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Public company info - China Partytime Culture Holdings Ltd. , 01532.HK
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China Partytime Culture Holdings Ltd., 01532.HK - Company Profile
Chairman Chen Sheng
Share Issued (share) 898,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Apparel
Corporate Profile Business Summary: The Group is principally engaged in the design, development, production, selling and marketing of cosplay products (including cosplay costumes and cosplay wigs) and noncosplay apparels which include mainly sexy lingerie. Performance for the year: Our revenue from both the CMS business and the OBM business decreased from RMB365.9 million for the year ended 31 December 2018 to RMB316.1 million for the year ended 31 December 2019, representing a decrease of 13.6%. Our gross profit margin increased from approximately 21.0% in 2018 to approximately 26.4% in 2019. Loss attributable to the equity holders of the Company increased from approximately RMB11.7 million for the year ended 31 December 2018 to approximately RMB72.2 million for the year ended 31 December 2019. Business Review The Group is principally engaged in the design, development, production, selling and marketing of cosplay products (including cosplay costumes and cosplay wigs) and noncosplay apparels which include mainly sexy lingerie. the Group's products are principally for export sales to more than 20 countries and regions around the globe including mainly the US, Germany, the UK and Australia. Our business can be classified into two major categories, namely CMS business and OBM business. Our revenue from both the CMS business and the OBM business decreased from RMB365.9 million for the year ended 31 December 2018 to RMB316.1 million for the year ended 31 December 2019, representing a decrease of 13.6%. Even though the Group's customers are diversified over 20 countries and regions which include the US, Germany, the UK and Australia, the Group still suffered a reduction in the revenue in 2019 due to (i) the continued migration of consumers to online shopping platforms; and (ii) significant reduction in the number, size and timing of orders for the Group's products from the Group's customers (who include wholesalers and retailers) as a result of the increased level of uncertainty on the macroeconomic outlook. Nevertheless, with the Group's enhanced research and development capabilities over the past few years, the Group is able to offer the Group's customers premium one-stop solution services at a higher unit sale price, which resulted to an increase in the gross profit margin from 21.0% for the year ended 31 December 2018 to 26.4% for the year ended 31 December 2019. To further enhance the Group's production efficiency and to foster the collaboration of companies of the Group's upstream and downstream industries, the Group established a “Party Culture Industrial Park” (the “Park”) in Yiwu, PRC in late 2019. The Park, together with the Group's E-commence Operation Centre and the Group's Service and Experience Centre (the “Centre”) helped to integrate and co-ordinate with companies of the Group's upstream and downstream industries. The aggregate gross floor area of the Park and the Centre is 50,579 square meters of which approximately 73.5% has been leased/sub-leased to companies in the relevant industries with the aim to integrate the design and development of cultural products, internet celebrity, creative design, research and development and supply chain of the whole industrial chain. Gross income from leasing of approximately RMB2,607,000 (including the lease of plant and machineries) were recognized during the year and included in ‘other income’ on the face of the consolidated statement of profit or loss and other comprehensive income. Loss attributable to the equity holders of the Company increased from approximately RMB11.7 million for the year ended 31 December 2018 to approximately RMB72.2 million for the year ended 31 December 2019. Such increase in loss is primarily attributable to (i) the recognition of an impairment loss of RMB18.7 million on reclassification of the Centre as investment property (For details, please refer to the paragraphs entitled “Impairment loss on property, plant and equipment” and “Impairment loss on investment property”); (ii) the loss on fair value on financial asset at fair value through profit or loss (“FVTPL”) of approximately RMB60.5 million, after taking into consideration (a) there has been an unexpected delay in obtaining funds from investors to carry out the Project which leads to a delay in the implementation of the development plan of the Project. (b) the Rights have not yet been assigned to FEN as pending the written approval from VMN; and (c) the CB Issuer has been in default in paying the interests under the CSG Convertible Bonds. If excluded the impairment loss on properties, plant and equipment and investment properties, and fair value loss on FVTPL in aggregate amount of approximately RMB92.1 million, the Group’s profit before income tax would be approximately RMB15.6 million, compared with the profit before income tax of approximately RMB11.4 million (excluded impairment loss on properties, plant and equipment of approximately RMB24.4 million and fair value loss on FVTPL of approximately RMB2.3 million) for the year ended 31 December 2018, represented an increase of 36.8%. Such increase in profit before income tax primarily attributable to the higher gross profit margin the Group achieved during the year. Prospects: In January 2020, the China and US Government signed the Phase I trade deal which has the effect of reducing the uncertainties in Sino-America trade. Unfortunately, the business environment became uncertain on the outbreak of the COVID-19 in the PRC in early January 2020 and hits the manufacturing industry and the Group's business operations. Many factories in the PRC only managed to resume work partially in mid-February. The Group expects the whole industry chain will take some time to resume full operation. The aforesaid impact of the COVID-19 on the Group’s business operations, which was beyond the control of the Group, may adversely affect the financial results of the Group for the six months ending 30 June 2020. The Board of Directors of the Company will continue to assess the impact of the COVID-19 on the Group’s business operations and financial performance and closely monitor the Group’s exposure to the risks and uncertainties in connection with the COVID-19. To face the current complex business situation, the Group will endeavour to diversify the Group's business and broaden the Group's revenue stream by cooperation with other intellectual property right owners and the collaboration of companies of the Group's upstream and downstream industries. The Group will also proceed to mergers and acquisitions, industrial integration and business expansion. The Group will continue to evaluate and identity target companies which have investment value and which can generate synergies with the Group's businesses within the industry and along the industry chain, with the aim of bringing greater return to shareholders while expanding the Group's business and revenue streams.

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