Financial Performance - The company recorded a loss attributable to shareholders of HKD 7,904,000 for the year ending December 31, 2024, a decrease of HKD 11,843,000 (or 60%) compared to the previous year[40]. - Revenue from continuing operations decreased by 31% to HKD 74,763,000 compared to HKD 108,031,000 in the previous year[42]. - The overall revenue and gross profit from continuing operations decreased by 31% and 15%, respectively, primarily due to declines in fashion retail sales and dividend income[47]. - The investment division recorded a profit of HKD 8,088,000, down from HKD 10,027,000 in the previous year[46]. - The loss from discontinued operations in the resort and club business decreased by 47% to HKD 6,080,000 from HKD 11,373,000[47]. - The company experienced a 48% decline in online sales compared to the previous year, attributed to a continued drop in global online sales post-COVID[44]. - The company implemented increased discounting strategies to attract customers, which pressured profit margins but led to a significant reduction in operating losses[45]. - The company's total investment cost was HKD 388.771 billion, with a fair value loss of HKD 289 million for the year[78]. Business Operations - The group terminated its vacation center and club business on June 16, 2024[4]. - The company decided not to renew the lease for its flagship store in Central, reflecting a strategic shift in operations[40]. - The company has submitted a land exchange application to the Lands Department, receiving a preliminary offer on July 30, 2024, with the next government procedure expected to take over 18 months[41]. - The fashion retail business revenue decreased by 36% during the same period[41]. - The company terminated the operations of its resort and club business in June 2024, contributing to the reduction in overall losses[41]. - The company faced significant challenges in 2024, leading to the closure of flagship stores to reduce procurement and operating expenses[111]. - Sales revenue for the fashion retail segment is expected to continue its downward trend due to weak high-end retail consumption in Hong Kong and China[111]. Investment Strategy - The group aims to reduce direct investments in individual listed securities and increase investments in professionally managed unit trusts and bond funds to improve performance while managing risk[66]. - The group committed USD 4,000,000 (approximately HKD 31,120,000) to ACIF III, with a total investment of HKD 24,250,000 and a net loss of HKD 6,484,000 for the year[64]. - The group also committed USD 4,000,000 (approximately HKD 31,120,000) to ACIF IV, with a total investment of HKD 30,044,000 and a net loss of HKD 599,000 for the year[65]. - The group’s investment portfolio is exposed to various market risks due to tightening monetary policies by central banks, leading to significant market price fluctuations[92]. - The investment market is expected to remain highly volatile due to uncertainties surrounding U.S. policies and macroeconomic factors[93]. Corporate Governance - The company has maintained compliance with all corporate governance codes as of December 31, 2024[128]. - The board consists of five members, including one executive director and three independent non-executive directors[129]. - The company emphasizes high transparency and open communication as part of its corporate culture[131]. - The independent non-executive directors have confirmed their understanding of their obligations under the listing rules[132]. - The company has a remuneration policy for directors, which is detailed in the corporate governance report[125]. - The company values human capital and has employee reward programs in place[131]. - The company is committed to maintaining high standards of corporate governance to enhance shareholder value[127]. Risk Management - Financial risks include foreign exchange risk, price risk, credit risk, liquidity risk, and interest rate risk[100]. - The management has taken appropriate measures to strengthen budget control and provide intelligent data for strategic decision-making[94]. - The risk management framework is continuously strengthened to identify and manage risks associated with achieving business objectives[186]. - Regular reviews of key business risks and monitoring measures are conducted to mitigate risks and improve assessment procedures[189]. - The internal audit department independently reviews the effectiveness of the group's governance, risk management, and internal control systems[196]. Employee and Talent Management - The total employee cost for the year ended December 31, 2024, was HKD 35,781,000, a decrease from HKD 49,928,000 in 2023[110]. - The gender ratio among all employees is 87% female and 13% male, reflecting the fashion retail industry's traditional demographic[154]. - The company is committed to hiring a gender-diverse management team to create a pool of potential successors for the board[152]. Compliance and Legal Risks - Legal and compliance risks are present due to the regulatory environment, which may lead to enforcement actions and potential fines[99]. - The company has adopted a standard code for securities trading by directors, ensuring compliance throughout the year[155]. - The company reviewed compliance with corporate governance regulations and the implementation of the board diversity policy[175].

