慕诗国际(00130) - 2025 - 年度业绩

Financial Statements Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's revenue decreased by 25.2% year-on-year, leading to an expanded operating loss of HK$45.81 million and a loss for the year of HK$56.55 million Key Data from Consolidated Statement of Profit or Loss (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 102,722 | 137,311 | -25.2% | | Gross Profit | 82,292 | 110,484 | -25.5% | | Operating Loss | (45,811) | (29,286) | +56.4% | | Loss for the Year | (56,553) | (48,110) | +17.6% | | Loss Attributable to Owners of the Company | (56,546) | (48,100) | +17.6% | | Basic Loss Per Share (HK$) | (0.20) | (0.17) | +17.6% | Consolidated Statement of Financial Position At period-end, total assets decreased to HK$460 million, net current liabilities expanded to HK$66.93 million, and net assets declined 20.4% to HK$317 million Key Data from Consolidated Statement of Financial Position (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 460,285 | 517,662 | -11.1% | | Current Assets | 49,329 | 79,476 | -37.9% | | Current Liabilities | 116,260 | 103,932 | +11.9% | | Net Current Liabilities | (66,931) | (24,456) | +173.7% | | Net Assets | 317,472 | 398,935 | -20.4% | | Total Equity | 317,472 | 398,935 | -20.4% | Notes to the Financial Statements Basis of Preparation and Going Concern Despite HK$66.93 million in net current liabilities, the Board believes the Group can continue as a going concern, supported by subsequent financing from the controlling shareholder and new bank facilities - As of March 31, 2025, the Group's current liabilities exceeded current assets by approximately HK$66,931,000, posing a challenge to its going concern ability[6] - To address liquidity issues, the Group subsequently secured a HK$20 million long-term loan commitment from its controlling shareholder (of which HK$3.5 million has been drawn) and approximately HK$6.45 million in new bank facilities[6] - Based on these financing arrangements and cash flow forecasts, the Board believes the Group can continue as a going concern, and the financial statements are prepared on this basis[7] Revenue and Segment Information The Group's total revenue from fashion apparel sales declined significantly in both Hong Kong (27.3%) and overseas (21.9%), with Hong Kong remaining the primary revenue source at 59% Segment Revenue (HK$’000) | Geographical Segment | 2025 Revenue | 2024 Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong | 61,005 | 83,913 | -27.3% | | Outside Hong Kong | 41,717 | 53,398 | -21.9% | | Total | 102,722 | 137,311 | -25.2% | - Hong Kong operations include sales of own and imported brands in Hong Kong; overseas operations include manufacturing in Mainland China and sales in Mainland China, Macau, and Taiwan[16] Other Income and Gains/Losses Other income decreased by 46% year-on-year due to reduced rental income and no government subsidies, while other gains and losses shifted from a HK$4.49 million loss to a HK$2.03 million gain Other Income Details (HK$’000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Investment Property Rental Income | 2,009 | 3,821 | | Bank Deposit Interest Income | 252 | 735 | | Government Subsidies | – | 424 | | Total | 3,314 | 6,142 | - Other gains and losses recorded a net gain of HK$2,026,000, compared to a net loss of HK$4,491,000 last year, primarily due to gains on early lease terminations and exchange gains[17] Loss Per Share and Dividends Basic loss per share increased to HK$0.20 due to expanded loss attributable to owners, with no dividends declared or proposed in the current or prior year - The loss for the year used to calculate basic loss per share was HK$56,546,000, with a weighted average number of ordinary shares of 287,930,000[18] - No dividends were paid or proposed to shareholders for the current or prior year[19] Management Discussion and Analysis Market Overview The apparel retail market faces severe challenges from economic downturns and weak consumer confidence, with significant retail sales declines in Hong Kong and slowed growth in Mainland China, driving industry shifts towards e-commerce and social media - Hong Kong's apparel retail sales decreased by approximately 10.6% in 2024, a stark contrast to the approximately 43.5% growth in 2023[22] - Mainland China's apparel retail sales growth rate sharply decelerated from 12.9% in 2023 to 0.3% in 2024[23] - Underlying industry trends include the rise of younger consumers, an aging population, and the widespread adoption of information technology (internet, e-commerce, social media)[23] Operating Review Facing macroeconomic challenges, the Group's revenue declined across all regions, leading to strategies like store network optimization, enhanced promotions, and e-commerce development, with 31 retail stores at period-end - As of March 31, 2025, the Group operated 31 retail stores and counters, a slight decrease from 32 in the prior year, indicating ongoing rationalization of its retail network[24] Hong Kong Business Hong Kong business revenue decreased by 27% year-on-year due to economic downturns, prompting increased short-term promotions, active online business development, and a streamlined store presence - Hong Kong business revenue decreased by 27% to HK$61,005,000 for the current year[25] - Strategies include: participating in more short-term promotional activities, developing e-commerce, leveraging social media (e.g., Xiaohongshu) for promotion, and maintaining a small yet refined store network[25][26][27] Mainland China Business Mainland China business revenue fell by 20% due to economic downturns and high rents, leading to store optimization, brand promotion through fashion shows and artist sponsorships, and e-commerce collaborations - Mainland China business revenue decreased by 20% to HK$25,012,000[29] - The Group continues to develop e-commerce through collaborations with Yunhuan Mall, Vipshop, Tmall, and JD.com[30] Macau and Taiwan Business Macau business revenue decreased by 15% due to reduced tourist purchasing power, while Taiwan business revenue significantly fell by 35% due to store closures and reduced marketing - Macau business turnover decreased by 15% to HK$9,689,000[31] - Taiwan business revenue decreased by 35% to approximately HK$7,016,000[32] Financial Review The Group's turnover decreased by 25% to HK$103 million, leading to an expanded operating loss of HK$45.81 million and a loss attributable to shareholders of HK$56.55 million, with liquidity pressure intensifying and the debt-to-equity ratio rising to 31.1% Financial Performance Summary | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Turnover | HK$102,722,000 | HK$137,311,000 | | Gross Margin | 80.1% | 80.5% | | Operating Loss | HK$45,811,000 | HK$29,286,000 | | Loss Attributable to Equity Holders | HK$56,546,000 | HK$48,100,000 | | Debt-to-Equity Ratio | 31.1% | 23.5% | - The Group adopted a prudent financial policy, holding approximately HK$5 million in cash and bank balances at period-end (compared to HK$24 million last year), and secured total bank facilities of approximately HK$86 million[35] Outlook The Group anticipates a challenging market, planning cautious business development by strengthening its customer base, increasing social media marketing, enhancing offline store experience, and improving garment processing automation for efficiency and competitiveness - Future strategic priorities include: increasing social media marketing efforts, sponsoring artist endorsements, and unifying retail store displays and decorations[38] - The Group plans to enhance the automation level of garment processing to further improve operational efficiency[39] Other Disclosures Employees As of March 31, 2025, the Group's total number of employees was 271, a decrease of approximately 10% from 302 last year - As of March 31, 2025, the Group employed 271 staff, primarily in Hong Kong and Mainland China, a decrease from 302 in 2024[40] Corporate Governance The company complied with most Corporate Governance Code provisions, with the only deviation being the combined roles of Chairman and CEO held by Mr. Chan Yam Kai, which the Board believes ensures consistent leadership and operational efficiency - The company deviated from Corporate Governance Code provision C.2.1, which states that the roles of Chairman and Chief Executive Officer should be separate; currently, Mr. Chan Yam Kai holds both positions[43] - The Audit Committee has reviewed the consolidated financial statements for the current year[44]