Financial Performance - For the fiscal year ending March 31, 2024, the company's revenue decreased significantly by 20.7% to approximately HKD 149.7 million compared to the previous year[15]. - The company reported a loss attributable to owners of HKD 17.6 million, compared to a loss of HKD 5.0 million in the same period last year[16]. - The increase in losses was primarily due to a decline in gross profit following reduced revenue, increased impairment losses on receivables, and higher depreciation and rent costs from relocating offices[16]. - The company faced significant losses due to the bankruptcy of a major customer at the end of 2023, marking a notable event in recent years[15]. - The group reported a net loss of approximately HKD 17,599,000 for the year ended March 31, 2024, with current liabilities exceeding current assets by about HKD 7,063,000[174]. - The company reported a pre-tax loss of HKD 17,402,000 in 2024, compared to a loss of HKD 4,947,000 in 2023, indicating a worsening financial performance[197]. - The company incurred a loss of HKD 17,599,000 during the year, contributing to a cumulative loss of HKD 31,183,000 by March 31, 2024[195]. - Basic and diluted loss per share was HKD 4.40, compared to HKD 1.24 in the previous year, reflecting a worsening financial position[190]. Revenue and Profitability - The group's revenue for the reporting period was approximately HKD 118.8 million, a decrease of about 20.7% compared to HKD 149.7 million in the same period last year[22]. - Gross profit decreased from approximately HKD 32.6 million to about HKD 27.2 million, representing a decline of approximately 16.5%[30]. - Revenue decreased to HKD 118.83 million from HKD 149.75 million year-on-year, while gross profit fell to HKD 27.23 million from HKD 32.61 million[54]. - Other income decreased by approximately 80.5% to about HKD 0.5 million, primarily due to the absence of government subsidies and a reduction in miscellaneous income[32]. Expenses and Costs - Administrative expenses increased by approximately 18.8% to about HKD 25.8 million, mainly due to depreciation of newly acquired properties, plants, and equipment[35]. - Financing costs rose from approximately HKD 0.3 million to about HKD 1.1 million, attributed to increased bank borrowings[37]. - Sales and distribution expenses decreased by about 1.2% to approximately HKD 9.9 million compared to HKD 10.0 million in the previous year[34]. - The company experienced a total comprehensive loss of HKD 17,523,000 for the year, compared to HKD 4,856,000 in the previous year[190]. Strategic Focus and Management - The management is focusing on stricter measures to monitor customer creditworthiness while exploring new business opportunities to compensate for the revenue decline[17]. - The company plans to invest more resources into its sales and marketing teams, expressing confidence in achieving optimistic results in 2024[17]. - The company aims to develop environmentally friendly products to align with sustainable market trends and continue building its own clothing brand[55]. - The management emphasizes the importance of innovation in product development to meet changing consumer demands[58]. Corporate Governance - The company is committed to maintaining high standards of business ethics and corporate governance, which are essential for effective management and business growth[67]. - The board of directors has adopted and complied with the GEM Listing Rules Appendix C1 corporate governance code, ensuring adherence to all provisions during the reporting period[68]. - The board consists of a diverse group of directors with extensive business experience, contributing to effective governance and oversight[72]. - The company has established policies and procedures to ensure compliance with legal and regulatory requirements, maintaining high levels of corporate governance[75]. Risk Factors - The group faces significant customer credit risk due to reliance on several major clients without long-term contracts, which could adversely impact business and financial performance[133]. - Intense competition from South Asian and Southeast Asian manufacturers poses a risk to profitability and financial performance if the group fails to compete effectively[133]. - The majority of suppliers are located in China, making the group vulnerable to any adverse changes in China's economic, political, or social conditions[133]. - The outbreak of COVID-19 may adversely affect the group's operations related to clients in the U.S., France, and Australia[133]. Employee and Diversity - The total employee cost for the reporting period was approximately HKD 20.8 million, down from HKD 21.4 million in the previous year, with a total of 43 full-time employees[52]. - As of March 31, 2024, the group employed 43 staff members, with 76.7% being female, reflecting a slight increase from 77.3% in the previous year[114]. - The board consists of five members, including two executive directors and three independent non-executive directors, with nearly 40% being female, meeting GEM listing rules for diversity[113]. Shareholder Information - The company does not recommend the payment of a final dividend for the reporting period[40]. - The company has established a dividend policy that considers financial conditions, capital levels, future cash needs, and market conditions when determining dividend payments[123]. - Shareholders can propose independent resolutions at the general meeting regarding significant issues, ensuring their rights are protected[115].

