万保刚集团(01213) - 2025 - 年度业绩

Financial Statements Consolidated Statement of Profit or Loss For the year ended March 31, 2025, the Group's operating revenue decreased by 15.6% to HKD 287.32 million, resulting in a turn from profit to loss with a net loss of HKD 10.48 million and widened loss per share Summary of Consolidated Statement of Profit or Loss | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 287,322 | 340,579 | -15.6% | | Gross Profit | 75,216 | 89,491 | -15.9% | | Operating (Loss)/Profit | (6,122) | 10,264 | Turned from Profit to Loss | | (Loss)/Profit for the Year | (10,480) | 1,751 | Turned from Profit to Loss | | (Loss)/Profit Attributable to Owners of the Company | (11,764) | (4,891) | Loss Widened by 140.5% | - Basic loss per share was 5.88 HK cents, an increase from 2.45 HK cents in the prior year[4] Consolidated Statement of Comprehensive Income For fiscal year 2025, total comprehensive expenses were HKD 7.309 million, primarily due to a loss for the year of HKD 10.48 million, partially offset by a currency translation gain of HKD 3.112 million, compared to total comprehensive expenses of HKD 4.026 million in the prior year Summary of Consolidated Comprehensive Income/Expenses | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | (Loss)/Profit for the Year | (10,480) | 1,751 | | Other Comprehensive Income/(Expenses) | 3,171 | (5,777) | | Total Comprehensive Expenses | (7,309) | (4,026) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets were HKD 263.127 million, a 3.9% decrease year-on-year, with net assets (total equity) at HKD 159.14 million, down 4.5% year-on-year, while net current assets remained stable at approximately HKD 106.138 million, indicating a relatively stable financial position Summary of Consolidated Statement of Financial Position | Metric | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Assets | 263,127 | 273,883 | -3.9% | | Total Liabilities | 103,987 | 107,235 | -3.0% | | Net Assets | 159,140 | 166,648 | -4.5% | | Net Current Assets | 106,138 | 114,643 | -7.4% | Dividends The Board proposed a final dividend of 0.25 HK cents per ordinary share for the year ended March 31, 2025, a 50% decrease from 0.5 HK cents in the prior year, bringing the total annual dividend to 0.75 HK cents per share, a 25% year-on-year reduction Dividend Distribution | Dividend Type | 2025 (HK cents per share) | 2024 (HK cents per share) | | :--- | :--- | :--- | | Interim Dividend | 0.5 | 0.5 | | Proposed Final Dividend | 0.25 | 0.5 | | Total for the Year | 0.75 | 1.0 | Operating and Financial Review Overall Financial Performance During the review year, the Group's turnover decreased by 15.8% to HKD 287 million, gross profit margin slightly declined from 26.3% to 26.2%, resulting in a turn from profit to an operating loss of HKD 6.1 million and a widened loss attributable to owners of HKD 11.8 million, while total operating expenses slightly increased by 2.4% and finance costs significantly decreased by 28.2% FY2025 Performance Overview | Metric | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Turnover | HKD 287 million | -15.8% | | Gross Profit | HKD 75 million | -15.7% | | Operating Loss | HKD 6.1 million | Turned from a Profit of HKD 10.3 million to Loss | | Loss Attributable to Owners | HKD 11.8 million | Loss Widened | | Loss Per Share | HKD 0.059 | Prior year was a loss of HKD 0.025 | - Total operating expenses were approximately HKD 84 million, an increase of approximately 2.4% year-on-year[33] - Finance costs decreased by approximately 28.2% to approximately HKD 2.8 million[34] Segment Business Review All three of the Group's core business segments experienced double-digit declines in turnover, with the trading of electronic and electrical components remaining the primary revenue source at 67% of total turnover but recording an operating loss, while the computer and cosmetics businesses also faced challenges of declining revenue and operating losses Revenue and Performance by Business Segment (For the year ended March 31, 2025) | Business Segment | Revenue (HKD thousands) | Revenue Contribution | Segment Result (HKD thousands) | | :--- | :--- | :--- | :--- | | Trading of Electronic and Electrical Components | 193,711 | 67% | (3,083) | | Computer Business | 54,109 | 19% | (1,713) | | Cosmetics and Online Retail | 39,502 | 14% | (1,321) | Trading of Electronic and Electrical Components Business As the Group's primary revenue source, this business saw a 13% revenue decrease to HKD 194 million, mainly due to shrinking demand from global market challenges, with overseas subsidiaries' total turnover declining by 13.9%, including a 12.6% drop in the South African market due to reduced demand for electrical components - Due to global market challenges, demand for electronic component trading business continued to shrink, leading to a revenue decrease of approximately 13% to HKD 194 million compared to the prior year[36] - Total turnover of overseas subsidiaries decreased by approximately 13.9%, with the South African subsidiary's turnover declining by approximately 12.6% due to reduced demand for electrical