Financial Performance - For the six months ended September 30, 2024, the net cash generated from operating activities was HK$484,138,000, compared to HK$280,423,000 for the same period in 2023, representing an increase of 72.5%[71]. - Total segment revenue for the six months ended September 30, 2024, was HK$3,977,617, an increase from HK$3,544,797 in the same period of 2023, representing a growth of approximately 12.2%[83]. - Gross profit for the same period was HK$938,017, compared to HK$825,000 in 2023, indicating a year-over-year increase of about 13.7%[83]. - Profit for the period was HK$67,619, a decrease from HK$70,000 in the previous year, reflecting a decline of approximately 3.4%[83]. - Adjusted profit attributable to owners of the Company increased by 3.4% to HK$203,188 compared to HK$196,574 in 2023[148]. - Net profit for the Period was approximately HK$67.6 million, representing a year-on-year decrease of 36.7%, with a net profit margin of 1.7%[200]. - EBITDA decreased by 8.8% to approximately HK$507.1 million, with an EBITDA margin of 12.7%[200]. - Basic earnings per share for the six months ended September 30, 2024, was HK$5.52, down from HK$8.73 in the same period of 2023, reflecting a decline of 36.7%[122]. Cash Flow and Financing Activities - For the six months ended September 30, 2024, net cash used in financing activities was HK$188,571,000, compared to HK$91,168,000 for the same period in 2023, representing a 106% increase[3]. - The net increase in cash and cash equivalents for the period was HK$78,119,000, contrasting with a decrease of HK$20,033,000 in the prior year[3]. - Cash and cash equivalents at the end of the period stood at HK$704,743,000, up from HK$460,847,000 at the end of the same period in 2023, marking a 53% increase[3]. - The company reported proceeds from new borrowings of HK$1,702,218,000, while repayments of borrowings totaled HK$1,704,560,000[3]. - The principal element of lease payments was HK$17,068,000, and interest paid amounted to HK$169,161,000 for the current period[3]. - The total borrowings and bank interest payables as of September 30, 2024, reached HK$4,519,002,000[32]. - Total undrawn banking facilities amounted to approximately HK$3,555.6 million as of 30 September 2024[200]. Taxation and Income - The company reported a profit tax payment of HK$6,474,000 for the period, compared to HK$132,112,000 in 2023, reflecting a significant decrease in tax obligations[71]. - Current income tax expenses for the six months ended September 30, 2024, amounted to HK$31,313,000, compared to HK$18,210,000 for the same period in 2023, indicating an increase of 72.1%[119]. - Deferred income tax for the six months ended September 30, 2024, was HK$13,442,000, compared to a deferred income tax of HK$10,001,000 for the same period in 2023, representing a rise of 34.4%[119]. - Regina Miracle International Hung Yen Co., Ltd. will pay corporate income tax at a reduced rate of 5% starting from the year ended March 31, 2024, reflecting a 50% reduction from the original 10% rate[116]. Operational Insights - The company continues to focus on product development and market expansion across its four main segments, aiming to enhance overall performance and profitability[57]. - The Group's two core business segments, intimate wear and sports products, recorded steady performance, benefiting from the recovery in orders from key brand partners[194]. - The Group's patented bonding craftsmanship has begun to gain market recognition, providing a new source of business growth[194]. - The joint venture with Victoria's Secret maintained flat growth despite a sluggish market environment in China[195]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[192]. Financial Position and Risk Factors - The Group's financial risk factors include cash flow interest rate risk, foreign currency risk, credit risk, and liquidity risk[26]. - The Group's liquidity risk analysis indicates that balances due within 12 months equal their carrying balances, as the impact of discounting is not significant[28]. - The carrying amounts of current financial assets and liabilities approximate their fair values due to their short maturities[5]. - The Group's lease liabilities as of September 30, 2024, amounted to HK$343,729,000[32]. Research and Development - Research and development costs amounted to HK$154,092, up from HK$140,000 in 2023, which is an increase of about 10%[83]. - The Super Deduction for R&D expenses in China has increased to 200% from 2022 onwards, allowing companies to claim a higher deduction for tax purposes[10]. Segment Performance - The segment results for the six months ended September 30, 2024, include intimate wear, sports products, consumer electronics components, and bra pads and other accessory products, with specific performance metrics to be disclosed in further reports[63]. - Revenue from the United States was HK$1,739,774, an increase of 8.5% from HK$1,603,779 in 2023[83]. - Revenue from the People's Republic of China (PRC) reached HK$858,482, up from HK$802,296, marking a growth of approximately 7%[83]. Compliance and Standards - The interim financial information has been prepared in accordance with Hong Kong Accounting Standard ("HKAS") 34, indicating compliance with relevant financial reporting standards[8]. - The adoption of new and amended standards did not have any significant impact on the results and financial position of the group[17]. - The Group has not adopted the amendments and interpretations to existing and new standards that are not yet effective, anticipating no material impact on results and financial position[20].
维珍妮(02199) - 2025 - 中期财报