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]

Financial Performance - Revenue for the six months ended September 30, 2019, was HK$1,167,795, a decrease of 1.1% compared to HK$1,181,133 for the same period in 2018[3]. - Gross profit for the period was HK$318,194, representing a gross margin of approximately 27.2%[3]. - Profit for the period was HK$60,430, down 5.7% from HK$63,735 in the previous year[4]. - Total comprehensive income for the period was HK$18,968, significantly higher than HK$4,900 in the same period last year[4]. - Earnings per share (basic and diluted) for the period were 10.82 HK cents, compared to 11.22 HK cents in the previous year[4]. - Profit before taxation was HK$77,313, an increase from HK$74,924 in the previous year[3]. - The Group's profit before taxation for the six months ended September 30, 2019, was HK$77,313,000, compared to HK$74,924,000 in the same period of 2018, reflecting a growth of 3.2%[43]. - Net profit attributable to owners of the Company decreased by 3.6% to HK$61.7 million from HK$64.0 million in 2018[104]. Expenses and Costs - Distribution and selling expenses amounted to HK$122,001, compared to HK$113,757 in the same period last year[3]. - Administrative expenses were HK$122,223, slightly higher than HK$116,878 in the previous year[3]. - Finance costs for the period were HK$7,869, compared to HK$2,202 in the same period last year[3]. - The total income tax expense for the six months ended 30 September 2019 was HK$16,883,000, an increase of 53.5% from HK$11,189,000 in the same period of 2018[45]. - The allowance for slow-moving watches was HK$46,248,000 for the six months ended September 30, 2019, compared to HK$10,005,000 in the same period of 2018[43]. - Unallocated corporate expenses for the period included auditor's remuneration and directors' remuneration, totaling HK$6,999,000, up from HK$5,799,000 in 2018[40]. Assets and Liabilities - As of September 30, 2019, total assets less current liabilities amounted to HK$2,349,831,000, an increase from HK$2,215,602,000 as of March 31, 2019[6]. - Net current assets were reported at HK$1,653,052,000, down from HK$1,885,778,000 in the previous period[6]. - The company's non-current assets totaled HK$696,779,000, compared to HK$329,824,000 in the prior audited period[5]. - Total equity attributable to owners of the company was HK$2,110,370,000, a decrease from HK$2,212,733,000[6]. - Current liabilities increased to HK$330,635,000 from HK$192,627,000, indicating a rise in short-term obligations[5]. - The Group's total liabilities increased to HK$570,524,000 as of September 30, 2019, from HK$194,628,000 as of March 31, 2019[42]. Cash Flow and Investments - Net cash from operating activities increased to HK$293,731,000 for the six months ended 30 September 2019, compared to HK$177,442,000 in the same period of 2018, representing a growth of 65.5%[12]. - Net cash used in investing activities was HK$11,516,000, a significant increase from HK$2,797,000 in the previous year[12]. - Net cash used in financing activities rose to HK$227,683,000, compared to HK$133,476,000 in the prior period, indicating a 70.7% increase[13]. - Cash and cash equivalents at the end of the period amounted to HK$1,117,693,000, up from HK$1,094,210,000 in the previous year, showing a growth of 2.2%[13]. - The Group incurred expenditure of HK$36,813,000 for property, plant, and equipment acquisition, a significant increase from HK$7,383,000 in the same period last year[55]. Dividends and Shareholder Returns - The company proposed an interim special dividend of HK$49,621,000 for 2020, indicating a commitment to returning value to shareholders[8]. - The company declared an interim dividend of 2.8 HK cents per share, totaling HK$15,970,000, which remained unchanged from the previous year[48]. - A special dividend of 8.7 HK cents per share, totaling HK$49,621,000, was also declared for the six months ended 30 September 2019, consistent with the previous year's special dividend[50]. - The company approved a final dividend of 8.0 HK cents per share, totaling HK$45,629,000, for the year ended 31 March 2019, slightly lower than the previous year's total of HK$45,649,000[47]. Accounting Policies and Standards - The application of new accounting standards did not have a material impact on the Group's financial positions and performance for the current and prior periods[14]. - The Group applied HKFRS 16 for the first time, superseding HKAS 17 "Leases" in the current interim period[22]. - The Group recognized right-of-use assets at the commencement date of the lease, measured at cost, less accumulated depreciation and impairment losses[23]. - Lease payments for short-term leases amounting to HK$3,033,000 are recognized as expenses on a straight-line basis over the lease term[22]. - The Group's transition to HKFRS 16 resulted in significant changes in accounting policies affecting the financial statements[36]. Market and Operational Insights - The Group operates 61 retail and wholesale points in the Greater China region as of 30 September 2019, with 46 in China, 11 in Hong Kong, 3 in Taiwan, and 1 in Macau[105]. - Same-store sales growth in China achieved 11% during the Period[106]. - The Group's strong positioning in the high-end luxury market contributed to maintaining profitability despite challenging conditions[104]. - The Group aims to strengthen its foothold and seek greater presence in the Chinese market going forward[106]. - The Group's overall inventory level decreased by 14.5% to HK$704.2 million as of September 30, 2019, from approximately HK$823.7 million as of March 31, 2019[108]. Governance and Corporate Structure - The Company has adhered to the Corporate Governance Code throughout the six months ended September 30, 2019, with some deviations explained, including the appointment of non-executive directors not for a specific term[124]. - The Board of Directors consists of both executive and independent non-executive directors, ensuring a diverse governance structure[137]. - The Group invests significant resources in employee training programs to enhance service quality for customers[121].

