Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 296,930,000, a decrease of 1.0% compared to HKD 302,242,000 in the same period of 2024[5] - Gross profit for the period was HKD 126,626,000, down 10.8% from HKD 141,919,000 year-on-year[5] - 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, indicating a reduction in losses by 28.0%[5] - Net loss for the period was HKD 40,275,000, compared to a net loss of HKD 55,268,000 in the same period last year, reflecting a 27.1% decrease in losses[5] - Basic and diluted loss per share was HKD 3.89, improved from HKD 5.30 in the previous 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 same period of 2024[40] - Adjusted loss for the first half of 2025 was HKD 42.1 million, a reduction of HKD 22.5 million compared to an adjusted loss of HKD 64.6 million in the first half of 2024, mainly due to stricter cost control[40] Cash Flow and Assets - Cash generated from operating activities was HKD 44,035,000, significantly higher than HKD 18,558,000 in the prior year, marking an increase of 137.0%[8] - Total assets as of September 30, 2025, amounted to HKD 1,446,795,000, up from HKD 1,426,127,000 as of March 31, 2025[7] - Cash and cash equivalents at the end of the period were HKD 90,913,000, compared to HKD 71,731,000 at the end of the same period last year, reflecting a year-on-year increase of 26.6%[8] - The total equity of the group as of September 30, 2025, was HKD 920.3 million[51] - 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%[49] Revenue Segmentation - The retail segment in Hong Kong, Macau, and mainland China generated revenue of HKD 94.9 million, while the remaining Asian regions contributed HKD 95.4 million[13] - Retail business contributed HKD 190.3 million to the group's revenue, down 5.7% from HKD 201.9 million in the first half of 2024[40] - The group's revenue from the "Time Corridor" business in Hong Kong and Macau for the first half of 2025 was HKD 94.9 million, down 8.9% from HKD 104.2 million in the same period of 2024[43] - Southeast Asia revenue for the first half of 2025 reached HKD 95.4 million, an 8% increase from HKD 88.4 million in the first half of 2024[46] - The watch supply chain and wholesale trade segment's revenue increased by 6.2% to HKD 106.6 million, with a profit of HKD 9.8 million, down from HKD 11.0 million in the first half of 2024[47] Operational Efficiency - The company’s administrative expenses for the period were HKD 13.0 million, contributing to the overall loss[13] - The group recorded a loss before interest and tax of HKD 14.2 million in the first half of 2025, compared to a loss of HKD 9.8 million in the first half of 2024[46] - Same-store sales recorded a positive growth of 4% in the first half of 2025, indicating improved performance at the store level despite overall revenue decline[40] - The number of stores in the "Time Corridor" business decreased by 14% year-on-year due to store integration efforts to enhance operational efficiency[43] Corporate Governance - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2025, consistent with the previous year[21] - The company has complied with the corporate governance code, except for the separation of roles between the Chairman and CEO, which the board deems appropriate[70] - The board believes that the dual role of Mr. Huang Chuangzeng as both Chairman and CEO enhances strategic planning and operational efficiency for the company[69] - The audit committee reviewed the effectiveness of the internal control system and discussed financial reporting matters for the six months ending September 30, 2025[74] Strategic Initiatives - The group plans to continue investing in online business to enhance digital coverage and customer experience[48] - The group has ceased operations of retail stores and online platforms in mainland China as part of strategic measures to streamline business operations[45] - The company adopted new accounting standards effective from April 1, 2025, which did not have a significant impact on the financial results[11] Shareholder Information - As of September 30, 2025, Mr. Huang Chuangzeng holds a total of 549,436,714 shares, representing 52.59% of the issued shares of the company[60] - Mr. Huang Chuangzeng has significant interests in subsidiary companies, including 209,000 preferred shares in City Chain (Thailand) Company Limited, representing 99.52% of the issued preferred shares[61] - The company did not repurchase any shares during the reporting period, nor did it purchase or sell any shares of the company or its subsidiaries[68]
宝光实业(00084) - 2026 - 中期财报