嘉利国际(01050) - 2025 - 年度财报

Corporate Information The report provides essential company registration details, headquarters address, board members, committee structures, and key auditors and banks - The report provides key information including the company's basic registration details, headquarters address, board members, committee composition, and primary auditors and banks[8][9][12] - The Board of Directors comprises executive and independent non-executive directors, with Mr. Ho Cheuk Fai serving as Chairman and Chief Executive Officer. Changes in board members and committees, including new appointments and resignations, occurred during and after the reporting period[8][9][10] Key Information for Shareholders This section provides key financial calendar dates, market capitalization overview, and listing details for shareholders Key Dates for Fiscal Year 2025 | Event | Date | | :--- | :--- | | 2024/25 Annual Results Announcement | June 25, 2025 | | Annual General Meeting | September 5, 2025 | | Final Dividend Last Registration Date | September 10, 2025 | | Estimated Final Dividend Payment Date | September 30, 2025 | Market Capitalization Overview | Date | Closing Price (HKD) | Market Capitalization (HKD) | | :--- | :--- | :--- | | March 31, 2025 | 0.82 | 1,657,312,824 | | June 30, 2025 | 0.88 | 1,778,579,616 | - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong with stock code 1050, and each board lot consists of 2,000 shares[21][22] Corporate Calendar The company expanded its production capacity in Thailand, secured new orders, and received multiple awards, demonstrating comprehensive strengths - In January 2025, the Group announced an investment of approximately HKD 115 million to acquire about 70,000 square meters of land in Amata Industrial Park, Chonburi, Thailand, planning to build a new production base to expand overseas server chassis and related product capacity[27] - The Group's Thailand plant successfully delivered data center-related orders to new clients and continued to achieve business growth during the reporting period. Concurrently, the Group leased additional production facilities in Thailand to support capacity expansion[24][27] - The Group received multiple accolades during the reporting period, including the 'Excellence Award' from Dell, and several awards for corporate social responsibility, talent development, and environmental protection, highlighting its comprehensive capabilities[24][26] Financial Highlights The company achieved significant revenue and profit growth in FY2025, driven by metal and plastic business and North American sales Key Financial Data for FY2025 | Metric | 2025 (million HKD) | 2024 (million HKD) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 3,231 | 2,916 | 11% | | Gross Profit | 472 | 370 | 28% | | Operating Profit | 285 | 228 | 25% | | Profit for the Year | 204 | 170 | 20% | | Basic Earnings Per Share (HK cents) | 10.1 | 8.4 | 20% | | Total Cash Dividend Per Share (HK cents) | 5.5 | 5.5 | — | | Gross Profit Margin (%) | 14.6 | 12.7 | 15% | | Net Profit Margin (%) | 6.3 | 5.8 | 9% | | Net Gearing Ratio (%) | 43 | 39 | 10% | - By business segment, revenue from the Metal and Plastic business increased its contribution from 59% in FY2024 to 63% in FY2025, while Electronic Manufacturing Services (EMS) decreased from 41% to 37%[36][37] - By geographical region, North America was the largest revenue source, accounting for 37% of total revenue, followed by Hong Kong (21%) and Mainland China (19%)[39][40] Chairman's Statement The Chairman's Statement reviews the company's strong financial performance, dividend policy, future outlook, and financial resources Business Review and Results FY2025 saw the Group's revenue grow 11% to HKD 3.23 billion and profit increase 21% to HKD 204.48 million, driven by AI server demand and Thailand plant expansion Overall Performance for FY2025 | Metric | FY2025 (HKD) | FY2024 (HKD) | Year-on-Year Growth | | :--- | :--- | :--- | :--- | | Revenue | 3,231,329,000 | 2,915,981,000 | Approx. 11% | | Profit Attributable to Equity Holders | 204,481,000 | 169,659,000 | Approx. 21% | - Revenue from the Metal and Plastic (M&P) business increased by approximately 17% to HKD 2.03 billion, primarily driven by increased demand for server chassis and mold orders, as well as large charging pile enclosure products[48] - Revenue from the Electronic Manufacturing Services (EMS) business saw a slight increase of approximately 1% to HKD 1.20 billion, showing stable performance[48] - The Group's production facility in Thailand continued to expand and operate smoothly, with an investment of approximately HKD 115 million in January 2025 to acquire new land, planning to build a one-stop production base to optimize global capacity allocation[49][50] Dividend Policy The Board recommends a final dividend of 3.0 HK cents per share, maintaining the full-year dividend at 5.5 HK cents per share to uphold its consistent payment record FY2025 Dividend Details | Dividend Type | FY2025 (HK cents/share) | FY2024 (HK cents/share) | | :--- | :--- | :--- | | Interim Dividend | 2.5 | 1.5 | | Final Dividend (Proposed) | 3.0 | 4.0 | | Total Full-Year Dividend | 5.5 | 5.5 | - The company has maintained a record of continuous dividend payments for 29 consecutive years since its listing in 1996, with a dividend policy target of distributing 30% or more of profit attributable to shareholders[107] Prospects The Group expects AI servers and charging pile products to drive future growth, focusing on Thailand plant completion to enhance global supply chain resilience and expand product