Financial Performance - Revenue decreased by 9.2% to HKD 1,000.75 million (FY2023/24: HKD 1,102.41 million) [5] - The net loss attributable to shareholders was HKD 2.3 million (FY2023/24: net profit of HKD 29.8 million) [5] - Adjusted net profit attributable to shareholders was HKD 16.4 million (FY2023/24: HKD 32.8 million) [5] - Basic and diluted loss per share was HKD 0.20 (FY2023/24: earnings of HKD 2.51) [5] - The company experienced a net loss of HKD 2,058,000 for the year, compared to a profit of HKD 30,915,000 in the previous year [36] - The company's consolidated revenue decreased by 9.2% year-on-year to HKD 1 billion, marking the first annual decline since FY2019/20 [39] - The adjusted net profit attributable to shareholders, excluding one-time non-cash items, was HKD 16.4 million, down from HKD 32.8 million in the previous year [41] Assets and Liabilities - Total assets decreased to HKD 892.33 million (2024: HKD 941.61 million) [8] - Total liabilities decreased to HKD 217.62 million (2024: HKD 252.79 million) [9] - Non-current assets decreased to HKD 389.60 million (2024: HKD 403.96 million) [8] - Current assets decreased to HKD 502.73 million (2024: HKD 537.65 million) [8] - The total equity attributable to shareholders decreased to HKD 674.89 million (2024: HKD 688.95 million) [8] - The total assets decreased to HKD 892,331,000 from HKD 941,609,000, a reduction of 5.2% [36] - The total liabilities also decreased to HKD 217,615,000 from HKD 252,793,000, a decline of 13.9% [36] Dividends - The board did not recommend a final dividend (FY2023/24: final dividend of HKD 0.01 per share) [5] - The company did not recommend a final dividend for the current year [23] - The company did not recommend a final dividend for the year due to the reported loss, compared to a previous dividend of HKD 0.01 per share [41] - The board does not recommend a final dividend for the fiscal year ending March 31, 2025, compared to a final dividend of HKD 0.01 per share for FY2023/24 [59] Revenue Breakdown - Total revenue for 2025 was HKD 1,000,748, a decrease of 9.3% from HKD 1,102,410 in 2024 [16] - Product sales decreased to HKD 825,817 in 2025 from HKD 893,037 in 2024, representing a decline of 7.5% [16] - Service income fell to HKD 174,931 in 2025 from HKD 209,373 in 2024, a decrease of 16.4% [16] - The product sales segment generated revenue of HKD 890,232,000, down from HKD 953,899,000, reflecting a decline of 6.7% [35] - The service segment's revenue decreased to HKD 179,024,000 from HKD 213,301,000, a drop of 16.0% [35] Cost and Expenses - The cost of sales for 2025 was HKD 645,228, down from HKD 719,632 in 2024, reflecting a reduction of 10.3% [17] - Advertising and marketing expenses increased by 26.1% to HKD 15.5 million, with a sales-to-expense ratio rising from 1.1% to 1.6% [40] Customer and Market Insights - Revenue from a major customer in the product sales category was approximately HKD 44,109,000, down from HKD 46,225,000 in the previous fiscal year [37] - Sales of digital cameras and lenses decreased by 3.5%, while instant camera and printer sales increased by 11.7% [42] - The consumer electronics and home appliances segment saw a significant revenue decline of 14.7%, with a 21.1% drop in the second half of the year [46] - Television sales fell by 17.7% due to intense competition from Chinese brands, while audio products only saw a slight decline of 5.7% [47] Strategic Initiatives - The company launched several new products, including the instax WIDE 400TM and instax mini 99TM, contributing significantly to business growth [44] - The company plans to open the FUJIFILM House of Photography in Tsuen Wan in Q2 FY2025/26, aiming to create an immersive experience for photography enthusiasts [55] - The company will focus on high-end, high-margin audio products to counter competition from mainland brands, enhancing partnerships with major suppliers and optimizing pricing strategies [55] - The company launched several new products in July 2024, including Advanced Lotion and Advanced Cream, to strengthen its product lineup [50] - The company implemented targeted marketing strategies, including seasonal promotions and collaborations with KOLs, to enhance customer engagement and loyalty [53] - The company continues to invest in customer engagement programs, such as the AV Life membership discount plan, to drive online sales despite the closure of two stores [48] - The company will open a new flagship AV Life store in Times Square, Hong Kong, covering 2,000 square feet, enhancing brand visibility and customer experience [56] Governance and Compliance - The audit committee has reviewed the financial statements for the year ending March 31, 2025, confirming compliance with applicable accounting standards [61] - The company has adhered to the corporate governance code throughout the fiscal year ending March 31, 2025 [64] - The annual general meeting is scheduled for August 8, 2025, with a suspension of share transfer registration from August 5 to August 8, 2025 [66] - The board consists of a mix of executive and independent non-executive directors, ensuring diverse governance [67]
中港照相(01123) - 2025 - 年度业绩