Financial Performance - The group recorded unaudited revenue of approximately HKD 57.8 million for the six months ended September 30, 2023, a decrease of about 40.8% compared to HKD 97.7 million for the same period in 2022[10]. - The loss attributable to owners of the company for the six months ended September 30, 2023, was approximately HKD 9.2 million, compared to a profit of HKD 5.1 million for the same period in 2022[10]. - Gross profit for the six months ended September 30, 2023, was HKD 13.8 million, down from HKD 20.4 million in the same period of 2022, representing a decline of approximately 32.5%[11]. - The company reported a net loss of HKD 9,188,000 for the six months ended September 30, 2023, compared to a net profit of HKD 5,080,000 in the same period of 2022[16]. - The company incurred a total comprehensive loss of HKD 9,128,000 for the six months ended September 30, 2023, compared to a total comprehensive income of HKD 5,247,000 for the same period in 2022[16]. - The group reported a basic loss per share of HKD 9,188, compared to a profit of HKD 5,080 for the same period last year[42]. - The decline in performance was primarily due to decreased revenue and gross profit, the cessation of COVID-19 related government subsidies, and increased rental expenses[66]. Assets and Liabilities - Total current assets decreased to HKD 40.7 million as of September 30, 2023, from HKD 51.9 million as of March 31, 2023[13]. - The company's total liabilities increased to HKD 38.8 million as of September 30, 2023, compared to HKD 34.4 million as of March 31, 2023[13]. - The net current asset value decreased significantly to HKD 1.9 million as of September 30, 2023, from HKD 17.5 million as of March 31, 2023[13]. - As of September 30, 2023, the total equity attributable to the company's owners decreased to HKD 24,596,000 from HKD 33,724,000 as of March 31, 2023, representing a decline of approximately 27%[14]. - The company's debt-to-equity ratio increased to approximately 86.6% as of September 30, 2023, up from 63.4% as of March 31, 2023[88]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended September 30, 2023, was HKD 870,000, a significant improvement compared to a net cash outflow of HKD 9,417,000 in the same period of 2022[18]. - The company’s cash and cash equivalents decreased to HKD 7.9 million as of September 30, 2023, from HKD 17.1 million as of March 31, 2023[13]. - The company’s financing costs increased to HKD 521,000 for the six months ended September 30, 2023, compared to HKD 137,000 for the same period in 2022[11]. - Interest paid during the financing activities increased to HKD 511,000 for the six months ended September 30, 2023, compared to HKD 110,000 in the same period of 2022[18]. - The company had outstanding bank borrowings of approximately HKD 20,432,000 as of September 30, 2023, compared to HKD 21,291,000 as of March 31, 2023[55]. Operational Highlights - The company did not report any new product launches or significant market expansions during the reporting period[19]. - The company did not engage in any significant investments or acquisitions of subsidiaries or associates during the six months ended September 30, 2023[96]. - The group has not declared any dividends for the six months ended September 30, 2023, consistent with the previous year[40]. - The company has recognized a full impairment provision of approximately HKD 1,465,000 for receivables from a third party that filed for bankruptcy protection[47]. - The company faces significant risks including customer credit risk, reliance on major customers, and competition from manufacturers in South Asia and Southeast Asia[90]. Market Conditions - The apparel retail market has not fully recovered, facing challenges such as economic slowdown, high inflation, and rising interest rates[102]. - The group is taking cautious measures to control production costs to mitigate the pressure on profit margins[102]. - The group plans to develop its own retail brands and networks to diversify revenue sources[102]. Governance and Compliance - The board of directors did not recommend any dividend for the six months ended September 30, 2023, consistent with the previous year[10]. - The Audit Committee has been established and consists of three independent non-executive directors, with Mr. Liu Youzhuan serving as the chairman[114]. - The Audit Committee reviewed the interim report and the unaudited consolidated results for the six months ended September 30, 2023, confirming compliance with applicable accounting standards and GEM listing rules[114].

Financial Performance - The company recorded unaudited revenue of approximately HKD 19.8 million for the three months ended June 30, 2023, a decrease of about 45.2% compared to HKD 36.2 million for the same period in 2022[6]. - The company reported a loss attributable to owners of approximately HKD 4.9 million for the three months ended June 30, 2023, compared to a profit of HKD 32,000 for the same period in 2022[6]. - Gross profit for the three months ended June 30, 2023, was HKD 4.8 million, down from HKD 6.7 million in the same period of 2022[7]. - The total comprehensive loss attributable to owners for the three months ended June 30, 2023, was HKD 4.8 million, compared to a total comprehensive income of HKD 122,000 for the same period in 2022[7]. - The company reported a net loss before tax of HKD 4.1 million for the three months ended June 30, 2023, compared to a profit of HKD 63,000 for the same period in 2022[7]. - The basic and diluted loss per share for the three months ended June 30, 2023, was HKD 1.22, compared to earnings of HKD 0.01 per share in the same period of 2022[7]. - The company experienced a significant increase in administrative expenses, which rose to HKD 6.2 million for the three months ended June 30, 2023, from HKD 5.2 million in the same period of 2022[7]. - Other income decreased to HKD 47,000 for the three months ended June 30, 2023, down from HKD 582,000 in the same period of 2022[7]. - The financing costs for the three months ended June 30, 2023, totaled HKD 243,000, significantly higher than HKD 79,000 in the previous year[30]. - The gross profit for the same period decreased from approximately HKD 6.7 million in 2022 to approximately HKD 4.8 million in 2023, while the overall gross profit margin increased from 18.6% to 24.0%[40]. - The company reported other income of HKD 47,000 for the three months ended June 30, 2023, down from HKD 582,000 in the same period of 2022[25]. - The company experienced an increase in expected credit loss provisions for trade receivables, contributing to the overall decline in performance[41]. - The company anticipates significant challenges in performance due to economic recession risks and plans to adjust product mix and strengthen overall business development[62]. Revenue Sources - For the three months ended June 30, 2023, the company reported revenue from goods sold of HKD 19,842,000, a decrease of 45% compared to HKD 36,231,000 for the same period in 2022[18]. - Major customers contributing over 10% of total revenue included Customer B with HKD 5,137,000 and Customer C with HKD 4,444,000, while Customer A did not contribute in 2023[21]. - Revenue from the United States decreased to HKD 6,665,000 from HKD 14,362,000 year-over-year, representing a decline of 53.6%[23]. - The company’s revenue primarily comes from providing apparel supply chain management services, with a focus on casual and outdoor functional products[39]. - The company’s main customers are primarily apparel retail brands in Europe, the United States, and Australia[39]. Dividends and Shareholder Information - The board of directors did not recommend any dividend for the three months ended June 30, 2023, consistent with the previous year[6]. - The company did not recommend the payment of dividends for the three months ended June 30, 2023[61]. - As of June 30, 2023, Mr. Leung and Ms. Tam each hold 280,000,000 shares, representing approximately 70% of the company's total shares[63]. - The shares are registered under Giant Treasure, which is equally owned by Mr. Leung and Ms. Tam, each holding a 50% beneficial interest[66]. - The major shareholder, Giant Treasure, is recognized as a beneficial owner of 280,000,000 shares, equating to 70% ownership[66]. - No other directors or key executives held or were deemed to hold any interests in the company's shares or related securities as of June 30, 2023[65]. Corporate Governance - The board has adopted and complied with the corporate governance code as per GEM Listing Rules, except for a deviation regarding the separation of the roles of Chairman and CEO[72]. - The company has confirmed compliance with the required standards for director securities trading as per GEM Listing Rules[73]. - The Audit Committee has been established in accordance with GEM Listing Rules and consists of three independent non-executive directors[76]. - The Audit Committee reviewed the unaudited consolidated financial results for the three months ended June 30, 2023, and confirmed compliance with applicable accounting standards and GEM Listing Rules[76]. - The Chairman of the Audit Committee is Mr. Liu Youzhuan, who possesses appropriate professional qualifications[76]. - The executive directors include Mr. Liang Guoxiong and Ms. Tan Shufen, along with independent non-executive directors Ms. Zhang Huimin, Mr. Liu Youzhuan, and Mr. Li Guanting[78]. Operational Impact - The company’s operations were impacted by the cessation of COVID-19 related government subsidies from the Hong Kong SAR government[41]. - The company did not recognize any government grants in the current period, compared to HKD 523,000 in the previous year[25]. - The company did not purchase, sell, or redeem any of its listed securities during the three months ending June 30, 2023[70]. - No significant events occurred after June 30, 2023, that would materially affect the group's operations and financial performance[74]. - The company has not established any arrangements that would benefit directors or their close associates through the acquisition of shares or bonds of the company or any other entity[69]. - The company has not disclosed any interests or positions held by individuals that would require registration in the company's register as of June 30, 2023[68]. Sales Performance - The total sales volume for the three months ended June 30, 2023, was 193,446 units, down from 321,961 units in the same period in 2022[45]. - The sales of outerwear decreased significantly from 46,485 units in 2022 to 1,964 units in 2023, representing a decline of approximately 96.8%[46]. - Average selling price of jackets increased by 114.1% to HKD 368.6 compared to HKD 172.2 in the same period last year[47]. - Total sales cost decreased by approximately 48.9% from about HKD 29.5 million to about HKD 15.1 million due to a decline in total sales volume[51].

