Financial Performance - The group recorded unaudited revenue of approximately HKD 92.6 million for the six months ended September 30, 2025, representing an increase of about 2.6% compared to HKD 90.2 million for the same period in 2024[12]. - Profit attributable to owners of the company was approximately HKD 4.4 million, reflecting a growth of approximately 100.7% from HKD 2.2 million in the same period last year[12]. - Gross profit for the period was HKD 20.7 million, slightly down from HKD 20.7 million in the prior year, indicating stable gross margins[13]. - The company reported a pre-tax profit of HKD 4.4 million, compared to HKD 1.9 million in the same period last year, showing significant improvement in profitability[13]. - The total comprehensive income attributable to owners of the company for the period was HKD 4.0 million, compared to HKD 1.8 million in the previous year, indicating overall growth[13]. - Basic and diluted earnings per share for the period were HKD 1.0 cents, up from HKD 0.4 cents in the same period last year, reflecting improved earnings performance[13]. - The company reported a profit of HKD 4,369,000 for the six months ended September 30, 2025, compared to a profit of HKD 2,177,000 in the previous period, indicating an increase of 100%[21]. - The company incurred a total comprehensive income of HKD 4,029,000 for the six months ended September 30, 2025, compared to HKD 1,779,000 for the same period in the previous year, indicating a significant increase[21]. Expenses and Cost Management - Administrative expenses decreased to HKD 11.1 million from HKD 13.5 million, reflecting cost control measures implemented by the company[13]. - The company incurred financing costs of HKD 342,000, down from HKD 654,000 in the previous year, indicating improved financial management[13]. - Employee costs, including director remuneration, decreased to HKD 9,436,000 from HKD 11,648,000, a reduction of approximately 19%[48]. - Selling and distribution expenses decreased by approximately 18.6% from about HKD 5.6 million to about HKD 4.5 million, mainly due to reduced marketing expenses[91]. - Total employee costs, including director remuneration, amounted to approximately HKD 9.4 million for the six months ending September 30, 2025, down from approximately HKD 11.6 million for the same period in 2024[111]. Assets and Liabilities - As of September 30, 2025, total assets minus current liabilities amounted to HKD 21,129,000, compared to HKD 17,354,000 as of March 31, 2025, reflecting an increase of 21.5%[18]. - The total equity attributable to the owners of the company reached HKD 21,054,000 as of September 30, 2025, up from HKD 17,025,000, representing a growth of 23.7%[18]. - The company’s current liabilities totaled HKD 44,606,000 as of September 30, 2025, down from HKD 47,682,000, showing a decrease of 6.5%[18]. - The company’s bank borrowings decreased to HKD 15,010,000 as of September 30, 2025, from HKD 19,749,000, reflecting a reduction of 24.1%[18]. - The company has unutilized bank borrowings of HKD 7,000,000 as of September 30, 2025, which is unchanged from the previous period[69]. Revenue Sources and Customer Relations - Major customers contributing over 10% of total revenue included Customer A with HKD 27,869,000 (up from HKD 19,896,000), Customer B with HKD 17,251,000 (down from HKD 36,295,000), and Customer C with HKD 11,727,000[32]. - Revenue from the United States increased significantly to HKD 44,486,000 from HKD 28,785,000, marking a growth of approximately 55% year-over-year[33]. - The company has provided trade credit terms of up to 90 days to its customers, consistent with the previous period[60]. - The company has established strong customer relationships and quality control capabilities, which are seen as competitive advantages in the current market environment[114]. Market and Industry Context - The group recognizes the challenges and opportunities arising from the evolving global apparel industry landscape, particularly due to changes in trade policies and consumer demands[113]. - The group is committed to monitoring market developments closely to assess potential business opportunities and drive sustainable growth[114]. - The group faces significant risks including reliance on major customers and potential disruptions in business relationships, which could adversely affect financial performance[102]. - The group relies heavily on third-party manufacturers for apparel products, and any disruptions in supplier relationships could negatively impact operations[106]. Corporate Governance and Compliance - The board has adopted and complied with the corporate governance code as per GEM Listing Rules, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual[124]. - The Audit Committee has been established, consisting of three independent non-executive directors[127]. - The Audit Committee has reviewed the interim report and the unaudited consolidated results for the six months ending September 30, 2025, confirming compliance with applicable accounting standards and GEM listing rules[127]. - The company has not established an internal audit function as of September 30, 2025, but the board believes that the existing organizational structure and management oversight provide sufficient internal control and risk management[125]. - There are no known conflicts of interest or competitive businesses involving directors or major shareholders as of September 30, 2025[121]. Shareholder Information - As of September 30, 2025, the major shareholder "Three Apples Industries" holds 280,000,000 shares, representing 70% of the issued shares[116]. - The company’s issued and fully paid share capital remained at 400,000 shares with a par value of HKD 0.01 per share as of September 30, 2025[72]. - The group has issued a total share capital of HKD 4,000,000, consisting of 400,000,000 ordinary shares with a par value of HKD 0.01 per share as of September 30, 2025[105].
爱世纪集团(08507) - 2026 - 中期业绩