Group 1: Market Overview - The Hang Seng Index closed down 131 points, ending at 23,157, after opening lower and briefly falling below the 23,000 mark [3][4] - The overall market turnover was 145.245 billion HKD, marking the lowest trading volume in nearly a month [4] - Major blue-chip stocks such as Alibaba and Meituan experienced declines of 0.6% and 1.7% respectively [3] Group 2: Retail Sector Insights - Hong Kong's retail sales value for April was estimated at 28.9 billion HKD, a year-on-year decline of 2.3%, marking the 14th consecutive month of decline [7][9] - The retail environment is described as unfavorable, with expectations that the sales figures are nearing a bottom, and a slight improvement is anticipated in the second half of the year [7] - Online sales accounted for 8.1% of total retail sales in April, with an estimated value of 2.3 billion HKD, down 3.5% year-on-year [9] Group 3: Corporate Developments - Anta Sports completed the acquisition of the Jack Wolfskin business for approximately 2.9 billion USD (about 22.62 billion HKD), which is expected to enhance its brand portfolio [11] - DiSheng Creation reported a 43.55% decline in net profit for the year ending March, with revenue down 19.93%, indicating challenges in adapting to changing consumer behaviors [12] - Vodafone and CK Hutchison completed the merger of their UK telecom businesses, creating a new entity named Vodafone Three, which will invest 11 billion GBP in developing a 5G network [13] Group 4: Strategic Moves in Digital Assets - OSL Group announced the acquisition of 90% of Evergreen Crest Holdings Ltd for 15 million USD (approximately 1.17 billion HKD), aiming to enter the Indonesian digital asset market [14]

Financial Performance - The group's revenue for the fiscal year ending March 31, 2025, was HKD 1,921,768, a decrease of 20% compared to HKD 2,400,137 in the previous year[3]. - Gross profit for the same period was HKD 859,096, down 21.8% from HKD 1,097,911 in the prior year[3]. - The operating profit decreased to HKD 268,489, representing a decline of 36.3% from HKD 421,916 in the previous year[3]. - Net profit attributable to equity shareholders for the year was HKD 198,012, a decrease of 43.6% compared to HKD 350,767 in the previous year[3]. - Basic and diluted earnings per share were 50.4 cents, down from 89.0 cents in the previous year[3]. - Total comprehensive income for the year attributable to equity shareholders was HKD 179,498, down from HKD 328,497 in the previous year[4]. Assets and Liabilities - The group's total assets decreased to HKD 4,313,977 from HKD 4,545,605 in the previous year[5]. - Current liabilities decreased to HKD 1,381,132 from HKD 1,089,620 in the previous year[5]. - The group's cash and bank balances were HKD 3,275,825, down from HKD 3,469,605 in the previous year[5]. - Total reported segment assets were HKD 5,676,718 thousand in 2025, a decrease of 7% from HKD 6,103,376 thousand in 2024[17]. - Total reported segment liabilities decreased to HKD 2,142,907 thousand in 2025, down 15.3% from HKD 2,531,640 thousand in 2024[17]. Revenue by Segment - The group reported a significant decline in revenue from cosmetic and beauty products, which fell to HKD 345,583 from HKD 728,163 in the previous year, a decrease of 52.5%[10]. - Reported segment revenue for luxury goods was HKD 1,806,187 thousand in 2025, down 21% from HKD 2,285,525 thousand in 2024[13]. - Reported segment profit for luxury goods decreased to HKD 138,669 thousand in 2025, a decline of 53.4% from HKD 297,780 thousand in 2024[14]. - Revenue from external customers in Hong Kong was HKD 1,138,546 thousand in 2025, down 29% from HKD 1,603,529 thousand in 2024[18]. - Sales revenue in Hong Kong decreased by 29% due to a shift in consumer confidence and preferences[40]. - In Taiwan, sales revenue decreased by 0.4% in local currency terms, following a 10.5% increase in the previous year[40]. - Retail and e-commerce sales in China grew by 9.2% in local currency as the group integrated its wholesale network while developing its retail network[40]. Expenses and Costs - Interest income for the year 2025 was HKD 83,823 thousand, a decrease of 11.6% from HKD 94,813 thousand in 2024[19]. - Interest expenses on bank loans decreased to HKD 26,931 thousand in 2025 from HKD 48,617 thousand in 2024, a reduction of 44.9%[20]. - Employee costs totaled HKD 261.7 million, down from HKD 306 million in the previous year, with 623 employees as of March 31, 2025[44]. Tax and Dividends - The total income tax expense for the fiscal year ending March 31, 2025, is HKD 30,758,000, compared to HKD 4,606,000 for the previous year, reflecting a significant increase[5]. - The company declared an interim dividend of HKD 39,420,000 for the current year, slightly up from HKD 39,387,000 in the previous year, with no final dividend proposed[23]. - The group will not recommend a final dividend for the fiscal year ending March 31, 2025, due to the ongoing privatization proposal[39]. Investments and Financial Position - The company recognized impairment losses of HKD 1,510 thousand on property, plant, and equipment in 2025, compared to HKD 5,000 thousand in 2024[20]. - The total other financial assets decreased from HKD 1,131,379,000 in 2024 to HKD 1,078,495,000 in 2025, indicating a decline in both non-current and current assets[26]. - Trade receivables decreased significantly from HKD 92,198,000 in 2024 to HKD 47,229,000 in 2025, suggesting improved collection or reduced sales[27]. - Trade payables also decreased from HKD 150,790,000 in 2024 to HKD 107,676,000 in 2025, indicating a reduction in outstanding obligations[29]. - The company repurchased a total of 8,143,500 shares at a total cost of HKD 39,904,080 during the fiscal year, which may enhance earnings per share[31]. - The capital commitments as of March 31, 2025, are HKD 7,386,000, slightly down from HKD 7,698,000 in the previous year, indicating a stable investment outlook[33]. - Deferred tax liabilities for the current year are HKD 157,000, compared to a deferred tax asset of HKD 57,000 in the previous year, reflecting a shift in tax position[5]. - The company’s average number of ordinary shares outstanding decreased from 394,203,000 in 2024 to 392,810,000 in 2025 due to share buybacks[25]. - As of March 31, 2025, the group's net current financial resources amounted to HKD 2.67 billion, unchanged from the previous year[45]. - Cash and bank balances were HKD 3.28 billion, down from HKD 3.47 billion in the previous year[45]. - The current ratio as of March 31, 2025, was 4 times, an increase from 3.3 times the previous year[46]. - The capital to debt ratio was zero times, consistent with the previous year, indicating no net debt[46]. - The group maintained significant non-committed short-term credit facilities with selected international banks for operational flexibility[46]. Governance and Compliance - The company has adhered to the corporate governance code principles and complied with all applicable regulations during the fiscal year[48]. - The audit committee reviewed the group's consolidated final results for the year ending March 31, 2025[49]. - The board of directors includes the group executive chairman and the chief operating officer, among others[50]. Strategic Outlook - The group plans to seek new strategic investments to expand its current business scope, which may require significant investment and impact cash reserves and profit margins[43]. - The group adopts a cautious approach to managing its investment portfolio, achieving a profit of HKD 59.3 million amid ongoing market volatility[41].

