公司拥有覆盖全国、深度渗透的经销网络，同时也通过直销、电商、云商以及出口渠道，持续拓展市场 覆盖面，不断提升悍高品牌的知名度。作为高新技术企业，公司拥有完整的研发体系和专业的研发团 队，并设立了省级工业设计中心，曾参与《家用厨房设备》《家居用功能五金拉篮》《智能净化不锈钢 水槽》等行业标准的制订，也是橱柜行业首套教材参编单位之一。报告期内，公司被评为中国家居业高 质量发展示范企业、佛山制造业100强以及佛山高新区制造业单打冠军企业等，并获得CF设计金奖、德 国IF设计奖、德国红点设计奖、喜马拉雅设计之巅等奖项。 财务方面，于2022年度、2023年度及2024年度，公司实现营业收入分别约为16.20亿元、22.22亿元、 28.57亿元人民币;同期净利润分别约为2.06亿元、3.33亿元、5.31亿元人民币。 | 项目 | 2024 年度 | 2023 年度 | 2022 年度 | | --- | --- | --- | --- | | 营业收入 | 285,677.03 | 222,191.10 | 162,028.69 | | 营业利润 | 59,518.79 | 38,307.85 | 22,864.3 ...

Financial Performance - Revenue for the six months ended January 31, 2024, was HKD 48,916,000, an increase of 16.9% compared to HKD 42,000,000 for the same period in 2023[4] - Gross profit for the same period was HKD 40,064,000, up from HKD 34,855,000, reflecting a gross margin improvement[4] - The company reported a loss attributable to shareholders of HKD 13,980,000, significantly reduced from a loss of HKD 79,747,000 in the previous year[4] - Other income for the period was HKD 9,483,000, compared to HKD 9,122,000 in the prior year, indicating stable additional revenue streams[4] - Total comprehensive expenses for the period amounted to HKD 14,816 thousand, which includes a loss of HKD 13,980 thousand[10] - The group reported a pre-tax loss of HKD 33,271,000, significantly improved from a loss of HKD 79,747,000 in the same period last year[29] - The group incurred a fair value loss of HKD 8 million on investment properties, significantly improved from a loss of HKD 70 million in the previous year[67] Financial Position - Total non-current assets amounted to HKD 1,958,348,000, slightly up from HKD 1,956,663,000 as of July 31, 2023[8] - Current assets decreased to HKD 348,735,000 from HKD 387,201,000, indicating a reduction in liquidity[8] - The company’s total liabilities decreased to HKD 840,322,000 from HKD 862,287,000, reflecting improved financial stability[8] - The net asset value was HKD 1,466,761,000, down from HKD 1,481,577,000, showing a slight decline in equity[8] - As of January 31, 2024, the total equity attributable to owners of the company decreased to HKD 1,466,761 thousand from HKD 1,481,577 thousand as of July 31, 2023[10] - The group’s investment properties at the end of the period were valued at HKD 1,698,012,000, a decrease from HKD 1,705,884,000 at the beginning of the period[35] - The group's investment properties were valued at HKD 1,698,012,000 as of January 31, 2024, a slight decrease from HKD 1,705,884,000 as of July 31, 2023[36] Cash Flow - For the six months ended January 31, 2024, the company reported a net cash outflow from operating activities of HKD (4,519) thousand, compared to a net inflow of HKD 12,484 thousand for the same period in 2023[12] - Cash and cash equivalents at the end of the period were HKD 207,023 thousand, down from HKD 274,236 thousand at the end of January 31, 2023[12] - The company reported a net cash outflow from investing activities of HKD 3,138 thousand for the current period, compared to HKD 2,510 thousand in the previous year[12] Financing Costs - Financing costs increased to HKD 24,693,000 from HKD 16,765,000, highlighting rising interest expenses[4] - Financing costs rose to HKD 25 million, compared to HKD 17 million in the previous year, due to increased borrowing rates[70] - The effective interest rates for secured bank loans ranged from 5.53% to 6.77% for the current period, compared to 6.03% to 6.77% in the previous period[44] Shareholder Information - The total issued shares of the company amounted to 1,421,315,542 as of January 31, 2024[103] - Ms. Lin Wei Shan holds a beneficial interest of 27,034,402 shares and a corporate interest of 739,054,500 shares, totaling 766,088,902 shares, representing 53.90% of the issued share capital[106] - Mr. Lin Hsiao Hsin holds a corporate interest of 736,804,500 shares, representing 51.84% of the issued share capital[106] - Major shareholder Ming