Financial Performance - Total revenue for the fiscal year 2023/24 was HKD 841,148,000, a decrease of 1.1% from HKD 855,076,000 in 2022/23[8] - Gross profit for the fiscal year 2023/24 was HKD 121,833,000, resulting in a gross margin of 14.5%, down from 15.3% in the previous year[8] - Adjusted net profit for the fiscal year 2023/24 was HKD 23,379,000, slightly up from HKD 23,036,000 in 2022/23, with an adjusted net profit margin of 2.8%[8] - Total merchandise transaction value for 2023/24 was HKD 926.3 million, a slight decrease from HKD 929.2 million in the previous year[13] - The average order value for the fiscal year 2023/24 was HKD 1,948, compared to HKD 1,950 in 2022/23[13] - Total gross merchandise value for the fiscal year 2023/24 was approximately HKD 926.3 million, nearly flat compared to HKD 929.2 million in 2022/23[15] - Revenue for the fiscal year 2023/24 decreased to approximately HKD 841.1 million from HKD 855.1 million in 2022/23, representing a decline of about 1.6%[70] - Gross profit decreased from approximately HKD 131.2 million in 2022/23 to about HKD 121.8 million in 2023/24, a decline of 7.1%[71] - Net profit surged by approximately 253.9% to about HKD 22.3 million, with adjusted net profit increasing by about 1.5% to approximately HKD 23.4 million, highlighting the company's resilience[45] Membership and Customer Engagement - The number of registered members increased to 1,108,000 in 2023/24, up from 961,000 in 2022/23, representing a growth of 15.3%[13] - The registered membership exceeded 1.1 million, with an industry-leading average transaction value of approximately HKD 1,948[48] Business Models and Strategies - The company plans to continue focusing on its core 1P business model in electronics and appliances, aiming for higher market share and exploring untapped categories[19] - The 3P business model has shown steady growth in merchant numbers, product offerings, and total gross merchandise value, with a high average transaction value maintained[19] - The company is actively seeking merger and acquisition opportunities to accelerate growth, with several promising prospects identified[17] - The company has upgraded its platform system multiple times to support future growth and accommodate new brands joining the platform[19] Market Expansion and Future Plans - The company aims to continue expanding its market presence and enhancing its product offerings in the upcoming fiscal year[14] - The company is preparing to expand its target consumer base to the Greater Bay Area and explore opportunities in Southeast Asia for future growth[20] - The company anticipates a challenging retail environment in Hong Kong but expects some relief in the second half of 2024, driven by declining global interest rates and government initiatives[94] Financial Health and Equity - Cash net position improved to HKD 230,889,000 in 2023/24, up from HKD 211,266,000 in the previous year[8] - Total equity increased to HKD 274,805,000 in 2023/24, compared to HKD 264,861,000 in 2022/23[8] - The adjusted return on equity for 2023/24 was 8.5%, slightly down from 8.7% in the previous year[8] Shareholder Returns - The board declared a final dividend of HKD 0.030 per share for the fiscal year 2023/24, up from HKD 0.024 per share in 2022/23, totaling approximately HKD 14.9 million, pending shareholder approval[15] - The company repurchased approximately 2.2 million shares during the fiscal year to protect shareholder interests and proposed a final dividend of HKD 0.03 per share[46] Operational Efficiency - Operating expenses as a percentage of total revenue decreased from 13.1% in 2022/23 to 12.3% in 2023/24, indicating effective cost control[67] - Sales and distribution expenses decreased from approximately HKD 76.5 million in 2022/23 to about HKD 66.6 million in 2023/24, attributed to reduced logistics and storage costs[74] Environmental, Social, and Governance (ESG) Initiatives - The company has established a governance framework to enhance focus on environmental, social, and governance initiatives, overseen by the board[115] - The company has identified 22 key environmental, social, and governance issues through stakeholder engagement, prioritizing them based on importance[121] - The company has committed to integrating energy efficiency into procurement standards for electronic equipment by the fiscal year 2026/27[117] - The company has implemented a service to collect old electronic appliances when delivering new ones, aiming to reduce carbon footprint and ensure responsible recycling[111] Employee Management and Development - The company has implemented a competitive compensation framework, including a monthly attendance bonus and additional bonuses for retail frontline staff based on sales performance and customer ratings[153] - The company has established a fitness area in the workplace to promote employee well-being and encourage a healthier lifestyle[165] - The company has implemented a comprehensive training program to enhance employee skills and performance, ensuring alignment with the company's culture and operational framework[169] Community Engagement - The company donated cash and products to support local communities during the reporting period[192] - The "Wish Come True" initiative has been supported for eight consecutive years, providing essential electronic products to low-income families, single-parent households, and individuals with special needs[194] - The Y Charity program enables over 10,000 tax-exempt charitable organizations to fundraise through the company's e-commerce platform without management fees, aiming to increase fundraising outreach[197]
友和集团(02347) - 2024 - 年度财报