Financial Performance - For the fiscal year ending March 31, 2023, the company reported revenue of approximately HKD 149.7 million, a decrease of about 12.2% compared to HKD 170.6 million for the previous fiscal year[9]. - The company recorded a loss attributable to shareholders of approximately HKD 5.0 million, compared to a profit of HKD 19.2 million in the previous year, which included a one-time gain of HKD 15.0 million from the disposal of properties, plants, and equipment[10]. - Gross profit decreased from approximately HKD 34.1 million to about HKD 32.6 million, while gross profit margin increased from 20.0% to 21.8%[28]. - Total revenue for the year was HKD 149.7 million, down from HKD 170.6 million in the previous year[54]. - Gross profit decreased to HKD 32.6 million, with a gross margin of 21.8%, compared to HKD 34.1 million and a gross margin of 20.0% in the previous year[54]. - The company reported a significant increase in sales and marketing experience, with over 30 years in the apparel industry[64]. - The company reported a loss before tax of HKD 4,947,000 compared to a profit of HKD 18,844,000 in 2022, indicating a significant decline in performance[190]. - The net loss for the year was HKD 4,955,000, contrasting with a profit of HKD 19,214,000 in the prior year[190]. - The total equity attributable to the company's owners decreased from HKD 38,580,000 in 2022 to HKD 33,724,000 in 2023, representing a decline of approximately 12.6%[196]. - The accumulated losses increased from HKD 8,629,000 in 2022 to HKD 13,584,000 in 2023, indicating a worsening financial position[196]. Revenue and Sales - Total sales volume for the year was 1,237,488 units, a significant decrease from 1,694,150 units in the previous year[20]. - The average selling price of products increased by 20.2% to HKD 121.0, reflecting higher average prices across various product categories[24]. - Sales cost decreased from approximately HKD 136.4 million to HKD 117.1 million, a reduction of about 14.2%[27]. - Other income increased by approximately 112.7% to about HKD 2.6 million, primarily due to government grants received[29]. Expenses and Costs - Selling and distribution expenses rose by approximately 28.5% to about HKD 10.0 million, driven by increased marketing expenses and personnel costs[31]. - Financing costs decreased by approximately 62.2% to about HKD 0.3 million, mainly due to reduced bank overdrafts[33]. - Employee costs for the year amounted to approximately HKD 21.4 million, up from HKD 20.0 million in the previous year[53]. Credit and Risk Management - The increase in expected credit loss provisions significantly impacted profitability, as some customers requested extended payment terms or debt restructuring[11]. - The company has tightened credit controls to mitigate the risk of bad debts, which may limit revenue rebound[62]. - The group faces significant credit risk from customers and relies on several key clients without long-term contracts[132]. - Management's assessment of expected credit loss provisions involves significant judgment and estimation, focusing on the credit status of different customers and historical settlement records[178]. Corporate Governance - The company has established and maintained good corporate governance policies and procedures since its listing, which are essential for effective management and business growth[76]. - The board has adopted and complied with the corporate governance code as per GEM listing rules, ensuring adherence to all provisions except for specific deviations noted[77]. - The board consists of at least three independent non-executive directors, representing more than one-third of the board, with at least one possessing appropriate professional qualifications in accounting or related financial management expertise[80]. - The company has implemented a policy for handling inside information, ensuring fair disclosure through financial reports and announcements[79]. - The company has a strong focus on transparency and accountability, which is crucial for shareholder interests[76]. Strategic Initiatives - The company plans to strengthen market development efforts and enhance collaboration with existing customers[14]. - Future strategies include establishing a proprietary clothing brand and developing environmentally friendly products[14]. - The company aims to enhance management of business and credit risks, as well as improve capital management[14]. - The management continues to review business strategies and explore other business or investment opportunities to drive future growth[12]. Leadership and Management - The company is led by Mr. Leung, who serves as both Chairman and CEO, providing strong and consistent leadership[82]. - The executive team includes individuals with extensive backgrounds in procurement and operations management, enhancing overall business strategy[66][70]. - The management team has a combined experience of over 23 years in financial reporting and compliance, ensuring robust financial governance[70]. - The company has established a strong leadership structure with independent non-executive directors contributing to strategic oversight and resource management[69][71]. Market Conditions - The company anticipates a potential recession in major economies, which may further shrink consumer demand and impact revenue[61]. - The group is exposed to intense competition from manufacturers in South Asia and Southeast Asia, which may negatively impact profitability and financial performance[132]. - The group’s operations are at risk due to reliance on third-party manufacturers and potential disruptions in supplier relationships[136]. Shareholder Information - The company did not recommend the payment of a final dividend for the year[37]. - The company has no distributable reserves as of March 31, 2023[145]. - The largest customer accounts for 17.3% of the group's sales, while the top five customers collectively account for 54.9%[137]. - The largest supplier represents 20.2% of the group's procurement, with the top five suppliers accounting for 49.0%[137]. Audit and Compliance - The audit committee conducted 5 meetings to review the financial reporting process and internal controls, ensuring compliance with accounting principles[91]. - The audit committee is responsible for monitoring the group's financial reporting and risk management processes[89]. - The external auditor received a fee of HKD 650,000 for audit services during the year[110]. - The internal control consultant has reported no significant deficiencies in the internal control system, and the board considers the risk management and internal control systems to be effective and adequate[113].