Da Holdings holds 736,804,500 shares, representing 51.84% of the total issued shares[113] - Major shareholder Rich Promise Limited holds 708,300,000 shares, representing 49.83% of the total issued shares[113] Operational Strategy - The company plans to focus on market expansion and new product development to drive future growth[4] - The group aims to enhance operational efficiency and implement strict cost control measures to maintain a robust balance sheet amid ongoing challenges in the retail sector[80] - The group plans to optimize its store network and inventory management while focusing on improving store profitability to drive sustainable growth[80] - The group is actively pursuing strategic repositioning of properties with expiring leases to maximize value from its real estate investment portfolio[83] Employee Information - The total number of employees, including part-time sales staff, increased to 110 as of January 31, 2024, up from 108 as of July 31, 2023[98] Compliance and Governance - The audit committee has reviewed the interim report, including the unaudited condensed consolidated interim financial statements[121] - The revised and restated articles of association were adopted at the annual general meeting on December 13, 2023[119]

Financial Performance - Revenue for the six months ended January 31, 2024, was HKD 48,916,000, an increase of 16.5% compared to HKD 42,000,000 for the same period last year[3]. - Gross profit for the same period was HKD 40,064,000, representing a gross margin of approximately 81.8%[3]. - The company reported a loss attributable to owners of HKD 13,980,000, significantly improved from a loss of HKD 79,747,000 in the previous year[3][4]. - Total revenue for the six months ended January 31, 2024, was HKD 53,887,000, an increase of 12.5% compared to HKD 47,782,000 for the same period in 2023[16]. - Revenue from the apparel and related accessories business was HKD 27,379,000, up from HKD 24,066,000, representing a growth of 9.6%[16]. - The property investment and leasing business generated revenue of HKD 26,508,000, compared to HKD 23,716,000, reflecting an increase of 11.9%[16]. - The adjusted loss before tax for the group was HKD 33,271,000, a significant improvement from a loss of HKD 79,747,000 in the previous year[16]. - The group reported a pre-tax loss of HKD 8,215,000 for the six months ended January 31, 2024, compared to HKD 8,623,000 for the same period in 2023, reflecting a decrease of approximately 4.7%[20]. - The group reported a loss of HKD 7,867,000 from the fair value of investment properties, compared to a loss of HKD 69,707,000 in the previous year[16]. Assets and Liabilities - The total assets as of January 31, 2024, were HKD 2,053,489,000, a slight decrease from HKD 2,071,315,000 as of July 31, 2023[6][7]. - Non-current assets increased to HKD 1,958,348,000 from HKD 1,956,663,000 year-over-year[6]. - Current liabilities decreased to HKD 253,594,000 from HKD 272,549,000, indicating improved liquidity[6]. - The company’s cash and cash equivalents were HKD 207,023,000, down from HKD 229,445,000[6]. - The group’s bank borrowings amounted to HKD 740,039,000 as of January 31, 2024, down from HKD 750,501,000 as of July 31, 2023, indicating a decrease of about 1.8%[26]. - The total outstanding borrowings amounted to HKD 746 million as of January 31, 2024, slightly decreased from HKD 754 million on July 31, 2023[59]. - The company's capital-to-debt ratio remained stable at 51% as of January 31, 2024, consistent with the previous year[62]. Operational Strategy - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[9]. - The company plans to continue focusing on operational efficiency and exploring new market opportunities to drive future growth[16]. - The group aims to enhance operational efficiency and implement strict cost control measures in response to the challenging retail environment[46]. - The focus will