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Public company info - Harbour Equine Holdings Limited , 08377.HK
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Harbour Equine Holdings Limited, 08377.HK - Company Profile
Chairman Wong Kwok Wai, Albert
Share Issued (share) 409,000,000
Par Currency Hong Kong Dollar
Par Value 0.05
Industry Textile & Apparels
Corporate Profile Business Summary: The Group principally engage in the manufacture and trading of sewing threads and broad categories of garment accessories. Performance for the year: The Group’s revenue decreased to approximately HK$45.0 million for the year ended 31 December 2020 from approximately HK$58.7 million for the year ended 31 December 2019, representing a decrease of approximately 23.4%. The total comprehensive expenses attributable to the owners of the parent decreased to approximately HK$11.5 million for the year ended 31 December 2020 from approximately HK$20.6 million for the year ended 31 December 2019, representing a decrease of approximately 44.2%. The Company’s basic and diluted loss per share for the year ended 31 December 2020 was approximately HK6.22 cents (2019: HK8.66 cents (restated)), representing a decrease of approximately 28.2%, which was mainly due to the decrease in loss attributable to the owners of the parent. Business Review The Group is principally engaged in the manufacture and selling of sewing threads and broad categories of garment accessories. It currently manufactures polyester sewing threads, which are mainly used for garments. The major product of the Group is 100% spun polyester sewing threads. Other types of sewing threads are also offered, including textured polyester series, elastic filament sewing threads, weft yarn and nylon threads The Group’s customers are located in the PRC, Hong Kong as well as overseas countries, including United Arab Emirates (“UAE”), Mauritius, Switzerland and the United Kingdom. While the Group’s customers in the PRC and Hong Kong are mainly garment manufacturers, its overseas customers are mainly wholesalers. The production facilities of the Group, where the sewing threads manufacturing process is conducted, are located in Liwan, Guangzhou (the “Guangzhou Production Facilities”). For the year ended 31 December 2020, the Group’s revenue decreased by approximately 23.4% as compared with that for the year ended 31 December 2019. The gross profit margin increased to approximately 23.2% for the year ended 31 December 2020 from approximately 19.3% for the preceding year. The increase was mainly attributable to the decrease in the charge rate of the processing fees during the year. While the Group’s business has experienced some difficulties as a result of the trade conflict between the PRC and the U.S. and the COVID-19, the Board and the senior management of the Company are confident of the business line of sewing threads of the Group’s steady performance given its competitive strengths, which include: (i) the long-term business relationships with its customers and suppliers; (ii) adoption of the stringent quality control mechanisms in the course of sewing threads production; (iii) the strategic location of the Guangzhou Production Facilities for its business development; and (iv) an experienced management team with extensive industry experience. Further details of the future prospects of the Group are set out in the section headed “Future Plans and Prospects” in this result announcement. Prospects: The future plans and use of proceeds schedule disclosed in the Prospectus were formulated based on the best estimation of the market conditions after the Listing. The discrepancy between the planned use of the Net Proceeds and the actual use mainly arose as a result of the actual market conditions affecting the Group after the Listing. The continuing trade conflict between the U.S. and the PRC, the PRC’s gradual economic slowdown and the recent outbreak of COVID-19 have presented the Group with uncertainties and multiple challenges, rendering the need for the Group to be prudent in implementing its future plans as set out in the Prospectus. The Directors believed that a strict adherence to the implementation plan will increase the production capacity of the Group, while the additional machinery may lead to a provision for impairment for such machinery to be made in the future. Meeting the demands of its customers as to high quality and differentiated products is one of the Group’s priorities in order to maintain long-term business relationships with its customers. Further, the Directors believe that there are considerable business opportunities in the sewing threads industry in the long term. To satisfy its customers’ potential needs and to capture the business opportunities in the sewing threads industry, the Group will continue to implement the expansion plans set out in the section headed “Future Plans and Use of Proceeds” in the Prospectus in a prudent and conservative manner in light of the market conditions at the time. The Directors will continue to carefully monitor and assess the situation and, if the expansion plans no longer suit the operation and the future development of the Group, the Directors may evaluate and modify them so as to ensure that the Group’s business strategies are in the best interests of the Company and the Shareholders as a whole.

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