事件: 2024 年4 月2 日，龙星科技发布2024 年年度报告：2024 年公司实现营业收入43.55 亿元，同比增加 1.95%；实现归属于上市公司股东的净利润1.42 亿元，同比增加28.70%；加权平均净资产收益率为 7.97%，同比增加1.28 个百分点。销售毛利率10.71%，同比增加1.13 个百分点；销售净利率3.26%，同 比增加0.68 个百分点。 其中，公司2024Q4 实现营收12.32 亿元，同比+14.67%，环比+13.25%；实现归母净利润0.30 亿元，同 比+357.73%，环比-39.54%；ROE 为1.61%，同比增加1.23 个百分点，环比减少1.07 个百分点。销售毛 利率13.01%，同比增加3.09 个百分点，环比增加1.60 个百分点；销售净利率2.43%，同比增加1.82 个百 分点，环比减少2.13 个百分点。 盈利预测和投资评级 投资要点: 综合考虑公司主要产品价格价差情况，我们对公司盈利预测进行适当调整，预计公司2025-2027 年营业 收入分别为50.17、64.16、79.41亿元，归母净利润分别为2.19、3.11、3.98 亿元，对应PE ...

Financial Performance - The company's total revenue for the year ended December 31, 2024, was HKD 131,289,000, a decrease of 10.2% compared to HKD 146,147,000 in 2023[3] - The net loss for the year was HKD 38,978,000, improving from a net loss of HKD 51,612,000 in the previous year, representing a reduction of 24.5%[4] - The company's basic and diluted loss per share was HKD 0.03, compared to HKD 0.04 in 2023, indicating a 25% improvement[3] - Total comprehensive loss for the year was HKD 33,154,000, a decrease from HKD 48,096,000 in 2023, reflecting a 30.9% improvement[4] - The company reported a loss before tax of HKD 38,976,000 for 2024, compared to a loss of HKD 51,598,000 in 2023, indicating an improvement in financial performance[22] - The group recorded a net loss from the sale of properties, plant, and equipment amounting to HKD 30,593,000 in 2024, compared to a loss of HKD 223,000 in 2023, highlighting challenges in asset disposals[34] - The group recorded a net realized loss of approximately HKD 300,000 from securities trading in fiscal year 2024, compared to a loss of approximately HKD 100,000 in fiscal year 2023[75] Assets and Liabilities - Non-current assets decreased significantly from HKD 419,213,000 in 2023 to HKD 266,636,000 in 2024, a decline of 36.3%[5] - Current liabilities decreased from HKD 253,134,000 in 2023 to HKD 81,536,000 in 2024, a reduction of 67.8%[6] - The company's cash and bank balances dropped from HKD 92,694,000 in 2023 to HKD 10,947,000 in 2024, a decrease of 88.2%[5] - The total equity attributable to the company's equity holders decreased from HKD 81,125,000 in 2023 to HKD 46,590,000 in 2024, a decline of 42.5%[6] - The company's total assets as of December 31, 2024, amounted to HKD 343,942,000, compared to HKD 592,616,000 in 2023, showing a significant reduction in asset base[22] - The group has a net current liability of HKD 4,230,000 as of December 31, 2024[9] - The group’s debt ratio was approximately 195% as of December 31, 2024, down from 304% as of December 31, 2023[78] - The group had a current ratio of approximately 0.95 as of December 31, 2024, an improvement from 0.69 as of December 31, 2023[78] Income and Expenses - The company reported an increase in other income and gains to HKD 50,089,000 in 2024, up from HKD 18,745,000 in 2023, representing a growth of 167.5%[3] - The company incurred financial costs of HKD 21,490,000 in 2024, a decrease from HKD 24,831,000 in 2023, which suggests improved cost management[22] - Sales and distribution expenses for fiscal year 2024 were approximately HKD 66.7 million, a decrease of about HKD 2.4 million or 3.5% compared to fiscal year 2023[69] - General and administrative expenses for fiscal year 2024 were approximately HKD 50 million, an increase of about HKD 1.8 million compared to fiscal year 2023[70] - Financial costs decreased to approximately HKD 23,100,000 in fiscal year 2024, down by HKD 3,800,000 or 14.1% from HKD 26,900,000 in fiscal year 2023[72] Operational Focus and Strategy - The company plans to continue focusing on its core businesses, including department store operations and securities trading, while exploring potential market expansion opportunities[7] - Management is implementing measures to improve profitability and cash flow, including revising marketing strategies and controlling capital expenditures[9] - The management is optimistic about the group's future prospects, despite challenges in the retail market and increasing consumer preference for online shopping[76][77] Legal Matters - Win Dynamic, the company's former controlling shareholder, is involved in a legal dispute regarding a conditional cash offer to acquire all issued shares, with expected payments of approximately HKD 260,443,000[49] - The company is pursuing legal action against Win Dynamic to enforce a deed related to the cash offer, claiming the deed is valid and binding[53] - The High Court has issued a temporary injunction preventing Win Dynamic from disposing of assets in Hong Kong related to the cash offer[52] - The independent board committee is reviewing the implications of Win Dynamic's claim of deed cancellation[50] - The company and Win Dynamic have filed counterclaims in the ongoing legal proceedings, asserting the enforceability of the deed[54] Employment and