Financial Performance - For the fiscal year 2024, the Group recorded revenue of RMB200.3 million, representing an increase of 0.3% from RMB190.7 million in fiscal year 2023[27]. - Loss attributable to owners of the Company for fiscal year 2024 amounted to RMB33.8 million, a significant reduction from RMB341.0 million in fiscal year 2023[27]. - The Group's operating loss improved to RMB32.1 million in fiscal year 2024 from a loss of RMB356.3 million in fiscal year 2023[13]. - Rental income increased by 2.5% to RMB187.5 million in FY2024 from RMB182.9 million in FY2023, primarily due to a decrease in the vacancy rate[43][45]. - Direct sales surged by 66.2% to RMB12.3 million in FY2024 from RMB7.4 million in FY2023[43][45]. - Other operating revenue decreased to RMB27.2 million in FY2024 from RMB29.9 million in FY2023, mainly due to a reduction in government grants[47][52]. - Other gains – net amounted to RMB25.4 million in FY2024, down from RMB57.5 million in FY2023, due to rental reductions and changes in lease liabilities[48]. - Fair value loss on investment properties decreased to RMB139.5 million in FY2024 from RMB156.0 million in FY2023[49]. - Employee benefit expenses rose by 14.8% to RMB31.8 million in FY2024 from RMB27.7 million in FY2023, mainly due to the reversal of accruals[51]. - The Group's results for the year ended December 31, 2024, are detailed in the consolidated income statement[107]. Assets and Liabilities - Total assets as of December 31, 2024, were RMB2,169.5 million, down from RMB2,342.4 million in 2023, indicating a decrease of approximately 7.4%[15]. - Total liabilities decreased to RMB1,418.8 million in 2024 from RMB1,556.6 million in 2023, reflecting a reduction of about 8.8%[15]. - As of December 31, 2024, the Group's cash and cash equivalents decreased by 17.6% to RMB55.4 million from RMB67.2 million as of December 31, 2023[74]. - The gearing ratio increased to 74.3% as of December 31, 2024, compared to 70.8% as of December 31, 2023[75]. - As of December 31, 2024, the Group's long-term and short-term borrowings were RMB507.3 million and RMB50.8 million, respectively, compared to RMB520.3 million and RMB36.2 million in 2023[172][176]. Business Strategy and Operations - The Group is focusing on community business strategies, introducing a new brand targeting young lifestyles to enhance competitiveness[24]. - The Group aims to create a 24-hour community business ecosystem by operating convenient stores, gyms, restaurants, and pharmacies around the clock[27]. - Online platforms and membership loyalty programs are being utilized to enhance customer engagement and shopping experience[28]. - The Group plans to consolidate resources and enhance market position to meet diverse consumer needs and explore future market opportunities[30][33]. Employee and Management Information - The total number of employees in the Group as of December 31, 2024, is 199, a decrease from 216 employees as of December 31, 2023, reflecting a reduction of approximately 7.9%[87]. - The Group's executive management includes Ms. Huang Xue Rong, who has over 15 years of experience in administrative and business matters, and Mr. Yang Ti Wei, who has been with the Group since June 2009[91][92]. - Mr. Chow Chun Pong has been appointed as the chief financial officer and company secretary since September 1, 2022, overseeing financial and compliance matters[101]. - The Group has implemented key performance indicators to enhance performance and operational efficiency[87]. Legal and Compliance Matters - The legal proceedings initiated by certain suppliers and an ex-employee are related to disputes over contract terms and employment contract terms[84]. - The Group's directors believe that the accumulated provision is adequate to cover any potential liabilities arising from the ongoing claims[84]. - The Group has confirmed compliance with a deed of non-competition by the controlling shareholders for the year ended December 31, 2024[157][161]. - The Group has not reported any significant changes in its financial resources or liquidity position[87]. Shareholder Information - As of December 31, 2024, the Company's accumulated loss amounted to RMB671.1 million, while the share premium was RMB751.0 million[120]. - The Company is primarily engaged in department store operations and property development in the People's Republic of China[106]. - The largest customer contributed 23.3% of the Group's total revenue, while the top five customers accounted for 37.3%[165][170]. - The largest supplier represented 17.7% of the Group's total purchases and cost of services, with the top five suppliers making up 60.3%[165][170]. Dividends and Donations - The Company has decided not to recommend any final dividend for the year ended December 31, 2024[108]. - No charitable donations were made by the Group for the year ended December 31, 2024[121].