Financial Performance - The Group's turnover for the year ended March 31, 2019, decreased by 15.7% to HK$2,437 million, down from HK$2,892 million in 2018[5] - Gross profit slightly decreased by 0.7% to HK$603 million, with a gross profit margin increase to 24.7% from 21.0% in 2018[5] - Net profit attributable to owners of the Company decreased by 0.7% to HK$138 million, compared to HK$139 million in 2018[5] - The Group's total equity reached HK$2,214 million as of March 31, 2019, down from HK$2,317 million in the previous year[16] - The Group's net current assets amounted to HK$1,886 million, with bank and cash balances of HK$1,085 million as of March 31, 2019, compared to HK$2,009 million and HK$1,082 million respectively in the previous year[16] - The Group's overall inventory level decreased by 17.7% to HK$824 million as of March 31, 2019, from HK$1,001 million a year earlier[13] - The Group's aggregate rental cost decreased by 4.1% to HK$162 million, accounting for 34.0% of overall operating expenses[12] - The Group's bank loans were HK$63 million as of March 31, 2019, down from HK$75 million the previous year[16] Dividends - The Board recommended a final dividend of 8.0 HK cents per share and a special dividend of 13.5 HK cents per share for the year ended March 31, 2019[6] - The Company lacks a predetermined dividend policy, with future dividends to be decided by the Board based on market conditions, operating results, and financial position[120] Market and Economic Conditions - The ongoing China-US trade dispute and fluctuations in the Chinese Yuan have impacted consumer sentiment and spending[5] - Domestic consumption contributed 76.2% of China's GDP growth, despite a slower growth rate of 6.6% year-on-year in 2018[10] - The openings of new infrastructure, such as the Guangzhou-Shenzhen-Hong Kong Express Rail Link, are expected to stimulate Hong Kong's tourism and retail market[10] - The number of visitors to Hong Kong rose by 11.4% to over 65 million, with mainland tourists increasing by 14.8% to 51 million[10] Business Strategy - The Group aims to strengthen its leading position in the luxury watch market and generate greater returns to shareholders[10] - The Group aims to enhance brand presence and sales through the relocation of its flagship store to a premium location[12] - The Group has implemented inventory management policies to ensure stable cash flow and maintain a healthy financial position[13] - The primary objective of the Company is to enhance long-term total return for shareholders, focusing on sustainable recurring earning growth and maintaining a strong financial profile[49] Human Resources and Employee Development - Approximately 600 employees were employed across HK, Macau, China, and Taiwan as of March 31, 2019, with about 70% located in Mainland China[19] - The Group has invested significantly in employee training and development to enhance service quality, aligning with its philosophy of providing "Service Excellence" to customers[26] - The Group's leadership development training for management has focused on skills such as leadership, personal development, and team management, contributing to innovative ideas within the company[24] - The Group's commitment to employee performance evaluation and compensation adjustments reflects its strategy to maintain a motivated workforce[24] - Recruitment and promotion are based on performance and merit, emphasizing diligence, initiative, responsibility, and integrity[197] Corporate Governance - The Company has complied with the corporate governance code provisions, with a noted deviation from Code Provision A.4.1[45] - The Board is accountable to shareholders for long-term performance and oversees the management of the business[51] - The Company emphasizes effective risk management and internal control as part of its corporate governance practices[44] - The Audit Committee comprises all Independent Non-executive Directors and is responsible for overseeing the relationship with external auditors and reviewing financial statements[100] - The Company Secretary ensures that Board procedures are followed and that activities are conducted efficiently[76] Risk Management - The Group has adopted an Enterprise Risk Management (ERM) framework consistent with COSO, facilitating a systematic approach to risk management across its operations[129] - The Board of Directors is responsible for determining the nature and extent of risks to be taken in achieving strategic objectives and monitoring the effectiveness of risk management systems[130] - Risk management reports are submitted to the Audit Committee and Board at least annually, with the Board considering the risk management systems effective[136] - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[137] Environmental, Social, and Governance (ESG) Initiatives - The ESG taskforce has been established to monitor and manage ESG-related risks, evaluate the effectiveness of the Group's ESG management systems, and report achievements to the Board regularly[169] - The Group has established long-term ESG goals and missions to ensure sustainable development and green operations[169] - The company prioritizes material ESG issues, including product responsibility and data privacy, as part of its commitment to environmental, social, and governance standards[178] - The company adheres to various laws and regulations, including the Personal Data (Privacy) Ordinance and Trade Description Ordinance, with no material non-compliance identified during the reporting period[186] Customer Experience and Service Quality - The company has been awarded the "Service Industry Leader – Silver Award" by the Hong Kong Retail Management Association, reflecting its commitment to customer service[183] - The company has a specially designed VIP lounge at flagship stores to enhance customer experience and facilitate professional exchanges[182] - The company regularly reviews customer feedback from multiple channels to improve products and services[183] - The management has emphasized the importance of exceeding customer expectations in the luxury goods sector, necessitating ongoing investment in service quality[24]