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TAI PING CARPET(00146) - 2023 - 年度财报

Financial Performance - For the fiscal year ending June 30, 2023, Tai Ping Carpets reported total revenue of approximately HKD 601 million, representing a 3% increase from the previous year[18]. - The company's net profit increased by 52% to approximately HKD 38 million, compared to HKD 25 million in the previous year[18]. - The basic earnings per share rose to HKD 0.1811 from HKD 0.1191, reflecting a significant improvement in profitability[10]. - The return on equity for the company increased to 9.0% from 5.9% year-on-year, indicating enhanced financial performance[10]. - The total assets of Tai Ping Carpets as of June 30, 2023, were HKD 792.867 million, a slight increase from HKD 788.009 million in the previous year[13]. - The group's consolidated revenue for the fiscal year ending June 30, 2023, increased by 3% to approximately HKD 601 million, up from HKD 584 million in the previous year[26]. - Operating profit rose by 43% to approximately HKD 40 million, compared to about HKD 28 million in 2022, despite an increase in operating expenses due to the resumption of marketing activities[26]. - Net profit attributable to the company's owners for the year was approximately HKD 38 million, a 52% increase from about HKD 25 million in the previous year[26]. - The carpet business generated revenue of approximately HKD 582 million, a 3% increase from HKD 564 million last year, with an 8% revenue growth in the US market[27]. - The overall gross profit margin for the carpet business improved significantly to 61%, compared to 58% in the previous year[28]. Market Expansion and Strategy - The company plans to expand its market presence through new product launches and digital marketing initiatives to enhance brand awareness[19]. - Tai Ping Carpets has strategically opened seven flagship stores in major cities since 2019, with the latest openings in Los Angeles and San Francisco[19]. - The company plans to further invest in information systems to enhance manufacturing processes and resource allocation[29]. - The company opened a new showroom in San Francisco in June 2023, following the opening of a showroom in Los Angeles in July 2022, aimed at increasing brand awareness and retail opportunities[40]. Corporate Governance and Diversity - The company adheres to high standards of corporate governance, ensuring transparency, independence, accountability, and fairness in its operations[60]. - The company has a commitment to diversity in employment, treating all individuals fairly regardless of citizenship, nationality, ethnicity, gender, religion, or cultural background[65]. - The board currently consists of one female director and nine male directors, with an emphasis on increasing the proportion of female members for better gender diversity[64]. - The board has adopted a diversity policy that considers various factors such as gender, age, independence, cultural and educational background, and professional experience when appointing directors[61]. - The company believes that high standards of corporate governance are crucial for maintaining long-term performance and creating value for shareholders and stakeholders[60]. - The nomination committee will report annually on the composition of the board from a diversity perspective and monitor the implementation of the diversity policy[62]. - The company has a strong corporate culture that emphasizes integrity, ethical conduct, and responsible business practices, which are essential for its operations and long-term growth[60]. - The board is committed to regularly reviewing and updating governance principles to reflect changing regulatory requirements and corporate governance developments[60]. - The company has a diverse board composition, with members aged between 49 and 77 years[64]. - The board includes members with extensive experience in various sectors, including textiles, banking, and corporate management, enhancing its strategic decision-making capabilities[59]. Employee Welfare and Safety - Employee benefits include accommodation, meal plans, paid leave, and additional medical insurance for employees from other provinces[186]. - The company achieved a target of ≤ 4 total work-related injuries for 2023, successfully meeting this goal[191]. - The total number of work-related injuries, including severe injuries with over 105 days lost, was reported as 0, indicating a strong safety performance[191]. - The company set a target of 100% for hazard rectification rate, which was achieved during the reporting period[191]. - A total of 528 employees participated in various training programs, including first aid training for the Xiamen production workshop staff[196]. - The company has implemented a comprehensive occupational health and safety management system certified by ISO 45001, ensuring compliance with applicable laws and regulations[190]. - The company has established specific occupational health and safety goals to continuously improve its performance in this area[190]. - The introduction of automated systems and safety measures has reduced risks associated with workplace injuries[194]. - The company emphasizes employee development and training, providing customized on-the-job training and self-learning programs[195]. Environmental, Social, and Governance (ESG) Initiatives - The company presented its environmental, social, and governance (ESG) report for the fiscal year 2022/2023, covering management policies and performance[139]. - The report period spans from July 1, 2022, to June 30, 2023[140]. - The scope of the report includes the company's core business operations in Xiamen, China, and various sales offices globally, including in the USA, Europe, the Middle East, and Africa[141]. - The report adheres to the ESG reporting guidelines set by the Hong Kong Stock Exchange, ensuring compliance with mandatory disclosure requirements[142]. - The company aims to enhance transparency and accountability regarding its sustainability performance and stakeholder engagement through the report[142]. - The board of directors is responsible for overseeing compliance with regulations, stakeholder engagement, and environmental, social, and governance (ESG) performance[145]. - The group has identified 21 sustainability issues, with 12 prioritized as significant based on stakeholder feedback and global sustainability trends[156]. - The environmental, health, and safety department is responsible for managing policies and procedures related to sustainability and has obtained ISO 14001 certification[147]. - Monthly sustainability training courses are provided to employees, covering topics such as regulations, certifications, and audits[148]. - The group encourages stakeholder participation and feedback to guide its ESG development direction[146]. Supply Chain Management - The company has established and implemented various standard operating procedures for supply chain management, including "Management of External Suppliers" and "Procurement Control"[200]. - The company adheres to the highest ethical and environmental standards throughout its global operations and supply chain[200]. - Suppliers are required to sign a "Social Responsibility Commitment" and a "Hazardous Substances Restriction Commitment" to comply with WCA standards and relevant chemical regulations[200]. - A supplier management system has been established to verify supplier qualifications and assess performance, ensuring compliance with internal environmental and social standards[200]. - Annual audits are conducted on suppliers regarding their environmental, health, and safety management systems, crisis management, and hazardous substance disposal[200]. - Suppliers failing to meet standards after communication and remedial measures are removed from the qualified supplier list[200]. - The company has been recognized as an approved supplier by world-renowned luxury brands based on external audits of its responsible procurement practices[200].