Financial Performance - Revenue for the first half of the fiscal year 2025 was approximately HKD 343.0 million, a decrease of about HKD 89.0 million compared to HKD 432.0 million in the first half of fiscal year 2024[5]. - The loss attributable to the owners of the company for the first half of fiscal year 2025 was approximately HKD 10.9 million, compared to a profit of HKD 11.5 million in the first half of fiscal year 2024[5]. - Basic loss per share for the first half of fiscal year 2025 was HKD 0.5 cents, while it was a profit of HKD 0.6 cents in the first half of fiscal year 2024[7]. - Gross profit for the first half of fiscal year 2025 was HKD 235.1 million, down from HKD 315.6 million in the same period of the previous year, representing a decrease of approximately 25.5%[6]. - Total comprehensive loss for the period amounted to HKD 15.8 million, compared to a total comprehensive income of HKD 17.2 million in the previous year[7]. - The group reported a pre-tax loss of HKD 22,756,000 for the six months ended December 31, 2024, compared to a pre-tax profit of HKD 15,360,000 for the same period in 2023[20][22]. - The group reported a net loss attributable to shareholders of HKD 10,914,000 for the six months ended December 31, 2024, compared to a profit of HKD 11,482,000 in the same period of 2023[36][37]. - Other income, gains, and losses decreased by approximately HKD 6.5 million or 16.5% to HKD 33.0 million in the first half of FY2025[60]. - The company recorded a loss attributable to owners of approximately HKD 10.9 million in the first half of FY2025, compared to a profit of HKD 11.5 million in the first half of FY2024[65]. Dividend and Equity - The board of directors did not recommend the payment of an interim dividend for the first half of fiscal year 2025, consistent with the previous year[5]. - The group did not declare an interim dividend for the six months ended December 31, 2024, consistent with the previous year[34]. - Total equity as of December 31, 2024, was approximately HKD 2,265.4 million, a decrease of about HKD 50.8 million from HKD 2,316.2 million as of June 30, 2024[80]. - The company’s net asset value attributable to owners was HKD 2,265.0 million, down from HKD 2,314.6 million, a decrease of about 2.1%[11]. Cash Flow and Assets - Cash and cash equivalents decreased to HKD 861.9 million from HKD 959.2 million, a decline of about 10.1%[9]. - Trade receivables decreased to HKD 78.0 million from HKD 131.6 million, indicating a reduction of approximately 40.7%[9]. - The company reported a net cash used in operating activities for the first half of the 2025 fiscal year was approximately HKD 56.5 million, a decrease of about HKD 27.8 million from HKD 84.3 million in the first half of the 2024 fiscal year[78]. - Total assets decreased to HKD 2,313.3 million from HKD 2,386.2 million, reflecting a reduction of approximately 3.1%[11]. Sales and Market Performance - The external sales for the Tian Wang watch business were HKD 284,848,000, down from HKD 379,400,000 in the previous year, indicating a decrease of about 25%[20][22]. - The revenue from the Tianwang watch business, which accounted for approximately 83.1% of total revenue in the first half of FY2025, decreased by about HKD 94.6 million or 24.9% to approximately HKD 284.8 million[54]. - The number of sales points for the Tianwang watch business decreased from 1,695 to 1,573, a net reduction of 122 sales points[54][68]. - The company plans to continue optimizing its sales network by reducing underperforming sales points to maintain market coverage[89]. Employee and Operational Costs - The group incurred a total employee cost of HKD 126,405,000 for the six months ended December 31, 2024, compared to HKD 137,426,000 in the same period of 2023, reflecting a reduction of approximately 8%[33]. - Employee costs for the first half of the 2025 fiscal year were approximately HKD 126.4 million, down from HKD 137.4 million in the first half of the 2024 fiscal year[87]. - The company employed approximately 2,800 full-time employees as of December 31, 2024, down from approximately 3,000 as of June 30, 2024[87]. Future Outlook and Strategy - The retail market in China is expected to perform poorly in the second half of 2024 due to ongoing adjustments in the real estate market and international trade tensions, impacting overall retail performance[89]. - The company has successfully controlled sales and operating expenses during revenue contraction to maintain profitability[89]. - The company does not plan any significant acquisitions or disposals of subsidiaries, joint ventures, or major investments in the first half of fiscal year 2025[95]. - The financial position of the company remains strong due to a conservative approach to cash management, ensuring sufficient liquidity and operational capital[91]. - The Chinese retail market in 2025 will be influenced by macroeconomic conditions, policy environment, and consumer trends, with government policies aimed at boosting economic development[92]. Product Development - In the first half of the fiscal year 2025, the company launched a diverse range of fashion watches and carefully designed jewelry products[91]. - The company launched over 10 new models of Tianwang watches in the first half of FY2025, priced between approximately RMB 1,499 and RMB 6,180[69]. - The company has started supplying OEM/ODM watches to corporate clients, monitoring production growth and expanding facilities as needed[91].
时计宝(02033) - 2025 - 中期业绩