(於開曼群島註冊成立之有限公司) 股份代號 : 130 2025 環境、社會及管治報告 目 錄 | 主 報 | 席 | 告 | | | 2 | | --- | --- | --- | --- | --- | --- | | 關 | 於 | 本報告 | | | 4 | | 本集團主要環境 | | | | 及社會範疇 | 8 | | 持份者 | | 參 | 與 | | 10 | 目 錄 一般披露 及關鍵績效指標 16 A. 環境 17 | 層面 | A1: | 排放物 | 17 | | --- | --- | --- | --- | | 層面 | A2: | 資源使用 | 22 | | 層面 | A3: | 環境及天然資源 | 25 | | 層面 | A4: | 氣候變化 | 26 | B. 社會 29 | 僱傭及勞工常規 | | | | | --- | --- | --- | --- | | 層面 | B1: | 僱傭 | 29 | | 層面 | B2: | 健康與安全 | 31 | | 層面 | B3: | 發展及培訓 | 32 | | 層面 | B4: | 勞工準則 | 34 | 營運慣例 | 層面B5: ...

MOISELLE INTERNATIONAL HOLDINGS LIMITED 慕詩國際集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：130） 代表委任表格 本人╱吾等 （附註1） ， 地址為 ， 附註： 為慕詩國際集團有限公司（「本公司」）已發行股本中每股面值0.01港元股份（「股份」）共 股之登記持有人，茲委任大會主席或（如彼未能出任） （附註3） 地址為 1. 請用正楷填上全名及地址。所有聯名登記持有人之姓名亦須註明。 2. 請填上 閣下名下之股份數目。如未有填上股份數目，則本代表委任表格將被視為與 閣下名下登記之所有本公司 已發行股本中之股份有關。 3. 如擬委派大會主席以外之人士為受委代表，請將「大會主席」之字樣刪去，並在空欄內填上 閣下所擬委派受委代表 之姓名及地址。（本代表委任表格如有任何更改，均須由簽署人簡簽示可。） 4. 注意： 閣下如欲投票贊成任何決議案，請在有關「贊成」欄內填上「✔」號。 閣下如欲投票反對任何決議案，則請在 有關「反對」欄內填上「✔」號。如無任何指示， 閣下委任之受委代表可自行酌情投票或放棄投票。 閣下之受委代表 亦有權就於大會上正式提呈而未載於召開大會通 ...

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通告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本通告之全部或 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。 MOISELLE INTERNATIONAL HOLDINGS LIMITED 慕詩國際集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：130） 股東週年大會通告 茲通告慕詩國際集團有限公司（「本公司」）謹訂於二零二五年九月二十九日（星期一） 下午三時正假座香港金鐘金鐘道88號太古廣場二座三十五樓多功能室35B及35C室 舉行股東週年大會，以考慮並酌情通過下列決議案（不論有否修訂）： 1. 省覽、考慮及採納截至二零二五年三月三十一日止年度之本公司董事會報告 書、經審核綜合財務報表及獨立核數師報告書。 2. 重選本公司退任獨立非執行董事（「董事」）朱俊傑先生為獨立非執行董事，彼 為本公司服務超過二十一年。 3. 重選退任獨立非執行董事黃淑英女士為獨立非執行董事，彼為本公司服務超 過二十年。 4. 重選退任獨立非執行董事吳麗文博士為獨立非執行董事。 5. 授權本公司董事會釐定董事之酬金。 6 ...

此乃要件 請即處理 閣下如對本通函任何內容或應採取之行動有任何疑問，應諮詢 閣下之持牌證券交易商、銀 行經理、律師、專業會計師或其他專業顧問。 閣下如已將名下之慕詩國際集團有限公司股份全部售出或轉讓，應立即將本通函連同隨附之 代表委任表格送交買主或承讓人，或經手買賣或轉讓之銀行、持牌證券交易商或其他代理商， 以便轉交買主或承讓人。 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通函之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 MOISELLE INTERNATIONAL HOLDINGS LIMITED 慕詩國際集團有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：130） 發行及回購股份之一般授權、 重選董事 及 股東週年大會通告 謹訂於二零二五年九月二十九日（星期一）下午三時正假座香港金鐘金鐘道88號太古廣場二座 三十五樓多功能室35B及35C室舉行股東週年大會之通告載於本通函第12至15頁。股東於股東 週年大會適用之代表委任表格將連同本通函及將寄發予股東之本公司二零二五年度年報奉附。 ...

