| HOWTAISENG | 周大生足金999 | 998 元/克 | | --- | --- | --- | | િ 第新首站 | 菜百首饰足金999饰品 | 985 元/克 | | HH 附近里 | 潮宏基足金(首饰摆件) | 1026 元/克 | | 151 甜瑞朗 | 谢瑞麟足金饰品 | 1026 元/克 | | ਤੋਂ ਦੇ ਛੇ | 金至尊足等999 | 1026 元/克 | | 周六福 | 周六福足金999 | 998 元/克 | @ JIN10. COM 0.CO 金十数据 | 一个交易工具 国内金饰再拾涨势，强势重回千元关 金十数据5月6日讯，金十图示：国内多家黄金珠宝品牌公布的境内足金首饰价格较昨日大涨，今日黄金饰品价格对比显示，多 家价格上涨28元/克至1026元/克，少数维持在千元下方，周六福足金999报998元/克。 ...

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Financial Performance - Turnover for the six months ended 30 September 2024 was HK$864.392 million, a decrease from HK$1,346.534 million in the same period last year[15] - Gross profit for the period was HK$296.936 million, down from HK$469.996 million in the previous year[17] - Loss from operations was HK$1.257 million, compared to a loss of HK$8.078 million in the prior year[19] - Loss before tax was HK$39.937 million, an improvement from HK$53.687 million in the same period last year[21] - Loss for the period was HK$43.784 million, compared to HK$58.294 million in the previous year[23] - Basic and diluted loss per share attributable to owners of the company was HK$0.176, compared to HK$0.234 in the prior year[26] - Total comprehensive loss for the six months ended 30 September 2024 was HK$20.429 million, compared to HK$115.932 million in the same period last year[29] - The company reported a loss before tax of HK$39.937 million and a net loss of HK$43.784 million for the six months ended 30 September 2024[70] - The Group recorded a loss attributable to owners of the Company of HK$43.8 million for the Period, compared to a loss of HK$58.2 million for the same period last year[156] Cash Flow and Liquidity - Net cash flows from operating activities increased significantly to HK$60.8 million in 2024, compared to HK$7.4 million in 2023, reflecting improved operational efficiency[51] - Net cash flows used in investing activities decreased to HK$8.2 million in 2024 from HK$18.7 million in 2023, indicating reduced capital expenditures[51] - Net cash flows used in financing activities increased to HK$129.6 million in 2024 from HK$111.5 million in 2023, primarily due to higher repayments of interest-bearing bank borrowings[51] - The company reported a net decrease in cash and cash equivalents of HK$76.9 million in 2024, compared to HK$122.8 million in 2023, showing a slower rate of cash outflow[53] - Cash and cash equivalents at the end of the period stood at HK$110.1 million in 2024, down from HK$219.8 million in 2023, reflecting reduced liquidity[53] - As of 30 September 2024, the company had cash and bank balances (including pledged time deposits) of HK$399 million, while total interest-bearing bank borrowings amounted to HK$983 million[57] - The company's directors have reviewed cash flow projections covering at least 12 months from 30 September 2024, concluding sufficient working capital to meet financial obligations during this period[59] - Net debt position as of 30 September 2024 was approximately HK$601.6 million, compared to HK$602.3 million as of 31 March 2024[179] - Net gearing ratio increased to 113.0% as of 30 September 2024, up from 108.9% as of 31 March 2024[179] Assets and Liabilities - Net current assets as of 30 September 2024 decreased to HK$536.030 million from HK$639.046 million as of 31 March 2024[31] - Total assets less current liabilities stood at HK$1,021.604 million as of 30 September 2024, down from HK$1,127.666 million as of 31 March 2024[31] - Net assets decreased to HK$532.533 million as of 30 September 2024 from HK$552.962 million as of 31 March 2024[34] - Equity attributable to owners of the company decreased to HK$533.255 million as of 30 September 2024 from HK$553.725 million as of 31 March 2024[35] - Cash and cash equivalents decreased to HK$110.146 million as of 30 September 2024 from HK$179.967 million as of 31 March 2024[31] - Non-current liabilities decreased to HK$489.071 million as of 30 September 2024 from HK$574.704 million as of 31 March 2024[35] - Total equity decreased to HK$532.533 million as of 30 September 2024 from HK$552.962 million as of 31 March 2024[35] - Total financial liabilities including gold loans and interest-bearing bank borrowings amounted to HK$1,000,420,000 as of 30 September 2024, down from HK$1,076,394,000 as of 31 March 2024[135] - Interest-bearing bank borrowings decreased to HK$982,785,000 as of 30 September 2024 from HK$1,060,209,000 as of 31 March 2024[135] - The company's assets, including property, plant, and equipment, were mortgaged or pledged for approximately HK$606,962,000 as of 30 September 2024[120] Segment Performance - The Group operates in four reportable segments: Retail Business, Wholesale Business, E-business, and Other Businesses[67] - Retail Business includes direct retail sales of jewelry products through physical outlets under the TSL, DUO by TSL, and TSL TOSI trademarks, as well as retail management service fees[67] - Wholesale Business includes wholesale sales of jewelry products to customers, including franchisees[67] - E-business includes sales of jewelry products to customers on e-commerce platforms[67] - Segment performance is evaluated based on adjusted profit/(loss) before tax, excluding unallocated expenses, fair value gains/(losses) on investment properties, and