Financial Performance - The revenue for the fiscal year ending December 31, 2024, was RMB 200.3 million, representing a slight increase of 5.0% compared to RMB 190.7 million in 2023[4]. - The operating loss for the fiscal year was RMB 32.1 million, a significant improvement from the operating loss of RMB 356.3 million in 2023[4]. - The loss attributable to the owners of the company for the fiscal year was RMB 33.8 million, compared to RMB 341.0 million in 2023[4]. - The basic loss per share for the fiscal year was RMB 0.01, a decrease from RMB 0.14 in 2023[4]. - Total revenue for the group reached RMB 200,295,000, an increase from RMB 190,666,000 in the previous year, representing a growth of approximately 3.3%[29]. - The group reported a net loss of RMB 33,764,000 for the year, a significant reduction from the previous year's loss of RMB 350,409,000[29]. - The company reported a basic loss per share of RMB 0.01 for the year ended December 31, 2024, compared to RMB 0.14 for the previous year, indicating a significant improvement in performance[38]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 2,169.5 million, a decrease from RMB 2,342.4 million in 2023[9]. - Total liabilities as of December 31, 2024, were RMB 1,418.8 million, down from RMB 1,556.6 million in 2023[9]. - The company's total equity as of December 31, 2024, was RMB 750.8 million, compared to RMB 785.8 million in 2023[9]. - As of December 31, 2024, the group's current liabilities exceeded its current assets by approximately RMB 236 million, with cash and cash equivalents of approximately RMB 43 million and total bank borrowings in China amounting to RMB 558 million[12]. - The total value of investment properties as of December 31, 2024, was RMB 1,660,410 thousand, down from RMB 1,798,132 thousand in 2023, primarily due to fair value adjustments[41]. - The carrying value of properties held for sale was RMB 384,622,000 as of December 31, 2024, with an accumulated impairment loss of RMB 131,622,000, compared to RMB 130,622,000 in 2023[49]. Operational Efficiency - The company continues to focus on improving operational efficiency and reducing losses in the upcoming fiscal year[4]. - The group has adopted new and revised standards effective from January 1, 2024, which are not expected to have a significant impact on the financial performance and position[18]. - The company reported a significant reduction in pre-tax losses from RMB (406,504) thousand in 2023 to RMB (101,258) thousand in 2024, indicating improved operational efficiency[11]. - The group continues to focus on a "small but beautiful" community business strategy to adapt to changing consumer preferences and enhance competitiveness[59]. Dividends and Financial Commitments - The company did not recommend the payment of a final dividend for the fiscal year 2024, consistent with 2023[3]. - The company did not declare any dividends for the years ended December 31, 2024, and 2023, as per the board's decision[39][40]. - The company had capital commitments for property, plant, and equipment amounting to RMB 2,254,000 as of December 31, 2024, compared to RMB 2,943,000 in 2023[55]. Market Conditions and Strategy - The overall retail market in China showed resilience despite challenges, with a GDP growth of 5% in 2024 compared to 2023[58]. - The group operates 14 department stores with a total area of 242,841.9 square meters, of which 38.0% are owned properties[61]. Employee and Operational Expenses - Employee benefits expenses totaled RMB 36,874,000, up from RMB 34,127,000, marking an increase of about 8.1%[35]. - Other operating expenses increased by 8.8% from RMB 78.0 million in 2023 to RMB 84.9 million in 2024, as there were no tax incentives received in 2024 compared to 2023[75]. - Depreciation and amortization expenses decreased significantly by 37.5% from RMB 3.2 million in 2023 to RMB 2.0 million in 2024, mainly due to certain assets being reclassified as investment properties[74]. Financing and Borrowings - Financing costs netted RMB 69,115,000, an increase from RMB 50,166,000, reflecting a rise of approximately 37.8%[36]. - The weighted average effective interest rate for bank borrowings was 6.37% for the year ended December 31, 2024, compared to 6.04% in 2023[56]. - The group's total long-term and short-term borrowings as of December 31, 2024, were RMB 507.3 million and RMB 50.8 million, respectively, compared to RMB 520.3 million and RMB 36.2 million in 2023[84]. Challenges and Risks - A subsidiary failed to repay a secured bank loan of RMB 254 million, with accrued interest and penalties amounting to RMB 26 million as of December 31, 2024[12]. - The board does not expect the failure to repay the bank loan to have a significant adverse impact on the overall business operations[16]. - A subsidiary of the group failed to repay secured bank loans amounting to RMB 254 million since November 2023, indicating significant uncertainty regarding the group's ability to continue as a going concern[99].

Financial Performance - Revenue for the first half of 2024 was RMB 97.9 million, an increase of 6.5% compared to RMB 91.9 million in the first half of 2023[1]. - Operating profit for the first half of 2024 was RMB 31.2 million, a significant recovery from an operating loss of RMB 50.1 million in the first half of 2023[1]. - Loss attributable to the company's owners decreased by 71.1% to RMB 18.5 million from RMB 63.9 million in the first half of 2023[1]. - Basic loss per share improved to RMB 0.01 from RMB 0.03 in the first half of 2023[1]. - The company reported a net loss of RMB 18.5 million for the first half of 2024 compared to a net loss of RMB 72.6 million in the first half of 2023[3]. - The net loss for the group for the six months ended June 30, 2024, was RMB 18,478,000, compared to a loss of RMB 72,605,000 in the same period of 2023, showing an improvement[15]. - The operating profit for the department store business was RMB 34,118,000, while the other segment reported a loss of RMB 2,876,000, resulting in a total operating profit of RMB 31,242,000[13]. - The group recognized a net gain of RMB 34,990,000 from lease modifications during the six months ended June 30, 2024[18]. - Other net income surged to RMB 35.6 million from RMB 1.7 million, attributed to lease renegotiations that reduced rental liabilities[45]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 2,277.6 million, down from RMB 2,342.4 million as of December 31, 2023[4]. - Non-current