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]

Market Recovery and Economic Environment - The high-end apparel retail market in Hong Kong and Mainland China has not fully recovered to pre-pandemic levels, with visitor arrivals in Hong Kong in 2023 only reaching about 60% of the pre-pandemic level in 2019[16]. - The purchasing power of Mainland Chinese tourists in Hong Kong has decreased compared to pre-pandemic levels due to a weaker renminbi and a bleak business outlook, impacting both the number of visitors and their average transaction size[16]. - The overall business environment remains volatile, with high interest rates and geopolitical tensions affecting market conditions[12]. - The Group's business outlook remains cautious due to factors such as slow post-pandemic recovery, geopolitical tensions, and high inflation[45][48]. - The Group's operations in Mainland China faced challenges due to the ongoing property sector crisis and strained Sino-U.S. relations, leading to a weaker renminbi[80]. Financial Performance - The Group recorded a loss of approximately HK$49 million for the year, an increase compared to the previous financial year's loss, while turnover increased by 7% to approximately HK$137 million[26]. - Revenue from Hong Kong operations increased by 18% to approximately HK$84 million, accounting for about 61% of total revenue[27][28]. - Revenue from Macau dropped by 26% to approximately HK$11 million due to store relocation, while revenue from Mainland China slightly decreased to approximately HK$31 million[27]. - The gross profit margin improved to 81% for the year, compared to 73% in the previous financial year[28]. - The loss attributable to equity shareholders for the year was approximately HK$48,100,000, an increase from HK$42,857,000 in 2023[107]. - The revenue from operations outside Hong Kong decreased by approximately 6% to approximately HK$53,398,000, primarily due to the relocation of retail stores in Macau[101]. Strategic Initiatives and Market Adaptation - The company is focusing on designing and selling trendy clothing that caters to the preferences of the younger generation while also appealing to middle-aged customers[22]. - The ongoing geopolitical tensions and macroeconomic factors continue to reshape the fashion apparel industry, necessitating adaptation to changing consumer behaviors and preferences[20]. - The Group has repositioned its major brand MOISELLE to cater to younger consumers, increasing the proportion of mid-range, on-trend apparel from about 30% to approximately 50% of total SKUs since the financial year ended 31 March 2021[35]. - The Group aims to strengthen its e-commerce business to boost sales and improve customer relationships, forming alliances with more local online shopping platforms[54][57]. - The Group plans to open new stores in prime locations with reasonable rents to enhance its presence in Hong Kong and Mainland China[51][47]. E-commerce and Marketing Efforts - The Group continues to develop its electronic commerce business, having opened two online platforms for marketing and sales of MOISELLE products in Hong Kong[38]. - A partnership was established with JD.com in April 2023 to promote and sell products in Mainland China, enhancing the Group's e-commerce capabilities[41]. - The Group held three fashion shows in Shenzhen and one in Kunming to showcase its latest deluxe fashion apparel, enhancing marketing efforts and store location strategies[37]. - The Group has initiated marketing campaigns targeting Hong Kong consumers in Mainland Chinese cities to tap into the demand from Hong Kong residents traveling north[73]. Corporate Governance and Management - The company is committed to meeting statutory and regulatory requirements, emphasizing transparency, independence, accountability, responsibility, and fairness in corporate governance[166]. - The Board comprises seven directors, including three executive directors and four independent non-executive directors, ensuring a balanced governance structure[176]. - The company has complied with the Corporate Governance Code throughout the year, with deviations noted only for specific provisions[167]. - The management team is responsible for operational decision-making, reinforcing corporate values that stress lawful and ethical business conduct[175]. - The company has adopted a board diversity policy, with the nomination committee responsible for reviewing the policy and measurable objectives annually[195]. Workforce and Operational Capacity - The Group employed 302 staff as of March 31, 2024, an increase from 285 in 2023, indicating growth in workforce[120]. - The Group's cash and bank deposits amounted to approximately HK$24 million at the end of the financial year, compared to HK$14 million in 2023[108]. - The Group's net current liabilities rose to HK$24 million as of year-end 2024, compared to HK$19 million in 2023, indicating a worsening liquidity position[114]. - The Group's gearing ratio increased to approximately 23.5% as of March 31, 2024, up from 14.2% in 2023, reflecting higher leverage[114]. Customer Engagement and Loyalty - The Group has established a customer loyalty program to enhance customer satisfaction and encourage repeat purchases, benefiting VIP customers with special discounts[128]. - The Group will conduct small-scale handicraft courses in stores to attract younger customers and enhance the shopping experience[44]. - The Group's strategy includes incorporating elements of environmental awareness and quality lifestyle into store designs to improve customer experience[44].