佰悦集团(08545) - 2025 - 年度业绩

Financial Performance Consolidated Statement of Profit or Loss and Other Comprehensive Income In FY2025, the company turned from profit to a net loss of HKD 2.111 million, compared to a profit of HKD 0.486 million in the prior year, primarily due to a 34.7% year-over-year revenue decline from HKD 219.19 million to HKD 143.14 million Key Profit and Loss Data Comparison FY2024-2025 | Metric | FY2025 (HKD thousands) | FY2024 (HKD thousands) | Year-over-year Change | | :--- | :--- | :--- | :--- | | Revenue | 143,140 | 219,190 | -34.7% | | Gross Profit | 26,997 | 37,838 | -28.7% | | Loss/Profit Before Tax | (1,541) | 1,530 | Turned from Profit to Loss | | Loss/Profit for the Year | (2,111) | 486 | Turned from Profit to Loss | | Basic Loss/Earnings Per Share (HK cents) | (0.18) | 0.04 | Turned from Profit to Loss | Consolidated Statement of Financial Position As of March 31, 2025, total assets slightly increased to HKD 230.1 million from HKD 221.8 million, while total equity marginally decreased from HKD 197 million to HKD 194 million, with net current assets improving from HKD 153 million to HKD 169 million Asset and Liability Position Comparison as of March 31, 2024-2025 | Metric | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 26,049 | 43,845 | -40.6% | | Current Assets | 204,078 | 178,036 | +14.6% | | Total Assets | 230,127 | 221,881 | +3.7% | | Current Liabilities | 34,670 | 25,225 | +37.4% | | Net Current Assets | 169,408 | 152,811 | +10.9% | | Total Equity | 194,489 | 196,600 | -1.1% | Notes to the Financial Statements General Information and Accounting Policies Baiyue Group Holdings Limited, an investment holding company listed on GEM, primarily engages in designing, marketing, distributing, and retailing toys and related products, with its financial statements prepared under HKFRS, and new standards having no significant impact - The company is an investment holding company, with core businesses in designing, marketing, distributing, and retailing toys and related products, and providing agency services[8] - Financial statements adhere to Hong Kong Financial Reporting Standards, with newly adopted accounting standards having no material impact on this year's financial results[9][10] Revenue and Segment Information Total revenue for FY2025 significantly decreased by 34.7% to HKD 143.1 million, with all toy business segments experiencing declines, particularly ODM toy sales and self-owned licensed toy sales, and a nearly halved revenue from Japan Revenue Breakdown by Business Line (HKD thousands) | Business Line | FY2025 | FY2024 | Year-over-year Change | | :--- | :--- | :--- | :--- | | Sales of ODM Toys | 48,324 | 90,316 | -46.5% | | Distribution of Imported Toys and Related Products | 55,592 | 66,802 | -16.8% | | Sales of Self-owned Licensed Toys and Related Products | 35,224 | 59,072 | -40.4% | | Revenue from Engineering Project Related Agency Services | 4,000 | 3,000 | +33.3% | | Total | 143,140 | 219,190 | -34.7% | Revenue Breakdown by External Customers by Region (HKD thousands) | Region | FY2025 | FY2024 | Year-over-year Change | | :--- | :--- | :--- | :--- | | Japan | 51,296 | 96,745 | -47.0% | | Mainland China | 43,569 | 40,823 | +6.7% | | Hong Kong | 20,858 | 31,090 | -32.9% | | United States | 8,272 | 24,266 | -65.9% | | Others | 19,145 | 26,266 | -27.1% | | Total | 143,140 | 219,190 | -34.7% | - Revenue from the largest customer A decreased by 48% year-over-year from HKD 94.68 million to HKD 49.25 million, indicating high reliance risk on key customers[20] Notes on Key Financial Items This chapter details key items from the profit and loss statement and balance sheet, noting a significant increase in other income due to higher bank interest and investment gains, reduced income tax expense due to lower profit, no dividends recommended for two consecutive years, a substantial decrease in trade receivables consistent with revenue decline, and a notable increase in trade deposits within prepayments Other Income and Gains Other income and gains significantly increased by 97.7% to HKD 5.786 million, primarily driven by higher bank interest income and gains from the disposal of financial assets - Other income and gains increased by 97.7% year-over-year, primarily driven by increased bank interest income and gains from the disposal of financial assets[20] Dividends The Board of Directors did not recommend a dividend for the years ended March 31, 2025, and 2024 - The company did not recommend dividends for two consecutive financial years[24] Earnings/(Loss) Per Share Basic loss per share was HKD 0.18 cents, a shift from a profit of HKD 0.04 cents in the prior year, with diluted loss per share being consistent due to no potential dilutive shares Basic Loss/Earnings Per Share Calculation | Metric | FY2025 | FY2024 | | :--- | :--- | :--- | | Loss/Profit attributable to owners of the Company (HKD thousands) | (2,111) | 486 | | Weighted average number of ordinary shares | 1,192,307,692 | 1,192,307,692 | | Basic Loss/Earnings Per Share (HK cents) | (0.18) | 0.04 | Trade Receivables Net trade receivables significantly decreased by 51.2% to HKD 10.674 million, consistent with the decline in revenue, with a notable portion of receivables over 61 