星光集团(00403) - 2025 - 年度业绩

Financial Statements Consolidated Income Statement For the year ended March 31, 2025, the Group's revenue grew 7.3% to HKD 895.3 million, but increased costs led to a shift from a HKD 17.42 million profit to a HKD 26.93 million loss, resulting in a basic loss per share of 5.38 HK cents Consolidated Income Statement Summary | Metric | 2025 (HK$'000) | 2024 (HK$'000) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 895,308 | 834,749 | +7.3% | | Gross Profit | 134,826 | 171,207 | -21.2% | | Operating (Loss) / Profit | (22,223) | 26,309 | Shifted from Profit to Loss | | (Loss) / Profit Attributable to Owners of the Company | (26,928) | 17,422 | Shifted from Profit to Loss | | Basic (Loss) / Earnings Per Share (HK cents) | (5.38) | 3.45 | Shifted from Profit to Loss | Consolidated Statement of Comprehensive Income The total comprehensive loss for the year significantly widened to approximately HKD 32.99 million from HKD 12.81 million last year, mainly driven by operating losses and exchange differences Comprehensive Income (Loss) Summary | Metric | 2025 (HK$'000) | 2024 (HK$'000) | | :--- | :--- | :--- | | (Loss) / Profit for the Year | (27,344) | 16,992 | | Total Other Comprehensive Loss | (5,645) | (29,801) | | Total Comprehensive Loss for the Year | (32,989) | (12,809) | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets slightly decreased to HKD 842 million, with total equity reducing to HKD 580 million, reflecting a minor contraction in overall financial scale despite a slight decrease in total liabilities Financial Position Summary | Metric | As of March 31, 2025 (HK$'000) | As of March 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Total Assets | 842,010 | 891,439 | | Total Liabilities | 262,429 | 266,354 | | Total Equity | 579,581 | 625,085 | Notes to Financial Statements Revenue and Segment Information The Group's revenue primarily comes from packaging materials, labels, and paper products, with South China contributing most external revenue; however, all segments (South China, East China, Southeast Asia) recorded operating losses this year, a key factor in the Group's overall shift from profit to loss Segment Results by Region | Regional Segment | Revenue from External Customers (HK$'000) - 2025 | Operating (Loss) / Profit (HK$'000) - 2025 | Operating Profit (HK$'000) - 2024 | | :--- | :--- | :--- | :--- | | South China | 635,295 | (2,444) | 2,682 | | East China | 121,362 | (18,516) | 15,108 | | Southeast Asia | 138,651 | (1,263) | 8,519 | - The Group's principal activities are printing and manufacturing packaging materials, labels, and paper products, including environmentally friendly paper products[7] Dividends To conserve resources, the Board recommends no final dividend for the year ended March 31, 2025, compared to 1.5 HK cents per share last year, while the interim dividend remains unchanged at 1 HK cent per share Dividend Distribution | Dividend Type | 2025 | 2024 | | :--- | :--- | :--- | | Interim Dividend | 1 HK cent per share | 1 HK cent per share | | Proposed Final Dividend | None | 1.5 HK cents per share | Trade Receivables and Payables At period-end, total trade receivables remained stable with increased loss provisions, while trade payables significantly decreased, possibly indicating accelerated supplier payments or adjusted procurement scale - Net trade receivables were HKD 172 million, largely unchanged from the prior year, but loss provisions increased from HKD 12.65 million to HKD 16.60 million[30] - Total trade payables and notes decreased from HKD 90.42 million to HKD 70.84 million, a reduction of approximately 21.7%[31] Management Discussion and Analysis Performance Review Despite moderate revenue growth, the Group shifted from profit to loss, primarily due to increased export costs from new US tariffs, intensified price competition, global supply chain restructuring, and suppressed end-market purchasing power - The Group recorded an annual loss of approximately HKD 27 million, compared to a profit of approximately HKD 17 million in the prior year[32] - Key factors contributing to the loss include new US tariff policies increasing export costs, industry overcapacity leading to price wars, and additional cost pressures from global supply chain restructuring[32][33] Business Review and Outlook Facing a complex macro environment, the Group implemented various countermeasures, accelerating intelligent manufacturing and AI integration in mainland China, maintaining South China's competitiveness, expanding East China into new markets, and positioning Southeast Asia for significant growth due to supply chain shifts - South China Business: Advancing digital transformation and intelligent production system upgrades, with its eco-friendly brand TEAM GREEN® expanding market influence through diversified marketing strategies[42][44] - East China Business: Revenue declined due to delayed greeting card orders impacted by US tariff policies; the team is actively exploring high-end pharmaceutical packaging, board games, and collectible card markets, and collaborating with the Chinese Academy of Sciences on a 'dark factory' demonstration project[45][46] - Southeast Asia Business: Recorded a slight loss due to client project delays and rising costs, but is poised for significant growth opportunities in the new fiscal year, having proactively deployed capacity to accommodate order transfers benefiting from global supply chain restructuring[47][49] Liquidity and Financial Resources The Group maintains a robust financial position with approximately HKD 199 million in cash and bank balances, a net cash position of about HKD 120 million, and a healthy debt-to-equity ratio that slightly increased from 11% to 13.6% Financial Resources Metrics | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Cash and Bank Balances (HKD million) | 199 | - | | Net Cash Position (HKD million) | 120 | 149 | | Debt-to-Equity Ratio | 13.6% | 11.0% | Future Outlook Given IMF's forecast of slowing global economic growth and escalating trade tensions, management will adhere to prudent operating principles, focusing on optimizing global resource allocation, enhancing operational agility, ensuring robust cash flow, and leveraging RCEP to strengthen Asia-Pacific operations - Facing an uncertain economic outlook, management will adopt prudent operating principles, focusing on enhancing operational agility, ensuring robust cash flow, and leveraging trade agreements like RCEP to strengthen Asia-Pacific business[59] Corporate Governance and Other Information Corporate Governance Practices The company complied with most Corporate Governance Code provisions, with a key deviation being the combined roles of Chairman and CEO held by Mr. Lam Kwong Yu, which the Board believes enhances strategy execution efficiency - There is a deviation from the Corporate Governance Code: the roles of Chairman and Chief Executive Officer are not segregated, both held by Mr. Lam Kwong Yu, which the Board believes enhances efficiency[66] Shareholder Information The company has set the Annual General Meeting date and the period for suspension of shareholder registration to determine eligible attendees and voters - The Annual General Meeting is scheduled for Wednesday, August 27, 2025[70] - Share transfer registration will be suspended from August 22 to August 27, 2025 (both dates inclusive)[71]