lines - AI servers and charging pile-related products are expected to be the Group's primary drivers for future business growth[64][66] - Completing the construction of the Thailand plant is a strategic focus for the Group's future development, aiming to strengthen global supply chain resilience and responsiveness through synergy between China and Thailand production lines[65][66] - The Group has completed the preparation of new-generation AI server prototypes (including air-cooled and liquid-cooled configurations) and continues to invest in R&D to expand server peripheral product lines such as racks, brackets, rails, and liquid cooling systems[68] Financial Resources As of March 31, 2025, the Group's net interest-bearing borrowings were approximately HKD 466 million, with a 43% net gearing ratio, supported by strong cash and unutilized banking facilities Financial Position Overview (As of March 31, 2025) | Metric | Amount (million HKD) | | :--- | :--- | | Net Interest-Bearing Borrowings | 466.3 | | Net Gearing Ratio | 43% | | Cash and Bank Balances | 191.2 | | Unutilized Banking Facilities | 853.7 | - The preliminary capital expenditure (CAPEX) budget for FY2025/26 is approximately HKD 217 million, primarily allocated for plant construction, machinery and equipment purchases, and computer systems[79][83] Corporate Governance Report The Corporate Governance Report details the company's adherence to governance codes, board composition, committee functions, and risk management frameworks Compliance and Deviations The Group largely complied with the Corporate Governance Code, noting deviations regarding the Chairman's retirement by rotation and the combined Chairman/CEO roles, which the Board deems provides strong leadership - The Group deviated from Code Provision B.2.2, where the Chairman is not subject to retirement by rotation, but the Chairman will consider voluntary retirement at least once every three years to align with the code's spirit[119][120][122] - The Group deviated from Code Provision C.2.1, where the roles of Chairman and Chief Executive Officer are not separated, both held by founder Mr. Ho Cheuk Fai. The Board believes this provides strong and consistent leadership, and the Board's composition ensures a balance of power[124][125][128] Board of Directors As of March 31, 2025, the Board comprises seven directors, including four executive and three independent non-executive directors, meeting listing rules and overseeing strategy, finance, and governance - The Board of Directors consists of 7 directors, including 3 independent non-executive directors, complying with listing rule requirements. The Board is responsible for leading and overseeing the Group's affairs[131][168] - The company has adopted a Board Diversity Policy and believes the current Board composition is balanced in terms of skills, experience, and diverse perspectives. As of the reporting date, the Board includes at least one female director[141][144][145] - All directors participated in continuous professional development activities and completed relevant training during the reporting year[160][161] Board Committees The Board's Remuneration, Audit, and Nomination Committees, all chaired by independent non-executive directors, oversee compensation, financial reporting, risk management, and board structure - The Remuneration Committee, chaired by Dr. Lau Kin Wah, is responsible for formulating remuneration policies and has reviewed the remuneration packages for directors and senior management for the current year[178][179] - The Audit Committee, chaired by Mr. Fong Hoi Shing, comprises three independent non-executive directors and is responsible for reviewing financial reports, internal controls, and risk management systems[182][183] - The Nomination Committee, chaired by Dr. Lau Kin Wah, is responsible for reviewing the Board's structure, size, and composition, and recommending director candidates to the Board based on the adopted nomination policy[188][189] Accountability and Audit The Board affirms its responsibility for preparing true and fair financial statements, maintaining effective risk management and internal control systems, and disclosing auditor remuneration - The Board is responsible for the Group's risk management and internal control systems and considers them effective and adequate during the reporting year[203][204] - The Group's risk management framework categorizes risks into four main types: strategic, operational, compliance, and financial and reporting[215] Auditor's Remuneration | Service Type | Amount (HKD) | | :--- | :--- | | Audit Services | 3,417,000 | | Non-Audit Services (primarily tax) | 1,336,000 | Senior Management Profile This section provides detailed profiles of the executive directors, independent non-executive directors, and key management personnel, outlining their backgrounds, experience, and responsibilities - This section details the backgrounds, experience, and responsibilities of executive directors, independent non-executive directors, and core management personnel. Founder Mr. Ho Cheuk Fai serves as Chairman and Chief Executive Officer, responsible for the Group's overall strategy. Other senior executives possess extensive experience in human resources, manufacturing, and marketing[254][258][264][276] Report of the Directors The Report of the Directors covers the company's principal activities, business analysis, share schemes, and disclosures regarding directors' and shareholders' interests Principal Activities and Business Analysis The Group operates in Metal and Plastic and EMS, facing risks