Revenue and Profitability - Revenue for the first half of the 2025 fiscal year decreased by approximately 20.6% to about HKD 343.0 million from HKD 432.0 million in the same period of 2024[10]. - Gross profit dropped by approximately 25.5% to about HKD 235.1 million, with a gross profit margin decline from 73.1% to 68.5%[14]. - The revenue from the Tian Wang watch business, which accounted for approximately 83.1% of total revenue, decreased by about 24.9% to HKD 284.8 million[11]. - The company recorded a loss attributable to owners of approximately HKD 10.9 million, compared to a profit of HKD 11.5 million in the previous year[19]. - The group reported a loss before tax of HKD 22,756,000, compared to a profit of HKD 15,360,000 in the previous year[46]. - The company reported a net loss attributable to owners 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, representing a significant decline[47]. - Total comprehensive loss attributable to owners was HKD 14,597,000 for the six months ended December 31, 2024, down from a total comprehensive income of HKD 17,150,000 in 2023[47]. Sales and Distribution - The number of retail points for Tian Wang watches reduced from 1,695 to 1,573, a net decrease of 122 points[11]. - Offline retail sales of Tianwang watches decreased by approximately 25.2% in the first half of the 2025 fiscal year compared to the same period in 2024[22]. - The revenue contribution from the Tianwang watch business for the first half of the 2025 fiscal year was approximately 83.1%, down from 87.8% in the first half of the 2024 fiscal year[22]. - The group aims to reduce underperforming sales points and optimize its sales network to maintain market coverage amid declining sales revenue[43]. Other Income and Expenses - Other income and losses decreased by approximately 16.5% to HKD 33.0 million, primarily due to a drop in interest income and government subsidies[15]. - Selling and distribution costs decreased by approximately 16.5% to HKD 247.7 million, attributed to the closure of retail points and reduction in full-time staff[16]. - The company incurred a loss of HKD 7,513,000 from other gains and losses for the six months ended December 31, 2024, compared to a loss of HKD 7,384,000 in the previous year[62]. - The group’s administrative costs for the six months ended December 31, 2024, were HKD 18,249,000, compared to HKD 17,515,000 in the same period of 2023[59]. Cash Flow and Investments - The cash and cash equivalents as of December 31, 2024, were approximately 861.9 million HKD, down from 959.2 million HKD as of June 30, 2024[27]. - The net cash used in investment activities for the first half of the 2025 fiscal year was approximately 118.7 million HKD, primarily due to purchases of property, plant, and equipment[28]. - Cash generated from operating activities was HKD 56,501,000 for the six months ended December 31, 2024, down from HKD 84,281,000 in the same period of 2023, a decrease of about 33%[51]. - Cash used in investing activities was HKD 118,693,000 for the six months ended December 31, 2024, compared to cash generated of HKD 133,080,000 in 2023, indicating a shift in cash flow dynamics[51]. - The company reported a net cash outflow from financing activities of HKD 39,661,000 for the six months ended December 31, 2024, compared to HKD 85,767,000 in the same period of 2023, showing an improvement in financing cash flow[51]. Assets and Liabilities - The total equity as of December 31, 2024, was approximately 2,265.4 million HKD, a decrease of about 50.8 million HKD from 2,316.2 million HKD as of June 30, 2024[28]. - Non-current assets decreased to HKD 1,109,432,000 as of December 31, 2024, from HKD 995,364,000 as of June 30, 2024, indicating an increase of approximately 11.4%[48]. - Current assets decreased to HKD 1,362,933,000 as of December 31, 2024, from HKD 1,545,509,000 as of June 30, 2024, reflecting a decline of about 11.8%[48]. - The company’s current liabilities increased to HKD 159,037,000 as of December 31, 2024, from HKD 154,723,000 as of June 30, 2024, reflecting a rise of about 2.1%[49]. Employee and Management - The total number of full-time employees was approximately 2,800 as of December 31, 2024, down from about 3,000 on June 30, 2024[35]. - Employee costs for the first half of the 2025 fiscal year were approximately HKD 126.4 million, compared to HKD 137.4 million in the first half of the 2024 fiscal year[35]. - Total employee costs decreased to HKD 126,405,000 in 2024 from HKD 137,426,000 in 2023, reflecting a reduction of approximately 8.2%[66]. - The total remuneration for key management personnel was HKD 6,294,000 for the six months ended December 31, 2024, slightly up from HKD 6,279,000 in the previous year[86]. Shareholding and Corporate Governance - As of December 31, 2024, the chairman and CEO, Mr. Tung Koon Ming, held 1,466,869,000 shares, representing 71.27% of the company[97]. - Major shareholder Tung Koon Ming Family (PTC) Limited held 1,456,277,000 shares, accounting for 70.76% of the company's total shares[99]. - The total number of issued shares as of December 31, 2024, was 2,058,068,000[100]. - The company confirmed compliance with the corporate governance code during the first half of the 2025 fiscal year[93].
时计宝(02033) - 2025 - 中期财报