鹰美(02368) - 2026 - 中期业绩

Financial Performance - For the six months ended September 30, 2025, the operating revenue increased by 11.4% to HKD 3,323.9 million, compared to HKD 2,982.9 million for the same period in 2024[3] - The gross profit margin decreased by 0.6% to 16.5%, down from 17.1% in the same period of 2024[3] - The profit attributable to the owners of the company rose by 11.6% to HKD 204.5 million, compared to HKD 183.2 million in the same period of 2024[3] - Total revenue for the six months ended September 30, 2025, reached HKD 3,323,910,000, a 11.5% increase from HKD 2,982,900,000 in the same period of 2024[14] - Pre-tax profit for the period was HKD 302,176,000, an increase of 9.0% from HKD 277,260,000 in the previous year[17] - Basic earnings per share increased to HKD 0.356 from HKD 0.332, based on profit attributable to shareholders of HKD 204,513,000 compared to HKD 183,200,000 in 2024[22] - Gross profit rose by HKD 40.6 million (or 8.0%) to HKD 549.5 million, with a gross margin decrease from 17.1% to 16.5%[32] - The pre-tax profit increased by HKD 24.9 million (or 9.0%) to HKD 302.2 million, with a pre-tax profit margin declining from 9.3% to 9.1%[32] Dividends - The interim dividend declared for the six months ended September 30, 2025, is HKD 0.24 per share, up from HKD 0.22 per share in 2024[3] - The company declared an interim dividend of HKD 0.24 per share, up from HKD 0.22 per share in 2024, totaling HKD 137,803,000[21] - The interim dividend proposed is HKD 0.24 per share, up from HKD 0.22 per share in the previous year, with a payout ratio of 67.4%[35] Assets and Liabilities - Non-current assets totaled HKD 1,980.8 million as of September 30, 2025, down from HKD 2,012.0 million as of March 31, 2025[7] - Current assets increased to HKD 2,337.6 million from HKD 1,962.0 million as of March 31, 2025[7] - The net current asset value improved to HKD 303.8 million from HKD 48.2 million as of March 31, 2025[7] - The total equity attributable to the owners of the company increased to HKD 1,969.6 million from HKD 1,754.3 million as of March 31, 2025[8] - The company’s bank loans amounted to HKD 1,422.6 million as of September 30, 2025, compared to HKD 910.0 million on March 31, 2025[26] - The group's bank loan facilities amounted to HKD 2,154.2 million as of September 30, 2025, an increase from HKD 1,953.7 million as of March 31, 2025[38] - The group's debt ratio was 59.9% as of September 30, 2025, compared to 58.1% as of March 31, 2025[38] Market Performance - Revenue from the China market was HKD 1,789,339,000, up 5.8% from HKD 1,690,750,000 year-over-year[13] - The United States market saw a significant revenue increase of 21.2%, reaching HKD 691,349,000 compared to HKD 570,551,000 in 2024[13] - The company operates in six reportable segments based on customer location, including Mainland China, the United States, Europe, South Korea, Japan, and other regions[12] Operational Efficiency - The company’s sales and distribution expenses decreased by HKD 9.0 million (or 36.7%) despite the increase in sales, due to lower logistics costs[34] - The company maintained a low level of overdue accounts receivable, with no impairment noted during the period[24] - Accounts receivable increased significantly to HKD 1,456,393,000 from HKD 460,403,000, indicating a strong sales performance[23] Tax and Financing - Interest income from banks decreased to HKD 1,760,000 from HKD 1,964,000, while total other income fell to HKD 4,970,000 from HKD 6,972,000[15] - Financing costs rose to HKD 37,360,000 from HKD 35,326,000, primarily due to bank loan interest[16] - The company’s effective tax rate decreased from 30.2% to 29.1% due to the profitability turnaround of the newly acquired production base in Vietnam[34] Human Resources - The group employed approximately 18,700 employees as of September 30, 2025, a slight decrease from 18,800 employees as of March 31, 2025[42] Corporate Governance and Risk Management - The company has complied with the corporate governance code during the six months ended September 30, 2025[44] - The group continues to monitor its foreign exchange risks and will use appropriate tools to manage and mitigate these risks[40] - The group aims to maintain a balanced currency exposure in its sales and procurement activities to manage foreign exchange risks[39] - The management believes that existing financial resources are sufficient to meet current operations and expansion plans[38] Awards and Recognition - The company received the "Excellent Supplier" award from strategic partner NIKE, recognizing its commitment to quality[31] Acquisitions - There were no significant acquisitions or disposals of subsidiaries during the six months ended September 30, 2025[41] Capital Expenditure Plans - The company plans to focus capital expenditures on production integration, automation upgrades, and capacity expansion to enhance operational advantages[30]