contingent upon the company achieving profitability and positive cash flows from operations[73] - The company is seeking to negotiate extended repayment terms with banks and creditors[73] - The company is also looking for financial support from an independent third party[73] Employee and Dividend Information - The group has 32 full-time employees as of December 31, 2024, an increase from 27 in 2023, indicating stable workforce levels[60] - The company did not recommend a final dividend for the fiscal year ending December 31, 2024, consistent with the previous year[24] - The board does not recommend a final dividend for the fiscal year 2024, consistent with the previous fiscal year[63] - The company has not purchased, sold, or redeemed any shares during the fiscal year 2024[64] Miscellaneous - The company reported a loss of approximately RMB 61,083,000 for the fiscal year ending December 31, 2024[73] - As of December 31, 2024, the company had cash and bank balances of approximately RMB 10,705,000, while its current bank and other borrowings amounted to approximately RMB 125,762,000[73] - There were no significant investments, acquisitions, or disposals of subsidiaries during FY2024[51] - The company has no major contingent liabilities as of December 31, 2024[55] - Administrative expenses decreased by approximately 4.3% from RMB 351 million in FY2023 to RMB 336 million in FY2024, mainly due to a further decline in employee expenses[45] - The company's trade and other payables increased by approximately RMB 33 million or about 2.4%, from RMB 1,367 million as of December 31, 2023, to RMB 1,400 million as of December 31, 2024[49] - Interest expenses on bank loans decreased to RMB 4,862 thousand in 2024 from RMB 6,327 thousand in 2023, a reduction of 23.1%[22] - The company reported a loss before tax, with total financing costs amounting to RMB 11,606 thousand in 2024, down from RMB 19,621 thousand in 2023, indicating a decrease of 40.9%[22] - Non-current assets in Hong Kong decreased to RMB 2,632 thousand in 2024 from RMB 3,287 thousand in 2023, a decline of 19.9%[19] - The cost of sold inventory rose to RMB 198,728 thousand in 2024, compared to RMB 107,814 thousand in 2023, reflecting an increase of 84.3%[20] - The average inventory turnover days improved from approximately 55.5 days in FY2023 to approximately 40.0 days in FY2024[48] - Trade receivables increased from approximately RMB 2,474 million as of December 31, 2023, to approximately RMB 3,013 million as of December 31, 2024, due to increased sales during the period[48]

Revenue Performance - The Group's total revenue decreased by approximately 5.0% from approximately RMB53.1 million for the six months ended June 30, 2023, to approximately RMB50.5 million for the six months ended June 30, 2024[5]. - Revenue from sales of smart toy vehicles dropped by approximately 8.7% from approximately RMB53.1 million for the six months ended June 30, 2023, to approximately RMB48.5 million for the six months ended June 30, 2024[7]. - Revenue for the six months ended June 30, 2024, was RMB 50,488,000, a decrease of 5.1% from RMB 53,148,000 in 2023[44]. - Sales of smart toy vehicles accounted for RMB 48,509,000, while procurement and selling of raw materials and electronic parts contributed RMB 1,979,000[55]. - The Group did not record any revenue from smart interactive toys or traditional toys during the first half of 2024, consistent with the previous period[12]. Financial Losses and Profitability - The Group recorded a net loss of approximately RMB17.6 million for the six months ended June 30, 2024, representing an increase of loss of approximately RMB3.4 million or 23.6% compared to the loss of approximately RMB14.2 million for the six months ended June 30, 2023[15]. - Gross profit for the same period was RMB 8,597,000, down from RMB 8,805,000, reflecting a gross margin of 17.0%[44]. - Total comprehensive loss for the period was RMB 25,271,000, significantly higher than RMB 11,503,000 in the previous year[45]. - Net impairment losses on trade receivables rose to RMB 7,396,000 from RMB 3,467,000, indicating increased credit risk[44]. Economic Impact and Strategic Response - The decline in revenue was attributed to the downturn in the PRC's macroeconomic environment and the impact of the Russian-Ukrainian War and global inflation on operations in Hong Kong[5]. - The Group's China branch office operations were significantly affected by the challenging economic conditions, leading to a decrease in orders from both PRC and overseas customers[5]. - The interim report indicates a need for strategic adjustments in response to external economic pressures[5]. - Future strategies may include enhancing product offerings and exploring new markets to mitigate the impact of current economic challenges[4]. Operational Efficiency and Cost Management - The Group's selling expenses decreased significantly by approximately 97.4% from approximately RMB0.27 million for the six months ended 30 June 2023 to approximately RMB7,000 for the six months ended 30 June 2024[15]. - The Group's administrative expenses decreased by approximately 19.9% from approximately RMB15.1 million for the six months ended 30 June 2023 to approximately RMB12.1 million for the six months ended 30 June 2024[15]. - The Group intends to improve production efficiency and control costs by outsourcing part of the production process to suppliers and subcontractors[43]. Financial Position and Liquidity - As of June 30, 2024, the gearing ratio was approximately 46.6%, an increase of 3.9 percentage points from approximately 42.7% as of 31 December 2023[19]. - The Group's total borrowings were approximately RMB145.3 million as of June 30, 2024, compared to approximately RMB143.7 million as of 31 December 2023[19]. - The current ratio was approximately 1.4 as at 30 June 2024, down from approximately 1.5 as of 31 December 2023[20]. - The Group's cash and cash equivalents amounted to approximately RMB47.3 million as of June 30, 2024, compared to approximately RMB48.9 million as of December 31, 2023[20]. - Net current assets decreased to RMB 135,221,000 from RMB 155,023,000, reflecting a tighter liquidity position[46]. Share Capital and Governance - The total number of issued ordinary shares of the Company remained at 624,564,000 as of June 30, 2024[29]. - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[62]. - The