Financial Performance - For the year ending December 31, 2024, total revenue decreased to HKD 74,763,000 from HKD 108,031,000, representing a decline of approximately 30.8%[3] - Gross profit for the same period was HKD 50,094,000, down from HKD 58,774,000, indicating a decrease of about 14.4%[3] - The operating loss narrowed to HKD 1,344,000 compared to a loss of HKD 7,188,000 in the previous year, showing an improvement of approximately 81.3%[3] - The total comprehensive loss for the year was HKD 43,618,000, a reduction from HKD 74,408,000, reflecting a decrease of about 41.4%[5] - Basic loss per share from continuing operations was HKD 0.11, compared to HKD 0.51 in the previous year, indicating an improvement of approximately 78.4%[4] - The company reported a pre-tax loss from continuing operations of HKD 1,825,000 for 2024, compared to a loss of HKD 8,011,000 in 2023[27] - The company reported a loss from continuing operations of HKD 1,824,000 for the year 2024, compared to a loss of HKD 8,374,000 in 2023, indicating a reduction in losses[38] - The group recorded a loss attributable to shareholders of HKD 7,904,000 for the year ending December 31, 2024, a decrease of HKD 11,843,000 (or 60%) compared to the previous year[47] Revenue Breakdown - The group reported revenue from external customers of HKD 74,763,000, with retail fashion and accessories contributing HKD 55,964,000 and investment segment contributing HKD 18,799,000[24] - Revenue from external customers for the retail segment was HKD 86,867,000, and for the investment segment was HKD 21,164,000, totaling HKD 108,031,000 for the year ended December 31, 2023[26] - Revenue from Hong Kong was HKD 63,574,000 in 2024, compared to HKD 92,963,000 in 2023, indicating a decline[28] - The retail fashion and accessories segment saw a revenue decline of 36%, from HKD 86,867,000 in 2023 to HKD 55,964,000 in 2024[51] Asset and Equity Changes - Non-current assets totaled HKD 437,622,000, down from HKD 482,428,000, indicating a decrease of approximately 9.3%[6] - Current assets decreased to HKD 600,177,000 from HKD 621,907,000, representing a decline of about 3.5%[6] - The company's total equity stood at HKD 1,023,989,000, down from HKD 1,067,607,000, reflecting a decrease of approximately 4.1%[7] - The total carrying value of the financial instruments investment portfolio decreased to HKD 388.77 million as of December 31, 2024, down from HKD 525.37 million in 2023, representing approximately 37.5% of total assets[66] Operational Changes - The group ceased operations of its holiday center and club business on June 16, 2024, and the financial data for these discontinued operations is no longer reviewed by senior management[20] - The company has ceased operations of its club business effective June 6, 2024, due to ongoing losses, which will no longer be included in operational segments[36] - The closure of the flagship store in Central led to the opening of a new pop-up store in Causeway Bay, although online sales revenue halved compared to the previous year[63] Cost Management - The cost of sales for the year 2024 was HKD 24,669,000, a decrease from HKD 49,257,000 in 2023, indicating a reduction in operational costs[34] - Selling and distribution expenses decreased by 29% to HKD 22,813,000 in 2024, primarily due to the closure of retail stores leading to reduced rental and employee costs[58] - Administrative expenses decreased by 17% to HKD 38,612,000 in 2024, mainly due to cost control measures and a reduction in board member numbers[58] - Cost reduction measures implemented in 2024 will extend into 2025 to minimize fixed operating costs[90] Investment Performance - The group’s investment portfolio generated a net realized and unrealized income of HKD 23,415,000 for the year ending December 31, 2024, down from HKD 27,681,000 in 2023[55] - The investment division recorded a segment profit of HKD 8,088,000 in 2024, compared to HKD 10,027,000 in 2023[55] - The total investment in ACIF IV reached HKD 30,044,000, with a capital value of HKD 27,297,000, leading to a net loss of HKD 599,000 for the year[81] Market Conditions - The retail market in Hong Kong faced significant challenges, impacting luxury brand sales due to reduced tourist numbers and changing consumer spending behavior[62] - Financial markets are expected to remain highly volatile in the coming year due to uncertainties from new government policies in the U.S., impacting investment market returns[92] Compliance and Reporting - The company has submitted its consolidated financial statements for the year ending December 31, 2023, in accordance with Hong Kong law[8] - The auditor has reported that there are no reservations or emphasis of matter in the audit report for the consolidated financial statements for the two years[9] - The consolidated financial statements have been prepared in accordance with the applicable Hong Kong Financial Reporting Standards[11] - The company is in compliance with the disclosure requirements of the Listing Rules of the Hong Kong Stock Exchange[11]

Financial Performance - Total revenue for the first half of 2024 was HKD 43,620,000, a decrease of HKD 10,907,000 or 20% compared to HKD 54,527,000 in the same period last year[3]. - Retail fashion and accessories revenue dropped to HKD 34,840,000, down 21% from HKD 43,867,000 year-on-year[4]. - The operating loss for the group was HKD 6,585,000, a significant increase of 213% from a loss of HKD 2,102,000 in the previous year[4]. - The loss attributable to owners for the first half of 2024 was HKD 14,198,000, compared to a loss of HKD 8,548,000 in the same period last year, representing a 74% increase[3]. - The retail segment experienced a 19% decrease in sales, with online sales dropping by 45% compared to the first half of 2023[6]. - The group's overall revenue and gross profit from continuing operations decreased by HKD 10,907,000 (20%) and HKD 6,665,000 (20%), respectively, primarily due to reduced sales in the fashion and retail business[8]. - Gross profit for the same period was HKD 26,299,000, down 20.1% from HKD 32,964,000 in 2023[45]. - Loss before tax for the period was HKD 8,104,000, compared to a loss of HKD 2,427,000 in the previous year, reflecting a significant increase in losses[45]. - Total comprehensive loss for the six months was HKD 37,586,000, compared