Financial Performance - Revenue for the six months ended June 30, 2025, was HKD 50,057,000, a decrease of 20.7% compared to HKD 63,159,000 in the same period of 2024[9] - Gross profit increased to HKD 5,743,000, up 41.7% from HKD 4,054,000 year-on-year[9] - Operating loss narrowed to HKD 10,199,000, compared to a loss of HKD 20,780,000 in the previous year, reflecting a 50.9% improvement[9] - Loss before tax was HKD 10,894,000, down 49.3% from HKD 21,521,000 in the same period last year[9] - Total comprehensive loss for the period was HKD 11,024,000, compared to HKD 21,205,000 in 2024, indicating a 48.0% reduction[11] - Basic and diluted loss per share improved to HKD 1.04 from HKD 2.44 year-on-year, a 57.3% reduction in loss per share[9] - The net loss for the period was approximately HKD 11.0 million, a reduction of 48.8% compared to the previous year, primarily due to a decrease in fair value losses on financial assets[58] - The group reported a pre-tax loss of HKD 11,023,000 for the six months ended June 30, 2025, compared to a loss of HKD 21,521,000 in the same period of 2024[36] Assets and Liabilities - Non-current assets increased to HKD 10,973,000 as of June 30, 2025, compared to HKD 7,580,000 at the end of 2024[13] - Current assets decreased to HKD 81,980,000 from HKD 96,117,000 at the end of 2024, a decline of 14.7%[13] - Total liabilities decreased to HKD 31,741,000 from HKD 31,461,000, showing a slight increase of 0.9%[13] - Net assets decreased to HKD 61,212,000 from HKD 72,236,000, reflecting a decline of 15.3%[13] - The total equity attributable to the owners of the company decreased to HKD 61,212,000 as of June 30, 2025, from HKD 72,236,000 at the beginning of the year, a decline of approximately 15%[16] Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2025, was HKD 5,277,000, an increase from HKD 3,402,000 in the same period of 2024, representing a growth of approximately 55%[21] - The net cash flow used in investing activities for the same period was HKD (1,196,000), compared to HKD (233,000) in 2024, indicating an increase in investment expenditures[21] - The net cash flow used in financing activities was HKD (5,888,000) for the six months ended June 30, 2025, up from HKD (4,640,000) in 2024, reflecting increased financing costs[21] - The cash and cash equivalents at the end of the period were HKD 9,447,000, an increase from HKD 9,098,000 at the end of June 2024, indicating a positive cash position[21] Revenue Breakdown - Sales of handbags contributed HKD 49,657,000 to revenue, down 20.6% from HKD 62,558,000 in the previous year[28] - Sales from the handbag category accounted for over 99.2% of total revenue, with self-generated sales from unsold products decreasing from approximately HKD 47.6 million (75.3% of total revenue) to about HKD 37.1 million (74.1% of total revenue)[61] Expenses - The group incurred employee benefits expenses of HKD 3,793,000, down 21% from HKD 4,807,000 in the previous year[31] - Selling expenses for the period were approximately HKD 8.0 million, accounting for 15.9% of revenue, compared to 15.8% in the previous year[73] - Administrative and other operating expenses were approximately HKD 6.8 million, representing 13.6% of revenue, a slight decrease from the previous year[74] Inventory and Trade Receivables - Trade receivables at the end of the reporting period were HKD 2,731,000, a decrease from HKD 3,129,000 as of December 31, 2024[44] - Total inventory as of June 30, 2025, was approximately HKD 30.3 million, down from HKD 37.8 million as of December 31, 2024[67] - The group’s trade payables at the end of the reporting period were HKD 602,000, a significant decrease from HKD 1,989,000 as of December 31, 2024[47] Corporate Governance - The company has established an Audit Committee consisting of three independent non-executive directors, which reviewed the financial statements for the six months ending June 30, 2025[100] - The Remuneration Committee, also comprising three members, is responsible for setting and reviewing the remuneration policies for directors and senior management[101] - The Nomination Committee is formed by three members, primarily independent non-executive directors, overseeing the nomination process[102] - The Board confirmed the effectiveness of the risk management and internal control systems, ensuring they are designed to reduce operational risks to acceptable levels[104] - No complaints or concerns regarding financial misconduct were reported by employees during the review period[105] - The company has a formal whistleblowing policy to encourage employees to raise concerns responsibly without fear of retaliation[105] Future Outlook - The outlook indicates that local consumer sentiment may improve due to government initiatives, but uncertainties such as rising unemployment and geopolitical tensions could impact future consumption[86] - The group plans to adopt a more prudent business policy to navigate unprecedented challenges while maintaining its leading position in the luxury goods sector[86]
米兰站(01150) - 2025 - 中期财报