company has complied with all applicable provisions of the Corporate Governance Code, except for the separation of the roles of chairman and chief executive officer, which are currently held by Mr. Yu Huang[102]. - The audit committee, composed entirely of independent non-executive directors, has direct access to external auditors and independent professional advisers as needed[102]. Employee and Operational Developments - As of June 30, 2024, the Group had 14 full-time employees, a decrease from 27 employees as of December 31, 2023[36]. - The Group has implemented training programs to enhance employee productivity[37]. - Bonuses for employees are discretionary and based on individual performance and overall business performance[38]. Share Option Scheme - The Share Option Scheme was conditionally adopted on February 13, 2020, to incentivize selected participants for their contributions to the Group[90]. - The exercise price of options under the Share Option Scheme cannot fall below the price stipulated in the Listing Rules[90]. - The total number of shares that may be allotted and issued upon the exercise of all options under the Share Option Scheme is capped at 52,000,000 shares, representing approximately 8.33% of the issued shares as of the report date[91][94]. - No options were exercised or vested during the six months ended June 30, 2024, and there were no cancellations or lapses of options during this period[95][96].

Revenue Performance - The Group's total revenue decreased by approximately 5.0% from approximately RMB53.1 million for the six months ended 30 June 2023 to approximately RMB50.5 million for the six months ended 30 June 2024[6]. - Revenue from sales of smart toy vehicles dropped by approximately 8.7% from approximately RMB53.1 million for the six months ended 30 June 2023 to approximately RMB48.5 million for the six months ended 30 June 2024[8]. - Revenue for the six months ended June 30, 2024, was RMB 50,488,000, a decrease of 5% compared to RMB 53,148,000 in the same period of 2023[55]. - Sales of smart toy vehicles accounted for RMB 48,509,000, while procurement and selling of raw materials and electronic parts contributed RMB 1,979,000[56]. Economic Impact - The decline in revenue was attributed to the downturn in the PRC's macroeconomic environment and the impact of the Russian-Ukrainian War and global inflation on operations in Hong Kong[6]. - The Group's China branch office operations were significantly affected by the economic conditions, leading to a decrease in orders from both PRC and overseas customers[10]. - The interim report indicates that the Group's operations are facing challenges due to external economic factors, impacting overall performance[10]. - The Group's future outlook may depend on the recovery of the macroeconomic environment in the PRC and global market conditions[10]. Profitability and Loss - Gross profit decreased by approximately 2.4% from approximately RMB8.8 million for the six months ended June 30, 2023, to approximately RMB8.6 million for the six months ended June 30, 2024[14]. - The gross profit margin improved to approximately 17.0% for the six months ended June 30, 2024, up from approximately 16.6% for the same period in 2023, due to effective cost control[14]. - The Group recorded a net loss of approximately RMB17.6 million for the six months ended June 30, 2024, an increase of approximately RMB3.4 million or 23.6% compared to the loss of approximately RMB14.2 million for the same period in 2023[14]. - Total comprehensive loss for the period was RMB 25,271,000, significantly higher than the loss of RMB 11,503,000 in the same period last year[44]. Financial Position - The gearing ratio increased to approximately 46.6% as of June 30, 2024, from approximately 42.7% as of December 31, 2023[18]. - Total borrowings were approximately RMB145.3 million as of June 30, 2024, compared to approximately RMB143.7 million as of December 31, 2023[18]. - The current ratio was approximately 1.4 as of June 30, 2024, down from approximately 1.5 as of December 31, 2023[19]. - Cash and cash equivalents amounted to approximately RMB47.3 million as of June 30, 2024, compared to approximately RMB48.9 million as of December 31, 2023[19]. Employee and Operational Changes - The Group had 14 full-time employees as of June 30, 2024, a decrease from 27 employees as of December 31, 2023[35]. - The Group has implemented training programs to enhance employee productivity, which is believed to have contributed to increased efficiency[36]. - The Group has adopted a share option scheme to reward employees for their contributions[36]. Shareholder Information - Mr. Yu Huang holds a long position in 206,746,667 shares, representing approximately 33.10% of the total shareholding[83]. - Ms. Chen Cheng, as the spouse of Mr. Yu Huang, is also deemed to hold a long position in 206,746,667 shares, equating to approximately 33.10%[88]. - Gold-Face Finance Limited has a security interest in 145,080,000 shares, representing approximately 23.23% of the total shareholding[87]. - Upbest Group Limited, as a controlled corporation, also holds a long position in 145,080,000 shares, equivalent to approximately 23.23%[87]. Corporate Governance - The Company complied with all applicable code provisions of the Corporate Governance Code, except for the separation of the roles of chairman and chief executive officer[101]. - The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules and the CG Code[116]. - All directors confirmed compliance with the Model Code for Securities Transactions during the six months ended June 30, 2024[105]. Share Option Scheme - The total number of Shares that may be allotted and issued upon the exercise of all options under the Share Option Scheme must not exceed 10% of the number of Shares in issue on the listing date, which is 52,000,000 Shares, representing approximately 8.33% of the Shares in issue as of the report date[92]. - The Company conditionally adopted the Share Option Scheme on 13 February 2020 to incentivize selected participants for their contributions[92]. - The company granted 52,000,000 options to employees at an exercise price of HK$1.17 per share, representing approximately 8.33% of the issued shares as of June 30, 2024[95]. - As of June 30, 2024, no options were exercised, lapsed, or cancelled during the six months ended[96].

