Company Overview - International Home Retail Limited is primarily engaged in home goods retail, operating brands such as "JHC Japan City," "123byELLA," "DollarMart," "CityLife," "Stationery Generation," "Kitchen Joy," "Japan Home," and "JHC Online Shopping" [1] - The company operates through three business segments: retail, wholesale, and franchising [1] Shareholders and Management - The total share capital of International Home Retail is 724.02 million shares, with Hiluleka Limited holding 45.24% [1] - Founders Liu Baihui and Wei Lixia have managed the company since its inception in 1991, ensuring stable operations [1] Historical Development - Founded in 1991, the first store opened in North Point, Hong Kong [2] - Transitioned from a "ten-dollar store" to a "home goods specialty store" in 2001, expanding product offerings [2] - Acquired various brands and expanded retail networks, including significant acquisitions in Singapore and Macau [2][3] Main Business Analysis - **Brand Overview**: - "Japan City" focuses on essential home goods at mid to low-end prices [2] - "123byELLA" targets young adults with trendy home and decor items [3] - "CityLife" caters to high-income families seeking convenience [3] - "Stationery Generation" serves students with various stationery and small toys [3] - **Product Procurement**: - The company sources from over 650 suppliers across 13 regions, including Japan, Korea, and the U.S. [4] - Subsidiaries in mainland China and Taiwan handle local procurement [4] Financial Analysis - Revenue for the fiscal year 2025 was HKD 2.537 billion, a decrease of 5.59% year-on-year [5] - Profit attributable to shareholders was HKD 47.727 million, down 52.78% year-on-year [5] - Cash and cash equivalents stood at HKD 285 million, a decrease of 15.94% [5] Investment Highlights - The company maintains a relatively strong cash flow, with cash and cash equivalents of HKD 285 million [5] - A high dividend yield of 11.29% is noted, indicating potential returns for investors [5]