Financial Performance - The group recorded unaudited revenue of approximately HKD 29.9 million for the three months ended June 30, 2019, a decrease of about 9.3% compared to HKD 33.0 million for the same period in 2018[10] - The group reported an unaudited loss of approximately HKD 5.4 million for the three months ended June 30, 2019, compared to an unaudited loss of HKD 3.7 million for the same period in 2018[10] - Gross profit for the three months ended June 30, 2019, was HKD 4.9 million, down from HKD 7.6 million in the same period in 2018[11] - The company incurred a loss before tax of HKD 5,401,000 for the three months ended June 30, 2019, compared to a loss of HKD 3,687,000 for the same period in 2018[37] - The company reported a total loss attributable to owners of approximately HKD 5.4 million in Q2 2019, up from approximately HKD 3.7 million in Q2 2018[61] Expenses and Costs - Selling and distribution expenses increased to HKD 1.65 million for the three months ended June 30, 2019, compared to HKD 1.33 million in the same period in 2018[11] - Administrative expenses rose significantly to HKD 7.1 million for the three months ended June 30, 2019, compared to HKD 3.3 million in the same period in 2018[11] - The company’s employee costs, including director remuneration, increased to HKD 5,643,000 for the three months ended June 30, 2019, from HKD 2,178,000 in the same period of 2018[31] - The company’s auditor's remuneration increased to HKD 150,000 for the three months ended June 30, 2019, from HKD 100,000 in the same period in 2018[31] - The company’s tax expense for the three months ended June 30, 2019, was HKD 651,000, compared to HKD 84,000 for the same period in 2018[33] - Financing costs increased by approximately 48.4% from HKD 128,000 in Q2 2018 to HKD 190,000 in Q2 2019[58] Revenue and Sales Volume - The sales volume of finished products decreased to 194,217 units for the three months ended June 30, 2019, compared to 252,045 units for the same period in 2018[44] - Total sales volume decreased from 252,045 units in Q2 2018 to 194,217 units in Q2 2019, a decline of approximately 23%[45] - Gross profit decreased from approximately HKD 7.6 million in Q2 2018 to approximately HKD 4.9 million in Q2 2019, a reduction of about 36%[51] - Gross margin fell significantly from approximately 23.2% in Q2 2018 to approximately 16.4% in Q2 2019[51] - Average selling price for jackets increased by 8.8% from HKD 168.4 in Q2 2018 to HKD 183.2 in Q2 2019[46] Dividends and Shareholder Information - The board of directors proposed not to declare any dividend for the three months ended June 30, 2019, consistent with the same period in 2018[10] - The company did not recommend any dividend payment for the six months ended June 30, 2019[38] - The company has issued a total of 400,000,000 shares with a par value of HKD 0.01 each[66] - Major shareholders, Mr. Leung and Ms. Tam, each hold 280,000,000 shares, representing 70% of the total shares[70] - The shares held by Giant Treasure Development Limited are equally owned by Mr. Leung and Ms. Tam, who are spouses[66] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by Mr. Leung[76] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited quarterly results for the period ending June 30, 2019[81] - The company has adopted a securities trading code for directors, which meets the required standards[77] - The company has appointed a compliance advisor, who has no interests in the company's securities as of June 30, 2019[74] Operational Insights - The decline in revenue and gross margin was attributed to conservative purchasing by U.S. clients due to trade disputes and restructuring by major French clients[40] - The company plans to explore operational diversification opportunities and closely monitor performance changes in the U.S. and other regions[63] Other Information - The company is registered in the Cayman Islands and primarily operates in Hong Kong, focusing on investment holding and supply chain management services for the apparel industry[13] - The unaudited consolidated financial statements for the three months ended June 30, 2019, are prepared in accordance with Hong Kong Financial Reporting Standards and have been reviewed by the audit committee[14][16] - The company adopted HKFRS 16 Leases from April 1, 2019, which resulted in the recognition of right-of-use assets and lease liabilities[17][21] - The incremental borrowing rate applied to lease liabilities as of April 1, 2019, was 2.74%[21] - The impact of adopting HKFRS 16 on the accumulated losses as of April 1, 2019, was an increase of 14,000 HKD[26] - The company reported a foreign exchange gain of HKD 6,000 from the translation of overseas operations during the period[11] - No significant events occurred after June 30, 2019, that would impact the company's operations and financial performance[79] - The company did not purchase, sell, or redeem any of its listed securities during the three months ending June 30, 2019[78] - The report will be available on the GEM website for at least seven days from the date of publication[83] - The report will also be published on the company's website www.icenturyholding.com[84]

