PROSPEROUSPRINT(08385)

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万里印刷(08385) - 2021 - 年度财报
2022-03-31 23:41
Financial Performance - For the year ended December 31, 2021, the group's revenue was approximately HKD 281.8 million, stable compared to HKD 278.9 million for the year ended December 31, 2020[10]. - The gross profit for the year ended December 31, 2021, was approximately HKD 54.2 million, a significant improvement from a gross loss of approximately HKD 4.4 million for the year ended December 31, 2020[10]. - The net loss for the year ended December 31, 2021, was approximately HKD 83.1 million, reduced from a net loss of approximately HKD 100.8 million for the year ended December 31, 2020[10]. - The company sold part of its Hong Kong property for HKD 13.5 million to improve cash flow and reduce the debt-to-asset ratio[40]. - The company recorded a net loss of approximately HKD 83.1 million for the year ended December 31, 2021, an improvement from a net loss of HKD 100.8 million in 2020, primarily due to an increase in gross profit[52]. - As of December 31, 2021, the company's current liabilities exceeded current assets by approximately HKD 72.6 million, compared to a net current asset of approximately HKD 7.3 million in 2020[54]. - The company's total bank borrowings, overdrafts, and lease liabilities amounted to approximately HKD 161.3 million as of December 31, 2021, down from approximately HKD 200.2 million in 2020[54]. - The company had cash and cash equivalents of approximately HKD 2.0 million as of December 31, 2021, compared to HKD 9.1 million in 2020[62]. - Capital expenditures for the year ended December 31, 2021, totaled approximately HKD 197.4 million, a decrease from HKD 221.0 million in 2020[59]. - The company had no significant investments or major acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2021[60]. Corporate Governance - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2021, consistent with the previous year[10]. - The board includes independent non-executive directors with extensive experience in finance and corporate governance, enhancing the group's oversight capabilities[27][28][30][31]. - The company has not appointed any directors in public listed companies in the three years preceding the report date, indicating a focus on internal management[22][25][26]. - The company is committed to maintaining strong corporate governance practices, as evidenced by the qualifications of its board members[27][28]. - The chairman and CEO roles are held by the same individual, Mr. Lin, which the board believes is in the best interest of the company[75]. - The board held four meetings during the reporting period, with all directors attending all meetings[85]. - The company has appointed three independent non-executive directors, ensuring independent judgment within the board[86]. - The audit committee held four meetings during the reporting period, with all members attending all meetings[98]. - The company has established a risk management committee to assist the board in overseeing compliance with relevant laws and regulations[106]. - The board confirmed its responsibility for the effectiveness of the risk management and internal control systems, which aim to manage rather than eliminate risks[110]. Management and Strategy - The company plans to implement cost control measures to maintain its business amid ongoing economic uncertainties due to COVID-19 and rising paper costs[14]. - Future strategies include improving equipment and increasing automation, expanding the customer base, and enhancing sales and marketing coverage[14]. - The company expresses cautious optimism for improved performance in 2022 due to vaccination efforts and global cooperation against the pandemic[17]. - The group aims to expand its operations in the printing industry, leveraging the management's extensive experience and established relationships in the market[23]. - The financial management team is well-qualified, with members holding advanced degrees and professional certifications in accounting and finance[26][30]. - The company has a history of strategic management and operational oversight, which is critical for navigating market challenges and opportunities[21][23]. Environmental and Social Responsibility - The company is committed to promoting sustainable development and social responsibility, which is crucial for creating long-term value for stakeholders[125]. - The environmental, social, and governance report was prepared in accordance with the GEM Listing