Financial Performance - Revenue reached HKD 15.33 billion, an increase of 28.0% year-on-year, primarily driven by the recovery of retail business in Hong Kong and Macau due to the full reopening with mainland China [2]. - Retail revenue surged by 45.3% to HKD 12.75 billion, accounting for 83.2% of total revenue, mainly driven by gold product sales [2]. - Operating profit increased by 34.2% to HKD 2.12 billion, supported by a one-time valuation gain of approximately HKD 187 million from the acquisition of Hong Kong Resources Holdings Limited [2]. - Profit attributable to equity holders rose by 37.6% to HKD 1.77 billion, marking the second-highest annual performance in the company's history [2]. - Basic earnings per share increased by 37.4% to HKD 3.01, while the proposed final dividend is HKD 0.64 per share, representing a payout ratio of 47% [3]. - Gross profit margin improved to 27.2%, up 0.2 percentage points from the previous year, while net profit margin increased to 11.5%, up 0.8 percentage points [3]. - Total operating expenses as a percentage of revenue improved by 0.6 percentage points to 15.0% [3]. - Total revenue for the year ending March 31, 2024, reached HKD 15,325,962, with a significant contribution from retail in Hong Kong, Macau, and overseas at HKD 9,988,808 [15]. - Total revenue for the year ended March 31, 2024, reached HKD 15,325,962, an increase from HKD 11,977,844 in 2023, representing a growth of approximately 28.5% [19]. - The company reported a net profit attributable to equity holders of HKD 1,284,757, demonstrating strong profitability [18]. Assets and Liabilities - Total assets increased to HKD 16.85 billion, up from HKD 14.93 billion in the previous year [7]. - Cash and bank balances rose to HKD 12.33 billion, compared to HKD 11.97 billion in the previous year [7]. - Total equity increased to HKD 12,863,898 thousand as of March 31, 2024, compared to HKD 12,220,942 thousand as of December 31, 2023, reflecting a growth of 5.3% [8]. - Total liabilities rose to HKD 3,990,166 thousand, up from HKD 2,707,564 thousand, marking an increase of 47.2% [8]. - The company's retained earnings amounted to HKD 10,338,110 thousand, an increase from HKD 9,668,690 thousand, representing a growth of 6.9% [8]. - The deferred tax liabilities increased to HKD 119,789 thousand from HKD 59,656 thousand, indicating a rise of 100.4% [8]. - The bank loans increased significantly to HKD 362,000 thousand from HKD 115,020 thousand, reflecting a growth of 214.8% [8]. - The total assets of the company reached HKD 16,854,064 thousand, up from HKD 14,928,506 thousand, showing an increase of 12.9% [8]. - The total liabilities stood at HKD 3,990,166, indicating a manageable debt level relative to assets [16]. Operational Highlights - The company completed the acquisition of 50.4% of Hong Kong Resources on January 12, 2024, which has been consolidated into the group's accounts since the acquisition date [2]. - The company invested HKD 976,793 in non-current assets, including property and equipment, to support future growth [16]. - Depreciation and amortization expenses totaled HKD 109,368, reflecting ongoing investments in fixed assets [16]. - The company opened a total of 478 new stores globally, bringing the total to 3,583 stores as of March 31, 2024, compared to 3,105 stores in 2023 [40]. - The group operated 21 overseas stores as of March 31, 2024, up from 15 the previous year, including 4 each in the USA and Malaysia [56]. - The group plans to open approximately 15 new stores in overseas markets in the coming year, indicating a focus on international expansion [85]. Market Performance - Retail revenue from Mainland China amounted to HKD 2,863,945, reflecting a strong market presence [15]. - Retail revenue from Hong Kong, Macau, and overseas was HKD 6,510,151, up from HKD 4,360,265 in 2023, indicating a growth of about 49.3% [19]. - Retail revenue from Mainland China was HKD 5,286,146, slightly down from HKD 5,391,825 in 2023, reflecting a decrease of approximately 2% [19]. - Same-store sales growth for the group was +31.9%, with Hong Kong and Macau markets at +39.6%, while mainland China experienced a decline of -2.4% [48]. - Total revenue for Hong Kong, Macau, and overseas markets rose by 52.4% to HKD 10,040 million, with a segment profit increase of 104.5% to HKD 1,180 million [50]. - Retail revenue surged by 52.9% to HKD 9,886 million, with a segment profit growth of 91.6% to HKD 1,053 million, resulting in a segment profit margin increase of 2.1 percentage points to 10.6% [53]. - Retail revenue in mainland China reached HKD 2,863,294,000, up 24.1%, contributing 18.7% to the group's total [61]. Strategic Initiatives - The group has established a new three-year corporate strategy focusing on "mainland market expansion," "brand promotion strategy," and "operational efficiency" to drive future growth [85]. - The company aims to improve operational efficiency through supply chain management, automation, big data management, and data analytics systems [89]. - The company acknowledges the importance of environmental protection and plans to set long-term carbon reduction goals to enhance its contribution to environmental sustainability [88]. - The company will continue to penetrate the middle-class, wedding, and Gen Z markets while leveraging online and offline sales channel synergies through targeted marketing on platforms like Xiaohongshu and Douyin [88]. - The group aims to enhance its e-commerce business by optimizing its platform and increasing collaboration with various e-commerce platforms to target young consumers [87]. Dividend and Shareholder Information - The board proposed a final dividend of HKD 0.64 per share for the year ending March 31, 2024, compared to HKD 0.55 per share in 2023, resulting in a total annual dividend of HKD 1.41 per share, amounting to HKD 826,871,000 for the year [90]. - The interim dividend declared for 2024 was HKD 0.72 per share, compared to HKD 0.55 per share in 2023, marking a 30.9% increase [30]. - The company expresses gratitude to its employees, shareholders, customers, and partners for their support and contributions, committing to solid and sustainable development strategies [98].
六福集团(00590) - 2024 - 年度业绩