四洲集团(00374) - 2025 - 年度业绩

Financial Highlights This section provides an overview of the Group's financial performance and position, including key figures from the income statement, comprehensive income statement, and balance sheet Consolidated Income Statement In FY2025, the Group's revenue decreased by 7.0% to HK$3.625 billion, with profit attributable to owners of the Company significantly declining by 70.7% to HK$10.16 million, leading to a drop in basic earnings per share from 9.0 HK cents to 2.7 HK cents Consolidated Income Statement (HK$ Thousand) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 3,625,422 | 3,898,222 | -7.0% | | Gross Profit | 868,285 | 912,186 | -4.8% | | Profit Before Tax | 24,450 | 46,932 | -47.9% | | Profit for the Year | 8,789 | 33,296 | -73.6% | | Profit Attributable to Owners of the Company | 10,164 | 34,657 | -70.7% | - Basic and diluted earnings per share attributable to ordinary equity holders of the Company significantly decreased to 2.7 HK cents from 9.0 HK cents in the prior year[3] Consolidated Comprehensive Income Statement Despite a decline in profit for the year, total comprehensive income turned profitable at HK$18.97 million, primarily due to a positive shift in foreign exchange differences from overseas operations Consolidated Comprehensive Income Statement (HK$ Thousand) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Profit for the Year | 8,789 | 33,296 | | Other Comprehensive Income/(Loss) for the Year, After Tax | 10,185 | (50,425) | | Total Comprehensive Income/(Loss) for the Year | 18,974 | (17,129) | | Attributable to Owners of the Company | 20,551 | (15,120) | Consolidated Balance Sheet As of March 31, 2025, the Group's total assets were HK$3.173 billion and net assets were HK$1.22 billion, with net current assets decreasing from HK$436.4 million to HK$241.36 million due to increased interest-bearing bank loans Consolidated Balance Sheet (HK$ Thousand) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Total Non-Current Assets | 1,372,507 | 1,208,176 | | Total Current Assets | 1,800,258 | 1,719,967 | | Total Current Liabilities | 1,558,899 | 1,283,553 | | Net Current Assets | 241,359 | 436,414 | | Total Non-Current Liabilities | 393,995 | 394,838 | | Net Assets | 1,219,871 | 1,249,752 | Notes to Financial Statements This section details significant accounting policy changes, operating segment performance, revenue breakdown, dividend declarations, earnings per share calculations, and analyses of receivables and payables 2. Changes in Accounting Policies and Disclosures The Group adopted several revised HKFRSs this year, notably HKAS 1 (Revised) on liability classification, reclassifying certain bank loans from current to non-current liabilities and restating comparative figures, which increased net current assets - Following the adoption of HKAS 1 (Revised), the Group reclassified bank loans with a right to defer settlement for more than one year from current liabilities to non-current liabilities[13][14] Quantitative Impact of Changes in Accounting Policies on the Balance Sheet (HK$ Thousand) | Impact Item | As at March 31, 2025 (HK$ Thousand) | As at March 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Interest-bearing Bank Loans (Current) | (242,581) | (195,250) | | Net Current Assets | 242,581 | 195,250 | | Interest-bearing Bank Loans (Non-Current) | 242,581 | 195,250 | 3. Operating Segment Information The Group operates in three segments: Hong Kong, Mainland China, and Japan, with Hong Kong remaining the largest revenue source despite a decline, Mainland China turning to a loss, and Japan showing significant segment profit growth despite lower revenue - The Group has three reportable operating segments: Hong Kong (manufacturing, sales, retail, and catering), Mainland China (manufacturing, sales, and catering), and Japan (wholesale and distribution)[19] Segment Revenue and Results (HK$ Thousand) | Segment | 2025 Revenue | 2024 Revenue | 2025 Results | 2024 Results | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 1,774,086 | 1,851,052 | 89,682 | 107,278 | | Mainland China | 586,546 | 682,460 | (10,570) | 15,055 | | Japan | 1,264,790 | 1,364,710 | 13,866 | 4,670 | 4. Revenue, Other Income and Gains/(Losses), Net Total revenue, derived from goods