Financial Performance - Regina Miracle reported annual results for the fiscal year ended March 31, 2022, with comparative figures for the fiscal year 2021[23]. - Annual revenue increased by 39.7% year-on-year to approximately HK$8,346.7 million[29]. - Net profit reached approximately HK$520.7 million, reflecting significant growth[29]. - Proposed final dividend of HK$7.2 cents per share, alongside an interim dividend of HK$6.8 cents per share, totaling HK$14.0 cents for Fiscal 2022[29]. - EBITDA (excluding restructuring costs) increased by 232.0% to HK$581.8 million[24]. - Gross profit attributable to owners rose by 65.2% to HK$2,045.4 million[24]. - The Group's revenue reached a historical high, aligning with the five-year plan for fiscal years 2022-2026, indicating steady growth across key performance indicators[36]. - The Group's annual revenue reached a historic high, growing in line with its five-year plan[61]. - Gross profit grew by 65.2% to approximately HK$2,045.4 million, with a gross profit margin of 24.5%, up by 3.8 percentage points[65]. - EBITDA increased by 62.5% to approximately HK$1,333.8 million, with an EBITDA margin of 16.0%, up by 2.3 percentage points[65]. - Net profit surged by 314.8% to approximately HK$520.7 million, with a net profit margin of 6.2%, up by 4.1 percentage points[65]. - The Group's cash and cash equivalents amounted to approximately HK$995.0 million, up from HK$828.0 million in the previous fiscal year[65]. - The Group's reserves available for distribution to shareholders amounted to approximately HK$1,830.5 million as of 31 March 2022, an increase from HK$1,772.0 million in 2021[172]. Production and Operations - The company has two strategic production bases in Shenzhen, China, and Vietnam, enhancing its domestic and export market capabilities[4]. - The Group's major production base in Vietnam has been operational since 2016, supporting its export business growth[4]. - Approximately 80% of the Group's total production capacity is now based in Vietnam, which has become a sought-after production base due to its advantages in labor costs and trade agreements[41]. - The production base in Shenzhen will be relocated to Zhaoqing New District, with the move expected to be completed by the end of 2024, enhancing production efficiency[63]. - The Group's production capacity layout in Vietnam has been completed, transitioning from investment to efficiency enhancement, focusing on automation and digitalization[63]. - The Group's production capacity in Vietnam has multiple advantages, including scale and agility, enhancing its competitive edge in the global supply chain[119]. - The overall production capacity was minimally affected by temporary lockdowns and quarantine measures due to effective local government responses[83]. Sustainability and Innovation - Regina Miracle aims to achieve four key sustainability goals by 2030, focusing on carbon reduction, waste management, sustainable innovation, and community development[4]. - The Group aims to reduce carbon dioxide emissions by 30% from 2020 to 2030 as part of its sustainability goals, alongside maintaining zero landfill and developing sustainable materials[46]. - The Group incorporated ESG into the Board's responsibilities and established an ESG committee to oversee sustainability goals, focusing on six key issues aligned with the UN's 2030 Sustainable Development Goals[128]. - The company is committed to continuous upgrading of core technologies and maintaining technological barriers to lead industry trends and define new standards[112]. - The company has developed a diversified technological matrix based on three core technologies: computer-aided mold design and production, 3D compression molding, and seamless bonding, applicable across intimate wear, sports, and consumer electronics[112]. Market Strategy and Growth - The company utilizes an innovative design manufacturer (IDM) business model, leveraging core technologies such as computer-aided mold design and 3D compression molding[3]. - The Group is focusing on developing specialty products in the intimate wear segment, such as sanitary panties and nursing bras, to drive demand through innovative merchandise[35]. - The Group plans to replicate its successful experience in other business segments and strengthen cooperation with domestic brands to expand its domestic business[53][55]. - The Group's strategic focus on both domestic demand and exports has positioned it well to navigate the complexities of global competition[41]. - The Group's competitive advantages include world-leading innovative design manufacturing capabilities and strong relationships with top brand partners[58]. - The Group's strategic direction is supported by experienced professionals in finance, operations, and product development, positioning it for future growth[153]. Product Segmentation - Regina Miracle's product offerings include intimate wear, sports products, consumer electronics components, and footwear, catering to various market segments[3]. - The intimate wear segment revenue increased by 63.4% to approximately HK$4,716.0 million, accounting for 56.5% of total revenue[67]. - Sports products segment revenue rose by 37.2% to approximately HK$2,190.7 million, representing 26.3% of total revenue[69]. - Consumer electronics components revenue amounted to approximately HK$496.2 million, a significant year-on-year increase of 70.3%[72]. - Revenue from the bra pads and moulded products segment was approximately HK$416.9 million, a year-on-year increase of 57.7%, accounting for 5.0% of the Group's total revenue[74]. - Revenue from the consumer electronics accessories segment reached approximately HK$496.2 million, representing a 70.3% year-on-year increase and accounting for 5.9% of total revenue[75]. - Revenue from the footwear segment amounted to approximately HK$363.0 million, reflecting a 26.7% year-on-year increase and accounting for 4.3% of total revenue[76]. Leadership and Governance - The Group's executive team includes members with extensive experience in their respective fields, enhancing operational efficiency and strategic direction[40]. - The company has a strong governance structure with independent non-executive directors providing strategic guidance and oversight[140]. - The leadership team is well-connected within the industry, with members holding significant positions in various associations and committees[40]. - The management team expressed confidence in sustaining growth momentum and achieving the goals set in the five-year plan, aiming for a golden era of development[132]. - The company emphasizes the importance of experienced leadership in navigating the consumer products market[146]. Employee and Community Engagement - The Group employed approximately 45,385 full-time staff as of March 31, 2022, an increase from 43,710 staff in the previous year, with total staff costs amounting to approximately HK$2,895.1 million, representing 34.7% of total revenue[103]. - Vaccination rates for employees at production bases reached approximately 95% in Shenzhen and 90% in Hài Phòng, contributing to stable production operations[82]. - Charitable donations made by the Group during the year ended 31 March 2022 totaled HK$1.9 million, compared to HK$0.7 million in 2021[173]. Strategic Partnerships - The Group entered a strategic partnership with Tmall Intimate Wear and Tmall Innovation Center on May 20, 2022, to leverage digital intelligence and innovative R&D capabilities for market expansion in China[47][49]. - A joint venture was established with Victoria's Secret to operate its brand-related stores and online businesses in China, focusing on product, supply chain, and business operations[50][52]. - The Group aims to address challenges such as tight supply chains and rising raw material costs while emphasizing its technological and innovative strengths[110].
维珍妮(02199) - 2022 - 年度财报