Performance Summary - Industrial and Commercial Bank of China (01398.HK) reported Q1 revenue of 204.688 billion yuan, a decrease of 2.61% year-on-year, and a net profit of 84.156 billion yuan, down 3.99% [3] - China Construction Bank (00939.HK) had Q1 operating income of 185.99 billion yuan, down 4.76% year-on-year, with a net profit of 83.351 billion yuan, also down 3.99% [3] - Agricultural Bank of China (01288.HK) achieved Q1 revenue of 186.735 billion yuan, an increase of 0.32% year-on-year, and a net profit of 71.931 billion yuan, up 2.2% [3] - Bank of China (03988.HK) reported Q1 revenue of 164.911 billion yuan, an increase of 2.41% year-on-year, but a net profit of 58.644 billion yuan, down 2.22% [3] - Postal Savings Bank of China (01658.HK) had Q1 revenue of 89.406 billion yuan, a slight decrease of 0.1%, and a net profit of 25.246 billion yuan, down 2.62% [3] - China Merchants Bank (03968.HK) reported Q1 revenue of 83.731 billion yuan, down 3.11% year-on-year, with a net profit of 37.286 billion yuan, down 2.08% [3] - Bank of Communications (03328.HK) had Q1 net operating income of 66.44 billion yuan, down 1.13%, but a net profit of 25.372 billion yuan, up 1.54% [3] - HSBC Holdings (00005.HK) reported Q1 revenue of 17.649 billion USD, down 14.95%, and a post-tax profit of 7.57 billion USD, down 30.15% [3] - China People's Insurance Group (01339.HK) achieved Q1 revenue of 156.589 billion yuan, up 12.8%, and a net profit of 12.849 billion yuan, up 43.4% [3] - China Life Insurance (02628.HK) reported Q1 revenue of 110.177 billion yuan, down 8.9%, but a net profit of 28.802 billion yuan, up 39.5% [3] - New China Life Insurance (01336.HK) had Q1 revenue of 33.402 billion yuan, up 26.1%, and a net profit of 5.882 billion yuan, up 19% [3] - China National Petroleum Corporation (00857.HK) reported Q1 revenue of 753.108 billion yuan, down 7.3%, but a net profit of 46.809 billion yuan, up 2.3% [3] - CNOOC (00883.HK) had Q1 revenue of 106.854 billion yuan, down 4.1%, and a net profit of 36.563 billion yuan, down 7.9% [3] - Huadian International Power (01071.HK) reported Q1 revenue of 26.577 billion yuan, down 14.14%, but a net profit of 1.93 billion yuan, up 3.66% [3] - China International Marine Containers (01880.HK) had Q1 revenue of 16.746 billion yuan, down 10.96%, and a net profit of 1.938 billion yuan, down 15.98% [3] - Air China (00753.HK) reported Q1 revenue of 40.023 billion yuan, down 0.11%, with a net loss of 2.044 billion yuan, an increase of 22.07% [3] - CITIC Securities (06030.HK) achieved Q1 revenue of 17.761 billion yuan, up 29.13%, and a net profit of 6.545 billion yuan, up 32% [3] - China Galaxy Securities (06881.HK) reported Q1 revenue of approximately 7.558 billion yuan, up 4.77%, and a net profit of approximately 3.016 billion yuan, up 84.86% [3] - CITIC Construction Investment Securities (06066.HK) had Q1 operating income of 4.919 billion yuan, up 14.54%, and a net profit of 1.843 billion yuan, up 50.07% [3] - Huatai Securities (06886.HK) reported Q1 revenue of approximately 8.232 billion yuan, up 34.83%, and a net profit of approximately 3.642 billion yuan, up 58.97% [3] - China Railway Construction (01186.HK) had Q1 revenue of 256.762 billion yuan, down 6.61%, and a net profit of 5.151 billion yuan, down 14.51% [3] - China Energy Engineering (03996.HK) reported Q1 revenue of 100.371 billion yuan, up 3.05%, and a net profit of 1.612 billion yuan, up 8.83% [3] - Times Electric (03898.HK) achieved Q1 revenue of 4.537 billion yuan, up 14.81%, and a net profit of 631 million yuan, up 13.42% [3] - Midea Group (00300.HK) reported Q1 revenue of 127.839 billion yuan, up 20.49%, and a net profit of 12.422 billion yuan, up 38.02% [3] - WH Group (00288.HK) had Q1 revenue of 6.554 billion USD, up 6.0%, and a profit of 364 million USD, up 20.9% [3] - Suncity Group (00880.HK) reported Q1 total revenue of 7.48 billion HKD, up 8.1%, and a net profit of 31 million HKD, turning profitable [3] - COSCO Shipping Ports (01199.HK) had Q1 revenue of 3.82 billion USD, up 14.7%, and a net profit of 839 million USD, up 33.5% [3] - Flat Glass Group (06865.HK) reported Q1 revenue of 4.079 billion yuan, down 28.76%, and a net profit of 106 million yuan, down 86.03% [3] - Zoomlion Heavy Industry (01157.HK) achieved Q1 revenue of 12.117 billion yuan, up 2.92%, and a net profit of 1.41 billion yuan, up 53.98% [3] - Ganfeng Lithium (01772.HK) reported Q1 revenue of approximately 3.772 billion yuan, down 25.43%, with a net loss of approximately 356 million yuan, narrowing by 18.93% [3] - Qingdao Port (06198.HK) had Q1 revenue of 4.807 billion yuan, up 8.51%, and a net profit of 1.402 billion yuan, up 6.51% [3] - China Shipbuilding Defense (00317.HK) reported Q1 revenue of approximately 3.641 billion yuan, up 29.73%, and a net profit of approximately 184 million yuan, up about 11 times [3] - Baiyunshan Pharmaceutical (00874.HK) had Q1 revenue of 22.473 billion yuan, down 2.06%, and a net profit of 1.821 billion yuan, down 6.99% [3] Investment Activities - New China Life Insurance (01336.HK) plans to invest no more than 10 billion yuan to subscribe to a private fund [4] - China Life Insurance (02628.HK) intends to invest 2 billion yuan to establish a partnership [4] Contract Signing - China Metallurgical Group (01618.HK) reported a new contract signing amount of 230.66 billion yuan in Q1, a decrease of 27.2% year-on-year, with overseas contracts amounting to 12.04 billion yuan, down 35.7% [5] Energy Production - Xin Tian Green Energy (00956.HK) completed power generation of 4.5442 million MWh in Q1, an increase of 10.37% year-on-year [6] - China Power (02380.HK) reported total electricity sales of 30.7477 