Financial Performance - The group reported a revenue of HKD 1.2 billion for the fiscal year ending March 31, 2024, representing a 15% increase compared to the previous year[25]. - Total revenue for the fiscal year ending March 31, 2024, was HKD 775.6 million, a decrease of 13.3% from HKD 894.7 million in the previous year[32]. - The net profit attributable to the company's owners increased to HKD 85.2 million, up 7.2% from HKD 79.5 million in the previous year, primarily due to improved product gross margins and increased interest income[32]. - Gross profit for the same period was HKD 240,785,000, down 10.8% from HKD 269,941,000 in 2023[166]. - Operating profit increased to HKD 86,740,000, up 4.0% from HKD 82,779,000 in the previous year[166]. - Net profit for the year was HKD 85,191,000, representing an increase of 7.2% compared to HKD 79,452,000 in 2023[166]. - Basic and diluted earnings per share rose to HKD 9.37, up from HKD 8.73 in the prior year, reflecting a growth of 7.3%[166]. - The company reported a total comprehensive income of HKD 82,904,000 for the year, compared to HKD 78,435,000 in 2023, an increase of 5.9%[166]. Revenue Growth and Projections - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[25]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on luxury jewelry lines[25]. - Market expansion plans include entering two new Asian markets, aiming for a 5% market share within the first year[25]. - A new marketing strategy focusing on digital channels is anticipated to increase customer engagement by 30%[25]. Cost Management and Efficiency - The company aims to reduce operational costs by 8% through efficiency improvements in supply chain management[25]. - The distribution and selling costs decreased to HKD 109.4 million from HKD 128.2 million, a reduction of 14.7%[32]. - The company's administrative expenses increased to HKD 52.4 million, up 3.8% from HKD 50.5 million, mainly due to higher employee salaries and bonuses[32]. Dividends and Shareholder Returns - The board has approved a dividend of HKD 0.50 per share, reflecting a 25% increase from the previous year[25]. - The board proposed a final dividend of HKD 0.026 per share, compared to HKD 0.020 per share in 2023, and a special dividend of HKD 0.000 per share, down from HKD 0.080 per share in 2023, totaling HKD 23.6 million[28]. - The company declared an interim dividend of HKD 0.4 per share and proposed a final dividend of HKD 2.6 per share for the fiscal year ending March 31, 2024, compared to HKD 2.0 per share in the previous year[54]. - The company paid dividends totaling HKD 94,228,000 during the year, significantly higher than the HKD 18,209,000 paid in the previous year[174]. Inventory and Asset Management - The group reported inventory of approximately HKD 414,979,000 as of March 31, 2024, primarily consisting of jewelry, gold ornaments, and watches[149]. - The provision for inventory impairment and obsolescence amounted to approximately HKD 7,894,000 for the fiscal year ending March 31, 2024[149]. - The company's inventory increased by HKD 35,784,000, compared to an increase of HKD 37,056,000 in the previous year, showing a slight improvement in inventory management[174]. Corporate Governance and Compliance - The company has established a robust environmental, social, and governance reporting system, with annual reports available on its website[48]. - The board of directors includes a mix of executive and non-executive members, ensuring compliance with independence standards[62]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, with some deviations noted[1]. - The audit committee consists of three members, with a meeting attendance rate of 100% for the chairman and other members during the fiscal year ending March 31, 2024[119]. Risk Management - The risk management framework includes a three-line model, with the board of directors responsible for risk assessment and management[126]. - The internal audit department has conducted independent evaluations of the risk management and internal control systems, identifying areas for improvement[110]. - The company has established a risk universe map to ensure all risk areas, including environmental, social, and governance risks, are identified[135]. - The audit committee conducts reviews of the risk management and internal control systems three times a year, ensuring adequate resources and training for effective systems[128]. Employee and Management Structure - The company has approximately 139 employees as of March 31, 2024, with a performance-based bonus scheme in place[49]. - The gender ratio among all employees as of March 31, 2024, is 58% female to 42% male, with a 2:1 ratio of female to male in senior management[120]. - The company appointed a new CEO, Ms. Wu Yingxian, effective May 2, 2024[102]. Future Outlook - Future outlook suggests potential improvement in consumer sentiment due to anticipated interest rate cuts and stabilization in the stock and property markets[38].

Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue was HKD 775,573,000, a decrease of 13.3% from HKD 894,702,000 in 2023[2] - Gross profit for the same period was HKD 240,785,000, down 10.8% from HKD 269,941,000 in the previous year[2] - Operating profit increased to HKD 86,740,000, up 4.0% from HKD 82,779,000 in 2023[2] - The net profit for the year was HKD 85,191,000, representing a 7.2% increase compared to HKD 79,452,000 in 2023[2] - The total comprehensive income for the year was HKD 82,904,000, compared to HKD 78,435,000 in the previous year, reflecting a growth of 5.9%[4] - Basic and diluted earnings per share increased to HKD 9.37 from HKD 8.73, marking a rise of 7.3%[4] Revenue Breakdown - Total revenue for the year ended March 31, 2024, was HKD 775,573,000, a decrease of 13.3% from HKD 894,702,000 for the year ended March 31, 2023[20] - Revenue from gold jewelry, jewelry, watches, and gifts retail was HKD 733,364,000, down 12.1% from HKD 834,659,000 in the previous year[20] - Revenue from bullion trading was HKD 39,863,000, a decline of 31.4% compared to HKD 58,220,000 in the prior year[20] - Retail revenue decreased by 13.4%, from HKD 892.9 million to HKD 773.2 million, due to a sluggish jewelry market and the closure of certain retail stores[44] Expenses and Liabilities - The cost of goods sold for the year was HKD 533,645,000, down 14.5% from HKD 623,824,000 in the previous year[25] - The pre-tax profit for the year was significantly impacted by a decrease in revenue and increased operating expenses, with total operating expenses amounting to HKD 17,444,000 for the year ended March 31, 2024[23] - Current liabilities were HKD 147,758,000, significantly higher than HKD 74,948,000 in the previous year[6] - Trade payables increased to HKD 17,732 million in 2024 from HKD 9,690 million in 2023, reflecting a significant rise in liabilities[39] - Administrative expenses increased to HKD 52.4 million from HKD 50.5 million, primarily due to higher employee salaries and bonuses[43] Assets and Cash Flow - Total assets as of March 31, 2024, amounted to HKD 917,316,000, an increase from HKD 854,184,000 in 2023[6] - The company's cash and cash equivalents decreased to HKD 231,231,000 from HKD 301,060,000, a decline of 23.2%[6] - Trade receivables increased significantly to HKD 8,047,000 in 2024 from HKD 1,070,000 in 2023, showing a substantial growth[37] - The company reported a significant decrease in other receivables from HKD 35,969,000 in 2023 to zero in 2024, indicating a complete write-off or collection of these receivables[37] Dividends - The proposed final dividend for the year ended March 31, 2024, is HKD 2.6 per share, up from HKD 2.0 per share in 2023, while the special dividend has been set to zero, down from HKD 8.0 per share in 2023[28] - The company reported a total of HKD 94,568,000 in dividends declared during the year, compared to HKD 18,209,000 in the previous year, marking a significant increase[27] - The board proposed a final dividend of HKD 0.026 per share for the year ended March 31, 2024, compared to HKD 0.020 per share in the previous year[41] - The company has not established a dividend policy or predetermined dividend rate, with the board considering various factors for future dividend announcements[51] Operational Developments - The group primarily operates in the retail of gold jewelry, watches, and gifts, with a focus on expanding its market presence[8] - The company opened a new watch store and a new jewelry store in December 2023, focusing on exclusive brands to enhance product diversification and customer experience[45] - Same-store sales growth was recorded at 1% despite the overall revenue decline, attributed to cost reductions and improved gross margins[47] - The company plans to expand its jewelry and watch brand portfolio and improve operational efficiency while maintaining strict cost and inventory controls in the upcoming year[48] Accounting and Audit - The company is currently evaluating the impact of new accounting standards and revisions, expecting no significant effect on the consolidated financial statements[13] - The audit committee reviewed the accounting policies and practices, risk management systems, and financial reporting matters for the year ending March 31, 2024[53] - The auditor, Hong Kong Lixin Dehao CPA Limited, confirmed that the preliminary performance announcement figures align with the audited consolidated financial statements for the year ending March 31, 2024[54] - The auditor's reports for both financial years were unqualified and did not include any emphasis of matter[55]

Financial Performance - For the six months ended September 30, 2023, the company recorded total revenue of HKD 363.9 million, a decrease of HKD 48.6 million or 11.8% compared to HKD 412.5 million in the same period last year[7] - The net profit attributable to the company's owners reached HKD 43.7 million, an increase from HKD 38.6 million in the same period last year[7] - Retail business revenue decreased by HKD 49.8 million or 12.1% to HKD 362.0 million compared to HKD 411.8 million in the previous year[8] - Operating profit increased to HKD 45,383,000, up 11.5% from HKD 40,750,000 in the previous year[48] - Net profit for the period was HKD 43,737,000, a rise of 13.4% compared to HKD 38,627,000 in 2022[48] - Total comprehensive income for the period was HKD 43,689,000, compared to HKD 37,435,000 in the same period last year, reflecting an increase of 16.5%[48] - Basic and diluted earnings per share increased to HKD 4.8, up from HKD 4.2 in the previous year[48] - The company reported a pre-tax profit of HKD 43,735,000 