Financial Performance - Gross margin increased to 74.4% from 65.8%, a rise of 8.6 percentage points[3] - Net profit margin decreased to 4.0% from 7.3%, a decline of 3.3 percentage points[3] - Basic earnings per share fell to HKD 1.0 from HKD 1.6, a decrease of 37.5%[3] - As of September 30, 2023, the group recorded a net profit of approximately HKD 3,500,000, a decrease from HKD 5,900,000 in the same period last year[22] - The group's total revenue increased by approximately 8.2% to about HKD 86,800,000, up from HKD 80,200,000 in the previous year[29] - The group reported a net profit attributable to equity holders of HKD 3,500,000, down from HKD 5,869,000 in the previous year, resulting in earnings per share of HKD 1.0[57] - The group reported a pre-tax profit of HKD 5,985,000 for the six months ended September 30, 2023, compared to HKD 16,393,000 in the previous year, indicating a significant decline[82] Store and Operational Metrics - Total number of stores decreased to 33 from 42, a reduction of 9 stores[3] - The number of physical stores decreased from 39 to 33, with 26 in Hong Kong and 7 in Macau as of September 30, 2023[19] - Total floor area decreased to 43,648 square feet from 67,956 square feet, a decline of 35.8%[3] - Same-store sales growth was approximately +17% for the six months ended September 30, 2023, compared to -13% in the previous year[29] - Macau's same-store sales surged approximately +59%, recovering from -43% in the previous year[26] Revenue Breakdown - The group reported total revenue of HKD 86,791,000 for the six months ended September 30, 2023, with offline sales contributing HKD 85,171,000 and online sales contributing HKD 1,620,000[76] - Online sales amounted to approximately HKD 1,600,000, down from HKD 2,000,000 in the previous year, with a segment loss of about HKD 100,000[27] - Online sales contributed HKD 1,620,000, while offline sales were HKD 85,171,000, reflecting a decrease in online sales by 19.8%[78] Cost and Expense Management - Core operating expenses (excluding non-cash write-offs, sale losses, and impairment losses) increased by approximately 8.7% to about HKD 63,600,000[31] - Rental expenses surged by approximately 27.9% to about HKD 25,200,000, reflecting rising rental costs post-border reopening[34] - Employee costs slightly increased by approximately 6.6% to about HKD 22,600,000, aligning with sales growth, while total employees decreased to 152[35] Cash Flow and Assets - Cash flow from operating activities decreased to approximately HKD 6,300,000, down from HKD 22,000,000 in the previous year, mainly due to increased inventory replenishment[48] - The group's net asset value as of September 30, 2023, was approximately HKD 166,000,000, an increase from HKD 162,500,000 as of March 31, 2023[46] - The total assets as of September 30, 2023, amounted to HKD 192,983,000, an increase from HKD 173,869,000 as of March 31, 2023[59] - Cash and cash equivalents decreased to HKD 33,781,000 from HKD 67,809,000 at the end of March 2023, reflecting a net decrease of HKD 34,028,000[63] Financial Ratios - Current ratio decreased to 2.5 from 3.1, a decline of 19.4%[3] - Quick ratio increased to 1.5 from 1.4, an increase of 7.1%[3] - Average return on equity decreased to 4.2% from 7.3%, a decline of 3.1 percentage points[3] Strategic Focus and Outlook - The group aims to focus on operating profitable retail platforms rather than solely pursuing sales performance[26] - The group remains cautiously optimistic about retail performance in the second half of the fiscal year, focusing on enhancing profitability and quality growth rather than large-scale expansion[55] - The group continues to strategically relocate and consolidate retail operations to maintain competitiveness amid rising rental costs[34] Shareholder Information - The company did not declare an interim dividend for the six months ended September 30, 2023, compared to HKD 0.03 per share for the same period in 2022[89] - The company has a significant concentration of ownership, with the top shareholders holding over 49% of the issued share capital[107] - The total number of shares held by major shareholder Dr. Huang Rui Lin is 212,100,000, accounting for 57.73% of the company's issued share capital[107] Compliance and Governance - The company has confirmed compliance with the standards set out in the code of conduct for securities trading by directors as of September 30, 2023[114] - The company maintained compliance with the corporate governance code as per the listing rules during the reporting period[119] - The Audit Committee, consisting of at least three independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the six months ended September 30, 2023[120]
包浩斯国际(00483) - 2024 - 中期财报