assets decreased to RMB 1,902.8 million from RMB 1,947.2 million as of December 31, 2023[4]. - Total liabilities as of June 30, 2024, were RMB 1,510.8 million, a decrease from RMB 1,556.6 million as of December 31, 2023[5]. - As of June 30, 2024, the group's current liabilities exceeded its current assets by approximately RMB 249 million[8]. - The total bank borrowings amounted to RMB 554 million, with RMB 314 million classified as current[8]. - The group failed to repay a bank loan of RMB 254 million as of November 2023, secured by properties held for sale[8]. - The asset-liability ratio increased to 72.3% as of June 30, 2024, compared to 70.8% at the end of 2023[53]. Cash Flow and Financing - The group had cash and cash equivalents of approximately RMB 42 million as of June 30, 2024[8]. - The board believes that the group can generate sufficient cash flow through the sale of properties and operational improvements to meet its financial obligations[9]. - Plans are in place to improve department store business performance to generate cash inflows[9]. - The group intends to continue obtaining new bank credit facilities to support operations as needed[9]. - The board has reviewed cash flow forecasts covering at least the next twelve months and believes sufficient financial resources will be available[9]. - Financing costs for the group totaled RMB 40,170,000 for the six months ended June 30, 2024, compared to RMB 34,498,000 in 2023, representing an increase of about 16.3%[20]. - The group reported a financing income of RMB 3,961,000 for the six months ended June 30, 2024, down from RMB 9,169,000 in 2023, indicating a decline of approximately 56.7%[20]. Revenue Breakdown - Rental income for the six months ended June 30, 2024, was RMB 92,374,000, compared to RMB 88,749,000 in 2023, indicating an increase of about 2.9%[17]. - The department store business reported revenue of RMB 97.9 million for the first half of 2024, an increase of 6.5% from RMB 91.9 million in the same period of 2023[42]. - Direct sales increased significantly by 71.9% to RMB 5.5 million compared to RMB 3.2 million in the previous year, representing 5.6% of total revenue[43]. - Other operating income decreased by 52.0% to RMB 8.4 million, primarily due to reduced government subsidies and tax incentives[44]. Operational Efficiency and Strategy - The company aims to enhance operational efficiency and service quality to meet customer needs amid economic challenges[39]. - The company anticipates continued growth in customer traffic due to measures to revitalize the tourism industry in China[37]. - The company has completed the divestment of significant risks associated with real estate investments and is focusing on optimizing its core business[38]. Audit and Compliance - The internal audit department reported its audit results and work plans to the audit committee twice within the year, focusing on financial, operational, and compliance monitoring[59]. - The audit committee held two meetings with management, external auditors, and internal control personnel to discuss the group's audit and financial reporting matters[62]. - The company confirmed that it has adopted appropriate accounting policies and complied with applicable accounting standards in preparing its interim financial information[61]. - The interim report for the first half of 2024 will be published in accordance with the relevant rules and regulations[63].

Financial Performance - For the year ended December 31, 2023, the Group reported revenue of RMB 190.666 million, a decrease of 0.5% from RMB 191.576 million in 2022[10] - The Group incurred an operating loss of RMB 356.338 million, improving from a loss of RMB 595.402 million in the previous year[10] - The loss attributable to owners of the Company was RMB 340.982 million, compared to a loss of RMB 556.117 million in 2022, indicating a significant improvement[10] - The Group recorded revenue of RMB190.7 million for the year ended 31 December 2023, a slight decrease of 0.5% compared to RMB191.6 million in 2022[34] - Loss attributable to owners of the Company amounted to RMB341.0 million in 2023, significantly improved from a loss of RMB556.1 million in 2022[34] - Other operating revenue decreased to RMB29.9 million in 2023 from RMB32.0 million in 2022, primarily due to a reduction in promotion and management income[48] - The operating profit for the department store business segment was RMB3.1 million in 2023, a significant recovery from an operating loss of RMB402.97 million in 2022[40] - The Group's accumulated loss as of December 31, 2023, amounts to RMB 637.3 million, while the share premium is RMB 751.0 million[135][140] Assets and Liabilities - Total assets decreased to RMB 2.342 billion in 2023 from RMB 2.899 billion in 2022, representing a decline of approximately 19.2%[12] - Total liabilities decreased to RMB 1.557 billion in 2023 from RMB 1.783 billion in 2022, a reduction of about 12.7%[12] - The Group's net current liabilities as of December 31, 2023, were RMB 427.2 million, compared to RMB 73.1 million as of December 31, 2022[85] - The gearing ratio increased to 70.8% as of December 31, 2023, compared to 52.5% as of December 31, 2022[79] - The asset-liability ratio as of December 31, 2023, was 70.8%, significantly up from 52.5% as of December 31, 2022[84] - The group's net asset value as of December 31, 2023, was RMB 785.8 million, down from RMB 1,116.5 million as of December 31, 2022[85] Revenue Sources - The Group's rental income accounted for 96.3% of total revenue in 2023, while direct sales contributed 3.4%[17] - Rental income decreased slightly by 0.9% to RMB182.9 million in 2023 from RMB184.5 million in 2022, while direct sales increased by 13.8% to RMB7.4 million[44] Economic Environment - The Chairman's statement highlighted ongoing challenges in business operations despite the lifting of pandemic control measures in China[19] - The economic recovery momentum in China has slowed down due to weak internal demand and uncertainty in the real estate market[21] - The ongoing uncertainty in the property sector and deflationary pressures in China may impact consumer spending and pose challenges for the physical department store business in 2024[27] Management and Strategy - The Group plans to focus on its core department store business and adopt prudent strategies to mitigate economic slowdown pressures and seize future market opportunities[28] - The company aims to expand