days - Net trade receivables significantly decreased by 51.2% year-over-year to HKD 10.674 million[27] Prepayments, Deposits and Other Receivables The total amount for this item increased from HKD 45.625 million to HKD 60.496 million, primarily due to a substantial increase in trade deposits - Trade deposits significantly increased from HKD 35.361 million to HKD 48.023 million, being the primary driver for the increase in this item[31] Management Discussion and Analysis Business Review All core toy business segments faced significant challenges and revenue declines this year, with only the new engineering project agency services business showing growth Sales of ODM Toys ODM toy sales revenue sharply declined by 46.5% to HKD 48.32 million, primarily due to economic pressures in the Japanese market, despite an improved gross profit margin - Revenue decreased by approximately 46.5% to HKD 48.324 million, primarily due to a weak Japanese market[38] - Gross profit margin increased from 7.3% to 11.6%, driven by a shift towards small-batch, high-margin products[38] Distribution of Imported Toys Revenue from the largest distribution business segment fell by 16.8% to HKD 55.59 million, attributed to economic uncertainty, inflation, and market saturation in collectible action figures - Revenue decreased by 16.8% to HKD 55.592 million[39] - The revenue decline is attributed to economic uncertainty, inflation, and a highly saturated collectibles market[39] Sales of Self-owned Licensed Toys Sales of self-owned licensed toys, including "SENTINEL/千值练," significantly decreased by 40.4% to HKD 35.22 million, impacted by inflation, stagnant wages, and increased costs from global supply chain issues - Revenue significantly decreased by 40.4% to HKD 35.224 million[40] - The revenue decline is attributed to inflation, stagnant wages, and increased costs due to supply chain disruptions[41] Engineering Project Agency Services This new business segment, launched in 2022, generated HKD 4 million in revenue, a 33.3% increase from HKD 3 million last year, making it the only growing business segment - Revenue from this new business increased from HKD 3 million to HKD 4 million, achieving year-over-year growth[42] Financial Analysis The Group's overall financial performance was poor this year, with revenue down 34.7% and gross profit down 28.7%, resulting in a shift from profit to loss, despite controlled cost of sales and administrative expenses - Revenue decreased by 34.7% year-over-year, primarily due to significant sales declines across all toy business segments[43] - Gross profit decreased by 28.7% year-over-year, but gross profit margin increased from 17.3% to 18.9%[45] - Selling expenses increased by 17.7% year-over-year, mainly due to increased marketing and development costs for online platforms[47] - Administrative expenses decreased by 16.4% year-over-year to HKD 23.103 million[49] Significant Investments and Financial Position The Group holds significant investments in Kangbai (30%) and Dongyiquan (30%), completed the disposal of Wanpu International, maintains a very low debt-to-asset ratio of 0.02, and faces unhedged foreign exchange risks from USD and JPY - Holds a 30% equity interest in Kangbai, a joint venture engaged in protective products, and a 30% equity interest in Dongyiquan, engaged in smart healthcare[53][55] - Completed the disposal of its 45% equity interest in Wanpu International Limited, an IT solutions provider, on December 2, 2024[57][58] - The debt-to-asset ratio remains at a low level of approximately 0.02 times, indicating a sound and stable financial position[59] - The Group faces foreign exchange risks from USD and JPY but currently does not engage in hedging[60] Other Disclosures Employee and Dividend Information As of March 31, 2025, the Group maintained 35 employees in Hong Kong, with total staff costs, including directors' emoluments, slightly increasing to approximately HKD 16.3 million, and no dividend recommended - The number of employees is 35, consistent with the prior year; total staff costs are approximately HKD 16.303 million[62] - The Board of Directors did not recommend a dividend for the year ended March 31, 2025[63] Events After the Reporting Period Post-reporting period, the company plans to sell a property in Tsuen Wan, Hong Kong, for HKD 12.7 million to its Chairman and CEO, Mr. Li Wai Keung, a connected transaction subject to EGM approval - The company intends to sell a property to Mr. Li Wai Keung, Chairman and Executive Director, for a total consideration of HKD 12.7 million[65] - This disposal constitutes a connected transaction for the company, subject to approval at an extraordinary general meeting, and may not proceed[66] Corporate Governance The company is committed to maintaining high corporate governance standards, adhering to the GEM Listing Rules, with its Audit Committee, composed of three independent non-executive directors, having reviewed the annual results - The company has applied and complied with the code provisions of the Corporate Governance Report as set out in Appendix 15 to the GEM Listing Rules[68] - The Audit Committee, comprising three independent non-executive directors, has reviewed the draft consolidated annual results[70]