香港生力啤(00236) - 2025 - 中期业绩

Performance Overview Financial Highlights The Group's consolidated profit increased by 33% to HKD 51.10 million in H1 2025, with revenue growing 3.2% to HKD 390 million and gross margin improving to 39.9% Key Financial Indicators (HKD million) | Metric | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Consolidated Profit | 51.10 | 38.50 | +33% | | Profit Attributable to Owners of the Company | 49.60 | 37.60 | +31.9% | | Consolidated Revenue | 390 | 378 | +3.2% | | Gross Profit | 156 | 140 | +11.6% | | Gross Profit Margin (%) | 39.9 | 36.9 | +3.0 p.p. | - As of June 30, 2025, cash and bank balances increased to HKD 250 million from HKD 217 million as of December 31, 2024, with total net assets maintained at HKD 669 million[35] Consolidated Financial Statements This section provides unaudited consolidated financial statements, including the income statement, comprehensive income, and financial position, for the six months ended June 30, 2025 Consolidated Income Statement The Group's revenue grew 3.2% to HKD 390 million, with operating profit surging 45.7% to HKD 61.75 million and basic EPS reaching 13.3 HKD cents Consolidated Income Statement Highlights (HKD thousand) | Item | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 390,286 | 378,094 | +3.2% | | Gross Profit | 155,727 | 139,534 | +11.6% | | Operating Profit | 61,749 | 42,369 | +45.7% | | Profit Before Tax | 61,564 | 42,138 | +46.1% | | Profit for the Period | 51,089 | 38,510 | +32.7% | | Basic Earnings Per Share (HKD cents) | 13.3 | 10.1 | +31.7% | Consolidated Statement of Comprehensive Income Total comprehensive income for the period increased by 38.8% to HKD 52.48 million, driven by higher profit and exchange gains from overseas subsidiaries Consolidated Statement of Comprehensive Income Highlights (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period | 51,089 | 38,510 | | Exchange Differences | 1,391 | (711) | | Total Comprehensive Income for the Period | 52,480 | 37,799 | Consolidated Statement of Financial Position As of June 30, 2025, total assets reached HKD 798 million and net assets HKD 669 million, with net current assets improving to HKD 301 million Consolidated Statement of Financial Position Highlights (HKD thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-current Assets | 403,622 | 404,602 | | Current Assets | 394,327 | 354,604 | | Total Assets | 797,949 | 759,206 | | Current Liabilities | (92,899) | (86,962) | | Non-current Liabilities | (36,455) | (37,450) | | Total Liabilities | (129,354) | (124,412) | | Net Assets | 668,595 | 634,794 | Notes to the Interim Financial Report This section details the interim financial report's preparation basis, accounting policies, revenue, segment data, taxation, dividends, EPS calculation, and key balance sheet items Basis of Preparation & Accounting Policies This interim financial report, prepared under HKAS 34 and reviewed by the audit committee, maintains consistent accounting policies with no significant impact from new standards - The report is prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[12] - The report is unaudited but has been reviewed by the Company's Audit Committee[13] - The adoption of newly revised Hong Kong Financial Reporting Standards has not had a significant financial impact on the Group's results and financial position[14] Revenue and Segment Information The Group's primary business is beer manufacturing and distribution, with Hong Kong and the Philippines being key revenue contributors by segment and customer location, respectively Revenue by Operating Segment (HKD thousand) | By Operating Segment | H1 2025 Revenue | H1 2024 Revenue | | :--- | :--- | :--- | | Hong Kong | 250,054 | 235,383 | | Mainland China | 140,232 | 142,711 | | Total | 390,286 | 378,094 | Revenue by Customer Geographical Location (HKD thousand) | By Customer Geographical Location | H1 2025 Revenue | H1 2024 Revenue | | :--- | :--- | :--- | | Philippines | 240,960 | 222,454 | | Hong Kong | 112,136 | 118,620 | | Mainland China | 32,045 | 30,902 | | Others | 5,145 | 6,118 | | Total | 390,286 | 378,094 | Profit Before Tax Profit before tax reflects deductions for finance costs, staff costs (HKD 77.71 million), and depreciation, with cost of inventories at HKD 233 million Key Deductions from Profit Before Tax (HKD thousand) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Finance Costs | 185 | 231 | | Staff Costs | 77,714 | 74,853 | | Depreciation | 10,339 | 12,123 | | Cost of Inventories | 233,419 | 237,896 | Income Tax Income tax expense surged to HKD 10.48 million due to deferred tax reversals, with no Hong Kong profits tax provision and a 25% corporate income tax rate for Mainland China operations - Due to carried forward accumulated tax losses, no provision for Hong Kong profits tax was made for the Company and other Hong Kong subsidiaries for the years 2025 and 2024[26] - The applicable income tax rate for Mainland China operations is 25%[26] Dividends The Board decided not to declare an interim dividend for the six months ended June 30, 2025, following the payment of a HKD 0.05 final dividend for the prior year - The Board decided not to declare an interim dividend for the six months ended June 30, 2025 (2024: nil)[27] Earnings Per Share Basic earnings per share increased to 13.3 HKD cents, calculated based on HKD 49.64 million profit and 374 million shares, with no diluted EPS presented due to absence of dilutive instruments - Basic earnings per share of 13.3 HKD cents were calculated based on profit attributable to owners of the Company of HKD 49,644,000 and 373,570,560 ordinary shares in issue[30] - Diluted earnings per share were not presented as the Company had no dilutive potential ordinary shares in existence[31] Trade and Other Receivables & Payables Trade receivables totaled HKD 30 million and trade payables HKD 28.75 million at period-end, with the Group maintaining credit policies and monitoring credit risk - Total trade receivables (net of loss allowance) amounted to HKD 29.97 million, of which HKD 27.87 million were current[32] - Total trade payables amounted to HKD 28.75 million, of which HKD 28.73 million were current and due within one month[34] Management Discussion and Analysis This section reviews the Group's H1 financial and business performance, highlighting growth driven by exports and South China operations, and outlines future strategies focusing on brand and cost management Financial Performance Review In H1 2025, consolidated profit grew 33% to HKD 51.10 million, driven by 3.2% revenue growth and improved gross margin, with profit attributable to owners reaching HKD 49.60 million Key Financial Performance Indicators (HKD million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Consolidated Profit | 51.10 | 38.50 | | Consolidated Revenue | 390 | 378 | | Gross Profit | 156 | 140 | Business Review Hong Kong operations saw total sales rise 14% due to exports despite local decline, while South China operations achieved 23% operating profit growth, supported by group-wide marketing efforts - Hong Kong operations: Total local sales decreased by 4%, but a significant increase in export sales led to a 14% rise in total sales and a substantial increase in operating profit[37] - South China operations: Local sales recorded a 3% increase, and despite a decrease in export volume, operating profit still reached RMB 16.90 million, a 23% year-on-year increase[39] - The Group launched a series of marketing activities in both markets, including TV commercials, social media promotions, gift redemptions, and collaborations with KOLs, to strengthen brand connection and drive sales[38][39][40] Outlook The Group maintains cautious optimism for future growth despite challenges, focusing strategically on strengthening brand equity, enhancing operational efficiency, and deepening consumer engagement - The Group maintains a 'cautiously optimistic' outlook for the future, acknowledging challenges including tightening financial conditions, changing consumer behavior, and geopolitical uncertainties[41] - Future strategic priorities will focus on: strengthening brand equity, enhancing operational efficiency, deepening consumer engagement through targeted promotional activities, and effective cost management[41] Other Disclosures This section provides standard disclosures on securities dealings and corporate governance, noting no share repurchases and general compliance with the Corporate Governance Code Securities Dealings Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed its listed securities[42] Corporate Governance The Company generally complied with the Corporate Governance Code during the period, with a minor deviation in meeting arrangements planned for rectification within the current year - The Company consistently adopted the principles of the Corporate Governance Code during the reporting period, with one deviation concerning the arrangements for Board and other meetings, which the Company plans to align with the Code's provisions within the current year[43]