for the six months ended September 30, 2023, compared to HKD 38,626,000 for the same period in 2022, an increase of 13.4%[76] Revenue Breakdown - Revenue for the six months ended September 30, 2023, was HKD 363,913,000, a decrease of 11.8% compared to HKD 412,514,000 in 2022[65] - Revenue from gold jewelry, jewelry, watches, and gifts retail was HKD 342,357,000, down 8.3% from HKD 373,176,000 in the previous year[65] - Revenue from gold bar trading decreased by 49.1% to HKD 19,637,000 from HKD 38,637,000[65] - Diamond wholesale revenue increased significantly to HKD 1,919,000 from HKD 701,000, marking a growth of 173.0%[65] - Other income for the six months ended September 30, 2023, was HKD 14,195,000, compared to HKD 6,268,000 in the same period of 2022, representing a growth of 126.5%[67] Dividends and Shareholder Information - The company will pay an interim dividend of HKD 0.4 per share for the six months ended September 30, 2023, consistent with the previous year[4] - The company declared a total dividend of HKD 90,931,000 for the 2022/23 fiscal year, significantly higher than HKD 14,570,000 in the previous year[74] - Major shareholder Yang Zhi Cheng Holdings Limited held 586,195,857 shares, representing 64.47% of the issued share capital as of September 30, 2023[30] - Directors' shareholdings as of September 30, 2023, included Mr. Tang with 7,528,500 shares (0.83%), Mr. Ho with 6,657,000 shares (0.73%), and Dr. Feng with 5,856,517 shares (0.64%)[27] Liquidity and Financial Position - The company reported a current ratio with current assets of approximately HKD 913.5 million and current liabilities of approximately HKD 228.7 million, indicating a healthy liquidity position[18] - The total borrowings as of September 30, 2023, were approximately HKD 50.8 million, resulting in a debt-to-equity ratio of 7.1%[18] - Cash and cash equivalents rose to HKD 353,914,000, compared to HKD 301,060,000 at the end of March 2023[49] - The company reported a significant increase in cash flow from financing activities, with total liabilities from financing activities amounting to HKD 199,294,000 as of September 30, 2023[113] Employee and Management Information - As of September 30, 2023, the company had a total of approximately 133 employees, with a performance-based bonus reward program in place[24] - Employee benefit expenses for the six months ended September 30, 2023, totaled HKD 38,013,000, an increase of 5.5% from HKD 35,082,000 in the same period of 2022[83] - The total remuneration for key management personnel for the six months ended September 30, 2023, was HKD 8,033,000, an increase from HKD 7,323,000 in the previous year[120] Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code during the six months ended September 30, 2023, except for the absence of formal appointment letters for directors[35] - The company’s auditor, Hong Kong Li Xin De Hao Accounting Firm, reviewed the interim financial statements for the six months ended September 30, 2023[38] - The company has not established a dividend policy or predetermined dividend rate, with future dividends to be considered based on various factors[36] Asset and Inventory Management - Total assets as of September 30, 2023, were HKD 971,271,000, an increase from HKD 854,184,000 as of March 31, 2023[49] - The company reported a significant increase in inventory, which stood at HKD 394,582,000, up from HKD 387,379,000 as of March 31, 2023[49] - Trade receivables as of September 30, 2023, amounted to HKD 8,067,000, a substantial increase from HKD 1,070,000 as of March 31, 2023[18] - Inventory as of September 30, 2023, totaled HKD 394,582,000, compared to HKD 387,379,000 as of March 31, 2023, with jewelry being the largest component at HKD 232,575,000[19] Investment and Capital Expenditures - The total cash outflow from investing activities was HKD 58,020,000, compared to a cash inflow of HKD 16,557,000 in the same period last year, indicating a shift in investment strategy[53] - Capital expenditures for the six months ended September 30, 2023, were approximately HKD 119,000, a significant decrease from HKD 8,392,000 in the same period of 2022[85] - The company recognized a total of HKD 10,766,000 in right-of-use asset additions for the six months ended September 30, 2023[89] Fair Value Measurements - The fair value of investments in equity securities listed in Hong Kong was HKD 145,000 as of September 30, 2023, down from HKD 173,000 as of March 31, 2023[101] - The fair value of unlisted equity securities increased from HKD 326,000 at the beginning of the period to HKD 654,000 at the end of the period, reflecting a significant change in fair value recognized in other comprehensive income[125] - The fair value measurement of unlisted equity securities is based on observable inputs classified as Level 3, with a valuation technique using market approach and significant unobservable inputs[127] - The fair value of unlisted equity securities is sensitive to the price-to-book ratio, which ranged from 0.16 to 0.49 as of September 30, 2023, compared to 0.22 to 0.85 as of March 31, 2023[129]

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，概不對因本公告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。 截截截截至至至至 2023 年年年年 9 月月月月 30 日日日日止止止止 6 個個個個月月月月之之之之中中中中期期期期業業業業績績績績 景福集團有限公司（「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」）於截至 2023年9月30日止6個月之未經審核中期簡明綜合財務報表連同去年同期之比較數字如下： 簡簡簡簡明明明明綜綜綜綜合合合合損損損損益益益益及及及及其其其其他他他他全全全全面面面面收收收收益益益益表表表表 未未未未經經經經審審審審核核核核 截截截截至至至至9月月月月30日日日日止止止止6個個個個月月月月 2023年年年年 2022年 附註 千千千千港港港港元元元元 千港元 收收收收入入入入 5 363,913 412,514 銷售成本 (253,192) (283,848) 毛毛毛毛利利利利 110,721 128,666 其他收益及收入 6 14,195 ...