Staff - The group employed 199 staff members as of December 31, 2024, an increase from 178 staff members as of December 31, 2023[81] Dividends and Shareholder Matters - The company did not declare any dividends for the years ended December 31, 2024, and 2023[37] - The company did not recommend the payment of a dividend for the fiscal year 2024[90] - The annual general meeting is scheduled for June 6, 2025[91] - The company will suspend the transfer of shares from June 3, 2025, to June 6, 2025, to determine voting rights at the annual general meeting[92] Reporting and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant impact on financial performance[13] - The final results and the 2024 annual report will be published on the Hong Kong Stock Exchange and the company's website[93] - The audit committee consists of three independent non-executive directors[89]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 65,050,000, a decrease of 12.3% compared to HKD 74,356,000 for the same period in 2023[4] - The net loss for the period was HKD 26,662,000, compared to a loss of HKD 19,011,000 in the previous year, indicating a 40.3% increase in losses[4] - Basic and diluted loss per share was HKD 0.02, compared to HKD 0.01 for the same period in 2023[4] - The company reported a comprehensive loss of HKD 24,774,000 for the period, compared to a comprehensive loss of HKD 18,974,000 in the previous year[5] - The company reported a net loss attributable to equity holders of HKD 27,260,000 for the six months ended June 30, 2024, compared to a loss of HKD 17,493,000 in the same period of 2023[36] - The group's consolidated revenue for the first half of 2024 was approximately HKD 65,100,000, a decrease of about HKD 9,300,000 or 12.5% compared to the first half of 2023[69] - The loss attributable to equity holders of the company for the first half of 2024 was approximately HKD 27,300,000, an increase of about HKD 9,800,000 or 56.0% compared to the first half of 2023[75] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 255,235,000, compared to HKD 173,403,000 as of December 31, 2023, showing a significant increase[6] - Total liabilities increased to HKD 415,556,000 from HKD 253,134,000, indicating a rise in financial obligations[6] - The company's equity attributable to shareholders decreased to HKD 100,770,000 from HKD 125,544,000, reflecting a decline of 19.8%[9] - Cash and cash equivalents decreased to HKD 13,188,000 from HKD 24,307,000 year-over-year[13] - The company had a net current liability of HKD 160,321,000 as of June 30, 2024[17] - Total bank borrowings amounted to HKD 81,000,000, with repayments of HKD 81,397,000 during the period[13] - The company's total liabilities were HKD 297,820,000 as of June 30, 2024[26] - As of June 30, 2024, the total value of assets classified as held for sale is HKD 177,000,000, compared to zero on December 31, 2023[41] Cash Flow and Financial Management - Operating cash flow was negative at HKD 2,373,000 compared to negative HKD 6,584,000 in the previous year[13] - The company recorded a decrease in cash flow from investing activities to HKD 9,967,000 from HKD 61,160,000 year-over-year[13] - The company plans to improve profitability by controlling operating costs and reducing capital expenditures[17] - There is a commitment from the parent company to provide ongoing financial support for at least the next 12 months[17] - The management's cash flow forecast covers at least 18 months starting from June 30, 2024, based on key assumptions regarding operational cash flows and available financing[18] - The company expects to have sufficient financial resources to continue operations based on the management's forecasts and ongoing financial support from related parties[18] Segment Performance - The company operates in three segments: department store business, securities trading, and other services including property leasing and insurance[22] - The performance of each operating segment is assessed based on adjusted profit or loss before tax, excluding certain interest income and expenses[22] - The department store business recorded revenue of approximately HKD 65,300,000 in the first half of 2024, a decrease of about 12.1% compared to the first half of 2023[76] Legal and Compliance Matters - The company is currently reviewing the implications of a claim regarding the invalidation of a contract, which may affect its operations and financial position[63] - The company has received legal advice confirming that the agreement with Win Dynamic is enforceable and that it holds legal and contractual rights to the proceeds[67] - The company and Wei Lu have filed a revised claim against Win Dynamic, asserting that the agreement is valid and binding[66] - The High Court has issued a temporary injunction preventing Win Dynamic from disposing