Financial Performance - Revenue for the year ended March 31, 2024, was HKD 96,691,000, a decrease of 21.5% compared to HKD 123,210,000 in 2023[2] - Gross profit for the same period was HKD 2,309,000, down 58.3% from HKD 5,522,000 in the previous year[2] - The company reported a pre-tax loss of HKD 6,655,000, compared to a loss of HKD 5,509,000 in 2023, indicating a worsening of 20.8%[2] - The net loss attributable to owners of the company was HKD 3,655,000, an improvement from a loss of HKD 5,509,000 in the previous year[4] - The basic and diluted loss per share improved to HKD 0.47 from HKD 0.70, indicating a reduction in loss per share of 32.9%[4] - The company recorded other income and gains of HKD 4,725,000, significantly higher than HKD 1,591,000 in the previous year, an increase of 196.5%[2] - Revenue from garment procurement decreased to HKD 95,311 thousand, down 19.6% from HKD 118,710 thousand in the previous year[18] - Interest income from receivables dropped significantly to HKD 1,380 thousand, a decline of 69.4% compared to HKD 4,500 thousand in the previous year[18] - The company reported a total loss before tax of HKD 6,655 thousand for the fiscal year ending March 31, 2024, compared to a loss of HKD 5,509 thousand in the previous year[25][27] Assets and Liabilities - Total assets decreased to HKD 104,687,000 from HKD 139,639,000, reflecting a decline of 25.1%[6] - The company’s total assets as of March 31, 2024, amounted to HKD 105,749 thousand, a decrease from HKD 140,401 thousand as of March 31, 2023[28][30] - Total liabilities as of March 31, 2024, were HKD 17,658 thousand, compared to HKD 49,051 thousand in the previous year[28][30] - Trade receivables from customer contracts decreased significantly to HKD 13,646,000 in 2024 from HKD 42,239,000 in 2023, indicating a reduction in outstanding receivables[41] - Trade payables also saw a decrease, falling to HKD 13,500,000 in 2024 from HKD 41,821,000 in 2023, reflecting improved cash flow management[44] Equity and Financial Stability - The company’s total equity decreased to HKD 88,091,000 from HKD 91,350,000, a decline of 3.5%[6] - The current ratio was 5.93:1, indicating a healthy liquidity position compared to 2.85:1 in the previous year[58] - The company did not declare or recommend any dividends for the years ending 2024 and 2023, maintaining a focus on financial stability[39] - The total employee costs for 2024 were HKD 8,054,000, slightly down from HKD 8,152,000 in 2023, reflecting cost control measures[37] - The company has maintained a prudent financial management strategy to ensure a stable liquidity position[59] Business Strategy and Market Conditions - The company plans to continue focusing on garment procurement and financial services, with no specific new product or market expansion strategies mentioned in the report[8] - The financial services segment, initiated in 2018, aims to diversify revenue sources and expand in the Hong Kong and mainland China markets, focusing on asset management and lending services[52] - The global economic recovery remains challenging, with inflation high and geopolitical tensions affecting market confidence, particularly in the apparel sector[48] - China's economy grew by 5.2% in 2023, surpassing previous forecasts, but the apparel industry faced significant export declines to Europe and the US due to supply chain restructuring and weak consumer sentiment[49] - Hong Kong's economy showed a recovery with a GDP growth of 3.2% in 2023, although external demand for goods continued to weaken, impacting overall revenue[50][51] Compliance and Governance - The company has maintained compliance with all provisions of the corporate governance code for the year ended March 31, 2024, with some deviations noted[77] - The company has established a code of conduct for directors regarding securities trading, ensuring compliance with the standards set forth in the listing rules[83] - The board of directors includes executive directors Lin Jiyang and Zhang Kaiyuan, along with independent non-executive directors Lin Jiali, Chen Jian, and Zhou Zhiren[85] - The audit committee held two meetings during the year ended March 31, 2024, addressing key matters including the review of the audited consolidated financial statements[81][82] - The effectiveness of the risk management and internal control systems is assessed in conjunction with external auditors[86] Future Outlook - The IMF forecasts global economic growth to remain at 3.2% for 2024 and 2025, with developed economies slightly accelerating while emerging markets face a slowdown[53] - Hong Kong's GDP is projected to grow between 2.5% and 3.5% in 2024, with inflation rates expected at 1.7% for basic and 2.4% for overall consumer prices[54] - The group aims to enhance its core business operations while seeking new opportunities to expand profit channels[55] - The group is closely monitoring market conditions to assess impacts on operations and financial performance amid economic uncertainties[55]
杭品生活科技(01682) - 2024 - 年度业绩