Financial Performance - The Group achieved a revenue of HK$1,848 million for the six months ended 30 September 2023, representing a year-on-year increase of 10.4% from HK$1,674 million in 2022[61]. - Gross profit increased by 6.5% to HK$572 million, with a gross profit margin slightly decreasing by 1.1 percentage points to 31.0%[61]. - Operating profit rose by 0.9% to HK$215 million, indicating the Company's business resilience despite macro challenges[61]. - Net profit decreased by 7.9% year-on-year to HK$139 million, down from HK$151 million in 2022, primarily due to an increase in the effective tax rate[61]. - Revenue from Mainland China operations increased by 18.3% year-on-year to HK$1,302 million, up from HK$1,101 million in 2022[69]. - Hong Kong operations recorded revenue of HK$483 million, representing a decrease of 4.2% year-on-year from HK$504 million in 2022[70]. - For the six months ended September 30, 2023, the profit for the period was HK$1,820,874, a decrease from HK$2,035,007 in the same period last year, representing a decline of approximately 10.5%[104]. - Total comprehensive income for the period was HK$70,503,000, up from HK$42,523,000 in the same period last year[81]. Shareholder Information - Major shareholders include Yeung Ming Biu with 31.96% and Datsun Holdings Limited with 26.22% of the issued share capital[54]. - The directors' personal interests in shares included 4,084,000 shares held by Mr. Yeung Him Kit, representing 0.84% of the issued share capital[41]. - Madam Yeung Man Yee held 1,200,000 shares personally and 221,161 shares through family interest, totaling 1,421,161 shares or 0.29% of the issued share capital[41]. - Mr. Sun Dai Hoe held 3,200,000 shares, representing 0.66% of the issued share capital[41]. - The 2013 Share Option Scheme had a total of 57,061,022 shares available for issue, representing about 11.7% of the issued share capital as of November 2, 2023[49]. Employee Compensation and Schemes - The total remuneration for key management personnel during the period was HK$54,526,000, an increase from HK$44,790,000 in the same period last year, reflecting a growth of approximately 21.7%[25][30]. - The 2022 Share Award Scheme aims to motivate and retain employees, valid for 10 years from its adoption date[13]. - No options were granted or exercised under the 2013 Share Option Scheme during the reporting period[13]. - The total number of awards available for grant under the 2022 Share Award Scheme was 48,735,822 shares as of both 1 April 2023 and 30 September 2023[51]. - No share awards were granted under the 2022 Share Award Scheme since its adoption date[51]. Financial Position - As of September 30, 2023, the Group's total equity was HK$1,823 million, down from HK$1,896 million as of March 31, 2023[94]. - The Group's net current assets were HK$1,285 million, including bank and cash balances of HK$1,176 million, compared to HK$1,390 million and HK$1,079 million respectively as of March 31, 2023[94]. - The Group had no bank loans as of September 30, 2023, resulting in a gearing ratio of nil[94]. - The Group's net assets were HK$1,822.7 million as of September 30, 2023, compared to HK$1,895.9 million as of March 31, 2023[101]. Cash Flow and Investments - For the six months ended September 30, 2023, net cash from operating activities was HK$222,760,000, a decrease of 16.8% compared to HK$267,927,000 for the same period in 2022[124]. - Net cash used in investing activities amounted to HK$19,044,000, significantly higher than HK$2,483,000 in the previous year, indicating increased investment activity[111]. - Cash and cash equivalents at the end of the period were HK$1,175,925,000, down from HK$1,360,144,000 year-over-year, showing a decline in liquidity[111]. Inventory and Expenses - Overall inventory level decreased by 4.3% to HK$404 million as of September 30, 2023, down from HK$422 million as of March 31, 2023[74]. - Lease-related expenses increased by 21.3% year-on-year to HK$97 million, accounting for 24.8% of overall operating expenses[73]. - Rental expenses increased by 21.3% year-on-year to HK$97,000,000, accounting for 24.8% of total operating expenses[89]. Market Conditions and Strategies - The Company faced macro challenges such as interest rate hikes and supply chain disruptions, impacting customer sentiment and purchasing decisions[60]. - The Hong Kong government launched initiatives like consumer vouchers to attract tourists and drive consumption[59]. - The Group's strategies and rising brand profile contributed to satisfactory results despite a competitive environment[61]. - The Group plans to strengthen brand awareness through brand rejuvenation efforts and explore collaboration opportunities with branded partners[93]. Compliance and Governance - The Audit Committee has reviewed the unaudited consolidated financial statements for the six months ended September 30, 2023, ensuring compliance and accuracy[119]. - The Company has adhered to the Corporate Governance Code throughout the six months ended September 30, 2023, with some deviations noted[135]. - The Company does not have a formal dividend policy, with future dividends to be decided based on various factors including market conditions and operating results[122].

| --- | --- | --- | |------------------------------------|----------|-----------| | | | | | 其他全面（開支）收益 | | | | 將不會重新分類至損益之項目： | | | | 按公平值計入其他全面收益 | | | | 之股本工具之公平值變動 | (740) | (667) | | 其後可能重新分類至損益之項目： | | | | 換算海外業務所產生之匯兌差額 | (67,461) | (108,032) | | 按公平值計入其他全面收益之債務工具 | | | | 之公平值變動 | — | (57) | | 贖回按公平值計入其他全面收益 | | | | 之債務工具時撥回 | — | 18 | | --- | --- | --- | --- | |--------------|-------|--------------|--------------| | | | （未經審核） | （經審核） | | | | 二零二三年 | 二零二三年 | | | 附註 | 九月三十日 | 三月三十一日 | | | | 千港元 | 千港元 ...