its market presence and enhance operational efficiency through strategic initiatives[121] - The company is committed to developing new products and technologies to meet market demands and improve customer experience[121] - The company continues to explore opportunities for mergers and acquisitions to strengthen its market position[121] Employee and Operational Metrics - As of December 31, 2023, the total number of employees was 216, a decrease from 254 as of December 31, 2022[88] - Employee benefit expenses decreased by 35.4% to RMB27.7 million for the year ended December 31, 2023 from RMB42.9 million in 2022[57] - Depreciation and amortisation expenses decreased significantly by 74.0% to RMB3.2 million for the year ended December 31, 2023 from RMB12.3 million in 2022[58] Corporate Governance - The company has a strong management team with over 15 years of experience in business affairs, led by Ms. Huang Xue Rong as the Chairperson[104] - The financial oversight is managed by Mr. Chow Chun Pong, the Chief Financial Officer, who has been with the company since April 2010[114] - The board includes independent non-executive directors with extensive experience in finance and law, enhancing corporate governance[112] - The company is focused on compliance and financial matters to ensure transparency and accountability in its operations[114] Shareholder Information - As of December 31, 2023, Ms. HUANG Xue Rong holds 8,324,000 shares, representing 0.33% of the total shares[163] - Shirble BVI, wholly owned by Xiang Rong, holds 1,374,167,500 shares, accounting for 55.08% of the total shares[173] - Mr. HAO Jian Min is a beneficial owner of 374,250,000 shares, which is 15.00% of the total shares[173] - The total number of shares held by substantial shareholders, including Shirble BVI and Xiang Rong, is 1,374,167,500, which constitutes 55.08% of the total shares[173] Dividends and Financial Policies - The Board has decided not to recommend any final dividend for the year ended December 31, 2023[123][129] - The remuneration policy for employees and directors is based on comparable salaries, experience, responsibilities, and performance, with a share award scheme conditionally adopted[177] Connected Transactions - On November 23, 2023, the group entered into a lease agreement for office premises in Shenzhen, which is considered a connected transaction under the Listing Rules[90] - On December 29, 2023, the group renewed a lease agreement for one of its department stores in Shenzhen, which constitutes a major transaction and received approval from a controlling shareholder holding 55.08% of the shares[95]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 190.7 million, a slight decrease of 0.5% compared to RMB 191.6 million in 2022[3] - Operating loss for the year was RMB 356.3 million, improved from an operating loss of RMB 595.4 million in 2022[3] - Loss attributable to owners of the company was RMB 341.0 million, compared to RMB 556.1 million in 2022[3] - Basic loss per share was RMB 0.14, an improvement from RMB 0.22 in 2022[3] - The company reported a net loss of RMB 350.4 million for the year, compared to RMB 556.5 million in 2022[6] - The net loss for the year was RMB 350,409,000 in 2023, compared to a loss of RMB 556,494,000 in 2022, showing an improvement of about 37%[27] - The company reported a pre-tax loss of RMB 406,504,000 for 2023, an improvement from a loss of RMB 669,263,000 in 2022, representing a 39.2% reduction in losses[36] - The group recorded a net loss of RMB 32.7 million for the department store segment in 2023, significantly improved from a loss of RMB 375.0 million in 2022[90] Assets and Liabilities - Total assets decreased to RMB 2,342.4 million in 2023 from RMB 2,899.7 million in 2022[8] - Total liabilities decreased to RMB 1,556.6 million in 2023 from RMB 1,783.2 million in 2022[10] - As of December 31, 2023, the group's current liabilities exceeded current assets by approximately RMB 427 million, with total bank borrowings amounting to RMB 556 million[13] - The company’s total assets decreased from RMB 2,387,778,000 in 2022 to RMB 1,798,132,000 in 2023, reflecting a strategic shift in asset management[41] - Total borrowings as of December 31, 2023, were RMB 556.5 million, down from RMB 586.1 million in 2022, with an asset-liability ratio of 70.8%[95] Income and Expenses - Other operating income was RMB 29.9 million, down from RMB 32.0 million in 2022[5] - The total expenses for the year were RMB 393,729,000, an increase from RMB 312,805,000 in 2022, indicating a rise of approximately 26%[32] - Financing costs decreased by 24.4% to RMB 53.1 million in 2023, down from RMB 70.2 million in 2022[88] - Employee benefits expenses decreased to RMB 34,127,000 in 2023 from RMB 50,740,000 in 2022, a reduction of approximately 33%[33] Impairment and Fair Value Adjustments - The impairment loss on financial assets increased to RMB 204,492,000 in 2023 from RMB 157,210,000 in 2022, reflecting a rise of about 30%[32] - The company reported a cumulative impairment loss of RMB 130,622,000 on properties held for sale as of December 31, 2023, up from RMB 34,622,000 in 2022, indicating a significant increase in impairment[53] - The company recorded a net loss of RMB 156,004,000 from fair value adjustments of investment properties for the year ended December 31, 2023[41] Cash Flow and Financing - The company’s cash flow from operating activities was impacted by the increase in impairment provisions and the decline in receivables, indicating potential liquidity challenges[52] - The company plans to focus on improving credit risk management and reducing the impairment losses in the upcoming fiscal year[52] - The average effective interest rate for bank borrowings as of December 31, 2023, was 6.04%, compared to 5.98% in 2022[62] - The company has successfully renewed its bank loans with new credit terms ranging from 3 to 7 years[62] Market Conditions and Future Outlook - The overall market sentiment in the real estate sector remains weak, affecting the financial stability of related parties and increasing liquidity risks[52] - The company anticipates challenges in 2024 due to uncertainties in the real estate sector and ongoing deflationary pressures in China, which may impact consumer spending[70] - The retail sales of consumer goods in China increased by 7.2% year-on-year in 2023, compared to a decline of 2.0% in 2022, indicating a recovery in consumer spending[66] Corporate Governance - The company has complied with the corporate governance code as per the listing rules during the year ended December 31, 2023[108] - The board of directors consists of five members, including non-executive director Ms. Wong Suet-yung (Chairperson) and executive director Mr. Yang Ti-wei (Vice Chairman and CEO)[120] - The presence of independent directors suggests a strategy for enhanced accountability and transparency[120] - The governance structure may influence investor confidence and market perception[120]