be on improving store profitability and exploring partnerships with various wholesalers to expand market share[47]. - The group is committed to strengthening the product portfolio of the "CROCO" brand to attract and satisfy customer preferences[47]. - The strategy includes a proactive repositioning of investment properties to optimize performance and capitalize on market trends[50]. - The group intends to reduce reliance on debt financing in light of rising funding costs and global economic uncertainties[50]. Income and Expenses - Financing costs rose to HKD 24,693,000 from HKD 16,765,000, marking an increase of 47.4%[19]. - The net other income for the six months was HKD 1,156,000, down from HKD 10,435,000 in the previous year[18]. - Direct operating expenses from investment properties generating rental income decreased to HKD 1,732,000 from HKD 2,044,000, a reduction of about 15.3% year-over-year[20]. - The overall comprehensive expenses totaled HKD 15 million, slightly down from HKD 16 million in 2023[36]. Corporate Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange, with a noted deviation regarding the separation of roles between the Chairman and the CEO[69]. - Lin Wei Shan has served as both the Chairman and CEO since January 2021, leading the board and overseeing the company's long-term strategic direction[70]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited interim results for the period[71]. - The board of directors includes two executive directors and three independent non-executive directors, ensuring a diverse governance structure[72]. Employee and Shareholder Information - As of January 31, 2024, the total number of employees in the group is 110, an increase from 108 on July 31, 2023[65]. - The company has not issued any stock options under the 2015 plan as of January 31, 2024, with no options unexercised[66]. - The group did not declare any interim dividend for the six months ended January 31, 2024, consistent with the previous year[23].

Financial Performance - The group recorded revenue of HKD 87 million for the fiscal year ending July 31, 2023, a decrease of 16% compared to HKD 103 million in the previous year[16]. - Gross profit slightly declined by 3% to HKD 73 million, despite an increase in gross margin from 72% to 84%[16]. - The "Garment and Related Accessories" segment's revenue decreased by HKD 10 million (or 21%) to HKD 40 million, primarily due to the absence of HKD 19 million in distribution sales from the "Lacoste" brand[16]. - The total comprehensive expense attributable to owners for the year was HKD 54 million, compared to a loss of HKD 38 million in the previous year[20]. - Revenue from the mainland China operations decreased from HKD 6 million to HKD 3 million due to strategic store closures, reducing self-operated stores from 6 to 4[22]. - The company reported a loss attributable to shareholders of HKD (108,786,000), compared to a loss of HKD (78,385,000) in the prior year[117]. - Total assets as of July 31, 2023, were HKD 2,343,864,000, down from HKD 2,415,390,000 the previous year[117]. - Total liabilities decreased to HKD 862,287,000 from HKD 921,963,000 year-over-year[117]. - The total equity amounted to HKD 1,481,577,000, slightly down from HKD 1,493,427,000 in the previous year[117]. Revenue Sources - Sales of the "Crocodile" brand in Hong Kong and Macau improved significantly, rising 33% from HKD 25 million to HKD 34 million[16]. - Revenue from the traditional brand "CROCODILE" increased by 33% from HKD 25 million to HKD 34 million due to the low comparison base after the relaxation of pandemic measures in Hong Kong and Macau[21]. - Licensing income from the "CROCODILE" brand decreased to HKD 8 million from HKD 10 million, reflecting the downturn in the mainland retail market[25]. - Rental income from investment properties in Hong Kong decreased by HKD 7 million to HKD 45 million, attributed to increased