Financial Performance - Total revenue for the first half of 2024 was HKD 435.01 million, a decrease of 34.7% compared to HKD 666.29 million in the same period of 2023[9]. - The company reported a net profit attributable to equity holders of HKD 21.01 million, down 76.0% from HKD 87.53 million in the previous year[9]. - EBITDA for the first half of 2024 was HKD 42.80 million, reflecting a 63.7% decrease from HKD 117.75 million in the same period of 2023[9][11]. - The gross profit margin decreased to 24.8% from 26.0% year-on-year, indicating a decline in profitability[9]. - Net profit significantly dropped by 75.7% to HKD 21.1 million, down from HKD 87.0 million in the first half of 2023, primarily due to a lack of fair value gains from financial assets and a decline in operational net profit[17]. - The group recorded a net profit of HKD 21,119,000 for the period, down from HKD 87,047,000 in 2023, indicating a decrease of around 75.8%[98]. - The company reported a net loss of HKD 1,513,000 for the six months ended June 30, 2024, compared to a profit of HKD 87,528,000 in the same period of 2023[79]. Revenue Breakdown - Distribution revenue declined by 10.6% to HKD 335.22 million, while retail store revenue surged by 534.9% to HKD 99.79 million[9]. - Hong Kong distribution sales decreased to HKD 258.6 million, a year-on-year decline of 9.4%, while Macau distribution sales fell by 24.8% to HKD 45.2 million; however, Southeast Asia distribution sales grew by 27.7% during the same period[17]. - In Singapore, distribution sales reached HKD 28.0 million, up 30.4% from HKD 21.5 million year-on-year, while Southeast Asia distribution sales increased by 27.7%[26]. - The group reported external customer revenue of HKD 343,798,000 for the distribution segment, a decrease from HKD 398,565,000 in 2023, representing a decline of approximately 13.7%[98]. - E-commerce segment revenue reached HKD 101,122,000, compared to HKD 275,420,000 in the previous year, indicating a significant increase of approximately 36.7%[98]. Assets and Liabilities - Total assets increased by 2.4% to HKD 1,012.53 million, while total liabilities rose by 5.1% to HKD 468.16 million[10]. - Total assets as of June 30, 2024, were HKD 1,012,526,000, an increase from HKD 988,951,000 at the end of 2023[78]. - Total liabilities rose to HKD 468,159,000, compared to HKD 445,405,000 at the end of 2023[78]. - The company’s total equity increased to HKD 544,367,000 as of June 30, 2024, compared to HKD 543,546,000 at the beginning of the year[79]. Cash Flow and Financing - Cash and cash equivalents as of June 30, 2024, were approximately HKD 45.3 million, an increase from HKD 39.1 million at the end of 2023[31]. - The company incurred a cash outflow of HKD 20,400,000 for the repurchase of shares under the share award scheme during the reporting period[80]. - The company’s financing activities generated a net cash inflow of HKD 24,771,000, contrasting with a net outflow of HKD 27,902,000 in the previous year[80]. - The company had bank borrowings of HKD 200,626,000 as of June 30, 2024, an increase from HKD 139,028,000 as of December 31, 2023[118]. Strategic Initiatives - The company is adapting its strategies in response to the challenging operating environment, particularly due to reduced consumer spending from mainland Chinese tourists[15]. - The group plans to launch multiple new products in the second half of the year, including upgraded versions of popular items and new products tailored to market demand[21]. - The group continues to focus on a dual-channel approach, integrating online and offline sales to maintain competitive advantages in the market[14]. - The group plans to focus resources on high-margin private label products and expand its international business, particularly in Southeast Asia, expecting further revenue growth[24]. Shareholder Information - The board of directors did not recommend any interim dividend for the review period, compared to HKD 0.035 per share in the same period last year[49]. - The company has a significant short position of 200,000,000 shares, which is 25.00% of the total shares held by Tycoon Empire[63]. - The company has issued a total of 800,000,000 shares as of June 30, 2024, which is used to calculate approximate percentages[64]. - The company has not utilized any derivative financial instruments to hedge against foreign exchange risks during the review period[34]. Employee and Governance - The total number of employees in the group increased to 250 as of June 30, 2024, up from 208 a year earlier, with total employee costs amounting to approximately HKD 31.5 million[48]. - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO[52]. - The company has adopted its own code of conduct for securities trading by directors, which is not less stringent than the standard code outlined in the listing rules[54].
满贯集团(03390) - 2024 - 中期财报