Financial Performance - The group's revenue for the six months ended September 30, 2021, was approximately HKD 48.5 million, an increase of about HKD 4.7 million or 10.8% compared to the same period in 2020[5]. - The group's net profit for the six months ended September 30, 2021, was approximately HKD 4.5 million, a decrease of about HKD 1.8 million or 29.1% compared to the same period in 2020[5]. - The total comprehensive income for the group for the six months ended September 30, 2021, was approximately HKD 4.6 million, a decrease of about HKD 1.8 million or 28.0% compared to the same period in 2020[5]. - The group's gross profit for the six months ended September 30, 2021, was HKD 32.8 million, compared to HKD 30.9 million for the same period in 2020[7]. - The basic and diluted earnings per share for the six months ended September 30, 2021, were HKD 0.29, compared to HKD 0.40 for the same period in 2020[7]. - The company's profit decreased by approximately 29.1% from HKD 6.4 million to HKD 4.5 million for the six months ended September 30, 2021[48]. Revenue Sources - Furniture and home decor sales contributed HKD 39,753,000 to total revenue, up 19.0% from HKD 33,342,000 in the previous year[23]. - Direct sales revenue for the six months ended September 30, 2021, was approximately HKD 36.3 million, an increase of about HKD 3.6 million or 11.0% compared to HKD 32.7 million for the same period in 2020[59]. - Total furniture and home decor sales for the six months ended September 30, 2021, amounted to HKD 39.8 million, up from HKD 33.3 million in 2020, representing a growth of approximately 19.0%[59]. - Food and beverage income from TREE Café increased from approximately HKD 1.1 million in 2020 to about HKD 2.1 million in 2021[61]. Expenses and Costs - The group's administrative expenses increased to HKD 10.9 million for the six months ended September 30, 2021, compared to HKD 7.9 million for the same period in 2020[7]. - The cost of sales rose from approximately HKD 12.9 million to approximately HKD 15.7 million, reflecting a 22.0% increase due to higher sales activity[41]. - Selling and marketing expenses decreased by approximately 4.2% from HKD 18.1 million to HKD 17.3 million, mainly due to the closure of a retail store[45]. - Administrative expenses increased by approximately 39.1% from HKD 7.9 million to HKD 11.0 million, driven by higher director remuneration and employee costs[46]. Cash Flow and Assets - The company's cash and cash equivalents as of September 30, 2021, were HKD 88.3 million, down from HKD 97.3 million as of March 31, 2021[9]. - The net cash generated from operating activities for the six months ended September 30, 2021, was HKD 16,696,000, an increase of 22.8% compared to HKD 13,623,000 for the same period in 2020[15]. - Cash and cash equivalents decreased by HKD 3,284,000 to HKD 25,856,000 as of September 30, 2021, compared to HKD 29,140,000 at the beginning of the period[15]. - The total assets less current liabilities as of September 30, 2021, were HKD 69.3 million, down from HKD 79.4 million as of March 31, 2021[9]. - The net asset value as of September 30, 2021, was HKD 62.3 million, a decrease from HKD 70.4 million as of March 31, 2021[11]. Dividends and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2021[5]. - The company did not recommend any interim dividend for the period, consistent with the previous year[30]. - The company has a significant shareholder, Yuting, holding 54.00% of the shares, equating to 855,380,000 shares[77]. - As of September 30, 2021, no other individuals or entities, apart from the directors and senior management, were reported to have significant interests in the company's shares[75]. Corporate Governance and Compliance - The audit committee has reviewed the unaudited consolidated financial statements for the period[90]. - The company has maintained compliance with the corporate governance code as per GEM listing rules, except for one provision regarding the separation of roles between the chairman and CEO[82][83]. - The company has not disclosed any competitive business interests or conflicts of interest among its major shareholders[79]. - The board of directors consists of experienced members, ensuring a balance of power and authority within the company[83]. Strategic Initiatives - The company is actively seeking new distribution partners in China after the current agreements are set to expire[60]. - The company plans to continue focusing on its two retail stores in Hong Kong and its e-commerce platform amid a challenging retail environment[66]. - The company aims to enhance its revenue base by providing furniture agency services for imports from Italy, primarily targeting Chinese customers[66]. - The company acquired Hong Kong Yixiang International Trade Co., Ltd. in December 2018, enhancing its furniture agency services in Hong Kong[50].
中显智能齐家控股(08395) - 2022 - 中期财报