Financial Performance - For the six months ended June 30, 2023, the Group recorded a revenue of RMB 91.9 million, representing an increase of 2.0% compared to RMB 90.1 million in the same period of 2022[32]. - The operating loss for the first half of 2023 was RMB 50.1 million, a significant improvement from an operating loss of RMB 97.9 million in the first half of 2022, reflecting a reduction of 48.9%[10]. - Loss attributable to owners of the Company decreased to RMB 63.9 million in 2023 from RMB 129.4 million in 2022, marking a reduction of 50.6%[32]. - Rental income increased by 2.2% to RMB 88.7 million for the six months ended June 30, 2023, from RMB 86.8 million for the same period in 2022[51]. - Direct sales decreased by 4.9% to RMB 3.2 million for the six months ended June 30, 2023, down from RMB 3.3 million for the same period in 2022[51]. - Other operating revenue rose by 11.5% to RMB 17.5 million for the six months ended June 30, 2023, compared to RMB 15.7 million for the same period in 2022, mainly due to increased government tax incentives[55]. - The total comprehensive income for the six months ended June 30, 2023, was a loss of RMB 57,430,000, compared to a loss of RMB 132,073,000 for the same period in 2022, indicating a significant improvement[143]. - The loss for the period for the first half of 2023 was RMB 63,885,000, compared to a loss of RMB 129,432,000 in the same period of 2022, indicating a reduction in losses by about 50.7%[143]. Assets and Liabilities - The total assets of the Group as of June 30, 2023, were RMB 2,788.1 million, down from RMB 2,899.7 million at the end of 2022, indicating a decrease of 3.8%[13]. - Total liabilities decreased to RMB 1,729.0 million as of June 30, 2023, from RMB 1,783.2 million at the end of 2022, reflecting a reduction of 3.0%[13]. - The total equity attributable to owners of the Company was RMB 1,059,650,000, down from RMB 1,108,360,000, a decline of 4.4%[134]. - The Group's cash and cash equivalents and bank deposits amounted to RMB 77.9 million as of June 30, 2023, representing a decrease of 17.8% from RMB 94.8 million as of December 31, 2022[83]. - The net current liabilities of the Group as of June 30, 2023, were RMB 471.5 million, compared to net current liabilities of RMB 73.1 million as of December 31, 2022[87]. - Long-term and short-term borrowings were RMB 530.6 million and RMB 34.5 million, respectively, as of June 30, 2023, compared to RMB 540.9 million and RMB 45.2 million as of December 31, 2022[84]. - The gearing ratio was 53.3% as of June 30, 2023, compared to 52.5% as of December 31, 2022[84]. - The Group's total financial liabilities as of June 30, 2023, amount to RMB 1,573.6 million[183]. Operational Strategy - The Group aims to enhance customer experience and service quality to attract new customers and maintain loyalty, focusing on employee training and optimizing store layouts[33]. - The Group plans to continue improving its shopping mall, "Shirble Plaza," to cater to the middle-class population by offering high-quality food, merchandise, and services[33]. - The Group is focused on enhancing the competitiveness of its core department store business while reducing property investments due to economic pressures in the real estate sector[36]. - The Group aims to consolidate resources and adopt prudent business strategies to mitigate economic slowdown pressures and seize future market opportunities[41]. - The Group will continue to implement plans to improve the operational performance of its department store business to generate operating cash inflow[163]. Economic Context - The Chinese economy is expected to recover steadily, with GDP growth targeted at approximately 5% year-on-year for 2023, which may positively impact retail sales[28]. - The total retail sales of consumer goods in China increased by 8.2% year-on-year in the first half of 2023, compared to a 3.1% increase in the same period of 2022[28]. Employee and Cost Management - Employee benefit expenses decreased by 23.3% to RMB 18.4 million for the six months ended June 30, 2023, down from RMB 24.0 million for the same period in 2022, primarily due to workforce streamlining[62]. - Depreciation and amortisation expenses decreased significantly by 73.0% to RMB 1.7 million for the six months ended June 30, 2023, from RMB 6.3 million in the same period in 2022[63]. - Other operating expenses decreased by 28.2% to RMB 29.5 million for the six months ended June 30, 2023, compared to RMB 41.1 million for the same period in 2022, mainly due to cost-saving measures[68]. Shareholder Information - The Board of Directors does not recommend any interim dividend for the six months ended June 30, 2023[81]. - As of June 30, 2023, Ms. HUANG Xue Rong holds 8,324,000 shares, representing approximately 0.33% of the company's issued share capital[116]. - Shirble BVI, wholly owned by Xiang Rong, holds 1,374,167,500 shares, accounting for 55.08% of the company's issued share capital[121]. - Mr. HAO Jian Min is a beneficial owner of 374,250,000 shares, which is 15.00% of the company's issued share capital[121]. - The total number of shares held by substantial shareholders reflects significant ownership concentration within the company[121]. Compliance and Governance - The Company has complied with the Corporate Governance Code during the six months ended June 30, 2023[98]. - The Audit Committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2023[111]. - The company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests and short positions[120]. Financial Risk Management - The Group's financial risk management focuses on minimizing potential adverse effects on financial performance due to market unpredictability[174]. - The Group's liquidity risk management includes maintaining bank facilities and monitoring financial liabilities[179]. - The Group's overall risk management program addresses market risk, credit risk, and liquidity risk[174].