Financial Performance - The group recorded unaudited revenue of approximately HKD 122.1 million for the nine months ended December 31, 2022, a decrease of about 2.6% compared to HKD 125.4 million for the same period in 2021[7]. - The profit attributable to the owners of the company, excluding gains from property sales, was HKD 5.1 million, an increase of 137.4% from HKD 2.1 million for the nine months ended December 31, 2021[7]. - The gross profit for the nine months ended December 31, 2022, was HKD 26.646 million, compared to HKD 24.704 million for the same period in 2021, reflecting an increase in gross profit margin[8]. - The total comprehensive income attributable to the owners of the company for the nine months ended December 31, 2022, was HKD 5.077 million, compared to HKD 17.652 million for the same period in 2021[8]. - The company's basic and diluted earnings per share for the nine months ended December 31, 2022, was HKD 1.3, down from HKD 4.4 for the same period in 2021[8]. - The company reported a loss of HKD 34,000 for the three months ended December 31, 2022, compared to a profit of HKD 17.131 million for the same period in 2021[8]. - The company did not recommend any dividend payment for the nine months ended December 31, 2022, consistent with the previous year[7]. Revenue Sources - For the nine months ended December 31, 2022, the total revenue from merchandise sales was HKD 122,087,000, a decrease of 2.6% compared to HKD 125,404,000 for the same period in 2021[18]. - Major customer A contributed HKD 21,477,000 to total revenue, up from HKD 20,669,000 in the previous year, representing a growth of 3.9%[21]. - Revenue from the United States decreased significantly to HKD 49,896,000 from HKD 55,692,000, reflecting a decline of 10.5% year-on-year[22]. - The company did not report any property sale income for the nine months ended December 31, 2022, compared to HKD 15,513,000 in the previous year[26]. Expenses and Costs - The company experienced a significant increase in administrative expenses, totaling HKD 15.443 million for the nine months ended December 31, 2022, compared to HKD 16.104 million for the same period in 2021[8]. - The company’s employee costs, including director remuneration, amounted to approximately HKD 15.6 million for the nine months ended December 31, 2022, compared to HKD 15.1 million for the same period in 2021[29]. - The cost of goods sold was approximately HKD 92.5 million for the nine months ended December 31, 2022, compared to HKD 95.3 million for the same period in 2021[29]. - Selling and distribution expenses rose by approximately 27.4% to about 7.2 million HKD for the nine months ended December 31, 2022, compared to 5.7 million HKD in the previous year[52]. - Administrative expenses decreased by approximately 4.1% to about 15.4 million HKD for the nine months ended December 31, 2022, down from 16.1 million HKD in 2021[53]. - Total financing costs for the nine months were HKD 195,000, a decrease of 79.8% from HKD 964,000 in the same period last year[27]. - Financing costs significantly decreased by approximately 79.8% to about 0.2 million HKD for the nine months ended December 31, 2022, compared to 1.0 million HKD in the previous year[54]. Other Income and Gains - Government grants received increased to HKD 790,000 for the nine months ended December 31, 2022, compared to HKD 48,000 in the same period last year[25]. - The company reported a foreign exchange gain of HKD 31,000 for the nine months ended December 31, 2022, compared to a loss of HKD 3,000 for the same period in 2021[10]. - The company reported a net loss of HKD 253,000 from foreign exchange, compared to a loss of HKD 25,000 in the previous year[26]. - Interest income rose to HKD 121,000 for the nine months ended December 31, 2022, compared to HKD 42,000 in the previous year, marking an increase of 187.8%[25]. - The total other income for the nine months was HKD 944,000, significantly higher than HKD 120,000 in the same period last year[25]. - Other income increased from approximately 0.1 million HKD in 2021 to about 0.9 million HKD in 2022, mainly due to government subsidies related to the employment support scheme[50]. Market Outlook and Strategy - The group maintains a cautious outlook on post-pandemic market recovery due to persistent high inflation affecting the macroeconomic environment[58]. - The group plans to enhance overall competitiveness to achieve business growth despite most brand customers tightening procurement[58]. - The group aims for substantial development in sustainable clothing and outdoor apparel sectors[58]. - The group will continue to explore high-value customers and allocate resources for developing proprietary brand construction and online sales platforms[58]. Shareholder Information - As of December 31, 2022, major shareholders, Mr. Leung and Ms. Tam, each hold 280,000,000 shares, representing 70% of the issued share capital through Giant Treasure[62]. - The shares held by Giant Treasure are equally owned by Mr. Leung and Ms. Tam, who are spouses[62]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM listing rules, with one deviation regarding the separation of roles of Chairman and CEO[68]. - The board believes that the current leadership structure, with Mr. Leung serving as both Chairman and CEO, is appropriate given his long-term management of the group since 2008[68]. - There are no known conflicts of interest between the directors and the group’s business as of December 31, 2022[66]. - No significant contracts involving directors or their close associates were reported as having substantial beneficial interests related to the company's business as of December 31, 2022[69]. Audit and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the quarterly report and the unaudited condensed consolidated results for the nine months ended December 31, 2022, confirming compliance with applicable accounting standards and GEM listing rules[71]. - No major events occurred after December 31, 2022, that significantly impacted the group's operational and financial performance[70].

