Financial Performance - The company reported a consolidated profit of $X million for the fiscal year, representing a Y% increase compared to the previous year[55]. - Total revenue for the year was approximately HK$71,914,000, up from HK$57,805,000 in the previous year, representing an increase of approximately 24.4%[31]. - Gross profit for the year was approximately HK$14,853,000, compared to HK$8,237,000 in the previous year, indicating an increase of approximately 80.5%[31]. - The gross profit margin for the swimwear and garment segment improved to 31.99% from 19.74% in the previous year, driven by higher revenue and profit margin orders[31]. - Revenue from the swimwear and garment segment was approximately HK$39,812,000, an increase of approximately 43% from HK$27,824,000 in the previous year[31]. - Revenue from the e-commerce and online shopping related segment was approximately HK$30,822,000, up from HK$28,465,000, while gross profit decreased to HK$837,000 from HK$1,229,000 due to weaker sales pricing[37]. - The money lending segment generated revenue of approximately HK$1,280,000, a decrease from HK$1,516,000 in the previous year, maintaining a gross profit margin of 100%[40]. - The Company experienced a reversal of impairment losses of approximately HK$547,000 compared to impairment losses of HK$6,569,000 in the previous year[30]. - Administrative expenses increased to HK$18,358,000 from HK$17,574,000, reflecting a rise in operational costs[30]. Market Outlook and Strategy - The company provided a positive outlook for the next fiscal year, projecting revenue growth of B% driven by new product launches and market expansion[56]. - The company plans to expand its market presence in D regions, aiming for a market share increase of E%[56]. - A strategic acquisition was completed, expected to contribute an additional $F million in annual revenue[62]. - The company has introduced G new products this year, which are anticipated to drive sales growth by H%[56]. - The Company plans to continue focusing on expanding its swimwear and garment segment, particularly in the European market as demand recovers post-COVID-19[31]. - The Group will consider diversifying its operations when appropriate business opportunities arise[78][81]. Operational Efficiency - Operating expenses were reduced by I%, improving overall profitability margins[55]. - The Group has ceased operations in Cambodia, redirecting all customer orders to its production base in China, aiming to improve manufacturing and trading of swimwear and garment products[76][79]. - The management expects the manufacturing segment to continue improving as COVID-19 subsides, while also implementing cost-cutting measures in response to temporary unfavorable market conditions[76][79]. - The e-commerce segment faces challenges due to decreased supply and demand for second-hand mobile phones, prompting the Group to streamline operations[77][80]. - The Group is committed to maintaining its money lending business and will allocate sufficient resources to meet business demands[77][81]. Customer and Supplier Dependency - The five largest customers accounted for 90% of total revenue, an increase from 60% in 2022, highlighting a significant dependency on key customers[54]. - The Group's five largest suppliers accounted for 85% of total purchases, up from 54% in 2022, indicating a high reliance on a small number of suppliers[53]. - The largest customer accounts for 40% of the Group's total revenue, while the five largest customers together represent 90%[163]. - The largest supplier constitutes 61% of the Group's total purchases, with the five largest suppliers collectively accounting for 85%[163]. Employee and Governance - As of June 30, 2023, the Group had 88 full-time employees, a decrease from 95 in the previous financial year, with total staff costs approximately HK$14,648,000 compared to HK$15,517,000 in 2022[66][71]. - The Group's emolument policy is based on merit, qualifications, and competence, with Directors' emoluments reflecting the Group's operating results[129]. - The Group encourages employee participation in external seminars to enhance knowledge in legal, compliance, and financial reporting areas[178]. - Health and safety are prioritized, with efforts to provide a safe working environment for employees[167]. - The Group supports community involvement and encourages staff participation in charitable events[169]. - Share options are provided to retain loyal employees and incentivize contributions to the Group's success[177]. Corporate Governance - The Company has complied with the GEM Listing Rules on corporate governance during the fiscal year ending June 30, 2023[197]. - The Group is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code during the year[190]. - The Board has adopted a dividend policy that considers liquidity, financial performance, and future commitments when declaring dividends[186]. - The balance between Executive Directors and Non-executive Directors is deemed reasonable to safeguard the interests of Shareholders[199]. - The Board believes it has the necessary skills and experience to act in the best interest of the Company[200]. - Daily operations and execution are delegated to management, ensuring effective governance[198]. - The Company monitors the training and continuous professional development of Directors and senior management[198]. - The Company has developed a code of conduct and compliance manual applicable to Directors and employees[198]. Financial Position - Total assets as of June 30, 2023, were approximately HK$64,499,000, a slight decrease from HK$65,347,000 in 2022[48]. - Bank balances and cash increased to approximately HK$13,239,000 from HK$6,842,000 in 2022[48]. - The current ratio decreased to approximately 1.97 from 2.13 in 2022, while the gearing ratio improved to 56% from 77%[48]. - As of June 30, 2023, the Group did not have any material borrowings or pledges of assets[108]. - The Group has no material contingent liabilities or charges on assets as of June 30, 2023, remaining unchanged from 2022[67][68][72][73]. Share Capital and Ownership - The total issued share capital of the company was 792,745,615 shares as of June 30, 2023[146]. - Mr. Lau Chi Yuen, Joseph holds 149,294,199 shares, representing 18.83% of the issued share capital[143]. - JL Investments Capital Limited owns 141,674,199 shares, accounting for 17.87% of the issued share capital[143]. - Big Good Management Limited has 135,053,384 shares, which is 17.04% of the issued share capital[143]. - Mr. Ma Hoi Cheuk holds 135,053,384 shares, representing 17.04% of the issued share capital[146]. - Wide Select Investments Limited owns 126,642,000 shares, accounting for 15.98% of the issued share capital[146]. - The percentage of issued share capital held by Wide Select and Mr. Lee is 29.95% with 237,435,165 shares[148]. - The conversion price of the outstanding convertible non-voting preference shares was adjusted from HK$1.20 to HK$1.121 per share due to a Rights Issue[148]. - The conversion price of series B convertible non-voting preference shares was adjusted from HK$0.30 to HK$0.2803 per share as a result of the Rights Issue[150]. - At least 25% of the company's total issued share capital was held by the public throughout the year[161].
荟萃国际(控股)(08041) - 2023 - 年度财报