Financial Performance - For the fiscal year ending March 31, 2019, the company recorded a total sales volume of 1,052,546 units, an increase from 942,989 units in the previous fiscal year[13]. - Total revenue for the fiscal year was approximately HKD 121.2 million, consistent with the previous fiscal year's figures[14]. - Gross profit decreased from HKD 28.8 million in the previous year to HKD 20.4 million in the current year[14]. - The company reported a loss attributable to owners of the company of HKD 13.5 million, compared to a profit of HKD 2.7 million in the previous year[14]. - The group recorded revenue of approximately HKD 121.2 million, which is similar to the previous year's revenue[24]. - Gross profit decreased from approximately HKD 28.8 million to about HKD 20.4 million, with a gross margin decline from 23.8% to 16.9%[29]. - The average selling price of key products decreased, with outerwear down 4.0% to HKD 164.2, woven shirts down 4.6% to HKD 127.0, and knitwear down 49.4% to HKD 56.9[27]. - Selling costs rose from approximately HKD 92.3 million to about HKD 100.7 million, an increase of approximately 9.1%[28]. - Administrative expenses surged from approximately HKD 8.2 million to about HKD 20.9 million, a growth of approximately 153.2%[34]. - The group recorded a total loss attributable to owners of approximately HKD 13.5 million, compared to a profit of HKD 2.7 million in the previous year, a decrease of approximately HKD 16.2 million[39]. - Other income decreased by 62.5% from approximately HKD 0.8 million to about HKD 0.3 million due to a decline in trade claims and miscellaneous income[30]. - Sales and distribution expenses increased from approximately HKD 4.3 million to about HKD 6.5 million, a rise of approximately 51.6%[33]. - The company reported a net loss attributable to owners of HKD 13.458 million for the year, compared to a profit of HKD 2.741 million in 2018[57]. - The adjusted net loss for the year was HKD 7.309 million, down from an adjusted profit of HKD 14.221 million in the previous year[57]. Operational Developments - The company established a local office in the United States to strengthen customer relationships and enhance market position[15]. - A quality control office was opened in Ningbo, Zhejiang Province, China, to closely monitor product quality according to customer expectations[15]. - The company is exploring opportunities to diversify its production bases in countries such as Cambodia and Vietnam to meet the needs of clients outside of China[16]. - There are currently no formal agreements signed regarding diversification of business operations[16]. - The company aims to enhance corporate value and improve shareholder returns through potential diversification strategies[16]. - The company has established a local office in Los Angeles, USA, and a quality control office in Ningbo, China, to enhance operational efficiency and product quality monitoring[62]. - The company plans to continue exploring diversification opportunities to strengthen and broaden its customer base[64]. - As of March 31, 2019, the company has made progress in hiring personnel for its new offices, including a manager and four sales staff in the US[62]. - The company has engaged in discussions to hire a design and sales personnel for its Paris office[62]. - The company has participated in trade shows and procurement meetings in the US and Europe to generate more business opportunities[62]. Financial Position - As of March 31, 2019, the company's current assets net value was approximately HKD 41.0 million, up from HKD 13.6 million in 2018, with cash and bank balances of HKD 39.5 million and HKD 6.5 million respectively[41]. - The current ratio increased from approximately 1.7 times in 2018 to about 2.3 times in 2019, primarily due to increased cash and bank balances from share issuance[41]. - The company's debt-to-equity ratio improved to 23.9% in 2019 from 42.1% in 2018, indicating a stronger financial position[41]. - The company had no significant investments or acquisitions during the year, maintaining a conservative financial management approach[48][49]. - The company’s distributable reserves amount to approximately HKD 23,567,000 as of March 31, 2019[153]. - The company faces significant credit risk from major customers and intense competition from South Asian and Southeast Asian manufacturers[139]. - The company relies on third-party manufacturers for clothing products, with potential disruptions negatively impacting operations[145]. - The company has established long-term relationships with major customers, maintaining partnerships ranging from 1 to 8 years[144]. Corporate Governance - The company has maintained good corporate governance policies and procedures since its listing, believing that effective governance is essential for business growth and shareholder interests[80]. - The board has adopted and complied with the corporate governance code as per GEM listing rules, with all provisions adhered to during the reporting period, except for the separation of the roles of Chairman and CEO[81]. - The company has a strong management team with over 25 years of experience in the accounting industry, led by the Chief Financial Officer who has been with the group since July 2018[74]. - The independent non-executive directors bring diverse expertise, with backgrounds in finance, law, and marketing, contributing to the group's strategic decision-making[71][72][75]. - The company emphasizes transparency and accountability as critical components of its operations, aligning with shareholder interests[80]. - The board believes that the leadership provided by the current Chairman and CEO, who has been managing the group since 2008, is suitable despite the deviation from the governance code[81]. - The company has a dedicated team for managing client relationships and marketing activities, enhancing its operational efficiency[75]. - The independent non-executive directors have not held any directorships in listed companies in the past three years, ensuring a focus on their roles within the group[72]. - The