Financial Performance - The group recorded unaudited revenue of approximately HKD 97.7 million for the six months ended September 30, 2022, representing an increase of about 7.3% compared to HKD 91.0 million for the same period in 2021[8]. - The profit attributable to owners of the company for the six months ended September 30, 2022, was approximately HKD 5.2 million, compared to HKD 0.5 million for the same period in 2021[8]. - The gross profit for the six months ended September 30, 2022, was HKD 20.4 million, up from HKD 15.7 million in the same period of 2021, indicating a significant improvement in profitability[9]. - The basic and diluted earnings per share for the six months ended September 30, 2022, were HKD 1.3, compared to HKD 0.1 for the same period in 2021[9]. - Total comprehensive income for the six months ended September 30, 2022, was HKD 5,247,000, a significant increase from HKD 521,000 in the same period of 2021[14]. - The company reported a net loss of HKD 3,549,000 as of September 30, 2022, compared to a net loss of HKD 27,319,000 as of September 30, 2021, indicating an improvement in financial performance[14]. - The company reported a significant increase in employee costs, totaling HKD 10,345,000 for the six months ended September 30, 2022, compared to HKD 10,149,000 for the same period in 2021[42]. - The company reported a significant increase in trade receivables aged 1 to 30 days, rising to HKD 12,297,000 from HKD 2,484,000, indicating improved collection efficiency[52]. Assets and Liabilities - The total assets less current liabilities as of September 30, 2022, amounted to HKD 43.9 million, an increase from HKD 38.6 million as of March 31, 2022[11]. - The company reported a net cash position of HKD 19.1 million in bank balances and cash as of September 30, 2022, down from HKD 27.2 million as of March 31, 2022[11]. - As of September 30, 2022, total equity attributable to owners of the company increased to HKD 43,827,000 from HKD 38,580,000 as of March 31, 2022, representing a growth of approximately 13.0%[12]. - The company’s total reserves increased to HKD 39,827,000 as of September 30, 2022, up from HKD 34,580,000 as of March 31, 2022, reflecting a growth of approximately 15.0%[12]. - The company’s bank borrowings increased to HKD 3,000,000 in the current period from HKD 1,000,000 in the previous year, indicating a strategic move to enhance liquidity[17]. - As of September 30, 2022, the company had bank borrowings totaling HKD 6,584,000, down from HKD 12,708,000 as of March 31, 2022, showing a reduction of approximately 48.0%[59]. Revenue Sources - Revenue from major customers contributing over 10% to total revenue included Customer B with HKD 13,959,000 and Customer C with HKD 14,518,000 for the six months ended September 30, 2022[30]. - Revenue from the United States for the six months ended September 30, 2022, was HKD 43,679,000, up 7.3% from HKD 40,799,000 in the same period of 2021[32]. - The company is focusing on expanding its market presence, particularly in the United States and Australia, where revenues have shown positive growth trends[32]. - The company’s major customers are primarily from the United States, Europe, and Australia, focusing on casual and outdoor apparel[70]. Expenses and Costs - The group experienced a decrease in administrative expenses to HKD 10.2 million for the six months ended September 30, 2022, down from HKD 11.4 million in the same period of 2021[9]. - Selling and distribution expenses increased by approximately 31.3% to about HKD 4.9 million, driven by higher marketing expenditures[83]. - Financing costs for the six months ended September 30, 2022, were HKD 137,000, a decrease of 78.2% from HKD 628,000 in the same period of 2021[41]. - Administrative expenses decreased by about 10.1% to approximately HKD 10.2 million, attributed to reduced depreciation and rental payments[84]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 9,417,000 for the six months ended September 30, 2022, compared to a cash inflow of HKD 13,350,000 for the same period in 2021[17]. - The company’s financing activities generated a net cash inflow of HKD 1,674,000 for the six months ended September 30, 2022, compared to a cash outflow of HKD 148,000 in the same period of 2021[17]. - The company has maintained a prudent treasury policy, ensuring a stable liquidity position through continuous credit assessments and monitoring of receivables[94]. Corporate Governance - The company has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, with the exception of deviation from code provision A.2.1[118]. - The chairman and CEO roles are held by the same individual, Mr. Leung, which the board believes provides strong and consistent leadership[118]. - The audit committee, consisting of three independent non-executive directors, has reviewed the interim report and confirmed compliance with applicable accounting standards and GEM Listing Rules[120]. - The board of directors includes executive directors Mr. Leung and Ms. Tam, along with independent non-executive directors Ms. Cheung, Mr. Lau, and Mr. Lee[121]. Future Outlook and Risks - The company anticipates facing a challenging operating environment in the next six months due to high inflation and conservative purchasing behavior from brand customers[105]. - The company faces significant risks including customer credit risk and reliance on major customers without long-term contracts, which could adversely affect business and financial performance[92]. - The company plans to develop capabilities in sustainable clothing and outdoor apparel while exploring new revenue sources such as establishing its own brand and online sales platforms[105].

Financial Performance - The group recorded unaudited revenue of approximately HKD 36.2 million for the three months ended June 30, 2022, representing an increase of about 27.0% compared to HKD 28.5 million for the same period in 2021[8]. - The profit attributable to owners of the company for the three months ended June 30, 2022, was approximately HKD 32,000, a significant improvement from a loss of HKD 1,419,000 in the same period of 2021[8]. - The gross profit for the three months ended June 30, 2022, was HKD 6.746 million, compared to HKD 5.296 million for the same period in 2021, indicating a positive growth in profitability[9]. - The total comprehensive income attributable to owners for the period was HKD 122,000, compared to a total comprehensive loss of HKD 1,423,000 in the same period of 2021[9]. - The basic and diluted earnings per share for the three months ended June 30, 2022, was HKD 0.01, recovering from a loss per share of HKD 0.35 in the same period of 2021[9]. - The group reported a financing cost of HKD 79,000 for the three months ended June 30, 2022, a decrease from HKD 332,000 in the same period of 2021[9]. - The company recorded a net loss of HKD 32,000 for the three months ended June 30, 2022, compared to a net loss of HKD 1,419,000 for the same period in 2021[41]. - Gross profit increased by approximately 27.4%, from about HKD 5.3 million in 2021 to about HKD 6.7 million in 2022, maintaining a gross profit margin of 18.6%[55]. Revenue Breakdown - Revenue from major customers included HKD 4,486,000 from Customer A and HKD 5,644,000 from Customer E, with Customer A's revenue decreasing by 21% compared to the previous year[23]. - Revenue from the United States increased to HKD 14,362,000, up 42% from HKD 10,132,000 in the prior year[26]. - Revenue from outerwear products was HKD 8.0 million, accounting for 22.1% of total revenue, compared to HKD 5.9 million or 20.8% in the previous year[48]. - Revenue from woven shirts increased significantly to HKD 5.6 million, representing 15.4% of total revenue, compared to HKD 2.2 million or 7.9% in the previous year[48]. - The group sold 321,961 units in the three months ended June 30, 2022, compared to 278,931 units in the same period of 2021, representing an increase of approximately 15.4%[49]. - The sales volume for jackets increased from 34,320 units in 2021 to 46,485 units in 2022, a growth of 35.5%[50]. - The average selling price for woven shirts rose by 10.9% from HKD 124.9 in 2021 to HKD 138.5 in 2022[52]. Expenses and Costs - The group’s