彩星玩具(00869) - 2025 - 中期财报

Management Discussion and Analysis Overview Playmates Toys' H1 2025 global revenue decreased 58% to HK$185.5 million, shifting to an operating loss and net loss, impacted by brand performance and trade tensions - H1 2025 Key Financial Performance (Year-over-Year) | Metric | H1 2025 (HK$ Thousand) | H1 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 185,514 | 445,141 | -58% | | Gross Profit | 79,360 | 249,447 | -68% | | Operating (Loss)/Profit | (45,293) | 68,435 | N/A (Turned to Loss) | | (Loss)/Profit Attributable to Owners of the Company | (25,610) | 91,458 | N/A (Turned to Loss) | | Basic (Loss)/Earnings Per Share (HK Cents) | (2.17) | 7.75 | N/A (Turned to Loss) | | Interim Dividend Per Share (HK Cents) | 1.00 | 2.00 | -50% | - Revenue decline primarily due to: (i) reduced benefit from 'Godzilla x Kong: The New Empire' film, leading to expected lower product shipments; (ii) lack of major entertainment for 'Teenage Mutant Ninja Turtles' brand, slowing product series demand; and (iii) increased trade tensions hindering April shipments to the US market[7] - Gross margin decrease reflects: (i) tariffs on US imports from Q2 2025; (ii) higher product development and tooling costs as a percentage of sales for new product launches; and (iii) increased clearance costs for discontinued products[8] - The company is prudently evaluating alternative sourcing options and closely monitoring changes in consumer behavior to address global trade uncertainties and potential tariff adjustments[9] Brand Overview The company actively develops entertainment content and products for key toy brands, including 'Teenage Mutant Ninja Turtles', 'Power Rangers', 'Godzilla x Kong', and 'Winx Club' - 'Teenage Mutant Ninja Turtles' brand is developing a four-season series and film sequels via Paramount Pictures and Nickelodeon Movies, with a spin-off series already launched on Paramount+ and Netflix, supported by active new product development[10] - A global licensing agreement with Hasbro grants rights to manufacture and distribute 'Power Rangers' toys, with initial 'Mighty Morphin Power Rangers: Re-Ignition' products shipped and receiving positive consumer feedback[11] - Following the success of the 'Godzilla x Kong' film, the company will continue to develop and expand product lines to bring various characters from the 'MonsterVerse' film and TV series to life[12] - 'Winx Club: The Magic Is Back' CGI reboot animation will premiere on Netflix in October 2025, with new fashion dolls and role-play toy lines planned for launch in the US and select international markets this autumn[13] Condensed Consolidated Financial Information This section presents H1 2025 condensed consolidated financial statements, detailing significant revenue and profit declines while maintaining healthy liquidity - Financial statements show the company faced significant revenue and profitability pressure in H1 2025, but the balance sheet and cash flow remain relatively stable[14][15][16] - Detailed notes explain performance changes, including shifts in the trade environment, new product investments, and tariff impacts[7][8][9] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income This statement details the company's revenue, costs, and profit or loss for H1 2025, highlighting a significant shift from profit to loss - Condensed Consolidated Statement of Profit or Loss (Six Months Ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 185,514 | 445,141 | -58.3% | | Cost of Sales | (106,154) | (195,694) | -45.7% | | Gross Profit | 79,360 | 249,447 | -68.2% | | Marketing and License Fees | (47,609) | (91,651) | -48.1% | | Selling and Distribution Expenses | (15,629) | (31,725) | -50.7% | | Administrative Expenses | (61,415) | (57,636) | +6.5% | | Operating (Loss)/Profit | (45,293) | 68,435 | N/A (Turned to Loss) | | Net Other Income | 30,718 | 50,822 | -39.5% | | Finance Costs | (942) | (1,837) | -48.7% | | (Loss)/Profit Before Income Tax | (15,517) | 117,420 | N/A (Turned to Loss) | | Income Tax Expense | (10,093) | (25,962) | -61.1% | | (Loss)/Profit Attributable to Owners of the Company | (25,610) | 91,458 | N/A (Turned to Loss) | | Basic (Loss)/Earnings Per Share (HK Cents) | (2.17) | 7.75 | N/A (Turned to Loss) | | Diluted (Loss)/Earnings Per Share (HK Cents) | (2.17) | 7.75 | N/A (Turned to