【导读】任子行财报造假受到处罚，将被ST 6月20日晚，网络安全龙头任子行发布公告称，公司及相关责任人收到《行政处罚事先告知书》，公司及3名董监高、1名经办人员被警告，并被处以100万 元到500万元不等的罚款。根据相关规定，公司股票将被实施其他风险警示（ST）。 子公司用作资金通道 三期财报存在虚假记载 此前，任子行于2024年8月9日收到中国证监会下发的《立案告知书》，因公司涉嫌信息披露违法违规，根据《中华人民共和国证券法》《中华人民共和国 行政处罚法》等法律法规，中国证监会决定对公司立案。如今，任子行涉嫌信息披露违法违规案已调查完毕，证监会依法拟对公司及相关责任人作出行政 处罚。 经查明，2015年3月，任子行收购北京亚鸿世纪科技发展有限公司（以下简称北京亚鸿）51%的股权；2016年8月，任子行增持北京亚鸿5%的股权；2017 年7月，任子行收购北京亚鸿剩余44%的股权，北京亚鸿成为任子行的全资子公司。自收购后，北京亚鸿一直独立运营，并基本沿用了任子行收购前的管 理团队及业务骨干。 2018年起，北京亚鸿和任子行分别作为联合体成员陆续中标了创新项目，均由北京亚鸿负责具体实施。在项目建设过程中，由北京亚 ...

Financial Performance - Revenue for the year ended December 31, 2024, decreased to approximately $674.39 million from $696.63 million in 2023, a decline of about $22.25 million or 3.2%[9] - Gross profit for the year was approximately $74.24 million, down by about $21.03 million or 22.1% compared to $95.27 million in 2023[12] - The company recorded a net loss attributable to owners of approximately $33.89 million, compared to a loss of $6.01 million in the previous year[12] - Basic loss per share for 2024 was $(3.3) cents, compared to $(0.6) cents in 2023[9] - In fiscal year 2024, the company's revenue was $674.4 million, with a loss of approximately $33.9 million, primarily due to non-recurring expenses totaling about $33.2 million[35] - Excluding non-recurring factors, the loss attributable to the company's owners would be reduced to no more than $0.7 million[35] - The apparel segment's revenue decreased by approximately $55,689,000 to $399,375,000, a decline of about 12.2% due to reduced customer orders[76] - The accessories segment's revenue increased to approximately $275,011,000, up about $33,441,000 or 13.8% from the previous year[77] Operational Efficiency and Strategy - The company aims to enhance production and operational efficiency and improve profitability through the adoption of automation technologies[15] - The company is exploring printing and dyeing technologies to improve product quality and customer satisfaction[15] - The company plans to diversify its production bases in Southeast Asia to mitigate risks associated with concentrated procurement locations[17] - The company implemented a series of internal restructuring and consolidation measures in 2024 to address challenges and maintain long-term health and profitability[35] - Significant one-off losses were incurred due to severance payments, legal fees, factory closures, divestitures, and prudent provisions for inventory impairment and taxes[37] - The company plans to focus on core businesses and strategies following the discontinuation of unprofitable initiatives[34] - The company aims to improve factory efficiency by 20% to 30%, with a target of achieving over 90% efficiency across all facilities[50] - The company is committed to improving cash management and refinancing existing loans to reduce interest expenses in a high-interest environment[50] Market and Economic Outlook - The global economic growth rate is expected to stabilize at 2.7% in 2025, maintaining the same level as in 2024, amidst ongoing geopolitical tensions[14] - The company anticipates a global economic growth rate of 2.7% in 2025, which is below pre-pandemic levels[82] - The company is optimistic about its performance outlook for 2025, expecting improvements from the groundwork laid in 2024[44] Corporate Governance and Management - The company emphasizes corporate governance as a key element in creating shareholder value and has established various committees to ensure transparency and effective communication[25] - The company is committed to attracting and retaining qualified management and operational staff to execute growth strategies effectively[22] - The company has maintained satisfactory employee relations, with no significant strikes or labor disputes impacting operations during the year[22] - The board includes independent directors with over 30 years of experience in finance and investment banking, ensuring robust governance[114][115] - The company has established mechanisms for independent directors to present their views and suggestions, reviewed annually by the nomination and remuneration committees[190] - The company has strict selection criteria and procedures for the nomination and appointment of directors, ensuring transparency and accountability[192] Sustainability and Social Responsibility - The company is focusing on sustainable practices and has established a strategic partnership to create a dyeing production center equipped with advanced technology, aiming to lead the industry towards a green economy[48] - The company recognizes the growing demand for sustainability and on-demand fashion, and is adapting its capabilities to deliver sustainable products in smaller quantities[58] - The company is actively seeking opportunities to implement practical actions across the value chain to create positive changes for employees, communities, and the environment[62] - Charitable and other donations made by the group during the year totaled approximately $267,000[133] Employee Engagement and Development - The company is focused on employee engagement and human resource strategies to support overall business plans and strategic directions[113] - The management team emphasizes the