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Revenue

Revenue increased by 47.1% to HKD67.0 million (US$8.6 million) for the year ended March 31, 2024 from HKD45.5 million for the year ended March 31, 2023. The increase was principally driven by a significant increase in sales in our hair styling and trimmer series, and new tooling revenue generated from manufacturing multiple tools, molds and assembly equipment as part of tooling program for our customers, which are mostly driven by engaging new customers.

The following table shows disaggregated revenue by sales of major products and sales of tooling for the years ended March 31, 2024 and 2023.

Operating expenses

Merchandise costs increased by 52.9% to HKD52.1 million (US$6.7 million) for the year ended March 31, 2024 from HKD34.0 million for the year ended March 31, 2023. The increase was in line with the increase in our revenue.

Selling, general and administrative expenses were HKD3.5 million (US$0.5 million) for the year ended March 31, 2024, as compared to HKD4.3 million for the year ended March 31, 2023. The decrease is mainly due to declines in staff costs, selling and marketing expenses, and in depreciation for our property and equipment, which are partially offset by increases in transport and travelling expenses, legal and professional fee and in other general and administrative expenses.

Income from operations

Overall income from operations increased by 57.9% to HKD11.4 million (US$1.5 million) for the year ended March 31, 2024 from HKD7.2 million for the year ended March 31, 2023. The increase was principally driven by a significant increase in sales in our hair styling and trimmer series, and new tooling revenue generated from manufacturing multiple tools, molds and assembly equipment as part of tooling program for our customers as well as engaged new customers.

Total other income, net

Total other income, net, increased by 366.7% to HKD1.4 million (US$178,165) for the year ended March 31, 2024 from HKD0.3 million for the year ended March 31, 2023. The increase was mainly driven by significant growth in interest income.

Provision for income tax expense

Income tax expenses amounted to HKD2.8 million (US$359,959) for the year ended March 31, 2024 and amounted to HKD1.2 million for the year ended March 31, 2023.

Net income

Net income increased by 57.9% to HKD9.9 million (US$1.3 million) for the year ended March 31, 2024 as compared to HKD6.3 million for the year ended March 31, 2023. The increase in net income was predominantly due to an increase in revenue and interest income and a decrease in selling, general and administrative expenses.

Recent development

On May 17, 2024, the Company announced the closing of its initial public offering (the "IPO") of 1,500,000 ordinary shares (the "Ordinary Shares") at a price of $4 per share for total gross proceeds of $6,000,000, before deducting underwriting discounts and other offering expenses. The Ordinary Shares began trading on Nasdaq Capital Market on May 15, 2024, under the ticker symbol "RAY". On July 5, 2024, the Company announced it completed sale of an additional 113,083 ordinary shares pursuant to the partial exercise of the underwriters’ over-allotment option granted in connection with the IPO, at the IPO price of $4 per share, less underwriting discounts. As a result, the Company has raised a total gross proceeds of $6,452,332, before deducting underwriting discounts and offering expenses.

About Raytech Holding Limited

Raytech Holding Limited is a Hong Kong-headquartered company with over 10 years of experience in the personal care electrical appliance industry. Through its operating subsidiary in Hong Kong, it sources and wholesales a diverse range of personal care electrical appliances ranging from hair styling, tooling, trimmer, eyelash curler, neck care, to nail care and other body and facial care appliances for international brand owners, providing integrated product design, production processing, and manufacturing solutions. For more information please visit: https://ir.raytech.com.hk/.

Forward-Looking Statement

This press release contains forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as "may, "will, "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These forward-looking statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement and the Annual Report on Form 20-F for the fiscal year ended March 31, 2024 filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Investor Relations

WFS Investor Relations Inc.

Janice Wang, Managing Partner

Email: services@wealthfsllc.com

Phone: +86 13811768599

+1 628 283 9214