to HKD 53,232,000 in 2023, indicating a reduction in overall losses[47]. Investment Performance - The group's investment properties recorded a net loss of HKD 1,100,000, a decline of 467% from a gain of HKD 300,000 in the previous year[4]. - The group's net realized and unrealized gains for the six months ended June 30, 2024, amounted to HKD 8,103,000, a decrease from HKD 11,809,000 in 2023, with interest and dividend income at HKD 6,050,000 compared to HKD 8,465,000 in 2023[7]. - The group's investment portfolio's total carrying value was HKD 502,954,000 as of June 30, 2024, down from HKD 525,371,000 at the end of 2023, representing approximately 47.7% of total assets[12]. - The group recorded an unrealized fair value loss of HKD 10,842,000 from its private equity fund investment in Asia China Investment Fund III during the first half of 2024[7]. - The total investment value in private equity funds decreased to HKD 37,394,000 as of June 30, 2024, down from HKD 49,822,000 as of December 31, 2023, resulting in a net loss of HKD 12,752,000 for the six months ended June 30, 2024[23]. - The Group's investment in China Motor Corporation recorded a net loss of HKD 1,133,000 for the six months ended June 30, 2024, compared to a net loss of HKD 85,000 in the same period of 2023[22]. - The fair value of the group's investment portfolio in marketable securities was HKD 289,118,000 as of June 30, 2024, representing approximately 27.4% of total assets[14]. Operational Changes - The group plans to close the Cheung Tat Country Club to mitigate ongoing losses, aligning with shareholder interests[3]. - The group plans to open a new store in Lee Garden Two, Causeway Bay, Hong Kong, in early September 2024, following the closure of the flagship store[10]. - The group plans to close its flagship store in Central Hong Kong by September 30, 2024, which is not expected to have a significant impact on the financial statements[39]. - The group terminated its resort and club business on June 16, 2024, and the related financial data is no longer reviewed by management[62]. Cash and Liquidity - As of June 30, 2024, the group's cash and non-collateral deposits amounted to HKD 116,953,000, an increase from HKD 109,576,000 as of December 31, 2023[37]. - Cash and cash equivalents increased to HKD 93,613,000 from HKD 87,622,000, marking an increase of approximately 6.8%[50]. - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 20,087,000, a significant improvement from a net cash outflow of HKD 930,000 in the same period last year[50]. - Total borrowings and lease liabilities were HKD 2,062,000 and HKD 4,593,000 respectively, down from HKD 5,079,000 and HKD 8,396,000 as of December 31, 2023[37]. - The group's debt-to-equity ratio was 0.6% as of June 30, 2024, compared to 1.3% as of December 31, 2023[37]. - The current ratio remained strong at 25.9 times as of June 30, 2024, compared to 16.9 times as of December 31, 2023[37]. Shareholder Information - As of June 30, 2024, major shareholders include Solution Bridge Limited with 408,757,642 shares (24.76%) and Diamond Leaf Limited with 162,216,503 shares (9.83%) [100]. - Parasia Limited and Huamao Group Holdings Limited each hold 570,974,145 shares, representing 34.59% of the company [100]. - The total shares held by Mr. Zhuang Rijie and Mr. Huang Dewei, as trustees, amount to 730,974,145 shares, which is 44.28% of the company [101]. Governance and Compliance - The company has adhered to all corporate governance codes as per the listing rules during the six-month period ending June 30, 2024 [104]. - The interim financial statements for the six months ending June 30, 2024, were reviewed by external auditors and the audit committee [106]. - The company has implemented a comprehensive code of conduct for all employees, including executive directors, to ensure compliance and ethical behavior[41]. Future Outlook - The group continues to focus on property land exchange applications, working closely with relevant government departments to expedite the process[34]. - The group has maintained a prudent strategy for cash management and foreign exchange risk, regularly reviewing its financial position[36]. - The group expects that the amendments to Hong Kong Financial Reporting Standard No. 21 will not have a significant impact on the consolidated financial statements[56].

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HKD 43,620,000, a decrease of 20.4% compared to HKD 54,527,000 for the same period in 2023[4] - The gross profit for the same period was HKD 26,299,000, down 20.1% from HKD 32,964,000 year-on-year[4] - The operating loss for the six months was HKD 6,585,000, compared to a loss of HKD 2,102,000 in the previous year, indicating a significant decline in operational performance[4] - The total comprehensive loss for the period was HKD 37,586,000, compared to HKD 53,232,000 in the same period last year, reflecting a reduction in overall losses[6] - The company reported a basic loss per share from continuing and discontinued operations of HKD (0.86) cents, compared to HKD (0.52) cents in the previous year[5] - The group reported a consolidated loss from continuing operations of HKD (8,104,000) for the six months ended June 30, 2024, compared to a loss of HKD (2,427,000) for the same period in 2023[16] - The company reported a loss from continuing operations of HKD 14,198,000 for the six months ended June 30, 2024, compared to a loss of HKD 8,548,000 for the same period in 2023[23] - The group recorded a net loss attributable to shareholders of HKD 14,198,000 for the first half of 2024, compared to a loss of HKD 8,548,000 in the same period last year[34] Assets and Liabilities - Non-current assets decreased to HKD 444,321,000 from HKD 482,428,000 as of December 31, 2023, indicating a decline in asset value[7] - Current assets totaled HKD 609,192,000, a slight decrease from HKD 621,907,000 at the end of 2023[7] - The company’s net asset value was HKD 1,030,021,000, down from HKD 1,067,607,000 as of December 31, 2023[7] - As of June 30, 2024, the total equity attributable to shareholders was HKD 1,030,780,000, a decrease from HKD 1,068,364,000 as of December 31, 2023, representing a decline of approximately 3.5%[8] - Cumulative losses increased to HKD (1,240,273,000) from HKD (1,226,075,000), indicating a rise in losses of