欧化2025/2026年报

CONTENTS CORPORATE INFORMATION AND KEY DATES2MANAGEMENT DISCUSSION AND ANALYSIS4BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT13DIRECTORS’ REPORT16CORPORATE GOVERNANCE REPORT30INDEPENDENT AUDITOR’S REPORT59CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME65CONSOLIDATED STATEMENT OF FINANCIAL POSITION66CONSOLIDATED STATEMENT OF CHANGES IN EQUITY68CONSOLIDATED STATEMENT OF CASH FLOWS69NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS71FIVE-YEAR FINANCIAL SUMMARY133 CORPORATE INFORMATION AND KEY DATES Directors *** Yeung Ching Loong, Alexander(Chairman)Chan Chuen YinFan Man Seung, VanessaChan Yee Man*Chiu Kin Fai*Ng Hoi Yue* * Independent Non-executive Directors * Company Secretary Chan Lai Yim Executive Committee Yeung Ching Loong, Alexander(Chairman)Chan Chuen YinFan Man Seung, Vanessa Audit Committee Chan Yee Man(Chairperson)Chiu Kin FaiNg Hoi Yue Remuneration Committee Ng Hoi Yue(Chairman)Yeung Ching Loong, AlexanderChan Yee Man Nomination Committee Chiu Kin Fai(Chairman)Chan Chuen YinChan Yee Man Corporate Governance Committee Fan Man Seung, Vanessa(Chairperson)Chiu Kin FaiNg Hoi YueA representative from company secretarial functionA representative from finance and accounts function Investor Relations Contact ir1711@EmperorGroup.com Luk Man Ching, AnnaEmail: ir1711@EmperorGroup.com 2Ulferts International LimitedAnnual Report 2025/2026 CORPORATE INFORMATION AND KEY DATES https://www.UlfertsIntl.com Websitehttps://www.UlfertsIntl.com 1711 Stock CodeHong Kong Stock Exchange: 1711 Registered Office 28828 28th Floor, Emperor Group Centre288 Hennessy RoadWan ChaiHong Kong Share Registrar 3382333301-04 Union Registrars LimitedSuites 3301-04, 33/FTwo Chinachem Exchange Square338 King's RoadNorth PointHong Kong Auditor 385135 Cheng & Cheng LimitedCertified Public AccountantsLevel 35, Tower 1, Enterprise Square Five38 Wang Chiu RoadKowloon Bay, KowloonHong Kong Principal Bankers The Bank of East Asia, LimitedChong Hing Bank LimitedThe Hongkong and Shanghai Banking Corporation Limited Key Dates 2026624202681111202685430202685 24 June 202611 August 202611:00 a.m.5 August 2026(before 4:30 p.m.)5 August 2026 Annual Results AnnouncementAnnual General Meeting– Latest Time to Lodge Transfers– Record Date MANAGEMENT DISCUSSION AND ANALYSISMANAGEMENT DISCUSSION AND ANALYSIS Theboard of directors(“Board”or“Director(s)”)of UlfertsInternational Limited ( “Company” ) presents the consolidated resultsofthe Company and its subsidiaries(collectively referred to as“Group”) for the year ended 31 March 2026 (“Year”). 2026331 RESULTS 137,200,0002025153,000,00077,300,000202588,300,000 During the Year, the consumption sentiment remained weak and theGroup’stotal revenue inevitably decreased to HK$137.2 million(2025: HK$153.0 million). Gross profit was HK$77.3 million (2025:HK$88.3 million). 129,900,0002025145,100,00094.7%202594.8%55,700,000202570,800,00042.9%202548.8%at•home3 7 , 2 0 0 , 0 0 02 0 2 53 7 , 6 0 0 , 0 0 028.6%202525.9%37,000,000202536,700,00028.5%202525.3% Revenuefrom the retail segment amounted to HK$129.9 million(2025: HK$145.1 million), accounting for 94.7% (2025: 94.8%) of theGroup’s total revenue. Aggregate retail sales revenue of “Ulferts”and“Ulferts Signature”amounted to HK$55.7 million(2025:HK$70.8million),and remained the key revenue contributor,accountingfor 42.9%(2025:48.8%)of total retail revenue.Theretailsales revenue of“at•home”was HK$37.2 million(2025:HK$37.6 million), accounting for 28.6% (2025: 25.9%) of total retailrevenue.Aggregate retail sales revenue of“Slumberland”and“Ulfenbo” was HK$37.0 million (2025: HK$36.7 million), accountingfor 28.5% (2025: 25.3%) of total retail revenue. As a result of the effective cost saving measures implemented bythe Group and the decrease in impairment loss, its net loss wassignificantlynarrowed to HK$1.7 million(2025:HK$41.0 million)duringthe Year.Basic loss per share was HK0.22 cent(2025:HK5.13 cents). 1,700,000202541,000,0000.2220255.13 MARKET REVIEW Supported by the lower interest rates, buoyant stock markets andthe ongoing rollout of various talent admission schemes, during theYearthere were the first annual increases in local residentialpropertyprices for several years.However,geopolitical tensionsandvarious economic uncertainties such as inflation andunemploymentrates continued to dampen consumer sentiment.Consumerstended to be cautious and sophisticated.Marketdemand for space-efficient and multi-functional furniture items hasbeen rising, while the market features a mix of international brandsandemerging artisans at different price points.Hence,theoperating environment was complex amid intense competition. BUSINESS REVIEW TheGroup is a leading retailer of high quality imported homefurniture.The Company’s shares have been listed on the MainBoardof The Stock Exchange of Hong Kong Limited(“StockExchange”) since January 2018. 20181 MANAGEMENT DISCUSSION AND ANALYSIS The Group has been establi