先施有限公司 （於香港註冊成立之有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 先施有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將於二零二五年八月二 十六日（星期二）舉行董事會會議，藉以考慮及批准（其中包括）本公司及其附屬公司截至 二零二五年六月三十日止六個月之未經審核中期業績及其發佈，以及考慮派付中期股息 （如有）。 承董事會命 先施有限公司 公司秘書 葉浩榮 香港，二零二五年八月十三日 於本公佈日期，執行董事為林曉輝博士、蘇嬌華女士及禹來博士，非執行董事為戴德豐 博士，以及獨立非執行董事為余亮暉先生、鍾振雄先生及林琳先生。 （股份代號：0244） 董事會會議通告 ...

Group 1 - The Hang Seng Index rose by 0.25% to close at 24,969.68 points on August 12 [1] - The stock price of Sincere Company (先施) increased by 34.0% to HKD 0.335 per share, with a trading volume of 6.745 million shares and a turnover of HKD 2.0917 million, showing a volatility of 36.0% [1] - Over the past month, Sincere has seen a cumulative increase of 0.4%, while its year-to-date increase is 13.64%, underperforming the Hang Seng Index by 24.16% [1] Group 2 - For the fiscal year ending December 31, 2024, Sincere reported total revenue of HKD 122 million, a year-on-year decrease of 10.17%, and a net profit attributable to shareholders of -HKD 37.1712 million, an increase of 20.48% [1] - The gross profit margin for Sincere is 52.74%, with a debt-to-asset ratio of 73.14% [1] - Currently, there are no institutional investment ratings for Sincere [1] Group 3 - The average price-to-earnings (P/E) ratio for the professional retail industry (TTM) is -4.26 times, with a median of -0.2 times [1] - Sincere's P/E ratio stands at -8.18 times, ranking 53rd in the industry [1] - Other companies in the industry include Chen Chang International (陈唱国际) at 6.13 times, Aoki Holdings (傲基股份) at 6.16 times, and Bauhaus International (包浩斯国际) at 6.93 times [1] Group 4 - Sincere Company, established in 1900, is one of the oldest and most renowned department stores in Hong Kong [2] - The company primarily focuses on retail, offering a wide range of products including fashion apparel, bags, outdoor sports goods, beauty products, home goods, electronics, bedding, bathroom supplies, travel items, and food [2] - Sincere operates four stores located in Central, Mong Kok, Sham Shui Po, and Tsuen Wan, with the Mong Kok store covering approximately 40,000 square feet [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 先施有限公司（於香港註冊成立的有限公司） | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00244 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,313,962,560 | | 0 | | 1,313,962,560 | ...