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 137,311,000, an increase of 7.1% from HKD 127,946,000 in the previous year[2] - The gross profit for the same period was HKD 110,484,000, reflecting a significant increase of 18.4% compared to HKD 93,280,000 in the prior year[2] - The company incurred an operating loss of HKD 29,286,000, which is a decline from the operating loss of HKD 24,980,000 in the previous year[2] - The net loss for the year was HKD 48,110,000, compared to a net loss of HKD 42,901,000 in the previous year, indicating a worsening of 12.9%[4] - The company's total assets less current liabilities amounted to HKD 493,206,000, down from HKD 558,524,000 in the previous year[5] - Cash and cash equivalents at the end of the fiscal year were HKD 23,558,000, an increase from HKD 13,775,000 in the previous year[5] - The company reported a basic loss per share of HKD 0.17, compared to HKD 0.15 in the previous year, indicating a slight increase in loss per share[4] - The company’s non-current assets decreased to HKD 517,662,000 from HKD 577,183,000 in the previous year, primarily due to a reduction in investment properties[5] - The group reported a segment profit of HKD 15,895,000, which is a significant increase from HKD 6,393,000 in the previous year[18] - The group incurred a net loss of HKD 48,100,000 for the fiscal year 2024, compared to a loss of HKD 42,857,000 in the previous year[21] - The average number of ordinary shares used to calculate basic loss per share remained constant at 287,930,000 shares for both years[21] Revenue Breakdown - The group's revenue from external customers in Hong Kong for the fiscal year ending March 31, 2024, was HKD 83,913,000, an increase of 18.4% from HKD 70,846,000 in the previous year[18] - The total revenue from external customers outside Hong Kong was HKD 53,398,000, a decrease of 6.0% from HKD 57,100,000 in the previous year[18] - The total segment revenue for the group was HKD 165,467,000, representing an increase of 4.9% compared to HKD 158,550,000 in the previous year[18] - Total other income decreased to HKD 6,142,000 in 2024 from HKD 12,445,000 in 2023, primarily due to a reduction in rental income and government subsidies[19] - The group's revenue in Hong Kong increased by 18% to HKD 83,913,000, attributed to the rebound in visitor numbers following the lifting of quarantine measures[31] - Revenue from the group's operations in mainland China slightly decreased to HKD 31,160,000 due to a cautious consumer outlook amid economic challenges[35] - The group's revenue from its Taiwan operations increased by 14% to approximately HKD 10,775,000, representing about 8% of the group's total revenue[41] - The Macau business experienced a revenue decline of 26% to HKD 11,463,000 due to the relocation of its store[40] Operational Insights - The group operates 32 retail stores and counters as of March 31, 2024, maintaining the same number as the previous year, while closing underperforming locations and opening in promising areas[30] - The group is actively developing its e-commerce business to enhance sales and marketing efforts, having launched two online platforms in previous fiscal years[34] - The group has begun supplying a distributor in Vancouver, Canada, starting November 2023, to expand revenue sources[31] - The group opened a new MOISELLE store in Central in May 2023 and a LANCASTER store in Mong Kok in December 2022, focusing on prime retail locations[33] - Rising costs, particularly in prime shopping areas, are pressuring the group's operations, prompting a review of its store network[31] - The group is targeting marketing efforts towards Hong Kong consumers in mainland cities to capture cross-border spending[33] - The group continues to face challenges from a weak RMB and a decline in purchasing power among mainland visitors to Hong Kong[31] - The group operated 12 MOISELLE retail stores in mainland China as of March 31, 2024, up from 11 stores a year earlier[38] Future Plans and Strategies - The group anticipates that the apparel retail market may take over two years to fully recover from the challenging operating environment experienced over the past three years[50] - The group plans to open new stores in prime locations in Hong Kong and mainland China to enhance its market presence[51] - The group aims to strengthen its e-commerce business to boost sales and improve customer relationships, including partnerships with local online shopping platforms[51] - The group will expand its fashion wholesale market in Canada, targeting a distributor in Vancouver[51] - The group will enhance employee training to align with product features and design concepts[51] - The group will closely monitor economic conditions and fashion trends to adjust its strategies accordingly[51] Audit and Compliance - The audit committee has reviewed the accounting principles and the consolidated financial statements for the year ending March 31, 2024[59] - The group's auditor confirmed that the preliminary announcement figures align with the audited financial statements[60]