of its assets in Hong Kong, limited to the value of the proceeds[65] - The company has engaged in legal proceedings against Win Dynamic regarding the cancellation of the agreement, which is deemed to be in the best interest of the company and its shareholders[65] Governance and Compliance - The company has adopted the corporate governance code as per the listing rules and has complied with it during the first half of 2024[93] - The audit committee, consisting of three independent non-executive directors, reviewed the group's accounting principles and the unaudited interim financial statements for the first half of 2024[94] - The company has confirmed compliance with the standards set out in the securities trading code during the first half of 2024[92] Other Financial Metrics - The financial costs for the period were HKD 14,275,000, an increase from HKD 12,667,000, indicating a rise of 12.7%[4] - Other income and gains for the period were HKD 10,368,000, up from HKD 9,277,000, representing an increase of 11.7%[4] - The company's expected credit loss provision increased to HKD 1,737,000 as of June 30, 2024, compared to HKD 1,111,000 at the end of 2023[39] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[37] - The group anticipates continued challenges in the retail sector due to weak consumer spending and the rising trend of online shopping[78]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 65,050,000, a decrease of 12.4% compared to HKD 74,356,000 for the same period in 2023[2] - The net loss for the period was HKD 26,662,000, compared to a loss of HKD 19,011,000 in the previous year, indicating an increase in losses of 40.5%[2] - Basic and diluted loss per share was HKD 0.02, compared to HKD 0.01 for the same period in 2023[2] - The company reported a total comprehensive loss of HKD 24,774,000 for the period, compared to HKD 18,974,000 in the previous year, an increase of 30.5%[3] - The group reported a loss before tax of HKD 26,662,000 for the six months ended June 30, 2024, compared to a loss of HKD 18,997,000 in the same period of 2023[33] - The loss attributable to equity holders of the company for the first half of 2024 was approximately HKD 27,300,000, an increase of about HKD 9,800,000 or 56.0% compared to the first half of 2023[67] Revenue Breakdown - Revenue from sales of own goods was HKD 48,944,000, down from HKD 53,464,000, representing a decline of 8.5%[29] - Revenue from consignment sales and commissions was HKD 16,335,000, a decrease of 21.7% from HKD 20,800,000[29] - The department store business recorded revenue of approximately HKD 65.3 million in the first half of 2024, a decrease of about 12.1% compared to HKD 74.3 million in the same period of 2023[68] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 255,235,000, down from HKD 419,213,000 as of December 31, 2023, representing a decrease of 39.1%[4] - Current liabilities increased to HKD 415,556,000 from HKD 253,134,000, indicating a significant rise of 64.3%[5] - The company's equity attributable to shareholders decreased to HKD 55,710,000 from HKD 81,125,000, a decline of 31.3%[5] - Total liabilities as of June 30, 2024, were HKD 423,057,000, a decrease from HKD 467,072,000 as of December 31, 2023[23] Cash and Financing - As of June 30, 2024, the group's cash and bank balances were approximately HKD 13,188,000[9] - The group has unutilized trade financing bank facilities amounting to HKD 85,000,000 as of June 30, 2024[9] - The group's bank borrowings amounted to HKD 83,917,000 as of June 30, 2024, slightly down from HKD 84,314,000 on December 31, 2023[47] - The group's cash and bank balances were approximately HKD 14.4 million, a significant decrease from HKD 104 million as of December 31, 2023[71] Operational Segments - The group operates in three segments: department store business, securities trading, and other services including property leasing and insurance[15] - The performance of each operating segment is assessed based on adjusted profit or loss before tax[16] - The securities trading business reported a realized net loss of approximately HKD 300,000 and an unrealized net loss of approximately HKD 100,000, compared to a realized net loss of HKD 7,000 and an unrealized gain of HKD 72,000 in the first half of 2023[69] Legal Matters - The company is involved in legal proceedings regarding a claim of invalidation of a contract, with potential financial implications estimated at approximately HKD 260,443,000[53] - The company has initiated legal action against Win Dynamic to enforce a contract related to share acquisition[55] - The High Court has issued a temporary injunction preventing Win Dynamic from disposing of assets in Hong Kong pending further legal proceedings[55] Management and Strategy - Management is implementing measures to improve profitability, including