million MWh in the first three months, up 2.59% year-on-year, with March sales of 10.9617 million MWh, up 3.95% [6] - Qingdao Port (06198.HK) achieved a total cargo throughput of 177 million tons in the first three months, up 2.9% year-on-year [6] Licensing Agreement - Fuhong Hanlin (02696.HK) entered into a licensing agreement with Sandoz AG for the commercialization of HLX13 in specified regions [6] Privatization Offer - Dingsheng Creation (00113.HK) received a privatization offer at a premium of approximately 50.63%, with a maximum cash consideration of about 1.0986 billion HKD [7] Share Buybacks - AIA Group (01299.HK) repurchased shares for 342.6 million HKD, buying back 6.2592 million shares at prices between 54.25 and 55.35 HKD [8] - J&T Express-W (01519.HK) repurchased shares for 9.2485 million HKD, buying back 1.54 million shares at prices between 5.98 and 6.03 HKD [8]

Financial Performance - For the six months ending September 30, 2024, the group's revenue was HKD 968 million, a decrease of 24.4% compared to HKD 1.272 billion in the same period last year[19]. - Net profit attributable to equity shareholders was HKD 131.6 million, down 40.1% from HKD 219.7 million in the same period last year[19]. - Gross profit for the same period was HKD 426,097,000, down 24.8% from HKD 566,240,000 year-over-year[33]. - Operating profit decreased to HKD 160,522,000, representing a decline of 37.4% from HKD 256,510,000 in the previous year[33]. - Profit attributable to equity shareholders for the period was HKD 131,590,000, a decrease of 40.1% compared to HKD 219,724,000 in the prior year[33]. - Total comprehensive income attributable to equity shareholders was HKD 134,915,000, compared to HKD 196,026,000 in the previous year, reflecting a decline of 31.2%[36]. - The reported segment profit for the six months ended September 30, 2024, was HKD 104,272,000, down 48% from HKD 199,278,000 in 2023[63]. - Total revenue for the six months ended September 30, 2024, was HKD 961,807,000, a decrease of 24% compared to HKD 1,272,372,000 in 2023[67]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.10 per ordinary share, consistent with the previous year[20]. - The company declared an interim dividend of HKD 0.10 per share for the current period, consistent with the previous year[75]. - The company's dividend payments for the six months ended September 30, 2024, amounted to HKD 137,971,000, an increase from HKD 106,435,000 in 2023, representing a rise of 29.7%[47]. - The board approved a share buyback program of up to HKD 100 million to enhance shareholder returns and maintain financial strength[20]. Market and Operational Outlook - The outlook for the Hong Kong retail market remains weak due to slow recovery in the real estate market and weak consumer confidence[23]. - The group remains optimistic about the long-term prospects in China and will seek to expand its business in the region[23]. - In Taiwan, despite weak consumer confidence, sales revenue increased by 3.4% in local currency[21]. - In China, retail and e-commerce sales grew by 2.3% in local currency, attributed to the expansion of the retail network and integration of the distribution network[21]. Cash Flow and Financial Position - The group holds net cash of HKD 2.873 billion, enabling it to navigate the challenging retail environment and potential economic downturns[25]. - Operating cash flow before changes in working capital for the six months ended September 30, 2024, was HKD 172,847,000, compared to HKD 279,262,000 for the same period in 2023, representing a decrease of 38.1%[47]. - Cash generated from operating activities for the six months ended September 30, 2024, was HKD 130,692,000, down from HKD 144,060,000 in 2023, a decline of 9.5%[47]. - The total cash and cash equivalents as of September 30, 2024, were HKD 3,448,661,000, up from HKD 3,225,654,000 at the end of the previous period, reflecting an increase of 6.9%[47]. - The company's cash and bank balances stood at HKD 3.486 billion as of September 30, 2024, slightly down from HKD 3.496 billion as of March 31, 2024[109]. - The current ratio of the company was 4.1 times as of September 30, 2024, up from 3.3 times as of March 31, 2024, indicating improved liquidity[110]. - As of September 30, 2024, the company had bank loans of HKD 575,442,000, down from HKD 799,093,000 as of March 31, 2024[82]. - The effective borrowing interest rate as of September 30, 2024, was 4.74%, compared to 5.63% as of March 31, 2024[82]. Assets and Liabilities - Non-current assets as of September 30, 2024, totaled HKD 643,567,000, down from HKD 812,820,000 as of March 31, 2024[40]. - Current assets decreased to HKD 3,259,383,000 from HKD 3,164,473,000, indicating a slight increase of 3.0%[40]. - Total liabilities decreased to HKD 1,066,528,000 from HKD 1,381,132,000, a reduction of 22.7%[40]. - The company's net assets as of September 30, 2024, were HKD 3,568,680,000, slightly down from HKD 3,571,736,000 as of March 31, 2024[40]. - The company experienced a decrease in inventory by HKD 12,996,000 for the six months ended September 30, 2024, compared to an increase of HKD 26,649,000 in the same period of 2023[47]. - The company reported a decrease in accounts payable and accrued liabilities by HKD 83,804,000 for the six months ended September 30, 2024, compared to an increase of HKD 20,494,000 in the same period of 2023[47]. - Contract liabilities decreased significantly to HKD 12,505 from HKD 31,413, representing a decline of 60.2%[83]. - Other payables, accruals, and provisions totaled HKD 182,316, down 18.6% from HKD 224,074[83]. Corporate Governance and Compliance - The company adheres to high standards of corporate governance to enhance transparency and protect shareholder interests[115]. - The company has complied with all applicable provisions of the corporate governance code, except for the CEO's responsibilities being fulfilled by the Group Executive Chairman[115]. - The audit committee has reviewed the unaudited consolidated interim results for the six months ending September 30, 2024[119]. Employee and Remuneration - The total employee cost, including directors' remuneration, was HKD 114.9 million for the year, compared to HKD 129.7 million in 2023, reflecting a reduction in workforce from 754 to 618 employees[108]. - The company’s employee remuneration policy is regularly reviewed by the board, with the remuneration committee overseeing the compensation of directors and senior management[108].

