Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 118,947,000, a decrease of 24.6% compared to HKD 157,836,000 for the same period in 2024[3] - Gross profit for the same period was HKD 25,341,000, down 16.1% from HKD 30,137,000 in 2024[3] - Net profit for the period was HKD 9,247,000, representing a decline of 16.0% from HKD 11,004,000 in the previous year[4] - Basic and diluted earnings per share decreased to HKD 2.31 from HKD 2.75, reflecting a 16.0% drop[4] - Operating profit before tax for the six months ended September 30, 2025, was HKD 11,717,000, a decrease of 16.2% from HKD 13,983,000 in the same period of 2024[8] - Revenue from wine products decreased to HKD 105,202,000, down 22.1% from HKD 134,875,000 in the prior year[15] - Profit for the period was approximately HKD 9.2 million, down from about HKD 11.0 million in the previous period, mainly due to a decline in group revenue[42] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 359,787,000, an increase from HKD 341,113,000 as of March 31, 2025[5] - Non-current assets totaled HKD 140,703,000, slightly down from HKD 141,934,000[6] - The company’s net asset value increased to HKD 343,469,000 from HKD 334,226,000, reflecting a growth of 2.4%[6] - The company’s cash and cash equivalents decreased significantly to HKD 4,527,000 from HKD 129,082,000, indicating a decline of 96.5%[5] - The company raised new bank borrowings amounting to HKD 120,711,000, compared to HKD 74,976,000 in the previous period, indicating a strategy to enhance liquidity[9] - The debt-to-equity ratio was approximately 42.4% as of September 30, 2025, compared to about 41.0% as of March 31, 2025[44] Inventory and Cash Flow - Inventory increased significantly to HKD 216,640,000 from HKD 121,214,000, indicating a rise of 78.8%[5] - Cash flow from operating activities showed a net outflow of HKD 127,171,000, compared to a net inflow of HKD 2,321,000 in the previous year, indicating a significant decline in operational cash generation[9] - The increase in inventory was HKD 95,426,000, significantly higher than HKD 31,570,000 in the previous year, indicating potential overstocking issues[9] - Cash and cash equivalents at the end of the period were HKD 4,527,000, a decrease from HKD 129,082,000 at the beginning of the period[9] Expenses and Cost Management - Cost of sales decreased by approximately 26.7% from about HKD 127.7 million to approximately HKD 93.6 million during the same period, directly related to the decline in revenue[34] - Gross profit fell by approximately 15.9% from about HKD 30.1 million to approximately HKD 25.3 million, with gross margins of approximately 19.1% and 21.3% for the respective periods[35] - Selling and distribution expenses decreased from approximately HKD 6.9 million to about HKD 5.8 million, attributed to ongoing cost reduction measures despite some offset from increased depreciation[38] - The total employee costs for the period were approximately HKD 4.354 million, down from HKD 4.756 million in the previous period[22] - Administrative expenses decreased from approximately HKD 5.9 million to about HKD 5.4 million, primarily due to reduced depreciation and ongoing cost-cutting measures[39] Financing and Governance - The company reported a financing cost of HKD 3,171,000, down 32.1% from HKD 4,673,000 in the previous year[3] - Financing costs reduced from approximately HKD 4.7 million to about HKD 3.2 million, mainly due to lower bank loan interest compared to the same period last year[40] - Income tax expenses decreased by approximately 17.1% from about HKD 3.0 million to approximately HKD 2.5 million, attributed to a decrease in estimated taxable profits[41] - The company has implemented a prudent treasury policy to manage credit risk and ensure liquidity[45] - The company has adopted a code of conduct for securities trading, confirming compliance by all directors during the period[71] - The company has adhered to all applicable principles of the corporate governance code, except for the separation of roles between the chairman and CEO[72] Shareholder Information - As of September 30, 2025, the company has issued a total of 400,000,000 shares, with Ms. Wang Zilu holding 280,000,000 shares, representing a 70% ownership stake[56] - The company did not declare or recommend any dividends for the current period, consistent with the previous period[26] - The total number of employees remained at 33, with total employee benefits expenses of approximately HKD 4.4 million for the period[54] - The company has not purchased, sold, or redeemed any of its listed securities during the period up to the announcement date[69] - There are no interests held by directors or major shareholders in any competing businesses that could lead to conflicts of interest[70] Business Development - The company is actively exploring new business opportunities, including promotional and marketing services for alcoholic beverage brands and products[32] - The company is actively seeking additional business opportunities, including expanding its alcoholic beverage product range and providing promotional services for brand owners[55] - The company has no significant investments or acquisitions during the reporting period[48][49]
威扬酒业控股(08509) - 2026 - 中期业绩