鹰美(02368) - 2025 - 中期业绩

Financial Performance - For the six months ended September 30, 2024, the company's revenue increased by 18.3% to HKD 2,982,900,000, compared to HKD 2,521,900,000 for the same period in 2023[1] - The gross profit margin decreased by 3.4% to 17.1%, down from 20.5% in the same period last year[1] - The profit attributable to the company's owners was HKD 183,200,000, a decline of 20.1% from HKD 229,200,000 in the previous year[1] - The total comprehensive income for the period was HKD 238,940,000, compared to HKD 149,317,000 for the same period last year[3] - The group recorded a pre-tax profit of HKD 277,260,000, down 15.1% from HKD 326,585,000 in the same period last year[10] - Basic earnings per share for the period were HKD 0.33, down from HKD 0.43 in the same period last year[17] - The overall gross profit and pre-tax profit declined compared to the same period last year due to ongoing integration projects that have not yet generated profit[39] Dividends - The board declared an interim dividend of HKD 0.22 per share, down from HKD 0.30 per share in the previous year[1] - The group declared an interim dividend of HKD 0.22 per share, down from HKD 0.30 per share in the previous year[16] - The interim dividend will be paid on December 11, 2024, following a suspension of shareholder registration from November 25 to November 28, 2024[54] Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 2,302,647,000 as of September 30, 2024, compared to HKD 1,959,319,000 as of March 31, 2024[4] - Non-current assets increased to HKD 1,889,799,000 from HKD 1,518,222,000 as of March 31, 2024[4] - Current assets rose significantly to HKD 2,438,824,000 from HKD 1,652,265,000 as of March 31, 2024[4] - The company's cash and bank balances were HKD 486,446,000, slightly down from HKD 490,058,000 as of March 31, 2024[4] - As of September 30, 2024, the group had bank loans of HKD 1,187,620,000 due within one year, up from HKD 651,074,000 as of March 31, 2024[21] - The group's debt ratio increased to 44.7% as of September 30, 2024, compared to 25.7% as of March 31, 2024[44] Revenue Breakdown - Revenue from the China segment reached HKD 1,690,750,000, up 14.7% from HKD 1,474,210,000 in the previous year[10] - The United States segment reported revenue of HKD 570,551,000, a significant increase of 38.0% from HKD 413,577,000 in 2023[10] - The group's sales in mainland China accounted for nearly 60% of total sales, remaining stable compared to the same period last year[38] - The total sales reached HKD 2,982,900,000, an increase of HKD 461,000,000 or 18.3% compared to HKD 2,521,900,000 in the previous year[37] Costs and Expenses - The group's financing costs rose to HKD 35,326,000, compared to HKD 21,397,000 in the previous year, marking an increase of 65.0%[12] - Sales and distribution expenses increased by HKD 5.9 million (or 31.9%) due to rising sales volumes, while administrative expenses rose by HKD 25.2 million (or 16.4%) primarily due to increased employee compensation[40] - The company's actual tax rate increased to 30.2%, up 2.5% from 27.7% in the previous year, largely due to losses from newly acquired production bases in Vietnam[40] - The total tax expense for the period was HKD 83,653,000, compared to HKD 90,374,000 in the previous year, reflecting a decrease of 7.4%[15] Acquisitions and Investments - The company completed the acquisition of Wisdom Innovation Holdings Limited for a total consideration of HKD 224,532,000, which includes cash and shares[26] - The identifiable net assets at fair value at the time of acquisition amounted to HKD 171,554,000, with goodwill recognized at HKD 52,978,000[28] - The company incurred transaction costs of HKD 1,115,000 related to the acquisition, which were expensed in the income statement[29] - The group completed the acquisition of the "Vietnam Dingsen" production base in July 2024, which provides immediate capacity and significant potential for expansion[38] Operational Strategy - The company is expanding its production bases in Indonesia, China, and Vietnam to enhance production efficiency and capacity[35] - The group is actively optimizing operations to achieve economies of scale from multiple production bases despite short-term profit impacts due to increased financing costs and depreciation[36] - The company continues to invest in R&D and modern production systems to support its strategic direction towards high-end, intelligent, and digital development[34] Employee and Governance - The group employed approximately 18,600 employees as of September 30, 2024, an increase from about 15,500 employees as of March 31, 2024[47] - The company has adhered to the corporate governance code as per the listing rules, with a change in the roles of Chairman and CEO effective from September 2, 2024[49] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial matters[51] - The company has confirmed compliance with the standards for securities trading by directors throughout the six-month period ending September 30, 2024[50] Risk Management - The group continues to monitor foreign exchange risks primarily related to transactions in USD and RMB, employing financial instruments as necessary to manage potential risks[45]