Revenue and Sales Performance - The Group's revenue from Hong Kong accounted for approximately 59%, with retail sales of wearing apparel dropping by about 10.6% to approximately HK$37.91 billion in 2024, contrasting sharply with a growth of about 43.5% in 2023[16][19]. - The total visitor arrivals in Hong Kong in 2024 rebounded to only about 79.59% of the pre-pandemic level in 2019, indicating that the supporting customer base has not yet recovered[19]. - Retail sales in Hong Kong experienced a year-on-year decline for thirteen consecutive months from March 2024 to March 2025, highlighting ongoing economic challenges[19]. - In Mainland China, the growth rate of retail sales for apparel, shoes, headwear, and knitted products slowed to 0.3% in 2024 from 12.9% in 2023, reflecting a deteriorating economic environment[21][22]. - The Group recorded an operating loss of approximately HK$46 million due to a 25% decline in turnover, with revenue from Hong Kong falling by 27% to approximately HK$61 million[27]. - Revenue from Mainland China decreased by 20% to approximately HK$25 million, while revenue from Macau dropped by 15% to approximately HK$10 million, and revenue from Taiwan decreased by 35% to approximately HK$7 million[27]. - The Group's revenue from operations in Hong Kong decreased by 27% to HK$61,005,000 due to economic downturns and changes in consumer behavior[54]. - The Group's turnover decreased by approximately 25% to approximately HK$102,722,000 for the year ended 31 March 2025, compared to HK$137,311,000 in 2024[83]. Operational Strategies and Adaptations - The company is adapting to fundamental trends in the industry, including the emergence of a younger generation of consumers who prioritize functionality and personal style over brand names[21][23]. - The Group is focusing on building its major house brand MOISELLE and enhancing customer relationships through online and offline marketing campaigns[32]. - The Group is rationalizing its retail networks, maintaining one store in each city in Mainland China, and expanding its retail presence in prime locations in Hong Kong[37]. - The Group is actively negotiating with landlords to lower shop rents in response to high rental pressures, with limited success in the first half of the Year[37]. - The Group is conducting more short-term promotional sales throughout the year to adapt to changes in consumer behavior, moving beyond reliance on public holidays[36]. - The Group is focusing on enhancing operational efficiency by increasing automation in apparel processing[47]. - The Group aims to maintain a competitive edge by regularly updating product displays and store decorations across all retail outlets[46]. - The Group is actively seeking to rationalize its retail network while exploring new locations with business potential[56]. Marketing and Customer Engagement - The Group is leveraging information technologies, such as e-commerce and social media, to promote and sell products effectively[23]. - The Group continues to enhance its electronic commerce business through alliances with local operators such as VIP.com, Tmall, and JD.com[40]. - The Group is leveraging social media for marketing campaigns to engage existing and potential customers[45]. - The Group hosted fashion shows and marketing campaigns to strengthen relationships with existing customers and attract new ones[68]. - The Group continued short-term cooperation with OnTheList, an online shopping website operator specializing in flash sales, to boost sales[67]. - A customer loyalty program has been implemented to enhance customer satisfaction, offering VIP customers special discounts and regular activities[108]. Financial Health and Governance - The gross profit margin for the Year was 80%, down from 81% in the previous financial year[28]. - Operating expenses decreased by approximately 6% to approximately HK$133,443,000, but the Group still recorded