about 1.2%[8] - Other reserves decreased to HKD 1,064,347,000 from HKD 1,087,733,000, reflecting a reduction of approximately 2.2%[8] - The total liabilities for the group were HKD (23,492,000) as of June 30, 2024, compared to HKD (36,728,000) for the same period in 2023[16] Accounting Standards and Compliance - The company has adopted new accounting standards effective January 1, 2024, which include revisions to the classification of liabilities and financial statement presentation[10] - Management anticipates that the new accounting standards will not have a significant impact on the consolidated financial statements[12] - The company has not made retrospective adjustments due to the adoption of the revised accounting standards, and there were no significant changes in the classification of borrowings[11] - The financial data for the six months ending June 30, 2024, is unaudited and should be read in conjunction with the audited financial statements for the year ended December 31, 2023[9] - The company has adhered to all corporate governance codes as stipulated in the listing rules during the reporting period[71] Market and Operational Focus - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[2] - The company continues to focus on retail fashion and accessories, as well as investment activities for short-term and long-term returns[13] - The group plans to close the Central flagship store by September 30, 2024, which is expected to have no significant impact on the financial statements[32] - The company plans to open a new store in the Lee Garden Phase II in September 2024, enhancing customer experience and attracting new clientele[45] Sales and Revenue Trends - Revenue from external customers for the retail fashion and accessories segment was HKD 43,867,000 for the six months ended June 30, 2023, compared to HKD 34,840,000 for the same period in 2024, representing a growth of 26.4%[15] - Retail sales of fashion and accessories decreased by 21%, from HKD 43,867,000 to HKD 34,840,000 year-on-year[36] - The group experienced a significant decline in luxury apparel sales, with a 13.2% drop in sales figures reported by the Hong Kong government[34] - Online sales dropped by 45% compared to the first half of 2023, reflecting a decline in post-pandemic online shopping[38] - Overall revenue declined due to the closure of Paule Ka stores, resulting in a sales revenue drop of HKD 7,113,000 and a more than 45% decrease in online sales[45] Investment Performance - The investment segment reported a profit of HKD 2,597,000 for the six months ended June 30, 2023, compared to a loss of HKD 857,000 for the same period in 2024[15] - The company recognized a fair value loss of HKD 10,842,000 in its private equity fund investments during the first half of 2024[39] - The group recorded a net loss of HKD 1,133,000 from its investment in China Automotive Limited for the six months ending June 30, 2024, compared to a net loss of HKD 85,000 in the previous year[58] - The total investment value in private equity funds decreased to HKD 37,394,000 as of June 30, 2024, from HKD 49,822,000 as of December 31, 2023, with a net loss of HKD 12,752,000 for the period[59] Cost Management - Selling and distribution expenses reduced by 14% to HKD 14,457,000, mainly due to the closure of the Paule Ka retail store[43] - Administrative expenses decreased by 8% to HKD 20,780,000, attributed to one-time legal and professional fees related to privatization and reduced employee costs[43] - Total financing costs decreased by HKD 206,000 (or 33%) to HKD 419,000, driven by lower interest expenses on lease liabilities[44] Cash and Liquidity - As of June 30, 2024, the group's cash and non-pledged deposits amounted to HKD 116,953,000, an increase from HKD 109,576,000 on December 31, 2023[66] - The total borrowings and lease liabilities were HKD 2,062,000 and HKD 4,593,000 respectively, down from HKD 5,079,000 and HKD 8,396,000 on December 31, 2023[66] - The group's debt-to-equity ratio improved to 0.6% as of June 30, 2024, compared to 1.3% on December 31, 2023[67] - The current ratio stood at 25.9 times as of June 30, 2024, up from 16.9 times on December 31, 2023, indicating strong liquidity[67] Management and Governance - The executive director is Penny Soh Peng Crosbie-Walsh, serving as the CEO, with a non-executive chairman and independent non-executive directors also in place[72]

Financial Performance - The group's total revenue increased by 28% to HKD 120,836,000 in 2023, compared to HKD 94,387,000 in 2022[39]. - Operating loss for the group was HKD 18,561,000, a reduction of 88% from HKD 149,800,000 in 2022[39]. - The net loss before tax (excluding one-off items) was HKD 13,295,000, down 91% from HKD 151,152,000 in 2022[39]. - The total loss attributable to shareholders was HKD 19,747,000, an 87% decrease from HKD 150,663,000 in 2022[43]. - The loss per share improved to HKD 1.20, down from HKD 9.13 in 2022, reflecting an 87% reduction[43]. - The overall gross profit margin for the group improved to 56.9% from 56.4% in 2022, driven by higher-margin wedding revenue[46]. - The total revenue for the year ended December 31, 2023, was HKD 174,119 thousand, reflecting a 15.8% increase compared to the previous year[76]. Business Operations - The company’s main business includes investment holding and securities trading, with subsidiaries involved in retail fashion and operating holiday centers[3]. - The company plans to cease operations of the vacation center and club business starting June 16, 2024, to improve future financial performance[41]. - The group plans to reduce the number of brands sold under its retail segment to improve profitability and manage inventory more effectively[122]. - Customer relationship management will be a key focus for the upcoming year to enhance customer loyalty and service quality[122]. - The club will cease operations on June 16, 2024, while continuing to provide existing services until June 15, 2024[52]. Investment Strategy - The group's investment strategy has been adjusted in response to market conditions, leading to satisfactory returns in a recovering fixed income and equity market[55]. - The group aims to minimize direct investments in individual listed securities and increase investments in professionally managed unit trusts and bond funds[70]. - The