2025-07-17 08:30Financial Highlights Summary of Results and Financial Position The company achieved 1% revenue growth and 102% net profit increase to HK$235 million in FY2025, driven by cost control and operational efficiency, with strong cash generation and Mainland China as the largest market Annual Performance Summary (As of March 31) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 6,274 | 6,217 | +1% | | Gross Profit | 3,218 | 3,111 | +3% | | EBITDA | 836 | 685 | +22% | | Net Profit Attributable to Shareholders | 235 | 116 | +102% | | Basic Earnings Per Share (HK cents) | 21.9 | 10.9 | +102% | | Total Dividend Per Ordinary Share (HK cents) | 14.2 | 7.7 | +84% | Financial Position Summary (As of March 31) | Indicator | 2025 (Million HKD) | 2024 (Million HKD) | YoY Change | | :--- | :--- | :--- | :--- | | Total Assets | 5,649 | 5,637 | Stable | | Net Cash | 657 | 111 | +492% | | Total Equity Attributable to Shareholders | 3,083 | 3,005 | +3% | - Sales analysis by region shows Mainland China as the primary revenue source, accounting for 54% of total sales, followed by Hong Kong operations (including Hong Kong, Macau, and exports) at 36%30 Chairman's Statement Despite market challenges, the company achieved 1% revenue growth and 102% profit increase in FY2025, driven by core market performance and operational efficiency, with a recommended total dividend of HK$14.2 cents per share Group Chief Executive Officer's Report/Business Review Overall Business and Financial Review The Group achieved 1% revenue growth and 96% operating profit increase in FY2025, driven by market improvements and efficiency gains, with gross margin at 51.3% and strong net cash of HK$657 million Revenue Growth by Key Market (in Local Currency) | Market | Revenue Growth Rate (YoY) | | :--- | :--- | | Mainland China | +1% | | Hong Kong Operations | +2% | | Australia and New Zealand | +5% | - Gross margin improved to 51.3%, primarily due to lower raw material costs and enhanced production layout efficiency64 - Operating profit significantly increased by 96%, mainly driven by improved gross profit and strict cost control64 Key Financial Indicators for FY2025 | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (Million HKD) | 6,274 | 6,217 | +1% | | Net Profit Attributable to Shareholders (Million HKD) | 235 | 116 | +102% | | Basic Earnings Per Share (HK cents) | 21.9 | 10.9 | +102% | | Gearing Ratio | 20% | 23% | -3 percentage points | | Return on Capital Employed (ROCE) | 25% | 21% | +4 percentage points | - As of March 31, 2025, the Group's cash and bank balances were HK$1.268 billion, with net cash (after deducting borrowings, bills payable, and lease liabilities) at HK$657 million, a significant increase from HK$111 million in the prior year128 Review of operations Key markets showed varied performance, with Mainland China and Hong Kong achieving revenue and profit growth, while Australia/New Zealand and Singapore narrowed operating losses Mainland China Mainland China achieved 1% revenue growth and a significant 41% increase in operating profit to RMB289 million, driven by core product performance and efficiency gains Mainland China Operations Financial Performance | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from External Customers (Million RMB) | 3,116 | 3,087 | +1% | | Operating Profit (Million RMB) | 289 | 203 | +42% | | Revenue from External Customers (Million HKD) | 3,363 | 3,359 | Stable | | Operating Profit (Million HKD) | 311 | 221 | +41% | Hong Kong Operation Hong Kong operations achieved 2% revenue growth and 24% operating profit increase to HK$279 million, driven by sales volume and cost reductions despite a challenging retail environment Hong Kong Operations Financial Performance | Indicator (Million HKD) | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from External Customers | 2,261 | 2,224 | +2% | | Operating Profit | 279 | 225 | +24% | Australia and New Zealand Australia and New Zealand revenue grew 5% in local currency, with full-year operating loss narrowing by 4% to A$15 million due to production stability and logistics optimization Australia and New Zealand Operations Financial Performance | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from External Customers (Million AUD) | 107 | 103 | +5% | | Operating Loss (Million AUD) | (15) | (16) | +4% | | Revenue from External Customers (Million HKD) | 544 | 527 | +3% | | Operating Loss (Million HKD) | (77) | (81) | +5% | Singapore Singapore market revenue slightly decreased by 1%, but operating loss narrowed by 40% due to lower raw material costs and optimized sales mix, despite distributor