revising marketing strategies and controlling capital expenditures[9] - The group plans to continue monitoring and adjusting its department store business strategies in response to the challenges posed by weak consumer spending and the rise of online shopping[70] - The group has implemented measures to improve profitability, control operating costs, and reduce capital expenditures, including revising marketing strategies and negotiating lower rents[71] Employee and Governance - The group had a total of 176 employees as of June 30, 2024, a slight decrease from 178 employees at the end of 2023[73] - The board of directors includes Dr. Lin Xiaohui, Ms. Su Jiaohua, and Dr. Yu Lai as executive directors, with Dr. Dai Defeng as a non-executive director[85] - Independent non-executive directors include Mr. Yu Lianghui, Mr. Zhong Zhenxiong, and Ms. Lin Lin[85]

Financial Performance - The group's consolidated revenue for the fiscal year 2023 was approximately HKD 146,100,000, a decrease of about HKD 400,000 or 0.3% compared to the fiscal year 2022[23] - The net loss for the fiscal year 2023 was approximately HKD 51,600,000, a reduction of about HKD 12,400,000 or 19.3% compared to the previous year[23] - The gross profit margin improved from 55.9% to 57.4%, resulting in an increase in gross profit of approximately HKD 2,000,000[23] - The overall segment loss for fiscal year 2023 was approximately HKD 25,900,000, an improvement from HKD 36,900,000 in fiscal year 2022[29] - For the fiscal year 2023, the company's loss attributable to equity holders was approximately HKD 50.5 million, a decrease of about HKD 10.3 million or 16.9% compared to HKD 60.8 million in the fiscal year 2022[49] - The group's revenue for the fiscal year 2023 was approximately HKD 146,100,000, a decrease of about HKD 400,000 or 0.3% compared to HKD 146,500,000 in fiscal year 2022[84] - Revenue primarily came from the department store business, amounting to approximately HKD 146,000,000, which accounted for about 99.9% of the total revenue[84] - Dividend income for fiscal year 2023 was approximately HKD 500,000, down from about HKD 900,000 in fiscal year 2022[90] Expenses and Liabilities - General and administrative expenses were approximately HKD 48,200,000 in fiscal year 2023, down from HKD 54,000,000 in fiscal year 2022, mainly due to a reduction in consultancy fees[26] - The group's interest expenses for fiscal year 2023 were approximately HKD 26,900,000, compared to HKD 27,800,000 in fiscal year 2022[27] - As of December 31, 2023, the group's net current liabilities were approximately HKD 79,731,000, a significant decrease from HKD 240,297,000 as of December 31, 2022[92] - The group's debt ratio was approximately 304% as of December 31, 2023, compared to 255% a year earlier[31] Cash and Bank Balances - As of December 31, 2023, the group's cash and bank balances were approximately HKD 104,000,000, down from HKD 182,500,000 a year earlier[31] - The group's cash and bank balances as of December 31, 2023, were approximately HKD 92,694,000, compared to HKD 98,188,000 in the previous year[92] Business Strategy and Operations - The group plans to continue monitoring and adjusting its department store business strategies to address challenges in the retail environment[30] - The group maintained its revenue at approximately HKD 146,000,000 despite the closure of one store at the end of 2022, with improvements in revenue from other stores offsetting the loss[89] - The group experienced an increase in online shopping behavior among retail customers, which limited the recovery effect on department store performance[89] Employee and Governance - The company had a total of 178 employees as of December 31, 2023, an increase from 161 employees as of December 31, 2022[54] - The company has complied with the corporate governance code, except for deviation from code provision C.1.6 regarding attendance at the shareholders' meeting[59] - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[63] - The company has adopted a board diversity policy to enhance performance quality and will review its implementation annually[110] Risk Management and Compliance - The company has not implemented a foreign exchange hedging policy but will monitor foreign exchange risks closely and consider hedging if significant risks arise[53] - The company will continue to engage external independent professionals to audit its internal control and risk management systems annually[149] - The group has maintained compliance with significant legal and regulatory requirements throughout the fiscal year 2023[156] Customer Relations and Service Quality - The company has established a customer complaint handling mechanism to enhance service quality and communication with customers[158] Environmental, Social, and Governance (ESG) - The report period for the environmental, social, and governance report spans from January 1, 2023, to December 31, 2023[181] - The company has adhered to the Hong Kong Stock Exchange's environmental, social, and governance reporting guidelines for year-on-year performance comparison[187] - The company has implemented measures to control emissions to address air pollution, a major urban issue[192] Shareholder Rights - The company is committed to enhancing shareholder rights and ensuring that resolutions are voted on at the annual general meeting[151] - The company has proposed resolutions at the upcoming annual general meeting to reappoint its auditors[142]