an operating loss of HK$45,811,000[85]. - The loss attributable to equity shareholders increased to approximately HK$56,546,000, up from HK$48,100,000 in 2024[86]. - As of 31 March 2025, the Group's cash and fixed deposits totaled approximately HK$5 million, down from HK$24 million in 2024[91]. - The Group's net current liabilities increased to HK$67 million, compared to HK$24 million in 2024[93]. - The gearing ratio as of 31 March 2025 was approximately 31.1%, up from 23.5% in 2024[93]. - The Group employed 271 employees as of 31 March 2025, down from 302 in 2024[98]. Corporate Governance and Management - The company emphasizes adherence to corporate governance principles, focusing on transparency, independence, accountability, responsibility, and fairness[142]. - The company has complied with the Corporate Governance Code throughout the year ended March 31, 2025, except for the separation of the roles of chairman and CEO[143]. - The current management structure is believed to ensure consistent leadership and optimal efficiency for the company's operations[144]. - The board is responsible for providing leadership and monitoring, formulating business strategies, and assessing risks to achieve the company's goals[146]. - The company has strengthened its corporate values, emphasizing ethical and responsible business practices[146]. - The board has established the company's purpose and values, aligning them with an ideal culture[146]. - The Board consists of seven directors, including three executive directors and four independent non-executive directors[148]. - The company has a nomination committee responsible for reviewing board structure and making recommendations on director appointments[166][167]. - The board diversity policy includes measurable objectives and is reviewed annually by the nomination committee[169]. - The company emphasizes conducting business in a lawful, ethical, and responsible manner, aligning corporate values with desired culture[149]. Risk Management and Compliance - The board is responsible for maintaining effective risk management and internal control systems, which are essential for the group's operations[192]. - The board conducted an annual review of the effectiveness of the risk management and internal control systems based on the COSO framework[196]. - The internal audit department reviewed continuing connected transactions and included findings in its annual review report submitted to the board[198]. - The group has established a whistleblowing policy and system for employees, clients, and suppliers to raise concerns confidentially and anonymously[199].

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retailing, and wholesaling of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of March 31, 2025, Moiselle International reported total revenue of 94.79 million HKD, a year-on-year decrease of 25.19% [1]. - The company recorded a net profit attributable to shareholders of -52.18 million HKD, reflecting a year-on-year decline of 17.56% [1]. - The gross profit margin stood at 80.11%, with a debt-to-asset ratio of 37.7% [1]. Stock Performance - As of July 17, the stock price of Moiselle International was 0.14 HKD per share, marking a 12.0% increase with a trading volume of 136,000 shares and a turnover of 18,400 HKD, showing a price fluctuation of 7.2% [1]. - Over the past month, the stock has experienced a cumulative decline of 7.41%, while year-to-date, it has seen a cumulative increase of 3.31%, underperforming the Hang Seng Index, which has risen by 22.22% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -16.56 times, with a median of 3.57 times [1]. - Moiselle International's P/E ratio is -0.64 times, ranking 114th in the industry [1]. - Comparatively, other companies in the industry have P/E ratios such as FAST RETAIL-DRS at 0.33 times, Zhejiang Yong'an at 1.34 times, and others ranging from 3.48 to 3.66 times [1].

