Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 296,930,000, a decrease of 1.0% from HKD 302,242,000 in the same period of 2024[3] - Gross profit for the same period was HKD 126,626,000, down 10.8% from HKD 141,919,000 in 2024[3] - The company reported a loss before tax of HKD 37,547,000, an improvement from a loss of HKD 52,049,000 in the previous year, representing a 27.9% reduction in losses[3] - The net loss for the period was HKD 40,275,000, compared to a net loss of HKD 55,268,000 in 2024, indicating a 27.1% improvement[3] - Basic and diluted loss per share was HKD 3.89, improved from HKD 5.30 in the same period last year[5] - The group reported a loss attributable to equity holders of HKD 40.4 million for the first half of 2025, an improvement from a loss of HKD 55.4 million in the first half of 2024[27] Assets and Liabilities - Total assets as of September 30, 2025, amounted to HKD 1,446,795,000, an increase from HKD 1,426,127,000 as of March 31, 2025[6] - Total liabilities increased to HKD 526,515,000 from HKD 506,696,000, reflecting a rise of 3.2%[7] - Non-current assets decreased to HKD 976,719,000 from HKD 980,270,000, a decline of 0.4%[6] - Cash and cash equivalents increased to HKD 90,913,000 from HKD 83,339,000, showing an increase of 9.5%[6] - The total liabilities of the group as of September 30, 2025, were HKD 526,515,000, compared to HKD 506,696,000 as of March 31, 2025, showing an increase of approximately 3.9%[14] - As of September 30, 2025, the group's current assets and current liabilities were approximately HKD 470.1 million and HKD 461.6 million, respectively, resulting in a current ratio of approximately 1.02[41] Revenue Segmentation - The company has two operating segments: retail and wholesale of watches, with performance evaluated based on regions including Hong Kong, Macau, and mainland China[12] - For the six months ended September 30, 2025, total revenue from watch retail was HKD 366,299,000, a decrease from HKD 371,054,000 in the same period of 2024, representing a decline of approximately 1.9%[13] - Retail business contributed HKD 190.3 million to the group's revenue in the first half of 2025, down 5.7% from HKD 201.9 million in the same period of 2024[27] - The group's supply chain and wholesale trade segment revenue increased by 6.2% to HKD 106.6 million, with a profit of HKD 9.8 million compared to HKD 11.0 million in the first half of 2024[34] Operational Highlights - Same-store sales recorded a positive growth of 4% in the first half of 2025, indicating improved performance at the store level despite the overall revenue decline[27] - The group's online store in Hong Kong continued to be profitable, benefiting from the successful launch of several IP products, with online sales in Southeast Asia growing approximately 4% year-on-year[32][33] - The group operates approximately 75 stores under the "Time Corridor" brand across Hong Kong, Macau, Singapore, Thailand, and Malaysia[29] Cost and Expenses - The group’s administrative expenses for the six months ended September 30, 2025, were HKD 13,015,000, compared to HKD 15,719,000 for the same period in 2024, indicating a decrease of approximately 17.2%[15] - The total employee cost incurred during the period was HKD 81.733 million, compared to HKD 94.980 million for the same period last year[46] Debt and Equity - As of September 30, 2025, the group's net debt was HKD 155.6 million, resulting in a debt-to-equity ratio of 17.0%, down from 17.4% as of March 31, 2025[37] Corporate Governance - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[20] - The group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[44] - The group maintained its capital structure without any changes during the period[47] - The company has adopted the scope of the remuneration committee as per the code, excluding the part related to reviewing and determining the remuneration of senior management[54] - The audit committee reviewed the effectiveness of the internal control system for the six months ending September 30, 2025, and discussed the financial reporting matters[55] - The remuneration committee determined the basic salary for executive directors for the fiscal year ending March 31, 2026[56] - The nomination committee nominated Ms. Liao Jingwei for re-election as an executive director and Mr. Li Qiming for re-election as an independent non-executive director[57] - The company has adopted the standard code for securities trading by directors as per the listing rules[59] - All directors have complied with the provisions of the standard code during the six months ending September 30, 2025[61] Future Outlook - The group plans to continue investing in online business to enhance digital coverage and improve customer experience, aiming for meaningful synergies between online and offline channels[36] - The group will maintain a cautious yet proactive approach in 2026, leveraging its robust strategies and flexible operating model to navigate ongoing macroeconomic uncertainties[35] Miscellaneous - The group had contingent liabilities totaling approximately HKD 8.209 million as of September 30, 2025, related to rental deposits and bank guarantees[42] - The total value of properties, machinery, equipment, and investment properties mortgaged to banks was approximately HKD 507.028 million[42] - The provision for executive bonuses under the executive bonus plan was HKD 1 million for the six months ended September 30, 2025[45] - The average number of issued ordinary shares for the six months ended September 30, 2025, was 1,036,919,000, compared to 1,044,882,000 for the same period in 2024[22] - The company's interim report for the 2025/2026 fiscal year will be sent to shareholders and uploaded to the relevant websites at an appropriate time[62] - The chairman and CEO of the company is Chumphol Kanjanapas, with Suriyan Kanjanapas as vice-chairman and Liao Jingwei as CFO[63]
宝光实业(00084) - 2026 - 中期业绩