supply and a shift towards remote working[26]. Cost Management and Profitability - The company is actively taking decisive measures to adjust costs and ensure store profitability amid a slow recovery in the Hong Kong retail market[19]. - The treasury management segment recorded a profit of HKD 8 million, a significant improvement from a loss of HKD 25 million in the previous year[20]. - Financing costs increased to HKD 37 million from HKD 11 million due to the rapid interest rate hikes during the year[20]. - The company plans to cautiously expand its retail operations and optimize the product mix for both "CROCODILE" and "CROCO" brands to maintain high gross margins[30]. Investment and Financing - The group raised approximately HKD 42.3 million from a rights issue, with HKD 11.7 million allocated for repaying bank loans and HKD 16.8 million for opening new retail stores and daily operations[38]. - The debt-to-equity ratio was approximately 51% as of July 31, 2023, compared to 56% in the previous year, reflecting a cautious approach to business development[43]. - The group has reduced reliance on debt financing and is strategically allocating funds from the rights issue to manage financial responsibilities effectively[34]. Corporate Governance - The board of directors includes executive, non-executive, and independent non-executive members, with specific roles and responsibilities outlined[56]. - The company has established financial risk management objectives and policies, detailed in note 34 of the financial statements[52]. - The company has complied with all applicable code provisions of the Corporate Governance Code throughout the year, except for the separation of roles between the Chairman and CEO[127]. - The board has established specific committees, including the Executive Committee, Audit Committee, Remuneration Committee, and Nomination Committee, to assist in effectively performing its functions[136]. Shareholder Communication - The company has implemented a shareholder communication policy to ensure timely and unbiased information dissemination to shareholders[191]. - The company allows shareholders to convene a general meeting if the board does not formally call one within 21 days of the request[199]. - Any general meeting convened by shareholders must occur within three months of the original request[199]. Employee and Social Responsibility - The employee count decreased to 108 as of July 31, 2023, from 124 in the previous year, following the closure of several retail stores in mainland China[46]. - The company made charitable donations totaling HKD 174,500, a decrease from HKD 209,000 in the previous year[112]. - The gender ratio among employees is 78 females to 30 males, with women making up 72% of the total workforce[177]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[73]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on expanding the product line in the apparel sector[73]. - Market expansion plans include entering two new international markets, aiming for a 5% market share within the first year of entry[73].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 鱷 魚 恤 有 限 公 司 （股份代號：122） 截 至 二 零 二 三 年 七 月 三 十 一 日 止 年 度 全 年 業 績 公 告 業績 鱷魚恤有限公司（「本公司」）之董事會（分別為「董事會」及「董事」）公布本公司及 其附屬公司（「本集團」）截至二零二三年七月三十一日止財政年度之綜合業績， 連同上一個財政年度比較數字載列如下： 綜合損益表 截至二零二三年七月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 收入 3 86,876 103,288 銷售成本 (14,044) (28,436) 毛利 72,832 74,852 其他收入 4 16,206 20,322 銷售及分銷費用 (44,683) (44,633) ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 鱷 魚 恤 有 限 公 司 （股份代號：122） 截至二零二三年七月三十一日止年度 全年業績公告 業 績 鱷 魚 恤 有 限 公 司（「本公司」）之 董 事 會（分 別 為「董事會」及「董 事」）公 布 本 公 司 及 其 附 屬 公 司（「本集團」）截 至 二 零 二 三 年 七 月 三 十 一 日 止 財 政 年 度 之 綜 合 業 績， 連 同 上 一 個 財 政 年 度 比 較 數 字 載 列 如 下： 綜合損益表 截至二零二三年七月三十一日止年度 二零二三年 二零二二年 附 註 千港元 千港元 收 入 3 86,876 103,288 銷售成本 (14,044) (28,436) | --- | --- | --- | --- | |-----------------------------------------|-------|--- ...

