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Public company info - Bonny International Holding Limited , 01906.HK

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Bonny International Holding Limited, 01906.HK - Company Profile
Chairman Jin Guojun
Share Issued (share) 1,200,000,000
Par Currency U.S. Dollar
Par Value 0.01
Industry Apparel
Corporate Profile Business Summary: The Group was principally involved in the manufacture and sale of brassieres, functional sportswear, panties and thermal underwear in the People’s Republic of China (the “PRC”). Performance for the year: During the Period, the Group’s total revenue amounted to approximately RMB284.5 million, representing a decrease of approximately 14.8% as compared to 2018 (2018: approximately RMB333.7 million). The Group recorded a loss attributable to owners of the Company for the Period of approximately RMB12.2 million (2018: a profit of approximately RMB26.7 million). Business Review As a manufacturer of seamless and traditional intimate wear products, the Group operates business through two segments. The Group focus on providing one-stop in-house intimate wear manufacturing solutions to the Group’s original design manufacturer (“ODM”) customers in the People’s Republic of China (the “PRC”) and overseas. The Group’s branded sales products segment sells mainly traditional intimate wear products under its “Bonny” and “U+ Bonny” brands through its nationwide retail network in the PRC. The Group manufactures a wide range of seamless and traditional intimate wears, including bras, underpants, thermal clothes and loungewear, and the Group also produces functional sportswear. Majority of the Group’s seamless products are sold to the Group’s ODM customers, while the Group mainly sells traditional products in the Group’s branded sales in the PRC. During the Period, the Group’s total revenue amounted to approximately RMB284.5 million, representing a decrease of approximately 14.8% as compared to 2018 (2018: approximately RMB333.7 million). Such decrease was primarily due to the decline in the Group’s ODM sales in the PRC and overseas as a result of reduction in sales orders received from customers. The Group recorded a gross profit of approximately RMB102.1 million (2018: approximately RMB145.4 million) with a gross profit margin of approximately 35.9% (2018: approximately 43.6%). The Group recorded a loss attributable to owners of the Company for the Period of approximately RMB12.2 million (2018: a profit of approximately RMB26.7 million). The loss-making for the Period was mainly attributable to (i) a decline in the Group’s overseas and PRC ODM sales as a result of reduction in sales orders received from customers; (ii) a decrease in gross profit margin of ODM sales as compared to the corresponding period in 2018; and (iii) an increase in administrative expenses due to the establishment of a factory in Hunan Province, the PRC and sales representation offices in the United States and Hong Kong; and (iv) the non-recurring listing expenses as disclosed in the Company’s prospectus dated 12 April 2019 (the “Prospectus”) under the paragraph headed “Listing expenses” in the section headed “Financial Information”. The shares of the Company were listed (“Listing”) on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 26 April 2019 (“Listing Date”) by way of a global offering, raising net proceeds (after deducting professional fees, underwriting commissions and other fees and expenses payable by the Group in connection with the Listing and the global offering) of approximately HK$131.3 million. Prospects: As a major manufacturer in the intimate wear industry in the PRC, the Group will closely follow the market changes, adopt flexible and diversified development strategies in a timely manner, respond quickly to market changes and promptly seize the market opportunities. In addition to the retail outlets network, the Group’s products are also sold through different online platforms to enhance brand awareness and expand customer base. The Group will continue to optimise its sales network structure and close underperforming stores, thereby raising overall operating efficiency. In view of the expected growth of the intimate wear market in the long term, the Group will continue to enhance product design and research and development capability, as well as develop diversified products based on market needs. In implementing the Group’s capacity expansion plan, phase II of the Group’s production base located at Beiyuan Street, Yiwu, Zhejiang Province, the PRC (the “Beiyuan Production Site”) is still under construction with construction of the production building approximately 85% completed and the construction of the staff dormitory approximately 75% completed as at 31 December 2019. Phase II of the Beiyuan Production Site is expected to complete construction and commence production in the second half of 2020. During the Period, the Group purchased 11 seamless circular knitting machines, which were installed at the Group’s production base located at Suxi Town, Zhejiang Province, the PRC (the “Suxi Production Site”) and commenced operation in October 2019. Due to the COVID-19 pandemic and its impact on the domestic and global economy, the outlook of future sales prospect is unclear. As a result, the Group has decided to delay the additional purchase of seamless circular knitting machines and other ancillary equipment with unutilised proceeds as described in the section headed “Future Plans and Use of Proceeds” in the Prospectus and the announcement of the Company dated 24 May 2019. The Board will consider to resume the proposed purchase and installation of the equipment based on the recovery of product sales and production capacity of the Group. In order to mitigate the impact of the COVID-19 pandemic on the ODM sales and branded sales through retail outlets, the Group will adopt active strategies to develop its business, including: (i) to continue to strengthen its research and development capability by focusing on improving product quality, functionality and designs; (ii) to properly operate the additional seamless environmental protective masks production, details of which are described in the announcement of the Company dated 17 March 2020; (iii) to expand the e-commerce network by expanding online sales channels to include WeChat e-commerce, live cam sales and social media originated sales; and (iv) to leverage the geographical advantage of Hong Kong and the United States offices in developing overseas customers.

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