importance of succession planning and talent management for long-term sustainability[113] - The company employs approximately 27,000 employees globally and continues to promote open communication with staff through various channels[102] Related Party Transactions - The estimated total value of related party transactions for the year ending December 31, 2024, is $1,920,000 for technical support services provided by IST BVI[154] - The company expects to continue related party transactions with LTG and IST BVI due to the benefits derived from these longstanding relationships[156] - The logistics master agreement with CTSI will incur maximum costs of $1,600,000, $1,700,000, and $1,800,000 for the years ending December 31, 2023, 2024, and 2025 respectively[158] Audit and Compliance - The audit committee held four meetings in the fiscal year 2024, with all members attending all sessions[198] - The total fees paid to the external auditor, PwC, for audit services amounted to approximately $600,000, while non-audit services fees were around $200,000[199] - The audit committee's responsibilities include reviewing the financial reporting system and internal control procedures[200] - The company plans to propose the reappointment of PwC as the external auditor for the fiscal year 2025 at the upcoming annual general meeting[198]

Financial Performance - Revenue for the year ended December 31, 2024, was $674,386 thousand, a decrease of 3.6% from $696,634 thousand in 2023[3] - The operating loss for 2024 was $(14,184) thousand compared to an operating profit of $6,332 thousand in 2023[4] - Loss attributable to owners of the company was $(33,891) thousand, significantly higher than $(6,008) thousand in the previous year, representing a 463.5% increase in loss[4] - Basic loss per share for 2024 was $(3.3), compared to $(0.6) in 2023, indicating a substantial decline in profitability[4] - Total comprehensive loss for the year was $(33,073) thousand, compared to $(7,715) thousand in 2023, reflecting a worsening financial position[5] - The company reported a total segment loss of $20,381,000 for 2024, compared to a profit of $4,923,000 in 2023[17] - Gross profit fell significantly from $95,271,000 to $74,238,000 due to internal restructuring and integration measures[40] - The company recorded a net loss attributable to equity holders of approximately $33,891,000, compared to a net loss of about $6,008,000 in the previous year[41] Revenue Breakdown - Revenue from the apparel segment was $399,375,000, down 11.5% from $455,064,000 in the previous year[15][16] - The accessories segment generated revenue of $275,011,000, an increase of 14% from $241,570,000 in 2023[15][16] - Revenue from the United States was $284,125,000, a decrease of 11.2% from $319,781,000 in 2023[19] - Revenue from China (including Hong Kong and Macau) was $135,870,000, down 7.7% from $147,300,000 in the previous year[19] - Revenue from the U.S., Europe, and Asia accounted for 42.1%, 17.6%, and 23.2% of total revenue, respectively[45] Assets and Liabilities - Non-current assets decreased to $165,811 thousand in 2024 from $188,425 thousand in 2023, a decline of 12.0%[6] - Current assets slightly decreased to $280,172 thousand in 2024 from $286,572 thousand in 2023, a reduction of 2.2%[6] - Total liabilities increased to $289,281 thousand in 2024 from $283,311 thousand in 2023, an increase of 2.4%[7] - Non-current assets in China (including Hong Kong and Macau) decreased from $71,479 thousand in 2023 to $61,292 thousand in 2024, a decline of approximately 14.5%[21] - The group's total non-current assets decreased from $182,825 thousand in 2023 to $160,306 thousand in 2024, representing a reduction of about 12.3%[21] Financial Expenses - The company reported a net financial expense of $(13,119) thousand in 2024, compared to $(12,432) thousand in 2023, indicating increased financial costs[4] - The company incurred total financial expenses of $13,778,000 in 2024, compared to $13,940,000 in 2023[17] - Financial expenses net increased from $12,432 thousand in 2023 to $13,119 thousand in 2024, reflecting an increase of about 5.5%[22] - Current tax expenses rose from $4,066 thousand in 2023 to $6,787 thousand in 2024, an increase of approximately 67.0%[25] - The provision for tax liabilities increased significantly from $811 thousand in 2023 to $5,811 thousand in 2024, a rise of about 617.5%[26] - The interest expense on bank borrowings decreased slightly from $12,281 thousand in 2023 to $12,160 thousand in 2024, a decrease of about 1.0%[22] Operational Insights - The company operates manufacturing facilities in China, Cambodia, the Philippines, India, and Myanmar, focusing on garment and apparel accessories manufacturing and trading[8] - The group continues to implement strict cost control measures, including reducing production, distribution, and administrative costs[50] - The board remains cautiously optimistic about the long-term prospects of the group's core business despite global economic challenges, with a projected growth rate of 2.7% by 2025[49] - The group will continue to monitor market conditions closely and adjust its business strategies as necessary[50] - The group has approximately 