[Financial Statements](index=1&type=section&id=financial_statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=income_statement) The Group's revenue decreased by 25.2% year-on-year, leading to an expanded operating loss of HK$45.81 million and a loss for the year of HK$56.55 million Key Data from Consolidated Statement of Profit or Loss (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 102,722 | 137,311 | -25.2% | | Gross Profit | 82,292 | 110,484 | -25.5% | | Operating Loss | (45,811) | (29,286) | +56.4% | | Loss for the Year | (56,553) | (48,110) | +17.6% | | Loss Attributable to Owners of the Company | (56,546) | (48,100) | +17.6% | | Basic Loss Per Share (HK$) | (0.20) | (0.17) | +17.6% | [Consolidated Statement of Financial Position](index=3&type=section&id=balance_sheet) At period-end, total assets decreased to HK$460 million, net current liabilities expanded to HK$66.93 million, and net assets declined 20.4% to HK$317 million Key Data from Consolidated Statement of Financial Position (HK$’000) | Metric | 2025 | 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 460,285 | 517,662 | -11.1% | | Current Assets | 49,329 | 79,476 | -37.9% | | Current Liabilities | 116,260 | 103,932 | +11.9% | | **Net Current Liabilities** | **(66,931)** | **(24,456)** | **+173.7%** | | Net Assets | 317,472 | 398,935 | -20.4% | | Total Equity | 317,472 | 398,935 | -20.4% | [Notes to the Financial Statements](index=4&type=section&id=notes_to_financial_statements) [Basis of Preparation and Going Concern](index=4&type=section&id=basis_of_preparation) Despite HK$66.93 million in net current liabilities, the Board believes the Group can continue as a going concern, supported by subsequent financing from the controlling shareholder and new bank facilities - As of March 31, 2025, the Group's current liabilities exceeded current assets by approximately **HK$66,931,000**, posing a challenge to its going concern ability[6](index=6&type=chunk) - To address liquidity issues, the Group subsequently secured a **HK$20 million** long-term loan commitment from its controlling shareholder (of which **HK$3.5 million** has been drawn) and approximately **HK$6.45 million** in new bank facilities[6](index=6&type=chunk) - Based on these financing arrangements and cash flow forecasts, the Board believes the Group can continue as a going concern, and the financial statements are prepared on this basis[7](index=7&type=chunk) [Revenue and Segment Information](index=7&type=section&id=revenue_and_segment) The Group's total revenue from fashion apparel sales declined significantly in both Hong Kong (27.3%) and overseas (21.9%), with Hong Kong remaining the primary revenue source at 59% Segment Revenue (HK$’000) | Geographical Segment | 2025 Revenue | 2024 Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Hong Kong | 61,005 | 83,913 | -27.3% | | Outside Hong Kong | 41,717 | 53,398 | -21.9% | | **Total** | **102,722** | **137,311** | **-25.2%** | - Hong Kong operations include sales of own and imported brands in Hong Kong; overseas operations include manufacturing in Mainland China and sales in Mainland China, Macau, and Taiwan[16](index=16&type=chunk) [Other Income and Gains/Losses](index=7&type=section&id=other_income_gains_losses) Other income decreased by 46% year-on-year due to reduced rental income and no government subsidies, while other gains and losses shifted from a HK$4.49 million loss to a HK$2.03 million gain Other Income Details (HK$’000) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Investment Property Rental Income | 2,009 | 3,821 | | Bank Deposit Interest Income | 252 | 735 | | Government Subsidies | – | 424 | | **Total** | **3,314** | **6,142** | - Other gains and losses recorded a net gain of **HK$2,026,000**, compared to a net loss of **HK$4,491,000** last year, primarily due to gains on early lease terminations and exchange gains[17](index=17&type=chunk) [Loss Per Share and Dividends](index=8&type=section&id=loss_per_share_and_dividends) Basic loss per share increased to HK$0.20 due to expanded loss attributable to owners, with no dividends declared or proposed in the current or prior year - The loss for the year used to calculate basic loss per share was **HK$56,546,000**, with a weighted average number of ordinary shares of **287,930,000**[18](index=18&type=chunk) - No dividends were paid or proposed to shareholders for the current or prior year[19](index=19&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=management_discussion_and_analysis) [Market Overview](index=10&type=section&id=market_overview) The apparel retail market faces severe challenges from economic downturns and weak consumer confidence, with significant retail sales declines in Hong Kong and slowed growth in Mainland China, driving industry shifts towards e-commerce and social media - Hong Kong's apparel retail sales decreased by approximately **10.6%** in 2024, a stark contrast to the approximately **43.5%** growth in 2023[22](index=22&type=chunk) - Mainland China's apparel retail sales growth rate sharply decelerated from **12.9%** in 2023 to **0.3%** in 2024[23](index=23&type=chunk) - Underlying industry trends include the rise of younger consumers, an aging population, and the widespread adoption of information technology (internet, e-commerce, social media)[23](index=23&type=chunk) [Operating Review](index=11&type=section&id=operating_review) Facing macroeconomic challenges, the Group's revenue declined across all regions, leading to strategies