investment strategy focuses on diversifying the portfolio through reputable international financial institutions managing discretionary investment portfolios[70]. - The group does not use leverage in investments and avoids speculative derivative investments to mitigate high-risk exposure[102]. - The investment portfolio faces various market risks due to tightening monetary policies by central banks, leading to significant volatility in bond and stock markets[101]. Corporate Governance - The board emphasized the importance of corporate governance and compliance with all relevant regulations, ensuring transparency and accountability[144]. - The company has appointed at least one independent non-executive director to all board committees to ensure independent perspectives[152]. - The board has confirmed compliance with listing rules regarding the composition of the audit, corporate governance, and remuneration committees[150]. - The company has implemented mechanisms to ensure independent views are obtained in board decisions[156]. - The board's independence is crucial for good corporate governance, with independent non-executive directors making up at least one-third of the board[151]. Risk Management - The company is committed to ensuring compliance with all relevant laws and regulations, with regular reviews and training provided to management and staff[118]. - Financial risks include foreign exchange, price, credit, liquidity, and interest rate risks, with ongoing assessments of these risks and related policies[108]. - The group has established a disaster recovery system within its IT infrastructure to ensure business continuity in case of disruptions[109]. - The board is responsible for maintaining an effective risk management and internal control system[198]. - The group continuously enhances risk management as part of its daily operations, linking it with corporate strategy[199]. Employee and Social Responsibility - The total employee cost for the year ended December 31, 2023, was approximately HKD 49,928,000, an increase from HKD 47,702,000 in 2022[121]. - The company has a commitment to corporate social responsibility and environmental stewardship[34]. - The management team highlighted a commitment to sustainability initiatives, aiming to reduce carbon emissions by 30% over the next five years[144]. - The company is committed to hiring a gender-diverse management team to create a pipeline for future female senior management and potential board successors[167]. - The board currently has 40% female members, with 2 out of 5 directors being women[166].

Financial Performance - Revenue for the year 2023 reached HKD 120,836,000, an increase from HKD 94,387,000 in 2022, representing a growth of approximately 28%[2] - Gross profit for 2023 was HKD 68,776,000, compared to HKD 53,265,000 in 2022, indicating a gross margin improvement[2] - The company reported a net loss before tax of HKD 19,384,000 for 2023, a significant reduction from a loss of HKD 151,152,000 in the previous year[3] - Basic loss per share for 2023 was HKD 1.20, compared to HKD 9.13 in 2022, reflecting a substantial improvement in financial performance[3] - The group reported a total loss of HKD 19,384,000 for the year ending December 31, 2023, compared to a loss of HKD 151,152,000 in the previous year[25] - The cumulative loss for the group reached HKD 1,226,075,000 as of December 31, 2023, compared to HKD 1,206,328,000 in the previous year[28] - The overall operating loss for the year was HKD 18,561,000, a substantial improvement of 88% from HKD 149,800,000 in the previous year[96] - The company reported a net loss attributable to shareholders of HKD 19,747,000, down 87% from HKD 150,663,000 in the prior year[126] Assets and Liabilities - Non-current assets decreased to HKD 482,428,000 in 2023 from HKD 556,953,000 in 2022, primarily due to depreciation and impairment losses[6] - Current assets totaled HKD 621,907,000 in 2023, slightly down from HKD 628,958,000 in 2022, with inventory decreasing from HKD 22,511,000 to HKD 11,925,000[6] - The company’s total liabilities remained stable at HKD 36,728,000 in 2023, compared to HKD 36,000,000 in 2022[6] - The net asset value decreased to HKD 1,067,607,000 in 2023 from HKD 1,142,015,000 in 2022, indicating a decline in overall equity[6] - The total equity attributable to the company's shareholders decreased to HKD 1,068,364,000 from HKD 1,143,130,000 year-over-year[28] - The total assets of the company as of December 31, 2022, were HKD 1,185,911,000, while total liabilities amounted to HKD (38,014,000)[46] Revenue Segments - Retail apparel and accessories revenue for 2023 was HKD 86,867,000, up from HKD 71,304,000 in 2022, representing a growth of approximately 21.8%[49] - Revenue from food and beverage services at the resort and club business was HKD 934,000 for 2023, compared to HKD 2,283,000 in 2022, indicating a decline of about 59.0%[49] - Revenue from retail fashion and accessories was HKD 86,867,000, while income from investment was HKD 21,164,000, indicating strong performance in both segments[78] - The group's vacation center and club business recorded a revenue increase of 57% to HKD 12,805,000, driven by the lifting of social distancing measures[98] Investment Performance - The investment segment reported a profit of HKD 10,027,000, a significant turnaround from a loss of HKD 114,952,000 in 2022, marking a 109% improvement[96] - The investment portfolio's total book value as of December 31, 2023, was HKD 306,572,000, representing approximately 27.8% of the group's total assets[139] - The investment strategy includes four main types: money market investments, investment-grade and high-yield bond funds, enhanced yield funds, and equity funds[164] - The investment portfolio's fair value for bond funds was HKD 174,119,000, representing approximately 56.9% of the investment portfolio's book value and 15.8% of the group's total assets[165] Operational Efficiency - The company is committed to enhancing its operational efficiency and exploring new market opportunities to drive future growth[9] - The company has implemented strict cost management measures across all business segments, leading to a significant reduction in operating losses compared to the previous year[123] - The company has focused on reducing the number of merchandise