Financial Performance - The Group recorded a revenue of RMB 191.6 million for the year ended December 31, 2022, a decrease of 16.8% compared to RMB 230.1 million in 2021[23]. - The operating loss for the Group was RMB 595.4 million in 2022, compared to an operating loss of RMB 398.7 million in 2021[12]. - Loss attributable to owners of the Company amounted to RMB 556.1 million in 2022, up from RMB 438.0 million in 2021[23]. - The Group's revenue from rental income, direct sales, and commission from concessionaire sales was RMB 191.6 million in 2022, with rental income contributing 96.3% of total revenue[18]. - The Group's revenue for the year ended December 31, 2022, was RMB 191.6 million, representing a decrease of 16.7% compared to RMB 230.1 million in 2021[25][37]. - The loss attributable to owners of the Company for the year ended December 31, 2022, was RMB 556.1 million, compared to RMB 438.0 million in 2021[25][37]. - The Group's operating loss for the year ended December 31, 2022, was RMB 402.972 million, compared to RMB 131.524 million in 2021[42]. - Other losses – net amounted to RMB240.3 million for the year ended December 31, 2022, compared to other gains – net of RMB20.4 million in 2021[49]. - The company reported a consolidated loss of RMB 296.3 million as of December 31, 2022[137]. Assets and Liabilities - Total assets decreased to RMB 2,899.7 million in 2022 from RMB 3,971.3 million in 2021, representing a decline of approximately 27%[14]. - Total liabilities decreased to RMB 1,783.2 million in 2022 from RMB 2,293.4 million in 2021, a reduction of about 22.2%[14]. - The net assets of the Group decreased by 33.5% to RMB 1,116.5 million as of December 31, 2022, down from RMB 1,677.9 million in 2021[82]. - The Group's long-term and short-term borrowings as of December 31, 2022, were RMB 540.9 million and RMB 45.2 million, respectively, compared to RMB 561.5 million and RMB 95.4 million in 2021, with a gearing ratio of 52.5% as of December 31, 2022, up from 39.1% in 2021[81]. - The net current liabilities of the Group as of December 31, 2022, were RMB 73.1 million, a shift from net current assets of RMB 142.5 million in 2021[82]. Market Conditions - The per capita consumption expenditure of residents in China decreased by 0.2% in 2022 compared to 2021, indicating cautious consumer behavior[22]. - The national consumer price index (CPI) in December 2022 was only 1.8% higher year-on-year, reflecting low inflationary pressure[21]. - The total retail sales of consumer goods in China increased by 2.0% year-on-year in 2022, compared to a 1.0% increase in 2021[21]. - The retail and department store markets in China are expected to gradually recover following the relaxation of COVID-19 prevention measures at the end of 2022[29][33]. Operational Changes - The Group operated 15 department stores as of December 31, 2022, with a total gross floor area of approximately 253,730 sq.m, of which 36.4% are self-owned properties[6]. - The Group has upgraded its department store premises into "Shirble Plaza," a one-stop shopping mall concept to cater to the middle-class population in China[27][31]. - The Group's proactive measures to mitigate the negative impact of the pandemic included reducing property investments and enhancing customer engagement in retail business[28][32]. - The operating loss of the department store business segment amounted to RMB403.0 million for the year ended December 31, 2022, compared to an operating loss of RMB131.5 million in 2021[60]. Employee and Management Information - The total number of employees as of December 31, 2022, was 254, down from 327 in 2021, with a remuneration policy based on market conditions and individual performance[90]. - Employee benefit expenses decreased by 15.2% to RMB42.9 million for the year ended December 31, 2022, from RMB50.6 million in 2021[57]. Shareholder and Corporate Governance - The board has decided not to recommend any final dividend for the year ended December 31, 2022[125]. - The company was incorporated in the Cayman Islands on November 5, 2008[122]. - The directors of the company include independent non-executive directors with extensive experience in auditing and public offerings[147]. - The company has no provisions for pre-emptive rights under its articles of association[139]. - The company has no other service agreements with directors or subsidiaries, except those expiring within one year without compensation[156]. Legal and Regulatory Matters - As of December 31, 2022, the Group made an accumulated provision of approximately RMB 631,000 for ongoing legal proceedings related to disputes over contract terms[91]. - On December 30, 2022, the Company entered into the IEC Supplemental Termination Agreement with SRF, which constitutes a connected transaction subject to independent shareholder approval[102]. - The IEC Supplemental Termination Agreement was approved by independent shareholders at the extraordinary general meeting held on March 29, 2023[104]. Share Capital and Ownership - The company's share premium amounted to RMB 751.0 million as of December 31, 2022[137]. - As of December 31, 2022, Ms. HUANG Xue Rong holds 8,324,000 shares, representing 0.33% of the company's total shares[163]. - Mr. YANG Ti Wei owns 2,490,000 shares, which accounts for 0.09% of the total shareholding[163]. - The total issued share capital of Xiang Rong Investment Limited, managed by Ms. HUANG, includes 1,374,167,500 shares, equating to 55.08% of the company's shares[163]. - The largest customer contributed 32.0% of the total revenue, while the five largest customers together accounted for 40.9%[198]. - The largest supplier accounted for 17.6% of total purchases, and the five largest suppliers together represented 55.4%[198].