sales, declined across all regions, while other income and net gains turned positive at HK$15.72 million, primarily due to a significant reduction in fair value losses on financial assets at fair value through profit or loss Revenue by Major Geographical Market (HK$ Thousand) | Major Geographical Market | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 1,774,086 | 1,851,052 | | Mainland China | 586,546 | 682,460 | | Japan | 1,264,790 | 1,364,710 | | Total Revenue | 3,625,422 | 3,898,222 | - Other income and net gains/(losses) turned into a gain of HK$15.72 million from a loss of HK$1.42 million last year, mainly due to a significant reduction in fair value losses on financial assets at fair value through profit or loss from HK$20.87 million to HK$0.54 million[28] 8. Dividends The Board proposed a final dividend of 6.5 HK cents per ordinary share, bringing the total dividend for the year ended March 31, 2025, to 9.5 HK cents per share, consistent with the prior year Annual Dividends (Per Share) | Dividend Type | 2025 (Per Share) | 2024 (Per Share) | | :--- | :--- | :--- | | Interim Dividend | 3.0 HK cents | 3.0 HK cents | | Proposed Final Dividend | 6.5 HK cents | 6.5 HK cents | | Total Annual Dividend | 9.5 HK cents | 9.5 HK cents | 9. Earnings Per Share Basic and diluted earnings per share for FY2025 significantly decreased from 9.0 HK cents to 2.7 HK cents, driven by a substantial decline in profit attributable to owners of the Company from HK$34.66 million to HK$10.16 million Basic Earnings Per Share Calculation | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders (HK$ Thousand) | 10,164 | 34,657 | | Weighted Average Number of Ordinary Shares in Issue (Thousand Shares) | 381,898 | 384,222 | | Basic Earnings Per Share (HK cents) | 2.7 | 9.0 | 10. & 11. Receivables and Payables As of the reporting period end, total trade receivables decreased to HK$592.4 million and trade payables slightly reduced to HK$258.83 million, with most receivables aged within three months - The Group generally grants credit periods of one to three months to customers, with major customers extending up to four to five months[38] Trade Receivables Ageing Analysis (HK$ Thousand) | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 Month | 326,173 | 381,903 | | 1 to 3 Months | 179,371 | 156,261 | | Over 3 Months | 86,860 | 86,883 | | Total | 592,404 | 625,047 | Trade Payables Ageing Analysis (HK$ Thousand) | Ageing | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Within 1 Month | 193,224 | 189,509 | | 1 to 3 Months | 63,479 | 65,918 | | Over 3 Months | 2,129 | 10,769 | | Total | 258,832 | 266,196 | Business Review and Outlook This section reviews the Group's overall and segment-specific business performance in a challenging market, outlining strategic initiatives and future prospects across its geographical and business type operations Overall Performance In FY2025, the Group's consolidated turnover decreased to HK$3.625 billion and profit attributable to owners of the Company fell to HK$10.16 million due to slowing consumer markets in Hong Kong, Mainland China, and Japan, despite positive impacts from RMB and JPY depreciation Overall Performance | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Consolidated Turnover | HK$3,625,422,000 | HK$3,898,222,000 | | Profit Attributable to Owners of the Company | HK$10,164,000 | HK$34,657,000 | - Facing a weak consumer market, the Group proactively adopted a more consumer-friendly pricing strategy to consolidate its market position and controlled expenses by streamlining processes and optimizing labor costs[46] - The depreciation of the Renminbi and Japanese Yen against the Hong Kong Dollar during the period had a positive impact on the Group's performance[46] Segment Business Review Segment business review covers performance by geography and business type, showing declining turnover in Hong Kong, Mainland China, and Japan due to weak consumption and exchange rates, while food agency, manufacturing, retail, and catering businesses maintained stable operations amidst challenges By Geography Turnover declined across Hong Kong (49% of total), Mainland China (16%), and Japan (35%), impacted by high interest rates, cross-border consumption, cautious consumer spending, and currency depreciation - Hong Kong's turnover was HK$1.774 billion, accounting for 49% of the total, with business affected by high interest rates, slowing economic growth, and increased cross-border shopping[47] - Mainland China's turnover was HK$587 million, accounting for 16% of the total, with the slowdown influenced by consumers' strong saving intentions and a weaker Renminbi exchange rate[48] - Japan's turnover was HK$1.265 billion, accounting for 35% of the total, impacted by continuous price increases and a weaker Japanese Yen exchange rate[49] By Business Type The Group's core businesses—food agency, manufacturing, retail, and catering—maintained stable operations, with food agency leveraging its distribution network, manufacturing focusing on quality across 17 factories, and retail/catering expanding with new outlets like the 'Four Seas Food Experience Centre' - Food Agency: As a core business, it maintains a vast distribution network and focuses on developing daily necessities like Japanese eggs and dairy products, generating stable income[50] - Food Manufacturing: Operates 17 food processing factories in Mainland China and Hong Kong, strictly controlling quality and holding multiple international authoritative certifications[51] - Retail and Catering: Brands include "Okashi Land" and "Kung Tak Lam", with new openings such as "Chiu Sheung Tsui" Teochew cuisine restaurant, "The CHOYA Ginza BAR", and the large retail outlet "Four Seas Food Experience Centre"[52][53] Future Outlook The Group will pursue a 'Hong Kong-rooted, Mainland-focused, global-minded' strategy, developing the 'Four Seas Food Experience Centre' and e-commerce in Hong Kong, expanding online and offline in the Greater Bay Area, and leveraging Miyata's network to enhance food market connectivity across China, Hong Kong, and Japan - Hong Kong Strategy: Promote the development of the over 20,000 sq ft "Four Seas Food Experience Centre" in Causeway Bay, integrating exhibition, marketing, and retail, and expanding e-commerce business in collaboration with JD.com[58] - Mainland China Strategy: Focus on the Greater Bay Area, continuously expanding online (Taobao, Tmall, JD.com) and offline ("Four Seas Okashi Land" flagship stores) sales footprint[59] - Japan Strategy: Utilize the wholly-owned Miyata Corporation to introduce Japanese food to the China and Hong Kong markets, and bring China and Hong Kong food to Japan, achieving synergistic benefits[60] Other Key Matters This section addresses the Group's liquidity and financial resources, details of share repurchases, and adherence to corporate governance principles during the reporting period Liquidity and Financial Resources As of March 31, 2025, the Group held HK$631.98 million in cash, with 46% of its HK$2.709 billion bank credit facilities utilized, resulting in a net debt-to-equity ratio of 52% Liquidity and Financial Resources Overview (As at March 31, 2025) | Metric | Amount | | :--- | :--- | | Cash and Cash Equivalents | HK$631,977,000 | | Bank Credit Facilities | HK$2,709,158,000 | | Utilized Credit Facilities Ratio | 46% | | Net Debt-to-Equity Ratio | 52% | Share Repurchase During the review year, the Company repurchased 4,122,000 shares for approximately HK$10.6 million on the Stock Exchange, aiming to enhance shareholder value by increasing net asset value and earnings per share Annual Share Repurchase Details | Repurchase Month | Number of Shares Repurchased | Total Consideration (HK$ Thousand) | | :--- | :--- | :--- | | September 2024 | 34,000 | 85 | | December 2024 | 2,522,000 | 6,478 | | January 2025 | 1,542,000 | 3,977 | | March 2025 | 24,000 | 60 | | Total | 4,122,000 | 10,600 | Corporate Governance The Company confirmed compliance with the Corporate Governance Code throughout the reporting period, with the Audit Committee, comprising three independent non-executive directors, reviewing the consolidated financial report, and auditors confirming consistency with preliminary statements - The Board believes that the Company has complied with the code provisions set out in the Corporate Governance Code for the year ended March 31, 2025[65] - The Audit Committee, composed of three independent non-executive directors, has reviewed the Group's accounting policies, risk management, and financial reporting[67]