Financial Performance - The company reported a loss attributable to shareholders of HKD 15,283,000 for the six months ended September 30, 2023, compared to a loss of HKD 16,721,000 in the same period last year, representing a 8.6% improvement [2]. - The total comprehensive expenses for the period amounted to HKD 17,982,000, slightly higher than HKD 17,113,000 in the previous year, indicating a 5.1% increase [2]. - Basic loss per share was HKD 0.05, an improvement from HKD 0.06 in the prior year, reflecting a 16.7% reduction in loss per share [2]. - The total equity attributable to shareholders decreased to HKD 443,336,000 from HKD 461,316,000, reflecting a decline of 3.9% [4]. - The group reported a pre-tax loss of HKD 12,171,000 for the period, an improvement from a loss of HKD 16,440,000 in the previous year [16]. - The basic loss per share for the six months ended September 30, 2023, was HKD 15,283,000, compared to HKD 16,721,000 in the same period last year [21]. - The total comprehensive loss for the period was HKD 2,699,000, compared to a loss of HKD 392,000 in the same period last year [80]. - The company incurred financing costs of HKD 1,636,000, which is significantly higher than HKD 820,000 in the previous year [80]. - Other income for the period was HKD 3,447,000, down from HKD 7,483,000, indicating a decline in non-operational revenue sources [80]. Cash Flow and Assets - Cash and cash equivalents increased to HKD 34,148,000 at the end of the reporting period, compared to HKD 13,639,000 at the end of the previous year, representing a significant increase of 150.1% [8]. - Net cash generated from operating activities was HKD 6,028,000, a recovery from a net cash outflow of HKD 3,391,000 in the same period last year [8]. - The company reported net cash from investing activities of HKD 16,052,000, a significant improvement from a net cash outflow of HKD 590,000 in the previous year [8]. - The company's total assets less current liabilities stood at HKD 535,140,000 as of September 30, 2023, down from HKD 558,524,000 as of March 31, 2023, showing a decrease of 4.2% [4]. - As of September 30, 2023, the group's bank deposits and cash balance totaled approximately HKD 34,000,000, up from HKD 14,000,000 on March 31, 2023 [66]. - The group's net current liabilities amounted to HKD 11,000,000 as of September 30, 2023, down from HKD 19,000,000 on March 31, 2023 [67]. - The capital debt ratio was approximately 17.6% as of September 30, 2023, compared to 14.2% on March 31, 2023 [67]. Revenue and Market Performance - The group's external customer revenue for the six months ended September 30, 2023, was HKD 39,447,000, an increase of 30.5% compared to HKD 30,282,000 in the same period last year [16]. - The group's segment profit for the same period was HKD 9,937,000, significantly up from HKD 3,037,000 in the previous year, reflecting a growth of 227.5% [16]. - The total revenue for the group, including inter-segment revenue, reached HKD 43,898,000, compared to HKD 35,385,000 in the previous year, marking an increase of 24.0% [16]. - Revenue for the six months ended September 30, 2023, was HKD 64,620,000, an increase of 15.5% compared to HKD 56,133,000 for the same period in 2022 [80]. - Revenue from the Hong Kong business recorded a 30% year-on-year increase, while revenue from Macau grew by 15%; however, revenue from mainland China and Taiwan declined by 9% and 5%, respectively [38]. - The group's revenue in Hong Kong increased by 30% to HKD 39,447,000 during the period, attributed to the rebound of visitors following the lifting of quarantine measures [51]. - Revenue from the group's operations in mainland China decreased by 9% to HKD 14,611,000, impacted by the real estate crisis and cautious consumer behavior [55]. - Macau business revenue increased by 15% year-on-year, reaching approximately HKD 6,908,000 as of September 30, 2023 [59]. - Taiwan business revenue decreased by 5% year-on-year to approximately HKD 3,654,000, accounting for about 6% of the group's total revenue during the period [60]. Strategic Initiatives and Future Outlook - The company has not disclosed specific future outlook or guidance in the provided documents, indicating a cautious approach amid market conditions [5]. - There are no mentions of new products, technologies, market expansions, or acquisitions in the current report, suggesting a focus on stabilizing existing operations [5]. - The company plans to focus on market expansion and new