Financial Performance - For the fiscal year ending March 31, 2023, the company reported a profit before tax of HKD 79,452,000, an increase of 32.3% compared to HKD 60,040,000 in 2022[12] - Total revenue for the year ended March 31, 2023, was HKD 894.7 million, an increase of 9.2% from HKD 819.2 million in 2022[117] - Gross profit for the same period was HKD 269.9 million, up from HKD 234.2 million, reflecting a gross margin improvement[117] - Operating profit increased to HKD 82.8 million from HKD 65.9 million, representing a growth of 25.8%[117] - Profit before tax rose to HKD 79.5 million, compared to HKD 60.0 million in the previous year, marking a 32.5% increase[117] - The company reported a net profit of HKD 79.5 million for the year, consistent with the profit before tax figure[117] - The company's total comprehensive income for the year was HKD 78,435,000, an increase from HKD 59,995,000 in the previous year, representing a growth of approximately 30.7%[156] - Basic and diluted earnings per share increased to HKD 8.73 from HKD 6.59, reflecting a year-over-year growth of approximately 32.5%[156] - The company reported a profit of HKD 79,466,000 for the year, compared to HKD 60,050,000 in the previous year, marking a significant increase of 32.3%[170] Cash Flow and Liquidity - The company’s cash flow from financing activities showed a total cash outflow of HKD 114,838,000, primarily due to repayments of gold loans and lease liabilities[18] - The net cash generated from operating activities was HKD 98,627,000, a decrease from HKD 172,467,000 in the prior year, indicating a decline of 42.7%[167] - The company reported a net increase in cash and cash equivalents of HKD 46,671,000, compared to HKD 45,254,000 in the previous year, showing a slight increase of 3.1%[167] - As of March 31, 2023, total cash and cash equivalents stood at HKD 301,060,000, up from HKD 254,519,000 in the previous year, representing a growth of 18.3%[167] - Cash and cash equivalents rose to HKD 301,060,000 from HKD 254,519,000, indicating improved liquidity[79] Assets and Liabilities - Total assets as of March 31, 2023, amounted to HKD 854,184,000, a decrease of 1.3% from HKD 863,288,000 in 2022[121] - Current assets increased to HKD 817,195,000 from HKD 782,690,000, reflecting a growth of 4.4%[121] - Current liabilities decreased to HKD 74,948,000 from HKD 135,303,000, a reduction of 44.7%[121] - The company's total financial liabilities amounted to HKD 70,987,000, with trade payables at HKD 9,690,000 and lease liabilities at HKD 42,731,000[149] - The group’s lease liabilities amounted to approximately HKD 14,849,000, a decrease from HKD 15,397,000 in 2022[32] Equity and Retained Earnings - The net asset value as of March 31, 2023, was HKD 570,901,000, down from HKD 586,675,000 in 2022[32] - The company's retained earnings decreased to HKD 177,547,000 from HKD 193,321,000 in the previous year[32] - Total equity as of March 31, 2023, was HKD 766,977,000, up from HKD 707,686,000, reflecting an increase of 8.4%[121] - The company's retained earnings increased to HKD 338,917,000 from HKD 278,595,000, showing a growth of approximately 21.7%[160] Risk Management - The group has engaged external consultants to enhance risk management processes and provide overall commentary on the risk management system[36] - The internal audit department plays a crucial role in maintaining effective risk management and internal control systems[48] - The group conducts semi-annual self-assessments of its internal control systems to ensure compliance and effectiveness[47] - The group has established a risk management and internal control system that is deemed effective and sufficient for the reporting period[49] - The group has undergone a review of its risk management processes with the assistance of external consultants[49] Financial Management Practices - The group has adopted a conservative approach to financial risk management, focusing on minimizing potential adverse impacts on financial performance[79] - The company has implemented effective policies for managing foreign exchange risk, which are expected to mitigate significant impacts on profit and reserves[127][128] - The company has not utilized any derivative instruments for hedging purposes, maintaining a straightforward financial strategy[79] - The company’s financial risk management practices are aligned with the Hong Kong Financial Reporting Standards, ensuring transparency in fair value measurements[153] Changes in Accounting Standards - The company adopted revised Hong Kong Financial Reporting Standards, which did not have a significant impact on its accounting policies[176] - The new insurance contract standards established principles for recognition, measurement, presentation, and disclosure, replacing the previous standards[183] - The company highlighted that the revised standards aim to simplify financial performance interpretation and provide additional transitional exemptions[183] - The company reported that the fair value measurement framework is divided into three levels based on the reliability of significant inputs used[194] - The company indicated that the revised accounting standards would come into effect for annual periods beginning on or after January 1, 2024[190]

Financial Performance - For the six months ended September 30, 2022, the company recorded total revenue of HKD 412.5 million, an increase of HKD 15.8 million or 4.0% compared to HKD 396.7 million in the same period last year[10]. - The company's unaudited consolidated profit attributable to owners reached HKD 38.6 million, compared to HKD 36.2 million in the same period last year[10]. - Retail business revenue increased by HKD 16.5 million or 4.2% to HKD 411.8 million, despite the impact of the COVID-19 pandemic and reduced customer traffic[14]. - Revenue for the six months ended September 30, 2022, was HKD 412,514,000, an increase of 4.3% compared to HKD 396,678,000 for the same period in 2021[55]. - Gross profit for the same period was HKD 128,666,000, up from HKD 115,321,000, reflecting a gross margin improvement[55]. - Operating profit increased to HKD 40,750,000 from HKD 39,155,000, indicating a growth of 4.1%[55]. - Profit for the period was HKD 38,627,000, compared to HKD 36,190,000 in the previous year, representing an increase of 6.7%[55]. - Total comprehensive income for the period was HKD 37,435,000, up from HKD 35,999,000, showing a growth of 4.0%[55]. - Basic and diluted earnings per share increased to HKD 4.2 from HKD 4.0, reflecting a 5.0% rise[55]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.4 per share, totaling HKD 3.6 million, consistent with the previous year[6]. - The company has not established a formal dividend policy or predetermined dividend rate[41]. - The company reported a total of 910,158,465 ordinary