like store network optimization, enhanced promotions, and e-commerce development, with 31 retail stores at period-end - As of March 31, 2025, the Group operated **31** retail stores and counters, a slight decrease from **32** in the prior year, indicating ongoing rationalization of its retail network[24](index=24&type=chunk) [Hong Kong Business](index=11&type=section&id=hk_business) Hong Kong business revenue decreased by 27% year-on-year due to economic downturns, prompting increased short-term promotions, active online business development, and a streamlined store presence - Hong Kong business revenue decreased by **27%** to **HK$61,005,000** for the current year[25](index=25&type=chunk) - Strategies include: participating in more short-term promotional activities, developing e-commerce, leveraging social media (e.g., Xiaohongshu) for promotion, and maintaining a small yet refined store network[25](index=25&type=chunk)[26](index=26&type=chunk)[27](index=27&type=chunk) [Mainland China Business](index=12&type=section&id=mainland_china_business) Mainland China business revenue fell by 20% due to economic downturns and high rents, leading to store optimization, brand promotion through fashion shows and artist sponsorships, and e-commerce collaborations - Mainland China business revenue decreased by **20%** to **HK$25,012,000**[29](index=29&type=chunk) - The Group continues to develop e-commerce through collaborations with Yunhuan Mall, Vipshop, Tmall, and JD.com[30](index=30&type=chunk) [Macau and Taiwan Business](index=13&type=section&id=macau_and_taiwan_business) Macau business revenue decreased by 15% due to reduced tourist purchasing power, while Taiwan business revenue significantly fell by 35% due to store closures and reduced marketing - Macau business turnover decreased by **15%** to **HK$9,689,000**[31](index=31&type=chunk) - Taiwan business revenue decreased by **35%** to approximately **HK$7,016,000**[32](index=32&type=chunk) [Financial Review](index=13&type=section&id=financial_review) The Group's turnover decreased by 25% to HK$103 million, leading to an expanded operating loss of HK$45.81 million and a loss attributable to shareholders of HK$56.55 million, with liquidity pressure intensifying and the debt-to-equity ratio rising to 31.1% Financial Performance Summary | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Turnover | HK$102,722,000 | HK$137,311,000 | | Gross Margin | 80.1% | 80.5% | | Operating Loss | HK$45,811,000 | HK$29,286,000 | | Loss Attributable to Equity Holders | HK$56,546,000 | HK$48,100,000 | | Debt-to-Equity Ratio | 31.1% | 23.5% | - The Group adopted a prudent financial policy, holding approximately **HK$5 million** in cash and bank balances at period-end (compared to **HK$24 million** last year), and secured total bank facilities of approximately **HK$86 million**[35](index=35&type=chunk) [Outlook](index=15&type=section&id=outlook) The Group anticipates a challenging market, planning cautious business development by strengthening its customer base, increasing social media marketing, enhancing offline store experience, and improving garment processing automation for efficiency and competitiveness - Future strategic priorities include: increasing social media marketing efforts, sponsoring artist endorsements, and unifying retail store displays and decorations[38](index=38&type=chunk) - The Group plans to enhance the automation level of garment processing to further improve operational efficiency[39](index=39&type=chunk) [Other Disclosures](index=15&type=section&id=other_disclosures) [Employees](index=15&type=section&id=employees) As of March 31, 2025, the Group's total number of employees was 271, a decrease of approximately 10% from 302 last year - As of March 31, 2025, the Group employed **271** staff, primarily in Hong Kong and Mainland China, a decrease from **302** in 2024[40](index=40&type=chunk) [Corporate Governance](index=16&type=section&id=corporate_governance) The company complied with most Corporate Governance Code provisions, with the only deviation being the combined roles of Chairman and CEO held by Mr. Chan Yam Kai, which the Board believes ensures consistent leadership and operational efficiency - The company deviated from Corporate Governance Code provision C.2.1, which states that the roles of Chairman and Chief Executive Officer should be separate; currently, Mr. Chan Yam Kai holds both positions[43](index=43&type=chunk) - The Audit Committee has reviewed the consolidated financial statements for the current year[44](index=44&type=chunk)

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retail, and wholesale of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, while the debt-to-asset ratio was 33.74% [1]. Stock Performance - On June 6, the stock price closed at 0.172 HKD per share, marking a 37.6% increase with a trading volume of 960,000 shares and a turnover of 158,900 HKD, with a price fluctuation of 36.0% [1]. - Over the past month, the stock has experienced a cumulative decline of 7.41%, while year-to-date, it has seen a cumulative increase of 3.31%, underperforming the Hang Seng Index by 19.18% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry (TTM) is -5.37, with a median of -0.17 [1]. - Moiselle International's P/E ratio is -0.64, ranking 114th in the industry, compared to other companies such as Fast Retail-DRS at 0.38, Zhejiang Yong'an at 1.34, Urban Beauty at 3.52, Chih Li Industrial Group at 3.58, and Daren International at 3.65 [1].

