Financial Performance - Jin Mi Fang Group Holdings Limited reported a significant increase in revenue for the fiscal year 2023/24, with total revenue reaching HKD 500 million, representing a growth of 25% compared to the previous year[3]. - The company achieved a net profit of HKD 50 million, which is a 15% increase year-over-year, indicating improved operational efficiency[3]. - For the fiscal year ending March 31, 2024, the company reported revenue of HKD 51,729,000, a significant increase from HKD 29,744,000 in the previous year, representing a growth of approximately 74.0%[19]. - The company experienced a pre-tax loss of HKD 29,409,000, compared to a loss of HKD 22,281,000 in the previous year, indicating a deterioration in financial performance[19]. - The group recorded a net loss of approximately HKD 32.1 million for the year ended March 31, 2024, compared to a net loss of approximately HKD 22.3 million in the previous year, reflecting an increase in losses of approximately 44%[52]. - The company has set a revenue guidance of HKD 600 million for the next fiscal year, projecting a growth rate of 20%[3]. Business Expansion and Strategy - User data showed a 30% increase in active users, reaching 1 million users by the end of the fiscal year, reflecting successful marketing strategies[3]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share within the next two years[3]. - Jin Mi Fang is investing HKD 100 million in new product development, focusing on innovative technology solutions to enhance user experience[3]. - A strategic acquisition of a local tech startup was announced, expected to enhance the company's technological capabilities and market reach[3]. - The company established a new business in China focused on premium liquor brand management, customization, marketing, and distribution, particularly targeting B2B sales of Chinese liquor[24]. - The company plans to enter the food sales and distribution sector and expand its restaurant and related supply chain business in China[26]. - The company aims to strengthen its position as a leading liquor supplier and restaurant operator in China and Hong Kong while seeking market opportunities to improve financial performance[26]. Operational Efficiency and Cost Management - The cost of goods sold rose from approximately HKD 9.0 million to approximately HKD 21.0 million, an increase of 133.3%[34]. - Gross profit increased by approximately HKD 9.9 million or 47.6%, totaling approximately HKD 30.7 million for the year ended March 31, 2024[35]. - The gross margin decreased from approximately 69.8% to 59.4% due to lower profit margins in the Huagui watch trading business[37]. - Employee costs rose by approximately HKD 2.0 million or 10.6%, amounting to approximately HKD 20.8 million for the year ended March 31, 2024[39]. - Property rental and related expenses increased by approximately HKD 2.9 million or 223.1%, totaling approximately HKD 4.2 million for the year ended March 31, 2024[43]. - Sales expenses decreased to approximately HKD 1.5 million for the year ended March 31, 2024, down by HKD 1.0 million or 40% from HKD 2.5 million in the previous year, primarily due to cost control measures[46]. - Administrative and operating expenses increased to approximately HKD 13.9 million for the year ended March 31, 2024, up by HKD 3.5 million or 33.7% from HKD 10.4 million in the previous year, mainly due to increases in cleaning fees and professional fees[49]. Corporate Governance - The company has adopted the Corporate Governance Code and believes it has complied with all applicable provisions for the year ending March 31, 2024, except for a deviation regarding the separation of roles between the chairman and CEO[121][122]. - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse governance structure[126]. - The board is responsible for overseeing the company's overall business and ensuring high levels of corporate governance, including reviewing corporate governance policies and compliance with legal regulations[128]. - The company has mechanisms in place to ensure the independence of the board, including appointing independent non-executive directors to various committees[134]. - The audit committee is composed of three independent non-executive directors, ensuring independence in financial oversight[146]. - The board has a commitment to corporate governance, including regular reviews of compliance with legal and regulatory requirements[144]. Shareholder Relations - Jin Mi Fang Group Holdings Limited aims to enhance shareholder value through a proposed dividend increase of 10% for the upcoming fiscal year[3]. - The group did not recommend the declaration of a final dividend for the year ended March 31, 2024, consistent with the previous year[59]. - The company has adopted a shareholder communication policy to ensure timely and effective communication with shareholders[189]. - The board emphasizes the importance of shareholder communication and invites stakeholders to express their opinions and concerns through designated channels[193]. Human Resources - The total employee cost for the year ended March 31, 2024, was approximately HKD 20.8 million, an increase from HKD 18.8 million for the year ended March 31, 2023, reflecting a growth of about 10.64%[88]. - As of March 31, 2024, the group employed 93 employees, up from 77 employees as of March 31, 2023, indicating a growth of approximately 20.78% in workforce size[88]. - The company aims to maintain a balanced level of gender diversity among employees in the foreseeable future[163]. Future Outlook - The company plans to continue exploring merger and acquisition opportunities to enhance its market competitiveness and business diversity[108]. - The company remains optimistic about the market trend for Chinese liquor sales, driven by stable GDP growth and recovery in industrial production and manufacturing investment in China[23]. - The company will adopt conservative business strategies to navigate uncertainties in the Hong Kong economy and the local retail and dining sectors[24].
皇玺集团(08300) - 2024 - 年度财报