Financial Results - The unaudited consolidated results for the six months ended September 30, 2023, have been announced, with comparative figures for the same period in 2022 provided[17]. - The report includes the unaudited condensed consolidated statement of profit or loss and other comprehensive income for the period[18]. - The financial results have not been audited but have been reviewed and approved by the audit committee of the Company[17]. - Revenue for the six months ended September 30, 2023, was HK$103,294,000, a decrease of 14.5% compared to HK$120,838,000 in the same period of 2022[19]. - Gross profit increased to HK$18,041,000, up 6.5% from HK$16,940,000 year-over-year[19]. - Loss before taxation improved to HK$428,000, significantly better than the loss of HK$2,900,000 in the prior year[19]. - Total comprehensive loss for the period was HK$622,000, a reduction of 82.8% compared to HK$3,620,000 in the previous year[19]. - The interim financial report for the six months ended September 30, 2023, has been prepared in accordance with the accounting policies adopted in the Group's annual financial statements for the year ended March 31, 2023[40]. - The Group's unaudited condensed consolidated interim financial statements do not include all information required for a full set of financial statements prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs)[34]. Revenue Breakdown - Revenue from sales of ODM toys to license holders decreased to HK$51,738,000, down 30% from HK$73,990,000 year-on-year[54]. - Distribution of imported toys and related products generated revenue of HK$32,271,000, an increase of 14.5% compared to HK$28,118,000 in the previous year[54]. - Revenue from sales of own licensed toys and related products rose to HK$16,285,000, up 7.4% from HK$15,155,000 in the same period last year[54]. - The Group's five largest customers contributed approximately 62% of total revenue, down from 78% in the corresponding period last year[55]. - Overall revenue decreased by approximately 14.5% to approximately HK$103,294,000 from HK$120,838,000, primarily due to a decrease in revenue from sales of ODM toys to license holders[150]. Cash Flow and Assets - Cash and cash equivalents at the end of the period were HK$120,184,000, compared to HK$107,109,000 at the end of the same period last year, reflecting a net increase[25]. - Net cash used in operating activities was HK$10,349,000, an improvement from HK$14,560,000 in the previous year[25]. - The company reported a net cash inflow from investing activities of HK$15,803,000, contrasting with a net outflow of HK$28,724,000 in the prior year[25]. - Trade receivables increased to HK$35,477,000 from HK$13,296,000, indicating a significant rise in outstanding customer payments[20]. - Non-current assets decreased to HK$51,713,000 from HK$57,049,000, primarily due to a reduction in property, plant, and equipment[20]. - Total equity as of September 30, 2023, was HK$195,492,000, slightly down from HK$196,114,000 at the end of March 2023[20]. Operational Changes - The Company has undergone changes in its board of directors, with several appointments and resignations noted[10]. - The Group's main business activities include the design, marketing, distribution, and retail sale of toys and related products, as well as providing agency services[31]. - The Group employed 35 staff in Hong Kong as of September 30, 2023, down from 40 as of March 31, 2023[191]. Risks and Compliance - The Company is positioned on the GEM market, which is designed for small and mid-sized companies, indicating a higher investment risk compared to other listings[2]. - There is a risk of high market volatility for securities traded on GEM, and no assurance is given regarding the liquidity of these securities[2]. - The Company has a responsibility to provide information in compliance with the GEM Listing Rules[4]. - The Group faces risks such as failure to obtain new orders, ineffective quality control, and potential delays in customer payments, which could adversely affect financial performance[196]. Future Outlook - The Board aims to expand the Group's network beyond the ACG figure toys market to broaden income sources and enhance shareholder value[197]. - The Group believes it will achieve a breakthrough in business performance by leveraging its wide variety of high-end toy products[198].
佰悦集团(08545) - 2024 - 中期财报