Financial Performance - The Group's financial results for the year ended March 31, 2023, are detailed in the consolidated statement of profit or loss and other comprehensive income[71]. - Monthly management reports on financial results and key operating statistics are reviewed by Executive Directors to discuss business performance against budgets and forecasts[141]. - The Group's dividend policy is aligned with its financial performance and market conditions[36]. Audit and Compliance - The audit fees charged by Deloitte for audit services amounted to HK$3,600,000, while taxation and non-audit services totaled HK$634,000, leading to a total of HK$4,234,000[20]. - The Audit Committee reviews the Group's interim and annual financial results to ensure compliance with accounting principles[23]. - The Audit Committee has confirmed compliance with applicable code provisions of the CG Code during the year, with some deviations explained in relevant paragraphs[146]. - Reports from external auditors on internal controls are reviewed by the Group Finance Director and relevant management teams[144]. - Significant internal control deficiencies are reported to the Audit Committee and the Board in a timely manner to ensure prompt remediation actions[101]. Risk Management - The Board has overall responsibility for the Group's systems of risk management, internal control, and legal and regulatory compliance[37]. - The Group's risk management policy is designed to identify, evaluate, and manage significant risks, with annual assessments conducted by the Risk Management Taskforce[74]. - The Group Managing Director and Group Finance Director are responsible for developing and implementing risk mitigation strategies, including insurance coverage[75]. - The internal audit function assists the Board and Audit Committee in monitoring risk management and internal control systems on an ongoing basis[101]. - The Board conducted a review of the effectiveness of the Group's risk management and internal control systems for the year ended March 31, 2023, and concluded that these systems are effective and adequate[149]. Corporate Governance - The Board has overall responsibility for monitoring the operations of the Group's business, with Executive Directors appointed to oversee material operating subsidiaries[107]. - The Board is committed to maintaining effective corporate governance and continuously improving governance practices to meet evolving regulatory requirements[145]. - The Company has implemented a communication policy to provide shareholders with clear and comprehensive information regarding the Group's operations[129]. - The shareholders' communication policy has been reviewed and deemed effective during the year ended March 31, 2023[154]. - The Board emphasizes the importance of maintaining effective communication with shareholders and investors through various channels[151]. Environmental, Social, and Governance (ESG) Initiatives - The Company has established long-term carbon emissions reduction targets to mitigate climate change impacts and reduce its carbon footprint[65]. - The Company has set long-term management goals for reducing greenhouse gas emissions, energy consumption, waste, and improving water efficiency[168]. - The Company has established long-term ESG goals and missions, with a commitment to monitor and manage ESG-related risks[169]. - The ESG taskforce is responsible for evaluating the effectiveness of the Company's ESG management systems and reporting achievements to the Board regularly[169]. - The Company continues to monitor various environmental data and aims for continuous progress in ESG performance[188]. Diversity and Inclusion - The Board has adopted a diversity policy to enhance the diversity of board members, considering factors such as gender, age, and professional experience[56]. - As of March 31, 2023, the total workforce comprised of 63% female and 37% male, with senior management consisting of 48% female and 52% male, indicating good gender diversity[150]. Employee Welfare - Employee compensation and benefits are a key focus area, emphasizing the importance of recruitment, promotion, and dismissal practices[196]. - The Company is committed to improving workplace health and safety as part of its social responsibility initiatives[196]. - The Company aims to enhance employee training and development as part of its labor practices[196]. Stakeholder Engagement - The Company conducted annual stakeholder engagement to identify material ESG issues, which were confirmed by management and the Board[137]. - Stakeholder engagement methods include meetings, email communications, and performance appraisals, ensuring active communication with suppliers, customers, employees, investors, and government authorities[170]. - The Company engages stakeholders through various methods, including public consultation and press releases, to inform decision-making[193].