Chief Operating Officer has over 27 years of marketing experience in the apparel industry, contributing to the company's operational strategies[75]. - The company is committed to maintaining a robust corporate culture that supports effective management and sustainable growth[80]. - The board of directors has confirmed compliance with the securities trading code throughout the reporting period, with no known violations since the listing date[83]. - The board consists of 3 executive directors and 3 independent non-executive directors, meeting the GEM listing rules requirements[85]. - The board held a total of 7 meetings during the reporting period to review financial and operational performance[88]. - The company emphasizes the importance of continuous professional development for directors, encouraging attendance at relevant seminars[96]. - Three board committees have been established: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined responsibilities[97]. - The company has a structured process for the appointment and re-election of directors, ensuring compliance with its articles of association[93]. - Independent non-executive directors have confirmed their independence in accordance with GEM listing rules[85]. - The board is responsible for the overall management of the company, ensuring effective governance and strategic oversight[90]. - The company’s executive directors and senior management are tasked with daily operations, subject to board approval for significant transactions[92]. - The board has received annual confirmations from independent non-executive directors regarding their independence status[85]. Audit and Compliance - The audit committee is responsible for overseeing the financial reporting process of the group[195]. - The group has implemented key control measures to manage and monitor credit risk associated with trade receivables[192]. - The independent auditor has evaluated the appropriateness of the expected credit loss provision methodology and the accuracy of key input data[192]. - The board of directors is responsible for ensuring the preparation of consolidated financial statements that are free from material misstatement due to fraud or error[194]. - The audit report concludes that the financial statements are free from material misstatement due to fraud or error, providing reasonable assurance[196]. - The audit identified risks of material misstatement due to fraud, which are higher than those due to error, necessitating specific audit procedures[196]. - The auditor assessed the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures[200]. - The audit firm communicated significant audit findings and any material weaknesses in internal controls to the audit committee[198]. - The auditor evaluated the overall presentation, structure, and content of the financial statements to ensure fair reflection of transactions[200]. - The audit report emphasizes the importance of independence and compliance with ethical requirements during the audit process[198]. - The audit firm is responsible for guiding, supervising, and executing the audit work for the group[200]. - The report indicates that future events may affect the group's ability to continue as a going concern, highlighting potential uncertainties[200]. - The audit procedures were designed to respond to identified risks and obtain sufficient appropriate audit evidence[196]. - The audit report was issued by Yu Zhi Fa, a certified public accountant, on June 27, 2019[199]. Shareholder Relations - The company has adopted a shareholder communication policy to provide information and facilitate active participation by shareholders[129]. - The company has a dividend policy in place, which is disclosed in the annual report[131]. - The company does not recommend the payment of dividends for the current fiscal year[137]. - The company is committed to sustainable dividend policies, balancing shareholder interests with prudent capital management[136]. - The largest customer accounts for 31.9% of sales, while the top five customers collectively represent 55.5% of sales[146]. - The largest supplier constitutes 12.8% of procurement, with the top five suppliers accounting for 52.0% of procurement[146]. - The company has maintained a public float of at least 25% of its total issued share capital since its listing date[173]. - No significant related party transactions occurred during the year that required disclosure under GEM Listing Rules[171]. - The company has not purchased, sold, or redeemed any of its listed securities since the listing date[172]. - The board is not aware of any significant events requiring disclosure that occurred after March 31, 2019[179]. - An independent environmental, social, and governance report is expected to be published within three months after the annual report[178]. - The company has purchased and maintained directors' liability insurance to provide appropriate protection for its directors[175]. - The consolidated financial statements for the year ended March 31, 2019, have been reviewed by the audit committee, confirming compliance with applicable reporting standards and GEM listing rules[180]. - The group has trade receivables of approximately HKD 16,917,000, with an expected credit loss provision of about HKD 2,099,000[189]. - Revenue recognition for the clothing supply chain management services has been identified as a key audit matter due to its significant impact on the consolidated income statement[187]. - Management assesses the recoverability of trade receivables based on various factors, including customer credit status and historical settlement records[189].

