黛丽斯国际中期报告 2025

ABOUT TOP FORM 3336,690 Top Form International Limited (the “Company”)is a full-service design and supply chain partnerto global brands and retailers of women appareland activewear listed on the Main Board of theStockExchange of Hong Kong Limited(the“StockExchange”)(Stock Code:333).TheC o m p a n ya n d i t s p r i n c i p a l s u b s i d i a r i e s(collectively “Top Form” or the “Group”) employsover 6,690 employees across Mainland China,Thailand,Indonesia and Sri Lanka,with ourheadquarters in Hong Kong. Weprovide end-to-end service,ranging fromd e s i g na n d d e v e l o p m e n t ,s u p p l y c h a i nmanagementto manufacturing of finishedgarments.Customers include many of theworld’s leading brands and retailers, who trustusto deliver uncompromising quality in everyproduct we make. VISION Tobe a leading international apparel partner,fromideation to delivery,driven by innovationa n di n s i g h t s ,a n d b u i l t u p o n s u s t a i n a b l eforward-thinking operations. MISSION Westrive to make a lasting positive impactt h r o u g ho u r c h o i c e s a n d a c t i o n s ,o u rrelationships and the quality work we do. VALUES Integrity“Can Do” AttitudeAccountabilityCourageCurious & CreativeCare & RespectCollaborative PageFINANCIAL HIGHLIGHTS3MANAGEMENT DISCUSSION AND ANALYSIS4CONSOLIDATED STATEMENT OFPROFIT OR LOSS10CONSOLIDATED STATEMENT OFPROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME11CONSOLIDATED STATEMENT OFFINANCIAL POSITION12CONSOLIDATED STATEMENT OFCHANGES IN EQUITY14CONDENSED CONSOLIDATED CASH FLOWSTATEMENT16NOTES TO THE UNAUDITED INTERIMFINANCIAL REPORT17OTHER INFORMATION35 FINANCIAL HIGHLIGHTS a.Totaldebt represents total interest-bearing bankborrowings.b.Gearing ratio represents total interest-bearing bankborrowings divided by total equity.c.Net assets per share represents total equity dividedby the total number of shares in issue as at the endof period/year. MANAGEMENT DISCUSSION ANDANALYSIS The board of directors (the “Board”) of Top FormInternational Limited (the “Company”) is pleasedtopresent the unaudited consolidated interimresultsof the Company and its subsidiaries(collectively “Top Form” or the “Group”) for thesixmonths ended 31 December 2024(the“Period”). BUSINESS REVIEW Theglobal economy is navigating throughvariouschallenges and uncertainties.TheFederal Reserve expects to cut the federal fundsrate at a slower pace than previously anticipateddueto a solid United States(the“U.S.”)economy and unexpectedly strong inflation data.Additionally, the strengthened U.S. dollar tendsto depress global trade. The increasing globaleconomicuncertainties and escalating tradeconflictsare likely to impact global supplychains,consumer confidence and investmentdecisions,which potentially dampen economicactivityand heighten volatility in financialmarkets.The uncertainties surrounding U.S.policiesand geopolitical tensions continue tocast a shadow over the economic landscape. 25.0%642.4 D u r i n gt h e P e r i o d ,t h e G r o u p ’ s r e v e n u eincreased by 25.0% to HK$642.4 million. Thiswas mainly attributable to increase in demandfrom our major customers in the U.S. Toenhance operational efficiency and achievecost savings, our production facility in Indonesiawas scheduled to be temporarily suspended foroperationfrom August 2024 and resumed fulloperationin November 2024.This suspensionresultedin additional manufacturing costs andsubcontracting charges of approximately HK$8.4million,and the additional delivery costs ofapproximately HK$6.9 million during the Period.Themanagement team has made concertedefforts to minimize the impact on the Group byr e a l l o c a t i n gs a l e s o r d e r s t o o t h e r A s i a nmanufacturingplants or subcontractors andco ord ina tin gw ith cu sto mer s an d s erv iceproviders to minimize the associated costs. 8.46.9 74%14%12%74%26% Duringthe Period,in monetary terms anddelivery locations, 74% of our sales were to theU.S.market whilst the sales to the Europerepresented14%and the rest of the worldaccounted for 12%. From the supply side, theoverseasmanufacturing facilities in Asia ex-C h i n aa c c o u n t e d f o r 74%o f t h e g l o b a lproductionoutput whilst China accounted forthe remaining 26% during the Period. FINANCIAL REVIEW Revenue TheGroup’s revenue increased by 25.0%toHK$642.4 million for the Period from HK$513.7million for the six months ended 31 December2023.This increase in revenue was mainlyattributableto increase in demand from ourmajor customers in the U.S. 25.0%642.4513.7 Gross Profit 110.5120.521.5%18.8%8.4 Gross profit increased to HK$120.5 million forthePeriod from HK$110.5 million in the lastcorrespondingperiod with the gross profitmargindecreased from 21.5%to 18.8%.Wehaveincurred additional manufacturing costsandsub-contracting charges of approximatelyHK$8.4million during the Period due to thetemporarysuspension of production facility inIndonesia,which was the major cause of thelowered gross profit margin. Other Net