27,000 employees globally, focusing on employee welfare and development opportunities[56] Corporate Governance - The audit committee has reviewed the year-end results for the year ending December 31, 2024[61] - The company will not declare a final dividend for the year ending December 31, 2024, consistent with the previous year[63] - The public float has been maintained in accordance with the listing rules as of the announcement date[65] - The annual performance announcement and annual report will be published on the Hong Kong Stock Exchange and the company's website[66] Customer Concentration - Approximately $168,475,000 of revenue in 2024 came from three single external customers, representing over 10% of total revenue[20] Contingent Liabilities - The group has contingent liabilities related to potential risks of import duties and other taxes totaling approximately $16,723,000 as of December 31, 2024, unchanged from the previous year[51] Investments and Assets - The company had no significant investments, acquisitions, or disposals in subsidiaries, associates, or joint ventures during the year[46] - There are no specific plans for significant investments or capital assets as of December 31, 2024[47] - The company had no asset pledges to third parties as of December 31, 2024[48] - Trade receivables increased to $108,440,000 from $83,812,000, with a net amount of $104,197,000 after provisions[36] - The group's cash and bank deposits totaled approximately $54,871,000 as of December 31, 2024, a decrease of about $20,909,000 compared to the previous year[53] - The total bank borrowings amounted to approximately $143,501,000 as of December 31, 2024, an increase of about $846,000 from December 31, 2023[53] - The capital debt ratio was approximately 56.8% as of December 31, 2024, defined as net debt (bank borrowings minus cash and bank balances) divided by shareholders' equity[54] Inventory Management - The impairment provision for slow-moving inventory increased from a reversal of $1,785 thousand in 2023 to a provision of $5,824 thousand in 2024[21]

Financial Performance - The company reported a loss per share of (0.94) cents for the period, compared to a profit of 0.03 cents in the previous period[9]. - Revenue for the six months ended June 30, 2024, was $304,522 thousand, a decrease of 10.5% compared to $340,222 thousand in the same period of 2023[10]. - Gross profit for the same period was $38,621 thousand, down 18.1% from $47,155 thousand year-over-year[10]. - Operating loss for the six months ended June 30, 2024, was $(2,602) thousand, compared to an operating profit of $6,060 thousand in the prior year[10]. - Net loss for the period was $(9,808) thousand, a significant decline from a profit of $22 thousand in the same period of 2023[11]. - Total comprehensive loss for the six months ended June 30, 2024, was $(9,343) thousand, compared to $(2,009) thousand in the previous year[11]. - The profit/loss for the period was a loss of $4.358 million, with a loss of $9.635 million from garments and a profit of $5.277 million from apparel accessories[29]. - The company reported a net gain from the fair value of derivatives of $244,000, compared to $57,000 in the previous year[59]. - The company reported a loss attributable to owners of the company of $9,728,000 for the six months ended June 30, 2024, compared to a profit of $284,000 for the same period in 2023[70]. Assets and Liabilities - Total assets increased to $512,367 thousand as of June 30, 2024, compared to $474,997 thousand as of December 31, 2023, representing an increase of 7.5%[6]. - Current assets rose to $331,696 thousand from $286,572 thousand, marking an increase of 15.7%[6]. - Total liabilities increased to $330,024 thousand from $283,311 thousand, reflecting a rise of 16.5%[8]. - Non-current assets decreased to $180,671 thousand from $188,425 thousand, a decline of 4.0%[4]. - The company's equity attributable to owners decreased to $181,722 thousand from $190,668 thousand, a decrease of 4.6%[6]. - The total equity decreased to $182,343 thousand from $191,686 thousand, a decline of 4.9%[4]. - The total cash outflow from leases for the six months ended June 30, 2024, was $5,344,000, an increase from $4,170,000 in the same period of 2023[46]. - The total non-current lease liabilities were $19,407,000 as of June 30, 2024, a slight decrease from $19,930,000 on December 31, 2023[44]. - Total borrowings increased to $164,006,000 from $142,655,000, representing a growth of approximately 14.9%[55]. Cash Flow and Financial Management - Cash flow used in operating activities was $(11,114) thousand, slightly higher than $(10,749) thousand in the same period last year[17]. - Cash and bank balances increased to $81,212 thousand from $75,780 thousand, an increase of 7.4%[4]. - The company incurred a foreign exchange loss of $316 thousand during the period, compared to a loss of $917 thousand in the previous year[17]. - Financial expenses netted $(6,412) thousand, an increase from $(5,853) thousand in the same period of 2023[10]. - Current tax expense for the period was $1,243,000, up from $859,000 in the previous year, reflecting a 44.8% increase[65]. Revenue Breakdown - For the six months