Financial Performance - For the six months ended June 30, 2024, Best Pacific International Holdings Limited reported total sales revenue of approximately HK$2,385.4 million, representing an increase of approximately 25.1% compared to the same period in 2023[11]. - The overall gross profit for the Reporting Period was approximately HK$645.2 million, reflecting an increase of approximately 60.9% compared to the corresponding period in 2023, resulting in a gross profit margin of approximately 27.0%, up approximately 6.0 percentage points[12]. - Profit attributable to owners of the Company amounted to approximately HK$277.4 million, representing an increase of approximately 100.1% compared to the six months ended June 30, 2023[12]. - Basic earnings per share for the Reporting Period was approximately HK26.67 cents, which is an increase of approximately 100.1% from approximately HK13.33 cents for the same period in 2023[12]. - The net profit for the six months ended June 30, 2024 was approximately HK$283.2 million, representing an increase of approximately 138.6% compared to HK$118.7 million for the same period in 2023[43]. - The net profit margin for the six months ended June 30, 2024, was approximately 11.9%, up about 5.7 percentage points from approximately 6.2% for the same period in 2023[46]. - The Group's EBITDA for the six months ended June 30, 2024, was approximately HK$598.1 million, compared to approximately HK$387.7 million for the same period in 2023[48]. - Total comprehensive income for the period was HK$209,945, compared to HK$13,221 in the previous year, marking a substantial improvement[123]. Revenue Breakdown - The sportswear and apparel elastic fabric segment achieved sales revenue of approximately HK$1,301.9 million, reflecting a remarkable growth of approximately 35.8% compared to approximately HK$958.6 million for the same period in 2023[23]. - Revenue from lingerie elastic fabric sales reached approximately HK$587.5 million, representing an increase of approximately 11.2% compared to the same period in 2023[24]. - Sales of elastic webbing totaled approximately HK$468.2 million during the reporting period, marking an increase of approximately 21.0% compared to the same period in 2023[24]. - Revenue for the six months ended June 30, 2024, increased to HK$2,385,408, representing a 25.1% growth compared to HK$1,906,712 for the same period in 2023[122]. - Segment revenue from the manufacturing and trading of elastic fabric and lace was HK$1,917,247,000, while the elastic webbing segment generated HK$468,161,000[149]. Economic Environment - The International Monetary Fund (IMF) forecasts a global economic growth rate of 3.2% for 2024, with the U.S. GDP growth reported at 1.4% and 2.8% in the first and second quarters, respectively[7]. - China's GDP growth during the first half of 2024 was reported at 5.0%, reflecting a robust economic environment[7]. - The textile product exports from China surged by 8.2% in the first half of 2024 compared to the same period in 2023, indicating a positive export momentum in the sector[8]. - Vietnam experienced a 4.6% increase in textile and garment exports for the first six months of 2024 compared to the corresponding period in 2023, showcasing regional growth in the textile sector[8]. Operational Efficiency - The Group's cost of sales for the six months ended 30 June 2024 was approximately HK$1,740.2 million, an increase of approximately HK$234.5 million or 15.6% compared to the same period in 2023[26]. - The overall gross profit increased from approximately HK$401.0 million for the six months ended 30 June 2023 to approximately HK$645.2 million for the same period in 2024, reflecting improved production capacity utilization[29]. - The gross profit margin improved to approximately 27.0% for the six months ended 30 June 2024, up from 21.0% in the same period of 2023[27]. - The company observed a rebound in sales orders since late 2023, driven by increased confidence in economic recovery and restocking initiatives by clients[11]. - Improvements in sales orders and capacity utilization were observed at core manufacturing locations, with expectations for this positive trend to continue into the latter half of the year[77]. Sustainability Initiatives - The company is committed to delivering sustainable supply chain solutions, focusing on reducing production lead time and addressing trade and tariff considerations[14]. - The Group has reduced coal usage and increased the use of green energy sources and biomass fuel to lower greenhouse gas emissions[70]. - The Group has installed rooftop photovoltaic power panels to reduce purchased electricity, contributing to a greener manufacturing environment[70]. - The Group's factories have adopted the Higg Facility Environmental Module (FEM) for standardized environmental assessment, with verified FEM scores above the industry median[70]. - The Group is dedicated to endorsing the United Nations 2030 Agenda for Sustainable Development and its Sustainable Development Goals (SDGs)[66]. Shareholder Information - As of June 30, 2024, Grandview Capital Investment Limited holds 637,500,000 shares, representing approximately 61.30% of the company's total shareholding[88]. - FMR LLC has an interest in 103,876,900 shares, accounting for about 9.99% of the total shareholding through its controlled corporations[88]. - The total number of shares held by substantial shareholders indicates a strong concentration of ownership within a few entities[89]. - The Company declared an interim dividend of HK13.33 cents per ordinary share for the six months ended 30 June 2024, expected to be paid on 4 October 2024[107]. Financial Position - As of 30 June 2024, net working capital was approximately HK$1,157.3 million, an increase of approximately HK$379.0 million compared to HK$778.3 million as of 31 December 2023[44]. - The current ratio improved to 1.7 times as of 30 June 2024, compared to 1.4 times as of 31 December 2023[44]. - The Group's net gearing ratio as of June 30, 2024, was approximately 11.6%, down from approximately 15.0% as of December 31, 2023[50]. - The total liabilities decreased from HK$1,514,576,000 as of December 31, 2023, to HK$1,225,467,000 as of June 30, 2024, indicating a reduction of 19.1%[191]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the six months ended 30 June 2024[98]. - The Board has declared an interim dividend of HKD 0.1333 per ordinary share for the six months ended June 30, 2024[110]. - The unaudited condensed consolidated results for the six months ended June 30, 2024, have been reviewed by Deloitte Touche Tohmatsu, with no disagreements from the Audit Committee[109].
超盈国际控股(02111) - 2024 - 中期财报