administrative expenses decreased to HKD 5.164 million for the three months ended June 30, 2022, from HKD 5.596 million in the same period of 2021, reflecting improved cost management[9]. - Employee costs, including director remuneration, amounted to HKD 5.3 million for the three months ended June 30, 2022, compared to HKD 5.1 million for the same period in 2021[35]. - Selling and distribution expenses increased by approximately 28.5%, from about HKD 1.9 million in 2021 to about HKD 2.4 million in 2022, mainly due to higher marketing expenses[58]. - The cost of sales increased by approximately 26.9%, from about HKD 23.2 million in 2021 to about HKD 29.5 million in 2022, consistent with the increase in total sales volume[54]. - The company experienced a significant reduction in bank overdraft interest, which decreased to HKD 36,000 from HKD 299,000 year-over-year[33]. - Administrative expenses decreased by approximately 7.7%, from about HKD 5.6 million in 2021 to about HKD 5.2 million in 2022[59]. Shareholder Information - As of June 30, 2022, the company’s major shareholders, Mr. Leung and Ms. Tam, each hold 280,000,000 shares, representing 70% of the issued share capital[65]. - The shares held by Giant Treasure, which is beneficially owned 50% by Mr. Leung and 50% by Ms. Tam, also account for 70% of the company’s total shares[68]. - No other individuals or entities, apart from the directors and major executives, reported holding 5% or more of the voting shares as of June 30, 2022[69]. Corporate Governance - The company has adopted a code of conduct for securities transactions by directors, ensuring compliance with GEM listing rules[74]. - The company has established a non-competition agreement with its controlling shareholders to avoid conflicts of interest[72]. - The board believes that the current leadership structure, with Mr. Leung serving as both Chairman and CEO, is appropriate for the company[73]. - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO[73]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited financial results for the three months ending June 30, 2022, and found them compliant with applicable accounting standards[76]. Other Information - The company did not recommend any dividend payment for the three months ended June 30, 2022, consistent with the previous year[8]. - The company has not made any provisions for Hong Kong profits tax, Chinese corporate income tax, or other overseas subsidiary taxes due to the absence of taxable profits during the period[38]. - The group reported other income of HKD 582,000, compared to HKD 55,000 in the previous year, indicating a substantial increase[28]. - Government grants received amounted to HKD 523,000, significantly higher than HKD 32,000 in the same period last year[28]. - There were no significant events after June 30, 2022, that would impact the company's operations and financial performance[75]. - The company did not purchase, sell, or redeem any of its listed securities during the three months ending June 30, 2022[71]. - The report is published on the GEM website and will be available for at least seven days from the date of publication[79]. - The group has adopted new and revised Hong Kong Financial Reporting Standards effective from April 1, 2022, with no significant impact on the financial statements[17]. - The group has no early application of new standards that have been issued but are not yet effective, and is currently assessing their potential impact[17]. - The group's functional currency is Hong Kong dollars, and all amounts are rounded to the nearest thousand[14]. - The group's accumulated exchange reserves reflect foreign exchange differences from the conversion of overseas business assets into Hong Kong dollars[12]. - The unaudited consolidated financial performance for the three months ending June 30, 2022, has not been reviewed by the company's auditors[77]. - The executive directors include Mr. Leung Kwok Hung and Ms. Tam Suk Fan, with independent non-executive directors being Ms. Cheung Wai Man, Mr. Lau Yau Chuen, and Mr. Lee Kwan Ting[78].

Financial Performance - The company reported a revenue of approximately HKD 170.6 million for the year, an increase of about 80.5% compared to HKD 94.5 million in the previous year[8]. - Gross profit rose from approximately HKD 16.4 million in the previous year to about HKD 34.1 million in the current year[8]. - The company recorded a profit attributable to owners of approximately HKD 19.2 million, compared to a loss of HKD 16.7 million in the previous year[8]. - Excluding a one-time gain of approximately HKD 15.0 million from the sale of properties, the profit attributable to owners was about HKD 4.2 million[8]. - The number of units sold for the year was 1,694,150, compared to 895,299 units in the previous year, reflecting a significant recovery in demand[20]. - Sales costs rose from HKD 78.1 million to HKD 136.4 million, an increase of approximately 74.7%, consistent with the increase in total sales volume[28]. - Other income decreased by approximately 55.7% from HKD 2.8 million to HKD 1.2 million, primarily due to the absence of government subsidies related to COVID-19 in the current year[30]. - The average selling price for outerwear decreased by 11.6% to HKD 181.5, while the average selling price for sweaters increased by 49.8% to HKD 106.5[24]. - The increase in revenue was attributed to a recovery in orders from several major countries as the impact of COVID-19 eased[19]. - The company reported a net profit attributable to owners of HKD 19.21 million, a turnaround from a loss of HKD 16.69 million in the previous year, achieving a net profit margin of 11.3%[53]. - Total assets return on equity improved to 49.8%, compared to -86.1% in the previous year, indicating a strong recovery in profitability[53]. - The basic and diluted earnings per share for the year was HKD 4.80, compared to a loss per share of HKD 4.17 in the previous year[192]. - The company reported a significant increase in cash and cash equivalents, rising to HKD 27,175,000 from HKD 10,274,000[194]. Market Performance - Revenue contribution from the Australian market increased from 19.3% in the previous year to 22.7% in the current year[9]. - The company plans to allocate more resources to the Australian market due to a decline in revenue from the U.S. market, which accounted for 46.3% of total revenue this year, down from 55.7% last year[10]. - The Australian market generated revenues of approximately HKD 17.64 million, HKD 18.28 million, and HKD 38.64 million for the fiscal years ending March 31, 2020, 2021, and 2022, respectively[59]. Cost Management - The company aims to maximize long-term returns for shareholders through cost reduction and efficiency improvements[11]. - Administrative expenses decreased from approximately HKD 26.4 million to about HKD 22.0 million, a reduction of approximately 16.6%[33]. - Financing costs decreased by approximately 23.5% from HKD 1.0 million to HKD 0.8 million, mainly due to a reduction in bank overdrafts[34]. - The company has taken measures to control high costs amid rising material and logistics expenses[65]. Corporate Governance - The company has a strong governance framework, emphasizing transparency and accountability to enhance shareholder value[80]. - The management team has extensive experience, with key members having over 30 years in their respective fields, including finance and marketing[74][75][77]. - The company is committed to maintaining good corporate governance policies and procedures since its listing[80]. - Independent directors provide independent judgment on the company's strategy, performance, resources, and ethical standards[72][73]. - The company has established a code of conduct for directors' securities trading, confirming compliance with GEM Listing Rules, with no known breaches during the year[82]. - The board consists of a majority of independent non-executive directors, meeting the requirement of at least one with appropriate professional qualifications or accounting expertise[84]. - The board held a total of 7 meetings during the year to review the group's financial and operational performance, with all executive directors attending all meetings[86]. - The