Financial Performance - Revenue increased by 1.8% to HKD 3,705,000,000[2] - Profit attributable to owners of the company was HKD 295,000,000, down from HKD 362,574,000 in the previous year[7] - Earnings per share decreased to HKD 0.6062 from HKD 0.7440[7] - Total comprehensive income for the year was HKD 209,687,000, compared to HKD 403,339,000 in the previous year[3] - The company reported a net profit of 295,432 thousand HKD for 2023, a decrease of 18.5% compared to 362,574 thousand HKD in 2022[27] - The total tax expenses for the year were 144,534 thousand HKD, slightly down from 150,461 thousand HKD in the previous year[23] - The company’s total revenue from other income and losses was 30,538 thousand HKD in 2023, down from 42,750 thousand HKD in 2022[32] - Gross profit slightly increased by 0.8% to HKD 1,189,000,000, maintaining a stable gross margin of 32.1% compared to 32.4% in the previous year[95] - Profit attributable to shareholders decreased by 18.7% to HKD 295,000,000 from HKD 363,000,000 in the previous year[95] - The group reported a pre-tax profit of HKD 440,058,000 in 2023, down from HKD 513,437,000 in 2022, indicating a decrease of about 14.3%[193] Dividends - Final dividend declared at HKD 0.075 per share, with a special dividend of HKD 0.220 per share[2] - The company declared an interim dividend of 7.5 HKD per share for 2023, down from 10.0 HKD per share in 2022, resulting in a total dividend payout of 36,552 thousand HKD[26] - The company plans to distribute a final dividend of HKD 0.075 per share and a special dividend of HKD 0.220 per share, down from HKD 0.100 and HKD 0.305 respectively in the previous year[91] - The company proposed a final dividend of HKD 0.075 per share and a special dividend of HKD 0.22 per share, down from HKD 0.10 and HKD 0.305 respectively in the previous year[123] Assets and Liabilities - Non-current liabilities decreased to HKD 256,559,000 from HKD 357,039,000[4] - Net asset value decreased to HKD 1,895,931,000 from HKD 2,036,167,000[4] - Total assets for the group in 2023 were HKD 2,619,258,000, a decrease from HKD 2,879,275,000 in 2022, representing a decline of approximately 9.0%[195] - The group’s total liabilities decreased to HKD 723,327,000 in 2023 from HKD 843,108,000 in 2022, a reduction of approximately 14.2%[195] - The total lease liabilities due within one year increased to HKD 121,724,000 in 2023 from HKD 114,744,000 in 2022, a rise of 6.9%[79] Inventory and Receivables - Inventory decreased to HKD 422,202,000 from HKD 483,625,000[14] - Inventory for watches decreased from HKD 465,647,000 in the previous year to HKD 411,148,000 in the current year, a decline of approximately 11.6%[48] - Trade receivables increased to HKD 262,508,000 from HKD 179,615,000, representing a growth of approximately 46%[51] - The group's total receivables, after deducting credit loss provisions, stood at HKD 262,508,000 in 2023, compared to HKD 179,615,000 in 2022, indicating a growth of 46%[72] - The provision for credit losses increased to HKD 4,653,000 in 2023 from HKD 2,821,000 in 2022, representing a rise of 65%[72] Employee Costs and Incentives - The company’s employee costs increased to 288,983 thousand HKD in 2023 from 277,256 thousand HKD in 2022[36] - The company has adopted a share option scheme effective for ten years from November 3, 2003, with a total of 32,300,000 options granted on April 6, 2011[81] - The company has adopted an employee share incentive plan effective from June 27, 2022, with a maximum share award not exceeding 10% of the issued share capital[117] - The company aims to attract and retain qualified personnel through the share incentive plan, which is valid for 10 years[117] Market and Operational Insights - The company aims to expand its network in Hong Kong and mainland China by opening boutique stores in collaboration with brands, leveraging the economic recovery[100] - The company will continue to enhance its marketing strategies, cost control measures, and inventory management to drive better financial performance[100] - The company’s management remains cautious in its operational approach while seeking opportunities for growth amid market uncertainties[100] - The retail market in Hong Kong saw a 0.9% year-on-year decline in total sales in 2022, with a 3.4% decrease in volume, reflecting weak consumer sentiment[165] - The group reported a decline in overall market sentiment, with the GDP in Hong Kong showing a real year-on-year decrease of 3.5% in 2022[165] Government Support and Subsidies - The group recognized government subsidies related to COVID-19, including HKD 4,440,000 from the Hong Kong government's "Employment Support Scheme" in 2023, while no such subsidies were recorded in 2022[199] Other Financial Metrics - The company’s interest income from bank loans decreased to 102 thousand HKD in 2023 from 627 thousand HKD in 2022[38] - The total lease cash outflow for the year is HKD 216,579,000, compared to HKD 171,417,000 in the previous year, reflecting an increase[45] - The company had no bank loans as of March 31, 2023, compared to HKD 29,000,000 in bank loans a year earlier, resulting in a debt-to-equity ratio of zero[152] - The company operates 43 retail points in the Greater China region, including one online store in mainland China and one in Hong Kong[151]

