佰悦集团(08545) - 2024 - 年度业绩

Financial Highlights Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's total revenue decreased by 7.1% to HKD 219 million, with gross profit down 17.3% and profit attributable to owners of the Company significantly declining by 91.6% | Metric | 2024 (thousand HKD) | 2023 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 219,190 | 235,963 | -7.1% | | Gross Profit | 37,838 | 45,736 | -17.3% | | Operating Profit | 1,898 | 7,857 | -75.8% | | Profit Before Tax | 1,530 | 7,623 | -79.9% | | Profit for the Year | 486 | 5,762 | -91.6% | | Basic Earnings Per Share (HK cents) | 0.04 | 0.49 | -91.8% | Consolidated Statement of Financial Position As of March 31, 2024, total assets decreased to HKD 222 million, while net current assets increased and total equity remained stable, indicating a robust financial position | Metric | As of March 31, 2024 (thousand HKD) | As of March 31, 2023 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 43,845 | 57,049 | -23.1% | | Current Assets | 178,036 | 199,793 | -10.9% | | Total Assets | 221,881 | 256,842 | -13.6% | | Current Liabilities | 25,225 | 56,618 | -55.5% | | Non-current Liabilities | 56 | 4,110 | -98.6% | | Total Liabilities | 25,281 | 60,728 | -58.4% | | Total Equity | 196,600 | 196,114 | +0.2% | Management Discussion and Analysis Business Review The Group's core business performance showed divergence, with ODM toy sales declining, imported toy distribution slightly down, and self-licensed toy sales achieving strong growth - The Group is primarily engaged in the design, marketing, distribution, and retail of toys and related products, and provides agency services[50] Revenue by Business Segment | Business Segment | 2024 Revenue (thousand HKD) | 2023 Revenue (thousand HKD) | YoY Change | Summary | | :--- | :--- | :--- | :--- | :--- | | Sales of ODM Toys | 90,316 | 114,835 | -21.4% | Both revenue and gross margin decreased, primarily due to rising production costs from Chinese suppliers | | Distribution of Imported Toys | 66,802 | 68,645 | -2.7% | Revenue slightly decreased, with high-end robot figures as the main category | | Sales of Self-Licensed Toys | 59,072 | 49,099 | +20.3% | Revenue significantly increased due to the launch of popular high-end robot figure toys | | Engineering Project Agency Services | 3,000 | 3,384 | -11.3% | Contributed stable but small revenue | Financial Analysis Total revenue decreased by 7.1% to HKD 219 million, primarily due to declining ODM toy sales, leading to a 17.3% drop in gross profit and weakened overall profitability - The decrease in revenue was primarily attributable to a significant decline in sales of ODM toys[56] - Gross profit and gross margin decreased from approximately HKD 45.74 million (19.4%) last year to approximately HKD 37.84 million (17.3%) this year[58] - Net other income significantly increased by 182.2%, primarily due to reduced exchange losses and increased bank interest income[60] - Selling expenses decreased by 26.2%, mainly due to reduced expenditures on traditional marketing channels[61] Investments, Capital Structure, and Risk Management The Group maintains strategic investments for diversification, exhibits a robust financial position with a low gearing ratio, and manages foreign exchange risk without hedging - The Group holds three significant investments[68][70][73][74] - Comba Development Limited (30% equity interest): Engaged in the manufacturing and sales of protective products such as masks - Dongyiquan (30% equity interest): Focused on developing and applying smart healthcare solutions - Wanpu International Limited (45% equity interest): Provides information technology solutions including network infrastructure and system security - The gearing ratio as of March 31, 2024, was approximately 0.02 times, consistent with the prior year, indicating a sound and robust financial position[75] - Portions of the Group's income and expenses are denominated in USD and JPY, exposing it to foreign exchange risk, but management currently does not employ foreign currency hedging policies[76] Other Information As of March 31, 2024, the Group's employee count decreased, the Board did not recommend an annual dividend, and no significant post-reporting events occurred - As of March 31, 2024, the Group employed 35 staff in Hong Kong, a decrease from 40 in the prior year, with total annual staff costs approximately HKD 15.81 million[79] - The Board does not recommend the payment of a dividend for the year ended March 31, 2024[80] Notes to the Financial Statements Note 4 & 5 Revenue and Segment Information Total revenue was HKD 219 million, primarily from ODM, imported, and self-licensed toys, with Japan as the largest market and Customer A contributing over 43% of revenue Revenue by Business Segment | Business Type | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Sales of ODM Toys to Licensees | 90,316 | 114,835 | | Distribution of Imported Toys and Related Products | 66,802 | 68,645 | | Sales of Self-Licensed Toys and Related Products | 59,072 | 49,099 | | Revenue from Engineering Project Related Agency Services | 3,000 | 3,384 | | Total | 219,190 | 235,963 | Revenue from External Customers by Geographical Region | Region | 2024 (thousand HKD) | 2023 (thousand HKD) | | :--- | :--- | :--- | | Japan | 96,745 | 134,877 | | People's Republic of China | 40,823 | 31,144 | | Hong Kong | 31,090 | 25,300 | | United States of America | 24,266 | 17,180 | | Others | 26,266 | 27,462 | | Total | 219,190 | 235,963 | - During the year, revenue from Customer A amounted to HKD 94,681,000, representing 43.2% of the Group's total revenue[31] Note 9 & 10 Dividends and Earnings Per Share The Board did not recommend a dividend, and basic earnings per share significantly decreased to HKD 0.04 cents due to a substantial profit decline - The Directors do not recommend the payment of a dividend for the years ended March 31, 2024, and 2023[38] | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Profit for the Year Attributable to Owners of the Company (thousand HKD) | 486 | 5,762 | | Weighted Average Number of Ordinary Shares | 1,192,307,692 | 1,174,394,099 | | Basic Earnings Per Share (HK cents) | 0.04 | 0.49 | Note 11, 12, 13 Key Balance Sheet Items Net trade receivables increased to HKD 21.89 million, while trade payables significantly decreased to HKD 8.25 million, improving working capital - Net trade and bills receivables increased from HKD 13.30 million in 2023 to HKD 21.89 million in 2024[41] - Trade payables decreased from HKD 17.15 million in 2023 to HKD 8.25 million in 2024[43][44] Corporate Governance Audit Committee The Audit Committee, composed of three independent non-executive directors, oversees financial reporting, risk management, and internal controls, having reviewed the annual audited results - The Audit Committee comprises three independent non-executive Directors: Ms. Chow Chi Ling (Chairperson), Mr. Yu Pui Hang, and Mr. Dong Wen[87] - The Audit Committee has reviewed the Group's audited consolidated results for the year ended March 31, 2024[87] - The external auditor, Privatco CPA Limited, has concurred that the financial figures in this results announcement are consistent with the audited consolidated financial statements[88]