Company Overview - Luxey International (Holdings) Limited is listed on the GEM of the Hong Kong Stock Exchange, which is designed for small and mid-sized companies, indicating a higher investment risk profile[2]. - The company has a board of directors that includes Mr. Lau Chun Fat as Chairman and Ms. Chan Hiu Kwan as Chief Executive Officer, both of whom have extensive experience in their respective fields[10][11]. - The company’s registered office is located in Grand Cayman, and its head office is situated in Kowloon, Hong Kong[8]. - Luxey International has established a compliance officer and various committees, including an audit committee and a finance committee, to ensure corporate governance[6][7]. - The independent auditor for Luxey International is Elite Partners CPA Limited, which is responsible for the financial statements[8]. - The company has a principal banker relationship with major banks including The Hongkong and Shanghai Banking Corporation Limited and Hang Seng Bank Limited[8]. - The company’s website is www.luxey.com.hk, where further information can be accessed[8]. Financial Performance - For the year ended June 30, 2024, the loss attributable to owners of the Company was approximately HK$1,196,000, a decrease from HK$1,482,000 for the year ended June 30, 2023[19]. - The Group's total revenue for the year was approximately HK$58,541,000, down from HK$71,914,000 in the previous year, while gross profit increased to HK$14,922,000 from HK$14,853,000[19]. - The revenue from the Swimwear and garment segment was approximately HK$32,312,000, a decrease from HK$39,812,000, but gross profit increased to HK$12,992,000 from HK$12,736,000, resulting in a gross profit ratio of 40.20%[21]. - The E-commerce and on-line shopping related segment generated revenue of approximately HK$25,092,000, down from HK$30,822,000, with gross profit of HK$793,000 compared to HK$837,000, leading to a gross profit ratio of 3.16%[22]. - The Money lending segment reported revenue and gross profit of approximately HK$1,137,000, consistent with the previous year's figures, maintaining a gross profit ratio of 100%[24]. - As of June 30, 2024, the Group had total assets of approximately HK$60,827,000, down from HK$64,499,000 in 2023, with bank balances and cash increasing to approximately HK$17,038,000 from HK$13,239,000[26]. - The current ratio improved to approximately 2.00 from 1.97 as of June 30, 2023, while the gearing ratio decreased to 40% from 56%[26]. Operational Insights - The Group maintained effective cost measures and plans to explore different sources of income while controlling overhead structures[25]. - The increase in gross profit in the Swimwear and garment segment was mainly due to higher profit margin orders compared to the previous year[21]. - The decrease in revenue in the E-commerce segment was attributed to weaker sales pricing due to a stronger US dollar[22]. - The lending segment generated revenue of approximately HK$1,137,000 in the current year, down from HK$1,280,000 in 2023, maintaining a gross profit margin of 100%[27]. - The Group's five largest suppliers accounted for 88% of total purchases, up from 85% in 2023, indicating a high reliance on a small number of suppliers[32]. - The five largest customers contributed to 77% of total revenue, down from 90% in 2023, highlighting a reduction in customer concentration risk[33]. Employee and Governance - Employee benefits expenses were approximately HK$13,367,000, a decrease from HK$14,648,000 in the previous year, with the number of full-time employees increasing to 95 from 88[45]. - The Group has not engaged in any hedging activities against foreign currency risk, which is considered limited, and will continue to monitor its foreign exchange position[36]. - The maximum credit term granted to customers is up to 180 days, based on individual financial strengths[44]. - The issued share capital as of June 30, 2024, included 801,535,615 ordinary shares and 1,083,333,333 convertible non-voting preference shares, with adjustments to conversion prices due to rights issues[40]. - The Group continues to adopt a prudent approach to business expansion and seeks diverse revenue sources while maintaining efficient expenditure across its operational segments[28]. Corporate Governance - The Group is committed to environmental sustainability and high standards of corporate social governance[105]. - The Group strives to provide a healthy and safe working environment for employees[106]. - The Group has complied with relevant laws and regulations that significantly impact its business operations[113]. - The Group regularly reviews compensation and benefits policies to ensure competitiveness in the market[114]. - The Group emphasizes the importance of employee relations as a key factor for sustainable business development, regularly reviewing compensation and benefits based on industry benchmarks[116]. - The Group encourages employees to participate in external seminars to enhance efficiency and reduce risks, while also promoting continuous professional development for Directors and senior management[117]. - The Board has adopted a dividend policy that considers various factors, including the Group's liquidity position and future commitments when declaring dividends[120]. - The Group's compliance with the Corporate Governance Code is maintained, ensuring high standards of corporate governance throughout the year[126]. - The Board is responsible for overseeing the Group's businesses and strategic decisions, with daily operations delegated to management[127]. - The Executive Directors are tasked with executing the strategies adopted by the Board, while Independent Non-executive Directors provide expertise to safeguard shareholder interests[128]. Risk Management and Internal Control - The Group has established risk management procedures to address and handle all significant risks associated with its business[187]. - The internal control systems are designed to reduce risks associated with the business and minimize adverse impacts from those risks[189]. - The Audit Committee is responsible for considering the appointment, re-appointment, and removal of the external auditor[172]. - The management is responsible for designing, maintaining, implementing, and monitoring the risk management and internal control system[185]. - The Group has engaged an external advisory firm for internal audit, confirming no significant deficiencies in the internal control system for the year[191]. - The internal control system is designed to reduce risks associated with business operations, providing reasonable assurance against significant misstatements or losses[190]. Shareholder Information - As of June 30, 2024, Mr. Lau Chi Yuen, Joseph holds 149,294,199 shares, representing approximately 18.63% of the issued share capital[82][83]. - JL Investments Capital Limited, wholly owned by Mr. Lau, holds 141,674,199 shares, accounting for 17.68% of the issued share capital[82][84]. - Big Good Management Limited, owned by Mr. Ma Hoi Cheuk, has 135,053,384 shares, which is 16.85% of the issued share capital[82][84]. - Wide Select Investments Limited, owned by Mr. Lee Yim, holds 126,642,000 shares, representing 15.80% of the issued share capital[82][84]. - The total number of shares in issue as of June 30, 2024, is 801,535,615[83][85]. - No directors or chief executives have any interests or short positions in the shares or debentures of the company as of June 30, 2024[81]. - The Company has adopted a code of conduct for securities transactions by Directors, ensuring compliance with GEM Listing Rules[151]. - No incidents of non-compliance with the code of conduct by relevant employees were noted during the year[155].
荟萃国际(控股)(08041) - 2024 - 年度财报