ended June 30, 2024, the total revenue from external customers was $304.522 million, with $183.362 million from garments and $121.160 million from apparel accessories[29]. - The apparel segment generated revenue of approximately $183,362,000, a decrease of about 15.4% or $33,437,000[90]. - The accessories segment's revenue was approximately $121,160,000, down by about $2,263,000 or 1.8%[91]. - Total revenue from European and American customers was approximately $180,714,000, accounting for about 59.3% of total revenue[92]. Corporate Governance and Management Changes - The company has appointed new directors and financial officers in 2024, indicating potential strategic shifts in management[2]. - The company has established an Audit Committee and a Remuneration Committee to enhance corporate governance[112]. - The company is committed to maintaining high levels of corporate governance to create shareholder value[112]. - The company established a Nomination Committee responsible for recommending the appointment or reappointment of directors, chaired by Mr. Wang Weimin[113]. - The Financing and Banking Committee was formed to review and approve the group's bank financing, ensuring alignment with overall business interests, chaired by Mr. Chen Zulon[113]. Strategic Outlook and Risks - Future economic outlook remains uncertain due to ongoing geopolitical tensions, including the Russia-Ukraine war and trade tensions between China and the U.S.[95]. - The group management will continue to assess the impact of the global economic situation on financial performance and business operations, implementing appropriate financial management measures to prepare for future challenges and opportunities[96]. - The group has implemented strict cost control measures, including reductions in production costs, distribution costs, and administrative expenses, aiming for greater synergy in overall administrative efficiency[96]. - The company identified potential impairment indicators for the apparel and accessories cash-generating units due to declining performance from key customers and a significant drop in budgeted gross margins[38]. Shareholder Information - The company reported a total of 1,034,113 thousand shares issued and fully paid as of June 30, 2024[49]. - The new share option plan was approved and adopted on May 30, 2024, with a validity period of 10 years[104]. - As of the report date, the total number of shares available for issuance under the new share option plan is 103,411,266 shares, representing approximately 10% of the total issued share capital[105]. - Shanghai Textile (Hong Kong) Limited is the largest shareholder, holding 730,461,936 shares (70.64%) of the company[108].

Financial Performance - Revenue for the six months ended June 30, 2024, was $304,522 thousand, a decrease of 10.5% compared to $340,222 thousand for the same period in 2023[1] - Operating loss for the period was $(2,602) thousand, compared to an operating profit of $6,060 thousand in the prior year, indicating a significant decline[2] - Loss attributable to owners of the company was $(9,728) thousand, a stark contrast to a profit of $284 thousand in the same period last year[2] - Basic and diluted loss per share was $(0.94), compared to earnings of $0.03 per share in the previous year[2] - The company reported a total comprehensive loss of $(9,343) thousand for the period, compared to $(2,009) thousand in the previous year[3] - The group incurred a total loss of $4.36 million for the six months ended June 30, 2024, compared to a profit of $3.34 million for the same period in 2023[11] - The gross profit for the same period fell from approximately $47.16 million to about $38.62 million, a decrease of around $8.53 million[29] - The company reported a net loss attributable to equity holders of approximately $9.73 million for the six months ended June 30, 2024, compared to a net profit of about $284,000 for the same period in 2023[30] Revenue Breakdown - The revenue from garment sales was $183.36 million for the six months ended June 30, 2024, down from $216.80 million in the same period of 2023, reflecting a decrease of about 15.4%[11] - The revenue from apparel accessories was $121.16 million for the six months ended June 30, 2024, slightly down from $123.42 million in the same period of 2023, indicating a decrease of approximately 1.8%[11] - The group recognized rental income of $0.24 million for the six months ended June 30, 2024, compared to $0.52 million in the same period of 2023, a decline of about 53.8%[11] - The apparel segment generated revenue of approximately $183.36 million, a decrease of about 15.4% or $33.44 million compared to the previous year[31] - The accessories segment's revenue was approximately $121.16 million, down about $2.26 million or 1.8% year-over-year[32] Assets and Liabilities - Total assets as of June 30, 2024, amounted to $512,367 thousand, an increase from $474,997 thousand as of December 31, 2023[4] - Current assets increased to $331,696 thousand from $286,572 thousand, driven by a rise in inventory and trade receivables[4] - Total liabilities rose to $330,024 thousand from $283,311 thousand, primarily due to an increase in trade payables and