Revenue Performance - The group's revenue for the six months ended September 30, 2025, decreased by 19.8% to ¥7,867.5 million (approximately $53.9 million) compared to the same period last year[2]. - Revenue from Japan decreased by 33.1%, primarily due to a strategic shift towards higher-margin self-operated channels, resulting in a 46.3% decline in wholesale business[2]. - Sales in South Korea showed a strong performance with a 44.9% increase, attributed to successful direct sales operations and renewed distributor agreements[2]. - Revenue from golf clubs fell by 16.7%, with a significant 35.0% drop in Japan, while South Korea experienced a 115.3% increase in comparable sales[2]. - Total revenue decreased by 19.8% from ¥9,814.5 million for the six months ended September 30, 2024, to ¥7,867.5 million for the six months ended September 30, 2025[26]. - Total revenue decreased by 18.1% for the six months ending September 30, 2025, compared to the same period in 2024, amounting to ¥7,867.5 million[27]. - Revenue from golf clubs fell by 18.3% to ¥5,449.5 million, primarily due to a 35.0% drop in sales in Japan, while Korea and China saw increases of 115.3% and 4.6% respectively[30]. - Revenue from golf balls decreased by 18.9% to ¥737.6 million, with a 26.6% decline in Japan, although China experienced a 57.5% growth following the launch of a new multi-ball pack[30]. - Revenue from apparel dropped by 16.6% to ¥1,118.2 million, attributed to weak consumer confidence in China[30]. - Revenue from accessories and other related products decreased by 36.8% to ¥562.1 million[31]. Profitability and Loss - The company recorded a pre-tax loss of ¥1,226.4 million (approximately $8.4 million), an improvement from a loss of ¥1,611.9 million in the previous year[4]. - Operating loss increased significantly by 310.4% from ¥351.5 million for the six months ended September 30, 2024, to ¥1,442.9 million for the same period in 2025[24]. - The net loss for the six months ended September 30, 2025, was 2,398.3 million yen, with a net loss margin of 30.5%[51]. - The total comprehensive loss for the period was ¥2,320.9 million, compared to a loss of ¥527.3 million in the previous year[77]. - Basic and diluted loss per share for the period was ¥3.96, compared to ¥1.40 in the previous year[76]. Cash Flow and Financial Position - Net cash flow from operating activities decreased from ¥4,024.4 million (approximately $26.6 million) to ¥1,922.9 million (approximately $13.2 million)[4]. - The company's cash and cash equivalents amounted to 18,243.3 million yen as of September 30, 2025[60]. - The net cash flow from financing activities for the six months ended September 30, 2025, was a negative ¥1,055,857 thousand, compared to a negative ¥1,533,944 thousand in the previous year, showing an improvement of approximately 31%[81]. - The total liabilities decreased from ¥10,654,129 thousand as of March 31, 2025, to ¥11,464,258 thousand as of September 30, 2025, reflecting an increase of approximately 7.6%[79]. - The company's total equity decreased from ¥27,680,137 thousand as of March 31, 2025, to ¥25,359,218 thousand as of September 30, 2025, a decline of approximately 8.4%[79]. Marketing and Brand Strategy - The company is focusing on enhancing brand and product awareness through targeted marketing efforts and partnerships with key opinion leaders in Asia[5]. - HONMA aims to simplify its product offerings while enhancing the TOUR WORLD product line to attract younger golfers[6]. - The company plans to invest significantly in retail networks and digital capabilities in Japan and China to improve consumer experience[5]. - The company is focusing on the ultra-high-end and ultra-performance segments of the golf market, with new product launches like the BERES 09 expected in early 2024[7]. - The company is actively recruiting young golfers with significant social media presence to strengthen brand repositioning and attract passionate golfers[9]. Operational Developments - The company opened 14 new sales points in North America, increasing the total to 384 sales points as of September 30, 2025[8]. - The company hosted a total of 1,716 customer events across major markets, primarily at golf courses, during the six months ending September 30, 2025[9]. - The company has implemented advanced e-commerce features and customer relationship management systems to enhance direct communication with consumers[7]. - The company continues to invest in electronic communications and e-commerce activities to enhance brand visibility and consumer engagement[9]. - The company has reintroduced its apparel business, focusing on functional and fashionable concepts to meet the unique needs of Chinese golfers[8]. Research and Development - Research and development expenses for the six months ended September 30, 2024, and September 30, 2025, were ¥150.7 million and ¥179.4 million, respectively, focusing on product innovation[23]. - The group reported a pre-tax loss of ¥3,642,632 thousand for the cost of sold inventory, down from ¥4,599,912 thousand in the previous year, indicating a 21% reduction[92]. - The group incurred impairment losses on property, plant, and equipment amounting to ¥61,883 thousand, significantly higher than ¥23,221 thousand in the previous year[90]. Governance and Compliance - The company has complied with all applicable corporate governance code provisions, except for deviations from specific clauses regarding the separation of roles between the chairman and CEO[135]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the interim results for the six months ending September 30, 2025[137]. - Ernst & Young has verified the financial statements for the six months ending September 30, 2025, ensuring consistency with the reported figures[137].
本间高尔夫(06858) - 2026 - 中期业绩