company has implemented a policy for handling and disclosing inside information, ensuring compliance with the Securities and Futures Ordinance and GEM Listing Rules[83]. - The board is responsible for the overall management of the company, ensuring decisions are made in the best interest of the company[87]. Risk Management - The company closely monitors foreign exchange risks, particularly related to transactions in HKD, USD, and RMB[49]. - The group faces significant credit risk from customers and relies on several major clients without long-term contracts, which could adversely affect its business and financial performance[134]. - The group relies heavily on third-party manufacturers, with most suppliers located in China, exposing the business to risks from economic and political changes in the region[139]. - The company has identified significant improvements in internal controls and risk management during the audit process[187]. Shareholder Communication - The company has established multiple communication channels with shareholders, including annual general meetings and its website[125]. - The company has implemented a shareholder communication policy to keep shareholders informed and engaged[123]. - The company has adopted a dividend policy aimed at balancing shareholder interests with prudent capital management[127]. Future Plans - The company plans to open a quality control office in China, with an initial allocation of HKD 4.68 million fully utilized[54]. - The company aims to enhance its capabilities in sustainable clothing and sportswear, expanding its market reach beyond casual wear[65]. - The company will explore self-brand development and online sales platforms to generate long-term benefits for shareholders[65]. - The board believes that reallocating the use of net proceeds aligns with the company's business strategy and will not adversely affect its financial condition or operations[61]. Employee and Management - The total employee cost for the year was approximately HKD 20.0 million, down from HKD 23.7 million in the previous year, with a total of 43 employees as of March 31, 2022[51]. - The company has appointed a new executive director to oversee operations in the US representative office[64]. - The company has established a retirement benefits plan, details of which are included in the financial statements[155]. Audit and Compliance - The independent auditor's report confirms that the consolidated financial statements reflect a true and fair view of the group's financial position as of March 31, 2022[173]. - The audit committee reviewed the consolidated financial statements and found them compliant with applicable reporting standards and GEM listing rules[170]. - The audit committee is responsible for overseeing the group's financial reporting process[183].

Financial Performance - The group recorded unaudited revenue of approximately HKD 125.4 million for the nine months ended December 31, 2021, representing an increase of approximately 100.1% compared to the same period in 2020[8]. - The group achieved an unaudited profit of approximately HKD 17.7 million for the nine months ended December 31, 2021, compared to a loss of HKD 14.3 million in the same period of 2020[8]. - For the three months ended December 31, 2021, the group reported revenue of HKD 34.4 million, up from HKD 18.9 million in the same quarter of 2020, marking an increase of approximately 81.9%[9]. - The gross profit for the nine months ended December 31, 2021, was HKD 24.7 million, compared to HKD 11.4 million for the same period in 2020, reflecting a growth of approximately 116.5%[9]. - The group reported a net profit of HKD 17.7 million for the nine months ended December 31, 2021, compared to a net loss of HKD 14.3 million in the same period of 2020[9]. - Basic and diluted earnings per share for the nine months ended December 31, 2021, were HKD 4.4 cents, compared to a loss of HKD 3.6 cents in the same period of 2020[9]. - Total comprehensive income for the nine months ended December 31, 2021, was approximately HKD 17.7 million, an improvement from a total comprehensive loss of about HKD 14.3 million in the same period of 2020[45]. Revenue Breakdown - For the nine months ended December 31, 2021, total revenue was HKD 125,404,000, up 100.0% from HKD 62,662,000 in the same period of 2020[15]. - Major customer A contributed HKD 20,669,000 to total revenue for the nine months ended December 31, 2021, while customer B contributed HKD 19,468,000, reflecting strong customer reliance[17]. - Revenue from the United States for the nine months ended December 31, 2021, was HKD 55,692,000, an increase of 58.5% from HKD 35,211,000 in the same period of 2020[18]. - The revenue breakdown by product category for the nine months ended December 31, 2021, included outerwear at HKD 31.1 million (24.8%), knit shirts at HKD 14.6 million (11.6%), and sweaters at HKD 33.1 million (26.4%) among others[33]. Expenses and Costs - Financing costs for the nine months ended December 31, 2021, totaled HKD 964,000, an increase of 33.7% compared to HKD 721,000 in the same period of 2020[22]. - Sales and distribution expenses increased by approximately 15.5% to about HKD 5.7 million in 2021 from HKD 4.9 million in 2020, driven by salary increases and additional personnel in the Australian office[41]. - Administrative expenses decreased by approximately 19.0% to about HKD 16.1 million in 2021 from HKD 19.9 million in 2020, mainly due to voluntary reductions in employee costs[42]. - The company’s employee costs for the nine months ended December 31, 2021, amounted to approximately HKD 15.1 million, down from HKD 18.3 million in the same period of 2020[28]. - The company’s depreciation expenses for property, plant, and equipment decreased from HKD 1.2 million in the nine months ended December 31, 2020, to HKD 0.9 million in the same period of 2021[28]. Other Income and Gains - The company reported other income of HKD 120,000 for the nine months ended December 31, 2021, a decrease of 93.4% from HKD 1,828,000 in the same period of 2020[20]. - The company recorded a net gain of HKD 15,236,000 from other income and losses for the nine months ended December 31, 2021, compared to a loss of HKD 2,190,000 in the same period of 2020[21]. - The company recorded other gains of approximately HKD 15.2 million for the nine months ended December 31, 2021, compared to other losses of about HKD 2.2 million in the same period of 2020, mainly due to property sale gains[40]. Shareholder Information - As of December 31, 2021, Mr. Leung and Ms. Tam each hold 280,000,000 shares, representing 70% of the company's issued share capital through Giant Treasure[48]. - Giant Treasure is the beneficial owner of 280,000,000 shares, accounting for 70% of the issued shares of the company[50]. - No other individuals or entities were reported to hold 5% or more of the voting shares as of December 31, 2021[51]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors, ensuring compliance with applicable accounting standards and GEM listing rules[58]. - The board believes that the deviation from the corporate governance code regarding the separation of the roles of chairman and CEO is appropriate given Mr. Leung's long-term leadership since 2008[56]. - The company has adopted a code of conduct for securities transactions by directors, which meets or exceeds the required standards[55]. - The audit committee has reviewed the quarterly report and the unaudited consolidated results for the nine months ending December 31, 2021, confirming adequate disclosure[58]. Future Outlook - The company is evaluating the potential impact of new accounting standards that have not yet come into effect, which may affect future financial reporting[14]. - The company plans to focus on developing the Australian market and reallocating resources from the U.S. to Australia, aligning with global trends towards sustainable product development[47]. - There is no mention of market expansion or acquisitions in the current report, indicating a focus on existing operations and customer relationships[16]. - No significant events occurred after December 31, 2021, that would impact the company's operations and financial performance[57].

