维珍妮(02199) - 2025 - 年度业绩

Financial Highlights Overall Financial Performance For FY2025, the Group reported an 11.7% revenue increase to HKD 7.84 billion, a 15.7% rise in gross profit, and a 28.4% growth in profit attributable to owners of the Company to HKD 184 million, with adjusted net profit reaching HKD 402 million | Metric | FY2025 | FY2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 7.84 billion | HKD 7.02 billion | +11.7% | | Gross Profit | HKD 1.83 billion | HKD 1.58 billion | +15.7% | | Gross Margin | 23.4% | 22.6% | +0.8pp | | Profit attributable to owners of the Company | HKD 184 million | HKD 143 million | +28.4% | | Adjusted Profit attributable to owners of the Company* | HKD 402 million | HKD 316 million | +27.1% | | Basic Earnings Per Share | 15.0 HK cents | 11.7 HK cents | +28.2% | | Total Annual Dividend Per Share | 6.8 HK cents | 5.7 HK cents | +19.3% | - Adjusted profit and adjusted EBITDA figures exclude the impact of special restructuring costs[4] Consolidated Financial Statements Consolidated Income Statement In FY2025, the Group's revenue reached HKD 7.84 billion, an 11.7% year-on-year increase, with gross profit at HKD 1.83 billion, up 15.7%, and operating profit at HKD 536 million, up 18.1% due to increased expenses, resulting in a profit for the year of HKD 184 million, a 28.4% increase | Item | 2025 (HKD Thousand) | 2024 (HKD Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 7,840,043 | 7,016,802 | +11.7% | | Gross Profit | 1,832,567 | 1,583,567 | +15.7% | | Operating Profit | 535,642 | 453,669 | +18.1% | | Profit Before Income Tax | 220,772 | 152,177 | +45.1% | | Profit for the Year | 183,891 | 143,175 | +28.4% | Consolidated Balance Sheet As of March 31, 2025, the Group's total assets increased 3.4% to HKD 8.89 billion, total liabilities grew 9.5% to HKD 5.73 billion primarily due to increased accrued expenses and other payables, while total equity slightly decreased | Item | March 31, 2025 (HKD Thousand) | March 31, 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 8,894,096 | 8,602,750 | +3.4% | | Total Liabilities | 5,730,181 | 5,232,275 | +9.5% | | Total Equity | 3,163,915 | 3,370,475 | -6.1% | - Current assets increased from HKD 2.99 billion to HKD 3.49 billion, primarily driven by an increase in cash and cash equivalents[7] Segment Information The Group's business is divided into four segments: Intimate Wear, Sports Products, Consumer Electronics Accessories, and Bra Cups and Other Accessories Products, with Intimate Wear remaining the largest revenue source at 54.2% of total revenue, while Sports Products and Consumer Electronics Accessories achieved strong growth of 26.9% and 43.2% respectively, and the US remains the largest market, accounting for 43.8% of total revenue 2025 Fiscal Year Revenue and Gross Profit by Business Segment | Business Segment | Revenue (HKD Thousand) | Revenue Contribution | Gross Profit (HKD Thousand) | YoY Revenue Change | | :--- | :--- | :--- | :--- | :--- | | Intimate Wear | 4,243,404 | 54.2% | 1,047,215 | +3.0% | | Sports Products | 2,934,150 | 37.4% | 652,849 | +26.9% | | Consumer Electronics Accessories | 408,923 | 5.2% | 79,127 | +43.2% | | Bra Cups and Other Accessories Products | 253,566 | 3.2% | 53,376 | -15.0% | | Total | 7,840,043 | 100.0% | 1,832,567 | +11.7% | Revenue by Customer Destination | Region | 2025 (HKD Thousand) | 2024 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | United States | 3,437,361 | 3,243,601 | +6.0% | | China | 1,533,869 | 1,383,477 | +10.9% | | Europe | 1,162,800 | 836,191 | +39.1% | | Japan | 527,575 | 454,311 | +16.1% | Management Discussion and Analysis Market and Business Review Facing global economic volatility, trade protectionism, and intensified industry competition, the Group focused on its IDM business model, achieving 11.7% revenue growth through technological innovation and production efficiency improvements, while effectively balancing regional risks by serving global markets from Vietnam and focusing on the domestic market from China, with the Victoria's Secret China joint venture achieving steady growth through localization - Despite the complex external environment, the Group achieved stable year-on-year revenue growth by dynamically adjusting strategies and optimizing its business structure[40] - The Group, guided by 'focusing on core business and strengthening main operations,' leveraged its IDM business model to enhance production efficiency through technological innovation, automation, and digitalization[41] - Victoria's Secret China continued to achieve steady growth exceeding the industry average, validating the success of its localization strategy, driven by brand value and differentiated products[41] Business Segment Performance In FY2025, Sports Products and Consumer Electronics Accessories were key growth drivers with significant year-on-year revenue increases of 26.9% and 43.2% respectively, while Intimate Wear, the largest revenue source, saw a modest 3.0% growth, and Bra Cups and Other Accessories Products experienced a 15.0% revenue decline due to the cessation of footwear business Intimate Wear As the primary revenue source, Intimate Wear business revenue grew modestly by 3.0% year-on-year to HKD 4.24 billion, accounting for 54.2% of total revenue, with gross margin increasing by 1.0 percentage point to 24.7%, driven by significantly increased orders for innovative products developed for core brand partners | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | HKD 4.24 billion | HKD 4.12 billion | | Revenue Contribution | 54.2% | 58.7% | | Gross Profit | HKD 1.05 billion | HKD 977 million | | Gross Margin | 24.7% | 23.7% | Sports Products Sports Products business revenue significantly increased by 26.9% year-on-year to HKD 2.93 billion, representing 37.4% of total revenue, primarily driven by double-digit growth in sports bras and strong demand for differentiated functional apparel developed using proprietary Bonding technology | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | HKD 2.93 billion | HKD 2.31 billion | | Revenue Contribution | 37.4% | 32.9% | | Gross Profit | HKD 653 million | HKD 494 million | | Gross Margin | 22.3% | 21.4% | Consumer Electronics Accessories Consumer Electronics Accessories business revenue significantly grew by 43.2% year-on-year to HKD 409 million, accounting for 5.2% of total revenue, primarily driven by new product orders from core brand partners in the first half of the year, with a slowdown in the second half | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Revenue | HKD 409 million | HKD 286 million | | Revenue Contribution | 5.2% | 4.1% | | Gross Profit | HKD 79 million | HKD 53 million | | Gross Margin | 19.4% | 18.5% | Victoria's Secret China The Victoria's Secret China joint venture achieved HKD 1.97 billion in revenue in FY2025, a 4.4% year-on-year increase, and recorded a net profit of HKD 85.6 million, with its localized innovation strategy driving double-digit year-on-year growth in related IDM businesses for the Group | Metric | FY2025 | YoY Change | | :--- | :--- | :--- | | Revenue | HKD 1.97 billion | +4.4% | | Net Profit | HKD 85.6 million | +0.2% | Production Capacity and Operations The Group continues to optimize its production capacity layout, with the Shenzhen factory fully relocated to Zhaoqing to support the 'China for China' strategy, while the Vietnam base remains central to meeting international brand demands, accounting for 85% of the Group's total revenue, and as of March 31, 2025, Vietnam and mainland China employed approximately 31,900 and 4,900 employees respectively - The Shenzhen factory was fully relocated to the Zhaoqing base in October 2024, strengthening the technological linkage between local innovation and production[52] - In FY2025, the total production value from the Vietnam base accounted for 85% of the Group's total revenue, reflecting its core position in the global supply chain[52] - The Group will rely on its Vietnam factories to meet international market demand and its Zhaoqing factories to support brand partners' 'China for China' initiatives, establishing a dual-track production model[53] Liquidity and Financial Resources As of March 31, 2025, the Group's net debt was HKD 3.33 billion, with a net gearing ratio of 105.2%, remaining largely stable, while trade receivables and payables turnover days were maintained at a healthy 48 and 25 days respectively, and capital expenditure for the year was approximately HKD 430 million, primarily for adding production lines and constructing production facilities | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Debt | HKD 3.33 billion | HKD 3.53 billion | | Net Gearing Ratio | 105.2% | 104.7% | | Trade Receivables Turnover Days | 48 days | 45 days | | Trade Payables Turnover Days | 25 days | 25 days | - Total capital expenditure for FY2025 was approximately HKD 431 million, a decrease from HKD 688 million in the previous year[77] Future Outlook and Strategy Looking ahead, in response to market uncertainties, the Group will adhere to the principle of 'cost reduction and control, efficiency-driven transformation, and debt reduction,' focusing on leveraging its leading Bonding technology, deepening upstream collaboration, expanding into diversified markets like China, Europe, and Japan to mitigate risks, and actively fulfilling ESG responsibilities by setting science-based carbon reduction targets - The core principle is 'cost reduction and control, efficiency-driven transformation, and debt reduction,' aiming to enhance profitability and optimize capital structure[86] - The Group will fully leverage its leading advantage in Bonding technology, replicating its success from intimate wear and sports businesses to a broader range of apparel businesses[87] - To address challenges such as tariff trade wars, the Group will consolidate mature markets while accelerating expansion into diversified markets like China, Europe, and Japan to enhance resilience against risks[88] - The Group has initiated the Science Based Targets initiative (SBTi) and plans to complete the formulation of carbon reduction targets aligned with the Paris Agreement within the next one to two years[89] Corporate Governance and Other Matters Dividend Policy The Board recommends a final dividend of HKD 4.3 cents per share for the year ended March 31, 2025, bringing the total annual dividend to HKD 6.8 cents per share, which represents 45.3% of the net profit for the year, consistent with the policy of distributing no less than 30% of the financial year's net profit | Dividend Type | Amount Per Share (HK cents) | | :--- | :--- | | Interim Dividend | 2.5 | | Proposed Final Dividend | 4.3 | | Total Annual Dividend | 6.8 | - The proposed final dividend is subject to shareholders' approval at the Annual General Meeting on September 4, 2025[44][100] Proposed Corporate Actions To comply with new regulatory requirements and company development needs, the Board proposes adopting new Articles of Association to reflect changes such as the paperless listing regime and electronic general meetings, and also recommends terminating the existing share option scheme, which expires in October 2025, and adopting a new '2025 Share Option Scheme' to continue incentivizing and rewarding contributors to the Group, with all related matters subject to approval at the Annual General Meeting - It is proposed to amend the existing Articles of Association to adopt new Third Amended and Restated Articles of Association to reflect systems such as paperless listing, electronic meetings, and new treasury shares[103][105] - As the 2015 Share Option Scheme will expire on October 7, 2025, and no share options have ever been granted under it, the Board recommends terminating the scheme[106] - It is proposed to adopt a new '2025 Share Option Scheme' to enable the Group to continue incentivizing and rewarding eligible persons, aligning their interests with those of the Company[107]