Company Overview - Moiselle International Group Limited is primarily engaged in the design, manufacturing, retailing, and wholesaling of fashion apparel and accessories, established in 1997 as an international high-end fashion brand known for its unique designs and high-quality craftsmanship [2]. Financial Performance - As of September 30, 2024, Moiselle International reported total revenue of 45.6044 million HKD, a year-on-year decrease of 21.74% [1]. - The company recorded a net profit attributable to shareholders of -21.2868 million HKD, reflecting a year-on-year decline of 54.45% [1]. - The gross profit margin stood at 82.21%, with a debt-to-asset ratio of 33.74% [1]. Stock Performance - On May 14, the stock price of Moiselle International closed at 0.156 HKD per share, marking an increase of 18.18% with a trading volume of 222,000 shares and a turnover of 33,800 HKD [1]. - Over the past month, the stock has experienced a cumulative decline of 12%, while year-to-date, it has seen a cumulative increase of 9.09%, underperforming the Hang Seng Index by 15.2% [1]. Industry Valuation - The average price-to-earnings (P/E) ratio for the textile and apparel industry is -7.67 times, with a median of -0.29 times [1]. - Moiselle International's P/E ratio is -0.67 times, ranking 114th in the industry [1]. - Comparatively, other companies in the industry have P/E ratios such as FAST RETAIL-DRS at 0.37 times, Zhejiang Yong'an at 1.34 times, Urban Beauty at 3.8 times, Shanshan Brand at 3.84 times, and Qihua Industrial Group at 3.96 times [1].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 50,571,000, a decrease of 21.7% compared to HKD 64,620,000 in the same period of 2023[17] - The gross profit for the period was HKD 41,572,000, down from HKD 50,685,000, reflecting a gross margin decline[17] - The operating loss for the period was HKD 21,101,000, compared to an operating loss of HKD 12,649,000 in the previous year, indicating a worsening operational performance[17] - The net loss attributable to shareholders was HKD 23,605,000, compared to HKD 15,283,000 in the same period last year, representing a 54.5% increase in losses[11] - Basic loss per share for the period was HKD 0.08, compared to HKD 0.05 in the previous year, indicating a decline in shareholder value[18] - The total comprehensive loss for the period was HKD 18,696,000, compared to HKD 17,980,000 in the same period last year, indicating ongoing financial challenges[18] - The company recorded a pre-tax loss of HKD 23,943 thousand for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 12,171 thousand in the same period of 2023, reflecting a worsening of approximately 96%[39] - The company experienced a significant decline in segment profit, reporting a loss of HKD 3,758 thousand for the six months ended September 30, 2024, compared to a profit of HKD 9,748 thousand in the same period of 2023[39] - The company reported a net cash inflow from operating activities of HKD 1,361 thousand for the six months ended September 30, 2024, compared to HKD 6,028 thousand in the same period of 2023, representing a decrease of approximately 77.6%[34] Assets and Liabilities - Total assets less current liabilities amounted to HKD 462,486,000, down from HKD 493,206,000 as of March 31, 2024[31] - The company's net asset value was HKD 380,239,000, a decrease from HKD 398,935,000 as of March 31, 2024[31] - Cash and cash equivalents at the end of the period were HKD 11,336,000, compared to HKD 23,558,000 at the end of the previous period, indicating a liquidity squeeze[31] - The group’s net current liabilities increased to HKD 50 million as of September 30, 2024, compared to HKD 24 million on March 31, 2024[90] - The capital debt ratio was approximately 23.7% as of September 30, 2024, slightly up from 23.5% on March 31, 2024[90] Revenue Breakdown - Revenue in Hong Kong decreased by 25% year-on-year to approximately HKD 29,000,000[49] - Revenue in mainland China fell by 10% to approximately HKD 13,000,000 due to declining consumer demand and currency depreciation[49] - Revenue in Macau dropped by 34% to