Financial Performance - For the six months ending September 30, 2024, the group's revenue was HKD 961.8 million, a decrease of 24.4% compared to HKD 1,272.4 million in the same period last year[3]. - Net profit attributable to equity shareholders was HKD 131.6 million, down 40.1% from HKD 219.7 million year-on-year[3]. - The total comprehensive income attributable to equity shareholders for the period was HKD 134.9 million, compared to HKD 196.0 million in the previous year[14]. - The profit before tax for the six months ended September 30, 2024, was HKD 131.59 million, compared to HKD 219.72 million for the same period in 2023, indicating a decrease of approximately 40%[40]. - The total tax expense for the period was HKD 6.15 million, significantly higher than HKD 1.98 million in the previous year, reflecting an increase of about 209%[37]. - Basic and diluted earnings per share for the period were calculated based on a profit attributable to ordinary shareholders of HKD 131.59 million, compared to HKD 219.72 million in the previous year[40]. Revenue Breakdown - Revenue from luxury goods sales amounted to HKD 902,856,000, down 26.0% from HKD 1,218,678,000 year-on-year[29]. - Revenue from securities investment was HKD 58,951,000, an increase of 9.4% from HKD 53,694,000 in the same period last year[29]. - Revenue from Hong Kong was HKD 574,286,000, a decrease of 35.5% from HKD 890,985,000 in the previous year[33]. - Revenue from Taiwan remained stable at HKD 270,168,000, slightly down from HKD 270,706,000 year-on-year[33]. Shareholder Returns - The group plans to repurchase up to HKD 100 million of its shares within the next year to enhance shareholder returns and maintain financial strength[3]. - The interim dividend declared was HKD 0.10 per share, consistent with the previous year's interim dividend of HKD 0.10 per share, totaling HKD 39.42 million[41]. - The board declared an interim dividend of HKD 0.10 per ordinary share, maintaining the same level as 2023, with a payout ratio of 29.96%, up from 17.94% in 2023, totaling approximately HKD 39.42 million[57]. Operational Insights - In Taiwan, despite weak consumer confidence, the group's sales revenue grew by 3.4% in local currency[4]. - In China, retail and e-commerce sales increased by 2.3% in local currency, attributed to the expansion of the retail network and integration of the distribution network[4]. - The group anticipates no significant improvement in consumer spending in Hong Kong in the foreseeable future[5]. - The group remains optimistic about the long-term prospects in China and will seek to continue expanding its business in the region[7]. Financial Position - The group holds net cash of HKD 2.87 billion, positioning it to navigate a challenging retail environment and potential economic downturns[9]. - As of September 30, 2024, the company had bank loans secured amounting to HKD 575.44 million, down from HKD 799.09 million as of March 31, 2024[44]. - The company's commercial receivables as of September 30, 2024, included HKD 64.13 million that were not yet due, compared to HKD 92.09 million as of March 31, 2024, indicating a decrease of approximately 30%[43]. - The total liabilities, including commercial payables, were HKD 287.33 million as of September 30, 2024, down from HKD 369.12 million as of March 31, 2024[46]. - The company reported a significant increase in other payables and accruals, totaling HKD 182.32 million as of September 30, 2024, compared to HKD 224.07 million as of March 31, 2024[46]. - The group maintained a zero debt-to-capital ratio as of September 30, 2024, consistent with the previous period, indicating no reliance on bank loans after accounting for cash reserves[55]. - The group's net current financial resources stood at HKD 28.732 billion as of September 30, 2024, an increase from HKD 26.705 billion on March 31, 2024, with cash and bank balances of HKD 34.486 billion[54]. - The current ratio (current assets to current liabilities) improved to 4.1 times as of September 30, 2024, compared to 3.3 times on March 31, 2024[55]. Compliance and Governance - The company did not apply any new accounting standards or interpretations that have not yet come into effect during the reporting period[22]. - The independent review report by KPMG confirmed that the financial statements for the period ended March 31, 2024, were free from material misstatement[19]. - The company has not disclosed any major customer information as it does not rely on a concentrated customer base[26]. Employment and Costs - As of September 30, 2024, the group employed 618 staff, a decrease from 754 in 2023, with total employee costs amounting to HKD 114.9 million, down from HKD 129.7 million in 2023[53]. - The company has capital commitments of HKD 7.60 million as of September 30, 2024, slightly down from HKD 7.70 million as of March 31, 2024[49].