changes affecting imported beverages Singapore Operations Financial Performance | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from External Customers (Thousand SGD) | 18,223 | 18,396 | -1% | | Operating Loss (Thousand SGD) | (1,327) | (2,210) | +40% | | Revenue from External Customers (Thousand HKD) | 106,131 | 107,008 | -1% | | Operating Loss (Thousand HKD) | (7,729) | (12,855) | +40% | Business Outlook The company aims to maintain business scale and profitability by expanding core categories, especially in Mainland China, while reducing losses in Australia, confident in long-term growth opportunities - Mainland China: Short-term goal is to maintain business scale and profitability, enhancing per-store sales and product availability through strengthened sales execution174179 - Hong Kong: Will continue to execute expansion strategies to sustain high-margin revenue growth, with minimal expected tariff impact on US export business (<2%)175180 - Australia and New Zealand: Leveraging stabilized production operations to accelerate sales, continuing to reduce operating losses through innovation and improved operational efficiency176181 - Philippines: The joint venture with Universal Robina Corporation will continue to scale up, investing in a comprehensive product portfolio of soy milk, almond milk, and oat milk178183 Corporate Governance Report The report details the company's adherence to high corporate governance standards in FY2025, covering board structure, committee functions, risk management, and internal controls, ensuring transparency and accountability Board of Directors The diverse Board of Directors, with 40% independent non-executive members, oversees strategy, held five meetings with 95% attendance, and conducted annual assessments to enhance effectiveness Board Composition Diversity Overview | Category | Breakdown | Quantity/Ratio | | :--- | :--- | :--- | | Function | Independent Non-Executive Directors | 4 | | | Non-Executive Directors | 3 | | | Executive Directors | 3 | | Gender | Female | 3 (30%) | | | Male | 7 (70%) | | Age | Over 70 | 4 | | | 61-70 | 4 | | | 51-60 | 1 | | | 41-50 | 1 | - Board members possess diverse core skills, professional knowledge, and experience, covering general management, accounting and audit, legal, food technology, marketing, and production project management, ensuring effective board performance229230 - The company has achieved its board diversity targets: female representation is 30.0%, exceeding the "not less than 18%" target; the average age of board members is 66 years, meeting the "average 67 years" target237238 Board Committees The Board's committees (Remuneration & Nomination, Audit, ESG, Executive) have clear mandates, with independent non-executive chairs ensuring oversight of compensation, financial reporting, and sustainability - The Remuneration and Nomination Committee is responsible for reviewing executive compensation, board structure and diversity, assessing the independence of independent non-executive directors, and making recommendations on director appointments and succession planning to the Board288290 - The Audit Committee oversees the financial reporting process, appointment and coordination of internal and external auditors, evaluates the effectiveness of risk management and internal control systems, and reviews the company's compliance and whistleblowing policies297299 - The Environmental, Social and Governance (ESG) Committee is responsible for providing guidance on the Group's sustainability objectives, strategies, and progress, reviewing ESG-related risks and opportunities, and approving the company's sustainability report313315 Risk Management and Internal Control The company maintains a comprehensive COSO-based risk management and internal control system, overseen by the Board and Audit Committee, with independent internal audit and ethical policies - The company's risk governance structure is divided into three levels: oversight (Audit Committee, Group Internal Audit), risk monitoring and review (Enterprise Risk Management Executive Committee, local company CEOs, Group Risk Management Department), and risk and control responsibility (department heads and employees)408411413 - The risk management process includes six stages: Anticipate, Rate, Respond, Regulate, React, and Report414418 - The Board, confirmed by management, considers the risk management and internal control systems for the year ended March 31, 2025, to be effective and adequate, with no significant issues identified that could affect the company's financial, operational, compliance, and risk management functions424 