Rules, providing insights into the company's business activities[126]. - The impact of COVID-19 on the company's production and business activities during the 2021 financial year was acknowledged[126]. - The company has established various channels for stakeholders to express their opinions on sustainable development performance and future strategies[126]. - The total greenhouse gas emissions for the fiscal year 2021 amounted to 8,576.53 tons of CO2 equivalent, a slight increase from 6,396.18 tons in 2020, with direct emissions decreasing from 36.65 tons to 26.83 tons[134]. - The company achieved a 9.82% reduction in the total amount of purchased paper materials, decreasing from 10,753.09 tons in 2020 to 9,697.17 tons in 2021[139]. - The total waste collected in the Shenzhen factory for fiscal year 2021 was 3,094.12 tons, representing a 45.09% increase from 2,132.50 tons in 2020[141]. - The company produced 3.80 tons of hazardous waste in fiscal year 2021, which is a 12.76% increase from 3.37 tons in 2020[145]. - The Shenzhen factory's wastewater testing results for fiscal year 2021 showed compliance with environmental and safety standards, with a pH value of 7.300 and chemical oxygen demand of 8.50 mg/L[138]. - The company installed environmental air filters in the Shenzhen factory to reduce VOC emissions, which include benzene, toluene, and xylene[130]. Employee Management - The company employed 480 staff as of December 31, 2021, down from 669 in 2020, with total employee costs of approximately HKD 71.1 million for the year[66]. - The total number of employees at the end of FY2021 was 480, a decrease of 12.09% from 546 in FY2020[166]. - The average number of employees during FY2021 was 518, down 18.04% from 632 in FY2020[166]. - Employee costs for FY2021 totaled HKD 71,185,963, a decrease of 8.74% from HKD 78,003,457 in FY2020[170]. - The turnover rate for employees with less than 2 years of service was 60.39% in FY2021, compared to 64.66% in FY2020[171]. - The total number of resignations in FY2021 was 154, a decrease of 42.11% from 266 in FY2020[172]. - The company aims to maintain a turnover rate of employees with over 2 years of service below 10%[177]. - The company emphasizes competitive compensation to attract and retain employees[169]. - The company provides various training programs to enhance employee skills and knowledge[179]. - Total number of employees participating in training courses decreased from 3,873 in FY2020 to 2,372 in FY2021, a reduction of approximately 38.7%[180]. Safety and Health - Reported injuries and accidents increased from 23 in FY2020 to 28 in FY2021, an increase of 21.74%[194]. - Lost workdays decreased from 235 days in FY2020 to 182 days in FY2021, a reduction of 22.55%[194]. - The company implemented new health prevention measures in response to COVID-19, including temperature checks and mandatory mask-wearing since February 2020[191]. - The Shenzhen factory achieved certification for safety production standards, confirming compliance with social responsibility, health, and safety requirements[193]. - The company emphasizes the importance of a safe working environment and has established health and safety training programs for all new employees[195]. Supply Chain Management - The supply chain management strategy focuses on selecting reliable suppliers with quality raw materials to ensure sustainable operations[198]. - In FY2021, the main materials purchased by the company were paper materials, accounting for 67.20% of total procurement, up from 52.66% in FY2020[199]. - All new suppliers must undergo a comprehensive audit to meet procurement standards before being approved[199]. - The company primarily sources its suppliers from local industries in China and Hong Kong[199]. - Selecting local suppliers helps reduce transportation requirements, promotes environmental sustainability, and shortens delivery times[199].
万里印刷(08385) - 2021 Q3 - 季度财报
2021-11-12 08:36
2021 第三季度報告 2021 THIRD QUARTERLY REPORT 香港聯合交易所有限公司(「聯交所」)GEM之特色 GEM之定位,乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。 有意投資之人士應了解投資於該等公司之潛在風險,並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司,在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之 市場波動風險,同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責,對其準確性或完整性亦不發表任何聲明, 並明確表示概不就因本報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。 本報告乃遵照GEM證券上市規則(「GEM上市規則」)之規定,提供有關萬里印刷有限公司(「本公司」,連同 其附屬公司統稱「本集團」)之資料,本公司董事(各為一名「董事」)願共同及個別對此負全責。董事經作出 一切合理查詢後,確認就彼等所深知及確信,本報告所載資料在一切重要方面均屬準確及完整,並無誤導 或欺詐成份,且本報告並無遺漏任何其他事項致使本報告所載任何 ...