Financial Performance - The group's revenue for the fiscal year ending March 31, 2024, was HKD 2.401 billion, an increase of 12.6% compared to HKD 2.113 billion in the previous year[6]. - Net profit attributable to equity shareholders was HKD 350.8 million, up 38.9% from HKD 252.6 million in the previous year[27]. - The net profit attributable to equity shareholders for the year was HKD 350.08 million, an increase of 38.9% compared to HKD 252.6 million in 2023[39]. - In Taiwan, the group achieved a sales revenue growth of 10.5% in local currency despite weak consumer confidence[8]. - Hong Kong contributed 70.2% to total sales, Taiwan accounted for 24.5%, and other regions made up 5.3%[9]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.35 per share, totaling a dividend yield of 9.15% based on the closing price of HKD 4.92 on March 28, 2024[28]. - The proposed final dividend is HKD 0.35 per ordinary share, compared to HKD 0.27 in 2023[67]. Operational Overview - The group currently operates a retail network of 61 stores, including 5 in Hong Kong, 28 in China, and 28 in Taiwan[30]. - The group plans to continue strict control over operational costs and inventory management[8]. - The group maintains a cautious outlook on the short-term prospects in China due to weak consumer sentiment but remains optimistic about long-term growth opportunities in the market[13]. - The group plans to continue expanding its business in China despite a cautious short-term outlook due to weak consumer sentiment[62]. Financial Position - The group holds a net cash position of HKD 2.67 billion, enabling it to navigate a challenging retail environment and potential economic downturn risks[33]. - As of March 31, 2024, the group's net current financial resources amounted to HKD 2.67 billion, up from HKD 1.26 billion in 2023[54]. - The group maintained a current ratio of 3.3 times as of March 31, 2024, compared to 2.3 times in the previous year[77]. - The group has a zero capital-to-debt ratio, indicating no reliance on bank loans after accounting for cash reserves[77]. Governance and Management - The company’s founder and major shareholder, Sir Pan, has been leading the board since 1992, ensuring effective governance and oversight[82]. - The company’s Chief Operating Officer, Mr. Pan, has been overseeing retail operations in Hong Kong and mainland China since his appointment in September 2022[83]. - The company’s financial reporting is overseen by Mr. Chan, an executive director with extensive auditing experience prior to joining the group in 1983[84]. - The company’s board includes members with extensive backgrounds in finance, retail, and investment, contributing to informed decision-making[85][86][87]. - The company has established governance policies, including anti-corruption and insider trading policies, to ensure compliance with legal and regulatory requirements[186]. - The board has delegated daily management responsibilities to the management team, including the implementation of strategies set by the board[180]. Risk Management - The company has a robust risk management and internal control system in place to monitor and manage performance across different business units[180]. Agreements and Contracts - The company signed a commodity sales renewal agreement with Dunhill Marketing on March 26, 2024, extending the agreement for three years until March 31, 2027, with maximum annual sales receivables of HKD 1 million, HKD 1.3 million, and HKD 1.69 million for the fiscal years ending March 31, 2025, 2026, and 2027 respectively[95]. - The company has a significant relationship with Dickson Investment Holding (PTC) Corporation, which holds substantial equity interests in the company[90]. - The company continues to engage in transactions with Dickson Communications for advertising and marketing services under normal commercial terms[129]. - The company continues to engage in transactions with Harvey Nichols Group Limited, primarily related to sales through its e-commerce platform, which are conducted under normal commercial terms[159]. Compliance and Reporting - The company acknowledges its responsibility to prepare consolidated financial statements that fairly reflect the group's financial position[186]. - The company has fully complied with the listing rules regarding the number of independent non-executive directors and their qualifications for the fiscal year ending March 31, 2024[189]. - The remuneration committee consists of three members, with independent non-executive director Mr. Ma Ching Yuen serving as chairman, and has held 1 meeting[193]. - Independent non-executive director Ms. Lam Shih Wan was appointed effective June 15, 2023, and has confirmed her understanding of her responsibilities as a director[199]. - The company has a clear separation of roles between the chairman and the CEO to ensure distinct responsibilities[187]. - The nomination committee is currently composed of four members, with Sir Pan Tze Sing as chairman[196].

Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue was HKD 2,400,137, an increase of 12.6% compared to HKD 2,130,785 for the previous year[27][28] - Gross profit for the fiscal year was HKD 1,097,911, up from HKD 996,112 in the previous year[3] - Operating profit increased to HKD 421,916 from HKD 325,092 year-on-year[3] - Profit attributable to equity shareholders for the year was HKD 350,767, compared to HKD 252,637 in the previous year[3] - Basic and diluted earnings per share rose to HKD 0.89 from HKD 0.641 in the previous year[3] - The group achieved a sales revenue increase of 11.4% for the fiscal year ending March 31, 2024[29] - The group reported a total comprehensive income attributable to equity shareholders of HKD 328,497,000 for the year, compared to HKD 229,232,000 in the previous year[83] - The net profit attributable to equity shareholders increased to HKD 350.8 million, up 38.9% from HKD 252.6 million in the previous year[137][138] - Total reported segment revenue reached HKD 2,400.1 million, compared to HKD 2,130.8 million in the previous year, reflecting a growth of approximately 12.6%[123] Dividends - The company declared an interim dividend of HKD 0.10 per share and a proposed final dividend of HKD 0.035 per share[19] - The proposed final dividend is HKD 0.35 per share, totaling approximately HKD 137.97 million, an increase from HKD 106.43 million the previous year[36] - The total annual dividend per share is HKD 0.45, compared to HKD 0.35 the previous year[36] - The proposed final dividend is HKD 0.35 per share, combined with an interim dividend of HKD 0.10, totaling HKD 0.45 per share, resulting in a dividend yield of 9.15% based on the closing price of HKD 4.92 on March 28, 2024[60] Operating Expenses and Costs - The group’s operating expenses, including selling and distribution, administrative, and other operating expenses, totaled HKD 755,723, compared to HKD 645,079 in the previous year[3] - The company reported a financing cost of HKD 66,543, up from HKD 50,716 in the previous year[3] - The group plans to continue strict control over operating costs and inventory to enhance profitability[139] - The group employed 683 staff as of March 31, 2024, down from 732 in the previous year, with total employee costs amounting to HKD 306 million compared to HKD 261.8 million in the prior year[61] Assets and Liabilities - The total non-current assets were valued at HKD 1,131,379, down from HKD 1,565,266 in the previous year[21] - The group's reported total assets as of March 31, 2024, are HKD 5,358,425,000, a decrease from HKD 5,599,964,000 in the previous year[80] - The total liabilities reported are HKD 1,786,689,000, down from HKD 2,210,870,000 in the previous year[80] - The current ratio as of March 31, 2024, is 3.3 times, up from 2.3 times the previous year[42] - The total tax expense for the fiscal year ending March 31, 2024, is HKD 4,606,000, a decrease from HKD 21,739,000 in the previous year[58] - The group’s total segment assets reported are HKD 6,103,376,000, down from HKD 6,354,598,000 in the previous year[80] - The group’s segment liabilities decreased to HKD 2,531,640,000 from HKD 2,965,504,000 year-on-year[80] - Total liabilities decreased to HKD 1,381,132,000 from HKD 1,689,610,000, reflecting a reduction of about 18.2%[85] Market and Sales Performance - Retail and e-commerce sales in China grew by 34.7% in local currency[53] - Sales in Taiwan grew by 10.5% in local currency despite weak consumer confidence, indicating resilience in the market[139] - Hong Kong contributed 70.2% to total sales, while Taiwan accounted for 24.5% and other regions contributed 5.3%[140] - The retail network currently consists of 61 stores, including 5 in Hong Kong, 28 in China, and 28 in Taiwan[30] - The group anticipates a challenging retail market in Hong Kong for the fiscal year, influenced by weaker currencies in Japan and Europe, leading to increased consumer spending abroad[65] Strategic Outlook - The group aims to consolidate its retail network and manage its investment portfolio conservatively[32] - The group plans to continue evaluating business opportunities to strengthen its financial and market position[33] - The company maintains a cautious outlook on the short-term prospects in China due to weak consumer sentiment, while remaining optimistic about long-term growth opportunities in the market[110] - The company plans to continue expanding its business in China, focusing on leveraging long-term market potential[110] - The group has maintained significant non-committed short-term credit facilities with selected international banks for operational flexibility[144] Impairment and Losses - A total impairment loss of HKD 40,000,000 was recognized for certain right-of-use assets, compared to HKD 30,000,000 in the previous year[95] - The group recognized an impairment loss of HKD 5 million on certain properties, machinery, and equipment during the year[127] Cash and Financial Position - The group reported a net cash and bank balance of HKD 3.466 billion as of March 31, 2024, compared to HKD 3.267 billion in the previous year[34] - The group's cash net position stands at HKD 2.67 billion, providing a strong financial foundation to navigate challenging retail environments and potential economic downturns[142] - Cash and bank balances rose to HKD 3,469,605,000 from HKD 3,267,883,000, an increase of approximately 6.2%[85] - The net asset value increased to HKD 3,571,736,000 from HKD 3,389,094,000, indicating a growth of approximately 5.4%[85] - The group’s interest income increased to HKD 94,813,000 from HKD 52,793,000 year-on-year, while interest expenses on bank loans remained unchanged at zero[79] Product Mix - The product mix includes watches and jewelry at 39.8%, cosmetics and beauty products at 30.3%, fashion and accessories at 25.1%, and securities trading at 4.8%[168]