brands to retain only the most popular ones, aiming to decrease seasonal inventory[179] - The group has implemented cost-reduction measures in the second half of 2023, including restructuring roles instead of replacing staff, leading to a more streamlined organization[156] Future Outlook - The company plans to cease operations of the resort and club business effective June 16, 2024, to improve future financial performance[124] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[78] - The retail market recovery in 2023 was below expectations, and the group anticipates continued challenges in 2024 due to uncertainties in the Hong Kong and China economic recovery[156] - The company continues to evaluate new strategies for market expansion and product development in response to changing market conditions[52] Compliance and Governance - The financial statements have been audited and confirmed consistent by external auditors, ensuring compliance with applicable financial reporting standards[9] - The group has not yet adopted the new accounting standards effective from January 1, 2024, which include revisions to liabilities classification and lease liabilities[19] - The company has maintained compliance with all corporate governance rules as per the listing rules during the fiscal year[185]

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 60,850,000, representing a 48.5% increase from HKD 40,966,000 in the same period of 2022[114]. - Gross profit for the same period was HKD 37,944,000, up 77.3% from HKD 21,426,000 year-on-year[114]. - The loss attributable to shareholders for the first half of 2023 was HKD 8,548,000, significantly reduced from a loss of HKD 111,060,000 in the previous year, marking a 92% improvement[40]. - Operating loss decreased to HKD 7,849,000 from HKD 110,917,000, showing significant improvement[114]. - The net loss for the period was HKD 8,174,000, compared to a net loss of HKD 111,511,000 in the previous year, indicating a recovery[116]. - The group reported a net loss of HKD 3,443,000 for the six months ended June 30, 2023, significantly reduced from a loss of HKD 82,223,000 in the same period of 2022[168]. Revenue Segmentation - Revenue from external customers for the six months ended June 30, 2023, was 60,850 thousand HKD, with contributions of 43,867 thousand HKD from retail fashion, 6,323 thousand HKD from operating holiday centers and clubs, and 10,660 thousand HKD from investments[162]. - The retail fashion and accessories segment generated revenue of HKD 43,867,000, up 38% from HKD 31,853,000 in the prior year[40]. - The vacation center and club business saw revenue increase by 107% to HKD 6,323,000, compared to HKD 3,054,000 in the previous year[40]. - Sales revenue for the brand "Paule Ka" increased nearly 40% in the first half of 2023, benefiting from the easing of COVID-19 restrictions and the return of travelers[51]. Investment Performance - The group recorded total revenue of HKD 60,850,000 for the first half of 2023, an increase of 49% compared to HKD 40,966,000 in the same period last year[37]. - The group achieved a net fair value gain of HKD 300,000 from investment properties, compared to no gain in the previous year[40]. - The group's net realized and unrealized gains amounted to HKD 11,809,000 for the six months ended June 30, 2023, compared to a net loss of HKD 76,338,000 in the same period of 2022[43]. - The diversified investment portfolio achieved a net return of HKD 11,809,000 for the six months ending June 30, 2023, compared to a net loss of HKD 76,338,000 in the same period of 2022[63]. - The group recorded a total of HKD 2,966 million in fair value losses for the period, a decrease from HKD 2,031 million in the previous year, indicating improved performance[83]. Cost Management - Selling and distribution expenses decreased by 10% to HKD 16,906,000 in the first half of 2023, compared to HKD 18,712,000 in 2022, mainly due to reduced rental costs after the closure of a retail store[45]. - Administrative expenses increased by 4% to HKD 33,465,000 in the first half of 2023, compared to HKD 32,049,000 in 2022, due to legal and professional fees related to privatization proposals[46]. - Employee costs for the six months ended June 30, 2023, were approximately HKD 26,536,000, an increase from HKD 24,050,000 in the same period of 2022[104]. Corporate Governance and Compliance - The company confirmed compliance with the corporate governance code during the six months ended June 30, 2023[16]. - The company has adopted a standard code for securities transactions by directors, confirming compliance throughout the reporting period[6]. - The board approved the interim financial statements on August 25, 2023[4]. Privatization Proposal - The company announced a proposal for privatization at a cash cancellation price of HKD 0.58 per share, which will lead to the withdrawal of its listing status on the stock exchange[3]. - A proposal for privatization at a cash cancellation price of HKD 0.58 per share was announced on June 2, 2023[101]. Asset Management - The fair value of investments held as of June 30, 2023, was HKD 61,874 million, up from HKD 60,260 million as of December 31, 2022, reflecting a growth of 2.7%[88]. - The total fair value of assets measured at fair value was 995,199 thousand HKD, with 75,985 thousand HKD in Level 1, 434,410 thousand HKD in Level 2, and 484,804 thousand HKD in Level 3[141]. - The company’s total assets as of June 30, 2023, were 1,131,176 thousand HKD, while total liabilities were 37,138 thousand HKD[162]. Debt and Liquidity - The company's debt-to-equity ratio was 1.7% as of June 30, 2023, down from 2.1% as of December 31, 2022[98]. - The current ratio remained strong at 16 times as of June 30, 2023, compared to 17.5 times as of December 31, 2022[98]. - As of June 30, 2023, the company's cash and non-collateral deposits amounted to HKD 117,061,000, a decrease from HKD 125,529,000 as of December 31, 2022[98]. Market Conditions - The global fixed income market slightly rose by 1.4% in the first half of 2023, as investors anticipated the nearing end of interest rate hikes by the US Federal Reserve[56]. - The group’s market expansion strategy includes a focus on increasing allocations to high-yield bond funds, reflecting a shift in investment strategy to capture higher returns[88].

