Revenue and Profit Performance - The division's revenue increased by approximately 8.1% year-on-year to about HKD 251.4 million, benefiting from improved retail channels, especially online and live sales[1]. - The manufacturing division generated segment revenue of approximately HKD 555.8 million, with a segment profit before tax of about HKD 56.3 million, reflecting a decline of approximately 22.5% compared to the same period last year[18]. - The property investment segment generated revenue of approximately HKD 6.6 million, with a segment profit before tax of about HKD 2.9 million[19]. - The group's revenue decreased by approximately 14.9% from about HKD 956.5 million for the six months ended December 31, 2022, to about HKD 813.8 million for the six months ended December 31, 2023, primarily due to a decline in demand from brand customers in the manufacturing sector[50]. - The gross profit decreased by approximately 9.0% to about HKD 285.8 million for the six months ended December 31, 2023, compared to approximately HKD 314.2 million for the same period in 2022, while the gross profit margin increased from 32.8% to 35.1%[72]. - The company recorded a net profit of approximately HKD 53.6 million for the six months ended December 31, 2023, a decrease from approximately HKD 106.1 million for the same period in 2022, primarily due to global inflation pressures and exchange losses[76]. - The company reported a profit before tax of HKD 67,597,000, a decline of 50.7% from HKD 137,191,000 in the previous year[135]. - Net profit for the period was HKD 53,554,000, representing a decrease of 49.6% compared to HKD 106,103,000 in the prior year[135]. E-commerce and Retail Development - The company has strengthened its e-commerce platform development, with most brands available on Tmall, JD.com, and its own live streaming channels[17]. - The company has established its own live sales team with over 70 members, achieving satisfactory results[17]. - The retail division is expected to achieve satisfactory growth in the coming years, driven by the newly established "Times E-commerce Center," which spans over 4,400 square meters and includes facilities for live streaming and retail[46]. Manufacturing and Expansion Plans - The company plans to expand its manufacturing operations to Indonesia, acquiring approximately 22,000 square meters of land to build a factory exceeding 15,000 square meters, with trial production expected in 2024[47]. - The company plans to continue enhancing its competitive advantage by sourcing competitively priced quality raw materials and optimizing production processes[2]. - The company is committed to capital expenditure to enhance production facilities and streamline processes to improve competitiveness[18]. Financial Position and Cash Management - The group's cash and cash equivalents amounted to approximately HKD 441.4 million as of December 31, 2023, up from approximately HKD 403.9 million as of June 30, 2023, indicating a stable financial resource situation[60]. - The company aims to maintain sufficient cash and cash equivalents to meet short-term financing needs[21]. - The company had no outstanding bank or other borrowings as of December 31, 2023, indicating a capital structure with no debt[60]. - The company’s financing costs for the period were HKD 1,178,000, compared to HKD 2,403,000 in the previous year, reflecting a decrease of 50.9%[135]. Shareholder and Corporate Governance - The interim dividend declared for the six months ending December 31, 2023, is HKD 0.02 per ordinary share, compared to HKD 0.04 for the same period in 2022[88]. - The company aims to create more value for shareholders through effective corporate governance practices and risk management[94]. - The board is committed to adhering to corporate governance principles and has adopted good corporate governance practices to enhance transparency and accountability[94]. - The company confirmed compliance with the standards set forth in the corporate governance code for the six months ending December 31, 2023[117]. Employee and Share Incentive Plans - The company has provided various employee benefits, including performance bonuses and training programs to enhance skills and productivity[107]. - The company has a competitive compensation scheme compared to market standards, which is crucial for retaining skilled employees in the luxury goods sector[107]. - A total of 13,601,000 shares were granted under the share award scheme on June 26, 2023, representing approximately 1.41% of the company's issued share capital[105]. - The company committed to granting 3,260,848 shares under the share incentive plan, representing approximately 0.34% of the total issued shares[127]. Asset and Liability Management - As of December 31, 2023, the company had a net asset value of HKD 1,791,309,000, up from HKD 1,779,748,000 as of June 30, 2023[140]. - The total value of current assets as of December 31, 2023, was 1,041,977 thousand HKD, down from 1,087,655 thousand HKD as of June 30, 2023[165]. - The group reported a total liability of HKD 1,688,091,000, with segment liabilities of HKD 756,815,000 in retail, HKD 311,691,000 in manufacturing, and HKD 619,585,000 in property investment[187]. Accounting and Reporting Standards - The group has implemented new accounting standards effective January 1, 2023, which are expected to impact annual financial statement disclosures but had no effect on the interim financial data[178]. - The accounting policies adopted for the interim financial information are consistent with those applied in the annual consolidated financial statements for the year ended June 30, 2023[198]. - The company has applied new and revised International Financial Reporting Standards effective from January 1, 2023, but these have no impact on the financial position or performance[200].
时代集团控股(01023) - 2024 - 中期财报