Financial Performance - The net profit attributable to equity shareholders was HKD 219.724 million, an increase of 41.5% compared to HKD 155.312 million in the same period last year[24]. - Revenue for the six months ended September 30, 2023, was HKD 1.273 billion, up 26.1% from HKD 1.009 billion in the previous year[43]. - The operating profit for the period was HKD 256.51 million, compared to HKD 197.878 million in the previous year[35]. - The total comprehensive income attributable to equity shareholders for the period was HKD 196,026,000, compared to HKD 119,212,000 in the previous year, representing a significant increase[68]. - The company reported a pre-tax profit for the period, with basic and diluted earnings per share of HKD 219,724,000, compared to HKD 155,312,000 for the same period last year[133]. Revenue Growth - Sales in Taiwan experienced an 8.5% growth in revenue and a record profit growth of 23.4% during the review period[26]. - Retail and wholesale sales in China grew by 32% in local currency during the review period, with 64% of retail sales growth attributed to new store openings in high-traffic shopping centers[45]. - Revenue from Hong Kong was HKD 890,985,000 for the six months ended September 30, 2023, compared to HKD 682,323,000 in 2022, reflecting a growth of 30.5%[128]. - The revenue from cosmetics and beauty products surged to HKD 467,953 thousand, compared to HKD 250,364 thousand, marking an increase of approximately 87.2%[104]. - The revenue from external customers for the six months ended September 30, 2023, was HKD 1,218,678,000, an increase of 24.7% compared to HKD 976,847,000 for the same period in 2022[126]. Dividend and Shareholder Returns - A mid-term dividend of HKD 0.10 per share was declared, representing a 25% increase from the previous year's HKD 0.08[44]. - The total amount of the interim dividend is approximately HKD 39.42 million, compared to HKD 31.54 million in 2022[189]. - The interim dividend declared is HKD 0.10 per ordinary share, a 25% increase from HKD 0.08 in 2022, with a payout ratio of 17.94%[189]. Cash and Liquidity - The company has a net cash position of HKD 2.269 billion, which positions it well to face potential global economic downturns[30]. - Cash generated from operating activities before changes in working capital was HKD 279,262,000 for the six months ended September 30, 2023, compared to HKD 257,109,000 for the same period in 2022, representing an increase of approximately 8.9%[75]. - Cash and cash equivalents increased to HKD 3,225,654,000 as of September 30, 2023, compared to HKD 3,157,983,000 on April 1, 2023, marking an increase of approximately 2.14%[75]. - The total increase in cash and cash equivalents for the period was HKD 81,848,000, contrasting with a decrease of HKD 46,111,000 in the same period last year[75]. - The company reported a net cash inflow from investment activities of HKD 252,690,000 for the six months ended September 30, 2023, significantly higher than HKD 69,950,000 in the same period of the previous year[75]. Operational Strategy - The company plans to close the "Harvey Nichols" store in the Landmark after the fiscal year, consolidating operations to reduce costs and enhance profitability[44]. - The group plans to continue integrating its distribution network cautiously while expanding its retail presence[45]. - The group will adopt a prudent approach to managing its retail network and will strictly control costs across all operational levels[49]. - The company will continue to seek new investment opportunities to diversify and expand its profit base[29]. Market Conditions and Outlook - The company maintains a cautious optimism regarding its Taiwan business for the remainder of the year, despite weak consumer sentiment[28]. - The group remains cautious about the retail environment in Hong Kong, citing ongoing declines in the stock and real estate markets, as well as high interest rates negatively impacting consumer spending[47]. - Despite cautious consumer sentiment in China, the group maintains an optimistic long-term outlook and plans to continue expanding its business in the region[48]. - The group faces intense competition from markets such as Japan and Europe, which offer luxury goods at significantly lower prices due to currency weakness and tax refund incentives for tourists[47]. Assets and Liabilities - As of September 30, 2023, total assets less current liabilities amounted to HKD 3,940,186,000, compared to HKD 3,910,354,000 as of March 31, 2023[69]. - The group reported a net asset value of HKD 3,478,685,000 as of September 30, 2023, an increase from HKD 3,389,094,000 as of March 31, 2023[69]. - The total amount payable to related companies was HKD 10.510 million as of September 30, 2023, compared to HKD 7.617 million as of March 31, 2023[162]. - The group’s total liabilities included commercial payables amounting to HKD 1.195 billion as of September 30, 2023[168]. Employee and Governance - Total employee costs, including director remuneration, amounted to HKD 129.7 million, an increase from HKD 114.2 million in 2022[186]. - The group employed 754 staff as of September 30, 2023, an increase from 740 in 2022[186]. - The company has adhered to the corporate governance code principles, ensuring high standards of governance and transparency[191].

Financial Performance - The group's revenue for the six months ended September 30, 2023, was HKD 1,272.37 million, an increase of 26.1% compared to HKD 1,008.62 million in the same period last year[2][7]. - The gross profit for the period was HKD 566.24 million, up from HKD 475.20 million, reflecting a strong performance despite market challenges[7]. - The basic and diluted earnings per share increased to HKD 0.557 from HKD 0.394, representing a significant improvement in profitability[7]. - The total comprehensive income attributable to equity shareholders for the period was HKD 196.03 million, compared to HKD 119.21 million in the prior year[9]. - The net profit attributable to equity shareholders for the six months ended September 30, 2023, was HKD 219.724 million, an increase of 41.5% compared to HKD 155.530 million in the same period last year[82]. - The total profit before tax for the six months ended September 30, 2023, was HKD 1,272,372, compared to HKD 1,008,621 for the same period in 2022, reflecting a growth of 26.1%[112]. Sales and Market Performance - Retail and wholesale sales in China grew by 32% in local currency, with 64% of retail sales growth attributed to new store openings in high-traffic shopping centers[20]. - In Taiwan, despite weak consumer confidence, the group achieved a sales revenue growth of 8.5% and a record profit growth of 23.4% during the review period, attributed to effective control of gross margin, operating costs, and inventory[83]. - Revenue from luxury goods sales for the six months ended September 30, 2023, was HKD 1,218,678, an increase of 24.7% compared to HKD 976,847 for the same period in 2022[110]. - The revenue from cosmetics and beauty products significantly increased to HKD 467,953, up 86.8% from HKD 250,364 in the previous year[110]. - The profit from the luxury goods segment for the six months ended September 30, 2023, was HKD 199,278, representing a 32.3% increase from HKD 150,628 in the same period last year[112]. Operational Strategy - The company plans to close the "Harvey Nichols" store in Landmark after the fiscal year, consolidating operations into the Taikoo Place store to reduce operational costs and enhance profitability[3]. - The company will continue to manage its retail network prudently and strictly control operational costs in response to market conditions[22]. - The company remains optimistic about the long-term prospects in China and will seek to expand its business in the region despite current consumer