Financial Performance - In 2023, China's toy exports amounted to USD 40.57 billion, down 12.2% year on year, marking eight consecutive months of negative growth[13]. - The Group's total revenue decreased by approximately 22.4% from approximately RMB169.4 million in FY2022 to approximately RMB131.4 million in FY2023[22]. - The Group's gross profit decreased from approximately RMB28.3 million in FY2022 to approximately RMB15.0 million in FY2023, representing a decrease of approximately 47.0%[42]. - The gross profit margin decreased by approximately 5.3% from approximately 16.7% in FY2022 to approximately 11.4% in FY2023[42]. - The net loss increased from approximately RMB76.7 million in FY2022 to approximately RMB98.3 million in FY2023, mainly due to increased net impairment losses[43]. - Selling expenses increased by approximately 80.3% from approximately RMB0.9 million in FY2022 to approximately RMB1.6 million in FY2023[44]. - Administrative expenses significantly decreased by approximately 53.9% from approximately RMB76.1 million in FY2022 to approximately RMB35.1 million in FY2023[45]. - The net impairment losses on trade and other receivables increased from approximately RMB24 million in FY2022 to approximately RMB40.7 million in FY2023, representing an increase of approximately 69.6%[51]. - Taxation expenses increased by approximately RMB12.3 million to approximately RMB6.9 million in FY2023, compared to a taxation credit of approximately RMB5.4 million in FY2022[52]. Business Strategy and Market Focus - The Group adjusted its business strategy by outsourcing most production processes, reducing fixed staff costs and machinery maintenance costs, which led to increased production costs and decreased gross profit[13]. - The Group actively explored emerging markets and reduced reliance on long-term customers from European and American markets[13]. - The Group plans to explore the domestic toy retail market and emerging countries around the "Belt and Road Initiative" to stabilize domestic consumption[37]. - The Group will continue to seek collaboration opportunities with well-known brands to enhance product marketability[35]. - The Group aims to enhance core competitiveness through optimization in market expansion, brand building, research and development, and talent attraction[18]. - The Group plans to expand production capacity by outsourcing part of the production process to suppliers and subcontractors, thereby improving production efficiency[106]. - The Group will allocate more resources to expand sales in domestic and emerging Asian markets[106]. - The Group aims to diversify its product offerings through continuous development of new products and a global licensing strategy[106]. Corporate Governance - The Group recognizes the importance of sound corporate governance and is committed to improving accountability and transparency for shareholders[108]. - The Board of Directors is responsible for the overall management and strategic direction of the Group, ensuring appropriate supervision and guidance[113]. - The Group has complied with the Corporate Governance Code, with a noted deviation regarding the roles of chairman and CEO being held by the same individual[109]. - The Board consists of six Directors, including two executive Directors, one non-executive Director, and three independent non-executive Directors[117]. - The Company has achieved gender diversity on the Board with 33.3% female representation, having two female members and four male members as of December 31, 2023[124]. - The Board has adopted a diversity policy to ensure a balanced composition that supports business strategy execution[123]. - The Board meets regularly to determine overall strategies and approve business plans, with special meetings convened as needed[130]. - The Company considers the current gender diversity satisfactory and is committed to further improvement when suitable candidates are identified[127]. Risk Management and Internal Control - The Group has adopted a three-tier risk management approach to identify, assess, and manage different types of risks[180]. - The Group emphasizes the importance of a sound internal control system to mitigate key risk exposures[180]. - The Audit Committee has reviewed the adequacy of resources and qualifications of the accounting and internal audit functions on an annual basis[182]. - The Group's internal control system is designed to provide reasonable assurance against material misstatement or loss[180]. - The Board has reviewed the effectiveness of the risk management and internal control system and considers them generally effective and adequate in all material respects[186]. Shareholder Communication - The company emphasizes communication with shareholders and presents independent resolutions for significant matters at the annual general meeting[197]. - All resolutions proposed at the annual general meeting are subject to voting, with results published on the Hong Kong Stock Exchange website and the company's website[197]. - The next annual general meeting notification will be sent to shareholders at least 21 days prior to the meeting[197]. - Shareholders can convene an extraordinary general meeting (EGM) following the procedures outlined in the Articles and applicable regulations[199].