Financial Performance - The group's revenue for the six months ended September 30, 2024, was HKD 5.45 billion, a decrease of 27.2% compared to HKD 7.49 billion in the same period last year[3]. - The overall gross profit margin increased by 4.9 percentage points to 32.7%, while gross profit decreased by 14.4% to HKD 1.78 billion[3]. - Operating profit fell by 53.0% to HKD 536.3 million, with an operating profit margin of 9.8%, down from 15.2%[3]. - Net profit for the period decreased by 55.7% to HKD 417.2 million, and adjusted net profit, excluding gold hedging losses, declined by 27.1% to HKD 647 million[3]. - The total comprehensive income for the period was HKD 681.1 million, compared to HKD 552.8 million in the previous year[19]. - The company reported a basic earnings per share of HKD 0.74, down from HKD 1.61 in the previous year[5]. - The company's net profit dropped by 55.7% to HKD 417,246,000, resulting in a net profit margin decrease of 4.9 percentage points to 7.7%[70]. - The group’s overall revenue declined by 27.2% to HKD 5,449,000,000, with a segment profit of HKD 553,000,000, down 55.0% from the previous year[77]. Dividends and Payouts - The proposed interim dividend is HKD 0.55 per share, with a payout ratio of 74%, up from 45% in the previous year[3]. - The interim dividend declared is HKD 0.55 per share, down from HKD 0.72 per share in 2023, with payment expected on December 24, 2024[146]. Store Operations - The company closed a net of 175 stores during the period[3]. - The group operated a total of 3,408 stores globally as of September 30, 2024, an increase from 3,289 stores in 2023, with a net reduction of 175 stores during the review period[72]. - The number of "Lukfook" stores decreased to 2,769, down from 2,962 in 2023, while "King Fook" stores increased to 140 from 150[73]. - The number of "Luk Fook" self-operated stores in mainland China increased by 5 to 73 as of September 30, 2024[115]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to HKD 17.09 billion, an increase from HKD 16.85 billion as of March 31, 2024[21]. - As of September 30, 2024, total liabilities amounted to HKD 3,925,726, a decrease of 1.6% from HKD 3,990,166 as of March 31, 2024[23]. - The company's equity attributable to shareholders was HKD 13.22 billion, up from HKD 12.86 billion[21]. - The group's total liabilities were HKD 3,926 million, with a debt-to-equity ratio of 29.7%[124]. Revenue Breakdown - Retail sales in Hong Kong, Macau, and overseas reached HKD 4,801,201,000, while retail sales in mainland China were HKD 1,286,671,000[45]. - Retail revenue decreased by 22.7% to HKD 4,660,250,000, accounting for 85.5% of total revenue, compared to 80.5% in 2023[79]. - The group's wholesale revenue dropped significantly by 57.8% to HKD 384,576,000, representing 7.1% of total revenue, down from 12.2% in 2023[80]. - Brand business revenue fell by 26.0% to HKD 403,808,000, making up 7.4% of total revenue, slightly up from 7.3% in 2023[81]. Market Performance - Retail revenue in Hong Kong dropped by 28.7% to HKD 2,214,143,000[99]. - Revenue from the Macau market decreased by 31.9% to HKD 919,397,000[100]. - Total retail revenue from Hong Kong, Macau, and overseas markets fell by 27.5% to HKD 3,437,907,000, accounting for 63.1% of the group's overall revenue[102]. - Retail revenue in mainland China fell by 5.0% to HKD 1,222,343,000, accounting for 63.1% of mainland market revenue[110]. Future Outlook and Strategy - The group plans to continue evaluating the impact of new accounting standards, which are not expected to have a significant effect on the financial statements[34]. - The company plans to continue expanding its market presence and investing in new product development[45]. - The group expects to open approximately 15 new stores in overseas markets within the current fiscal year, focusing on expanding its presence in lower-tier cities in mainland China[134][138]. - The group has launched a new three-year corporate strategy focusing on "mainland market expansion," "brand promotion strategy," and "operational efficiency" to drive future growth[136]. Operational Efficiency and Sustainability - The group aims to improve operational efficiency through supply chain management, automation, big data management, and data analysis systems[141]. - The group is committed to setting long-term carbon reduction goals to enhance its environmental protection efforts[145]. - The group has signed the "Integrity Business Charter" and has been recognized for its contributions to sustainable development, winning multiple awards in the process[143]. Employee and Corporate Governance - The number of employees increased to approximately 6,600, up from 6,200 in 2023[133]. - The board consists of qualified professionals and experienced individuals to ensure a balance of power and authority[150]. Acknowledgments - The company expresses gratitude to employees, shareholders, customers, and stakeholders for their support and contributions[156].
六福集团(00590) - 2025 - 中期业绩