鹰美(02368) - 2021 - 中期财报

Financial Performance - Revenue for the six months ended September 30, 2020, was HKD 1,923,855 thousand, an increase of 1.7% compared to HKD 1,891,994 thousand in the same period of 2019[3] - Gross profit for the same period was HKD 432,444 thousand, representing a gross margin of approximately 22.5%, up from HKD 361,972 thousand in 2019[3] - Profit before tax increased to HKD 306,862 thousand, a rise of 43.3% from HKD 214,254 thousand in the previous year[3] - Net profit for the period was HKD 237,395 thousand, compared to HKD 161,847 thousand in 2019, reflecting a year-on-year growth of 46.7%[4] - Basic earnings per share for the period was HKD 43.39 cents, significantly higher than HKD 29.90 cents in the same period last year[3] - Total comprehensive income for the period was HKD 289,314 thousand, compared to HKD 76,031 thousand in 2019, indicating a substantial increase[4] - The operating profit for the six months ended September 30, 2020, was HKD 413,272,000, compared to HKD 321,093,000 for the same period in 2019, reflecting a growth of about 28.7%[14] - The company’s net profit attributable to shareholders increased by 45.1% to HKD 230,800,000, with a profit margin rising from 8.4% to 12.0%[48] Cash Flow and Assets - Cash flow from operating activities was HKD 228,345 thousand, compared to HKD 204,807 thousand in the previous year, showing a growth of 11.5%[9] - Total assets as of September 30, 2020, were HKD 2,554,569 thousand, up from HKD 2,374,347 thousand as of March 31, 2020[5] - The company reported a net asset value of HKD 1,564,207 thousand, an increase from HKD 1,322,604 thousand at the end of the previous fiscal year[6] - The company’s cash and cash equivalents at the end of the period were HKD 371,334 thousand, compared to HKD 250,637 thousand in the same period last year[9] - Cash and bank balances as of September 30, 2020, amounted to HKD 371,300,000, up from HKD 341,200,000 as of March 31, 2020[51] Revenue Sources - Revenue from the China market reached HKD 906,994,000, a rise from HKD 806,253,000 in 2019, marking an increase of about 12.5%[14] - The proportion of orders from China reached a new high of 47.1%, driven by the recovery of the economy and increased health awareness[42] - Total sales increased by 1.7% to HKD 1,923,900,000 compared to HKD 1,892,000,000 in the same period last year[46] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.30 per share, compared to HKD 0.20 per share in 2019, representing a 50% increase[21] - The board declared an interim dividend of HK$0.30 per share for the six months ended September 30, 2020, compared to HK$0.20 per share in 2019[76] Expenses and Costs - The group’s tax expense for the period was HKD 69,467,000, up from HKD 52,407,000 in the previous year, reflecting an increase of about 32.5%[20] - Operating costs were reduced due to government relief measures, leading to a decrease in financing costs by HKD 6,800,000 (or 67.1%) compared to the previous year[47] - The company incurred rental expenses of HKD 3,401,000 for the six months ended September 30, 2020, compared to HKD 3,341,000 in the previous year[32] Debt and Liabilities - The company had bank loans of HKD 372,853,000 with interest rates ranging from 0.87% to 1.05% as of September 30, 2020, down from HKD 530,800,000 with rates of 1.48% to 2.60% as of March 31, 2020[28] - The debt-to-capital ratio significantly improved to 0.1% from 14.3% as of March 31, 2020[52] - As of September 30, 2020, the group had no significant contingent liabilities[55] Employee and Management Information - The group employed approximately 13,000 employees as of September 30, 2020, maintaining the same number as of March 31, 2020[56] Risk Management - The group faces foreign exchange risk primarily from transactions in USD and RMB, and will continue to monitor and manage this risk using appropriate financial instruments[53] - The company reported no overdue or impaired accounts receivable, indicating effective credit risk management[25] - The company’s management continues to monitor overdue balances regularly to minimize credit risk[24] Corporate Governance - Major shareholders include Time Easy with 72,650,000 shares (13.66% of issued share capital) and Excel Skill with 32,320,000 shares (6.08% of issued share capital) as of September 30, 2020[61] - The group has no registered interests or short positions in shares or related shares by any person other than those disclosed for directors and the CEO as of September 30, 2020[63] - Directors hold interests in competitive businesses, including Guangdong Dalian Garment Co., Ltd., which reported total revenue exceeding RMB 78 million for the year ended December 31, 2019[65] - The group will continue to ensure that any potential conflicts of interest are managed appropriately by directors involved in competitive businesses[65] Outlook - The outlook remains cautiously optimistic despite global economic uncertainties, with a focus on collaboration with high-end clients and efficient production coordination[50]