Financial Performance - The Group's revenue for the six months ended 30 September 2024 was approximately HK$36,708,000, representing a decrease of approximately 6.4% from HK$39,216,000 in the corresponding period last year[17]. - The Group's gross profit during the Reporting Period was approximately HK$19,665,000, a decrease of approximately 6.6% from HK$21,054,000 compared to the same period last year, with an overall gross profit margin of approximately 53.6%[18]. - The Group recorded a profit of approximately HK$3,263,000 during the Reporting Period, compared to a loss of approximately HK$597,000 in the same period last year[23]. - Profit before income tax was HK$3,700,000, a significant improvement from a loss of HK$700,000 in the previous year[153]. - Net profit attributable to the owners of the Company was HK$3,263,000, compared to a loss of HK$597,000 in the same period last year[153]. - Basic and diluted earnings per share increased to HK$0.72 from a loss of HK$0.13[153]. - Employee costs for the six months ended 30 September 2024 were HK$7,551,000, down from HK$8,509,000 in 2023, reflecting a decrease of about 11.2%[194]. - Costs of inventories recognized as expenses were HK$14,316,000, down from HK$15,294,000, indicating a reduction of approximately 6.4%[191]. - The company reported a significant decrease in right-of-use assets depreciation from HK$8,107,000 in 2023 to HK$3,612,000 in 2024[191]. Expenses and Cost Management - Selling and distribution expenses decreased by approximately 29.5% to approximately HK$10,240,000 from HK$14,530,000 in the previous year, primarily due to a decrease in depreciation of right-of-use assets[21]. - Administrative and other expenses were approximately HK$5,071,000, representing a decrease of approximately 19.8% from HK$6,320,000 in the corresponding period last year, mainly due to a reduction in staff costs[22]. - Other unallocated corporate expenses totaled HK$5,072,000, primarily consisting of office and warehousing rentals, employee costs, and professional expenses[180]. Strategic Focus and Market Outlook - The Group will continue to focus on consolidating its retail network, optimizing product mix, and intensifying cost control to stabilize growth[11]. - The Directors foresee ongoing challenges in the Hong Kong retail market due to weak retail sentiment, prompting a cautious approach to business strategies[10]. - The Group is actively developing smart home and related products, seeking new opportunities in these areas[11]. - The Group aims to maintain a streamlined operation while being responsive to market changes and consumer needs[12]. Dividends and Shareholder Returns - No dividend has been recommended for the six months ended 30 September 2024, consistent with the previous year[24]. - The board does not recommend any dividend payment for the six months ending September 30, 2024, consistent with the previous period[28]. Tenancy Agreements and Leasing - The renewal of the tenancy agreement for the warehouse will take effect on August 1, 2024, with a total rental value of not less than HK$1,872,000 over two years[33]. - The renewal of the tenancy agreement for the Shatin shop will take effect on October 1, 2024, with the agent being Sun Hung Kai Real Estate[44]. - The renewal of the tenancy agreement for the Shatin Shop is for one year, from October 1, 2024, to September 30, 2025, with a total consideration of not less than HK$1,156,000[48]. - The renewal of the tenancy agreements is considered an acquisition of assets under the GEM Listing Rules[51]. - The applicable percentage ratios for the lease transaction of the Shatin Shop exceed 5% but are below 25%, classifying it as a discloseable transaction[52]. - The renewal agreements ensure stable operations and avoid additional costs related to relocating or renovating new retail spaces[48]. Financial Position and Assets - As of September 30, 2024, the Group's cash and bank balances were approximately HK$6,821,000, an increase from approximately HK$5,894,000 as of March 31, 2024[85]. - The Group's total equity attributable to the owners amounted to approximately HK$11,952,000 as of September 30, 2024, compared to approximately HK$8,689,000 as of March 31, 2024[92]. - The Group had no bank borrowings as of September 30, 2024, maintaining a gearing ratio of nil[85]. - Total current assets decreased slightly to HK$24,483,000 from HK$24,819,000 as of 31 March 2024[156]. - Total current liabilities decreased to HK$17,039,000 from HK$19,830,000, improving the net current assets to HK$7,444,000[156]. - Total consolidated assets as of 30 September 2024 were HK$31,191,000, slightly down from HK$31,251,000 as of 31 March 2024[188]. - Total consolidated liabilities decreased to HK$19,239,000 from HK$22,562,000, indicating a reduction of approximately 14.5%[188]. Corporate Governance and Compliance - The Company complied with the Corporate Governance Code during the Reporting Period[108]. - The Audit Committee reviewed the unaudited consolidated results for the six months ended September 30, 2024, confirming compliance with applicable accounting standards and GEM Listing Rules[146]. - The Company did not have a compliance adviser after the engagement of Ample Capital Limited ended on June 30, 2017[139]. - All executive and independent non-executive Directors entered into new service agreements for a term of two years commencing on September 11, 2024[147]. Shareholding Structure - As of September 30, 2024, Mr. Hui Kwok Keung Raymond held 210,000,000 shares, representing approximately 46.56% of the total issued shares[121]. - Mr. Hue Kwok Chiu held 45,000,000 shares, representing approximately 9.98% of the total issued shares[121]. - Time Prestige Ventures Limited holds 210,000,000 shares, representing approximately 46.56% of the total issued shares[130]. - Ms. Ng Hiu Ying, spouse of Mr. Hue Kwok Chiu, has an interest in 45,000,000 shares, accounting for about 9.98% of the total issued shares[130]. - The Company has maintained a sufficient public float as of the report date[150].
壹照明(08222) - 2025 - 中期财报