Financial Performance - Revenue for the fiscal year 2025 was approximately HKD 689.4 million, a decrease of about 21.7% compared to HKD 881.0 million in fiscal year 2024[3] - Gross profit for fiscal year 2025 was approximately HKD 477.8 million, down 25.5% from HKD 641.2 million in fiscal year 2024[3] - The loss attributable to owners of the company for fiscal year 2025 was approximately HKD 17.5 million, compared to a profit of HKD 33.6 million in fiscal year 2024[3] - Basic loss per share for fiscal year 2025 was HKD 0.9 cents, compared to a basic earnings per share of HKD 1.6 cents in fiscal year 2024[5] - The company reported a pre-tax loss of HKD 30,465,000 for the fiscal year ending June 30, 2025, compared to a pre-tax profit of HKD 42,780,000 in 2024[23] - Other income, gains, and losses decreased from approximately HKD 69.0 million in FY 2024 to approximately HKD 61.0 million in FY 2025, a decline of about 11.6%[51] - The company recorded a loss attributable to owners of approximately HKD 17.5 million in FY 2025, compared to a profit of HKD 33.6 million in FY 2024[55] Revenue Breakdown - For the fiscal year ending June 30, 2025, total revenue reached HKD 689,431,000, with watch sales contributing HKD 607,197,000 and movement trading contributing HKD 82,234,000[19] - The revenue from the Tian Wang watch business, which accounted for approximately 84.2% of total revenue in FY 2025, fell by about HKD 188.6 million or 24.5% to approximately HKD 580.8 million[47] - The revenue from the movement trading business accounted for approximately 11.9% of total revenue in FY 2025, with a revenue of approximately HKD 82.2 million, down about 4.4% from FY 2024[49] - The revenue from other brands (excluding Tian Wang) increased from approximately HKD 25.6 million in FY 2024 to approximately HKD 26.4 million in FY 2025, an increase of about 3.1%[48] - The revenue contribution from the Tian Wang watch business to the group's total revenue for the fiscal year 2025 is approximately 84.2%, down from 87.3% in fiscal year 2024[58] Expenses and Costs - The sales and distribution costs reduced from approximately HKD 569.0 million in FY 2024 to approximately HKD 477.6 million in FY 2025, a decrease of about 16.1%[52] - Administrative expenses decreased from approximately HKD 93.2 million in FY 2024 to approximately HKD 83.8 million in FY 2025, a reduction of about 10.1%[53] - The company’s total employee costs for the fiscal year 2025 amounted to HKD 252,093,000, a decrease from HKD 270,526,000 in 2024[27] - The company’s financing costs decreased to HKD 592,000 in 2025 from HKD 619,000 in 2024, reflecting improved cost management[26] Assets and Liabilities - Total assets as of June 30, 2025, were approximately HKD 1,505.6 million, a decrease from HKD 1,545.5 million in 2024[6] - Current assets net value was approximately HKD 1,334.9 million, compared to HKD 1,390.8 million in 2024[7] - The company's equity attributable to owners was approximately HKD 2,261.5 million, down from HKD 2,314.6 million in 2024[7] - Non-current liabilities decreased from HKD 69.0 million in 2024 to HKD 38.6 million in 2025[7] - The fair value of investment properties decreased to HKD 122,519,000 as of June 30, 2025, from HKD 142,639,000 in 2024[35] Accounting Standards and Policies - The group has applied the revised Hong Kong Financial Reporting Standards for the first time in the preparation of consolidated financial statements, effective from July 1, 2024[10] - The 2020 amendments clarify the classification of liabilities as current or non-current based on rights existing at the reporting date, not management's intentions[11] - The group has retrospectively applied the new accounting policies for classifying liabilities as current or non-current, with no significant impact on the consolidated financial statements for the year[12] - The group plans to apply the newly issued and revised Hong Kong Financial Reporting Standards when they become effective, including HKFRS 9 and HKFRS 7 amendments[13] Investment and Financial Strategy - The company has committed to invest USD 10 million in KKR Asia Tactical Credit (Overseas) Fund SCSp, known as KKR Fund II, as of August 29, 2025[75] - KKR Fund II aims to generate substantial returns by maintaining a portfolio with approximately 75-80% core investments and 20-25% event-driven investments, focusing on liquidity leveraged credit markets[76] - The company has adopted an internal investment policy aimed at enhancing the efficiency of idle funds and providing stable returns while expanding income sources[80] - The investment strategy emphasizes maintaining appropriate investment sizes and optimizing portfolio structure to effectively allocate company resources[81] Dividends and Shareholder Information - The company proposed a special dividend of HKD 0.01 per share for fiscal year 2025[5] - A special dividend of HKD 0.01 per share has been proposed for the fiscal year 2025, to be paid on December 11, 2025, to shareholders listed as of November 28, 2025[98] - The company will suspend share transfer registration from November 18 to November 21, 2025, to determine eligible shareholders for the annual general meeting[99] Operational Challenges and Future Outlook - The e-commerce segment is expected to face challenges due to intensified competition and overall weak consumer sentiment, prompting the company to enhance online operational capabilities through targeted marketing activities[97] - The group has diversified its operations by supplying OEM-produced mechanical watch movements and watches to markets outside Hong Kong, Macau, and China[95] - The group aims to continue offering a diverse range of fashionable watches and has launched gift boxes that include fashion watches and jewelry products in collaboration with third-party brands[96]
时计宝(02033) - 2025 - 年度业绩