万里印刷(08385) - 2021 - 中期财报
2021-08-13 09:26
中 期 報 告 INTERIM REPORT 2021 2021 中期報告 香港聯合交易所有限公司(「聯交所」)GEM(「GEM」)之特色 GEM之定位,乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。 有意投資之人士應了解投資於該等公司之潛在風險,並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司,在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之 市場波動風險,同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責,對其準確性或完整性亦不發表任何聲明, 並明確表示概不就因本報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。 本報告乃遵照GEM證券上市規則(「GEM上市規則」)之規定而提供有關萬里印刷有限公司(「本公司」)之資 料,本公司之董事(「董事」)願共同及個別對此負全責。董事經作出一切合理查詢後,確認就彼等所深知及 確信,本報告所載資料在一切重要方面均屬準確及完整,並無誤導或欺詐成份,且本報告並無遺漏任何其 他事宜致使本報告所載任何聲明或本報告產生誤導。 本 ...
万里印刷(08385) - 2021 Q1 - 季度财报
2021-05-14 12:41
2021 第一季度報告 2021 FIRST QUARTERLY REPORT 香港聯合交易所有限公司(「聯交所」)GEM之特色 GEM之定位,乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。 有意投資之人士應瞭解投資於該等公司之潛在風險,並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司,在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之 市場波動風險,同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責,對其準確性或完整性亦不發表任何聲明, 並明確表示概不就因本報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。 本報告乃遵照GEM證券上市規則(「GEM上市規則」)之規定而提供有關萬里印刷有限公司(「本公司」)之資 料,各董事願就本報告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後,確認就其所知 及所信,本報告所載資料在各重大方面均屬準確及完整,並無誤導或欺詐成份,且亦無遺漏任何其他事項, 足以令致本報告所載任何陳述或本報告產生誤導。 本報告將由刊登日 ...
万里印刷(08385) - 2020 - 年度财报
2021-03-31 08:39
8385_Prosperous Printing_AR20_CR_A01_op.pdf 1 25/3/2021 上午10:04 香港聯合交易所有限公司(「聯交所」)GEM之特色 GEM之定位,乃為相比起其他在聯交所上市之公司帶有較高投資風險之公司提供一個上市之市場。有意投 資之人士應瞭解投資於該等公司之潛在風險,並應經過審慎周詳之考慮後方作出投資決定。GEM之高風險 及其他特色表示GEM較適合專業及其他經驗豐富投資者。 由於GEM上市公司之新興性質,在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之市場波 動風險,同時無法保證在GEM買賣之證券會有高流通量之市場。 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報告的內容概不負責,對其準確性或完整性亦 不發表任何聲明,並明確表示概不就因本報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。 本報告乃遵照聯交所GEM證券上市規則(「GEM上市規則」)之規定而提供有關萬里印刷有限公司(「本公 司」,連同其附屬公司統稱「本集團」)之資料,本公司各董事(「董事」)願共同及個別對此負全責。董事經作 出一切合理查詢後,確認就彼等所深知 ...
万里印刷(08385) - 2020 Q3 - 季度财报
2020-11-13 09:03
Financial Performance - For the three months ended September 30, 2020, the company reported revenue of HKD 70,571,000, a decrease of 40.5% compared to HKD 118,715,000 in the same period of 2019[12] - The gross profit for the same period was HKD 17,183,000, down 54.5% from HKD 37,503,000 year-on-year[12] - The company incurred an operating loss of HKD 4,341,000 for the three months ended September 30, 2020, compared to an operating profit of HKD 16,241,000 in the previous year[12] - The net loss for the three months was HKD 7,158,000, compared to a profit of HKD 10,658,000 in the same quarter of 2019[12] - For the nine months ended September 30, 2020, total revenue was HKD 235,158,000, a decline of 30.8% from HKD 339,910,000 in the same period of 2019[12] - The company reported a net loss of HKD 7,682,000 for the nine months, compared to a profit of HKD 15,910,000 in the previous year[12] - The basic and diluted loss per share for the three months was HKD (0.89), compared to earnings of HKD 1.33 in the same quarter of 2019[12] - Revenue for the three months ended September 30, 2020, was HKD 70,571,000, a decrease of approximately 40.5% compared to HKD 118,715,000 for the same period in 2019[23] - Revenue for the nine months ended September 30, 2020, was HKD 235,158,000, down approximately 30.8% from HKD 339,910,000 for the same period in 2019[34] - The company recorded a loss of HKD 7,683,000 for the nine months ended September 30, 2020, compared to a profit of HKD 15,910,000 for the same period in 2019[34] - Basic loss per share for the three months ended September 30, 2020, was HKD 7,157,000, compared to HKD 10,658,000 for the same period in 2019[29] - The company did not recommend any dividend for the nine months ended September 30, 2020, consistent with the previous year[31] - The company recorded a loss of approximately HKD 7.7 million for the nine months ended September 30, 2020, compared to a profit of about HKD 15.9 million for the same period in 2019[48] - No dividends were proposed for