shares issued as of September 30, 2022, a decrease from 911,658,465 shares as of March 31, 2022[139]. - Mr. Tang holds 7,528,500 shares, representing 0.83% of the total shareholding[30]. - Mr. Ho holds 6,657,000 shares through a company, representing 0.73% of the total shareholding[30]. - Dr. Feng holds 5,856,517 shares through a controlled company, representing 0.64% of the total shareholding[30]. Assets and Liabilities - As of September 30, 2022, the company's current assets and current liabilities were approximately HKD 814.8 million and HKD 125.9 million, respectively[18]. - The total borrowings amounted to approximately HKD 27.5 million, resulting in a healthy debt-to-equity ratio of 3.8%[21]. - Total assets as of September 30, 2022, were HKD 870,362,000, compared to HKD 863,288,000 as of March 31, 2022[58]. - Net assets increased to HKD 729,939,000 from HKD 707,686,000, indicating a growth of 3.1%[58]. - Current liabilities decreased to HKD 125,867,000 from HKD 135,303,000, showing a reduction of 6.5%[58]. - Non-current liabilities increased to HKD 744,495,000 from HKD 727,985,000, reflecting a rise of 2.3%[58]. Cash Flow and Investments - The net cash generated from operating activities was HKD 51,227,000 for the six months ended September 30, 2022, compared to HKD 88,027,000 for the same period in 2021, representing a decrease of approximately 42%[64]. - The cash flow from investment activities showed a net outflow of HKD 16,557,000, a significant improvement from a net outflow of HKD 62,606,000 in the previous year[64]. - The total cash and cash equivalents at the end of the period were HKD 267,572,000, an increase from HKD 212,345,000 at the end of the previous period[64]. - The company paid dividends amounting to HKD (14,394,000) during the period, compared to no dividends paid in the same period last year[64]. - The cash inflow from financing activities was impacted by the repayment of gold loans amounting to HKD (11,710,000)[64]. Operational Developments - The company plans to modernize its store network and is seeking opportunities for expansion[15]. - A new independent watch brand partnership with Henry Moser commenced in June 2022, with a new store opening planned for December 2022[17]. - Capital expenditures during the period were approximately HKD 8.4 million, primarily for property renovations and equipment[24]. - Employee benefits expenses increased to HKD 35,082,000 for the six months ended September 30, 2022, up from HKD 33,451,000 in 2021, representing a rise of 4.9%[109]. - Capital expenditures for the group amounted to approximately HKD 8,392,000, significantly higher than HKD 1,846,000 for the same period in 2021, indicating a focus on asset enhancement[111]. Compliance and Governance - The company’s auditor has issued an unqualified opinion on the financial statements for the year ending March 31, 2022[45]. - The company has complied with all provisions of the corporate governance code during the six months ending September 30, 2022, except for one deviation regarding formal appointment letters for directors[40]. - The company’s board of directors has adhered to the securities trading code during the six months ending September 30, 2022[39]. - The company has made adjustments to its impairment assessments based on management's estimates of future cash flows, considering factors such as sales forecasts and operating cost changes[112]. Market and Economic Conditions - The group anticipates that revenue will depend on the timing of the relaxation of COVID-19 travel restrictions and the recovery of customer spending starting from the second half of the fiscal year ending March 31, 2023[114]. - The company has not identified any single customer contributing 10% or more to total revenue, indicating a diversified customer base[82]. Fair Value Measurements - The fair value of non-listed equity securities decreased from HKD 771 million as of March 31, 2022, to HKD 370 million as of September 30, 2022, representing a decline of 52%[169]. - The fair value measurement of financial assets and liabilities is categorized into three levels, with non-listed equity securities classified under Level 3 due to the use of unobservable inputs[171]. - The fair value of non-listed equity securities is sensitive to market price multiples, with a range of 0.12 to 0.85 for price-to-book ratios as of September 30, 2022[171]. - The fair value of financial liabilities is determined based on observable market data, classified under Level 1 of the fair value hierarchy[168]. - The company’s total financial liabilities from gold lending amounted to HKD 44,045 million as of September 30, 2022[168].

Financial Performance - The group reported a revenue of HKD 1.2 billion for the fiscal year ending March 31, 2022, representing a year-on-year increase of 15%[39] - The company expects a revenue growth of 10% for the upcoming fiscal year, projecting a target of HKD 1.32 billion[39] - The company recorded total revenue of HKD 819.1 million for the fiscal year, an increase of 27.9% compared to HKD 640.6 million in the previous year[47] - The net profit attributable to the company's owners reached HKD 60.0 million, up 109.8% from HKD 28.6 million in the previous year, primarily driven by revenue growth in the retail business[47] - The retail business revenue increased from HKD 639.6 million to HKD 817.4 million, reflecting a growth of 27.8% due to new store openings and improved consumer confidence[48] - The jewelry retail business achieved over 19% growth in gold sales during the year, supported by stable supply and increased customer purchases[48] - The watch business also saw significant growth of over 27% during the fiscal year, attributed to efforts in attracting new customers[49] Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share by 2025[39] - A strategic acquisition of a local jewelry brand was completed, expected to enhance the company's product offerings and customer base[39] - The company plans to enhance its online sales platform, aiming for a 40% increase in e-commerce revenue by the next fiscal year[39] - The company has a strategy for market expansion and potential acquisitions, although specific details were not disclosed in the provided content[67] Product Development and Innovation - New product launches contributed to a 25% increase in sales in the jewelry segment, with a total of 150 new items introduced[39] - Research and development expenses increased by 18%, focusing on innovative jewelry designs and sustainable materials[39] Corporate Governance - The company is committed to improving corporate governance practices, with new policies set to be implemented in the next quarter[39] - The board includes a mix of executive and independent non-executive members, ensuring governance and oversight[78] - The company has