borrowings[5] - Non-current assets decreased to $180,671 thousand from $188,425 thousand, reflecting a decline in property, plant, and equipment[4] - Trade receivables increased to $89,295,000 as of June 30, 2024, from $83,812,000 as of December 31, 2023[24] - The net trade receivables amounted to $84,709,000 as of June 30, 2024, compared to $79,267,000 as of December 31, 2023[24] - Total trade payables increased to $66,421,000 as of June 30, 2024, from $44,485,000 as of December 31, 2023[26] Tax and Financial Provisions - The income tax expense for the six months ended June 30, 2024, was $1.15 million, up from $0.49 million in the same period of 2023, representing an increase of approximately 134.5%[16] - The company has provided a tax provision of approximately $811,000 for the tax years 2000/01 to 2021/22 as of June 30, 2024[17] - The maximum withholding tax exposure related to a sale of subsidiaries is estimated at approximately RMB 10,005,000 (equivalent to $1,533,000)[18] - The company has assessed that the provisions made as of June 30, 2024, are adequate but not excessive[17] - The company expects no impact on its annual effective tax rate for 2024 from the implementation of Pillar Two legislation in Vietnam[19] Economic and Market Conditions - For the six months ended June 30, 2024, the company's revenue decreased by approximately 10.5% to about $304.52 million, primarily due to reduced customer orders and supply chain disruptions[29] - Geopolitical uncertainties, including the ongoing Russia-Ukraine conflict and trade tensions between China and the U.S., are expected to continue affecting the global economy[36] - The group continues to assess the impact of the global economic situation on its financial performance and business operations, implementing appropriate financial management measures to mitigate risks and seize future opportunities[37] Corporate Governance and Reporting - The company has not adopted any new accounting standards that would significantly impact future transactions[8] - The group plans to adopt new accounting standards and interpretations, which are not expected to have a significant impact on the group's financial performance in the foreseeable future[9] - The company has not adopted any new standards that would take effect after January 1, 2025, indicating a cautious approach to regulatory changes[9] - The company has adhered to corporate governance practices as outlined in the Hong Kong Stock Exchange Listing Rules during the reporting period[46] - All directors confirmed compliance with the standards of conduct regarding securities trading during the six months ending June 30, 2024[48] - The interim report for the six months ending June 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[50] - The announcement reflects the company's ongoing compliance with regulatory requirements[50] - The company is focused on maintaining effective communication with stakeholders through its reporting[50] - Future performance expectations and strategic initiatives will be detailed in the forthcoming interim report[50]

Financial Performance - Revenue decreased by approximately $162.2 million or 18.9% to $696.6 million in 2023 from $858.9 million in 2022[15] - Gross profit was approximately $95.3 million, down by about $30.1 million, resulting in a gross margin of 13.7% compared to 14.6% in the previous year[13][15] - The company reported a net loss attributable to owners of approximately $6.0 million, with a basic loss per share of $0.6 cents[13][15] - The total assets decreased to $475.0 million from $519.1 million in the previous year[13] - The company's revenue for the fiscal year 2023 was approximately $697 million, resulting in a loss of about $6 million[35] - Gross profit decreased by $30,058,000 to $95,271,000, with a gross margin decline of 0.9 percentage points attributed to pricing pressure and decreased sales volume[53] - The net loss for the year was approximately $6,008,000, compared to a net profit of $9,911,000 for the previous year, reflecting the significant drop in revenue and gross profit[57] - The apparel segment's revenue decreased by approximately $65,055,000 to $455,064,000, a decline of 12.5%, mainly due to excess inventory from over-purchasing during the COVID-19 pandemic[59] - The accessories segment reported revenues of approximately $241,570,000 and a profit of $19,763,000, with stable gross margins despite global economic uncertainties[60] Strategic Initiatives - The company plans to enhance automation and innovation capabilities to maintain competitiveness and resilience in the industry[16] - The company is focusing on diversifying production bases in Southeast Asia to mitigate supply chain risks and enhance operational flexibility[17][18] - The strategy of "rooting in China, serving China" is increasingly favored by brand owners to meet local market demands[18] - The company aims to establish a win-win relationship with brand customers by providing high-quality products, believing that mutual growth is key to becoming a world-class enterprise[19] - Over the past decade, the company has focused on attracting existing brand customers, strengthening relationships that serve as valuable