MOS HOUSE(01653) - 2025 - 年度业绩

Financial Statements This section presents the Group's consolidated financial performance and position, including statements of profit or loss and financial position Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group turned from profit to loss for the year ended March 31, 2025, with total revenue decreasing by 10.8% to HK$109 million Consolidated Statement of Profit or Loss Summary (HK$'000) | Indicator | 2025 | 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 109,393 | 122,577 | -10.8% | | Cost of inventories sold | (54,408) | (42,429) | +28.2% | | Profit (Loss) before tax | (2,856) | 2,650 | Turned from profit to loss | | Profit (Loss) for the year | (3,400) | 2,163 | Turned from profit to loss | | Profit (Loss) attributable to owners of the Company | (3,400) | 2,163 | Turned from profit to loss | | Basic Earnings (Loss) per Share (HK Cents) | (1.20) | 0.87 | Turned from profit to loss | | Diluted Earnings (Loss) per Share (HK Cents) | (1.19) | 0.87 | Turned from profit to loss | Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets remained stable at HK$314 million, with net current assets significantly increasing Consolidated Statement of Financial Position Summary (HK$'000) | Indicator | March 31, 2025 | March 31, 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Assets | 314,104 | 316,992 | -0.9% | | Non-current assets | 92,771 | 92,979 | -0.2% | | Current assets | 221,333 | 224,013 | -1.2% | | Total Liabilities | 174,084 | 173,572 | +0.3% | | Current liabilities | 136,962 | 171,958 | -20.3% | | Non-current liabilities | 37,122 | 1,614 | +2200% | | Net Assets (Total Equity) | 140,020 | 143,420 | -2.4% | Notes to the Consolidated Financial Statements Detailed disclosures on revenue, segment performance, and earnings per share, providing context to the financial statements Note 4. Revenue Total revenue for the year decreased by 10.8% to HK$109 million, with retail channel revenue declining significantly while non-retail revenue grew Revenue by Product Category and Sales Channel (HK$'000) | Category | 2025 | 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | By Product Category | | | | | Tiles | 86,653 | 109,666 | -21.0% | | Sanitary ware and others | 22,260 | 12,431 | +79.1% | | Investment property rental income | 480 | 480 | 0.0% | | Total Revenue | 109,393 | 122,577 | -10.8% | | By Sales Channel | | | | | Retail | 36,899 | 58,875 | -37.3% | | Non-retail | 72,014 | 63,222 | +13.9% | Note 6. Segment Information The Group's segments include trading and property investment, with trading profit increasing despite revenue decline, while property investment incurred a fair value loss Segment Results (HK$'000) | Business Segment | 2025 | 2024 | | :--- | :--- | :--- | | Segment Revenue | | | | Trading of tiles and sanitary ware products | 108,913 | 122,097 | | Property investment | 480 | 480 | | Segment Result | | | | Trading of tiles and sanitary ware products | 13,943 | 12,418 | | Property investment | (7,954) | 653 | Revenue by Geographical Region (HK$'000) | Region | 2025 | 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Hong Kong | 90,994 | 101,077 | -10.0% | | Macau | 18,399 | 21,500 | -14.4% | - This year, three major customers (Customers A, B, C) each contributed over 10% of the Group's total revenue, collectively contributing approximately HK$56.52 million, accounting for about 51.7% of total revenue[24] Note 11. Earnings (loss) per share Basic loss per share was 1.20 HK cents, a reversal from prior year's earnings, primarily due to the shift to a net loss attributable to owners Earnings (Loss) per Share Calculation Data | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit (Loss) for the year attributable to owners of the Company (HK$'000) | (3,400) | 2,163 | | Weighted average number of ordinary shares in issue (Basic) | 284,117,000 | 247,232,295 | | Weighted average number of ordinary shares in issue (Diluted) | 284,678,641 | 248,022,670 | Management Discussion and Analysis Management's review of business performance, financial results, liquidity, and future outlook amidst challenging market conditions Business Review Amidst a challenging Hong Kong economy, the Group's revenue declined 10.8% to HK$109 million, shifting to a net loss, while non-retail business grew and product diversification began - Affected by the sluggish Hong Kong economy and subdued market sentiment, the Group's business faced downward pressure, with annual revenue decreasing by 10.8%[39] - Excluding non-operating factors like fair value changes in investment properties, the Group's adjusted profit was approximately HK$1.4 million, a 57.3% year-on-year decrease, primarily due to reduced revenue[40] - To counter declining retail sales, the Group focused on expanding non-retail channels, with sales in this channel increasing by 13.9% year-on-year to HK$72 million[41] - The Group began diversifying its product portfolio, generating approximately HK$3.3 million in revenue from solar panel sales[42] Financial Review Gross profit significantly decreased by 31.6% to HK$54.5 million, impacting overall product margin, leading to a net loss despite effective cost controls Gross Profit and Product Profit Margin | Indicator | 2025 | 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Gross Profit (HK$M) | 54.5 | 79.7 | -31.6% | | Product Profit Margin | 50.0% | 65.3% | -15.3pp | - Staff costs decreased from HK$17.4 million to HK$14.6 million, primarily due to a reduction in headcount[48] - Other expenses significantly decreased from HK$14.8 million to HK$8.3 million, mainly due to lower costs for product delivery, legal professional fees, and utilities[51] - The Group turned from profit to loss this year, recording a loss attributable to owners of HK$3.4 million, primarily due to: (i) a decrease in sales gross profit of approximately HK$25.2 million due to reduced revenue; and (ii) a fair value loss of HK$8.3 million on investment properties[52] Liquidity, Financial Resources and Capital Structure As of March 31, 2025, the Group maintained a sound financial position with reduced bank borrowings and an improved gearing ratio, while facing unhedged Euro-denominated foreign exchange risk Debt and Capital Structure | Indicator | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Bank and Cash Balances (HK$M) | 16.4 | 16.5 | | Bank Borrowings (HK$M) | 67.0 | 92.1 | | Gearing Ratio | 0.48 times | 0.64 times | - The Group faces foreign exchange risk between Euro-denominated procurement costs and HKD-denominated revenue, with no current foreign currency hedging policy[56][57] Outlook Management anticipates continued challenging market conditions, planning to diversify into green energy products and establish a new gold trading business to enhance revenue and profitability - The retail market is expected to remain highly competitive, with conservative local consumption and a persistent downturn in the Hong Kong property market posing ongoing challenges[65] - The Group will continue to diversify its product portfolio, exploring more green energy products that complement its core business[65] - The Group plans to establish a new business line focused on trading gold products and has applied for a precious metals trading license, aiming to diversify its business and strengthen revenue streams[66] Corporate Governance and Other Information Details on corporate governance practices, dividend policy, and the share option scheme, highlighting key compliance aspects Dividends The Board does not recommend any final dividend for the year ended March 31, 2025, consistent with the prior year - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025 (2024: nil)[30][64] Corporate Governance The Company largely complied with the Corporate Governance Code, with a deviation where the Chairman and CEO roles are not separated - The Company deviated from Corporate Governance Code provision C.2.1, where the roles of Chairman (Mr. Cao Sihao) and Chief Executive Officer are not separated, both held by the same individual[71] Share Option Scheme The Company's share option scheme had 4.8 million unexercised options as of March 31, 2025, representing 1.69% of issued capital, with no grants or exercises during the year - As of March 31, 2025, 4,800,000 share options remained unexercised under the share option scheme, representing 1.69% of the issued share capital[74] - No share options were granted or exercised for the year ended March 31, 2025[63][74]