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$1,673,846, a decrease of 10% compared to HK$1,859,457 for the same period in 2021[2]. - Gross profit for the same period was HK$536,759, down from HK$577,477, reflecting a gross margin of approximately 32%[2]. - Profit for the period was HK$151,261, a decrease of 9.5% from HK$167,117 in the previous year[2]. - Total comprehensive income for the period was HK$42,523, significantly lower than HK$186,668 in the same period last year[3]. - Basic and diluted earnings per share decreased to 31.03 HK cents from 34.19 HK cents year-on-year[3]. - The Group's profit before taxation for the six months ended September 30, 2022, was HK$212,587,000, compared to HK$247,763,000 in 2021, reflecting a decline of approximately 14%[29]. - Profit before taxation for the six months ended 30 September 2022 was HK$151,241,000, compared to HK$166,615,000 for the same period in 2021, representing a decrease of approximately 9.2%[37]. - Profit attributable to owners of the Company decreased by 9.6% to HK$151 million, compared to HK$167 million in the previous year[109]. Assets and Liabilities - Non-current assets as of September 30, 2022, totaled HK$810,127, down from HK$843,872 as of March 31, 2022[4]. - Current assets increased to HK$2,101,796 from HK$2,035,403, driven by an increase in bank balances and cash to HK$1,360,144[4]. - Current liabilities rose to HK$717,676, up from HK$486,069, primarily due to an increase in dividend payable to HK$197,380[4]. - Total assets less current liabilities decreased to HK$2,194,247 from HK$2,393,206, reflecting a decrease of about 8.3%[6]. - Net assets as of September 30, 2022, were HK$1,881,196, down from HK$2,036,167, indicating a reduction of approximately 7.7%[6]. - The Group's total liabilities as of September 30, 2022, were HK$1,030,727,000, an increase from HK$843,108,000 as of March 31, 2022[32]. - The Group's total liabilities increased to HK$317,948,000 as of 30 September 2022 from HK$257,611,000 as of 31 March 2022[58]. Cash Flow - The Group's net cash from operating activities for the six months ended 30 September 2022 was HK$267,927,000, a decrease from HK$342,720,000 in the same period of 2021, representing a decline of approximately 21.8%[13]. - Net cash used in investing activities was HK$2,483,000 for the six months ended 30 September 2022, significantly improved from HK$47,202,000 in the same period of 2021[14]. - The Group's net cash used in financing activities totaled HK$111,004,000 for the six months ended 30 September 2022, compared to HK$32,973,000 in the same period of 2021, indicating an increase of approximately 236.5%[14]. - Cash and cash equivalents at the end of the period were HK$1,360,144,000, slightly up from HK$1,334,548,000 at the end of the same period in 2021[14]. Dividends - The company declared a special dividend of HK$148,644,000 for 2023, alongside a proposed interim dividend of HK$38,014,000[8]. - The interim dividend for the six months ended 30 September 2022 was set at 7.8 HK cents per share, totaling HK$38,014,000, compared to 8.6 HK cents per share, totaling HK$41,913,000 in 2021, indicating a decrease of approximately 9.8%[40]. - The company declared a final dividend of 10.0 HK cents per share, totaling HK$48,736,000, and a special dividend of 30.5 HK cents per share, totaling HK$148,644,000 for the year ended 31 March 2022[40]. Inventory and Receivables - The company reported a decrease in inventories to HK$467,621 from HK$483,625, indicating improved inventory management[4]. - The Group's inventories as of 30 September 2022 totaled HK$467,621,000, a decrease of 3.1% from HK$483,625,000 as of 31 March 2022[46]. - As of 30 September 2022, trade receivables amounted to HK$192,475,000, an increase from HK$182,436,000 as of 31 March 2022[49]. - The Group's total receivables, including trade and other receivables, amounted to HK$222,068,000 as of 30 September 2022, up from HK$205,097,000 as of 31 March 2022[49]. Market and Operational Insights - The Group continues to explore market expansion opportunities and new product development strategies to enhance future growth[1]. - The Group faced challenges due to COVID-19 pandemic and supply chain disruptions, leading to temporary store closures in Mainland China[109]. - The Group's performance was significantly impacted by the lockdown policies in Mainland China, affecting revenue generation[109]. - As of September 30, 2022, the Group operated a total of 44 stores, including 29 in Mainland China, 12 in Hong Kong, 1 in Macau, and 2 in Taiwan[110]. Share Capital and Options - The total number of issued and fully paid shares remained at 487,358,224 as of 30 September 2022, with an authorized share capital of 1,000,000,000 shares[64]. - The Company has share option schemes for eligible participants, with 32,300,000 options granted on 6 April 2011 and 23,000,000 options granted on 29 August 2011[66]. - The total number of share options outstanding as of 30 September 2021 was 28,560,000, with no options remaining unexercised[75]. - No options were granted, exercised, or lapsed under the 2013 Share Option Scheme during the six months ended September 30, 2022, and September 30, 2021[77]. Governance and Compliance - The Audit Committee has reviewed the unaudited consolidated financial statements for the six months ended September 30, 2022[132]. - The Company does not have a dividend policy, and future dividends will be decided based on various factors including market conditions and operating results[135]. - The roles of the chairman and chief executive are held by the same individual, Mr. Yeung Him Kit, Dennis, since February 10, 2021[134]. - The Board consists of three executive directors and three independent non-executive directors as of the report date[145].