assets during challenging times[20] - The company is undergoing a strategic restructuring to enhance organizational efficiency and focus on core competencies, particularly in garment and accessory production[32] - The company plans to optimize its cost structure while minimizing negative impacts on employees, aiming to improve efficiency without compromising product quality[34] - The company is implementing a supply chain restructuring plan to mitigate geopolitical risks and enhance operational efficiency[39] Sustainability and Community Engagement - The company is committed to sustainable community development through participation in charitable activities and environmental initiatives[22] - The company is committed to reducing the use of natural resources and harmful chemicals while ensuring economic development through advanced technologies[47] - Sustainable development is viewed as an integral part of the business, aimed at creating long-term value for stakeholders[47] - The company has made significant progress in charitable initiatives, supporting children's development through partnerships with various organizations[46] - The company aims to achieve carbon neutrality by 2030, aligning with global sustainability trends[93] Market Outlook and Growth Projections - The global economic growth rate is projected to decline from 2.6% in 2023 to 2.4% in 2024, indicating a cautious outlook for the company[16] - The outlook for 2024 indicates that global trade growth is expected to be only half of the pre-COVID-19 average, with a forecasted global growth rate of 2.4%, down from 2.6% in the previous year[62] - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[92] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on sustainable textiles[93] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2025[94] Corporate Governance - The company is committed to corporate governance as a key element in creating shareholder value, having established various committees to ensure effective communication and decision-making[23] - The company emphasizes the importance of employee support and training to maintain past achievements and future performance, ensuring a comfortable work environment[21] - The board of directors consists of five executive directors, one non-executive director, and three independent non-executive directors, with independent directors making up one-third of the board, complying with listing rules[170] - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with the standards set forth in the listing rules[159] - The company is committed to maintaining high standards of corporate governance, adhering to the applicable code provisions[159] Risk Management - The company has adopted principles to minimize financial and capital risks, with detailed management of market, credit, and liquidity risks outlined in the financial statements[198] - The internal audit team identified areas for improvement in risk management and internal control systems based on an independent investigation in 2023[199] - The board is committed to managing and monitoring risks associated with business activities, including environmental and social risks[196] Employee and Director Information - The group employs approximately 31,300 employees globally and promotes open communication with staff through various channels[85] - The total remuneration for directors in 2023 was approximately $787,000, a decrease from $2,550,000 in 2022[186] - The company has strengthened its leadership team with the appointment of key executives, enhancing its strategic direction and operational capabilities[98] Financial Management - The company plans to continue implementing rigorous financial management measures to mitigate risks and prepare for future challenges[67] - Significant progress was made in reducing operational costs, with a focus on restoring profitability as the top priority for the upcoming year[35] - The group continues to implement strict cost control measures, including reducing production costs, distribution costs, and administrative expenses[70]

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of $696,634 thousand, a decrease of 18.9% from $858,861 thousand in 2022[2]. - Gross profit for 2023 was $95,271 thousand, down 23.9% from $125,329 thousand in the previous year[2]. - Operating profit decreased significantly to $6,332 thousand, compared to $19,066 thousand in 2022, reflecting a decline of 66.8%[2]. - The company reported a net loss attributable to owners of the company of $6,008 thousand, compared to a profit of $9,911 thousand in 2022[2]. - Basic and diluted loss per share for 2023 was $(0.6), a decline from earnings of $1.0 per share in the previous year[2]. - The company incurred a loss of $5,918,000 for the year 2023, compared to a profit of $9,130,000 in 2022, indicating a significant decline in profitability[30]. - The company reported a total comprehensive loss of $(7,715) thousand for the year, compared to a comprehensive income of $6,637 thousand in 2022[3]. - Total revenue for the year was $696,634,000, down 18.9% from $858,861,000 in the previous year[152]. - Operating profit decreased to $6,332,000, a decline of 66.8% from $19,066,000 in the prior