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。 Shirble Department Store Holdings (China) Limited 歲寶百貨控股（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00312） 截至2022年12月31日止年度 全年業績 本集團截至2022年12月31日止年度的經審核綜合業績概要載列如下： － 收入為人民幣191.6百萬元，較2021年的收入人民幣230.1百萬元減少16.7%； － 經營虧損為人民幣595.4百萬元，而2021年經營虧損為人民幣398.7百萬元； － 本公司擁有人應佔虧損為人民幣556.1百萬元，而2021年的本公司擁有人應 佔虧損則為人民幣438.0百萬元； － 每股基本虧損為人民幣0.22元，而2021年每股基本虧損則為人民幣0.18元； 及 ...

Financial Performance - For the six months ended June 30, 2022, the Group reported revenue of RMB 90,122,000, a decrease of 22.4% compared to RMB 115,951,000 for the same period in 2021[13]. - The operating loss for the first half of 2022 was RMB 97,927,000, compared to an operating loss of RMB 180,335,000 in the same period of 2021, indicating an improvement in operational efficiency[19]. - Loss before income tax decreased to RMB 137,566,000 in 2022 from RMB 213,683,000 in 2021, reflecting a reduction in overall losses[19]. - Loss attributable to the owners of the Company amounted to RMB 129.4 million for the six months ended June 30, 2022, an improvement from a loss of RMB 215.7 million in the same period of 2021[31][45]. - The basic and diluted loss per share for the period was RMB 0.05, an improvement from RMB 0.09 in the same period of 2021[148]. - The company reported a loss for the period of RMB 129,662,000, a significant improvement from a loss of RMB 215,739,000 in the previous year, representing a reduction of approximately 40%[152]. - Total comprehensive loss for the period was RMB 132,073,000, compared to RMB 215,355,000 in 2021, indicating a decrease of about 38.7%[152]. Assets and Liabilities - Total assets as of June 30, 2022, were RMB 3,723,456,000, down from RMB 4,032,067,000 as of June 30, 2021, indicating a decline of 7.6% year-on-year[15]. - Total liabilities decreased to RMB 2,177,442,000 as of June 30, 2022, from RMB 2,293,414,000 at the end of 2021, showing a reduction of 5.1%[15]. - The Group's total equity as of June 30, 2022, was RMB 1,546,014,000, down from RMB 1,902,921,000 a year earlier, representing a decline of 18.8%[15]. - Non-current assets decreased from RMB 3,193,438,000 as of December 31, 2021, to RMB 2,992,174,000 as of June 30, 2022, reflecting a decline of approximately 6.3%[154]. - Current assets also saw a decrease from RMB 777,850,000 to RMB 731,282,000, a reduction of about 6%[154]. - Total liabilities decreased from RMB 2,293,414,000 to RMB 2,177,442,000, indicating a reduction of about 5.1%[155]. - The equity attributable to owners of the company decreased from RMB 1,669,346,000 to RMB 1,537,716,000, a decline of approximately 7.9%[155]. Economic Environment - The Chinese economy faced significant downward pressure, with GDP growth slowing to 2.5% in the first half of 2022 compared to 12.7% in the same period of 2021[26]. - The total retail sales of consumer goods in China decreased by 0.7% year-on-year in the first half of 2022, contrasting with a 23.0% increase in the same period of 2021[26]. - The economic outlook for the remainder of 2022 remains challenging due to the downturn in the real estate industry and slow recovery of consumption[39][41]. Operational Changes - The Group operates 15 department stores with a total gross floor area of 278,447 sq.m as of June 30, 2022, maintaining its presence in the mid-market segment[6]. - The Group upgraded its department store premises into "Shirble Plaza" to cater to the middle-class demand for high-quality food and services[34]. - The Group's online sales and marketing efforts have been enhanced, utilizing platforms like WeChat to stimulate consumer enthusiasm[34]. - The Group plans to consolidate resources and adopt prudent business strategies to mitigate the pressures from the economic slowdown[40][42]. Cash Flow and Financing - Cash and cash equivalents and bank deposits amounted to RMB 81.9 million as at June 30, 2022, representing a decrease of 10.1% from RMB 91.1 million as at December 31, 2021[86]. - The Group's long-term and short-term borrowings were RMB 551.2 million and RMB 59.1 million, respectively, as of June 30, 2022, compared to RMB 561.5 million and RMB 95.4 million as of December 31, 2021[88]. - The gearing ratio was 39.5% as of June 30, 2022, slightly up from 39.1% as of December 31, 2021[88]. - The Group maintains sufficient cash and cash equivalents to meet business demands and continuously monitors cash flow[195]. - Net cash generated from operating activities for the six months ended June 30, 2022, was RMB 115,827, compared to RMB 51,449 for the same period in 2021, representing an increase of 125.0%[162]. Governance and Compliance - The Group has complied with the Corporate Governance Code during the six months ended June 30, 2022[99]. - The Directors confirmed that all applicable accounting standards have been followed in preparing the interim financial information[111]. - The Audit Committee held one meeting during the six months ended June 30, 2022, to review auditing, internal controls, and financial reporting matters[118]. - The internal audit department will continue to conduct periodic reviews on the internal controls of the Group[117]. Financial Risks - The Group faces various financial risks, including market risk, credit risk, and liquidity risk[191]. - The Group's financial risk management program focuses on minimizing potential adverse effects on financial performance due to market unpredictability[189]. - There have been no significant changes to the Group's risk management policies since the end of the previous year[192].

