澳至尊(02031) - 2024 - 年度业绩

Financial Highlights The Group's performance rebounded strongly, with total revenue surging 84.1% to HK$269.02 million and profit for the year soaring to HK$30.67 million, driven by Hong Kong's tourism recovery and improved gross margin Key Financial Indicators for FY2024 | Indicator | 2024 FY | 2023 FY | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (HK$ Thousand) | 269,022 | 146,158 | +84.1% | | Gross Profit (HK$ Thousand) | 234,293 | 121,234 | +93.2% | | Profit for the Year (HK$ Thousand) | 30,674 | 497 | +6071.8% | | Gross Margin (%) | 87.1% | 82.9% | +4.2 percentage points | | Basic Earnings Per Share (HK Cents) | 4.03 | 0.07 | +5657.1% | | Proposed Final Dividend (HK Cents/share) | 2.0 | 1.0 | +100% | - Significant performance growth was primarily attributed to the recovery of inbound tourism and consumer sentiment after the lifting of pandemic-related restrictions, alongside effective sales and marketing resource allocation[89][91] Consolidated Financial Statements This section presents the Group's detailed financial statements as of March 31, 2024, including the consolidated statement of profit or loss and other comprehensive income and the consolidated statement of financial position, reflecting the company's operating results and financial position Consolidated Statement of Profit or Loss and Other Comprehensive Income For the year ended March 31, 2024, the Group's revenue was HK$269.02 million, an 84.1% increase year-on-year, with profit before tax reaching HK$37.52 million and profit for the year at HK$30.67 million Consolidated Statement of Profit or Loss Summary (HK$ Thousand) | Item | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 269,022 | 146,158 | | Cost of Sales | (34,729) | (24,924) | | Gross Profit | 234,293 | 121,234 | | Selling and Distribution Expenses | (159,450) | (90,837) | | General and Administrative Expenses | (35,490) | (32,421) | | Profit Before Tax | 37,519 | 1,160 | | Income Tax Expense | (6,845) | (663) | | Profit for the Year | 30,674 | 497 | Consolidated Statement of Financial Position As of March 31, 2024, the Group's total assets were HK$218.81 million, total liabilities HK$40.60 million, and net assets increased to HK$178.21 million, demonstrating robust liquidity with net current assets of HK$97.52 million Consolidated Statement of Financial Position Summary (HK$ Thousand) | Item | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Non-current Assets | 89,665 | 93,405 | | Current Assets | 129,146 | 96,007 | | Of which: Cash and Cash Equivalents | 69,844 | 41,044 | | Total Assets | 218,811 | 189,412 | | Current Liabilities | 31,627 | 26,138 | | Non-current Liabilities | 8,974 | 7,214 | | Total Liabilities | 40,601 | 33,352 | | Net Assets | 178,210 | 156,060 | Notes to the Consolidated Financial Statements This section details the basis of financial statement preparation, application of new accounting standards, and provides in-depth analysis and disclosure of key items such as revenue, segments, taxation, earnings per share, and dividends, with the core business being retail and wholesale of health and personal care products as a single reportable segment Changes in Accounting Policies This year, the Group adopted several new and revised HKFRSs, including retrospective adjustments for the abolition of the MPF offsetting mechanism, which had no material impact on prior period financial positions, with other revisions primarily affecting disclosure methods - The Group has adopted several new and revised Hong Kong Financial Reporting Standards for the first time, including definitions of accounting estimates and deferred tax related to a single transaction[15][36] - In response to the abolition of the MPF offsetting mechanism in Hong Kong, the Group retrospectively implemented HKICPA guidance, changing the accounting treatment for long service payment obligations, resulting in a slight increase in general and administrative expenses and finance costs[41][42][44] Revenue and Segment Reporting All Group revenue is derived from retail and wholesale of health and personal care products, forming a single reportable segment, with health supplements accounting for 95.5% of total revenue and consignment counters being the primary channel, growing 138.4% to 70.7% of sales - The Group has only one reportable and operating segment, which is the retail and wholesale of health and personal care products[28][71] Revenue by Product Category (HK$ Thousand) | Product Category | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Health Supplement Products | 256,941 | 141,400 | +81.7% | | Personal Care Products | 11,092 | 3,075 | +260.7% | | Honey and Pollen Products | 989 | 1,683 | -41.2% | | Total | 269,022 | 146,158 | +84.1% | Revenue by Sales Channel (HK$ Thousand) | Sales Channel | 2024 | 2023 | YoY Change | | :--- | :--- | :--- | :--- | | Specialty Stores | 43,546 | 39,890 | +9.2% | | Consignment Counters | 190,305 | 79,829 | +138.4% | | E-commerce | 20,583 | 17,921 | +14.9% | | Other Sales Channels | 14,588 | 8,518 | +71.3% | | Total | 269,022 | 146,158 | +84.1% | Dividends The Board recommends a final dividend of HK$0.02 per ordinary share for the year ended March 31, 2024, totaling approximately HK$15.24 million, doubling last year's dividend, pending AGM approval - The Board recommended a final dividend of HK$0.02 per share, totaling HK$15.24 million, for the year ended March 31, 2024[107][130] - The final dividend for 2023 was HK$0.01 per share, totaling HK$7.62 million[60][107] Management Discussion and Analysis Management reviewed the operating environment and performance, noting significant revenue and profit growth driven by Hong Kong's tourism recovery, maintaining a robust financial position with ample liquidity and low gearing, and plans to enrich product portfolios, optimize OMO sales, and leverage AI for sustainable growth Market Overview and Business Review Visitor arrivals in Hong Kong surged following the lifting of pandemic restrictions and promotional campaigns, stimulating the retail market, leading to the Group's revenue growing 84.1% to HK$269.02 million and profit reaching HK$30.67 million, though challenges like cross-border consumption trends persist - Total visitor arrivals in Hong Kong continuously increased by 715.0% to approximately 40.81 million, stimulating retail activity[113] - Group revenue increased by 84.1%, primarily due to the recovery of Hong Kong's tourism industry, boosting tourist spending[89] - Management noted market challenges including macroeconomic uncertainties, increased cost pressures, and changes in local consumer behavior due to Hong Kong residents' cross-border consumption[66] Financial Review This year, cost of sales increased 39.3% with revenue, but gross margin improved to 87.1% due to optimized pricing; sales and distribution expenses rose 75.5% from higher consignment fees, and other income significantly decreased due to the absence of government subsidies, resulting in an annual profit of HK$30.67 million - Gross margin increased from 82.9% to 87.1%, primarily due to optimized pricing policies based on market conditions[92] - Sales and distribution expenses increased by 75.5%, mainly due to a 166.8% rise in consignment expenses related to revenue growth[119] - Other income decreased by 71.8%, primarily due to the non-recognition of government subsidies and landlord rental concessions in the current year[118] Liquidity and Financial Resources The Group's financial position is robust, with total cash and time deposits of HK$75.36 million and a current ratio of 4.1 as of March 31, 2024, and a very low debt-to-equity ratio of 1.4%, while foreign exchange risks from JPY, AUD, and RMB are monitored without a hedging policy Liquidity and Capital Structure | Indicator | March 31, 2024 (HK$ Thousand) | March 31, 2023 (HK$ Thousand) | | :--- | :--- | :--- | | Net Current Assets | 97,519 | 69,869 | | Net Assets | 178,210 | 156,060 | | Current Ratio | 4.1 | 3.7 | | Debt-to-Equity Ratio | 1.4% | 1.9% | - The Group's foreign exchange risk primarily stems from sales and purchases denominated in JPY, AUD, and RMB, with no hedging policy currently in place, but regular monitoring is conducted[98] Future Outlook and Prospects Facing macroeconomic uncertainties, the Group is committed to long-term development by enriching its product portfolio through R&D innovation, optimizing its OMO sales network, and leveraging AI for customer analysis to enhance personalized shopping experiences and achieve sustainable growth - The Group will continue to enrich its product portfolio and focus on R&D innovation to maintain customer loyalty[104] - Plans include utilizing advanced technologies like Artificial Intelligence (AI) for customer preference analysis to support an Online-Merge-Offline (OMO) sales strategy, providing a unified shopping experience[132] - Will continuously optimize online and offline sales networks, including establishing physical stores in high-traffic areas and collaborating with reputable online platforms to deepen market penetration[146] Corporate Governance and Other Information During the year, the company largely complied with the Corporate Governance Code, with a deviation regarding the Chairman and CEO roles being held by the same individual, for which the Board provided a reasonable explanation, and the annual results were reviewed by the Audit Committee and agreed upon by the auditors - The company deviated from the Corporate Governance Code's requirement for separation of Chairman and CEO roles; the Board believes the current Chairman, Mr. Choi Chi Fai, also serving as Co-CEO, is in the Group's best interest due to his industry knowledge and network, with sufficient safeguards for Board power balance[135][149] - The Group's results for the year ended March 31, 2024, were reviewed by the Board's Audit Committee[138] - During the year, neither the company nor any of its subsidiaries purchased, sold, or redeemed its listed securities[134]