Financial Performance - For the year ended December 31, 2023, the group reported a net loss of HKD 51,612,000, compared to a net loss of HKD 63,969,000 for the previous year[30]. - Total revenue for the year was HKD 146,147,000, slightly down from HKD 146,516,000 in the previous year, representing a decrease of approximately 0.25%[31]. - The group incurred a segment loss of HKD 44.580 million across its business segments for the year ended December 31, 2023[59]. - The group reported a pre-tax loss of HKD 50,477,000 for the year ended December 31, 2023, compared to a loss of HKD 60,756,000 in 2022[94]. - The net loss for the fiscal year 2023 was approximately HKD 51,600,000, a reduction of about HKD 12,400,000 or 19.3% from the fiscal year 2022[175]. - The company's equity holders' share of the loss was approximately HKD 50,500,000 for the fiscal year 2023, a decrease of about HKD 10,300,000 or 16.9% from the fiscal year 2022[180]. Assets and Liabilities - Non-current assets decreased from HKD 433,523,000 to HKD 419,213,000 year-on-year[12]. - Current assets decreased from HKD 249,171,000 to HKD 173,403,000 year-on-year[12]. - Total liabilities decreased from HKD 489,468,000 to HKD 253,134,000 year-on-year[12]. - The group’s net current liabilities as of December 31, 2023, were HKD 79,731,000, a significant improvement from HKD 240,297,000 in the previous year[34]. - The total assets of the group amounted to HKD 592.616 million as of December 31, 2023[59]. - The group reported a total liability of HKD 467.072 million as of December 31, 2023[59]. - The company's total cash and bank balances as of December 31, 2023, were approximately HKD 104,000,000, a decrease from HKD 182,500,000 as of December 31, 2022[184]. Cash Flow and Financing - The group has a loan financing agreement with a related company for up to HKD 260,000,000, with HKD 49,000,000 undrawn as of December 31, 2023[20]. - The group has unutilized trade financing bank facilities amounting to HKD 443,000[39]. - The company plans to utilize the anticipated payment of approximately HKD 260,443,000 from Win Dynamic for operational funding[163]. - The company reported a decrease in financial costs to approximately HKD 26,900,000 for the fiscal year 2023, down from HKD 27,800,000 in the fiscal year 2022[179]. Operational Strategies - The management is implementing strategies to improve profitability, including revising marketing strategies and controlling capital expenditures[19]. - Management is implementing measures to improve profitability, control operating costs, and reduce capital expenditures to enhance operational performance and mitigate liquidity risks[186]. - The company anticipates ongoing challenges in the retail sector due to the rising trend of online shopping among customers[182]. Accounting and Compliance - The new accounting standard HKFRS 17 for insurance contracts is expected to have no significant impact on the group’s financial statements[25]. - The adoption of new and revised Hong Kong Financial Reporting Standards has not significantly impacted the group's financial performance or position for the current and prior periods[42]. - The company has implemented a new accounting guideline regarding the accounting impact of the Mandatory Provident Fund and long service payment offset mechanism[50]. Employee and Operational Metrics - Employee benefits expenses, excluding directors and CEO remuneration, amounted to HKD 37,729,000 in 2023, a decrease from HKD 38,380,000 in 2022[89]. - The company employed 178 staff members as of December 31, 2023, an increase from 161 staff members in the previous year[188]. Legal and Regulatory Matters - The company is obligated to pay a judgment amount of HKD 12,064,272, along with interest and legal fees, following a court ruling in favor of Mr. Ma Jingxuan[146]. - The company is involved in legal proceedings that are expected to conclude with a judgment on February 1, 2024[146]. Dividends and Share Capital - The company did not recommend the payment of dividends for the fiscal years ended December 31, 2023, and 2022[110][116]. - The company had no changes in its share capital during the year[133].

