Financial Performance - For the fiscal year ending March 31, 2023, the company's revenue increased by approximately HKD 4.0 million, representing a growth of about 5.3% to approximately HKD 78.4 million compared to the previous year[10]. - The cost of sales rose by approximately 25.8% to about HKD 54.1 million, primarily due to increased material costs and management expenses[11]. - Gross profit decreased by approximately 22.7% to about HKD 24.3 million, resulting in a gross margin decline from 42.3% to 31.0%[11]. - The group has decided not to declare any dividends for the current year, consistent with the previous year[16]. - The group anticipates that business performance will depend on the COVID-19 situation and geopolitical tensions, expecting continued pressure in the coming year[17]. - The group reported a cumulative loss of HKD 158,212 thousand as of March 31, 2023, compared to HKD 115,167 thousand as of March 31, 2022[128]. Cost Management - The group's sales and distribution costs decreased by approximately 27.3% from about HKD 17.8 million to about HKD 12.9 million[13]. - Administrative and other expenses reduced by approximately 34.8% from about HKD 31.9 million to about HKD 20.8 million, mainly due to cost control measures[13]. - Financing costs decreased by approximately 32.4% from about HKD 820,000 to about HKD 554,000 due to the repayment of certain borrowings[14]. - The company is committed to implementing cost-cutting measures and streamlining operations to navigate ongoing challenges[6]. - The company will continue to enhance operational efficiency and implement cost control measures to improve core competitiveness[46]. Business Strategy - The company plans to reduce physical retail stores in Hong Kong while expanding its online business, reflecting a shift in consumer shopping behavior towards online platforms[6]. - The company aims to collaborate with other manufacturers in the Asia-Pacific region to expand its business into children's and youth clothing[6]. - The company anticipates that the global economic situation will improve in 2023/2024, allowing for exploration of suitable investment opportunities for business diversification[7]. - The group plans to review its asset structure and business strategy to better respond to future uncertainties and will strictly implement cost control policies[17]. - The group aims to maintain a sustainable and profitable retail business while gradually developing online and social media distribution channels for future growth[17]. Corporate Governance - The board consists of six directors, with independent non-executive directors making up 50% of the board members[64]. - The company emphasizes good corporate governance to enhance shareholder value and ensure effective accountability[56]. - The management team is responsible for executing the business plans and strategies adopted by the board[61]. - The company has adopted the GEM Listing Rules as the code of conduct for directors' securities transactions, confirming compliance during the fiscal year 2023[59]. - The company has a commitment to regular reviews of its corporate governance practices to ensure compliance with applicable codes[57]. Environmental, Social, and Governance (ESG) Initiatives - The report covers the company's environmental, social, and governance performance for the fiscal year ending March 31, 2023[164]. - The board is responsible for formulating ESG strategies and ensuring effective risk management and internal controls[168]. - The ESG Working Committee has been established to assist the board in managing ESG matters and monitoring key performance indicators[169]. - The company is committed to energy conservation, reducing greenhouse gas emissions, and providing a safe and healthy work environment[167]. - The company emphasizes equal opportunities and employee welfare as part of its social responsibility initiatives[176]. Stakeholder Engagement - Stakeholder engagement is conducted through various communication channels to align the company's sustainable development strategy with stakeholder interests[173]. - The company maintains regular communication with stakeholders through various channels, including annual meetings and email[175]. - The company encourages stakeholder feedback on its environmental, social, and governance matters to enhance overall performance[177]. Audit and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements and found no significant issues[160]. - The company has established policies and procedures for risk management and internal control, which are regularly monitored and assessed for effectiveness[100]. - The company is committed to complying with the disclosure requirements under the GEM Listing Rules and the Securities and Futures Ordinance[107]. - The company has not made any charitable donations during the fiscal year 2023, consistent with 2022[134]. - The company has no significant compliance issues with relevant laws and regulations that would materially affect its operations[120].
民信国际控股(08456) - 2023 - 年度财报