2025-06-24 04:01Financial Performance - Revenue for the fiscal year ended March 31, 2025, increased by 1% to HKD 6,274 million compared to HKD 6,217 million in the previous year[3]. - Gross profit rose by 3% to HKD 3,218 million, with a gross margin improvement from 50.0% to 51.3%[3][5]. - Operating profit surged by 96% to HKD 364 million, while net profit attributable to equity holders increased by 102% to HKD 235 million[3][5]. - The overall comprehensive income for the year was HKD 222 million, significantly higher than HKD 13 million in the previous year[7]. - Profit before tax increased by 141% to HKD 317,000,000, up from HKD 132,000,000 in the previous fiscal year[44]. - The company's profit attributable to equity holders was HKD 235,000,000, a 102% increase from HKD 116,000,000 in the previous fiscal year[46]. - EBITDA for the year was HKD 836,000,000, an increase of 22% year-on-year, driven by higher gross profit contributions and effective cost control[47]. - The profit margin of EBITDA increased from 11% to 13%[47]. Dividends - The board proposed a final dividend of HKD 0.102 per share, bringing the total dividend for the fiscal year to HKD 0.142 per share, up from HKD 0.077 in the previous year[5]. - The proposed final dividend for 2025 is HKD 10.2 cents per share, up from HKD 6.3 cents per share in 2024, representing a growth of approximately 62.9%[24]. - The company has declared an interim dividend of HKD 4.0 cents per share for 2025, significantly higher than HKD 1.4 cents per share in 2024, marking an increase of 185.7%[24]. Assets and Liabilities - Total assets decreased from HKD 3,389,625 thousand in 2024 to HKD 3,023,166 thousand in 2025, a decline of approximately 10.8%[8]. - Current assets increased from HKD 2,247,070 thousand in 2024 to HKD 2,625,534 thousand in 2025, representing an increase of about 16.8%[8]. - Net current assets improved significantly from HKD 21,694 thousand in 2024 to HKD 483,549 thousand in 2025, a substantial increase of approximately 2,130%[9]. - Non-current liabilities decreased from HKD 298,682 thousand in 2024 to HKD 324,533 thousand in 2025, an increase of about 8.7%[9]. - Total equity increased from HKD 3,112,637 thousand in 2024 to HKD 3,182,182 thousand in 2025, reflecting a growth of approximately 2.2%[9]. - The company's total liabilities decreased from HKD 2,225,376 thousand in 2024 to HKD 2,141,985 thousand in 2025, a reduction of about 3.8%[8]. - Total liabilities for 2025 decreased to HKD 3,102,639,000 from HKD 3,442,395,000 in 2024, reflecting a reduction of about 9.85%[17]. Cash Flow and Financing - Cash and bank deposits (excluding bank loans) increased significantly from HKD 538 million to HKD 1,003 million[5]. - Cash and bank deposits rose significantly from HKD 794,452 thousand in 2024 to HKD 1,268,475 thousand in 2025, an increase of about 59.7%[8]. - The group's net cash position (cash and bank deposits minus bank borrowings, notes payable, and lease liabilities) was HKD 657,000,000, up from HKD 111,000,000 a year earlier[64]. - The total debt of the group was HKD 610,000,000, a decrease from HKD 684,000,000 as of March 31, 2024[64]. - The debt-to-equity ratio decreased to 20% from 23% year-over-year, and the ratio excluding lease liabilities was 10%, down from 13%[64]. - The company received government grants totaling HKD 5,298,000 in 2025, a decrease from HKD 30,818,000 in 2024[18]. Operational Highlights - Operating profit margin for the mainland China business improved to 9%, with a 41% increase in operating profit[5]. - The Hong Kong business achieved a 24% increase in operating profit, with an operating profit margin of 12%[5]. - The company experienced a strong recovery in its tofu business in Singapore, transitioning to a new distributor for imported beverages[5]. - The company experienced a significant increase in sales in mainland China during the second half of the fiscal year, contributing to overall sales growth despite challenges in the local retail market[38]. - The company noted a shift in consumer behavior towards price sensitivity, which may pose short-term challenges in the upcoming fiscal year[38]. - The company has established a joint venture in the Philippines with Universal Robina Corporation, which has driven strong revenue growth through convenience store platforms[38]. - The company plans to enhance sales strategies and product innovation to support its core brands in the upcoming fiscal years[60]. - A joint venture with Universal Robina Corporation will continue to expand in the promising market and drive growth in the plant-based milk sector[61]. Share Repurchase - The company repurchased a total of 4,232,000 shares at a total cost of HKD 40 million during the fiscal year[5]. - The company purchased 1,300,000 shares for approximately HKD 7,600,000 as part of its 2021 share incentive plan[72]. Governance and Compliance - The company maintains a high level of corporate governance and complies with the corporate governance code as of March 31, 2025[68].