product development to drive future growth [80]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities [80]. - The group expects the apparel retail market to take over two years to fully recover from the severe operating environment experienced over the past three years [62]. - The group plans to expand its e-commerce business in mainland China by partnering with more online shopping platforms in the second half of the fiscal year [63]. Operational Developments - The group has committed capital expenditures of HKD 19,000 for the purchase of property, plant, and equipment that have not yet been recognized in the financial statements [30]. - The group has entered into a new three-year lease agreement with annual payments of HKD 2,739,000, up from HKD 1,404,000 in the previous lease [30]. - The number of retail stores increased from 32 to 35 between March 31, 2023, and September 30, 2023, with closures of underperforming stores and openings in promising locations [50]. - The group opened a new MOISELLE store in Central in May 2023 and a LANCASTER store in Mong Kok in December 2022, focusing on enhancing retail performance in Hong Kong [53]. - The group maintains a strategy of a small and refined store network in mainland China, retaining one store in each operational city [56]. - The group held a fashion show in Shenzhen in October 2023 to showcase its latest luxury fashion clothing [58]. - The group integrates elements of environmental awareness and art into store designs to enhance the shopping experience [53]. - The group conducts small handmade art classes in stores as part of its sales and promotional efforts to attract younger customers [53]. Human Resources and Governance - The group employed 303 staff as of September 30, 2023, an increase from 285 on March 31, 2023 [69]. - The group aims to enhance employee training to better understand product features and design concepts [63]. - The company has established an audit committee to oversee financial reporting and risk management, consisting of three independent non-executive directors [99]. - The chairman and CEO roles are currently held by the same individual, which the board believes ensures effective leadership and operational efficiency [96]. - The company has complied with the corporate governance code, except for deviations noted in specific clauses [95]. - The audit committee has reviewed the accounting principles and practices adopted by the group as of September 30, 2023 [99].

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公告之 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) 未經審核中期業績 截至二零二三年九月三十日止六個月 慕詩國際集團有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（統 稱「本集團」或「慕詩」）截至二零二三年九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比較數字如下： 簡明綜合損益及其他全面收益表 未經審核 截至九月三十日止六個月 （千港元） 附註 二零二三年 二零二二年 收益 2 64,620 56,133 銷售成本 (13,935) (13,818) 毛利 50,685 42,315 其他收入 3,447 7,483 ...

Financial Performance - For the year ended March 31, 2023, the Group recorded an operating loss of HK$25 million, a reduction of approximately 44% compared to the previous year[129]. - The total revenue for the Group decreased by 8% to HK$128 million, with Hong Kong operations increasing by 21%, while revenues from Mainland China, Macau, and Taiwan declined by 25%, 30%, and 27% respectively[130]. - The Group's loss for the year was HK$43 million, influenced by a significant decline in the value of investment properties due to a bleak business outlook[129]. - The Group's turnover decreased by 8% to HK$128 million for the year, with Hong Kong operations increasing revenue by 21%, while Mainland China, Macau, and Taiwan saw decreases of 25%, 30%, and 27% respectively[148]. - Revenue from the Group's operations in Mainland China dropped by 25% to HK$32,095,000 due to slowing economic growth and reduced consumer sentiment[168]. - Revenue from Macau dropped by 30% to HK$15,528,000 due to a 12-day lockdown in July 2022 and a scaled-down retail network[199]. - The Group's Taiwan operations saw a revenue decline of 27% to approximately HK$9,477,000, accounting for about 7% of total revenue for the year[197]. Business Strategy and Operations - The group’s principal activities include the design, manufacture, retail, and wholesale of fashion apparel and accessories[15]. - The Group has repositioned its major house brand MOISELLE to target the younger generation, focusing on mid-range, on-trend fashion apparel[133]. - The Group actively pursued business innovation measures over the past four years, including e-commerce development and retail network optimization[131]. - The Group adjusted its retail strategy by maintaining a minimal presence in various markets, closing underperforming stores, and opening new ones in promising locations[152]. - The Group's strategy includes conducting small-scale handicraft courses and mini-fashion shows to attract younger customers[149]. - The Group is seeking to expand its retail network in Hong Kong by opening new shops in locations with good prospects at reasonable rents[156]. - The Group has formed