the nine months ended September 30, 2020, consistent with the previous period[50] Equity and Ownership - The total equity as of September 30, 2020, was HKD 294,998,000, a decrease from HKD 299,692,000 at the beginning of the year[13] - As of September 30, 2020, Mr. Lin and Ms. Yao each hold 480,000,000 shares, representing 60% of the company's equity[62] - First Tech Inc. is the beneficial owner of 480,000,000 shares, accounting for 60% of the company's equity[64] - Fine Time holds 120,000,000 shares, which is 15% of the company's equity[64] - Yili Credit Limited has a pledge on 192,080,000 shares, representing 24% of the company's equity[64] - First Tech has pledged 72,000,000 shares, equivalent to 9% of the company's issued share capital[62] - The beneficial ownership structure indicates that Mr. Lin fully owns First Tech, which holds significant shares in the company[63] Operational Developments - The company continues to focus on the production and sale of books and paper products, with no specific new product or market expansion strategies mentioned in the report[17] - The company plans to improve equipment and increase automation to enhance competitiveness and market share[37] - The company has signed a purchase agreement for new binding and printing machines for its Hong Kong factory[34] - The company has entered into a lease agreement for a new warehouse in Shenzhen, effective June 1, 2020[35] Economic and Market Conditions - The company faces risks from economic uncertainties due to COVID-19 and the US-China trade dispute, but remains cautiously optimistic about the printing market's stable development[37] Compliance and Governance - The audit committee reviewed the unaudited consolidated financial performance for the three and nine months ended September 30, 2020[68] - The company has no other directors or major executives holding interests in competing businesses[67] - The company has disclosed all necessary interests and positions according to the Securities and Futures Ordinance[64] - The company has complied with applicable accounting standards and GEM listing rules in its financial disclosures[68] Other Financial Metrics - Cost of sales decreased by approximately 28.5% from about HKD 244.0 million to about HKD 174.4 million during the same periods[40] - Gross profit fell from approximately HKD 95.9 million to HKD 60.8 million, with gross margin decreasing from 28.2% to 25.9%[41] - Other income decreased slightly from about HKD 7.8 million to HKD 7.1 million, primarily due to foreign exchange losses offsetting gains from government subsidies and waste sales[42] - Operating expenses increased to HKD 6.0 million from HKD 1.3 million, mainly due to costs related to relocating the Shenzhen factory and professional fees for the planned transfer to the main board[44] - Administrative expenses decreased from approximately HKD 51.0 million to HKD 46.1 million, attributed to reduced employee and office costs[45] - Financial costs decreased by approximately 10.6% from about HKD 6.6 million to HKD 5.9 million, mainly due to reduced leasing costs[46] Events After Reporting Period - There were no significant events requiring disclosure after the reporting period[49] - The company’s application to transfer from GEM to the main board has lapsed, and the board will evaluate resubmission at an appropriate time[36]
万里印刷(08385) - 2020 - 中期财报
2020-08-14 12:46
中期報告 中期報告 香港聯合交易所有限公司(「聯交所」)GEM(「GEM」)之特色 GEM之定位,乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。 有意投資之人士應了解投資於該等公司之潛在風險,並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司,在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之 市場波動風險,同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責,對其準確性或完整性亦不發表任何聲明, 並明確表示概不就因本報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。 本報告乃遵照GEM證券上市規則(「GEM上市規則」)之規定而提供有關萬里印刷有限公司(「本公司」)之資 料,各董事(「董事」)願共同及個別對此負全責。董事經作出一切合理查詢後,確認就彼等所深知及確信, 本報告所載資料在一切重要方面均屬準確及完整,並無誤導或欺詐成份,且本報告並無遺漏任何其他事實 致使本報告所載任何聲明或本報告產生誤導。 本報告將由刊登日期起最少一連七天於GEM網站(域名www.hkg ...