year[152]. - The basic loss per share was $(0.6), compared to earnings of $1.0 per share in the previous year[152]. Assets and Liabilities - Total assets as of December 31, 2023, were $474,997 thousand, down from $519,084 thousand in 2022, representing a decrease of 8.5%[4]. - Non-current assets totaled $188,425 thousand, a decrease of 8.8% from $206,632 thousand in the previous year[4]. - Current assets decreased to $286,572 thousand from $312,452 thousand, reflecting an 8.3% decline[4]. - Non-current liabilities totaled $45,856,000, with current liabilities amounting to $312,268,000, leading to a total liabilities figure of $358,124,000[25]. - Total liabilities decreased to $283,311 thousand as of December 31, 2023, down from $316,663 thousand in the previous year, representing a reduction of approximately 10.5%[156]. - Non-current liabilities totaled $30,654 thousand, a decrease of 16.4% from $36,663 thousand in the previous year[156]. - Current liabilities amounted to $252,657 thousand, down from $280,000 thousand, reflecting a decline of about 9.8%[156]. Revenue Sources - Revenue from three major external customers accounted for over 10% of total revenue, with amounts of $133,647,000, $93,992,000, and $75,700,000 for 2023, compared to $186,608,000, $166,660,000, and $102,427,000 in 2022[22]. - The company has no significant revenue sources other than the sale of apparel and accessories, with some incidental income from waste sales following the same recognition policy[27]. - The company's total revenue sources for the fiscal year were approximately 65.3% from the apparel business and 34.7% from accessories[79]. - Revenue from the US, Europe, and Asia accounted for 45.9%, 16.1%, and 20.4% of total revenue, respectively, for the fiscal year ending December 31, 2023[82]. - The apparel segment's revenue decreased by approximately $65.055 million to $455.064 million, representing a decline of 12.5%, primarily due to inventory overstocking during the COVID-19 pandemic and lower-than-expected consumer demand post-pandemic[51]. Financial Expenses and Taxation - The company experienced a significant increase in financial expenses, which rose to $(12,432) thousand from $(8,152) thousand in 2022[2]. - The average effective tax rate for entities operating in Vietnam was assessed at 24%, indicating that the company does not expect to incur any additional taxes due to its operations in Vietnam[40]. - The current income tax expense for 2023 was $4,066 thousand, compared to $1,826 thousand in 2022, indicating a significant increase[179]. - The deferred income tax expense for 2023 was $(1,407) thousand, compared to $(482) thousand in 2022, reflecting changes in tax liabilities[179]. Corporate Governance and Strategy - The company aims to enhance governance and strengthen partnerships as part of its corporate social responsibility strategy[106]. - The company is committed to corporate governance and has established an audit committee to oversee financial procedures and internal controls[138]. - The board of directors does not recommend the distribution of a final dividend for the year[44]. - The board of directors does not recommend a final dividend for the year ended December 31, 2023, compared to a final dividend of $0.268 per share for the year ended December 31, 2022[97]. Market Conditions and Future Outlook - The company plans to implement strict cost control measures, including reducing production, distribution, and administrative costs, to mitigate risks and ensure sustainable growth[56]. - The company is cautiously optimistic about the long-term prospects of its core business despite global economic challenges[55]. - The economic environment for 2023 remained complex, with the US economy outperforming many other major economies, while Europe faced stagnation due to high inflation and interest rates[76]. - Global economic growth is projected to slow down to 2.4% in 2024, down from 2.6% in the previous year, marking the third consecutive year of decline[102]. Cash and Bank Balances - The company reported a total cash and bank deposits of approximately $75,780,000 as of December 31, 2023, a decrease of about $18,172,000 compared to December 31, 2022[107]. - The cash and bank balances stood at $93,952 thousand, unchanged from the previous reporting period[167]. Inventory and Receivables - The company’s inventory increased to $83,328 thousand, up from $77,506 thousand, reflecting a rise of approximately 7.3%[167]. - The accounts receivable aging report shows that receivables aged 0 to 30 days were $34,715,000, down 13.7% from $40,170,000 last year[126]. - The company’s trade receivables decreased to $130,890 thousand from $140,989 thousand, a decline of about 7.2%[167].

智通财经APP讯，联泰控股(00311)发布公告，预期截至2023年12月31日止年度归属于公司所有者的亏损大约600万美元至800万美元，而截至2022年12月31日止年度则取得经重列的归属于公司所有者的利润约990万美元。 预期转盈为亏主要是由于：诚如公司所日期为2023年7月17日的公告所述，供应链于过去数年因COVID-19疫情而受到干扰。大部分品牌拥有者担忧供应链断裂，因此于疫情期间积极提高存货水平，导致后COVID-19时代的存货供过于求。有鉴于此，集团的收入由截至2022年12月31日止年度约8.59亿美元下跌约20.3%至截至2023年12月31日止年度约6.85亿美元。由于收入下跌，集团若干厂房的营运效益未达设计水平，故难免产生亏损。 由于利率仍然高企，故集团的财务费用由截至2022年12月31日止年度约900万美元上升约55.6%至截至2023年12月31日止年度约1400万美元。 集团的管理层将继续采取积极措施降低集团的经营风险、提升营运效益、减省成本并严加管理现金流量。集团亦将继续密切监察市况，按需要及时调整业务策略。 ...