Loss) | Condensed Consolidated Statement of Financial Position This statement presents the company's assets, liabilities, and equity as of June 30, 2025, showing changes in liquidity and asset composition - Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 40,054 | 43,327 | -7.6% | | Current Assets | 1,280,012 | 1,381,805 | -7.4% | | Inventories | 34,608 | 27,654 | +25.1% | | Trade Receivables | 44,435 | 136,670 | -67.5% | | Cash and Bank Balances | 1,028,781 | 1,043,325 | -1.4% | | Current Liabilities | 213,882 | 220,756 | -3.2% | | Trade Payables | 46,407 | 19,372 | +139.5% | | Net Current Assets | 1,066,130 | 1,161,049 | -8.2% | | Net Assets | 1,104,772 | 1,201,122 | -8.0% | | Total Equity | 1,104,772 | 1,201,122 | -8.0% | Condensed Consolidated Statement of Cash Flows This statement outlines the company's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 - Condensed Consolidated Statement of Cash Flows (Six Months Ended June 30) | Metric | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 33,782 | 119,245 | -71.7% | | Net Cash Generated from Investing Activities | 166,605 | 29,921 | +456.8% | | Net Cash Used in Financing Activities | (77,374) | (75,676) | +2.2% | | Net Increase in Cash and Cash Equivalents | 123,013 | 73,490 | +67.4% | | Cash and Cash Equivalents at End of Period | 690,479 | 460,892 | +49.8% | - Net cash from investing activities significantly increased due to a HK$137.6 million decrease in bank deposits and treasury bills with original maturities over three months[16] - Financing activities primarily involved HK$70.8 million in dividends paid to owners of the company and HK$1.68 million for share purchases under the share award scheme[16] Condensed Consolidated Statement of Changes in Equity This statement details the changes in the company's equity components for the six months ended June 30, 2025, reflecting losses and dividend payments - Condensed Consolidated Statement of Changes in Equity (Six Months Ended June 30) | Metric | June 30, 2025 (HK$ Thousand) | January 1, 2025 (HK$ Thousand) | Change (HK$ Thousand) | | :--- | :--- | :--- | :--- | | Total Equity | 1,104,772 | 1,201,122 | (96,350) | - Total equity decreased primarily due to a HK$25.6 million loss for the period, HK$70.8 million in dividend payments, and HK$1.68 million for share purchases under the share award scheme[17] Notes to the Condensed Consolidated Financial Information This section provides detailed explanations of accounting policies, segment information, and specific financial items within the condensed consolidated financial statements - The condensed consolidated financial information is prepared in accordance with HKAS 34 and applicable Listing Rules, with accounting policies consistent with the 2024 annual financial statements[18][19] - The Group operates in a single operating segment: the design, research and development, marketing, and distribution of toys and family entertainment products[21] - Geographical Segment Revenue (Six Months Ended June 30) | Region | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | United States | 131,459 | 309,454 | -57.5% | | Europe | 31,351 | 90,536 | -65.4% | | Other Asia Pacific (excluding Hong Kong) | 2,487 | 18,549 | -86.6% | | Total Revenue | 185,514 | 445,141 | -58.3% | - In H1 2025, three customers accounted for over 10% of the Group's total revenue, with transactions of HK$56.6 million, HK$51.1 million, and HK$24.0 million respectively[25] - As of June 30, 2025, the Group's accumulated unrecognized tax losses were HK$66.2 million (December 31, 2024: HK$11.1 million), with no expiry date[29] - The Board resolved to pay an interim dividend of HK 1 cent per share (2024: HK 2 cents), totaling HK$11.8 million, payable on September 19, 2025[30][31] - As of June 30, 2025, trade receivables were HK$44.4 million (December 31, 2024: HK$136.7 million), with most balances aged zero to sixty days[37][38] - As of June 30, 2025, trade payables were HK$46.4 million (December 31, 2024: HK$19.4 million), with most balances aged zero to thirty days[39] - In H1 2025, the Share Award Scheme trustee purchased 3,000,000 shares from the open market for a total consideration of HK$1.68 million to satisfy future vesting share awards[44][45] - As of June 30, 2025, total contracted but unprovided royalty financial commitments were HK$117.7 