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 74,356,000, an increase of 7.3% compared to HKD 69,081,000 for the same period in 2022[7]. - The net loss for the period was HKD 19,011,000, a significant improvement from a net loss of HKD 39,479,000 in the previous year, representing a reduction of 51.8%[7]. - Basic and diluted loss per share improved to HKD 0.01 from HKD 0.03 year-on-year[7]. - The company reported a gross profit margin of approximately 59% for the first half of 2023, compared to 55% in the same period last year[7]. - Other income and gains increased to HKD 9,277,000 from HKD 8,545,000, showing a growth of 8.6%[7]. - The company reported a loss before tax of HKD 18,997,000, significantly improved from a loss of HKD 39,443,000 in the previous year[36]. - The loss attributable to equity holders for the first half of 2023 was approximately HKD 17,500,000, a decrease of about 54.1% compared to a loss of HKD 38,100,000 in the same period of 2022[104]. Assets and Liabilities - Total assets decreased to HKD 534,755,000 as of June 30, 2023, down from HKD 682,791,000 at the end of 2022[10]. - Current liabilities decreased to HKD 372,909,000 from HKD 489,268,000, indicating improved liquidity management[10]. - The company's equity attributable to shareholders decreased to HKD 111,932,000 from HKD 128,988,000, reflecting ongoing financial challenges[11]. - Total liabilities also decreased to HKD 378,810,000 from HKD 507,775,000, a reduction of 25.4%[36]. - The company reported a decrease in total reserves to HKD (358,045,000) as of June 30, 2023, from HKD (281,128,000) as of June 30, 2022, indicating a decline of 27.4%[13]. - As of June 30, 2023, the group had a net current liability of approximately HKD 257,200,000, an increase from HKD 240,100,000 as of December 31, 2022[112]. Cash Flow and Financing - The net cash used in operating activities was HKD 6,584,000 for the six months ended June 30, 2023, an improvement from HKD 29,539,000 used in the same period in 2022[14]. - Cash and cash equivalents decreased to HKD 24,307,000 at the end of June 2023, down from HKD 106,637,000 at the end of June 2022, indicating a decline of 77.2%[14]. - The company generated a net cash inflow from investing activities of HKD 61,160,000 for the six months ended June 30, 2023, compared to HKD 7,227,000 in the same period in 2022[14]. - The company’s cash flow from financing activities showed a net outflow of HKD 128,457,000 for the six months ended June 30, 2023, compared to a net inflow of HKD 74,857,000 in the same period in 2022[14]. - Bank borrowings amounted to HKD 85,280,000 for the six months ended June 30, 2023, compared to HKD 64,129,000 in the same period in 2022, reflecting a 32.9% increase[14]. Operational Strategies - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[6]. - Management is implementing measures to improve profitability, control operating costs, and reduce capital expenditures[20]. - The group plans to continue monitoring and adjusting its operational strategies in response to the evolving retail environment in Hong Kong, which is expected to benefit from a rebound in local consumption[108]. - The group has implemented measures to improve profitability, including revising marketing strategies, controlling capital and operational expenditures, and negotiating rent reductions[112]. Employee and Governance - The group employed 180 staff as of June 30, 2023, an increase from 161 employees at the end of 2022, with various compensation packages to incentivize performance[115]. - The company is currently seeking suitable candidates to fill vacancies in its board of independent non-executive directors to comply with listing rules[128]. - The audit committee consists of two independent non-executive directors, with Mr. Yu Lianghui serving as the chairman[130]. - The company has adhered to the corporate governance code, except for the attendance of non-executive directors at the shareholders' meeting[129]. Legal and Compliance - The company is involved in ongoing legal proceedings regarding a claim for HKD 12,442,000 related to unpaid director's fees and management fees, with a counterclaim of approximately HKD 71,600,000[82]. - The company has sought legal advice regarding a statutory demand for HKD 8,244,000, which it believes is invalid and disputed[80]. - The company’s legal advisors are preparing to defend against claims in the High Court, with hearings expected to commence in December 2023[82]. - The company’s board has established an independent committee to review the implications of a claim regarding the validity of a contract with Win Dynamic[85]. Shareholder Information - The company's issued and fully paid share capital remained unchanged at HKD 469,977,000 as of June 30, 2023, consistent with the figure reported on December 31, 2022[69]. - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[55]. - As of June 30, 2023, the company has a total of 985,471,362 shares held by Dr. Lin Xiaohui, representing 75.00% of the issued shares[119].

