亚洲富思(08413) - 2025 - 中期财报

Financial Highlights Performance Summary For the six months ended September 30, 2024, the Group recorded revenue of approximately HKD 148 million, a 1.8% year-on-year increase, with loss attributable to owners of the Company narrowing to approximately HKD 97,000 from HKD 380,000 in the prior period, and no interim dividend proposed Performance Overview for the Six Months Ended September 30, 2024 | Indicator | For the Six Months Ended September 30, 2024 | For the Six Months Ended September 30, 2023 | | :--- | :--- | :--- | | Revenue | Approximately HKD 148,288,000 | Approximately HKD 145,609,000 | | Loss attributable to owners of the Company | Approximately HKD 97,000 | Approximately HKD 380,000 | | Interim Dividend | Not recommended for payment | Nil | Interim Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended September 30, 2024, the Group reported HKD 148 million in revenue, HKD 32.14 million in gross profit, HKD 382,000 in operating profit (down 17.7%), and a significantly narrowed loss attributable to owners of the Company of HKD 97,000, resulting in a basic loss per share of HKD 0.01 cents Key Items from Profit or Loss Statement (For the Six Months Ended September 30) | Item (HKD thousands) | 2024 (Unaudited) | 2023 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 148,288 | 145,609 | +1.8% | | Gross Profit | 32,139 | 32,284 | -0.4% | | Operating Profit | 382 | 464 | -17.7% | | Profit/(Loss) before tax | 70 | (16) | N/A | | Loss attributable to owners of the Company | (97) | (380) | -74.5% | | Basic loss per share (HK cents) | (0.01) | (0.03) | N/A | Condensed Consolidated Statement of Financial Position As of September 30, 2024, the Group's total assets stood at HKD 128 million, total liabilities at HKD 29.71 million, and net assets (total equity) at HKD 98.77 million, representing a slight 0.1% decrease from March 31, 2024, with net current assets of HKD 87.87 million Key Items from Statement of Financial Position | Item (HKD thousands) | September 30, 2024 (Unaudited) | March 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 14,733 | 16,554 | -11.0% | | Current assets | 113,751 | 115,750 | -1.7% | | Total Assets | 128,484 | 132,304 | -2.9% | | Current liabilities | 25,882 | 26,594 | -2.7% | | Non-current liabilities | 3,828 | 6,839 | -44.0% | | Total Liabilities | 29,710 | 33,433 | -11.1% | | Net Assets (Total Equity) | 98,774 | 98,871 | -0.1% | Condensed Consolidated Statement of Changes in Equity For the six months ended September 30, 2024, total equity attributable to owners of the Company decreased from HKD 98.87 million to HKD 98.77 million, primarily due to the HKD 97,000 loss recorded during the period - The decrease in total equity during the period is entirely attributable to the HKD 97,000 total comprehensive loss recorded for the current period[10] Condensed Consolidated Statement of Cash Flows For the six months ended September 30, 2024, net cash generated from operating activities significantly increased to HKD 14.47 million, while net cash used in investing activities was HKD 2.36 million, leading to an increase in cash and cash equivalents to HKD 55.38 million at period-end Cash Flow Statement Summary (For the Six Months Ended September 30) | Item (HKD thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Net cash generated from operating activities | 14,467 | 5,017 | | Net cash used in investing activities | (2,364) | (83) | | Net cash used in financing activities | (3,753) | (3,337) | | Net increase in cash and cash equivalents | 8,350 | 1,597 | | Cash and cash equivalents at end of period | 55,380 | 36,578 | Summary of Notes to the Financial Statements The notes to the financial statements provide detailed explanations of key accounting items, including revenue breakdown by product line with daily necessities and grain products as the largest source, a basic loss per share of HKD 0.01 cents, and related party transactions with a director's wholly-owned company Revenue by Product Line (For the Six Months Ended September 30) | Product Line (HKD thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Daily necessities and grain products | 46,621 | 43,746 | | Packaged food | 28,477 | 29,489 | | Sauces and condiments | 30,634 | 30,126 | | Dairy products and eggs | 17,134 | 18,261 | | Beverages and alcoholic drinks | 13,036 | 12,074 | | Kitchen and hygiene products | 12,386 | 11,913 | | Total | 148,288 | 145,609 | - For the six months ended September 30, 2024, basic loss per share was HKD 0.01 cents, an improvement compared to HKD 0.03 cents in the prior year period[32] - During the period, the Group engaged in various transactions with Top Grade Catering Development Limited, a related company wholly-owned by Director Mr. Wong Siu Man, including sales of goods, purchases, and service fee collection[44] Management Discussion and Analysis Business Review and Outlook The Group, a prominent food and beverage grocery distributor in Hong Kong, achieved a 1.8% sales increase despite economic challenges, benefiting