Report of the Directors The Report of the Directors covers business activities, financial performance, and governance, including a recommended total annual dividend of HK$14.0 cents per share and details on share schemes and buybacks Dividends, Share Capital and Buy-backs The company paid an interim dividend of HK$4.0 cents and recommended a final dividend of HK$10.2 cents, while repurchasing 4,232,000 shares for HK$40.45 million - The Board recommended a final dividend of HK$10.2 cents per ordinary share for the year ended March 31, 2025, bringing the total annual dividend to HK$14.2 cents including the interim dividend of HK$4.0 cents already paid514 Share Buyback Details (March 2025) | Number of Shares Repurchased (Thousands) | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration (Excluding Expenses, Thousand HKD) | | :--- | :--- | :--- | :--- | | 4,232 | 10.00 | 9.08 | 40,449 | - During the year, the trustee of the company's 2021 Share Award Scheme purchased a total of 1,300,000 company shares on the Stock Exchange for a total consideration of approximately HK$7.6 million to satisfy share awards to participants642 Equity-linked Agreements The company operates 2022 Share Option and 2021 Share Award Schemes, with 9.22% of issued shares available for grant, and details unexercised options and unvested awards - As of March 31, 2025, there were a total of 19,411,000 unexercised share options under the 2012 and 2022 Share Option Schemes570574 - As of March 31, 2025, there were a total of 4,470,474 unvested award shares under the 2021 Share Award Scheme590 Consolidated Financial Statements Consolidated Statement of Profit or Loss The Group's revenue grew 1% to HK$6.274 billion, with operating profit surging to HK$364 million and profit attributable to shareholders increasing 102% to HK$235 million Consolidated Statement of Profit or Loss Summary | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 6,273,585 | 6,217,123 | | Gross Profit | 3,217,546 | 3,111,437 | | Operating Profit | 363,575 | 185,432 | | Profit Before Tax | 316,990 | 131,668 | | Profit for the Year | 240,568 | 117,788 | | Profit Attributable to Shareholders | 234,674 | 116,367 | | Basic Earnings Per Share (HK cents) | 21.9 | 10.9 | Consolidated Statement of Financial Position As of March 31, 2025, total assets were stable at HK$5.649 billion, total liabilities decreased, and net assets attributable to shareholders increased 3% to HK$3.083 billion Consolidated Statement of Financial Position Summary | Item (Thousand HKD) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Total Assets | 5,648,700 | 5,636,695 | | Non-Current Assets | 3,023,166 | 3,389,625 | | Current Assets | 2,625,534 | 2,247,070 | | Total Liabilities | 2,466,518 | 2,524,058 | | Current Liabilities | 2,141,985 | 2,225,376 | | Non-Current Liabilities | 324,533 | 298,682 | | Net Assets | 3,182,182 | 3,112,637 | | Total Equity Attributable to Shareholders | 3,083,158 | 3,004,560 | Consolidated Cash Flow Statement Net cash from operations increased to HK$859 million, investing activities turned to a net inflow of HK$65.89 million, leading to a net increase of HK$627 million in cash and cash equivalents Consolidated Cash Flow Statement Summary | Item (Thousand HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 859,017 | 790,543 | | Net Cash from/(used in) Investing Activities | 65,893 | (294,294) | | Net Cash used in Financing Activities | (298,236) | (403,493) | | Net Increase in Cash and Cash Equivalents | 626,674 | 92,756 | | Cash and Cash Equivalents at Beginning of Period | 642,954 | 554,785 | | Cash and Cash Equivalents at End of Period | 1,268,475 | 642,954 | Five Year Summary The five-year summary shows revenue stabilizing around HK$6.2-6.3 billion, with operating profit and shareholder-attributable profit recovering significantly after a FY2022 loss, and basic EPS at HK$21.9 cents Five Year Financial Summary This section provides a tabular overview of the company's core financial indicators for the past five fiscal years, illustrating long-term performance trends and financial position changes Five Year Performance Summary (Million HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 6,274 | 6,217 | 6,341 | 6,501 | 7,520 | | Operating Profit/(Loss) | 364 | 185 | 104 | (213) | 843 | | Profit/(Loss) Attributable to Shareholders | 235 | 116 | 46 | (159) | 548 | Five Year Assets and Liabilities Summary (Million HKD) | Fiscal Year | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets Less Current Liabilities | 3,507 | 3,411 | 3,378 | 3,776 | 4,192 | | Net Assets | 3,182 | 3,113 | 3,101 | 3,569 | 3,957 |