Financial Performance - The total revenue for the fiscal year 2022 was approximately HKD 146,500,000, an increase from HKD 140,100,000 in the previous fiscal period[12]. - The net loss for the fiscal year 2022 was approximately HKD 62,300,000, improved from a net loss of HKD 77,100,000 in the previous fiscal period[12]. - Revenue from department store operations was approximately HKD 146,200,000, accounting for 99.8% of total revenue, compared to 99.4% in the previous fiscal period[13]. - Other income and net gains for the fiscal year 2022 were approximately HKD 18,800,000, up from HKD 12,700,000 in the previous fiscal period[14]. - The overall segment loss for the department store business was approximately HKD 35,200,000, reduced from HKD 63,200,000 in the previous fiscal period[22]. Inventory and Cash Management - Inventory levels decreased from approximately HKD 34,400,000 to HKD 29,400,000 during the fiscal year 2022, with a reversal of inventory provision of approximately HKD 2,300,000[25]. - As of December 31, 2022, the group's cash and bank balances amounted to approximately HKD 182.5 million, an increase from HKD 156.2 million as of December 31, 2021[29]. - The group's cash and bank balances increased to approximately HKD 98.2 million as of December 31, 2022, from HKD 54.1 million as of December 31, 2021[32]. - The group's net current liabilities were approximately HKD 240.1 million as of December 31, 2022, up from HKD 180.9 million as of December 31, 2021[32]. Debt and Interest Expenses - The group's debt ratio was approximately 254% as of December 31, 2022, compared to 169% as of December 31, 2021[29]. - Interest expenses for the fiscal year 2022 were approximately HKD 27.8 million, compared to HKD 25.7 million in the previous fiscal period[29]. Business Strategy and Market Outlook - The company anticipates a recovery in the Hong Kong retail market as pandemic measures are eased and cross-border travel with mainland China resumes in early 2023[27]. - Management acknowledges ongoing challenges despite positive signs of market recovery, indicating a need for more prudent business planning[27]. - The group has implemented measures to improve profitability and control operating costs, including revising marketing strategies and negotiating lower rents[32]. Corporate Governance - The company has appointed at least three independent non-executive directors, constituting more than one-third of the board, ensuring compliance with listing rules[53]. - The audit committee held two meetings in the fiscal year 2022 to review financial reporting and compliance procedures, with all members attending both meetings[66]. - The remuneration committee met once in the fiscal year 2022 to review the company's remuneration policies and structures, with all members present[69]. - The nomination committee is responsible for reviewing the composition of the board and assessing the independence of independent non-executive directors[73]. - The company provided training to directors on corporate governance and regulatory developments during the fiscal year 2022[61]. Risk Management and Compliance - The company is closely monitoring foreign exchange risks, particularly as some products are imported from Europe and settled in euros[33]. - The board is responsible for the ongoing supervision of the group's risk management and internal control systems, which are assessed at least annually[90]. - The company has established anti-corruption and whistleblowing policies to allow employees and partners to report concerns confidentially[89]. - The company is committed to compliance with laws and regulations, ensuring adherence to significant legal and regulatory requirements[112]. Shareholder Communication and Dividends - The company has established a shareholder communication policy to maintain effective communication with shareholders and investors[104]. - The board does not recommend the payment of a dividend for the fiscal year 2022[39]. - The company has no fixed dividend payout ratio, and the amount of dividends declared will depend on the group's financial performance, cash position, and other relevant factors[88]. Sustainability and Environmental Initiatives - The company is committed to integrating sustainable development solutions into its daily operations and management[175]. - The company has established an environmental, social, and governance (ESG) working group to manage sustainability strategies and initiatives[188]. - The company adheres to the Hong Kong Stock Exchange's ESG reporting guidelines to ensure transparency and accountability[181]. - The company emitted 41 grams of sulfur oxides (SOx), 9,891 grams of nitrogen oxides (NOx), and 947 grams of particulate matter (PM) during the reporting period, showing a significant reduction from the previous year's emissions of 57 grams SOx, 35,644 grams NOx, and 3,522 grams PM[193]. - The company has implemented various waste management strategies, including promoting electronic communication to reduce paper usage and encouraging the reuse of materials[194]. Employee and Community Engagement - The company emphasizes the importance of employees as valuable assets and provides competitive compensation and performance evaluation systems[115]. - The company has a customer complaint handling mechanism to enhance service quality and address customer feedback[116]. - The group made donations totaling HKD 100,000 in the fiscal year 2022, compared to HKD 250,000 in the previous fiscal year[152]. Board Composition and Diversity - The company has achieved its target of having at least one female director on the board, with the current gender ratio among employees being 33.54% female and 66.46% male[81]. - The board has adopted a diversity policy for its members, which will be reviewed annually for its implementation and effectiveness[78]. - The company has established a clear nomination policy that includes criteria such as character, qualifications, and diversity for selecting directors[74].