Revenue and Growth - The group's revenue increased from approximately HKD 543.4 million in the same period of 2020 to approximately HKD 630.1 million in 2021, reflecting a growth of about 16%[14]. - The overall retail sales in China increased by 16.4% year-on-year to approximately RMB 3.18 trillion in the first three quarters of 2021[11]. - Revenue from product sales for the six months ended September 30, 2021, was HKD 630,051 thousand, compared to HKD 543,391 thousand for the same period in 2020, representing an increase of 16%[90]. Production and Capacity - The new factory in Dongguan achieved a planned annual production capacity of RMB 200 million, generating revenue of approximately HKD 131.7 million during the period[14]. - The second factory in Dongguan commenced production in July 2021, equipped with advanced automation technology to enhance production efficiency[14]. - The Dongguan plant achieved a revenue contribution of approximately HKD 131,700,000, reaching its maximum annual production capacity of RMB 200 million[25]. - The group plans to enhance production efficiency with the commencement of operations at its Dongguan plants, aiming to meet the increasing demand and strengthen operational capabilities[60]. Financial Performance - The gross profit decreased to approximately HKD 82,500,000, compared to HKD 124,000,000 in the same period last year, reflecting a decline of about 33.8%[30]. - The company recorded a net loss of approximately HKD 9,100,000, compared to a net profit of HKD 34,100,000 in the same period last year[19]. - The total cost of goods sold for the period was HKD 547,530,000, an increase from HKD 419,361,000 in the previous year, representing a year-over-year increase of approximately 30.6%[150]. - The net loss for the period was HKD 9,113 thousand, compared to a profit of HKD 34,092 thousand in the same period last year, reflecting a significant downturn[90]. - The company reported a loss attributable to owners of HKD 8,216,000 for the six months ended September 30, 2021, compared to a profit of HKD 34,127,000 for the same period in 2020[153]. Market and Economic Conditions - The e-commerce sector in China saw a significant increase, with over 60% of consumers shopping online weekly or daily, driving logistics demand[13]. - The total volume of express delivery services in China reached 76.77 billion items in the first three quarters of 2021, representing a year-on-year growth of 36.7%[13]. - The Chinese economy grew by 4.9% year-on-year in Q3 2021, down from 7.9% in Q2 2021, indicating a slowdown due to various factors including energy consumption restrictions[12]. Cost and Expenses - The company faced increased procurement costs due to supply chain disruptions, impacting the ability to source raw materials cost-effectively[30]. - Sales expenses increased to approximately HKD 46,600,000, up from approximately HKD 32,700,000 in the same period last year, driven by the operational launch of two factories in Dongguan[37]. - Other operating expenses surged to approximately HKD 70,200,000, compared to approximately HKD 300,000 in the same period last year, primarily due to one-time costs related to lease terminations[38]. - Financial costs increased to approximately HKD 4,100,000 for bank loan interest, up from approximately HKD 3,700,000 in the same period last year[39]. Corporate Governance and Compliance - The company has complied with the applicable code provisions of the Corporate Governance Code during the period[77]. - The board is committed to maintaining appropriate corporate governance practices to safeguard shareholder interests[76]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting[80]. Employee and Compensation - As of September 30, 2021, the total employee compensation, including directors' remuneration, was approximately HKD 103.1 million, compared to HKD 73.9 million in the same period last year, reflecting an increase of about 39.5%[57]. - The group employed a total of 1,184 employees as of September 30, 2021, down from 1,469 employees as of March 31, 2021, indicating a reduction of approximately 19.5%[57]. Tax and Provisions - The effective corporate tax rate for the company's subsidiaries in China is 15% due to their qualification as high-tech enterprises[143]. - The company has a tax provision of HKD 21,717,000 related to estimated assessments from the Hong Kong tax authority[146]. - The company’s subsidiaries classified as small and micro enterprises benefit from reduced tax rates under specific conditions, with a maximum tax rate of 20% applicable[144]. Shareholder Information - As of September 30, 2021, Perfect Group Version Limited holds 233,000,000 shares, representing 67.76% of the issued shares[70]. - Public shareholders hold at least 25% of the company's issued shares as of September 30, 2021[87]. - The company's issued and paid-up share capital remained at HKD 20,000,000 as of September 30, 2021, with 2,000,000 shares[167]. Cash Flow and Investments - The net cash generated from operating activities was 11,005 million HKD, compared to 52,730 million HKD in the previous period[101]. - The net cash used in investing activities was (27,485) million HKD, a significant improvement from (44,302) million HKD in the prior period[101]. - The company purchased property, plant, and equipment amounting to approximately HKD 18,141,000 during the reporting period[156].
锦胜集团(控股)(00794) - 2022 - 中期财报