approximately HKD 5,000,000, impacted by store relocations and closures[49] - Overall revenue decreased by 22% year-on-year to approximately HKD 51,000,000[70] - Revenue from the Hong Kong business decreased by 25% year-on-year to HKD 29,394,000 for the first nine months of 2024, with visitor numbers at 69.69% of pre-pandemic levels[104] - Revenue from the domestic business declined by 10% year-on-year to HKD 13,115,000, impacted by a weak RMB and cautious consumer attitudes[109] - The Macau business revenue dropped by 34% to HKD 4,593,000 during the period, following the relocation of the MOISELLE retail store[113] - The group’s revenue from Taiwan operations slightly decreased to approximately HKD 3,469,000, accounting for about 7% of total revenue during the period[131] Cash Flow and Financing - The company reported a net cash outflow from investing activities of HKD 1,911 thousand for the six months ended September 30, 2024, compared to a net cash inflow of HKD 16,052 thousand in the same period of 2023[34] - The cash flow from financing activities resulted in a net cash outflow of HKD 11,648 thousand for the six months ended September 30, 2024, compared to a net cash outflow of HKD 3,572 thousand in the same period of 2023[34] - The company reported a decrease in cash and cash equivalents due to a net decrease of HKD 12,198 thousand during the period, compared to an increase of HKD 18,508 thousand in the same period of 2023[34] - As of September 30, 2024, the group's cash and bank deposits totaled approximately HKD 11,000,000, down from HKD 24,000,000 as of March 31, 2024[115] - The group secured a total bank financing of approximately HKD 84,000,000 as of September 30, 2024, an increase from HKD 73,000,000 as of March 31, 2024[115] - The group obtained bank loans of HKD 58,000,000 for operational funding, up from HKD 51,000,000 as of March 31, 2024[115] Business Strategy and Market Conditions - The company noted that economic downturn and bleak employment and business outlooks have negatively impacted consumer confidence, leading to challenges in the apparel retail market[46] - The company is actively expanding its customer base through promotions on social media platforms like Xiaohongshu and participating in mall promotional activities[71] - The company continues to reposition its main brand MOISELLE to cater to the preferences of younger consumers[71] - The group operates in the luxury and mid-range apparel market, with a total of 31 retail stores as of September 30, 2024, down from 32 stores on March 31, 2024[76] - The group continues to develop its e-commerce business, utilizing platforms like Xiaohongshu to expand its quality customer base[80] - The group is closely monitoring economic conditions and fashion trends to adjust its business strategies accordingly[88] - The company plans to further develop its e-commerce business and explore more technology in fashion design and garment processing to enhance operational efficiency[114] - The company is actively expanding its retail network in Hong Kong in prime locations while maintaining a focus on enhancing store performance[102] - The company has partnered with four local e-commerce platforms to develop its online sales channels[112] Corporate Governance - The company has established an audit committee to oversee financial reporting and risk management, consisting of three independent non-executive directors[150] - The roles of the chairman and CEO are currently held by the same individual, which the board believes ensures effective leadership and operational efficiency[144] - The company has reviewed its accounting principles and practices with the management team for the six months ending September 30, 2024[145] - The major shareholders, Super Result, hold approximately 65.99% of the company's equity, with both Mr. Chen and Ms. Xu each owning 46.7%[121] Dividends and Shareholder Returns - The company did not declare an interim dividend for the year ending March 31, 2025, compared to no dividend declared for the year 2024[43] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[143]