Financial Performance - For the six months ended September 30, 2024, the Group's revenue totaled HK$516.4 million, representing a year-on-year increase of 4.8%[7]. - Gross profit amounted to HK$121.2 million, with a gross profit margin of 23.5%, up from 20.8% in the previous year[7]. - Profit for the accessories and components segment surged to HK$57.1 million, compared to HK$17.8 million in the previous year, attributed to business restructuring and new orders[10]. - The Group recorded net foreign exchange losses of approximately HK$6.9 million during the interim period, compared to net gains of HK$2.4 million in 2023, primarily due to the depreciation of the Renminbi[26]. - Profit for the period reached HK$39,680,000, up 24.8% from HK$31,806,000 in the same period last year[114]. - Total comprehensive income for the period was HK$47,460,000, significantly higher than HK$16,204,000 in the previous year[114]. - The profit before income tax for the period was HK$49,922,000, an increase of 25.3% compared to HK$39,893,000 in 2023[167]. Revenue Breakdown - Revenue from the headsets and headphones segment was HK$274.2 million, accounting for 53.1% of total revenue, a decrease from HK$318.7 million in the previous year[10]. - The accessories and components segment saw revenue rise to HK$242.2 million, up from HK$173.9 million, contributing 46.9% of total revenue[10]. - Revenue from external parties is derived from numerous customers and measured consistently with the condensed consolidated statement of comprehensive income[161]. - Revenue from headsets and headphones segment was approximately HK$167,598,000, down from HK$225,603,000 in 2023, representing a decline of 25.7%[167]. - Revenue from accessories and components segment increased to approximately HK$192,985,000, up from HK$164,527,000 in 2023, reflecting a growth of 17.3%[167]. - External revenue from Hong Kong was approximately HK$461,458,000, a decrease of 4.7% from HK$484,368,000 in 2023, while revenue from China increased significantly to approximately HK$54,927,000 from HK$8,196,000[167]. Economic Outlook - The global economic outlook remains uncertain, with growth projected to fall below the 2010s average in nearly 60% of economies[11]. - The earphones and headphones market is projected to grow at a CAGR of approximately 12% from 2024 to 2030, reaching nearly US$140.84 billion by 2030[11]. - The global economic outlook remains uncertain, with nearly 60% of economies expected to grow below the average rate of the 2010s from 2024 to 2025[14]. - The earphone and headphone market is projected to grow at a compound annual growth rate of approximately 12%, increasing from $63.51 billion in 2023 to nearly $140.84 billion by 2030[14]. Strategic Initiatives - The Group plans to focus on developing products with longer life cycles, particularly in the education and automotive sectors[12]. - Fujikon is engaged in R&D for new products in the gaming and automotive segments, with some projects nearing completion[12]. - The Group aims to expand its presence in the automotive market, leveraging its qualifications in high-quality electroacoustic production[12]. - Fujikon continues to invest in automation, including the installation of robotic arms for an upcoming automotive project, enhancing production efficiency and meeting large-volume orders[19]. - The Group is implementing a "Make or Buy" strategy to streamline operations, maintaining essential production in-house while outsourcing secondary production[20]. Human Resources and Corporate Governance - As of 30 September 2024, the Group employed approximately 2,200 employees, a decrease from 2,300 in 2023, with staff costs amounting to HK$138.5 million compared to HK$143.3 million in the previous year[28]. - The Group's human resources policies reward employees based on performance, with discretionary bonuses linked to both group and individual performance[28]. - The Remuneration Committee meets biannually to review the remuneration policies for directors and senior management, ensuring packages are aligned with market conditions and individual contributions[80][81]. - The Audit Committee plays a crucial role in linking the Board with the auditor, overseeing financial reporting and risk management processes[83][87]. - The company complied with the Corporate Governance Code, except for the separation of roles of chairman and chief executive officer[74]. Financial Position - The Group's net current assets as of September 30, 2024, amounted to approximately HK$516.8 million, a decrease of about 3.5% from HK$533.6 million as of March 31, 2024[26]. - Cash and cash equivalents were approximately HK$285.1 million as of September 30, 2024, representing a decrease of approximately 12.5% from HK$325.8 million as of March 31, 2024[26]. - Total current liabilities rose to HK$291,146,000 from HK$266,159,000, reflecting an increase of approximately 9.4%[106]. - Total equity as of September 30, 2024, was HK$674,353,000, compared to HK$672,043,000 as of March 31, 2024, indicating a slight increase of approximately 0.3%[108]. - The company reported a significant increase in investment properties, rising to HK$3,400,000 from HK$1,400,000, which is a growth of 142.9%[106]. Shareholder Information - The Board declared an interim dividend of HK2.0 cents per ordinary share for the Interim Period, consistent with the previous year[34]. - The total number of shares in issue as of 30 September 2024 was 425,839,000 shares[43]. - The interests of directors in the Company included 17,221,000 shares held by Yeung Chi Hung, Johnny (4.04% ownership), and 64,572,500 shares held by Yuen Yee Sai, Simon (15.16% ownership)[43]. - The company did not purchase, sell, or redeem any shares during the interim period[72]. Taxation and Compliance - The estimated assessable profits in Hong Kong are taxed at a rate of 16.5%, consistent with the previous year[196]. - The company is exempt from Bermuda income tax until March 2035[198]. - The company's subsidiaries in China are subject to a corporate income tax rate of 25%[198]. - A 10% withholding tax is levied on dividends declared to foreign investors from foreign investment enterprises established in China, effective from January 1, 2008[197].
富士高实业(00927) - 2025 - 中期财报