Financial Performance - The company recorded unaudited revenue of approximately HKD 95.9 million for the nine months ended December 31, 2018, a decrease of about 0.5% compared to HKD 96.3 million for the same period in 2017[6] - The unaudited loss for the nine months ended December 31, 2018, was approximately HKD 9.6 million, compared to an unaudited profit of HKD 1.2 million for the same period in 2017[6] - For the three months ended December 31, 2018, the company reported unaudited revenue of HKD 17.7 million, down from HKD 26.5 million in the same period of 2017, representing a decline of approximately 33.5%[7] - The gross profit for the nine months ended December 31, 2018, was HKD 14.4 million, down from HKD 22.8 million in the same period of 2017, indicating a decrease of about 36.8%[7] - The company reported a basic and diluted loss per share of HKD 0.024 for the nine months ended December 31, 2018, compared to a profit of HKD 0.004 for the same period in 2017[7] - The company reported a loss attributable to owners of approximately HKD 9.6 million for the nine months ended December 31, 2018, compared to a profit of HKD 1.2 million for the same period in 2017[30] - The company’s pre-tax loss for the nine months ended December 31, 2018, was HKD 9.6 million, compared to a pre-tax profit of HKD 1.2 million for the same period in 2017[30] - Gross profit decreased to approximately HKD 14.4 million for the nine months ended December 31, 2018, down from HKD 22.8 million in 2017, resulting in a gross margin decline from 23.7% to 15.0%[41] Expenses and Costs - Administrative expenses increased significantly to HKD 13.1 million for the nine months ended December 31, 2018, compared to HKD 5.6 million for the same period in 2017, reflecting an increase of approximately 133.7%[7] - The company’s employee costs, including director remuneration, amounted to HKD 9.6 million for the nine months ended December 31, 2018, compared to HKD 5.6 million for the same period in 2017[21] - Cost of sales increased by approximately 10.8% to HKD 81.5 million for the nine months ended December 31, 2018, from HKD 73.6 million in the same period of 2017, aligning with the increase in total sales volume[39] - Other income fell by approximately 69.4% to HKD 0.2 million in 2018 from HKD 0.6 million in 2017, primarily due to the absence of trade claims[42] - Administrative expenses surged by approximately 131.7% to HKD 13.1 million for the nine months ended December 31, 2018, compared to HKD 5.6 million in the same period of 2017, driven by increased legal and professional fees post-IPO[46] Shareholder Information - The total equity attributable to the owners of the company as of December 31, 2018, was HKD 58.3 million, an increase from HKD 19.1 million at the end of 2017[8] - Major shareholders, Mr. Leung Kwok Hung and Ms. Tam Suk Fan, each hold a 70% interest in Giant Treasure, which owns 280,000,000 shares[59] - As of December 31, 2018, the company has issued ordinary share capital of HKD 4,000,000, divided into 400,000,000 shares with a par value of HKD 0.01 each[56] Dividends - The board of directors did not recommend any dividend for the nine months ended December 31, 2018, consistent with the previous year[6] - The company did not recommend the payment of dividends for the nine months ended December 31, 2018, and 2017[24] Market and Operational Strategy - The company primarily provides supply chain management services in the apparel sector, following its restructuring in March 2018[11] - The average selling price of the company's two main products, jackets and pullovers, decreased, contributing to the decline in revenue[30] - The average selling price of products decreased by 15.3% to HKD 110.1 in 2018 from HKD 130.0 in 2017, with significant drops in the average prices of jackets and pullovers[36] - The company anticipates continued challenges in growth rates due to rising costs and geopolitical pressures from potential trade wars and tariffs, impacting sales and gross margins[53] - The company plans to establish representative offices in the United States and France, and a quality control office in China to diversify production bases and enhance operational capabilities[53] - The board believes that maintaining competitive pricing and excellent relationship management will help retain existing customers and increase market share[53] Corporate Governance - The company has adopted corporate governance policies in compliance with GEM Listing Rules to ensure transparency and accountability[66] - The audit committee was established on March 20, 2018, in compliance with GEM Listing Rules, consisting of three independent non-executive directors[69] - The audit committee reviewed the unaudited consolidated results for the nine months ended December 31, 2018, and confirmed compliance with applicable accounting standards and GEM Listing Rules[69] - The chairman and CEO positions are held by the same individual, Mr. Leung Kwok Hung, since 2008, which the board believes provides strong and consistent leadership[68] Other Information - The company completed its listing on the GEM of the Hong Kong Stock Exchange on April 16, 2018, raising a total of HKD 58 million through the issuance of 100 million shares[10] - The total sales volume for the nine months ended December 31, 2018, was 871,339 units, an increase from 741,090 units in the same period of 2017, representing a growth of approximately 17.6%[35] - The company has not engaged in any purchase, sale, or redemption of its listed securities since the date of listing[61] - No significant events occurred after December 31, 2018, that would materially affect the company's operations and financial performance[67]