established a nomination committee effective January 1, 2022, to enhance corporate governance practices[112] - The company has adopted a standard code for securities trading by directors, ensuring compliance during the fiscal year ending March 31, 2022[115] - The company has complied with the disclosure requirements under the listing rules[92] - The board has adopted a diversity policy to ensure a diverse range of skills and experiences among its members[138] Risk Management - The board emphasized the importance of risk management strategies, particularly in supply chain resilience, to mitigate potential disruptions[39] - The company has established a risk management framework guided by a "three lines of defense" model, ensuring comprehensive risk management and internal control systems[163] - The risk management committee is responsible for designing, implementing, and monitoring the risk management system, reporting to the audit committee and the board[166] - A mixed approach of top-down and bottom-up methods was used to identify risks, categorized into financial, operational, compliance, human resources, and reputational risks[173] - The audit committee oversees the risk management and internal control systems, conducting annual reviews to ensure effectiveness[165] Employee and Operational Development - The company aims to improve competitiveness and profitability by expanding its high-end customer base and investing in employee development[50] - The company has approximately 140 employees as of March 31, 2022, with a performance-based bonus reward program in place[62] - The company is focused on improving customer service through employee training programs[62] - The company has arranged and funded two training courses for directors to enhance their professional development[133] Shareholder Information - The board proposed a final dividend of HKD 0.016 per share, totaling HKD 14.6 million, compared to HKD 0.010 per share in the previous year[42] - The company has not set a formal dividend policy or predetermined payout ratio, with future dividends to be considered based on various factors[114] - The company encourages shareholder participation in annual meetings to discuss relevant matters, with all board members present during the last annual meeting[157] Financial Position - As of March 31, 2022, the company's current assets and liabilities were approximately HKD 782.7 million and HKD 135.3 million, respectively, with a healthy debt-to-equity ratio of 6.2%[54] - Capital expenditures for the year amounted to approximately HKD 10.4 million, primarily for property renovations and equipment costs[57] - The company's distributable reserves as of March 31, 2022, amount to HKD 193,321,000[72] Audit and Compliance - The consolidated financial statements for the year ending March 31, 2022, were audited by Hong Kong Li Xin De Hao CPA Limited[107] - The audit committee reviewed the interim and annual financial reports, ensuring the effectiveness of the internal control system[151] - The auditor's fees for the year amounted to approximately HKD 795,000 for audit services and HKD 188,000 for non-audit services[150] - The internal audit department plays a crucial role in providing independent assessments and assurances regarding the effectiveness of the risk management and internal control systems[180]

Financial Performance - For the six months ended September 30, 2021, the group recorded total revenue of HKD 396.7 million, an increase of HKD 115.3 million or 41.0% compared to HKD 281.4 million in the same period last year[9]. - The unaudited consolidated profit attributable to the company's owners reached HKD 36.2 million, compared to HKD 15.3 million in the same period last year, reflecting significant profit growth due to improved consumer confidence as the COVID-19 situation stabilized in Hong Kong[9]. - Retail business revenue increased by HKD 114.3 million or 40.7% to HKD 395.3 million, surpassing pre-COVID-19 levels, with same-store sales growing by 40.4% year-on-year[10]. - Revenue for the six months ended September 30, 2021, was HKD 396,678,000, a 41% increase from HKD 281,390,000 for the same period in 2020[56]. - Gross profit for the same period was HKD 115,321,000, compared to HKD 82,743,000 in 2020, reflecting a gross margin improvement[56]. - Operating profit increased to HKD 39,155,000, up from HKD 18,700,000, representing a growth of 109%[56]. - Profit before tax reached HKD 36,190,000, significantly higher than HKD 15,264,000 in the previous year, marking a 137% increase[56]. - Total comprehensive income for the period was HKD 35,999,000, up from HKD 13,864,000, reflecting a growth of 159%[56]. - The company reported a profit attributable to owners of HKD 36,188,000 for the six months ended September 30, 2021, compared to HKD 15,263,000 for the same period in 2020, representing a year-over-year increase of 137.5%[104]. Revenue Breakdown - Revenue from gold jewelry, jewelry, watches, and gifts retail was HKD 374,779,000, up 46% from HKD 256,377,000 in the previous year[86]. - Revenue from bullion trading decreased to HKD 20,518,000 from HKD 24,609,000, a decline of 16%[86]. - Revenue from diamond wholesale increased to HKD 1,381,000 from HKD 404,000, representing a growth of 242%[86]. Capital Expenditure and Investments - Capital expenditure during the period amounted to approximately HKD 1.8 million, primarily for property renovations, furniture, and equipment[19]. - The company recognized a right-of-use asset addition of HKD 8,712,000 for the six months ended September 30, 2021, compared to none in the same period of 2020[113]. - Capital expenditures for the six months ended September 30, 2021, amounted to approximately HKD 1,846,000, significantly higher than HKD 330,000 for the same period in 2020[109]. - The capital commitments as of September 30, 2021, were HKD 2,395,000 for the purchase of properties, machinery, and equipment, an increase from HKD 650,000 as of March 31, 2021[170]. Assets and Liabilities - As of September 30, 2021, the group's current assets and current liabilities were approximately HKD 764.9 million and HKD 138.7 million, respectively, with cash and cash equivalents totaling approximately HKD 212.3 million[14]. - The total borrowings of the group were approximately HKD 37.8 million, resulting in a healthy debt-to-equity ratio of 5.5%[16]. - Total assets amounted to HKD 764,915,000, compared to HKD 729,061,000 as of March 31, 2021, indicating a growth of 5%[59]. - The company reported a net asset value of HKD 687,337,000, up from HKD 660,639,000, representing a 4% increase[59]. - Trade payables amounted to HKD 49,992,000 as of September 30, 2021, compared to HKD 35,310,000 as of March 31, 2021, reflecting a significant increase[139]. Cash Flow - The net cash generated from operating activities was HKD 