Financial Performance - The company reported a revenue of HKD 42,000,000 for the six months ended January 31, 2023, a decrease of 34.6% compared to HKD 64,211,000 in the same period last year[4]. - Gross profit for the same period was HKD 34,855,000, down 20.4% from HKD 43,822,000 year-on-year[4]. - The company incurred a loss before tax of HKD 79,747,000, compared to a profit of HKD 608,000 in the previous year[4]. - The net loss attributable to the owners of the company was HKD 79,747,000, compared to a profit of HKD 608,000 in the prior period[4]. - Total revenue and other income for the group decreased to HKD 47,782,000, down 34.6% from HKD 73,104,000 in the previous year[21]. - The revenue from the apparel and related accessories business was HKD 24,066,000, a decline of 47.8% from HKD 46,076,000 in the prior year[21]. - The property investment and leasing business generated revenue of HKD 23,716,000, down 12.8% from HKD 27,028,000 in the previous year[21]. - The group reported a loss before tax of HKD 79,747,000, compared to a profit of HKD 608,000 in the same period last year[21]. - The company reported a net loss of HKD 79,747,000 for the six months ended January 31, 2023, compared to a profit of HKD 608,000 in the same period of 2022[33]. Assets and Liabilities - Total assets as of January 31, 2023, were HKD 2,111,164,000, an increase from HKD 2,065,155,000 as of July 31, 2022[6]. - The company's cash and cash equivalents stood at HKD 274,236,000, slightly down from HKD 277,756,000 in the previous period[6]. - The company’s equity totalled HKD 1,519,448,000 as of January 31, 2023, compared to HKD 1,493,427,000 as of July 31, 2022[6]. - Trade receivables decreased from HKD 16,209,000 to HKD 10,131,000, a reduction of approximately 37.5%[40]. - The total outstanding borrowings as of January 31, 2023, were HKD 790 million, down from HKD 838 million as of July 31, 2022[76]. - Bank borrowings decreased from HKD 809,407,000 to HKD 784,012,000, a decrease of approximately 3.1%[42]. - The total amount of trade payables increased from HKD 3,523,000 to HKD 3,380,000, a decrease of about 4.1%[43]. - The non-current liabilities for bank borrowings remained stable at approximately HKD 554,620,000 compared to HKD 559,960,000[42]. Share Capital and Financing - The company issued new shares amounting to HKD 47,377,000 during the reporting period[8]. - The total issued and paid-up ordinary shares increased from 947,543,695 to 1,421,315,542 shares, reflecting a growth of approximately 50%[44]. - The total cash consideration from the rights issue was HKD 47,377,000, with expenses of HKD 5,064,000 deducted[44]. - The company raised approximately HKD 42.3 million from a rights issue completed in November 2022, with HKD 3 million used to repay bank loans and HKD 5 million allocated for opening two new retail stores[72]. - The debt-to-equity ratio improved from 56% as of July 31, 2022, to 52% as of January 31, 2023[78]. - The company issued a total of 473,771,847 shares at a subscription price of HKD 0.1 per share, increasing the total issued shares to 1,421,315,542 shares after the rights issue[87]. Investment Properties - The company reported a fair value loss on investment properties of HKD 69,707,000 for the period[4]. - The company recorded a fair value loss of HKD 69,707,000 on investment properties for the six months ended January 31, 2023, compared to a loss of HKD 47,588,000 in the previous year[37]. - The total value of investment properties at the end of the reporting period was HKD 1,753,257,000, up from HKD 1,673,478,000 at the end of July 2022[37]. - The rental income from investment properties in Hong Kong and mainland China was HKD 24 million for the six months ended January 31, 2023, a decrease of HKD 3 million or 12% compared to HKD 27 million in the same period last year[66]. - The fair value loss on investment properties amounted to HKD 70 million, compared to a loss of HKD 0.1 million in the previous year[66]. Operational Highlights - The net cash generated from operating activities for the six months ended January 31, 2023, was HKD 12,484,000, a decrease of 61.5% compared to HKD 32,471,000 in the same period of 2022[10]. - Interest income received increased significantly to HKD 3,340,000 from HKD 440,000, marking a rise of 