万里印刷(08385) - 2020 Q1 - 季度财报
2020-05-15 13:00
Financial Performance - For the three months ended March 31, 2020, the company's revenue was HKD 72,910,000, a decrease of 22.2% compared to HKD 93,680,000 for the same period in 2019[8] - The gross profit for the same period was HKD 21,127,000, down 24.1% from HKD 27,800,000 in 2019[8] - The company reported a loss of HKD 2,752,000 for the three months ended March 31, 2020, compared to a profit of HKD 678,000 in the same period of 2019[9] - Basic and diluted loss per share for the period was HKD 0.34, compared to earnings of HKD 0.08 per share in 2019[8] - The total comprehensive loss for the period was HKD 5,858,000, compared to a comprehensive income of HKD 11,327,000 in the previous year[9] - The company's operating loss for the period was HKD 476,000, a significant decline from an operating profit of HKD 4,108,000 in 2019[8] - The financial costs for the period were HKD 1,840,000, slightly down from HKD 1,858,000 in the previous year[8] - The company incurred other operating expenses of HKD 2,191,000 during the period, which was not reported in the previous year[8] - The income tax provision for the three months ended March 31, 2020, was HKD 436,000, down from HKD 1.572 million for the same period in 2019[23] - Revenue decreased by approximately 22.2% from HKD 93.7 million for the three months ended March 31, 2019, to HKD 72.9 million for the three months ended March 31, 2020, primarily due to a reduction in sales orders[37] - Cost of sales decreased by approximately 21.4% from HKD 65.9 million to HKD 51.8 million during the same period, mainly attributed to the decrease in revenue[38] - Gross profit decreased from HKD 27.8 million to HKD 21.1 million, with gross margin remaining stable at 29.8% for the three months ended March 31, 2020, compared to 28.9% for the same period in 2019[39] - Other income increased by 100% from HKD 1.2 million to HKD 2.4 million, driven by government subsidies and income from the sale of waste materials[40] - Administrative expenses decreased by approximately 5.4% from HKD 18.5 million to HKD 17.2 million, mainly due to reductions in office and public expenses[43] - The company recorded a loss of approximately HKD 2.8 million for the three months ended March 31, 2020, compared to a profit of HKD 0.7 million for the same period in 2019, primarily due to decreased sales orders and increased operating expenses[46] Equity and Shareholder Information - The company's total equity as of March 31, 2020, was HKD 293,834,000, a decrease from HKD 299,692,000 at the beginning of the year[11] - As of March 31, 2020, Mr. Lin and Ms. Yao each hold 480,000,000 shares, representing 60% of the company's equity[60] - First Tech, the controlling shareholder, holds 480,000,000 shares, representing 60% of the company[67] - Fine Time holds 120,000,000 shares, representing 15% of the company[67] - As of March 31, 2020, First Tech had pledged 72,000,000 shares, representing 9% of the company's issued share capital, as collateral for a loan[70] Corporate Governance - The company has complied with the corporate governance code principles and applicable provisions for the three months ending March 31, 2020, except for a deviation from code provision A.2.1[54] - The company has adopted a code of conduct for securities transactions by directors, confirming compliance for the three months ending March 31, 2020[55] - The board believes that the current structure of having Mr. Lin serve as both Chairman and CEO is in the best interest of the group[53] - The Audit Committee was established on November 15, 2017, and reviewed the unaudited consolidated financial performance for the three months ending March 31, 2020, ensuring compliance with applicable accounting standards and GEM listing rules[72] Future Plans and Strategies - The company plans to improve equipment and increase automation to enhance competitiveness and market share[34] - The company aims to expand its customer base and strengthen sales and marketing coverage as part of its future strategy[34] - The net proceeds from the GEM listing amounted to approximately HKD 34.7 million, intended for equipment improvement, debt repayment, and expanding the customer base[49] Dividend Policy - The company did not recommend the distribution of dividends for the three months ended March 31, 2020, consistent with the same period in 