同得仕(集团)(00518) - 2019 - 年度财报

Financial Performance - The company's annual sales reached approximately HKD 965.9 million, a slight decrease of 3.2% compared to the previous fiscal year[112]. - The company's total revenue for the fiscal year decreased by 3.2% to HKD 965,900,000 due to ongoing trade disputes and a slowdown in global economic conditions[123]. - Sales in North America accounted for 49.0% of total revenue, amounting to HKD 473,500,000, a year-on-year decrease of 9.1%, with U.S. sales specifically declining by 11.8% to HKD 317,600,000[122]. - Gross profit was HKD 180,200,000, resulting in a gross margin of 18.7%, which is a decrease of 3.2 percentage points compared to the previous fiscal year[123]. - The pre-tax operating loss attributed to core business activities increased by 8.4% to HKD 76,300,000, primarily due to ongoing losses in the core manufacturing business amid trade tensions[124]. Strategic Adjustments - The company is actively adjusting its strategies in response to market conditions and policy changes, focusing on four key areas: manufacturing relocation, cost efficiency improvements, business restructuring, and customer-centric operations[113]. - The company has completed the relocation of its manufacturing operations from Shenzhen to Zhongshan and Dongguan, and is expanding production capacity at its multinational manufacturing platform in Vietnam[113]. - The company plans to sell its e-commerce park in Hangzhou and close underperforming retail stores in China to streamline operations[113]. - The company aims to enhance cost efficiency across production quality, turnaround time, and administrative processes[113]. - The company has expanded its production layout beyond China to Vietnam, which has provided a diversified procurement advantage to mitigate risks associated with the ongoing trade war[120]. Customer Commitment - The company is committed to ensuring customer needs are met throughout the logistics and delivery processes[113]. Acknowledgments - The company acknowledges ongoing economic and political uncertainties but remains focused on stability and seizing opportunities[113]. - The company expresses gratitude to shareholders, business partners, and employees for their support and efforts[114].