components[37] Computer Business Overall computer business revenue decreased by 20.6% to HKD 54 million, with both retail and distribution segments experiencing declines, yet despite the revenue drop, gross profit margin for this business slightly increased from 19.8% to 20.2% through optimized operational efficiency and product supply - Computer retail business turnover decreased by approximately 23.1% to HKD 10 million, and computer distribution business turnover decreased by approximately 20% to HKD 44 million[38] - Despite the decline in turnover, the gross profit margin for the computer business increased to approximately 20.2% (from 19.8% in the prior year)[38] Cosmetics and Online Retail Business Revenue for this business significantly declined by 22% to HKD 39 million, primarily attributed to intensified competition, low consumer confidence, and economic uncertainty, with the Group actively optimizing operations and implementing strict cost controls to stabilize business performance - Turnover decreased by approximately 22% to HKD 39 million, with the significant decline in performance attributed to intensified competition, low consumer confidence, and economic uncertainty[39] Development Strategies and Outlook Looking ahead to 2025, the Group anticipates continued challenges from geopolitical and economic volatility but expects gradual improvement by year-end, with strategic priorities including leveraging the South African headquarters to enhance logistics efficiency, introducing more price-competitive brands for the computer business to enrich product offerings, optimizing the cosmetics business, and prioritizing online retail, including Japanese pet supplies, for future development - The Group anticipates a gradual market improvement by the end of 2025, driven by interest rate reductions and enhanced supply chains[40] - Operations at the South African headquarters have strengthened the distribution network, improved logistics efficiency, and will expand third-party online sales channels[40] - To address intense competition in the cosmetics business, the Group will optimize operations and prioritize online retail, including expanding Japanese pet supplies sales[41] Liquidity and Capital Resources Financial Position and Liquidity As of March 31, 2025, the Group held cash and bank balances of HKD 26 million, with a current ratio of 2.1, a slight decrease from 2.2 in the prior year, and possessed total bank facilities of HKD 89 million, of which approximately HKD 63 million remained unutilized, which the directors deem sufficient for operational needs Key Financial Ratios (As of March 31, 2025) | Metric | Value | | :--- | :--- | | Cash and Bank Balances | Approx. HKD 26 million | | Net Current Assets | Approx. HKD 106 million | | Current Ratio | Approx. 2.1 | | Net Asset Value Per Share | Approx. HKD 0.8 | - The Group has secured bank facilities totaling approximately HKD 89 million from various banks, with approximately HKD 63 million remaining unutilized[43] Capital Structure and Borrowings As of March 31, 2025, the Group's total borrowings, primarily short-term bank loans, were approximately HKD 26 million, consistent with the prior year, resulting in net borrowings of approximately HKD 40 million after deducting cash, and a stable net gearing ratio (net borrowings divided by total equity) maintained at approximately 25% - The Group's total short-term bank loans amounted to approximately HKD 26 million, primarily denominated in HKD[44] - The Group's net gearing ratio remained at approximately 25%, consistent with the level as of March 31 of the prior year[45] Other Information Employee Policy As of March 31, 2025, the Group employed 355 full-time staff in Hong Kong and overseas, with remuneration policies determined by performance, merit, and market conditions, and benefits including MPF, medical insurance, and performance bonuses - As of March 31, 2025, the Group employed a total of 355 full-time staff in Hong Kong and its overseas subsidiaries[49] Corporate Governance The company complied with the Corporate Governance Code under the Listing Rules during the review year, with the sole deviation being that the company's articles of association do not require the Chairman and Vice Chairman to retire by rotation, an arrangement the Board believes is most beneficial for the company's long-term development - The company has complied with the code provisions of the Corporate Governance Code throughout the review year, with one deviation[54] - The deviation is that the company's articles of association do not require the Chairman and Vice Chairman to retire by rotation, which the Board considers crucial for the successful implementation of long-term business development plans[54] Audit Committee The Audit Committee, comprising three independent non-executive directors, has reviewed the accounting principles and practices adopted by the Group with management, and has also reviewed the annual results for the current year - The Audit Committee, composed of three independent non-executive directors, has reviewed the annual results for the review year[56]