Financial Performance - For the fiscal year ending March 31, 2024, the company reported a revenue decline of 13.2% and a gross profit decrease of 15.4% compared to the previous year[6]. - The profit attributable to the company's owners was approximately HKD 14,900,000, representing a decrease of about 28.1% year-on-year[6]. - The group's revenue decreased from approximately HKD 171,400,000 for the year ended March 31, 2023, to approximately HKD 148,800,000 for the year ended March 31, 2024, a decline of about HKD 22,600,000 or approximately 13.2%[11]. - The gross profit for the year ended March 31, 2024, was approximately HKD 93,300,000, down about 15.4% from HKD 110,300,000 in the previous year[11]. - The net profit for the year ended March 31, 2024, was approximately HKD 14,900,000, down from approximately HKD 20,700,000, resulting in a net profit margin decrease from about 12.1% to 10.0%[22]. - The cost of sales decreased from approximately HKD 61,100,000 to approximately HKD 55,600,000, a reduction of about 9.1%[15]. - The gross margin decreased from approximately 64.3% to about 62.7% due to a smaller decline in costs compared to sales[16]. - Administrative and operating expenses decreased from approximately HKD 43,100,000 to approximately HKD 40,300,000, a reduction of about 6.5%[19]. - Employee costs, including director remuneration, were approximately HKD 39,200,000 for the year ending March 31, 2024, down from HKD 41,700,000 in 2023[36]. Dividend and Shareholder Information - The board proposed a final dividend of HKD 0.008 per share, totaling approximately HKD 9,000,000, compared to a previous interim dividend of HKD 0.013 per share totaling about HKD 14,600,000[10]. - The board proposed a final dividend of HKD 0.008 per share, totaling approximately HKD 9,000,000, consistent with the previous year's dividend[11]. - The board expresses gratitude to shareholders, customers, and business partners for their continued support and contributions from management and staff[8]. Business Strategy and Operations - The company has restructured its sales channels and business operations to optimize resource utilization, resulting in reduced sales and distribution expenses as well as administrative and operational costs[6]. - The company remains cautiously optimistic about the fiscal year 2025, planning to enhance business operations and adjust strategies in response to market trends[7]. - The company aims to attract customer repurchase and increase spending through adjusted sales strategies and product offerings[6]. - The company is focused on optimizing daily operations, resource allocation, and cross-departmental collaboration to improve overall performance[41]. - The company aims to expand its market presence and enhance its product offerings through strategic planning and development initiatives[41][46]. Market Presence and Product Offerings - The company operates nine retail stores under the "MI MING MART" brand, focusing on health-conscious products[5]. - The sales revenue from goods accounted for approximately 98.9% of total revenue, while income from beauty services and consignment commissions accounted for approximately 0.9% and 0.2%, respectively[14]. - New product launches are expected to contribute an additional HKD 200 million in revenue over the next fiscal year[50]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[50]. Governance and Management - The board consists of seven directors, with five being female and two male, reflecting a gender diversity ratio of 71% female to 29% male[78]. - As of March 31, 2024, the board and senior management composition is 44% male and 56% female, indicating a commitment to gender diversity[75]. - The company has adopted a diversity policy to achieve a balanced representation in the board and senior management, considering factors such as gender, age, nationality, and professional experience[75]. - The board is responsible for leading and controlling the company, overseeing operations and financial performance, and ensuring effective internal controls and risk management[71]. - The company has established clear written terms of reference for all committees, ensuring compliance with corporate governance codes[86]. Environmental, Social, and Governance (ESG) Initiatives - The company aims for sustainable growth, focusing on environmental, social, and governance (ESG) factors in its business strategy[55]. - The board recognizes the importance of implementing ESG practices to meet stakeholders' evolving expectations and promote sustainable development[125]. - The company emphasizes a culture of environmental and social responsibility throughout its organization, integrating ESG principles into daily operations and decision-making[125]. - The company has identified and prioritized 17 key ESG issues that are crucial for stakeholders and business operations, including anti-corruption and climate change response[134]. - The company focuses on energy management, waste management, and sustainable packaging as part of its environmental initiatives[135]. Employee and Workplace Practices - The total number of employees at the end of the reporting period was 88, down from 98 in the previous year, representing a decrease of approximately 10.2%[167]. - The employee turnover rate during the reporting period was approximately 35%, with 33 employees leaving the company, including 10 males and 23 females[174]. - The company has implemented initiatives to enhance employee satisfaction and retention, including annual performance evaluations and opportunities for internal promotions[163]. - The company is committed to maintaining occupational health and safety, with no serious workplace injuries or fatalities reported in the past three years[180]. - The company promotes a diverse and inclusive work environment, strictly prohibiting discrimination and harassment[162]. Customer Engagement and Product Quality - The company emphasizes transparency in product information and quality, ensuring customer service and complaint handling are effectively managed[135]. - No significant complaints were received during the reporting period, indicating a strong customer service performance[197]. - The company has established a product quality assurance system covering the entire production process, from raw material procurement to delivery[186]. - The skincare repackaging service has received ISO 9001:2015 certification from the Hong Kong Quality Assurance Agency, with inspections conducted every two years[190].
弥明生活百货(08473) - 2024 - 年度财报