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[9]. - Profit attributable to owners of the company for the six months ended September 30, 2025, was approximately HKD 4.4 million, reflecting a growth of approximately 100.7% from HKD 2.2 million in the same period of 2024[9]. - Gross profit for the six months ended September 30, 2025, was HKD 20.7 million, slightly down from HKD 20.7 million in the same period of 2024[10]. - The total comprehensive income attributable to owners of the company for the period was HKD 4.0 million, compared to HKD 1.8 million for the same period in 2024[10]. - The company reported a net profit of HKD 4,369,000 for the six months ended September 30, 2025, compared to a profit of HKD 2,177,000 for the same period in 2024, representing an increase of 100%[18]. - Total comprehensive income for the six months ended September 30, 2025, was HKD 4,029,000, up from HKD 1,779,000 in the previous year, indicating a growth of 126%[18]. Dividends and Shareholder Returns - The board of directors did not recommend the payment of any dividend for the six months ended September 30, 2025, consistent with the previous year[9]. - Basic earnings per share for the six months ended September 30, 2025, were HKD 4,369,000, compared to HKD 2,177,000 in 2024, reflecting an increase of approximately 100%[52]. - The company did not recommend the payment of any dividends for the six months ended September 30, 2025, consistent with the previous year[51]. Assets and Liabilities - Current assets exceeded current liabilities by HKD 1.3 million as of September 30, 2025, compared to a deficit of HKD 4.0 million as of March 31, 2025[13]. - Total assets less current liabilities amounted to HKD 21.1 million as of September 30, 2025, up from HKD 17.4 million as of March 31, 2025[13]. - The company's equity attributable to owners was HKD 21.1 million as of September 30, 2025, compared to HKD 17.0 million as of March 31, 2025[15]. - The company’s total liabilities as of September 30, 2025, were HKD 21,054,000, compared to HKD 17,980,000 at the end of the previous year, indicating an increase of 17%[18]. - The company’s accumulated losses decreased to HKD 30,579,000 as of April 1, 2025, from HKD 31,183,000 as of April 1, 2024, showing a reduction of 2%[18]. Cash Flow and Financing - The company experienced a net cash outflow from operating activities of HKD 1,568,000 for the six months ended September 30, 2025, slightly improved from HKD 1,573,000 in the prior year[21]. - The company’s financing activities resulted in a net cash outflow of HKD 5,251,000 for the six months ended September 30, 2025, compared to HKD 2,697,000 in the previous year, indicating a significant increase in cash used[21]. - Financing costs decreased to HKD 342,000 in 2025 from HKD 654,000 in 2024, a reduction of approximately 48%[44]. - The current ratio improved to approximately 1.0 times as of September 30, 2025, compared to approximately 0.9 times as of March 31, 2025, primarily due to an increase in trade receivables[94]. - The debt-to-equity ratio decreased to approximately 72.1% as of September 30, 2025, from approximately 119.7% as of March 31, 2025, mainly due to a reduction in bank borrowings[95]. Revenue Sources and Customer Contributions - Major customer A contributed HKD 27,869,000 to total revenue, up from HKD 19,896,000 in the previous year, marking a growth of 40%[29]. - Major customer B's revenue contribution decreased to HKD 17,251,000 from HKD 36,295,000, a decline of 52%[29]. - Revenue from external customers for the six months ended September 30, 2025, was HKD 92,595,000, representing an increase from HKD 90,215,000 for the same period in 2024, a growth of approximately 2%[35]. - Revenue from the United States increased significantly to HKD 44,486,000 in 2025 from HKD 28,785,000 in 2024, marking a growth of approximately 55%[30]. Operational Efficiency and Cost Management - Employee costs, including director remuneration, decreased to HKD 9,436,000 in 2025 from HKD 11,648,000 in 2024, a reduction of approximately 19%[45]. - Selling and distribution expenses decreased by approximately 18.6% from approximately HKD 5.6 million for the six months ended September 30, 2024, to approximately HKD 4.5 million for the six months ended September 30, 2025, primarily due to reduced marketing expenses and a decrease in procurement personnel[88]. - Administrative expenses decreased from approximately HKD 13.5 million for the six months ended September 30, 2024, to approximately HKD 11.1 million for the six months ended September 30, 2025, a reduction of approximately 17.8% mainly due to lower employee costs and benefits[89]. - The profit attributable to owners of the company increased to approximately HKD 4.4 million for the six months ended September 30, 2025, from HKD 2.2 million for the six months ended September 30, 2024, mainly due to the reduction in administrative expenses[92]. Trade Receivables and Payables - Trade receivables as of September 30, 2025, amounted to HKD 29,372,000, an increase from HKD 13,694,000 as of March 31, 2025, after deducting credit loss provisions of HKD 1,801,000[55]. - The aging analysis of trade receivables shows that receivables over 90 days increased to HKD 17,581,000 from HKD 4,202,000[55]. - Trade payables as of September 30, 2025, totaled HKD 20,882,000, up from HKD 14,666,000 as of March 31, 2025[63]. Corporate Governance and Compliance - The company 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[121]. - The company does not have an internal audit function as of September 30, 2025, but the board believes existing oversight is sufficient[122]. - The audit committee, composed of three independent non-executive directors, has reviewed the interim report and believes the financial results comply with applicable accounting standards and GEM listing rules[124]. Market Outlook and Strategic Focus - The management acknowledges the challenges and opportunities arising from the evolving global apparel industry landscape, particularly due to the U.S. tariff policy changes effective April 2025[110]. - The company remains confident in its ability to adapt and sustain growth, leveraging decades of industry experience and established customer relationships[111]. - The company is closely monitoring market developments to assess potential business opportunities and drive sustainable growth[111].
爱世纪集团(08507) - 2026 - 中期财报