Financial Performance - For the fiscal year 2023, Regina Miracle reported a total revenue of HKD 2.1 billion, representing a 10% increase compared to HKD 1.9 billion in fiscal year 2022[20]. - Revenue for Fiscal 2023 was approximately HK$7,879.3 million, a decrease of 5.6% compared to HK$8,346.7 million in Fiscal 2022[26]. - Net profit for the year was HK$383.3 million, with an operating profit of HK$787.8 million, reflecting a year-on-year increase of 3.8%[26]. - Basic earnings per share decreased to HK31.3 cents from HK42.5 cents in the previous year[22]. - The Group recorded revenue of approximately HK$7,879.3 million for the fiscal year, a year-on-year decrease of 5.6% from HK$8,346.7 million in Fiscal 2022[57]. - Gross profit decreased by 7.0% to approximately HK$1,902.1 million, with a gross profit margin of 24.1%, down 0.4 percentage points from 24.5% in Fiscal 2022[57]. - Net profit decreased from approximately HK$520.7 million in Fiscal 2022 to approximately HK$383.3 million in Fiscal 2023, resulting in a net profit margin decline from 6.2% to 4.9%[86]. - The Group's adjusted EBITDA decreased by 0.2% to approximately HK$1,385.4 million, with an adjusted EBITDA margin of 17.6%, up 1.0 percentage point from 16.6% in Fiscal 2022[57]. Market Expansion and Strategy - The company plans to enter new markets in Southeast Asia, targeting a 25% growth in market share over the next three years[4]. - Regina Miracle's strategic partnerships with international brands contributed to 70% of its total revenue, highlighting the importance of brand collaborations[20]. - The company is exploring potential acquisitions to enhance its product portfolio and market presence, with a focus on complementary brands in the intimate wear sector[4]. - The company anticipates business growth momentum in the first and second quarters of the new fiscal year, expecting a half-on-half improvement for the first six months[51]. - The Group plans to redeploy production space from the footwear business to the seamless bonding apparel business, expecting rapid growth in this category to offset income shortfalls[90]. - The Group aims to leverage industry reshuffling to increase cooperation with domestic brands and expand revenue from the Chinese market[98]. Production and Efficiency - The company expanded its production capacity in Vietnam, which has been a key driver for its export business growth since 2016[4]. - Focus has shifted from capacity expansion to improving overall efficiency, with initiatives in production automation and supply chain localization[32]. - The establishment of a new production base in Zhaoqing, Guangdong, will commence operations in phases in the upcoming fiscal year, replicating past successes in production efficiency[33][34]. - The Group is enhancing production capacity through automation, digitalization, and supply chain localization to improve efficiency and reduce costs[66]. - The Group aims to maintain production scale with approximately 20% less manpower if sales volumes return to peak levels, reflecting improved production efficiency[92]. Sustainability and Corporate Responsibility - Regina Miracle aims to achieve a 20% reduction in carbon emissions by 2030 as part of its commitment to sustainable development[4]. - The company has received multiple awards for its commitment to sustainability, including recognition as one of the "Top 100 Sustainable Businesses in Vietnam" and a "Green Factory" honor for its Shenzhen facility[46]. - The company is committed to corporate social responsibility, focusing on carbon reduction, waste management, and sustainable innovation[42][45]. - Regina Miracle has set clear sustainable development goals in carbon reduction, waste management, sustainable innovation, and community engagement under the "2030 Sustainable Development Agenda"[102]. Challenges and Market Conditions - Challenges faced include tightened monetary policies, high inflation, and reduced demand in developed economies, impacting consumer sentiment[24]. - The textile and retail industries are undergoing a destocking cycle, leading to adjustments in performance across all segments[24]. - The company achieved record high revenue in the first half of the fiscal year, but faced a significant decrease in order volume in the second half due to inflationary pressures and high inventories among brand partners[54]. Leadership and Governance - The company has a strong leadership team with extensive experience in their respective fields, enhancing operational efficiency and innovation[106]. - The Group's Chairman, YY Hung, was recognized as one of the "2023 Greater Bay Area Best 30 ESG Entrepreneurs" by Forbes China, highlighting the Group's leadership and innovation[102]. - The Board comprises five executive Directors and three independent non-executive Directors, ensuring a strong independence element in its composition[192]. - The company emphasizes good corporate governance practices, which are essential for effective management and enhancing shareholder value[190]. Research and Development - The company has invested HKD 50 million in R&D for new product development, focusing on innovative intimate wear technologies[4]. - The Group's focus on R&D and product design is expected to drive future growth and market expansion[104]. - The latest seamless bonding technology will be promoted to expand its application from intimate wear to outerwear, enriching the product portfolio[93]. Financial Management - The Group's total undrawn banking facilities amounted to approximately HK$3,783.6 million as of March 31, 2023, compared to HK$2,371.0 million on March 31, 2022[57]. - The Group's income tax expense was approximately HK$73.0 million in Fiscal 2023, down from HK$96.8 million in Fiscal 2022[86]. - The Group's financial reporting is overseen by Mr. Law, who has approximately 22 years of experience in auditing and corporate finance[120].
维珍妮(02199) - 2023 - 年度财报