Financial Performance - Sales revenue increased to approximately HK$2,076.3 million for the six months ended June 30, 2021, representing an increase of approximately 47.6% compared to the corresponding period last year[24]. - The Group's gross profit for the Reporting Period amounted to approximately HK$507.0 million, representing an increase of approximately 48.4%[42]. - Profit attributable to owners of the Company was approximately HK$175.2 million, representing an increase of approximately 105.2%[43]. - Basic earnings per share increased to approximately HK16.85 cents, up approximately 105.2% from the previous period[46]. - Net profit for the six months ended June 30, 2021, amounted to approximately HK$168.7 million, representing an increase of approximately 118.6% compared to approximately HK$77.2 million for the same period in 2020[70]. - Total comprehensive income for the period reached HK$211,817,000, compared to HK$17,818,000 in the previous year, marking a significant increase[189]. - Profit before taxation increased to HK$195,212,000, up from HK$87,025,000 in the previous year, marking a significant increase of approximately 124.8%[187]. Revenue Breakdown - Revenue from sales of elastic fabric increased by approximately 45.1% to approximately HK$1,544.2 million[41]. - Revenue from sales of elastic webbing increased by approximately 63.1% to approximately HK$488.4 million[41]. - Revenue from the sportswear and apparel fabric segment reached approximately HK$983.4 million, representing an increase of approximately 54.0%[41]. - The increase in overall revenue was mainly due to the rebound in sales orders from lingerie customers and continued growth in sportswear and apparel sales orders[49]. - The main contributors to the revenue increase were the elastic fabric and elastic webbing business segments[54]. Cost and Expenses - The Group's total cost of sales for the six months ended June 30, 2021, was approximately HK$1,569.2 million, an increase of approximately HK$504.2 million or 47.3% compared to the same period in 2020[61]. - Selling and distribution expenses represented approximately 4.9% of total revenue for the six months ended June 30, 2020, and approximately 4.7% for the six months ended June 30, 2021, indicating a decrease in the ratio due to economies of scale[78]. - Administrative expenses accounted for approximately 7.7% of total revenue for the six months ended June 30, 2020, and approximately 7.4% for the six months ended June 30, 2021, reflecting a reduction in the ratio due to economies of scale[79]. - Research and development costs represented approximately 2.5% of revenue for the six months ended June 30, 2020, and approximately 2.4% for the six months ended June 30, 2021, highlighting the company's commitment to innovation[83]. - Finance costs decreased by approximately 33.9% from HK$41.6 million for the six months ended June 30, 2020, to HK$27.5 million for the six months ended June 30, 2021, primarily due to lower average borrowings and decreased market interest rates[88]. Market and Economic Conditions - The global GDP was forecasted to be around US$142 trillion, which increased by US$10.3 trillion compared to 2020[23]. - The supportive fiscal and monetary policies from governments contributed to the market recovery observed in the first half of 2021[23]. - The U.S. real GDP recorded growth rates of 4.3%, 6.3%, and 6.5% in the fourth quarter of 2020, first quarter, and second quarter of 2021, indicating a recovery in the global economy[115]. - The GDP of the PRC increased by 12.7% in the first six months of 2021 compared to the same period in 2020, indicating a strong economic recovery[119]. - The overall economic recovery is influenced by geopolitical tensions, pandemic developments, and the ability to control the spread of new variants like Delta[117]. Strategic Initiatives - Strategic investments in international operations allowed the company to respond effectively to market upturns during the first half of 2021[32]. - The company has been a pioneer in making substantial investments in its internationalization plan[31]. - The Group aims to further penetrate the sportswear and apparel business segment by leveraging its innovation and research capabilities[116]. - Continuous strategic investments in personnel and capacity expansion are believed to underpin the Group's long-term sustainability and maximize shareholder value[121]. - The Group plans to adopt a more proactive approach to explore further capacity expansion in both the PRC and overseas, moving away from the conservative investment strategy of the previous year[120]. Shareholder Information - Grandview Capital Investment Limited holds 637,500,000 ordinary shares, representing approximately 61.30% of the total shareholding[144]. - FMR LLC has an interest in 91,518,800 ordinary shares, accounting for about 8.80% of the total shareholding[144]. - The total number of shares held by substantial shareholders indicates a strong ownership concentration within the company[144]. - The Company declared an interim dividend of HK$0.075 per ordinary share for the six months ended June 30, 2021[168]. - The Company has disclosed that all substantial shareholders' interests are in compliance with the Securities and Futures Ordinance[140]. Operational Metrics - As of June 30, 2021, net working capital was approximately HK$862.5 million, an increase of approximately HK$68.2 million compared to HK$794.3 million as of December 31, 2020[100]. - Bank balances and cash increased by approximately HK$179.3 million to approximately HK$1,272.2 million as of June 30, 2021, compared to December 31, 2020[100]. - Trade and bills receivables turnover days improved to approximately 67.4 days for the six months ended June 30, 2021, down from approximately 81.8 days for the year ended December 31, 2020[104]. - Inventory turnover days decreased to approximately 120.9 days for the six months ended June 30, 2021, compared to approximately 137.2 days for the year ended December 31, 2020, due to better inventory control[104]. - The Group's net gearing ratio was approximately 31.1% as of June 30, 2021, down from approximately 36.7% as of December 31, 2020[103].
超盈国际控股(02111) - 2021 - 中期财报