Financial Performance - The unaudited consolidated results for the three months ended June 30, 2020, have been announced, showing performance compared to the same period in 2019[16]. - Revenue for the three months ended June 30, 2020, was HK$38,884,000, a decrease of 29% from HK$54,903,000 in the same period of 2019[18]. - Gross profit for the period was HK$7,067,000, down 35% from HK$10,904,000 year-over-year[18]. - Profit for the period was HK$1,764,000, slightly down from HK$1,851,000 in the previous year, representing a decrease of 4.7%[18]. - Earnings per share for the period were HK$0.18, compared to HK$0.19 in the same quarter of 2019[18]. - Total comprehensive income for the period was HK$1,764,000, compared to HK$1,875,000 in the same period last year[18]. - The Group's revenue decreased by approximately 29.2% compared to the Corresponding Period, while gross profit decreased by approximately 35.2%[54]. - Bank interest income for the Period was HK$152,000, down from HK$239,000 in the Corresponding Period[40]. - The Group reported a profit before taxation of HK$1,764,000, compared to HK$1,851,000 in the Corresponding Period[46]. Revenue Breakdown - Sales of ODM toys to license holders amounted to HK$30,424,000, a decline of 25.8% from HK$41,037,000 in the prior year[31]. - Distribution of imported toys and related products generated HK$6,798,000, down 32.3% from HK$10,028,000 year-over-year[31]. - Sales of own licensed toys and related products were HK$1,662,000, a decrease of 56.7% from HK$3,838,000 in the same quarter of 2019[31]. - Revenue from the sale of ODM toys to license holders decreased by approximately 25.9% to approximately HK$30,424,000 (Corresponding Period: approximately HK$41,037,000)[55]. - Revenue from the distribution of imported toys and related products decreased by approximately 32.2% to approximately HK$6,798,000 (Corresponding Period: approximately HK$10,028,000)[56]. - Revenue from the sales of own licensed toys and related products decreased by approximately 56.7% to approximately HK$1,662,000 (Corresponding Period: approximately HK$3,838,000)[63]. Expenses and Costs - Administrative expenses decreased to HK$4,291,000 from HK$8,127,000, reflecting a reduction of 47.3%[18]. - Cost of sales decreased by approximately 27.7% to approximately HK$31,817,000 from approximately HK$43,999,000 for the corresponding period[66]. - Selling expenses increased by approximately 71.3% to approximately HK$2,100,000 from approximately HK$1,226,000, primarily due to three new retail stores opened[73]. - Administrative expenses decreased by approximately 47.2% to approximately HK$4,291,000 from approximately HK$8,127,000, attributed to extraordinary promotion events in the corresponding period[74]. Corporate Governance and Compliance - The financial results have been reviewed and approved by the audit committee, although not audited by an independent auditor[16]. - The company operates under the GEM listing rules, which cater to small and mid-sized companies, indicating a higher investment risk[3]. - The company has appointed Grant Thornton Hong Kong Limited as its auditor, indicating adherence to regulatory standards[12]. - The financial report is part of the company's commitment to transparency and compliance with GEM listing requirements[6]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2020, confirming compliance with applicable accounting standards and GEM Listing Rules[148]. - The unaudited consolidated financial statements for the three months ended June 30, 2020, have been reviewed by the audit committee and management, confirming compliance with applicable accounting standards and GEM listing rules[149]. - The company has complied with the Corporate Governance Code during the period, except for a deviation regarding the roles of chairman and CEO being held by Mr. Li[145]. Market Conditions and Risks - Investors are advised to consider the potential risks associated with investing in GEM-listed companies due to their susceptibility to market volatility[4]. - The Group's management noted that the COVID-19 outbreak significantly impacted consumer behavior and product demand, leading to a steep drop in retail sales[64]. - The Group faces risks including the inability to secure new orders, reliance on senior management performance, and potential delays in customer payments[113]. - The Group has established good relationships with key customers and is actively seeking new customers to mitigate risks[113]. Shareholder Information - As of June 30, 2020, Mr. Li Wai Keung held 485,000,000 shares, representing 48.50% of the issued share capital of the Company[122]. - As of June 30, 2020, Infinite Force Holdings Ltd holds 485,000,000 shares, representing 48.50% of the company's issued share capital[128]. - Mr. Li, the chairman and executive director, is the beneficial owner of Infinite Force, thus deemed to have an interest in the 485,000,000 shares[136]. - The company did not redeem any ordinary shares during the reporting period, nor did it or its subsidiaries purchase or sell any ordinary shares[131]. - The Board does not recommend the payment of interim dividend for the period, consistent with the corresponding period[100]. - The Group did not declare an interim dividend for the period, consistent with the previous year[104]. Future Plans and Strategies - The Group plans to make steady progress in line with pre-listing plans and actual operational conditions to achieve business objectives[114]. - The Board aims to explore potential business opportunities beyond the ACG figure toys market to broaden income sources and enhance shareholder value[115]. - The planned use of proceeds included expanding the licensed toy product portfolio (HK$46.2 million planned, HK$27.7 million utilized), enhancing overseas distribution (HK$3.6 million planned, HK$3.5 million utilized), and strengthening manpower (HK$6 million planned, HK$5.2 million utilized)[108].
佰悦集团(08545) - 2021 Q1 - 季度财报