2019[29] - The company does not recommend the distribution of dividends for the three months ended March 31, 2020[51] Business Operations - The company primarily engages in the production and sale of books and paper products[15] - The revenue from the sale of books and printed products was HKD 70.853 million, down from HKD 93.502 million in the previous year[20] - The revenue from subcontracting services increased to HKD 2.057 million from HKD 178,000 in the previous year[20] - The company has entered into a purchase agreement for binding and printing machines for its Hong Kong factory[33] Management Information - Mr. Lin, the Chairman and CEO, has over 36 years of experience in the printing industry and has been responsible for the overall business strategy and operations since founding the group in December 1992[53] - The company did not grant or exercise any share options under the share option scheme during the three months ending March 31, 2020[58] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the three months ending March 31, 2020[59] - First Tech is a wholly owned company by Executive Director Mr. Lin, registered in the British Virgin Islands[70] - The company has not disclosed any new product developments or market expansion strategies in the provided documents[66]
万里印刷(08385) - 2019 - 年度财报
2020-05-07 10:23
年報 香港聯合交易所有限公司(「聯交所」)GEM之特色 GEM之定位,乃為相比起其他在聯交所上市之公司帶有較高投資風險之公司提供一個上市之市場。有意投 資之人士應瞭解投資於該等公司之潛在風險,並應經過審慎周詳之考慮後方作出投資決定。GEM之高風險 及其他特色表示GEM較適合專業及其他經驗豐富投資者。 由於GEM上市公司之新興性質,在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之市場波 動風險,同時無法保證在GEM買賣之證券會有高流通量之市場。 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報告的內容概不負責,對其準確性或完整性亦 不發表任何聲明,並明確表示概不就因本報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。 本報告乃遵照聯交所GEM證券上市規則(「GEM上市規則」)之規定而提供有關萬里印刷有限公司(「本公 司」,連同其附屬公司統稱「本集團」)之資料,本公司各董事(「董事」)願共同及個別對此負全責。董事經作 出一切合理查詢後,確認就彼等所深知及確信,本報告所載資料在一切重要方面均屬準確及完整,並無誤 導或欺詐成份,且本報告並無遺漏任何其他事實致使本報告所載任何聲 ...
万里印刷(08385) - 2019 Q3 - 季度财报
2019-11-13 09:11
Financial Performance - For the three months ended September 30, 2019, the company's revenue was HKD 118.715 million, a decrease of 4.2% compared to HKD 124.485 million in the same period of 2018[9] - The gross profit for the same period was HKD 37.503 million, slightly down by 0.2% from HKD 37.563 million year-on-year[9] - Operating profit increased to HKD 16.241 million for the three months ended September 30, 2019, up by 8.8% from HKD 14.926 million in the previous year[9] - The net profit for the three months was HKD 10.658 million, a decrease of 5.9% compared to HKD 11.334 million in the same quarter of 2018[9] - The total comprehensive income for the three months was HKD 7.169 million, down by 41.5% from HKD 12.302 million in the same period last year[9] - For the nine months ended September 30, 2019, the company reported a revenue of HKD 339.910 million, an increase of 5.3% from HKD 322.883 million in the same period of 2018[9] - The basic earnings per share for the nine months was HKD 1.99, a decrease of 26.5% from HKD 2.70 in the previous year[9] - The company recorded a foreign exchange loss of HKD 3.680 million for the nine months, compared to a gain of HKD 2.418 million in the same period of 2018[10] - The total equity as of September 30, 2019, was HKD 297.962 million, an increase from HKD 287.511 million at the end of the previous year[10] - The company did not recommend any dividend for the nine months ended September 30, 2019, consistent with the previous year[39] Lease Accounting - The new Hong Kong Financial Reporting Standard 16 on leases was first applied by the company on January 1, 2019, which requires the capitalization of all leases except for short-term leases and low-value assets[19] - The company has chosen to apply a modified retrospective approach for the initial application of the new lease standard, adjusting the opening equity balance as of January 1, 2019[19] - The new lease definition focuses on the concept of control over the identified asset, impacting how leases are classified and accounted for[21] - The company will capitalize all leases, including those previously classified as operating leases under the old standard, with the exception of short-term leases and low-value asset leases[21] - Initial measurement of the right-of-use asset includes the initial amount of the lease liability plus any lease payments made before the effective date[24] - The company