alliances with three online shopping platforms in Mainland China to capitalize on e-commerce trends[194]. - The Group's strategy includes maintaining an optimal minimum store network in Mainland China, typically one store per city, to adapt to market conditions[195]. Corporate Governance - The company’s independent non-executive directors have confirmed their independence as of March 31, 2023[6]. - The independent non-executive directors confirmed their independence for the year ended March 31, 2023, in compliance with listing rules[52]. - The company has established a remuneration committee in compliance with corporate governance codes[63]. - The attendance record for the remuneration committee meetings was 100% for all members during the year[35]. - The company has a nomination committee comprising two independent non-executive directors and one executive director[59]. - The attendance record for the nomination committee meeting shows full attendance by all members[57]. - The independent non-executive directors are appointed for a term of two years and are subject to retirement by rotation[70]. - The emoluments of non-executive directors are based on the estimated time spent on company matters[65]. Market Conditions - The operating environment was affected by high inflation and interest rate hikes, leading to a complicated business landscape[124]. - The value of retail sales of apparel in Mainland China fell by 6.5% to approximately RMB1.3 trillion in 2022, impacting consumer sentiment[127]. - The total visitor arrivals in Hong Kong surged by 561.5% to 604,564 in 2022, but the buying power of returning Mainland Chinese tourists was weaker than pre-pandemic levels[142]. - Rents for shop spaces in Hong Kong rebounded to about 80% of pre-pandemic levels in the first five months of 2023, as landlords anticipated a recovery in the retail market[153]. Shareholder Information - The company did not declare any final dividends for the year ended March 31, 2023, similar to the previous year[28]. - The company’s share capital remained unchanged during the year[31]. - There are no provisions for pre-emptive rights under the company's articles of association, meaning new shares are not offered on a pro-rata basis to existing shareholders[95]. - The company has confirmed that all continuing connected transactions were conducted on normal commercial terms and are fair and reasonable to the shareholders[91]. - The independent non-executive directors have reviewed and confirmed the ongoing connected transactions during the year[91]. - As of March 31, 2023, Mr. Chan Yum Kit and Ms. Tsui How Kiu each hold a beneficial interest of 46.7% in Super Result Consultants Limited, which owns 190,000,000 shares, representing 65.99% of the company's share capital[100][108]. - Mr. Chan and Ms. Tsui also have a corporate interest in 3,918,000 shares held by New First Investments Limited, which they own equally at 50% each[85]. - The total interest of Mr. Chan in the company amounts to 193,918,000 shares, representing approximately 67.35% of the total issued shares[82]. - As of March 31, 2023, no other directors or chief executives had any interests or short positions in the shares or debentures of the company[86]. Employee and Community Engagement - The company has established a defined contribution retirement plan for its employees in mainland China[39]. - The Group reported a charitable donation of HK$10,000 for the year, consistent with the previous year[37].

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公告之全部或 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） 截至二零二三年三月三十一日止年度之 全年業績公告 及建議修訂本公司之組織章程大綱及章程細則 全年業績 慕詩國際集團有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司 （「本集團」或「慕詩」）截至二零二三年三月三十一日止年度（「本年度」）之綜合業績 連同去年同期之比較數字如下： 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 收益 3 127,946 138,526 銷售成本 (34,666) (41,920) 毛利 93,280 96,606 其他收入 4 12,445 17,665 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 56,133,000, a decrease of 16.2% from HKD 67,012,000 in the same period last year[8] - Gross profit for the same period was HKD 42,315,000, down 15.5% from HKD 49,999,000 year-on-year[8] - Operating loss for the six months was HKD 15,620,000, an improvement from a loss of HKD 25,031,000 in the previous year, indicating a reduction in operating expenses[8] - The company reported a net loss of HKD 16,765,000, compared to a net loss of HKD 26,526,000 in the prior year, reflecting a 36.8% improvement[9] - Total comprehensive loss for the period was HKD 17,157,000, down from HKD 25,481,000 in the same period last year[9] - Basic loss per share for the period was HKD 0.06, an improvement from HKD 0.09 in the same period last year[9] - The company recorded a loss before tax of HKD 16,440,000, compared to a loss of HKD 26,209,000 in the previous year, indicating an improvement in performance[26] - The company's revenue for the period decreased by 16% year-on-year to HKD 56 million, with a loss of HKD 17 million, slightly narrowed due to a one-time subsidy from the Hong Kong