Financial Performance - MI MING Mart Holdings Limited reported a significant increase in revenue, achieving a total of HKD 150 million for the fiscal year 2019/2020, representing a growth of 20% compared to the previous year[22]. - The group's revenue for the year ended March 31, 2020, was approximately HKD 142.5 million, a decrease of about 4.8% compared to HKD 149.7 million in the previous year[54]. - The gross profit for the same period was approximately HKD 91.4 million, down about 2.2% from HKD 93.5 million in the previous year[54]. - The profit attributable to the company's owners for the year was approximately HKD 22.9 million, a decrease of about 17.1% from HKD 27.6 million in the previous year[54]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency and cost management[22]. - The company anticipates a revenue growth forecast of 15% for the next fiscal year, supported by ongoing marketing campaigns and product diversification[22]. Retail Expansion and Marketing - The company expanded its retail presence by opening three new specialty stores, contributing to a 15% increase in customer footfall[8]. - MI MING Mart's proprietary brand sales grew by 30%, driven by the introduction of new product lines and enhanced marketing strategies[22]. - The company plans to enhance its existing online store and actively develop its e-commerce business in response to changing consumer shopping habits[50]. - The company aims to increase its market share by 10% through strategic partnerships and collaborations with local suppliers[22]. - The marketing strategy focuses on enhancing brand image and customer loyalty through high-quality beauty and health products selected by the senior management team[97]. Sustainability and ESG Initiatives - MI MING Mart is committed to sustainability, with 100% of its products being cruelty-free and free from harmful chemicals[2]. - The environmental, social, and governance (ESG) report covers the period from April 1, 2019, to March 31, 2020, detailing the company's progress in ESG initiatives across 12 locations, including 10 retail stores and warehouses in Hong Kong[175]. - The board emphasizes the importance of excellent ESG performance to meet stakeholder expectations and support sustainable development[177]. - The company maintains a commitment to providing products that do not harm health, aligning with its core philosophy since its establishment in 2009[176]. - The company has increased its focus on community development and charitable contributions as part of its social responsibility initiatives[183]. Operational Efficiency and Challenges - The group will continue to improve operational efficiency and focus on enhancing the quality of service in retail stores while introducing new products[50]. - The company has faced challenges due to the COVID-19 pandemic, which has impacted customer foot traffic and sales[49]. - The board believes that the trend towards online shopping will continue even after the pandemic, as consumers have become increasingly reliant on e-commerce[50]. - The company aims to utilize a new integrated system to collect data and study customer shopping patterns to further improve operational efficiency[50]. Corporate Governance - The company has adopted and complied with the corporate governance code since its listing date on February 12, 2018[114]. - The board believes that good corporate governance standards are essential for protecting shareholder interests and enhancing corporate value[114]. - The company has established written guidelines for employees regarding securities trading, which comply with the standards set forth in the GEM Listing Rules[116]. - The board consists of independent non-executive directors with extensive experience in various industries, including telecommunications and pharmaceuticals[108][105]. - The company has implemented monitoring procedures to ensure unauthorized access to insider information is strictly prohibited[159]. Employee and Management - The group employed a total of 78 full-time employees and 11 part-time employees as of March 31, 2020, compared to 73 full-time and 15 part-time employees in 2019[76]. - Employee costs, including director remuneration, amounted to approximately HKD 29.4 million for the year ending March 31, 2020, up from HKD 27.9 million in 2019, representing a year-on-year increase of about 5.4%[76]. - The company has a diverse management team with qualifications from prestigious universities, enhancing its strategic decision-making capabilities[106][109]. Risk Management - The board is responsible for evaluating the nature and extent of risks the company is willing to take in achieving its strategic objectives, establishing and maintaining effective risk management and internal control systems[157]. - The board has conducted an annual review of the risk management and internal control systems in April 2020, confirming that these systems are effective and adequate[160]. - The company has identified key risks and prioritized them based on their likelihood and impact, with management evaluating the potential occurrence of these risks[158]. Financial Management - The company has engaged Deloitte as its external auditor, with fees for audit services amounting to HKD 1,023,000 and non-audit services totaling HKD 1,026,000, leading to a total of HKD 2,049,000[166]. - The company has adopted a dividend policy on December 27, 2018, which guides the board in determining whether to declare and pay dividends, considering future operations, profitability, funding needs, and overall financial condition[161].
弥明生活百货(08473) - 2020 - 年度财报