新兴光学(00125) - 2025 - 年度业绩

Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income The group's revenue grew by 17.95% to HK$828.48 million, but net loss attributable to owners widened to HK$32.25 million due to increased expenses Consolidated Statement of Profit or Loss Summary | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 828,476 | 702,343 | +17.95% | | Gross Profit | 93,771 | 74,948 | +25.11% | | Loss Before Tax | (41,132) | (39,013) | +5.43% | | Loss for the Year Attributable to Owners | (32,247) | (28,365) | +13.68% | | Basic Loss Per Share (HK cents) | (12.27) | (10.79) | +13.72% | Consolidated Statement of Financial Position Total assets slightly decreased to HK$892.95 million, and total equity reduced to HK$629.98 million due to the annual loss, while net current assets remained strong Consolidated Statement of Financial Position Summary | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 344,893 | 342,474 | +0.71% | | Current Assets | 548,057 | 563,481 | -2.74% | | Total Assets | 892,950 | 905,955 | -1.44% | | Current Liabilities | 250,191 | 221,342 | +13.03% | | Non-current Liabilities | 12,782 | 14,218 | -10.10% | | Total Liabilities | 262,973 | 235,560 | +11.64% | | Total Equity | 629,977 | 670,395 | -6.03% | - Cash and cash equivalents significantly decreased from HK$275 million to HK$185 million, while trade receivables and inventories increased, reflecting changes in working capital structure[4] Notes to the Financial Statements 3. Revenue and Segment Information Total revenue is primarily from eyewear product sales and trademark licensing, with the eyewear segment incurring a loss, while Japan's market revenue significantly increased Revenue by Type of Goods or Services | Type | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Eyewear Products | 826,942 | 700,442 | | Licensing Income | 1,534 | 1,901 | | Total | 828,476 | 702,343 | Revenue from External Customers by Geographical Location | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Italy | 262,282 | 233,186 | +12.48% | | USA | 200,945 | 178,360 | +12.66% | | Japan | 93,994 | 27,021 | +247.86% | | China (excluding HK & Macau) | 87,078 | 101,118 | -13.88% | | Hong Kong & Macau | 40,591 | 46,047 | -11.85% | | Other Countries | 143,586 | 116,611 | +23.13% | - The eyewear product segment recorded a HK$40.75 million loss, while the trademark segment achieved a HK$3.89 million profit[20] 4. Other Income, Gains and Losses Total other income, gains, and losses decreased to HK$19.04 million, mainly due to reduced bank interest and foreign exchange gains, despite increased government grants Details of Other Income, Gains and Losses | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank Interest Income | 5,425 | 11,596 | | Government Grants | 5,223 | 520 | | Income from Sub-leasing Right-of-Use Assets | 4,526 | 4,411 | | Net Foreign Exchange Gains | 1,638 | 6,839 | | Total | 19,035 | 24,774 | 6. Finance Costs & 7. Income Tax Credit Finance costs remained stable at HK$1.83 million, while the income tax credit decreased to HK$8.89 million, primarily due to deferred tax changes Finance Costs | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest on Bank Borrowings | 982 | 1,105 | | Interest on Lease Liabilities | 850 | 840 | | Total | 1,832 | 1,945 | - The income tax credit for the year was HK$8.89 million, primarily composed of a deferred tax credit of HK$9.34 million[27] 9. Dividends & 10. Loss Per Share No final dividend is recommended for 2025, while a 2024 special dividend of HK$3.94 million was paid, and basic loss per share increased to HK$12.27 cents - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[32][38] - A 2024 final special dividend of HK$3.94 million was paid during the year, but no interim dividend was declared for 2025[31][32] - Basic loss per share was 12.27 HK cents, higher than 10.79 HK cents in the prior year[3][33] 11. Trade and Other Receivables & 12. Trade and Other Payables Total trade receivables increased to HK$208.12 million with more overdue amounts, and total trade payables rose to HK$139.64 million, while credit terms remain consistent Ageing Analysis of Trade Receivables (before provision) | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current | 153,012 | 131,496 | | 90 Days or Less Overdue | 44,428 | 21,247 | | Over 90 Days Overdue | 10,684 | 7,190 | | Total | 208,124 | 159,933 | Ageing Analysis of Trade Payables | Ageing | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current and 90 Days or Less Overdue | 132,766 | 110,518 | | Over 90 Days Overdue | 6,871 | 1,250 | | Total | 139,637 | 111,768 | Management Discussion and Analysis Business Review Consolidated turnover grew by 17.95% to HK$828 million, primarily from ODM business, but net loss widened to HK$32 million due to increased expenses and reduced other income Overall Performance Overview | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Consolidated Turnover | HK$828 million | HK$702 million | | Gross Profit Margin | 11.32% | 10.67% | | Loss for the Year Attributable to Owners | HK$32 million | HK$28 million | | Basic Loss Per Share | 12.27 HK cents | 10.79 HK cents | - Revenue growth was primarily driven by the ODM business, reflecting the group's success in increasing marketing efforts and establishing diversified production bases[40] - The expanded loss was attributed to reduced interest income and foreign exchange gains, coupled with increased marketing, business development, administrative expenses, and restructuring costs[40] ODM Business ODM business turnover surged by 27.57% to HK$657 million, driven by exceptional 118.92% growth in the Asian market ODM Business Turnover by Region | Region | 2025 (HK$ million) | 2024 (HK$ million) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Europe | 298 | 265 | +12.45% | | USA | 196 | 175 | +12.00% | | Asia | 162 | 74 | +118.92% | | Total | 657 | 515 | +27.57% | Branded Eyewear Distribution Business Branded eyewear distribution turnover declined by 8.11% to HK$170 million, mainly due to economic weakness and currency depreciation in Asia - Branded eyewear distribution business turnover decreased by 8.11% to HK$170 million[43] - The decline in performance was primarily attributed to economic weakness in Asia (especially China) and the depreciation of Asian currencies[43] Liquidity and Capital Resources The group maintains a sound financial position with HK$185 million cash and a 5.40% debt-to-equity ratio, but receivables turnover increased to 89 days Key Financial Ratios and Indicators (as at March 31, 2025) | Indicator | Value | | :--- | :--- | | Bank Balances and Cash | HK$185 million | | Bank Borrowings | HK$34 million | | Debt-to-Equity Ratio | 5.40% | | Net Current Assets | HK$298 million | | Current Ratio | 2.19 : 1 | | Receivables Turnover Period | 89 days (prior year: 81 days) | | Inventory Turnover Period | 63 days (prior year: 62 days) | Prospects Management expects a challenging business environment due to geopolitics, tariffs, inflation, and unstable demand, focusing on efficiency, cost control, and new customer acquisition, with a new Vietnam plant opening next fiscal year - Expected challenges include ongoing pressure from geopolitics, new US tariffs, high inflation, and unstable market demand[47] - Response strategies involve enhancing production efficiency, outsourcing non-core operations, strengthening budget control, streamlining organizational structure, and optimizing the supplier network[48] - Strategic investment includes a new production facility in Vietnam, expected to be completed and operational in the next fiscal year, to diversify the production base[48] - For the branded business, the group will explore new sales channels, review its brand portfolio, and launch product series with more flexible pricing and diverse designs[49] Corporate Governance Board and Committees The company adheres to high corporate governance standards, with a combined Chairman and CEO role, and independent non-executive directors chairing its Audit, Remuneration, and Nomination Committees - The company has complied with the Corporate Governance Code, with a deviation where the roles of Chairman and Chief Executive Officer are not separated[50][51] - Audit, Remuneration, and Nomination Committees have been established, with members predominantly independent non-executive directors[52][53][54] - The company has adopted a Board Diversity Policy and will consider candidates based on gender, age, professional expertise, and other factors according to business needs[56][57] Other Matters The Board decided against a final dividend for 2025, all directors complied with securities trading codes, and no listed securities were purchased, sold, or redeemed by the company - The Board resolved not to declare a final special dividend or final dividend for the year ended March 31, 2025[38] - All directors consistently complied with the standard code for securities transactions throughout the year[58] - During the year, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[59]