million (December 31, 2024: HK$138.6 million)[49] Information Required by the Listing Rules Liquidity and Financial Resources As of June 30, 2025, the company maintained strong liquidity with a current ratio of 6.0, HK$1,028.8 million in cash, and HK$85.0 million in listed securities, with unhedged USD foreign currency risk - Liquidity and Financial Resources Overview | Metric | June 30, 2025 (HK$ Thousand) | December 31, 2024 (HK$ Thousand) | | :--- | :--- | :--- | | Current Ratio | 6.0 | 6.3 | | Cash and Bank Balances | 1,028,781 | 1,043,325 | | Trade Receivables | 44,435 | 136,670 | | Inventories | 34,608 | 27,654 | | Listed Securities Investments | 85,044 | 87,473 | - Listed securities investments, totaling HK$85.0 million and representing 6.4% of total assets, include holdings in NVIDIA, Amazon, Disney, Netflix, Microsoft, Alphabet, Goldman Sachs, Tencent, Apple, and Alibaba[54] - The company is primarily exposed to foreign currency risk from USD-denominated sales but does not hedge this risk due to the Hong Kong dollar's narrow peg to the US dollar[55] Employees As of June 30, 2025, the Group employed 69 staff in Hong Kong and the US, with no significant changes to remuneration policies during the period - As of June 30, 2025, the Group had a total of 69 employees in Hong Kong and the United States[56] - Remuneration policies for the period remained consistent with those outlined in the most recent annual report, with no significant changes[56] Share Award Scheme Adopted May 19, 2023, the Share Award Scheme aims to reward and retain talent, with a 10% share limit and 3 million shares purchased for HK$1.68 million in H1 2025 for future awards - The Share Award Scheme, adopted on May 19, 2023, aims to recognize and reward contributions from eligible participants (including employees, connected entities, and service providers) and provide incentives for retention and attraction of talent[57] - The scheme has a ten-year validity until May 18, 2033, with a maximum limit of 10% (118,000,000 shares) of the total issued shares on the adoption date, and a sub-limit of 5% (59,000,000 shares) for service providers[58] - In H1 2025, the Share Award Scheme trustee purchased 3,000,000 shares from the open market for a total consideration of HK$1.68 million to satisfy future vesting share awards[59][44] - As of the period end, 6,000,000 unvested share awards were outstanding for directors, employees, and service providers, which will vest on December 6, 2025, without purchase price or performance targets[60][61] Share Option Scheme The 2018 Share Option Scheme, adopted May 21, 2018, was terminated on May 19, 2023, with no new options granted, leaving 19.44 million unexercised options and 252,000 lapsed employee options as of June 30, 2025 - The company adopted the Share Option Scheme on May 21, 2018, but it was terminated on May 19, 2023, following the adoption of the Share Award Scheme, with no new share options to be granted[62][63] - As of June 30, 2025, 19,444,000 shares were available for issue under unexercised share options granted under the 2018 scheme[63] - No share options were granted, exercised, or cancelled during the period, but 252,000 employee share options lapsed[62][63] - Granted share options have an exercise price of HK$0.826 and are exercisable in four tranches from June 29, 2018, to June 28, 2028[62] Directors' and Chief Executives' Interests and Major Shareholders' Interests This section details long positions in shares and related shares held by directors and chief executives, and major shareholders holding 5% or more of the company's shares as of June 30, 2025 - Directors' Long Positions in the Company's Shares (As of June 30, 2025) | Director's Name | Nature of Interest | Number of Shares Held (Ordinary Shares) | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Chan Kwong Fai | Personal | 3,274,000 | 0.28% | | Yip Shu Wing | Personal | 2,487,026 | 0.21% | | Chan Wai Hang | Personal | 1,000,000 | 0.08% | | Yu Hon To | Personal | 1,241,600 | 0.11% | - Directors' Long Positions in the Company's Related Shares (Equity Derivatives, As of June 30, 2025) | Director's Name | Nature of Interest | Number of Equity Derivatives | Number of Related Shares (Ordinary Shares) | Percentage of Shareholding | | :--- | :--- | :--- | :--- | :--- | | Chan Kwong Fai | Personal | 