88,027,000, up from HKD 76,106,000 in the previous year, indicating a growth of 15.3%[66]. - Cash and cash equivalents at the end of the period totaled HKD 212,345,000, compared to HKD 241,465,000 at the end of the previous period, reflecting a decrease of 12.1%[66]. - The cash outflow from investing activities was HKD 62,606,000, significantly higher than the inflow of HKD 1,184,000 in the same period last year[66]. - The company reported a net cash outflow from financing activities of HKD 22,331,000, compared to HKD 30,175,000 in the previous year, showing an improvement of 26.1%[66]. Shareholder Information - The company repurchased a total of 550,000 ordinary shares at a total cost of HKD 177,000 between April 1, 2021, and April 22, 2021[36]. - As of September 30, 2021, the company had 911,658,465 ordinary shares issued, with major shareholders holding over 5% of the issued share capital[32]. - The beneficial ownership of the company includes 541,688,415 shares, with an additional 12,936,042 shares held as corporate interests[33]. - The company declared a final dividend of HKD 0.01 per share for the year 2021, compared to HKD 0.002 per share in 2020, reflecting a 400% increase[100]. Corporate Governance - The company has complied with all provisions of the corporate governance code during the six months ending September 30, 2021, except for the absence of a nomination committee[40]. - The company’s auditor has issued an unqualified opinion on the financial statements for the year ending March 31, 2021[46]. - The company’s management has reviewed the accounting policies and practices, risk management systems, and internal controls for the six months ending September 30, 2021[45]. - The company’s board believes that all directors should participate in fulfilling the responsibilities outlined in the corporate governance code[40]. Accounting Standards - The company’s financial statements are prepared in accordance with Hong Kong Accounting Standards, specifically HKAS 34 for interim financial reporting[52]. - The financial statements are prepared in accordance with Hong Kong Accounting Standards and are unaudited, but have been reviewed by an independent auditor[72]. - The company has adopted new or revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the interim financial statements[75]. - The company expects the adoption of new or revised Hong Kong Financial Reporting Standards will not have a significant impact on the interim financial statements[81].

Financial Performance - The group reported a revenue of HKD 1.2 billion for the fiscal year ending March 31, 2021, representing a year-on-year increase of 15%[43] - The company expects a revenue growth of 10% for the next fiscal year, projecting a target of HKD 1.32 billion[43] - The company reported total revenue of HKD 640.6 million for the fiscal year ending March 31, 2021, an increase of 4.0% from HKD 615.7 million in the previous year[51] - The net profit attributable to the company's owners reached HKD 28.6 million, a significant increase of 401.8% compared to HKD 5.7 million in the previous year[51] - The retail business revenue increased from HKD 613.2 million to HKD 639.6 million, representing a growth of 4.3% driven by store network expansion and strong sales of gold and jewelry products[52] - The gross profit margin improved to 35%, up from 32% in the previous year, due to better cost management[43] Customer and Market Growth - User data showed a 20% increase in active customers, reaching 500,000 by the end of the fiscal year[43] - New product launches contributed to a 25% increase in sales in the jewelry segment, with a total of 150 new items introduced[43] - The company is expanding its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[43] - New store openings contributed 39.5% to the sales growth, while the online shopping platform launched in April 2020 contributed 11.5% to the sales increase[52] - The company plans to enhance its online sales platform, aiming for a 40% increase in e-commerce revenue by the end of the next fiscal year[43] Dividends and Shareholder Returns - The board has approved a dividend payout of HKD 0.50 per share, reflecting a commitment to returning value to shareholders[43] - The board proposed a final dividend of HKD 0.01 per share, totaling HKD 9.1 million, compared to HKD 0.002 per share in the previous year[46] - The company reported a proposed final dividend of HKD 0.01 per share for the year ending March 31, 2021, compared to HKD 0.002 per share in 2020, reflecting a significant increase[73] Cost Management and Efficiency - The distribution and selling costs decreased to HKD 105.2 million from HKD 122.8 million, a reduction of 14.3% due to favorable lease terms and reduced marketing expenses[51] - Research and development investments increased by 18%, focusing on sustainable materials and innovative designs[43] Risk Management and Internal Controls - The company has established a risk management framework guided by a "three lines of defense" model, ensuring comprehensive responsibility for risk management and internal controls[171] - The audit committee oversees the risk management and internal control systems, conducting quarterly reviews and discussions with management[173] - The company conducts semi-annual self-assessments of its internal control systems and regularly reviews departmental policies and procedures[184] - The internal audit department conducted various risk assessments and audits, discussing significant matters related to risk and internal controls with management and the audit committee[188] - The board, with the assistance of external consultants, reviewed the risk management system during the reporting period and deemed it effective and sufficient[189] Corporate Governance - The company has adopted a board diversity policy to ensure a diverse range of skills and experiences among board members[149] - The chairman and CEO roles are held by different individuals, ensuring clear separation of responsibilities[139] - The independent non-executive directors confirmed their independence according to the listing rules[132] - The company has maintained directors' liability insurance to protect its directors from potential claims[114] - The company has not set a formal dividend policy or predetermined dividend rate, with future dividends to be considered based on various factors[126] Employee and Operational Insights - The company has approximately 137 employees as of March 31, 2021, with a performance-based bonus reward program in place[66] - The company plans to continue expanding its store network in key locations and invest in employee development to enhance customer experience[54] Inventory Management - The group reported inventory of approximately HKD 415,217,000 as of March 31, 2021, primarily consisting of jewelry, gold ornaments, gold bars, watches, and gifts[197] - For the fiscal year ending March 31, 2021, the inventory provision and impairment amounted to approximately HKD 18,101,000, while the reversal of inventory provision and impairment was about HKD 11,783,000[197] - The assessment of the appropriateness of provisions for obsolete and slow-moving inventory involves significant judgment based on historical experience and current market conditions[197]

