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Public company info - Moody Technology Holdings Limited , 01400.HK
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Moody Technology Holdings Limited, 01400.HK - Company Profile
Chairman Li Wanyuan(Acting)
Share Issued (share) 63,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Textile & Apparels
Corporate Profile Business Summary: The principal activities of the Group are sales of shoes and clothes and design, manufacturing and sales of fabrics in the People’s Republic of China (the “PRC”). Performance for the year: The Group’s total revenue was approximately RMB206.7 million in 2020, decreased from the total revenue of approximately RMB517.7 million in 2019. The Group’s loss decreased to approximately RMB219.0 million in 2020, from approximately RMB287.6 million in 2019. Basic and diluted loss per share decreased from loss per share of RMB1.55 cents in 2019 to loss per share of RMB0.76 cents in 2020. Business Review Following the impact from the Sino-U.S. economic and trade frictions in 2019 and then the outbreak of the COVID-19 in early 2020, the Group’s production scale of the fabrics products has reduced during the Year. The Group’s production line in Fujian had shut down in April 2020. Revenue of the Group mainly comprised sales of clothes and shoes, as well as sales of grey and dyed garment fabrics. The Group’s production capacities of fabrics were similar to the last year’s level whereas the utilisation rate decreased given the decreasing of sales volume. The average selling price of fabrics decreased by approximately 57.9% to RMB2.4 per meter (2019: RMB5.7 per meter) when compared with the last year. The average unit cost of fabrics decreased from RMB5.9 per meter for the year ended 31 December 2019 to RMB5.5 per meter representing a decrease of 6.8% for the year ended 31 December 2020, which led to a result of gross loss margin in 24.8% in the fabrics segment. The overall gross loss margin for the year ended 31 December 2020 was approximately 6.0%, compare with gross profit margin 2.1% in 2019. Prospects: As directly affected by the outbreak of the COVID-19, the Group experienced a difficult year in 2020. Looking forward to 2021, the Company’s management is determined to set a new direction for the Company and try to find new opportunities. The Company is also working hard to negotiate certain investment targets in order to diversify its business and improve the financial position and cash flow of the Group. As affected by the epidemic and funds matters, the Company’s restructuring schedule has been postponed. As further discussed with the joint and provisional liquidators of the Company, the Company is scheduled to submit a formal application for debt restructuring to the Bermuda Court in the second quarter of the year 2021. The management will continue to strive for more resources from the market and work hard with all the stakeholders to support to Group and relieve the current difficult position.

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