嘉利国际(01050) - 2025 - 年度业绩

Performance Announcement Financial Highlights The company achieved robust performance for the year ended March 31, 2025, with total revenue increasing 11% to HKD 3.23 billion and profit for the year growing 21% to HKD 204.48 million, while maintaining stable annual dividends FY2025 Financial Highlights | Metric | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Thousands) | 3,231,329 | 2,915,981 | 11% | | Profit for the Year (HKD Thousands) | 204,481 | 169,659 | 21% | | Basic EPS (HKD Cents) | 10.1 | 8.4 | 20% | | Total Annual Dividends Per Share (HKD Cents) | 5.5 | 5.5 | — | Consolidated Financial Statements This section provides detailed consolidated financial statements, including the statement of financial position, profit or loss, and comprehensive income, reflecting growth in assets and equity, double-digit increases in revenue and profit, and a significant turnaround in total comprehensive income Consolidated Statement of Financial Position (Balance Sheet) As of March 31, 2025, total assets grew to HKD 2.53 billion, driven by increased property, plant, and equipment, while total equity rose 8.6% to HKD 1.08 billion and total liabilities slightly increased to HKD 1.45 billion, maintaining a robust financial structure Balance Sheet Summary (HKD Thousands) | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 2,532,706 | 2,402,721 | | Non-current Assets | 1,141,767 | 1,059,915 | | Current Assets | 1,390,939 | 1,342,806 | | Total Equity | 1,078,784 | 993,004 | | Total Liabilities | 1,453,922 | 1,409,717 | | Current Liabilities | 1,181,734 | 1,212,743 | | Non-current Liabilities | 272,188 | 196,974 | Consolidated Statement of Profit or Loss For the year ended March 31, 2025, Group revenue grew 11% to HKD 3.23 billion and gross profit increased 27.5% to HKD 472.08 million, leading to a strong 21% rise in profit for the year to HKD 204.48 million despite higher expenses and taxes Profit or Loss Summary (HKD Thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 3,231,329 | 2,915,981 | | Gross Profit | 472,076 | 370,139 | | Operating Profit | 285,026 | 228,372 | | Profit Before Tax | 247,576 | 186,999 | | Profit for the Year | 204,481 | 169,659 | Consolidated Statement of Profit or Loss and Other Comprehensive Income Total comprehensive income for the year was HKD 217.4 million, a significant 86% increase from HKD 116.9 million last year, primarily driven by increased profit and a favorable turnaround in exchange differences - Total comprehensive income for the year was HKD 217.4 million, a significant increase from HKD 116.9 million last year, primarily due to a turnaround in exchange differences from loss to gain[11] Comprehensive Income Summary (HKD Thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Year | 204,481 | 169,659 | | Other Comprehensive Income/(Loss) for the Year | 12,914 | (52,773) | | Total Comprehensive Income for the Year | 217,395 | 116,886 | Notes to the Financial Statements This section details the basis of financial statement preparation, accounting policy changes, and key items like segment reporting, revenue, EPS, and dividends, noting the hardware and plastic business as a primary growth driver and high customer concentration Segment Reporting The Group's operations are divided into Hardware and Plastic and EMS segments, with the Hardware and Plastic business being the primary growth engine, showing significant revenue and profit increases, while EMS remained stable, and customer concentration is high with the top five clients contributing 90% of total revenue Revenue by Business Segment (HKD Thousands) | Business Segment | 2025 Revenue | 2024 Revenue | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Hardware and Plastic Business | 2,027,028 | 1,725,255 | +17.5% | | Electronics Manufacturing Services Business | 1,204,282 | 1,190,648 | +1.1% | Profit by Business Segment (HKD Thousands) | Business Segment | 2025 Segment Profit | 2024 Segment Profit | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Hardware and Plastic Business | 297,564 | 238,807 | +24.6% | | Electronics Manufacturing Services Business | 30,989 | 24,528 | +26.3% | - The Group has high customer concentration, with revenue from the top five clients accounting for approximately 90% of total Group revenue for the year ended March 31, 2025[19] Earnings Per Share Both basic and diluted earnings per share for the current year were HKD 10.1 cents, a 20% increase from HKD 8.4 cents in the prior year, aligning with the growth in profit attributable to equity holders Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic EPS (HKD Cents) | 10.1 | 8.4 | | Diluted EPS (HKD Cents) | 10.1 | 8.4 | Dividends The Board recommends a final dividend of HKD 3.0 cents per share, bringing the total annual dividend to HKD 5.5 cents per share, consistent with the previous fiscal year and reflecting