2,000,000 share options | 2,000,000 | 0.17% | | Chan Hoi Lun | Personal | 1,000,000 share options | 1,000,000 | 0.08% | | Chan Kwong Keung | Personal | 1,000,000 share options | 1,000,000 | 0.08% | | Chan Wai Hang | Personal | 1,000,000 share options | 2,000,000 | 0.17% | | | | 1,000,000 unvested share awards | | | - Major Shareholders' Long Positions in the Company's Shares (5% or More, As of June 30, 2025) | Name/Company | Nature of Interest | Number of Shares Held (Ordinary Shares) | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Chan Chun Ho | Personal (Deemed) | 632,000,000 | 53.56% | | TGC Assets Limited | Corporate and Beneficial Owner | 632,000,000 | 53.56% | | Playmates Holdings Limited | Corporate (Deemed) | 600,000,000 | 50.85% | | PIL Management Limited | Corporate (Deemed) | 600,000,000 | 50.85% | | PIL Investments Limited | Corporate (Deemed) | 600,000,000 | 50.85% | | PIL Toys Limited | Beneficial Owner | 600,000,000 | 50.85% | | Edward A. COLLERY | Personal (Deemed) | 59,052,000 | 5.00% | | Peter M. COLLERY | Personal (Deemed) | 59,052,000 | 5.00% | | Part V Capital Management, LLC | Corporate | 59,052,000 | 5.00% | | Pelham Investment Partners, LP | Beneficial Owner | 59,052,000 | 5.00% | Repurchase, Sale or Redemption of Shares In H1 2025, the Share Award Scheme trustee repurchased 3 million shares for approximately HK$1.68 million for future awards, with no other share redemptions, repurchases, or sales by the company - The Share Award Scheme trustee repurchased 3,000,000 shares from the open market during the period for a total consideration of approximately HK$1.68 million to satisfy future vesting share awards[70] - Other than the aforementioned share repurchases, neither the company nor its subsidiaries redeemed, repurchased, or sold any of the company's shares during the period, and the company holds no treasury shares[70] Compliance with Corporate Governance Code The company complied with all applicable Corporate Governance Code provisions for H1 2025, except for the non-segregation of Chairman and CEO roles, which the board deems effective - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[72] - An exception is that the roles of Chairman and Chief Executive are not segregated, and the company has not appointed a Chief Executive; the Board believes this structure is suitable for effective management and monitoring of the Group's business and will review it regularly[72] - The Audit Committee has reviewed the accounting principles and practices adopted by the Group with management and discussed matters such as internal controls and financial reporting[72] Compliance with Model Code All directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers for the six months ended June 30, 2025 - All members of the Board confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules for the six months ended June 30, 2025[73] Update on Directors' Information under Listing Rule 13.51B(1) No information required to be disclosed under Listing Rule 13.51B(1) during the reporting period - No information was required to be disclosed under Listing Rule 13.51B(1) during the period[74] Company Information Provisional Arrangements for Share Transfer Registration and Dividend Payment Share transfer registration will be suspended from September 1-2, 2025, to determine interim dividend eligibility, with payment scheduled for September 19, 2025 - The company will suspend share transfer registration from September 1 to September 2, 2025 (both dates inclusive), to determine shareholders' eligibility for the declared interim dividend[75] - The interim dividend will be paid on September 19, 2025, to shareholders whose names appear on the company's register of members as of September 2, 2025[75] Company Particulars This section provides essential company details, including board members, company secretary, registered office, auditors, legal advisors, and stock code - The Board of Directors includes Chairman Chan Kwong Fai (Executive Director), Executive Directors Chan Hoi Lun, Chan Kwong Keung, Chan Wai Hang, and Independent Non-executive Directors Yip Shu Wing, Lam Wai Hon, and Yu Hon To[78] - The company's shares are listed on The Stock Exchange of Hong Kong Limited under stock code 869[79] - The company's website is www.playmatestoys.com[79](index=79&type=chunk)[80]