government[43] Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 607,590,000 as of September 30, 2022, compared to HKD 633,195,000 as of March 31, 2022[11] - The net asset value of the company was HKD 497,656,000, a decrease from HKD 514,813,000 at the end of the previous fiscal year[11] - The company’s cash and cash equivalents at the end of the period were HKD 13,639,000, a decrease from HKD 17,567,000 at the beginning of the period[16] - The group maintains a cash balance of approximately HKD 14,000,000 as of September 30, 2022, compared to HKD 14,000,000 on March 31, 2022[70] - The group has bank borrowings of HKD 33,000,000 as of September 30, 2022, up from HKD 13,000,000 on March 31, 2022[70] - The current liabilities net amount is HKD 10,000,000 as of September 30, 2022, compared to HKD 8,000,000 on March 31, 2022[70] - The capital debt ratio is approximately 13.8% as of September 30, 2022, slightly up from 13.5% on March 31, 2022[70] Expenses and Income - The company reported a decrease in distribution and selling expenses to HKD 39,225,000 from HKD 56,016,000, reflecting a strategic cost reduction[8] - Other income for the period was HKD 7,483,000, down from HKD 9,325,000 year-on-year, indicating challenges in generating additional revenue streams[8] - The company incurred a total depreciation expense of HKD 6,725,000 for property, plant, and equipment during the period, compared to HKD 7,227,000 in the prior year[30] - The company’s net cash used in investing activities was HKD 590,000, a significant decrease from HKD 37,034,000 in the previous year[16] - The company’s financing activities generated a net cash inflow of HKD 3,485,000, compared to a net cash outflow of HKD 43,887,000 in the previous year[16] Market Performance - Revenue from the mainland China market fell by 21% year-on-year, while revenue from Macau dropped by 48%[43] - The retail market in Hong Kong saw a year-on-year decline of approximately 9.7% to about HKD 21.62 billion during the period from January to September 2022[40] - Revenue from the mainland China business decreased by 21% year-on-year to HKD 16,006,000 due to economic slowdown and reduced consumer spending[59] - Macau's revenue dropped significantly by 48% year-on-year to HKD 5,983,000, influenced by a 12-day lockdown[63] - Taiwan's revenue fell by 5% year-on-year to approximately HKD 3,862,000, representing about 7% of total group revenue[64] Strategic Initiatives - The company plans to launch a winter fashion collection in November 2022, emphasizing the beauty of Asian women's silhouettes[47] - The company continues to reposition its brand MOISELLE to cater to the preferences of the younger generation, increasing the proportion of trendy fashion items in its inventory[47] - The company is focusing on e-commerce development and streamlining its retail network to adapt to changes in the fashion market[46] - The group has opened two online platforms to enhance e-commerce operations, targeting younger consumers[51] - The group closed underperforming stores, reducing the number of retail outlets in Hong Kong from 38 to 35[54] - The group continues to collaborate with e-commerce platforms like VIP.com and Tmall to expand its online sales[60] - The group is focused on maintaining a lean store network in mainland China, closing underperforming locations while opening new ones[60] - The group plans to open stores in several core business districts in Hong Kong to strengthen its retail network[67] - The group aims to adapt its store network in mainland China by maintaining a small and precise layout, keeping only one store in each operational city[67] Governance and Compliance - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance by all directors for the six months ending September 30, 2022[82] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the reporting period[83] - The group revised its bank financing agreement to a maximum amount of HKD 55 million as of June 2022, down from HKD 65 million[85] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the six months ending September 30, 2022[86] - The roles of the chairman and CEO are currently held by the same individual, which the board believes ensures effective leadership and operational efficiency[87] - An audit committee has been established to review and monitor the financial reporting process and risk management systems[88] - The unaudited condensed consolidated financial statements for the six months ending September 30, 2022, have been reviewed by the audit committee[89]