will assess and adjust the lease liability and corresponding right-of-use asset in cases of changes in lease payments due to index or rate changes[25] - The total lease liabilities recognized on January 1, 2019, amounted to HKD 16,667,000, calculated based on the present value of remaining lease payments[30] - The average incremental borrowing rate used to discount remaining lease payments was 4.65%[30] Operational Insights - The company continues to focus on the production and sale of books and paper products, with no new product launches or major acquisitions reported during the quarter[14] - The company experienced a slight increase in revenue due to an increase in sales orders despite facing labor strikes during the reporting period[42] - The company operates two production bases located in Shenzhen and Hong Kong, which are responsible for managing the printing workload[42] - The company provides printing services primarily to international publishers located in the United States, the United Kingdom, Australia, and Europe[42] - The company plans to improve equipment and increase automation, expand the customer base, and enhance sales and marketing coverage to maintain a competitive advantage[46] Audit and Compliance - The company’s auditors have issued a report on the financial statements without any reservations, confirming compliance with relevant regulations[17] - The financial results for the third quarter of 2019 are still subject to review by the company's audit committee[16] - The audit committee was established on November 15, 2017, and has reviewed the unaudited consolidated financial performance for the three months and nine months ended September 30, 2019[84] - The audit committee confirmed that the financial performance complies with applicable accounting standards and GEM listing rules, ensuring adequate disclosure[84] - The company has confirmed compliance with the GEM Listing Rules regarding securities trading by directors for the nine months ended September 30, 2019[67] Shareholding and Corporate Structure - Mr. Lin holds 480,000,000 shares, representing 60% of the company's equity, through First Tech Inc.[71] - Ms. Yao, as Mr. Lin's spouse, is also deemed to hold 480,000,000 shares, equivalent to 60% of the company's equity[71] - First Tech Inc. has pledged 72,000,000 shares, which accounts for 9% of the company's issued share capital, as collateral for a loan[72] - Mr. Lin is the beneficial owner of 50,000 shares in First Tech, representing 100% ownership[77] - Net Pacific Finance Group Limited has contributed HKD 10,000,000 to Fine Time, holding an economic interest of 45.4% in Fine Time[76] - No other individuals, apart from those disclosed, held interests in the company's shares that required disclosure under the Securities and Futures Ordinance as of September 30, 2019[80] - The company has no directors or their close associates holding interests in any competing businesses[82] - The executive directors include Mr. Lin Sanming, Ms. Chen Xiubao, and Ms. Yao Yuan, while the non-executive director is Mr. Wang Zuwei[84] Other Financial Metrics - Sales costs rose by approximately 8.1% from about HKD 225.8 million to about HKD 244.0 million due to rising paper material prices and intense market competition[49] - Gross profit decreased slightly from about HKD 97.0 million to about HKD 95.9 million, with gross margin declining from 30.1% to 28.2%[50] - Other income increased from about HKD 4.3 million to HKD 7.8 million, attributed to foreign exchange gains in 2019 compared to losses in 2018[51] - Administrative expenses decreased from about HKD 54.7 million to HKD 52.3 million, mainly due to reduced employee and office expenses[52] - Financial costs increased by approximately 20.0% from about HKD 5.5 million to about HKD 6.6 million, primarily due to increased lease liabilities[54] - Net profit for the nine months ended September 30, 2019, was approximately HKD 15.9 million, a decrease of 3.6% from about HKD 16.5 million in the same period of 2018[56] - The company submitted a formal application to transfer its listing from GEM to the main board on October 25, 2019[45] - The company has adopted a stock option plan, but no options were granted or exercised in the nine months ended September 30, 2019[68] - As of September 30, 2019, the company did not purchase, sell, or redeem any shares during the nine months[70]