Financial Performance - For the year ended December 31, 2021, the Group recorded revenue of RMB 230.1 million, a decrease of 52.2% from RMB 481.1 million in 2020[29]. - The loss attributable to owners of the Company was RMB 438.0 million, compared to a loss of RMB 75.1 million in 2020, indicating a significant deterioration in performance[29]. - The Group reported an operating loss of RMB 398.7 million for 2021, compared to an operating profit of RMB 28.1 million in 2020[14]. - Fair value losses of RMB 157.1 million were incurred on listed equity securities, significantly impacting the financial results[29]. - The department store business contributed RMB 230.1 million in revenue for the year ended December 31, 2021, while the property business generated no revenue during the same period[53]. - The department store business contributed RMB 230.1 million in revenue for 2021, down from RMB 254.2 million in 2020, representing a decline of 9.5%[62]. - Rental income decreased by 2.2% to RMB 208.9 million in 2021 from RMB 213.6 million in 2020[62]. - Direct sales fell by 30.4% to RMB 11.0 million in 2021 from RMB 15.8 million in 2020[62]. - Income from the reversal of long-aged unredeemed pre-paid cards and membership card reward points decreased by 59.4% to RMB 9.9 million in 2021 from RMB 24.4 million in 2020[62]. - Other operating revenue decreased by 25.3% to RMB 32.5 million for the year ended December 31, 2021, down from RMB 43.5 million in 2020[66]. - Other gains – net amounted to RMB 20.4 million for the year ended December 31, 2021, compared to RMB 49.4 million in 2020[66]. - The operating loss of the department store business segment was RMB 131.5 million for the year ended 31 December 2021, compared to an operating loss of RMB 29.9 million in 2020, indicating a significant increase in losses[73][77]. - The property business segment reported an operating loss of RMB 236.8 million for the year ended 31 December 2021, compared to a profit of RMB 95.6 million in 2020[83]. - The loss attributable to the property business segment was RMB 243.2 million for the year ended December 31, 2021, compared to a profit of RMB 43.7 million in 2020[90]. Assets and Liabilities - Total assets as of December 31, 2021, were RMB 3,971.3 million, down from RMB 4,248.5 million in 2020, reflecting a decrease of 6.5%[12]. - Total liabilities increased to RMB 2,293.4 million in 2021 from RMB 2,129.7 million in 2020, representing a rise of 7.7%[12]. - The net assets of the Group decreased to RMB 1,677.9 million as of December 31, 2021, representing a decrease of 20.8% from RMB 2,118.8 million in 2020[95]. - The Group's long-term and short-term borrowings were RMB 561.5 million and RMB 95.4 million, respectively, as of December 31, 2021, compared to RMB 293.2 million and RMB 78.8 million in 2020, resulting in a gearing ratio of 39.1% (2020: 17.6%) due to the acquisition of Zhuhai Xiangyao[95]. - As of December 31, 2021, the Group's cash and cash equivalents and restricted bank deposits amounted to RMB 91.1 million, a decrease of 34.6% from RMB 139.2 million as of December 31, 2020[94]. Economic Environment - The economic slowdown in China during the second half of 2021 was attributed to fiscal tightening and recurring COVID-19 outbreaks, affecting consumer spending[27]. - The gross domestic product (GDP) of the PRC in 2021 was RMB 114.4 trillion, representing an increase of 8.1% from the previous year[28]. - The Group's financial results have been significantly affected by the COVID-19 pandemic, impacting both the PRC property market and retail business[51]. Strategic Initiatives - The Group is focusing on transforming its department stores into "Shirble Plaza," a one-stop shopping mall concept to enhance customer experience[35]. - The Group is exploring online platforms, including WeChat accounts and mobile shopping mini programs, to stimulate consumer enthusiasm and attract more customers[36]. - The Group plans to consolidate resources and adopt prudent business strategies to mitigate economic slowdown pressures[45]. Governance and Management - The Group's strategic planning is overseen by a team of experienced directors with diverse backgrounds in finance, law, and business management[104][107][108][113]. - Independent non-executive directors play a crucial role in the governance and oversight of the company's financial practices and strategic decisions[107][113]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[107][113]. - The company is focused on enhancing its operational directions and overall management strategies to drive business growth[104]. Shareholding and Dividends - The Board has decided not to recommend any final dividend for the year ended December 31, 2021, consistent with the previous year[93]. - The company reported a retained profit of RMB 697.8 million and a share premium of RMB 751.1 million as of December 31, 2021[124][127]. - The company is wholly owned by Ms. HUANG Xue Rong through Xiang Rong Investment Limited, which holds 1,374,167,500 shares[145]. - The total number of shares held by Shirble Department Store Limited is 1,374,167,500, which is significant for the company's control structure[145]. - The report indicates a lack of new substantial shareholders beyond those already disclosed, suggesting a stable ownership landscape[153]. Employee and Compensation - The total number of employees as of December 31, 2021, was 327, with a remuneration policy based on market conditions and individual performance[100]. - Employee benefit expenses decreased by 18.7% to RMB 50.6 million for the year ended December 31, 2021, from RMB 62.2 million in 2020[70]. - The remuneration policy for employees and directors is based on comparable companies' salaries, experience, responsibilities, and group performance[165]. Customer and Supplier Concentration - The aggregate revenue from the Group's largest customer was 24.2% of the total revenue for the year[183]. - The total revenue from the five largest customers accounted for 33.0% of the Group's total revenue for the year[183]. - The aggregate purchases from the Group's largest supplier were 22.6% of the total purchases for the year[183]. - The total purchases from the five largest suppliers represented 69.9% of the Group's total purchases for the year[183].