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 何部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。 先 施 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：0244） 截至二零二二年十二月三十一日止年度之 末期業績公佈 先施有限公司（「本公司」）已於二零二一年將其財政年度的結算日期由二月二十八 日╱二十九日改為十二月三十一日。因此，比較數字涵蓋二零二一年三月一日至 二零二一年十二月三十一日止十個月。 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」）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，連同二零二一年三月一日至二零 二一年十二月三十一日止期間之比較數字如下： ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 69,081,000, a decrease of 13.9% compared to HKD 80,184,000 for the same period in 2021[17]. - The net loss for the period was HKD 39,479,000, improving from a net loss of HKD 61,128,000 in the previous year, representing a reduction of 35.4%[19]. - Other income and gains increased significantly to HKD 8,545,000, up from HKD 3,084,000, marking an increase of 177.5%[17]. - The company reported a basic and diluted loss per share of HKD 0.03, compared to HKD 0.05 for the same period last year[17]. - The company recorded a loss attributable to equity holders of HKD 38,087,000 for the six months ended June 30, 2022[26]. - The company reported a total comprehensive loss of HKD 38,968,000 for the period[27]. - Revenue from customer contracts for self-owned goods was HKD 51,441,000, down from HKD 61,530,000 in the previous year, representing a decrease of 16.8%[68]. - Total revenue for the six months ended June 30, 2022, was HKD 69,081,000, compared to HKD 80,184,000 for the same period in 2021, reflecting a decline of 13.8%[68]. - The group recorded a net loss of HKD 39,479,000 for the six months ended June 30, 2022[36]. Assets and Liabilities - Total assets as of June 30, 2022, were HKD 296,636,000, compared to HKD 250,499,000 as of December 31, 2021, reflecting a growth of 18.4%[21]. - The company's equity attributable to shareholders was HKD 154,375,000, a decrease from HKD 188,849,000 at the end of 2021, indicating a decline of 18.2%[23]. - Non-current assets totaled HKD 448,398,000, down from HKD 462,957,000, showing a decrease of 3.1%[21]. - Current liabilities increased to HKD 512,204,000 from HKD 431,473,000, representing an increase of 18.7%[21]. - The total assets as of June 30, 2022, were HKD 469,977,000, with total liabilities amounting to HKD 831,314,000[26]. - The company’s accumulated losses reached HKD 786,892,000 as of June 30, 2022[27]. - The group had a net current liability of approximately HKD 215.6 million as of June 30, 2022, up from HKD 181 million as of December 31, 2021[165]. Cash Flow and Financing - The company reported a net cash outflow from operating activities of HKD 29,566,000 for the six months ended June 30, 2022, compared to HKD 49,721,000 for the same period in 2021[29]. - The total cash and cash equivalents at the end of the period were HKD 106,637,000, a decrease from HKD 117,063,000 at the end of the same period last year[29]. - The company generated a net cash inflow from financing activities of HKD 74,884,000, compared to HKD 77,250,000 in the previous year[29]. - The group has secured a loan arrangement of up to HKD 200,000,000 for a period of 36 months from a related company to support operations[39]. - The group has unutilized trade financing of HKD 70,098,000 as of June 30, 2022[37]. - The cash flow forecast covers a period of at least 18 months from June 30, 2022, based on key assumptions regarding operational cash flow and financing availability[39]. Operational Strategy - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming periods[16]. - Management is implementing measures to improve profitability and cash flow, including revising marketing strategies and controlling capital expenditures[36]. - The group is actively seeking opportunities to liquidate certain assets to improve cash flow[36]. - Management believes that the measures taken will further enhance the group's operational profitability and cash flow[36]. - The group expects the Hong Kong retail industry to continue to be affected by COVID-19, but remains optimistic due to the gradual easing of social distancing measures and the potential recovery of the tourism industry[161]. - The group will continue to cautiously deploy its business plans to cope with the current unstable environment[161]. Legal Matters - The company has initiated legal proceedings against Win Dynamic regarding the alleged cancellation of the agreement, seeking specific performance and payment of the net proceeds from the share offer[139]. - The independent board committee has been tasked with reviewing the implications of the cancellation claim, and independent legal advice has been sought[137]. - The court has issued a temporary injunction preventing Win Dynamic from disposing of any assets in Hong Kong related to the value of the proceeds from the share offer[140]. - The company and Wei Lu have jointly sought court permission to join the lawsuit against Win Dynamic, with the court granting this request[141]. - The company has been advised that the agreement is enforceable and that it holds legal and contractual rights to the proceeds from Win Dynamic[145]. - The independent board committee does not recognize the cancellation claim as valid or effective, maintaining the agreement's enforceability[137]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[184]. - The company has complied with the corporate governance code, except for the attendance of non-executive directors at the shareholders' meeting due to personal business arrangements[182]. - All directors confirmed compliance with the securities trading code during the first half of 2022[181]. - There are no contingent liabilities or lawsuits other than those disclosed in the financial statements[178]. - No major events occurred after the reporting period up to the date of the interim report[179].