Financial Performance - For the nine months ended September 30, 2022, the company reported revenue of HKD 523,918,000, a decrease of 10.9% compared to HKD 588,553,000 for the same period in 2021[7] - Gross profit for the same period was HKD 149,037,000, down 23.1% from HKD 193,908,000 in 2021[7] - The net profit attributable to the owners of the company for the nine months was HKD 53,095,000, a decline of 30.4% from HKD 76,252,000 in the previous year[7] - Basic and diluted earnings per share for the nine months were HKD 4.83, compared to HKD 6.93 in 2021, reflecting a decrease of 30.4%[7] - The company reported a total comprehensive income of HKD 52,944,000 for the nine months, down from HKD 76,240,000 in the same period last year[7] - The company experienced a gross margin of 28.5% for the nine months, compared to 32.8% in the previous year, indicating a decline in profitability[7] - Total revenue for the nine months ended September 30, 2022, was HKD 523,918,000, a decrease from HKD 588,553,000 for the same period in 2021, representing a decline of approximately 11%[27] - Revenue from the United States for the nine months ended September 30, 2022, was HKD 455,415,000, down from HKD 532,484,000 in 2021, indicating a decrease of about 14.5%[27] - Revenue from the United Kingdom for the nine months ended September 30, 2022, increased to HKD 64,096,000 from HKD 49,023,000 in 2021, reflecting a growth of approximately 30.7%[27] - For the nine months ended September 30, 2022, the company's profit before tax was HKD 12,259,000, compared to HKD 16,819,000 for the same period in 2021, representing a decrease of approximately 27.0%[37] - The company's total employee costs for the nine months ended September 30, 2022, amounted to HKD 49,437,000, down from HKD 69,876,000 in the same period of 2021, reflecting a reduction of about 29.3%[37] - The sales of scented candles decreased by approximately HKD 30.3 million or 7.6% compared to the same period in 2021, indicating a decline in demand despite the ongoing preference for scented and colored candles in the U.S. market[44] - The company’s total tax expense for the nine months ended September 30, 2022, was HKD 12,259,000, compared to HKD 16,819,000 in the same period of 2021, indicating a reduction of about 27.0%[37] Income and Expenses - Other income for the nine months was HKD 2,550,000, compared to HKD 1,159,000 in the same period of 2021, showing an increase of 119.8%[7] - The company incurred administrative expenses of HKD 60,984,000 for the nine months, a decrease of 12.1% from HKD 69,413,000 in 2021[7] - Financing costs for the nine months ended September 30, 2022, totaled HKD 5,222,000, an increase from HKD 3,565,000 in 2021, representing a rise of approximately 46.5%[32] - Selling and distribution expenses for the nine months ended September 30, 2022, were approximately HKD 19.7 million, a decrease of about HKD 7.1 million or 26.5% from HKD 26.8 million in the same period of 2021[50] - Administrative expenses for the nine months ended September 30, 2022, were approximately HKD 61.0 million, a decrease of about HKD 8.4 million or 12.1% from HKD 69.4 million in the same period of 2021[51] - Financing costs for the nine months ended September 30, 2022, were approximately HKD 5.2 million, an increase of about HKD 1.6 million or 44.4% from HKD 3.6 million in the same period of 2021[52] Market Strategy and Operations - The company is focused on expanding its market presence and enhancing product offerings, although specific new products or technologies were not detailed in the report[9] - The company continues to monitor market conditions and adjust its strategies accordingly to improve financial performance in the future[9] - The company continues to focus on providing mid to high-end candle products in overseas markets, particularly in the U.S. and U.K., where there is a growing demand for scented candles[43] - The company has established contracts with sales representatives since 2018 to incentivize them with sales rewards for customer orders, aiming to capture rapid growth in the candle product market, particularly in the U.S.[44] Corporate Governance and Compliance - The company has adopted the GEM Listing Rules regarding the trading standards for directors, confirming compliance with these standards for the nine months ended September 30, 2022[78] - The company has adhered to the corporate governance code as outlined in the GEM Listing Rules for the nine months ended September 30, 2022[80] - An audit committee has been established in accordance with GEM Listing Rules and corporate governance code, consisting of three independent non-executive directors[82] - The audit committee reviewed the unaudited consolidated results for the nine months ended September 30, 2022, confirming compliance with applicable accounting standards and sufficient disclosure[82] Shareholder Information - As of September 30, 2022, AVW holds 643,500,000 shares, representing 58.5% of the issued shares[67] - Huayi Si Enterprise Limited and its controlled entities collectively hold 181,500,000 shares, accounting for 16.5% of the issued shares[67] - The company has adopted a share option scheme effective from June 23, 2018, allowing for the issuance of options up to 30% of the total issued shares[71] - The maximum number of shares that can be issued upon the exercise of all options granted under the scheme is capped at 110,000,000 shares, equivalent to 10% of the total issued shares as of the report date[72] - No directors or major shareholders have any interests in businesses that directly or indirectly compete with the company as of September 30, 2022[76] - The company has no disclosures of interests or short positions in shares or related securities by any person or corporation, excluding directors and senior management, as of September 30, 2022[70] - The exercise price for each option granted must be at least the higher of the closing price on the date of grant or the average closing price over the preceding five trading days[74] - The share option scheme is set to expire on June 23, 2028, unless terminated earlier by the company[74] - No shares of the company were purchased, sold, or redeemed by the company or its subsidiaries during the nine months ended September 30, 2022, and up to the report date[79] Other Information - The company is currently evaluating the impact of new or revised Hong Kong Financial Reporting Standards, which are expected to be adopted starting January 1, 2023[16] - The company has not disclosed any new product or technology developments in the current report[68] - There are no updates on market expansion or mergers and acquisitions in the current report[68] - The company did not declare or propose any dividends for the nine months ended September 30, 2022, consistent with the previous year[41] - The deferred tax expense for the nine months ended September 30, 2022, was HKD 250,000, compared to a deferred tax benefit of HKD (156,000) in the same period of 2021[37] - Other losses for the nine months ended September 30, 2022, were approximately HKD 0.3 million, a decrease of about HKD 1.9 million or 86.4% compared to HKD 2.2 million in the same period of 2021[49]
凯富善集团控股(08512) - 2022 Q3 - 季度财报