Financial Performance - The group recorded unaudited revenue of approximately HKD 91.0 million for the six months ended September 30, 2021, representing an increase of approximately 108.0% compared to the same period in 2020[7]. - The group reported an unaudited profit of approximately HKD 0.5 million for the six months ended September 30, 2021, compared to a loss of HKD 7.2 million in the same period of 2020[7]. - The gross profit for the six months ended September 30, 2021, was HKD 15.65 million, up from HKD 8.31 million in the same period of 2020, indicating a significant improvement in profitability[8]. - The company achieved a turnaround with a profit attributable to owners of approximately HKD 0.5 million, compared to a loss of HKD 7.2 million in the previous year[48]. - The total comprehensive income for the period was HKD 521,000, compared to a total comprehensive loss of HKD 7,153,000 in the prior period, reflecting a turnaround in performance[11]. - The company reported a pre-tax profit of HKD 334,000 for the six months ended September 30, 2021, compared to a loss of HKD 235,000 in the same period of 2020[26]. Revenue and Sales - Revenue from product sales for the six months ended September 30, 2021, reached HKD 91,036,000, compared to HKD 43,759,000 in the same period of 2020, marking an increase of 108%[24]. - Revenue from external customers for the three months ended September 30, 2021, was HKD 62,501,000, a significant increase from HKD 26,569,000 in the same period of 2020, representing a growth of 135%[21]. - The total sales volume for finished products was 852,863 units, up from 419,836 units in the same period last year, indicating a significant increase in demand[52]. - The sales of outerwear accounted for 27.9% of total revenue, while the sales of T-shirts represented 11.2%[49]. Assets and Liabilities - The total assets as of September 30, 2021, amounted to HKD 83.37 million, compared to HKD 56.71 million as of March 31, 2021[9]. - The current liabilities increased to HKD 64.50 million as of September 30, 2021, from HKD 45.11 million as of March 31, 2021[10]. - The net current assets as of September 30, 2021, were HKD 18.86 million, compared to HKD 11.60 million as of March 31, 2021, reflecting improved liquidity[10]. - The company had a total equity of HKD 19,904,000 as of September 30, 2021, down from HKD 36,038,000 a year earlier, primarily due to accumulated losses[11]. - The group’s debt-to-equity ratio was approximately 97.3% as of September 30, 2021, compared to 136.1% as of March 31, 2021[67]. Cash Flow and Financing - Operating cash flow for the six months ended September 30, 2021, was HKD 13,350,000, a significant increase from a cash outflow of HKD 9,678,000 in the previous year[12]. - Cash and cash equivalents increased to HKD 24.13 million as of September 30, 2021, from HKD 10.27 million as of March 31, 2021, showing improved cash flow management[9]. - The company’s cash flow from investing activities showed a net inflow of HKD 8,855,000, compared to an outflow of HKD 9,077,000 in the previous year[12]. - The company’s financing activities resulted in a net cash outflow of HKD 148,000, compared to an outflow of HKD 3,550,000 in the previous year, indicating improved financing efficiency[12]. Expenses - The employee costs, including director remuneration, for the six months ended September 30, 2021, were HKD 10,149,000, down from HKD 12,130,000 in the same period of 2020[28]. - Administrative expenses decreased from approximately HKD 13.4 million for the six months ended September 30, 2020, to approximately HKD 11.4 million for the six months ended September 30, 2021, representing a reduction of about 15.3%[60]. - Financing costs increased by approximately 44.4%, from about HKD 0.4 million for the six months ended September 30, 2020, to about HKD 0.6 million for the six months ended September 30, 2021, primarily due to increased bank borrowings for operational funding[61]. Inventory and Trade Receivables - The group’s inventory as of September 30, 2021, was HKD 3.17 million, indicating the company is managing its stock levels effectively[9]. - Total trade receivables as of September 30, 2021, amounted to HKD 32,437,000, an increase of 41.2% from HKD 23,014,000 as of March 31, 2021[33]. Shareholder Information - Major shareholders, Giant Treasure, hold 280 million shares, representing 70% of the issued share capital[87]. - The company has not engaged in any arrangements allowing directors or their close associates to purchase shares or debt securities for profit during the six months ending September 30, 2021[90]. Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated results for the six months ending September 30, 2021, ensuring compliance with applicable accounting standards and GEM listing rules[98]. - The executive directors as of the report date include Mr. Liang Guoxiong and Ms. Tan Shufen, with independent non-executive directors being Ms. Zhang Huimin, Mr. Liu Youzhuan, and Mr. Li Guanting[99].