Financial Performance - The Group achieved a revenue of HK$3,640 million for the year ended March 31, 2022, representing a year-on-year growth of 3.9% from HK$3,504 million in 2021[3] - Gross profit increased by 22.7% to HK$1,180 million, with a gross profit margin rising to 32.4%, up 4.9 percentage points from 27.5% in 2021[3] - Profit attributable to owners surged by 55.8% to HK$363 million, compared to HK$233 million in the previous year[3] - Revenue from the Group's Mainland China operations increased by 2.4% to HK$2,415 million, up from HK$2,359 million in 2021[5] - The Group's Hong Kong operations generated revenue of HK$1,063 million in 2021, an increase of 8.5% from HK$980 million in 2020[7] Retail Operations - The Group operated 44 retail points in Greater China as of March 31, 2022, including 30 in Mainland China and 11 in Hong Kong[5] - Total retail sales in Hong Kong rose by 8.1% year-on-year in value and 6.5% in volume, with jewelry and watch sales growing by 27.3%[7] - The Group launched e-commerce platforms for the Mainland China and Hong Kong markets to enhance brand awareness and capture rising opportunities in e-commerce[3] Dividends and Equity - The Board recommended a final dividend of 10.0 HK cents per share and a special dividend of 30.5 HK cents per share for the year ended March 31, 2022[3] - The Group's total equity reached HK$2,036 million as of March 31, 2022, up from HK$1,991 million a year earlier[12] Inventory and Expenses - The Group's inventory level decreased by 22.3% to HK$484 million as of March 31, 2022, down from HK$623 million[9] - Lease-related expenses increased to HK$174 million, with lease expenses as a percentage of overall expenses stable at 22.9%[8] Human Resources - The Group employed approximately 587 employees as of March 31, 2022, with about 63% located in Mainland China[13] - The group invests significant resources in employee training programs to enhance service quality, utilizing results from a "mystery shopper program" to tailor training for individual stores or employees[18] Corporate Governance - The Company aims to enhance long-term total return for shareholders by achieving sustainable recurring earning growth and maintaining a strong financial profile[36] - The Company has complied with the corporate governance code provisions throughout the year ended March 31, 2022, with some deviations explained in relevant paragraphs[32] - The Board is responsible for directing the strategic objectives of the Company and overseeing business management[37] - The Company emphasizes effective risk management and internal control as part of its corporate governance principles[36] Risk Management - The Group adopts an Enterprise Risk Management (ERM) framework consistent with the COSO framework to manage risks across its operations[98] - The Risk Management Taskforce identifies and prioritizes significant risks at least annually, establishing mitigation plans for those deemed significant[100] - The Group has an internal audit function to monitor risk management and internal control systems, reporting significant deficiencies to the Audit Committee and the Board[101] Environmental, Social, and Governance (ESG) - The Company engaged in annual stakeholder engagement to identify material ESG issues during the Reporting Period, confirmed by management and the Board[137] - The ESG taskforce is responsible for establishing long-term ESG goals, monitoring ESG-related risks, and reporting achieved ESG objectives to the Board regularly[144] - The Company has established a strict code of conduct to prevent corruption and ensure compliance with relevant laws[164] Compliance and Reporting - The Company acknowledges its responsibility for the preparation of financial statements to ensure they present a true and fair view in accordance with Hong Kong Companies Ordinance and applicable accounting standards[63] - The Audit Committee met four times during the year, with all members attending every meeting, ensuring oversight of the financial reporting process[71] - The Company ensures compliance with Listing Rules by publishing annual and interim results in a timely manner[61] Product Quality and Safety - The company has a zero-tolerance policy for selling counterfeit products and has joined the "Hong Kong Q-Mark Scheme" to attest to the quality of its products and services[169] - The company has implemented systematic internal recall procedures to handle potential product recalls, with no recalls reported during the reporting period due to safety and health reasons[172] - The Company aims to improve product safety and quality assurance as part of its product responsibility strategy[157]

Financial Performance - Revenue for the six months ended September 30, 2021, was HK$1,859,457,000, an increase of 37% compared to HK$1,359,410,000 for the same period in 2020[2]. - Gross profit for the same period was HK$577,477,000, representing a gross margin of approximately 31%[2]. - Profit for the period was HK$167,117,000, a significant increase from HK$57,608,000 in the prior year, reflecting a growth of 189%[3]. - Total comprehensive income for the period was HK$186,668,000, compared to HK$84,102,000 in the previous year, marking an increase of 122%[3]. - Earnings per share for the period were 34.19 HK cents, up from 10.19 HK cents in the same period last year, indicating a substantial improvement[3]. - The company reported a profit before taxation of HK$247,763,000, compared to HK$102,630,000 in the prior year, an increase of 142%[2]. - The Group's profit before taxation for the six months ended September 30, 2021, was HK$247,763,000, compared to HK$102,630,000 for the same period in 2020, reflecting a significant increase of 141.5%[30]. - The Group's earnings per share for the six months ended 30 September 2021 was HK$0.1666, significantly higher than HK$0.0581 in the previous year[45]. Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$2,148,633,000, an increase from HK$1,998,776,000 as of March 31, 2021, reflecting a growth of approximately 7.5%[5]. - Net current assets decreased to HK$1,508,526,000 from HK$1,546,303,000, indicating a decline of about 2.4%[6]. - The company's net assets stood at HK$1,987,147,000, slightly down from HK$1,990,549,000, representing a decrease of approximately 0.2%[6]. - Non-current liabilities increased to HK$301,656,000 from HK$284,508,000, showing a rise of about 6%[6]. - The total equity attributable to owners of the company was HK$1,987,550,000, a minor decrease from HK$1,991,495,000, reflecting a change of approximately 0.2%[6]. - Current liabilities totaled HK$640,107,000, up from HK$452,473,000, indicating an increase of around 41.5%[5]. - The Group's total liabilities as of September 30, 2021, were HK$941,763,000, up from HK$736,981,000 as of March 31, 2021[33]. Cash Flow and Investments - Net cash from operating activities increased to HK$342,720,000, up 25.8% from HK$272,377,000 in the same period last year[13]. - Net cash used in investing activities was HK$47,202,000, a decrease from a net cash inflow of HK$18,858,000 in the previous year[14]. - The company reported a net increase in cash and cash equivalents of HK$262,545,000, compared to HK$153,063,000 in the prior year[14]. - Cash and cash equivalents at the end of the period amounted to HK$1,334,548,000, up from HK$1,101,930,000 year-over-year[14]. - The company raised new bank loans totaling HK$28,708,000 during the period[14]. - The company’s repayment of bank loans was HK$1,667,000, down from HK$2,000,000 in the prior year[14]. Dividends - The company declared a 2021 interim dividend of HK$79,388,000, which is a continuation of its dividend policy[8]. - The interim dividend declared was 8.6 HK cents per share, totaling HK$41,913,000, compared to 2.8 HK cents per share totaling HK$13,646,000 in the same period of 2020, marking a 196.4% increase[44]. - A special dividend of 25.8 HK cents per share was declared, totaling HK$125,738,000, compared to 9.2 HK cents per share totaling HK$44,837,000 in the previous year, reflecting a 180.5% increase[44]. Inventory and Receivables - The company reported inventories of HK$511,893,000, down from HK$622,768,000, which is a decrease of approximately 17.8%[5]. - Trade and other receivables were reported at HK$226,018,000, a decrease from HK$286,023,000, reflecting a decline of about 21%[5]. - The Group's trade receivables amounted to HK$203,467,000, a decrease of 23.3% from HK$265,217,000 as of March 31, 2021[71]. - The allowance for credit losses on trade receivables was HK$4,374,000, down from HK$4,690,000, indicating improved credit quality[71]. Share Capital and Options - The total number of share options outstanding as of September 30, 2021, was 28,560,000, with no options exercised during the period[91]. - The Company has share option schemes for eligible directors, employees, consultants, customers, suppliers, or advisors, aimed at incentivizing performance[83]. - The Company’s authorized share capital remained unchanged at 1,000,000,000 ordinary shares of HK$0.10 each as of September 30, 2021[80]. - The issued and fully paid share capital as of September 30, 2021, was HK$57,036,000, representing 570,358,224 shares[81]. Corporate Governance - The Audit Committee has reviewed the consolidated financial statements for the six months ended September 30, 2021[152]. - The Board of Directors consists of three executive directors and three independent non-executive directors[165]. - The Audit Committee is composed of three independent non-executive directors and has updated its terms of reference according to corporate governance codes[166]. - The company has adopted the standard code of conduct for securities transactions as per the listing rules[165].

Financial Performance - For the year ended March 31, 2021, the Group reported revenue of HK$3,504 million, an increase of 48.9% year-on-year from HK$2,353 million in 2020[5]. - Gross profit rose by 49.1% to HK$962 million, with a gross profit margin of 27.5%, slightly up from 27.4% in 2020[5]. - Net profit attributable to owners of the Company increased by 133% to HK$233 million, compared to HK$100 million in 2020[5]. - Revenue from the PRC market surged by 150% to HK$2,359 million, up from HK$945 million in 2020, driven by increased local consumer spending due to travel restrictions[11]. - The increase in revenue was primarily attributed to the significant growth in the PRC market, where consumers increased their spending locally due to ongoing travel restrictions[5]. - The Group's revenue in the Hong Kong market decreased by 18.2% to HK$980 million in the fiscal year, down from HK$1,198 million in 2020[15]. - The Group's overall inventory level as of March 31, 2021, was HK$623 million, a decrease of 22.0% from HK$799 million as of March 31, 2020[17]. - Total equity of the Group reached HK$1,991 million as of March 31, 2021, compared to HK$2,083 million as of March 31, 2020[22]. - Bank loans of the Group amounted to HK$18 million as of March 31, 2021, up from HK$6 million a year earlier, with a gearing ratio of 0.009[22]. Market and Sales Performance - The first quarter of 2021 saw a 93.4% increase in gold, silver, and jewellery retail sales in the PRC, reflecting a strong recovery in domestic consumption[11]. - Swiss watch exports to China recorded a remarkable growth of 94.5% in early 2021 compared to the same period in 2020, highlighting the market's resilience[11]. - The Group's performance improved significantly in the second half of the year as markets gradually returned to pre-COVID-19 levels[5]. - In 2021 Q1, the value of Hong Kong retail sales rebounded, expanding 7.5% year-on-year, with GDP growth of 7.8%, marking an 11-year high[13]. Dividend and Shareholder Returns - The Group plans to distribute a final dividend of 12.0 HK cents per share and a special final dividend of 27.0 HK cents per share for the year ended March 31, 2021[6]. - The Company aims to enhance long-term total return for shareholders by achieving sustainable recurring earning growth and maintaining a strong financial profile[52]. - The Company does not have a formal dividend policy; future dividends will be decided based on market conditions and the Group's financial position[125][126]. Corporate Governance - The Group emphasizes high standards of corporate governance to enhance shareholder value and safeguard stakeholder interests[45]. - The Company has complied with the Corporate Governance Code throughout the year, with specific deviations explained in relevant paragraphs[48]. - The roles of the Chairman and Chief Executive were separated until 5 February 2021, ensuring clear division of responsibilities[59]. - The Board comprises six Directors, including the Chairman and Group Managing Director, ensuring a balanced composition with relevant expertise[55]. - The Company has three Independent Non-executive Directors, representing over one-third of the Board, with one possessing appropriate professional qualifications in accounting[65]. - The Board meets regularly, at least four times a year, and receives detailed agenda items and supporting materials in advance of meetings[71]. - Directors are encouraged to take independent professional advice at the Company's expense to further their duties[73]. - The Company Secretary ensures compliance