Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching HKD 1.2 billion for the fiscal year ended March 31[18]. - Net profit for the year was HKD 300 million, representing a 20% increase compared to the previous year[18]. - For the year ended March 31, 2024, revenue decreased by 13.4% year-on-year to HK$2,303.2 million, primarily due to a decrease in average steel prices and the absence of one-off milestone fee income[34]. - Gross profit increased by 9.1% year-on-year to HK$384.1 million, driven by favorable steel price movements and rising contributions from the Steels Processing Business[34]. - Profit attributable to owners of the Company decreased by 4.9% year-on-year to HK$78.8 million, despite a surge in finance costs by HK$15.4 million due to rising interest rates[34]. - The gross profit margin improved to 16.7%, up 3.5 percentage points from the previous year[26]. - The operating profit margin increased to 8.7%, reflecting a 1.9 percentage point improvement year-on-year[26]. - Basic earnings per ordinary share for the Year was HK12.31 cents, down from HK12.94 cents in the same period last year[66]. Market Expansion and Strategy - The company expanded its user base by 25%, now serving over 500,000 customers across its platforms[18]. - Future guidance indicates expected revenue growth of 10-12% for the next fiscal year, driven by new product launches and market expansion[18]. - The company plans to enter two new markets in Southeast Asia by the end of the next fiscal year, targeting a market share of 5% in these regions[18]. - A strategic partnership was formed with a leading tech firm to enhance digital capabilities and improve customer experience[18]. - The acquisition of a local competitor is expected to be finalized by Q3 2024, which will enhance the company's market position[18]. Sustainability and Corporate Responsibility - The company has committed to reducing carbon emissions by 30% over the next five years through sustainable practices[18]. Product Development - The company is investing HKD 50 million in R&D for new technologies aimed at enhancing product offerings[18]. - A new product line is set to launch in Q2 2024, projected to contribute an additional HKD 100 million in revenue[18]. Operational Performance - The Company recorded a significant 48.4% increase in delivery quantity for its Steels Distribution and Processing Business, supported by its position as one of the largest approved steel reinforcing bar prefabrication yards in Hong Kong[36]. - Delivery volume for the steel distribution and processing business increased significantly by 48.4% during the year[39]. - The Steels Distribution and Processing Business experienced a revenue decline of 15.4% year-on-year, yet profit before income tax increased from approximately HK$84.1 million to approximately HK$116.0 million, marking a 37.8% growth[62]. Financial Position and Assets - Current assets decreased to HK$946.2 million from HK$1,158.6 million in the previous year, indicating a reduction in liquidity[28]. - Non-current assets decreased to HK$1,703.7 million from HK$1,798.8 million, reflecting a decline in long-term investments[28]. - Total equity decreased to HK$1,041.9 million from HK$1,072.7 million, indicating a slight reduction in the Company's net worth[28]. - The Group's total assets decreased from approximately HK$2,957.4 million to approximately HK$2,649.9 million as of March 31, 2024, a decline of about 10.4%[95]. - The Group's inventories decreased from approximately HK$473.1 million to approximately HK$380.6 million, reflecting a reduction of about 19.5%[95]. - Trade and bill receivables also decreased from approximately HK$430.7 million to approximately HK$370.8 million, a decline of about 13.9%[95]. - The net asset value of the Group reduced to approximately HK$1,041.9 million, with net asset value per ordinary share equivalent to approximately HK$1.47 as of March 31, 2024[95]. - The Group's borrowings decreased by approximately HK$173.8 million to approximately HK$1,259.5 million as of March 31, 2024[96]. - The gearing ratio slightly decreased from 57.0% to 54.2%[96]. - The current ratio improved from 0.68 to 0.82 after refinancing long-term bank loans of approximately HK$352.6 million[97]. Governance and Corporate Structure - The Board consists of two Executive Directors and three Independent Non-executive Directors, ensuring a balanced governance structure[162]. - The Company has adopted the Corporate Governance Code and complied with all applicable provisions, except for provisions C.1.6 and C.2.1 for the year ended March 31, 2024[155]. - The Executive Directors are responsible for managing overall business and formulating corporate strategies, while Independent Non-executive Directors provide independent advice[167]. - The Company has established four Board Committees: Executive Committee, Remuneration Committee, Audit Committee, and Nomination Committee to oversee various affairs[168]. - The Board regularly meets to discuss overall strategy and financial performance, reviewing and approving annual and interim results[174]. - All Independent Non-executive Directors have confirmed their independence according to the guidelines set out in the Listing Rules[163]. - The Company aims to align corporate governance practices with its values and strategies, focusing on sustainable development[156]. - The daily operations are executed by management under the supervision of the Executive Committee, which has specific written terms of reference[169]. - The Company has a commitment to high standards of corporate governance to manage business risks and enhance transparency[155]. Diversity and Inclusion - The Board Diversity Policy has been effectively implemented, enhancing performance quality through diverse perspectives[194]. - The Board currently consists of all male members and aims to appoint one female member by December 31, 2024, to enhance gender diversity[196]. - The workforce gender ratio is 64% male and 36% female, with a commitment to maintain at least the current ratio[197]. - The diversity policy, including gender diversity, is effectively implemented across the workforce, including senior management[198]. - The Board's diversity policy considers various factors such as gender, age, race, cultural background, and professional experience[199]. - The Company will review employee turnover and recruitment data to adjust recruitment targets and strategies as necessary[197]. - The Nomination Committee will continue to monitor and recommend actions for improving board diversity[196]. - The Board believes that diversity among its members enhances the overall performance of the Company[198]. - The Company is committed to providing a balanced and diverse skill set appropriate to its business needs[199].
沪港联合(01001) - 2024 - 年度财报