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，並明確表示概不就本公佈全部或任 何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 ENM HOLDINGS LIMITED 安 寧 控 股 有 限 公 司 （於香港成立之有限公司） （股份代號：00128） 截至二零二三年六月三十日止六個月 中期業績公佈 安寧控股有限公司（「本公司」）董事會（「董事會」）謹此呈報本公司及 其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經 審核簡明綜合中期業績，連同二零二二年同期之未經審核比較數字。 本公佈下文所載之財務資料乃從截至二零二三年六月三十日止六個月的簡 明綜合財務報表中摘錄。該簡明綜合財務報表並未經審核，惟經本公司外 聘核數師羅申美會計師事務所按照香港會計師公會頒佈之香港審閱工作準 則第 2410 號「實體的獨立核數師對中期財務資料之審閱」進行審閱，其未 經修訂之審閱報告將刊載於即將寄發予股東之中期報告內。此外，截至二 零二三年六月三十日止六個月之簡明綜合財務報表亦經本公司審核委員會 審閱。 ...

Economic Environment - The retail market sentiment in Hong Kong remained low for most of 2022 due to strict COVID-19 measures, with a slight improvement in Q2 and Q3 attributed to the government's consumption voucher scheme [9]. - The company faced significant impacts on its club operations due to the fifth wave of COVID-19, leading to a suspension of entertainment activities and reduced revenue [13]. - In 2022, central banks in developed markets, including the Federal Reserve, raised interest rates by a total of 425 basis points, resulting in a significant decline in both bond and stock markets, affecting the company's investment portfolio valuation [18]. - The company anticipates an economic recession in 2023, with high volatility expected in investments due to geopolitical tensions, and will continue to act prudently in managing its investment portfolio [19]. - The impact of COVID-19 on the company's operations remains uncertain, but strong liquidity and tight cost management are expected to support long-term prospects [34]. Financial Performance - As of December 31, 2022, the company's cash and non-pledged deposits amounted to HKD 125,529,000, an increase from HKD 111,064,000 on December 31, 2021 [33]. - Total borrowings and lease liabilities were HKD 5,882,000 and HKD 18,479,000 respectively, compared to HKD 7,001,000 and HKD 20,899,000 on December 31, 2021 [33]. - The company's debt-to-equity ratio was 2.1% as of December 31, 2022, down from 2.3% a year earlier [33]. - The current ratio remained strong at 17.5 times as of December 31, 2022, compared to 18.5 times on December 31, 2021 [33]. - The company has adopted a dividend policy that considers various factors including current and future operations, capital expenditure, and financial performance, without setting a predetermined dividend payout ratio [97]. Risk Management and Compliance - The company faces legal and compliance risks related to regulatory environments and has implemented appropriate risk management and compliance procedures [28]. - The company has adopted a prudent strategy to manage cash and foreign exchange risks, including the use of forward foreign exchange contracts [32]. - The board is responsible for a balanced and comprehensive assessment of the group's performance, condition, and prospects, with management providing monthly updates [49]. - The internal audit department independently reviews the adequacy and effectiveness of the group's governance, risk management, and internal control systems [60]. - The audit committee concluded that the group's risk management and internal control systems remain effective and sufficient [63]. - The company has established a whistleblowing policy for employees and external parties to report potential misconduct related to financial reporting and internal controls [54]. - The board ensures the maintenance of appropriate and effective risk management and internal control systems [51]. - The company complies with the Securities and Futures Ordinance and listing rules regarding disclosure requirements for financial instruments [74]. IT and Data Security - The company has implemented new IT security measures, including upgraded firewalls with zero-day protection and endpoint protection software to safeguard against cyber threats [22]. - The company has implemented a data security and privacy policy to protect sensitive customer information [45]. Corporate Governance - The remuneration of non-executive directors is determined by the board with reference to the recommendations of the remuneration committee [47]. - The company has not made any amendments to its articles of association during the year [75]. - The company is committed to maintaining integrity and ethical values, with the board operating independently from management [56]. - The audit committee supervises the external auditor's provision of audit and non-audit services, ensuring that non-audit services do not compromise the auditor's independence [82]. - The company conducts regular reviews and updates of its internal control and risk management systems, confirming their effectiveness to the board [80]. Corporate Social Responsibility (CSR) and Environmental Impact - The company has established a Corporate Social Responsibility (CSR) working group to oversee environmental and social matters, reporting directly to the board and led by the CEO [102]. - The CSR report covers the same scope as the previous fiscal year's report, including the Hong Kong fashion retail business operated by a subsidiary, with the reporting period from January 1, 2022, to December 31, 2022 [103]. - The company has adopted an environmental, social, and governance (ESG) policy to ensure its business operations consider environmental and social impacts [119]. - The board regularly reviews and approves the company's ESG strategies, priorities, goals, and related policies [119]. - The company emphasizes stakeholder engagement through various communication channels, including annual and interim reports [126]. - The company has established a corporate social responsibility (CSR) report that quantifies key environmental and social performance indicators [105]. - The company ensures that the data and calculation methods used in the CSR report are consistent with those from the previous year for comparability [106]. - Total greenhouse gas emissions for the year amounted to 766,988 kg CO2 equivalent, a decrease of 14.1% from 892,416 kg CO2 equivalent in the previous year [149]. - The company reported a total of 603,245 kg CO2 equivalent emissions from its operations, down from 719,271 kg CO2 equivalent in the previous year, reflecting a reduction of 16.2% [149]. - The direct emissions from the use of liquefied petroleum gas (LPG) were 64,649 kg CO2 equivalent, a decrease of 17.4% from 78,232 kg CO2 equivalent in the previous year [149]. - The company achieved a reduction in paper consumption emissions to 4,452 kg CO2 equivalent, down 35.1% from 6,859 kg CO2 equivalent in the previous year [148]. - The total emissions from purchased electricity were 44,391 kg CO2 equivalent, an increase of 1.4% from 43,760 kg CO2 equivalent in the previous year [148]. - The company has implemented measures to reduce energy, water, and paper consumption, as well as minimize waste generation [133]. - The company has committed to reducing its carbon footprint and has taken actions to mitigate global temperature rise through various operational measures [142]. - Total harmless waste decreased from 37,567 kg in 2021 to 24,930 kg in 2022, a reduction of approximately 33.8% [152]. - Energy consumption in the fashion retail business dropped from 192,310 kWh in 2021 to 126,874 kWh in 2022, a decrease of about 34% [158]. - Overall energy consumption density improved from 2.52 kWh per thousand revenue in 2021 to 1.78 kWh in 2022, reflecting a 29.3% increase in efficiency [158]. - Water usage in the headquarters decreased slightly from 60 cubic meters in 2021 to 57 cubic meters in 2022 [179]. - Total packaging material consumption was 3,746 kg in 2022, down from 3,788 kg in 2021, indicating a reduction of about 1.1% [180]. - Paper consumption at the headquarters fell from 1,429 kg in 2021 to 928 kg in 2022, a significant reduction of approximately 35% [182]. - The company continues to install energy-efficient lighting, with new retail stores exclusively using LED lighting [156]. - The overall harmless waste density improved from 0.34 kg per thousand revenue in 2021 to 0.26 kg in 2022, a 23.5% increase in efficiency [152]. - Diesel consumption in the fashion retail business was eliminated in 2022, compared to 2,325 liters in 2021 [158]. - The company emphasizes resource efficiency to reduce operational costs and environmental impact, aiming to decrease resource consumption at the same operational scale [177]. Employee Management and Development - The company has recognized the risk of talent retention and is committed to providing attractive compensation and training opportunities to suitable candidates [27]. - The total employee turnover rate decreased to 17.4% in 2022 from 23.2% in 2021 [196]. - The turnover rate for male employees dropped to 21.4% in 2022 from 30.6% in 2021, while for female employees it decreased to 15.3% from 19.4% [196]. - The percentage of employees receiving training was 88.4% in 2022, slightly down from 91.7% in 2021, with 107 employees trained [196]. - The average training hours per employee was 5.2 hours in 2022, compared to 5.4 hours in 2021 [196]. - The company has implemented a series of occupational health and safety policies to protect employee well-being [189]. - In 2022, the number of workdays lost due to work-related injuries was 161 days, compared to 13 days in 2021 [190]. - The company has a zero-tolerance policy towards workplace discrimination and harassment, ensuring compliance with relevant laws [187]. - The company provides various training and development opportunities to enhance employee skills and productivity [192]. - The company has maintained close communication with suppliers during the COVID-19 pandemic to minimize operational disruptions and ensure stable supply [198]. - The company sourced from 68 suppliers globally, with 49 from Europe, 8 from Japan, 6 from the UK, 3 from the US, 1 from mainland China, and 1 from Hong Kong [200].

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 不就本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任 何損失承擔任何責任。 ENM HOLDINGS LIMITED 安 寧 控 股 有 限 公 司 （於香港成立之有限公司） （股份代號：00128） 截至二零二二年十二月三十一日止年度 全年業績公佈 安寧控股有限公司（「本公司」）董事會（「董事會」）謹此呈報本公司及 其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度之經 審核綜合業績，連同往年之比較數字。 綜合損益表 截至二零二二年十二月三十一日止年度 附註 二零二二年 二零二一年 千港元 千港元 收入 5 94,387 109,501 銷售成本 (41,122) (40,927) 毛利 53,265 68,574 ...