with Listing Rules, including timely publication of annual and interim reports[82]. Risk Management - The Board holds overall responsibility for the Group's risk management, internal control, and compliance with legal and regulatory requirements[127][128]. - The Group adopts an Enterprise Risk Management (ERM) framework consistent with the COSO framework to manage risks across its business operations[131]. - The Risk Management Taskforce identifies and prioritizes significant risks at least annually, establishing risk mitigation plans for those deemed significant[133]. - Internal audit functions are established to monitor risk management and internal control systems, with significant deficiencies reported to the Audit Committee and the Board[134]. - The Group's internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[138]. Employee Management and Training - The Group employed approximately 563 employees as of March 31, 2021, with about 63% located in Mainland China[25]. - Significant resources have been allocated to employee training programs, including a "Mystery Shoppers Programme" to tailor training for specific shops and individuals[29]. - A series of training programs for senior executives has been developed, focusing on leadership, personal development, and team management[30]. - The Company has adopted a share option scheme to attract and retain quality personnel, enhancing the value of the Company's shares[31]. Environmental, Social, and Governance (ESG) Practices - The Company conducted a materiality assessment to identify key ESG issues, referencing peers' disclosed issues and engaging both internal and external stakeholders[180]. - The ESG taskforce, including senior management and department heads, is responsible for establishing long-term ESG goals and monitoring related risks[172]. - The Company is committed to complying with the latest laws and regulations in its ESG practices, with timely revisions communicated to staff[173]. - Regular reviews of the risk management process are conducted, with internal control measures designed to mitigate identified ESG risks[176]. - The Company aims for green operations and sustainable development through its ESG strategy, which is overseen by the Board of Directors[172]. Customer Experience and Compliance - All retail shops are located in prime locations to enhance customer shopping experience[189]. - The company has established a VIP lounge at flagship stores for a private and comfortable environment for customers[189]. - Customer feedback is collected through various channels, and management regularly reviews reports of enquiries and complaints[190]. - The company strictly adheres to data protection regulations in Hong Kong, Macau, and Mainland China[194]. - Appropriate technical measures, such as firewalls and anti-virus software, are deployed to protect personal data[194]. - The company guarantees compliance with the Trade Description Ordinance in Hong Kong and other relevant laws[188]. - The company has not identified any material non-compliance with the Personal Data (Privacy) Ordinance and other relevant laws during the reporting period[197].

Financial Performance - Revenue for the six months ended September 30, 2020, was HK$1,359,410,000, representing an increase of 16.4% compared to HK$1,167,795,000 for the same period in 2019[3] - Gross profit for the same period was HK$368,019,000, up from HK$318,194,000, indicating a gross profit margin improvement[3] - Profit for the period was HK$57,608,000, a decrease of 4.8% from HK$60,430,000 in the previous year[4] - Total comprehensive income for the period was HK$84,102,000, significantly higher than HK$18,968,000 in the same period last year[4] - Earnings per share for the period were 10.19 HK cents, compared to 10.82 HK cents in the previous year[4] - The Group's profit before taxation for the period was HK$102,630,000, compared to HK$77,313,000 in the previous year, marking an increase of approximately 32.8%[43] - The comprehensive income for the period was reported at HK$61,724,000, compared to a loss of HK$40,835,000 in the previous period[20] - The Group reported a segment profit of HK$105,305,000 for the six months ended 30 September 2020, up from HK$80,744,000 in the same period of 2019, indicating an increase of approximately 30.4%[43] Assets and Liabilities - Non-current assets increased to HK$711,414,000 as of September 30, 2020, from HK$634,854,000 as of March 31, 2020[6] - Current assets rose to HK$2,038,893,000, up from HK$1,878,767,000, driven by an increase in bank balances and cash[6] - Total assets less current liabilities rose to HK$2,420,974,000, up from HK$2,302,914,000, indicating an increase of about 5.1%[8] - Non-current liabilities increased significantly, with deferred tax liabilities rising to HK$9,421,000 from HK$2,864,000, and lease liabilities growing to HK$307,321,000 from HK$205,773,000[8] - The company's net assets stood at HK$2,093,241,000, a slight increase from HK$2,083,286,000, representing a growth of approximately 0.5%[8] - Total equity attributable to owners of the Company reached HK$2,094,050,000, compared to HK$2,083,611,000, marking an increase of about 0.5%[8] Cash Flow and Dividends - For the six months ended September 30, 2020, net cash from operating activities was HK$272,377,000, a decrease from HK$293,731,000 in the same period of 2019[30] - Net cash used in investing activities was HK$18,858,000, compared to a net cash outflow of HK$11,516,000 in the previous year[32] - Dividends paid decreased to HK$74,147,000 from HK$122,627,000 year-on-year, indicating a reduction in cash outflow[32] - The company proposed an interim dividend of HK$15,970,000 for 2020, reflecting a commitment to return value to shareholders[21] Inventory and Receivables - Inventories decreased to HK$704,033,000 from HK$798,693,000, reflecting improved inventory management[6] - Trade and other receivables increased significantly to HK$219,677,000 from HK$112,755,000, indicating potential growth in sales[6] - Trade receivables aged 0 to 30 days increased to HK$182,462,000 from HK$61,106,000, representing a significant rise of 198%[79] - Total trade and other payables as of September 30, 2020, amounted to HK$198,575,000, up from HK$86,774,000 as of March 31, 2020, indicating an increase of 129%[79] Market Conditions and Impact - The outbreak of COVID-19 negatively impacted the Group's operations, leading to a decrease in revenue in Hong Kong and Macau[36] - The retail market in the PRC rebounded rapidly, especially in the luxury sector, resulting in higher revenue for the Group during the interim period[37] - The Group's financial