657.0%[10]. - The group incurred higher financing costs of HKD 13 million, up from HKD 5 million in 2022, due to tightening monetary policies[59]. - The treasury management segment recorded a profit of HKD 10 million, recovering from a loss of HKD 6 million in the same period last year[67]. - Retail revenue in Hong Kong and Macau increased by 16% to HKD 17 million, up from HKD 15 million in 2022, excluding the previous year's "Lacoste" sales[62]. - Retail revenue in mainland China decreased by 69% to HKD 1.3 million, down from HKD 4 million in 2022, while patent fee income remained stable at approximately HKD 5 million[63]. Corporate Governance - The company has complied with all applicable provisions of the corporate governance code, with the exception of the separation of roles between the Chairperson and CEO[83]. - The independent auditor, Ernst & Young, was appointed on December 16, 2022, to conduct the audit for the year ending July 31, 2023[101]. - The audit committee, composed of three independent non-executive directors, reviewed the interim report for the period[103]. - The company has confirmed that all directors have complied with the securities trading code during the reporting period[84]. - The company has adopted a securities trading code for directors and designated employees, ensuring compliance with the standards set out in the listing rules[84]. Employee and Management - The total number of employees decreased to 113 as of January 31, 2023, from 124 as of July 31, 2022[81]. - The company expressed gratitude to all employees and management for their contributions and support[104]. - Lin Wei Shan serves as both the Chairperson and CEO, leading the company's long-term strategic planning and execution[83].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該 等內容而引致之任何損失承擔任何責任。 鱷 魚 恤 有 限 公 司 （於香港註冊成立之有限公司） ( : 122) 股份代號 截至二零二三年一月三十一日止六個月 中期業績公佈 業績 鱷魚恤有限公司（「本公司」）之董事會（分別為「董事會」及「董事」）公佈本公司及其附屬公司（「本集 團」）截至二零二三年一月三十一日止六個月之未經審核綜合業績，連同去年同期比較數字載列如 下： 簡明綜合損益及其他全面收益表 截至二零二三年一月三十一日止六個月 截至一月三十一日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 千港元 千港元 3 42,000 64,211 收入 (7,145) (20,389) 銷售成本 34,855 43,822 毛利 (69,707) (97) ...

Financial Performance - For the fiscal year ending July 31, 2022, the group's revenue decreased to HKD 103 million, down from HKD 112 million in the previous year, representing a decline of approximately 8%[25] - The group's gross profit fell by 8% to HKD 75 million, compared to HKD 81 million in the previous year[25] - The revenue from the "Lacoste" brand distribution business ceased in February 2022, contributing to a 15% decline in this category's revenue to HKD 50 million from HKD 59 million[25] - The loss in the "Garment and Related Accessories" segment decreased by approximately 21% to HKD 12 million, down from a loss of HKD 15 million in the previous year[25] - The total comprehensive expenses attributable to the company's owners for the fiscal year amounted to HKD 38 million, compared to a profit of HKD 5 million in the previous year[27] - The treasury management segment reported a loss of HKD 25 million, down from a profit of HKD 5 million in the previous year, due to economic uncertainties[27] - The company reported a loss attributable to shareholders of HKD (78,385,000) for the fiscal year, compared to a loss of HKD (1,933,000) in the previous year[129] - Total revenue for the fiscal year ended July 31, 2022, was HKD 103,288,000, a decrease of 7.6% from HKD 112,000,000 in the previous year[129] Market Conditions - The retail market in Hong Kong and Macau showed signs of recovery, but was significantly impacted by the Omicron variant outbreak in January 2022[28] - The gradual easing of social distancing measures and a new round of consumption voucher schemes helped stimulate domestic demand in the fourth quarter of the fiscal year[28] - The retail revenue in Hong Kong and Macau decreased from HKD 51 million to HKD 44 million due to the closure of 4 out of 5 "Lacoste" stores[9] Investment and Assets - The investment properties recorded a revaluation loss of HKD 48 million, compared to a loss of HKD 4 million in the previous year, while maintaining stable rental income of HKD 53 million[27] - The group recorded a fair value loss of HKD 47 million on investment properties in Hong Kong, compared to a loss