Financial Performance - Tsit Wing International Holdings Limited reported a revenue of HK$1.2 billion for the fiscal year 2021, representing a year-on-year increase of 15%[4] - The company achieved a net profit of HK$150 million, which is a 10% increase compared to the previous year[4] - For the year ended December 31, 2021, the Group recorded total revenue of HK$766.8 million, representing an increase of HK$128.3 million, or 20.1%, compared to the previous year[55] - Revenue from the beverage solutions segment increased by HK$126.7 million, or 20.3%, from HK$623.3 million in 2020 to HK$750.0 million in 2021[59] - Gross profit for the year ended December 31, 2021, amounted to HK$299.0 million, representing an increase of HK$35.9 million, or 13.6%, compared to the previous year[55] - The gross profit margin decreased from 41.2% in 2020 to 39.0% in 2021[55] - The Group's profit for the year increased by HK$3.4 million, or 4.4%, from HK$76.8 million for the year ended 31 December 2020 to HK$80.2 million for the year ended 31 December 2021, with a net profit margin decrease from 12.0% to 10.5%[96] Market Expansion and Strategy - User data indicated a growth in active customers by 20%, reaching a total of 500,000 users[4] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next two years[4] - New product launches are expected to contribute an additional HK$200 million in revenue in the upcoming fiscal year[4] - Tsit Wing International Holdings Limited has outlined a strategic goal to achieve a 30% increase in online sales by the end of 2022[4] - The Group plans to expand its production line in the PRC and strengthen its business in the Greater Bay Area, Yangtze River Delta, and North China Region[31] - The Group aims to strengthen its market penetration and expand its production line in the Greater Bay Area and Yangtze River Delta[75] Operational Efficiency and Investment - The company is investing HK$50 million in research and development for new technologies aimed at improving operational efficiency[4] - The Group is exploring potential acquisitions to enhance its product offerings and market reach, with a budget of HK$100 million allocated for this purpose[4] - The Group plans to further optimize and develop its frozen food business, which became operational in 2021[41] - The Group's cost of sales increased by HK$92.3 million, or 24.6%, from HK$375.5 million for the year ended 31 December 2020 to HK$467.8 million for the year ended 31 December 2021[83] Corporate Governance - The Company has maintained high standards of corporate governance, emphasizing transparency, independence, accountability, responsibility, and fairness[163] - The Board of Directors consists of six members, including three executive directors and three independent non-executive directors, exceeding the Listing Rules requirement for independent directors[189] - The independent non-executive directors represent 50% of the Board, which is higher than the one-third requirement set by the Listing Rules[189] - The Board has adopted a Board Diversity Policy to enhance diversity, considering factors such as gender, age, cultural background, and professional experience[195] - The Company has complied with the corporate governance code provisions throughout the year ended December 31, 2021, except for the separation of roles between the chairman and chief executive officer[164] Risk Management and Financial Position - The Group's liquidity management includes a cash pooling system to ensure adequate funds for short and long-term requirements[117] - The Group is closely monitoring foreign currency exposure, primarily from transactions in US dollars, while sales and disbursements are mainly in Hong Kong dollars and Renminbi[108] - The Group's credit risk is managed by trading only with recognized and creditworthy third parties, with ongoing monitoring of receivable balances[112] - The Group's exposure to interest rate risk is primarily related to floating interest rate bank borrowings, with plans to consider hedging if necessary[111] - As of 31 December 2021, the Group had cash and cash equivalents of HK$272.1 million, a slight decrease from HK$276.8 million in 2020[105] Leadership and Management - Wong Man Fai has over 30 years of experience in the insurance industry and serves as the chairman of the Remuneration Committee[141] - Lok Kung Chin Hardy has over 50 years of experience in building and engineering construction work and is a member of the Audit Committee[147] - Chiu Kar Kid, the general manager for Mainland China, has over 25 years of experience in engineering and management[149] - Cheung Chi Hang Alan, the group operating officer for sales, has over 20 years of experience in sales and marketing in the food service industry[150] - Hau Ka Wai oversees human resources and administration with over 20 years of experience in the field[155]
捷荣国际控股(02119) - 2021 - 年度财报