澳至尊(02031) - 2025 - 年度业绩

Financial Performance This section provides an overview of the Group's financial results, including profit or loss, comprehensive income, and financial position for the year Consolidated Statement of Profit or Loss and Other Comprehensive Income Revenue remained stable at HKD 269.6 million, but profit before tax and profit for the year declined by 12.2% and 9.0% respectively, impacting EPS Key Profit and Loss Data | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 269,567 | 269,022 | +0.2% | | Gross Profit | 233,045 | 234,293 | -0.5% | | Profit Before Tax | 32,938 | 37,519 | -12.2% | | Profit for the Year | 27,911 | 30,674 | -9.0% | - Basic earnings per share decreased from 4.03 HK cents in the prior year to 3.66 HK cents[6] Consolidated Statement of Financial Position The Group's financial position remained robust with total assets at HKD 228 million and net current assets increasing by 13.6% Key Balance Sheet Data | Metric | March 31, 2025 (thousand HKD) | March 31, 2024 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | 228,297 | 218,811 | +4.3% | | Total Liabilities | 37,091 | 40,601 | -8.6% | | Net Assets | 191,206 | 178,210 | +7.3% | | Net Current Assets | 110,807 | 97,519 | +13.6% | Notes to the Consolidated Financial Statements This section details the Group's accounting policies, revenue breakdown, other income, financing costs, and specifics on receivables and payables General Information and Accounting Policies The Group, an investment holding company, primarily retails and wholesales health and personal care products, with new accounting standards having no material impact - The Group is primarily engaged in the retail and wholesale of health and personal care products[10] - During the year, the Group first applied several revised Hong Kong Financial Reporting Standards issued by the HKICPA, but their application had no significant impact on the consolidated financial statements[11][13] Revenue and Segment Reporting Revenue is almost entirely from health and personal care products, with health supplements contributing 95.4% and consignment counters being the dominant sales channel Revenue by Product Category | Product Category | 2025 (thousand HKD) | 2024 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Health Supplements | 257,232 | 256,941 | +0.1% | | Personal Care Products | 11,386 | 11,092 | +2.7% | | Honey and Pollen Products | 949 | 989 | -4.0% | | Total | 269,567 | 269,022 | +0.2% | Revenue by Sales Channel | Sales Channel | 2025 (thousand HKD) | 2024 (thousand HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Consignment Counters | 191,261 | 190,305 | +0.5% | | Specialty Stores | 42,603 | 43,546 | -2.2% | | E-commerce | 22,469 | 20,583 | +9.2% | | Other Sales Channels | 13,234 | 14,588 | -9.3% | - The Group's reportable and operating segment is solely the retail and wholesale of health and personal care products, thus no further segment analysis is presented[21] Other Income, Gains and Losses Other income surged by 103.2% to HKD 2.43 million, driven by higher bank interest and government subsidies, while net losses narrowed - Other income increased by 103.2% year-on-year, primarily due to bank interest income rising from HKD 0.93 million to HKD 1.49 million, and a government grant (BUD Fund) of HKD 0.751 million received[22] - Net other gains and losses resulted in a loss of HKD 1.54 million, narrowing from a loss of HKD 1.93 million last year, mainly due to a reduction in net exchange losses[25] Financing Costs and Income Tax Financing costs slightly rose to HKD 1.18 million, while income tax expense decreased by 26.6% to HKD 5.03 million due to prior year over-provision Breakdown of Financing Costs | Item | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Interest on bank borrowings | 71 | 89 | | Interest on lease liabilities | 1,081 | 1,011 | | Interest on long service payments | 31 | 24 | | Total | 1,183 | 1,124 | - Income tax expense for the year was HKD 5.03 million, a significant decrease from HKD 6.85 million last year, including an over-provision of HKD 0.555 million for prior years[27] Profit for the Year, EPS, and Dividends Profit for the year decreased by 9.0% to HKD 27.91 million, with EPS at 3.66 HK cents, and a proposed final dividend of 2 HK cents per share EPS Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the year (thousand HKD) | 27,911 | 30,674 | | Weighted average number of ordinary shares (thousand shares) | 762,000 | 762,000 | | Basic earnings per share (HK cents) | 3.66 | 4.03 | - The Board recommended a final dividend of 2 HK cents per ordinary share, consistent with the 2024 final dividend[32] Receivables and Payables Receivables and payables are well-managed, with stable trade receivables at HKD 21.06 million and 97.7% within 60 days Aging Analysis of Trade Receivables (as at March 31) | Ageing | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Within 