the company's stable shareholder return policy Dividends Per Share Details (HKD Cents) | Dividend Type | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend | 2.5 | 1.5 | | Proposed Final Dividend | 3.0 | 4.0 | | Total Annual Dividends | 5.5 | 5.5 | Management Discussion and Analysis Management attributes this year's performance growth to high-performance server demand driven by generative AI, successfully capitalizing on market opportunities with new server orders and mature Thailand plant operations, and will continue focusing on AI servers and charging piles, with Thailand plant expansion as a core strategy to enhance supply chain resilience Business Review This year's revenue grew 11% and profit 21%, primarily driven by AI-related server demand, with the Hardware and Plastic business growing 17% due to increased orders, while the EMS business remained stable, and the Group actively expanded its Thailand production base and enhanced smart manufacturing in Mainland China - Performance growth primarily benefited from the expansion of generative artificial intelligence (AI) applications, driving a significant increase in global demand for high-performance servers and leading to the mass production of new-generation server orders[34] - To support long-term development, the Group acquired approximately 70,000 square meters of land in Amata Industrial Park, Thailand, in January 2025, planning to build a one-stop production base to optimize global capacity allocation[36] - Despite US-China trade tensions, goods directly exported to the US and subject to tariffs accounted for only approximately 1% of total Group revenue, indicating a minor short-term impact[36] Outlook and Strategies AI servers and charging pile-related products are expected to be key growth drivers, with core strategies focusing on perfecting Thailand plant construction for production synergy, developing new AI server prototypes and liquid cooling solutions, expanding Mainland China clients, and integrating AI technology for internal management efficiency - AI servers and charging pile-related products are expected to remain the primary business drivers for the Group[42] - The comprehensive construction of the Thailand plant is central to future development strategy, aiming to expand production capacity and enhance global supply chain resilience[42] - To seize AI market opportunities, the Group has completed preparations for new-generation AI server prototypes and offers clients server products with both air-cooled and liquid-cooled configurations[43] Financial Resources and Risk Management The Group maintains a healthy financial position with a 43% net interest-bearing borrowings ratio, ample cash and unutilized bank facilities to cover operations and planned HKD 115 million fixed asset investments, while managing RMB exchange rate fluctuations through price adjustments and forward foreign exchange contracts Financial Position Indicators | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Interest-bearing Borrowings (HKD Thousands) | 466,349 | 383,879 | | Net Interest-bearing Borrowings Ratio | 43% | 39% | - The Group possesses ample resources, with approximately HKD 191 million in cash and HKD 854 million in unutilized bank borrowing facilities[49] - To mitigate RMB exchange rate fluctuation risks, the Group will actively communicate with clients to adjust product prices and may utilize forward foreign exchange contracts for hedging[50] Other Corporate Information This section covers dividend arrangements, share repurchases, and corporate governance, noting small-scale share repurchases and explaining deviations from governance codes regarding the Chairman's rotation and the combined Chairman and CEO roles Share Repurchases For the year ended March 31, 2025, the company repurchased 346,000 shares on the Stock Exchange for approximately HKD 265,320, which will be held as treasury stock Share Repurchase Details | Year/Month | Number of Shares Repurchased | Highest Price Paid Per Share (HKD) | Lowest Price Paid Per Share (HKD) | Total Consideration (HKD) | | :--- | :--- | :--- | :--- | :--- | | December 2024 | 346,000 | 0.77 | 0.76 | 265,320 | Corporate Governance The company adheres to high corporate governance standards, complying with most code provisions, but notes deviations where the Chairman is not subject to retirement by rotation and concurrently holds the CEO role, which the Board believes provides strong, consistent leadership for long-term development - The company deviates from the Corporate Governance Code as the Chairman and/or Managing Director are not subject to retirement by rotation[57] - The roles of Chairman and Chief Executive Officer are not separated, with founder Mr. Ho Cheuk Fai holding both positions, which the Board believes provides strong, consistent leadership and effective execution of business strategies[58]