Financial Performance - The group's consolidated revenue for the fiscal year 2024 was approximately HKD 131.3 million, a decrease of about HKD 14.8 million or 10.1% compared to the fiscal year 2023[15]. - The net loss for the fiscal year 2024 was approximately HKD 39 million, an improvement of about HKD 12.6 million or 24.4% compared to the previous fiscal year[15]. - Gross profit decreased to approximately HKD 69.2 million in fiscal year 2024, down from HKD 83.9 million in fiscal year 2023[15]. - Other income and net gains increased to approximately HKD 50.1 million, a rise of about HKD 31.4 million or 167.9% compared to HKD 18.7 million in fiscal year 2023[18]. - Sales and distribution expenses were approximately HKD 66.7 million, a decrease of about HKD 2.4 million or 3.5% from HKD 69.1 million in fiscal year 2023[19]. - General and administrative expenses increased to approximately HKD 50 million, up by about HKD 1.8 million from HKD 48.2 million in fiscal year 2023[20]. - Non-operating expenses were approximately HKD 18.4 million, related to the ongoing litigation with Win Dynamic[21]. - Financial costs decreased to approximately HKD 23.1 million, a reduction of about HKD 3.8 million or 14.1% from HKD 26.9 million in fiscal year 2023[22]. - The loss attributable to equity holders of the company was approximately HKD 40.1 million, a decrease of about HKD 10.4 million or 20.6% compared to HKD 50.5 million in fiscal year 2023[24]. - The department store business recorded revenue of approximately HKD 131.4 million, a decrease of about 10.0% compared to HKD 146 million in fiscal year 2023[25]. Cash and Debt Management - As of December 31, 2024, the group's cash and bank balances were approximately HKD 22,200,000, a significant decrease from about HKD 104,000,000 as of December 31, 2023[30]. - The group's debt ratio was approximately 195% as of December 31, 2024, down from about 304% a year earlier[30]. - Interest expenses for fiscal year 2024 were approximately HKD 23,100,000, compared to about HKD 26,900,000 in fiscal year 2023[30]. - The group had a current ratio of approximately 0.95 as of December 31, 2024, an improvement from about 0.69 as of December 31, 2023[30]. Corporate Governance - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[49]. - All independent non-executive directors confirmed their independence for the fiscal year 2024, complying with listing rules[51]. - The audit committee held two meetings in the fiscal year 2024 to review financial reporting and compliance procedures[61]. - The remuneration committee conducted one meeting to review the company's remuneration policy and structure for executive directors[64]. - The board has established four committees: audit committee, remuneration committee, nomination committee, and executive committee to oversee specific aspects of the company's affairs[60]. - The audit committee reviewed the audited financial statements for the fiscal year 2024[61]. - All board members attended 100% of the meetings held during the fiscal year 2024[49]. - The company ensures that independent non-executive directors contribute independent opinions and judgments to the board[52]. - The board is responsible for approving business strategy plans and reviewing management performance[54]. - Directors received training on corporate governance and regulatory developments during the fiscal year 2024[57]. - The Nomination Committee held one meeting in the fiscal year 2024 to review the board's structure and the independence of non-executive directors[70]. - The Executive Committee conducted 12 meetings in the fiscal year 2024 to monitor the execution of operational and strategic objectives[71]. Shareholder and Stakeholder Relations - The company has established a shareholder communication policy to facilitate effective communication with shareholders[93]. - The company maintains good relationships with stakeholders, including employees, customers, and suppliers, to ensure operational success[103]. - The company will hold its annual general meeting on June 6, 2025, with a notice to be published in accordance with listing rules[110]. Environmental, Social, and Governance (ESG) Practices - The company is committed to integrating sustainable development solutions into its daily operations and management[154]. - The company emphasizes the importance of stakeholder feedback for its sustainable development practices[155]. - Key environmental issues identified include emissions, resource usage, and climate change adaptation[161]. - The company has not encountered any serious violations of environmental laws during the reporting period[167]. - The board oversees the long-term sustainable development of all operating companies within the group[164]. - The environmental, social, and governance (ESG) working group meets at least once a year to discuss sustainability strategies[164]. - The company follows the Hong Kong Stock Exchange's ESG reporting guidelines to ensure year-on-year performance comparisons[159]. - The company emitted 45 grams of sulfur oxides (SOx) and 12,246 grams of nitrogen oxides (NOx) during the reporting period, compared to 41 grams and 11,704 grams respectively in 2023[169]. - The total greenhouse gas emissions for 2024 were 607.95 tons of CO2 equivalent, a decrease from 646.37 tons in 2023, resulting in a per-employee emission of 3.06 tons compared to 3.63 tons in the previous year[175]. - The company aims to maintain energy consumption at the same level as the previous year, with total energy consumption recorded at 1,498,207.15 kWh for 2024, down from 1,586,207.75 kWh in 2023[176]. - The company has set waste reduction targets to maintain hazardous and non-hazardous waste levels at the same level as the previous year[170]. - The company promoted the use of electronic communications to replace paper communications, aiming to reduce waste generation[170]. - The company implemented low-carbon driving practices, such as prohibiting engine idling, to improve fuel efficiency and reduce emissions[169]. Employee Management - The company employed 199 staff members as of December 31, 2024, an increase from 178 staff members a year earlier[37]. - The employee turnover rate decreased to 21.22% in 2024 from 25.28% in 2023, indicating improved employee retention[185]. - The average training hours per employee was approximately 0.25 hours in 2024, down from 0.84 hours in 2023, with only 13.07% of employees receiving training compared to 53.93% in the previous year[191]. - The company recorded 307 lost workdays due to occupational injuries over the past three years, with no fatalities reported[188]. - The company has implemented health and safety measures in response to increasing awareness of infectious diseases, including flexible working hours and personal protective equipment provision[188]. - The company provides occupational safety education and training to enhance employee safety awareness[187]. - The company has a comprehensive development plan to support employee personal development through structured training programs[191]. Supplier Management - The company maintains long-term relationships with suppliers to address business challenges and regulatory compliance[195]. - A total of 476 suppliers are identified, with 384 located in Hong Kong, 86 in Europe, and 3 in Asia and the Americas[197]. - The company emphasizes the importance of sustainable supply chains to reduce operational risks and create business opportunities[196]. Compliance and Risk Management - The company adheres to strict data privacy and confidentiality policies, complying with relevant laws[200]. - A dedicated department is responsible for the registration of trademarks and patents to protect intellectual property[200]. - The company has established a risk management policy to identify and mitigate climate-related risks affecting business operations[181]. - The company has developed guidelines for extreme weather to protect employees and contractors, ensuring regular maintenance of facilities to minimize damage[182].

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].