like high customer concentration and supply volatility, mitigated by diversification and supply chain flexibility - The Group primarily engages in two main businesses: Metal and Plastic (M&P) and Electronic Manufacturing Services (EMS)[281][285] - The Group faces key risks including high customer concentration, volatility in raw material supply, and uncertainties in the global macroeconomic environment[316][319][320] Key Customer and Supplier Concentration (FY2025) | Category | Percentage | | :--- | :--- | | Sales | | | Largest Customer | 37% | | Top Five Customers Combined | 90% | | Procurement | | | Largest Supplier | 49% | | Top Five Suppliers Combined | 63% | Share Schemes The company adopted new share option and share award schemes in August 2023, with 5.72 million awarded shares and 1.15 million outstanding options under the old scheme - The company adopted new share option and share award schemes on August 30, 2023, both with a 10-year validity period[369][378] - During the reporting year, 5,720,000 awarded shares were granted to directors and employees under the new share award scheme[378][386][387] - As of March 31, 2025, 1,150,000 share options remained unexercised under the old share option scheme, with a weighted average remaining contractual life of 1.57 years[341][940] Directors and Shareholders' Interests This section details directors', chief executives', and substantial shareholders' interests in company shares, with Chairman Mr. Ho Cheuk Fai and his family holding approximately 72.57% - Chairman Mr. Ho Cheuk Fai and his family collectively hold approximately 72.57% of the company's share interests[435] - Major shareholders include New Sense (24.12%), Castfast Properties (16.33%), and The Wedding City (12.86%), all related to Mr. Ho Cheuk Fai's family trust or his personal interests[447] Independent Auditor's Report KPMG issued an unqualified opinion on the consolidated financial statements for the year ended March 31, 2025, highlighting key audit matters related to revenue recognition timing and inventory valuation - KPMG, the auditor, issued an unqualified opinion on the Group's consolidated financial statements for the year ended March 31, 2025, affirming that the statements present a true and fair view of the Group's financial position, performance, and cash flows[476] - The report identified two key audit matters: 1. Timing of revenue recognition: Due to diverse sales contract terms, there is an increased risk of errors in revenue recognition timing 2. Inventory valuation: Due to the Group holding significant inventory and the assessment of inventory provisions involving substantial management judgment[480][483][490] Consolidated Financial Statements This section presents the Group's consolidated financial statements, including the statement of financial position, profit or loss, and cash flows, providing a comprehensive overview of its financial health and performance Consolidated Statement of Financial Position As of March 31, 2025, the Group's total assets increased 5% to HKD 2.53 billion, total equity rose 9% to HKD 1.08 billion, and the current ratio improved to 1.2 Consolidated Statement of Financial Position Summary (As of March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Non-Current Assets | 1,141.8 | 1,059.9 | | Current Assets | 1,390.9 | 1,342.8 | | Total Assets | 2,532.7 | 2,402.7 | | Total Equity | 1,078.8 | 993.0 | | Current Liabilities | 1,181.7 | 1,212.7 | | Non-Current Liabilities | 272.2 | 197.0 | | Total Liabilities | 1,453.9 | 1,409.7 | Consolidated Statement of Profit or Loss For FY2025, the Group's revenue grew 11% to HKD 3.23 billion, gross profit surged 28% to HKD 472.1 million, and net profit increased 20% to HKD 204.5 million Consolidated Statement of Profit or Loss Summary (For the year ended March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 3,231.3 | 2,916.0 | | Gross Profit | 472.1 | 370.1 | | Operating Profit | 285.0 | 228.4 | | Profit Before Tax | 247.6 | 187.0 | | Profit for the Year | 204.5 | 169.7 | Consolidated Cash Flow Statement In FY2025, net cash from operations was HKD 261.8 million, with net outflows from investing (HKD 142.8 million) and financing (HKD 77.9 million), increasing year-end cash to HKD 191.2 million Consolidated Cash Flow Statement Summary (For the year ended March 31) | Item (million HKD) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 261.8 | 318.2 | | Net Cash Used in Investing Activities | (142.8) | (94.4) | | Net Cash Used in Financing Activities | (77.9) | (232.4) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 41.1 | (8.7) | | Cash and Cash Equivalents at Year-End | 191.2 | 149.4 | Five-Year Financial Summary This section provides a five-year summary of the Group's financial performance, assets, and liabilities, offering a historical perspective on its financial trends Five-Year Financial Performance Summary (Continuing Operations) | For the year ended March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 (Restated) | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 3,231,329 | 2,915,981 | 3,081,697 | 3,075,013 | 3,472,798 | | Operating Profit | 285,026 | 228,372 | 210,785 | 303,296 | 743,992 | | Profit for the Year | 204,481 | 169,659 | 182,318 | 254,273 | 445,328 | Five-Year Assets and Liabilities Summary | As of March 31 (thousand HKD) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 2,532,706 | 2,402,721 | 2,550,779 | 5,066,066 | 4,430,888 | | Total Equity | 1,078,784 | 993,004 | 936,762 | 1,696,552 | 1,696,706 | | Total Liabilities | 1,453,922 | 1,409,717 | 1,614,017 | 3,369,514 | 2,734,182 |