of HKD 2 million in the previous year[34] - The group held cash and cash equivalents of HKD 278 million as of July 31, 2022, compared to HKD 41 million in the previous year[43] - As of July 31, 2022, the total outstanding borrowings of the group amounted to HKD 838 million, which includes HKD 29 million in secured margin loans, HKD 583 million in secured bank term loans, and HKD 226 million in secured short-term bank revolving loans[12] - Total assets as of July 31, 2022, amounted to HKD 2,415,390,000, an increase of 9.8% from HKD 2,200,619,000 in the previous year[129] - Total liabilities increased to HKD 921,963,000 from HKD 669,098,000, representing a rise of 37.6%[129] Strategic Initiatives - The group plans to focus on the new brand "CROCO" to enhance its market share in Hong Kong's retail sector, with the first store opening in August 2022[37] - The group aims to improve the product mix of "Crocodile" and "CROCO" to cater to local consumer preferences and enhance gross margins[37] - The company is investing in new technology development, allocating HKD 50 million towards R&D initiatives aimed at enhancing product quality and sustainability[89] - Market expansion plans include entering two new international markets, which are projected to increase overall market share by 5%[89] - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the consumer goods sector[89] Governance and Management - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[147] - The company has complied with the listing rules regarding the minimum number of independent non-executive directors since the appointment of Mr. Hu Jingheng on January 28, 2022[152] - The board will regularly review the management structure to ensure it meets the company's goals and industry practices[152] - The company has purchased appropriate directors' and officers' liability insurance for its directors and senior management[160] - The company conducted training sessions for directors to enhance their understanding of corporate governance and regulatory responsibilities[163] Shareholder Information - As of July 31, 2022, the total number of issued shares was 947,543,695[96] - Lin Wei Shan holds personal interests in 5,532,500 shares and is deemed to have interests in 492,703,000 shares through controlled companies, totaling 498,235,500 shares, representing approximately 52.58% of the issued shares[96][102] - Major shareholder Ming Da Holdings Limited owns 491,203,000 shares, accounting for 51.84% of the total issued shares[106] - Rich Promise Limited holds 472,200,000 shares, representing 49.83% of the total issued shares[106] - The company did not recommend the payment of a final dividend for the fiscal year ending July 31, 2022, consistent with the previous year[57] Employee and Operational Changes - The total number of employees, including part-time sales staff, decreased to 124 as of July 31, 2022, down from 157 in the previous year[50] - The group operates 12 stores in mainland China, down from 13 stores in the previous year, with 6 self-operated and 6 consignment stores[31] Compliance and Regulations - The company has ensured that at least one independent non-executive director possesses appropriate professional qualifications or financial management expertise[158] - The audit committee monitored the independence and objectivity of the external auditor and the effectiveness of the audit process[176] - The company maintained a public float of at least 25% of its issued shares as required by listing rules[25]

Financial Performance - Revenue for the six months ended January 31, 2022, was HKD 64,211,000, an increase of 7.4% from HKD 59,455,000 in the previous year[5] - Gross profit for the same period was HKD 43,822,000, up from HKD 41,538,000, reflecting a gross margin improvement[5] - The company reported a pre-tax profit of HKD 608,000, a significant decrease from HKD 10,412,000 in the prior year, indicating a decline of approximately 94.2%[5] - Basic and diluted earnings per share were HKD 0.06, down from HKD 1.10 in the previous year, representing a decline of 94.5%[5] - The company reported other income of HKD 9,333,000, down from HKD 11,164,000 in the previous year, reflecting a decrease of 16.4%[5] - The total comprehensive income for the period was HKD 1,973,000, which