Market Performance - Moiselle derived approximately 42% of its revenue from the Hong Kong market, which faced significant challenges due to the resurgence of Covid-19 in early 2022[11]. - The retail sales value of wearing apparel in Hong Kong rebounded by approximately 22.6% to HK$32.5 billion in 2021, compared to a sharp decline of about 41.3% to approximately HK$26.51 billion in 2020[11]. - In Mainland China, the retail value of apparel, shoes, headwear, and knitted products increased by 12.7% to approximately RMB1.38 trillion in 2021, following a 6.6% drop in 2020[11]. - The retail sales in Mainland China were only 2.22% higher than the approximately RMB1.35 trillion recorded in 2019, indicating a slow recovery[11]. - Total visitor arrivals in Hong Kong plunged by 97.4% in 2021, significantly impacting the retail and restaurant sectors[13]. - The company faced a challenging fiscal year ending March 31, 2022, due to the pandemic's impact on consumer sentiment and spending[12]. - The pandemic led to uneven operational performance across different markets, affecting overall sales growth[20]. Financial Performance - The company's loss widened by 76% to HK$41 million due to the pandemic's impact, reduced government subsidies, and lower appreciation in investment properties[17]. - Revenue increased by 9% to HK$139 million, with operations in Hong Kong contributing 42% and Mainland China 31% of total revenue[20][22]. - Gross profit margin improved from 68% in the previous financial year to 70%[22]. - Revenue from the Group's operations in Hong Kong rebounded by 6% to HK$58,552,000, reversing a previous decline of about 43%[44]. - Revenue from operations in Mainland China increased by 6% to HK$42,914,000, slowing from a 17% year-on-year rebound in the first half of the year[51]. - Revenue from operations in Taiwan decreased by 9% to approximately HK$12,967,000, accounting for about 9% of the Group's total revenue for the year[53]. - The Group's revenue for the year ended 31 March 2022 increased by approximately 9% to approximately HK$138,526,000 compared to HK$127,283,000 in 2021[56]. Strategic Initiatives - The company continues to monitor market conditions and adapt its strategies in response to ongoing challenges in the retail environment[12]. - The company launched a website for its Hong Kong concept store M CONZEPT, enhancing its e-commerce capabilities[27]. - The company formed partnerships with three e-commerce platforms in Mainland China to enhance its online presence[27]. - The Group plans to hire key opinion leaders for livestreaming e-commerce to boost brand awareness and sales[36]. - The Group aims to adapt its store network strategy to a more optimal minimum, focusing on flexibility and short leases for shop spaces[33]. - The Group's strategy includes enhancing the shopping experience by incorporating elements like environmental awareness and quality lifestyle into store designs[31]. Operational Adjustments - The Group closed some underperforming stores, reducing the total number from 47 to 38 as of March 31, 2022[43]. - The Group closed two underperforming stores in Mainland China, including one in Shanghai and one in Hangzhou, during the year[51]. - The Group's store network in Hong Kong was rationalized, with a focus on locations with good prospects[47]. - The Group negotiated for rent concessions with some landlords to manage the difficult operating environment[47]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the year ended March 31, 2022, except for the deviation of Code Provision A.2.1[87]. - The company is committed to meeting statutory and regulatory requirements and adhering to corporate governance principles emphasizing transparency and accountability[87]. - The Board of Directors consists of six members, with three executive directors and three independent non-executive directors[91]. - The company has established a nomination committee to review board composition and make recommendations regarding director appointments and succession planning[104]. - The company has adopted a corporate governance code and established various committees to ensure compliance and effective oversight[111]. Risk Management - The Board conducted an annual review of the effectiveness of the risk management and internal control systems for the year ended 31 March 2022, focusing on three major business cycles[132]. - The company has implemented various initiatives to enhance existing risk management and internal control systems alongside ongoing business development[132]. - The company has maintained an internal audit function and engaged external consultants to assist in identifying, evaluating, and managing significant risks[134]. Employee Relations - The Group employs 300 staff as of 31 March 2022, a decrease from 374 in 2021[60]. - The Group complies with local labor laws, providing reasonable remuneration and benefits to employees, and offers training for career development[65]. - The company secretary has provided proof of compliance with relevant training requirements, having completed no less than fifteen hours of professional training during the year ended 31 March 2022[142]. Sustainability and Compliance - The Group ensures compliance with environmental regulations at its factory in Longhua, Shenzhen, focusing on industrial emissions and effluents[62]. - The Group's initiatives contribute to the sustainability of its business operations[67]. - The company emphasizes the importance of protecting its intellectual property rights and respecting the intellectual property rights of others[66].