caution[5]. - The group will continue to seek new investment opportunities to diversify and expand its profit base[85]. Financial Position - As of September 30, 2023, the current ratio was 2.7 times, an increase from 2.3 times as of March 31, 2023[46]. - The total assets less current liabilities amounted to HKD 3,940.186 million as of September 30, 2023, compared to HKD 3,910.354 million as of March 31, 2023[51]. - The group had cash and bank balances of HKD 3,225.654 million as of September 30, 2023, slightly down from HKD 3,267.883 million as of March 31, 2023[51]. - The group’s total equity attributable to equity shareholders was HKD 3,478.685 million as of September 30, 2023, compared to HKD 3,389.094 million as of March 31, 2023[51]. - The group’s financial position remains strong with a debt-to-equity ratio of zero times as of September 30, 2023[46]. - The group reported a profit of HKD 20.5 million from its investment portfolio, compared to HKD 4.7 million in the previous year[100]. Employee and Operational Costs - As of September 30, 2023, the group employed 754 staff, an increase from 740 in 2022[143]. - Total employee costs amounted to HKD 129.7 million, up from HKD 114.2 million in 2022, reflecting a significant increase in personnel expenses[143]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.10 per share, a 25% increase from the previous year's HKD 0.08[19]. - The group plans to distribute an interim dividend of HKD 0.10 per ordinary share, compared to HKD 0.08 in the previous year[1]. Market Challenges - The company anticipates a continued weak retail environment in Hong Kong due to declining consumer confidence and high interest rates, impacting customer spending negatively[21]. - The effective borrowing interest rate as of September 30, 2023, was 5.95%, up from 5.18% as of March 31, 2023[66]. - The group maintains significant non-committed short-term credit facilities with selected international banks, indicating a stable cash position and no expected large drawdowns in the second half of the fiscal year[144].

Financial Performance - For the fiscal year ending March 31, 2023, the group's revenue was HKD 2.13 billion, an increase of 5.5% compared to HKD 2.02 billion in the previous year[5]. - Net profit attributable to equity shareholders was HKD 252.6 million, up 25.7% from HKD 209 million in the previous year[6]. - Sales revenue in Hong Kong decreased by 2.6% due to the challenging retail environment impacted by COVID-19[10]. - Taiwan achieved a sales revenue growth of 22.1% and a profit growth of 62.1% in local currency[10]. - Retail and wholesale sales in China recorded a growth of 7.6% despite significant impacts from COVID-19[10]. - Hong Kong contributed 69.7% to total sales, Taiwan accounted for 25.4%, and other regions made up 4.9%[64]. - The group achieved a 22.1% increase in sales revenue and a 62.1% increase in profit in Taiwan, reflecting improved sales and gross margins, as well as effective cost and inventory control[63]. - The group incurred a loss of HKD 52.4 million in its investment portfolio during the review period due to extreme market volatility[111]. - The group maintained a zero debt ratio, with no bank loans after accounting for cash reserves[103]. - As of March 31, 2023, the group's net current financial resources amounted to HKD 2.226 billion, an increase from HKD 2.045 billion in the previous year[101]. - The current ratio (current assets to current liabilities) improved to 2.3 times from 1.9 times the previous year[103]. Dividend and Shareholder Information - The board proposed a final dividend of HKD 0.27 per share, maintaining the total dividend at HKD 0.35 per share, resulting in a dividend yield of 8.73% based on the closing price of HKD 4.01[6]. - The company plans to propose a final dividend for the year ending March 31, 2023, at the upcoming annual general meeting[44]. - The company reported a significant increase in user data, with a total of 233,481,426 shares held by major shareholders, representing 59.23% ownership[143]. - As of March 31, 2023, the total shares held by Sir Pan and Mr. Pan amounted to 233,481,426 shares, representing 59.23% and 59.25% of the company's issued share capital respectively[193]. Market and Operational Strategy - The group anticipates a continued challenging retail environment in Hong Kong due to inflation and rising interest rates[22]. - Taiwan remains the strongest market for the group, with record highs in both sales and profits, although political activities may impact the market in the second half of the year[26]. - The group remains optimistic about the long-term prospects in China and plans to continue expanding its retail network in the region[41]. - The group will continue to manage its retail network and investment portfolio prudently while strictly controlling operational costs[27]. - The group emphasizes strict control over gross margins and operational costs, contributing to the increase in profitability[62]. - The group plans to continue strict cost control across all operational levels amid a challenging retail environment[112]. Corporate Governance and Compliance - The board of directors includes independent non-executive directors with extensive experience in finance and auditing, enhancing corporate governance[137][138]. - The company has a diverse board with members holding significant experience in various industries, which supports strategic decision-making[139]. - The company has a strong commitment to maintaining transparency and compliance with securities regulations, ensuring that all shareholder interests are properly disclosed[144]. - The company has established a maximum annual limit for ongoing related party transactions, ensuring transparency and adherence to regulatory requirements[188]. - The management of the company and the Yilin Group operates independently, despite shared board members, ensuring that the company's interests are adequately protected[189]. Employee and Operational Efficiency - As of March 31, 2023, the group employed 732 staff members, with total employee costs amounting to HKD 261.8 million, a decrease from HKD 279.9 million in 2022[148]. - The group’s financial summary indicates a focus on maintaining operational efficiency and cost management strategies[151]. Related Party Transactions - The company is involved in ongoing transactions with the Dupont Group, focusing on the production and distribution of luxury goods, including lighters and writing instruments, under normal commercial terms[145]. - The company continues to engage in transactions with Dickson Communications for advertising and marketing services, conducted under normal commercial terms[184]. - The company has not entered into any significant contracts related to its business that would give directors a substantial interest during the fiscal year[194].