利民实业(00229) - 2025 - 中期业绩

Announcement Overview Unaudited Financial Results Summary This announcement presents the unaudited interim results for the six months ended June 30, 2025, reviewed by the audit committee and independent auditor - Raymond Industrial Limited announced its unaudited interim results for the six months ended June 30, 2025[3] - The condensed consolidated financial statements have been reviewed by the company's audit committee and independent auditor RSM Hong Kong[3] Condensed Consolidated Financial Statements Condensed Consolidated Income Statement The Group reported increased revenue and profit for the six months ended June 30, 2025, with higher basic earnings per share Condensed Consolidated Income Statement Key Data (For the 6 months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 530,704 | 523,457 | +1.38% | | Cost of sales | (453,100) | (445,764) | +1.65% | | Gross profit | 77,604 | 77,693 | -0.11% | | Other income | 7,171 | 9,267 | -22.62% | | Other net gains | 11,601 | 6,542 | +77.33% | | Profit before tax | 36,520 | 29,510 | +23.75% | | Income tax expense | (4,015) | (2,689) | +49.31% | | Profit for the period attributable to owners of the Company | 32,505 | 26,821 | +21.19% | | Basic earnings per share (HK cents) | 6.48 | 5.35 | +21.12% | Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Total comprehensive income attributable to owners decreased, due to prior year's property revaluation gains and current period's exchange differences Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data (For the 6 months ended June 30) | Metric | 2025 (thousand HKD) | 2024 (thousand HKD) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 32,505 | 26,821 | | Revaluation gain on property, plant and equipment transferred to investment properties | - | 32,797 | | Exchange differences arising from translating financial statements of overseas operations | 3,832 | (2,261) | | Other comprehensive income for the period, net of tax | 3,832 | 30,536 | | Total comprehensive income for the period attributable to owners of the Company | 36,337 | 57,357 | - Total comprehensive income for the first half of 2025 decreased, mainly because the prior year included property revaluation gains, while 2025 recorded exchange differences from overseas operations[6] Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets slightly decreased to HKD 881,529 thousand, with net current assets of HKD 507,026 thousand and total equity of HKD 671,993 thousand Condensed Consolidated Statement of Financial Position Key Data (As of June 30, 2025) | Metric | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | Change (thousand HKD) | | :--- | :--- | :--- | :--- | | Non-current assets | 165,115 | 166,614 | (1,499) | | Current assets | 716,414 | 713,630 | 2,784 | | Current liabilities | 209,388 | 204,327 | 5,061 | | Net current assets | 507,026 | 509,303 | (2,277) | | Total assets less current liabilities | 672,141 | 675,917 | (3,776) | | Non-current liabilities | 148 | 155 | (7) | | Net assets | 671,993 | 675,762 | (3,769) | | Total equity | 671,993 | 675,762 | (3,769) | - Bank and cash balances decreased from HKD 349,130 thousand as of December 31, 2024, to HKD 325,178 thousand as of June 30, 2025[7] Notes to Financial Statements Basis of Preparation The condensed financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and the HKEX Listing Rules, consistent with the accounting policies and methods used in the 2024 annual financial statements - The condensed financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the HKEX Listing Rules[8] - The accounting policies and methods of computation used in preparing the condensed financial statements are consistent with those adopted in the annual financial statements for the year ended December 31, 2024[9] New and Revised HKFRS The Group adopted the amendment to HKAS 21 "Lack of Exchangeability" from January 1, 2025, with no impact on accounting policies, and is assessing the potential impact of HKFRS 18 "Presentation and Disclosure in Financial Statements" effective in 2027 - The Group first applied the amendment to HKAS 21 "Lack of Exchangeability" from January 1, 2025, without changing accounting policies or making retrospective adjustments[10] - HKFRS 18 "Presentation and Disclosure in Financial Statements", effective January 1, 2027, is expected to significantly impact the statement of profit or loss structure, disclosure of management-defined performance measures, and disaggregation requirements[11] - Management is assessing the impact of HKFRS 18 on the presentation and disclosures in the consolidated financial statements[12] Fair Value Measurement The carrying amounts of the Group's financial assets and liabilities approximate their fair values, with investment properties (Hong Kong office and warehouse) measured at Level 3 fair value using the income capitalization approach, remaining at HKD 32,800 thousand as of June 30, 2025 - The carrying amounts of the Group's financial assets and financial liabilities approximate their respective fair values[13] Investment Properties Fair Value Measurement (Level 3) | Description | June 30, 2025 (thousand HKD) | December 31, 2024 (thousand HKD) | | :--- | :--- | :--- | | Investment properties (office and warehouse – Hong Kong) | 32,800 | 32,800 | - Investment properties are valued using the income capitalization approach, with key unobservable inputs including market yield (3.8%) and market monthly rent (HKD 5,769 - HKD 7,264/sq ft/month)[19] Segment Information The Group primarily manufactures and sells household electrical appliances, with five reportable operating segments based on customer location; total segment revenue and profit increased in the first half of 2025, despite a decline in the Asia segment - The Group is principally engaged in the manufacture and sale of household electrical appliances, with production facilities located in China[20] - Reportable operating segments are categorized by customer location, including Asia (China, Korea, Japan), Europe (UK, Netherlands), Latin America (Mexico), North America (USA, Canada), and Rest of the World (Australia, Africa)[20][21][24] Reportable Segment Revenue (For the 6 months ended June 30) | Segment | 2025 (thousand HKD) | 2024 (thousand HKD) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Asia | 132,127 | 155,322 | -14.93% | | Europe | 135,514 | 123,695 | +9.56% | | Latin America | 113,950 | 110,829 | +2.82% | | North America | 126,767 | 121,210 | +4.58% | | Rest of the World | 22,346 | 12,401 | +80.20% | | Total | **530