Financial Performance - Total revenue for the six months ended June 30, 2023, was $340,222 thousand, a decrease of 26.4% compared to $462,813 thousand for the same period in 2022[9]. - Gross profit for the same period was $47,155 thousand, down 37.5% from $75,476 thousand in 2022[9]. - Operating profit decreased to $6,060 thousand, a decline of 52.1% from $12,603 thousand in the previous year[9]. - Net profit attributable to the owners of the company was $284 thousand, significantly lower than $6,969 thousand in the prior year, representing a decrease of 95.9%[9]. - The company reported a total comprehensive loss of $2,009 thousand for the period, compared to a total comprehensive income of $4,749 thousand in the previous year[10]. - Profit for the period was $22 thousand, significantly down from $6,560 thousand in the previous year, reflecting a decline of 99.7%[135]. - The group reported a profit of $3.336 million for the six-month period, with a loss of $7.160 million from garments and a profit of $10.496 million from accessories[61]. - The company reported a net profit share from joint ventures and associates of $251,000 for the six months ended June 30, 2023, compared to a loss of $1,706,000 for the same period in 2022, indicating a turnaround in performance[161]. Assets and Liabilities - Total assets as of June 30, 2023, were $521,209 thousand, slightly up from $519,084 thousand at the end of 2022[6]. - Total liabilities increased to $323,568 thousand from $316,663 thousand, marking a rise of 2.8%[6]. - Non-current assets totaled $197,901 thousand, down from $206,632 thousand, reflecting a decrease of 4.0%[4]. - The total liabilities were $316,663,000, with current liabilities totaling $280,000,000[32]. - The company’s total liabilities to related parties decreased significantly, with payables to joint ventures dropping from $678,000 to $5,000[195]. - The company maintained a contingent liability of approximately $21,112,000 related to potential import duties and other taxes as of June 30, 2023, unchanged from December 31, 2022[174]. Cash Flow and Liquidity - Cash and bank balances decreased to $75,832 thousand from $93,952 thousand, a decline of 19.3%[4]. - Cash used in operating activities for the six-month period was $10.749 million, compared to $19.284 million for the same period last year, indicating an improvement[64]. - The group’s cash and bank balances decreased to $75.832 million at the end of the period from $97.701 million at the beginning of the period[64]. - The company’s cash and cash equivalents as of June 30, 2023, were not explicitly stated but are critical for assessing liquidity and operational flexibility[150]. - The company has not experienced significant changes in liquidity risk management policies compared to the previous fiscal year ended December 31, 2022[51]. Earnings Per Share - Basic and diluted earnings per share for the period were $0.03, down from $0.67 in the previous year[8]. - The company reported a basic earnings per share of 0.03 cents for the six months ended June 30, 2023, compared to 0.67 cents for the same period in 2022[118]. Inventory and Receivables - The total inventory as of June 30, 2023, was $92,311 thousand, up 10.5% from $83,328 thousand at the end of 2022[150]. - The net receivables from trade accounts amounted to $85,671 thousand, an increase of 32.3% from $64,722 thousand as of December 31, 2022[150]. - The company’s trade payables as of June 30, 2023, were $66,349,000, an increase from $51,386,000 as of December 31, 2022, representing a rise of approximately 29.2%[167]. Financial Risks and Management - The company faced financial risks including market risk, credit risk, and liquidity risk[37]. - The independent committee concluded that unaccounted items were primarily due to high turnover rates among financial personnel[29]. - The company identified significant unaccounted inventory items related to a business unit in the Philippines, indicating prior period financial misstatements[95]. Tax Provisions and Claims - The company recognized a tax provision of approximately $811,000 (equivalent to HKD 6,323,000) for the tax years 2000/01 to 2021/22 as of June 30, 2023[108]. - The company has provided a tax provision of approximately RMB 10,005,000 (equivalent to $1,533,000) related to a pending tax review as of June 30, 2023[116]. - Current tax expenses for the first half of 2023 were $859,000, a decrease of 40.2% from $1,437,000 in the same period last year[179]. Strategic Initiatives - The company continues to focus on strategic human resource policies to support growth and social responsibility initiatives in the apparel and accessories manufacturing industry[187]. - The group’s main business activities include the manufacturing and trading of garments and accessories, with production facilities located in China, Cambodia, the Philippines, India, and Myanmar[68].

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的內容概不負責，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分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 LUEN THAI HOLDINGS LIMITED 聯 泰 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：311） 截至二零二三年六月三十日止六個月期間 中期業績公告 及 恢復買賣 本集團財務摘要 截至六月三十日止六個月期間 二零二三年 二零二二年 千美元 千美元 （未經審核） （未經審核） （經重列） 收入 340,222 462,813 經營利潤 6,060 12,603 歸屬於本公司所有者的利潤 284 6,969 ...