30 days | 11,083 | 10,561 | | 31 to 60 days | 9,451 | 8,184 | | 61 to 90 days | 502 | 1,510 | | Over 90 days | 28 | 908 | | Total | 21,064 | 21,163 | - The credit period granted to trade customers and consignees by the Group typically ranges from 0 to 60 days[33] Management Discussion and Analysis This section offers insights into the Group's business performance, market conditions, financial review, liquidity, human resources, and future strategic outlook Business Review and Market Overview Despite a challenging retail market, the Group achieved a 0.2% sales increase, outperforming the market, though profit declined due to increased expenses and network expansion continued - During the reporting period, Hong Kong's overall retail sales decreased by 8.6% year-on-year, indicating a continued market downturn[38] - Despite market challenges, the Group's revenue slightly increased by 0.2% to HKD 269.6 million, but profit decreased by 9.0% to HKD 27.91 million due to increased expenses[39] - The Group's sales network in Hong Kong and Macau expanded to 19 specialty stores and 69 consignment counters (2024: 18 specialty stores and 63 consignment counters)[39] Financial Review Total revenue was stable with a high 86.5% gross margin, e-commerce grew 9.2%, but profit declined due to a 3.7% increase in selling and distribution expenses Revenue Breakdown by Sales Channel | Sales Channel | 2025 (thousand HKD) | % of Total Revenue | 2024 (thousand HKD) | % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Specialty Stores | 42,603 | 15.8% | 43,546 | 16.2% | | Consignment Counters | 191,261 | 71.0% | 190,305 | 70.7% | | E-commerce | 22,469 | 8.3% | 20,583 | 7.7% | | Other Sales Channels | 13,234 | 4.9% | 14,588 | 5.4% | | Total | 269,567 | 100.0% | 269,022 | 100.0% | - Selling and distribution expenses increased by 3.7%, primarily due to salary adjustments to boost staff morale, attract and retain talent, and an increase in headcount from new specialty stores and consignment counters[45] - Gross profit margin remained stable at 86.5% (2024: 87.1%)[40] Liquidity and Financial Resources The Group maintains a robust financial position with ample liquidity, evidenced by a 13.6% increase in net current assets and a low 1.1% gearing ratio Key Financial Ratios and Resources | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Current Assets | 110,807 thousand HKD | 97,519 thousand HKD | | Net Assets | 191,206 thousand HKD | 178,210 thousand HKD | | Current Ratio | 4.7 | 4.1 | | Cash and cash equivalents/Fixed deposits | 88,719 thousand HKD | 75,362 thousand HKD | | Gearing Ratio | 1.1% | 1.4% | - The Group's exchange rate risk primarily stems from JPY, AUD, and RMB, with no foreign currency hedging policy currently in place, though risks are regularly monitored[51] Employee Information and Share Option Scheme The Group's employee count increased to 220, with remuneration based on performance and market conditions, and no share options have been granted since listing - As of March 31, 2025, the Group had 220 employees, an increase from 210 employees in 2024[55] - No share options have been granted since the share option scheme became effective on September 12, 2016[56] Future Outlook The Group plans to enhance brand image, develop new products, and invest in digital infrastructure to deepen mainland China market penetration for sustainable growth - Strategies to address challenges include enhancing brand image (store renovations, packaging upgrades), continuous development of new products, and strengthening professional staff training[58][59] - The Group will strengthen investment in digital infrastructure and has participated in "Hong Kong Shopping Festival 2025" to deepen penetration in the vast mainland China market through e-commerce[59] Corporate Governance and Other Information This section covers the Group's adherence to corporate governance codes, dividend proposals, and the review process of its annual results Dividends The Board proposed a final dividend of 2 HK cents per share, totaling HKD 15.24 million, pending shareholder approval at the AGM - The Board recommended a final dividend of 2 HK cents per ordinary share, totaling HKD 15.24 million, consistent with the previous year[57][60] Compliance and Review The company complied with corporate governance codes, with a single deviation for combined Chairman/CEO roles, and annual results were reviewed by the Audit Committee and agreed by auditors - The company complied with the Corporate Governance Code, with the sole exception being the combined roles of Chairman and Chief Executive Officer, held concurrently by Mr. Choi Chi Fai[63][64] - The Group's annual results have been reviewed by the Board's Audit Committee[66] - The financial figures in this results announcement have been agreed upon by the Group's auditor and are consistent with those in the audited consolidated financial statements[67]