performance was affected by travel restrictions, leading to a notable drop in the number of tourists visiting Hong Kong[36] - The ongoing COVID-19 pandemic continues to pose risks to the Group's business performance, despite recovery in the PRC market and gradual improvement in Hong Kong[129] Share Options and Capital Structure - The 2003 Share Option Scheme was adopted on November 3, 2003, and is valid for ten years[87] - As of September 30, 2020, there were 28,560,000 share options outstanding, down from 31,560,000 on April 1, 2019, reflecting a forfeiture of 3,000,000 options during the period[90] - No options were exercised under the 2003 Share Option Scheme during the six months ended September 30, 2020, and 2019[91] - The company adopted a new share option scheme on November 3, 2013, following the expiration of the 2003 Share Option Scheme[114] Governance and Compliance - The Audit Committee has reviewed the consolidated financial statements for the six months ended September 30, 2020, ensuring compliance with accounting principles and internal controls[142] - The Board of Directors consists of 4 executive directors and 3 independent non-executive directors as of the interim report date[153] - The company has confirmed compliance with the standard code of conduct for securities transactions by all directors for the six months ending September 30, 2020[153]

Financial Performance - The Group's turnover for the year ended 31 March 2020 decreased by 3.5% to HK$2,353 million compared to HK$2,437 million in 2019[3] - Gross profit increased by 7.0% to HK$645 million, with a gross profit margin improvement to around 27.4% from 24.7% in 2019[3] - Net profit attributable to owners decreased by 27.5% to HK$100 million, down from HK$138 million in 2019, primarily due to impairment losses and increased provisions[3] - The Group's revenue for the year decreased by 17.3% to HK$1,198 million, down from HK$1,449 million in 2019[7] - Revenue in Mainland China increased by 17.5% to HK$945 million, up from HK$804 million in 2019, despite initial impacts from the Covid-19 outbreak[5] Operational Highlights - The Group operated 62 retail and wholesale points in the Greater China region as of 31 March 2020[5] - The Group's sales in Mainland China rebounded since March 2020 as the Covid-19 pandemic became more controlled[5] - The increase in profit contribution from Mainland China operations was mainly due to the reversal of inventory provisions and higher profit margins on in-demand watch products[5] - The Group's overall inventory level decreased by 3.0% to HK$799 million as of March 31, 2020, down from HK$824 million in 2019[10] - Rental expenses decreased by 15.7% to HK$145 million, accounting for 28.7% of the Group's overall operating expenses, down from 36.0% in 2019[9] Corporate Governance - The Company has adopted good corporate governance principles emphasizing a quality Board, effective risk management, and transparency to stakeholders[29] - The Company complied with the Corporate Governance Code throughout the year ended March 31, 2020, with specific deviations explained in the report[30] - The Board's composition is well balanced, with each Director having relevant knowledge and experience related to the Group's business[40] - The Group Managing Director and Deputy Chairman is responsible for managing the business and ensuring the successful implementation of Group policies, while maintaining operational performance[41] - The Company Secretary ensures that board procedures are followed and activities are conducted efficiently, maintaining detailed minutes of all meetings[56] Risk Management - The Board is responsible for the Group's risk management system and internal control, continuously reviewing the effectiveness of these systems[85] - The Group has established an Enterprise Risk Management (ERM) framework consistent with the COSO framework to manage strategic, financial, operational, and compliance risks[88] - The Group's risk management policy is reviewed annually, identifying and prioritizing significant risks, with mitigation plans established for those deemed significant[89] - The Board of Directors conducts an annual review of the effectiveness of the Group's risk management and internal control systems, considering the ability to cope with business transformation and external changes[90] - The internal audit function assists in monitoring the risk management and internal control systems, reporting significant deficiencies to the Audit Committee and Board of Directors[88] Employee Relations - The Group employed approximately 560 employees, with about 63% located in Mainland China[15] - The employee turnover rate in FY2020 was 13.55%, with rates of 11.29% in Hong Kong, 9.09% in Macau, and 15.01% in Mainland China[148] - The company has established a comprehensive training program covering product knowledge, service skills, and managerial competencies for employee development[152] - Employee compensation is determined based on local industrial averages, experience, and qualifications[144] - The company provides all staff with medical insurance and competitive fringe benefits to facilitate access to healthcare services[136] Environmental, Social, and Governance (ESG) Initiatives - The Company conducted a materiality assessment to identify key ESG issues, engaging both internal and external stakeholders[121] - The Company is committed to complying with the latest laws and regulations in its ESG practices, with regular revisions communicated to staff[114] - The Company aims for green operations and sustainable development through its established ESG goals and missions[113] - The company has implemented measures to reduce energy consumption and resource use, resulting in a decrease in overall consumption compared to FY2019[163] - The company has established environmentally friendly initiatives to reduce greenhouse gas emissions, reflecting its commitment to sustainability[190] Audit and Compliance - The Audit Committee held 4 meetings during the year ended March 31, 2020, with full attendance from all members[68] - The Audit Committee is responsible for overseeing the relationship with external auditors and reviewing the Group's financial statements[68] - The Group's external auditors, Deloitte, are engaged for audit services, ensuring compliance with accounting principles generally accepted in Hong Kong[70] - The Audit Committee reviews the effectiveness of the audit process and the independence of external auditors[70] - The Directors acknowledge their responsibility for preparing the Annual Report and financial statements to ensure a true and fair presentation[66]