from tourism recovery, and plans to continuously assess strategies and monitor market conditions amidst global economic uncertainties - The Group's business involves providing one-stop food and beverage grocery distribution solutions to restaurants, hotels, food processors, and other clients in Hong Kong[50] - Despite a slow economic recovery in Hong Kong, facing challenges such as rising costs and outbound consumption, the Group's revenue still achieved a slight increase of approximately 1.8% during the period[50][51] - The future outlook remains cautious, with the Group planning to closely monitor the market and allocate more resources to sales and marketing activities to address intense market competition[51] Financial Review The period's financial performance showed a slight revenue increase to HKD 148 million, a marginal gross profit margin decrease to 21.7%, effective expense control, and a significant narrowing of loss attributable to owners of the Company to HKD 97,000 Financial Performance Summary (For the Six Months Ended September 30) | Item | 2024 | 2023 | Primary Reason | | :--- | :--- | :--- | :--- | | Revenue | HKD 148 million | HKD 146 million | Increased demand from restaurant and hotel clients | | Gross Profit Margin | 21.7% | 22.2% | Increased procurement costs and low-price sales of obsolete inventory | | Selling and Distribution Expenses as % of Revenue | 11.6% | 12.1% | Effective cargo management reduced transportation costs | | Loss attributable to owners of the Company | HKD 97,000 | HKD 380,000 | Revenue increase and cost control offset some negative impacts | Liquidity, Financial Resources and Capital Structure The Group maintains a robust financial position with approximately HKD 55.96 million in bank balances and cash, a current ratio of 4.4 times, and a reduced gearing ratio of 10.3%, primarily relying on internal cash flow for operations - As of September 30, 2024, the Group held bank balances and cash of approximately HKD 55.96 million, with a current ratio of 4.4 times, indicating sufficient financial liquidity[70] - The Group's capital structure has remained unchanged since its listing, with share capital consisting solely of ordinary shares[71] - The gearing ratio decreased from 13.8% as of March 31, 2024, to 10.3% as of September 30, 2024, indicating reduced financial risk[74] Use of Net Proceeds from Listing and Progress of Business Objectives Of the approximately HKD 48.5 million net proceeds from listing, about HKD 13.68 million remains unutilized as of the reporting date, with funds reallocated for restaurant business development, ERP system upgrades, and sales promotion, expected to be fully deployed by December 31, 2025 Summary of Use of Net Proceeds from Listing (As of Reporting Date) | Use | Revised Allocation (HKD thousands) | Unutilized Amount (HKD thousands) | Estimated Full Utilization Time | | :--- | :--- | :--- | :--- | | Providing catering services through restaurant development | 9,000 | 5,936 | On or before December 31, 2025 | | Upgrading ERP system | 8,330 | 3,592 | On or before December 31, 2025 | | Conducting sales and marketing activities | 4,444 | 4,150 | On or before December 31, 2025 | | Total Unutilized | N/A | 13,678 | N/A | - Due to changes in market conditions, the Group postponed the use of some funds and reallocated original plans, for example, diverting funds intended for new packaging equipment to develop catering businesses and supplement working capital[84][90] Other Information Disclosure of Interests As of September 30, 2024, Executive Directors Mr. Wong Siu Man and Mr. Wong Siu Wah, through their controlled corporation Yuen Tin Investment Limited, collectively held 602,800,000 shares, representing 51.88% of the issued share capital, making Yuen Tin the Company's controlling shareholder Directors' and Major Shareholders' Shareholdings | Name/Entity | Capacity/Nature of Interest | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Wong Siu Man | Interest in controlled corporation | 602,800,000 | 51.88% | | Mr. Wong Siu Wah | Interest in controlled corporation | 602,800,000 | 51.88% | | Yuen Tin Investment Limited | Legal and beneficial owner | 602,800,000 | 51.88% | Corporate Governance and Compliance The Company maintains high corporate governance standards, adhering to GEM Listing Rules, with the Board confirming compliance during the period, and an Audit Committee comprising three independent non-executive directors having reviewed the interim report, with no listed securities purchased, sold, or redeemed - The Board believes that the Company has complied with the Corporate Governance Code for the six months ended September 30, 2024[107] - The Company has established an Audit Committee, composed of three independent non-executive directors, responsible for overseeing financial reporting and internal control systems, and this committee has reviewed the interim results[109][111] - For the six months ended September 30, 2024, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[104]