includes a profit of HKD 608,000 and foreign exchange gains of HKD 1,365,000[9] - For the six months ended January 31, 2022, the group recorded a total comprehensive income attributable to owners of HKD 1,973,000, a decrease of 88.5% from HKD 17,214,000 in the previous year[73] Assets and Liabilities - Total assets as of January 31, 2022, were HKD 1,932,006,000, slightly down from HKD 1,933,681,000 as of July 31, 2021[7] - Total liabilities decreased to HKD 423,480,000 from HKD 448,264,000, indicating a reduction in financial obligations[7] - The company’s net asset value increased to HKD 1,533,494,000 from HKD 1,531,521,000, showing a marginal growth[7] - The total equity as of January 31, 2022, was HKD 1,533,494,000, an increase from HKD 1,531,521,000 as of July 31, 2021[9] - The group’s total financial assets measured at fair value amounted to HKD 152,921,000 as of January 31, 2022[54] - The total outstanding borrowings amounted to HKD 543,738,000, which includes secured margin loans of HKD 13,425,000 and secured bank loans of HKD 210,513,000[93] Cash Flow and Financing - The net cash generated from operating activities for the six months ended January 31, 2022, was HKD 32,471,000, compared to HKD 24,399,000 for the same period in 2021, representing a growth of approximately 33.5%[11] - The company incurred a net cash outflow from investing activities of HKD 4,283,000, an improvement from HKD 11,482,000 in the prior year[11] - New bank loans added during the period amounted to HKD 11,000,000, significantly higher than HKD 2,115,000 in the previous year[11] - The company incurred financing costs of HKD 5,296,000, a decrease from HKD 5,658,000 in the previous year[27] - The debt-to-equity ratio as of January 31, 2022, was 35%, indicating a cautious approach to business development amidst global economic uncertainties[97] Operational Segments - The company has three operational segments: apparel and related accessories, property investment and leasing, and treasury management[20] - Profit from the garment and related accessories business was HKD 1,056,000, compared to a loss of HKD 91,000 in the previous year[22] - The "Apparel and Related Accessories" segment recorded a revenue growth of 15% to HKD 37,388,000, compared to HKD 32,603,000 in the previous year[72] - The "Property Investment and Leasing" segment generated stable rental income of HKD 26,823,000, slightly down from HKD 26,852,000 in the previous year[72] Market Conditions and Challenges - The "Apparel and Related Accessories" segment in Hong Kong and Macau faced challenges due to the Omicron variant outbreak, leading to a halt in the recovery of local customer spending[75] - Revenue from the group's operations in Mainland China for the six months ended January 31, 2022, was HKD 4,226,000, down 12.4% from HKD 4,825,000 in the previous year[79] Corporate Governance and Compliance - The company has adopted a securities trading code for directors and designated employees, confirming compliance with the standards set out in the listing rules as of January 31, 2022[109] - The company has confirmed compliance with the corporate governance code following the appointment of independent non-executive directors, ensuring a majority presence on the audit and remuneration committees[108] - The number of independent non-executive directors has been maintained in compliance with listing rules following the appointment of Mr. Hu on January 28, 2022[108] Employee and Management Information - The total number of employees as of January 31, 2022, was 153, a decrease from 189 in the previous year[100] - Short-term employee benefits for key management personnel amounted to HKD 4,677,000, a decrease from HKD 6,363,000 in the previous year[69] Future Outlook and Strategy - The group plans to optimize its sales network by closing underperforming stores and opening new ones with reasonable rents[85] - The group is focused on improving its product mix to cater to local customer preferences and maintain gross margins while controlling inventory levels[86] - The group is monitoring its financial assets closely in light of the economic uncertainties and has adopted a cautious approach to manage its treasury operations, which recorded a loss of HKD 5,565,000 for the six months ended January 31, 2022[84]