Financial Performance - For the six months ended September 30, 2020, the company recorded total revenue of HKD 281.4 million, a decrease of HKD 40.6 million or 12.6% compared to HKD 322.0 million in the same period last year[6]. - The company reported an unaudited consolidated profit attributable to owners of HKD 15.3 million, compared to HKD 2.4 million in the same period last year, primarily due to improved gross margin and reduced rental costs[6]. - Retail revenue in Hong Kong decreased by HKD 39.1 million or 12.2% to HKD 281.0 million, mainly impacted by the COVID-19 pandemic in April and May[9]. - The company's gross profit declined slightly from HKD 82.1 million to HKD 78.5 million, but the gross margin improved from 25.5% to 27.9% due to better discount control[9]. - Operating profit increased significantly to HKD 18,700 thousand from HKD 4,399 thousand year-over-year, marking an increase of approximately 324.4%[52]. - Profit before tax for the period was HKD 15,264 thousand, a substantial increase from HKD 2,374 thousand in the previous year, representing a growth of about 542.5%[52]. - Basic and diluted earnings per share rose to HKD 1.7, compared to HKD 0.3 in the same period last year, indicating a significant increase of 466.7%[52]. - Total comprehensive income for the period was HKD 13,864 thousand, compared to HKD 2,291 thousand in the prior year, reflecting an increase of approximately 505.5%[52]. Cash Flow and Assets - As of September 30, 2020, the company's current assets and current liabilities were approximately HKD 708.3 million and HKD 110.4 million, respectively, with cash and cash equivalents of about HKD 241.5 million[13]. - The company's cash and cash equivalents increased to HKD 241,465 thousand from HKD 194,292 thousand, representing a growth of approximately 24.2%[55]. - For the six months ended September 30, 2020, the net cash inflow from operating activities was HKD 76,106,000, compared to HKD 43,365,000 for the same period in 2019, representing an increase of 75.4%[61]. - The net cash outflow from investing activities was HKD 1,184,000, an improvement from a net outflow of HKD 1,801,000 in the previous year[61]. - The net cash outflow from financing activities was HKD 30,175,000, compared to HKD 23,508,000 in the prior period, indicating an increase of 28.5%[61]. - Total assets as of September 30, 2020, were HKD 808,436 thousand, slightly down from HKD 818,799 thousand as of March 31, 2020[55]. - Net asset value increased to HKD 647,531 thousand from HKD 635,494 thousand, showing a growth of about 1.6%[55]. Corporate Governance - The company did not declare an interim dividend for the year ending March 31, 2021, consistent with the previous year[5]. - The company has adopted a standard code for directors' securities trading compliance, and all directors adhered to this code during the reporting period[31]. - The company has not established a nomination committee, believing that all directors should participate in fulfilling the responsibilities outlined in the relevant code provisions[33]. - The company does not have a formal dividend policy or predetermined dividend rate, with future dividends to be considered based on various factors including market conditions and financial status[37]. - The company has complied with all provisions of the corporate governance code during the six months ending September 30, 2020, except for specific deviations explained in the report[32]. Operational Strategy - The company plans to continue exploring opportunities to expand its retail network under reasonable rental terms and invest in employee training and digital marketing[10]. - The company will continue to implement various measures to enhance sales performance, including lease negotiations, inventory management, and cost control[10]. - The company has developed an online platform that has received positive customer feedback and contributed satisfactorily to sales during the pandemic[9]. - The company continues to focus on its core business of gold jewelry, jewelry, watches, and gift retail, as well as gold bar trading and diamond wholesale[63]. Financial Reporting and Compliance - The company's auditor, BDO Limited, reviewed the interim financial statements for the six months ending September 30, 2020, and found no significant issues[49]. - The interim financial statements were prepared in accordance with Hong Kong Accounting Standards, specifically HKAS 34[48]. - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency[64]. - The company has adopted new or revised Hong Kong Financial Reporting Standards effective from April 1, 2020, but these did not have a significant impact on the interim financial statements[67]. Inventory and Liabilities - The company reported a decrease in inventory, which contributed positively to cash flow from operations[61]. - Inventory as of September 30, 2020, was valued at HKD 436,248,000, down from HKD 471,461,000 as of March 31, 2020[109]. - Lease liabilities as of September 30, 2020, amounted to HKD 97,956,000, with future lease payments totaling HKD 103,827,000[101]. - The total liabilities from financing activities as of September 30, 2020, amounted to HKD 130,397,000, up from HKD 107,408,000 at the end of the previous period, which is an increase of about 21%[119]. Employee Compensation - Employee benefits expenses totaled HKD 29,328,000 for the six months ended September 30, 2020, slightly down from HKD 29,959,000 in the previous year, a decrease of about 2.1%[88]. - The total remuneration for executive directors, non-executive directors, and other key management personnel for the six months ended September 30, 2020, was HKD 6,215,000, an increase from HKD 4,322,000 in the same period of 2019, representing a growth of 43.9%[131]. Market and Investment - The fair value of non-listed equity securities was HKD 1,202,000 as of September 30, 2020, compared to HKD 3,007,000 as of March 31, 2020[103]. - The fair value of gold borrowings was HKD 32,339,000 as of September 30, 2020, slightly increasing from HKD 31,286,000 as of March 31, 2020[135]. - The market price-to-book ratio for non-listed equity securities ranged from 0.22 to 1.90 as of September 30, 2020, compared to 0.18 to 2.34 as of March 31, 2020[141]. - The lack of marketability discount for non-listed equity securities remained at 24.2% as of September 30, 2020[141].