non-lease-related finance costs[69] - Segment assets exclude deferred tax assets and tax recoverable, which are managed on a group basis[69] - Segment liabilities exclude gold loans, interest-bearing bank borrowings, tax payable, deferred tax liabilities, and employee benefit obligations, which are managed on a group basis[69] - Total revenue for the six months ended 30 September 2024 was HK$864.392 million, with retail business contributing HK$607.270 million, wholesale business HK$116.621 million, e-business HK$135.994 million, and other businesses HK$4.507 million[70] - Revenue from external customers in Hong Kong and Macau was HK$236.790 million, Mainland China HK$548.193 million, and other countries HK$79.409 million for the six months ended 30 September 2024[76] - Revenue from sales of jewelry products was HK$817.905 million, while service income was HK$46.487 million for the six months ended 30 September 2024[78] - The retail business segment revenue was HK$560.783 million from sales of jewelry products and HK$46.487 million from service income for the six months ended 30 September 2024[82] - Total revenue for the six months ended 30 September 2023 was HK$1,346,534,000, with retail business contributing HK$935,714,000, wholesale business HK$242,705,000, e-business HK$165,560,000, and other businesses HK$2,555,000[83] - Sales of jewellery products accounted for HK$1,306,254,000 of the total revenue, while service income contributed HK$40,280,000[83] - The Group's retail business in Malaysia showed desirable growth in sales turnover and profitability during the Period[168] - Retail business in Malaysia showed strong performance with sales turnover and profitability growing compared to the same period last year, driven by economic recovery, strong brand equity, improved product mix, and increased demand for 24K gold products[171] - Wholesale business experienced a slowdown due to a significant decline in demand for natural diamonds, leading to decreased sales turnover, and franchise network expansion was impacted by poor retail market sentiment in Mainland China[173] - E-business sales turnover declined during the period due to market downturn and planned inventory adjustments, with gross profit margin affected by increased sales of 24K gold products and clearance of aged gem-set jewellery[175] Cost and Expense Management - Cost of goods sold for the six months ended 30 September 2024 was HK$580,903,000, compared to HK$897,276,000 in the same period in 2023[85] - Employee benefit expense, including wages, salaries, and other benefits, was HK$171,479,000 for the six months ended 30 September 2024, down from HK$257,596,000 in the same period in 2023[85] - Finance costs for the six months ended 30 September 2024 were HK$38,680,000, including HK$31,904,000 in interest on bank loans and overdrafts and HK$3,418,000 in interest on lease liabilities[92] - Selling and distribution expenses and administration expenses were reduced by approximately 38.3% or HK$188.6 million during the Period[156] - The Group closed several underperforming retail stores in Hong Kong and Macao to save costs and improve efficiency[158] - Total number of employees decreased to 1,325 as of 30 September 2024, down from 2,240 as of 30 September 2023[181] Strategic Initiatives and Business Transformation - The company is restructuring its store network and transforming its business model, especially in Mainland China, to improve sales and mitigate liquidity pressure[57] - Cost control strategies, including staff relocations and headcount reductions, have been implemented to streamline operations and reduce expenses[57] - The company will continue to closely monitor compliance with financial covenants for banking facilities and bank borrowings, actively negotiating with banks to obtain waivers as needed to avoid immediate repayment requests[59] - The Group expects sales performance and overall profitability of its retail stores in Hong Kong and Macao to improve progressively in coming years[159] - The Group operates 390 stores in Mainland China, with approximately 85% being franchised stores[167] - The Group plans to expand its franchised store network, close non-performing self-operated stores, and maintain a balanced inventory mix of 24-karat gold and gem-set jewellery products in Mainland China[167] - The Group reopened 2 newly renovated flagship stores in Malaysia, located at Elite Pavilion in Kuala Lumpur and Gurney Plaza in Penang[169] - The Group will continue to expand its store network gradually at optimal locations in Malaysia to realize market potential[169] - The company is strategically transforming from a retail-focused model to a balanced retail-and-wholesale model to support rapid franchise network expansion in the coming years[173] - The company strengthened cooperation with popular e-commerce platforms in Mainland China, driving traffic to its online stores and transforming its e-business team for quicker market response[175] - The company plans to expand its franchise network in Mainland China with a mix of self-operated and franchised stores, aiming to improve sales performance and profitability in the coming years[177] Accounting Standards and Financial Reporting - The company has adopted revised HKFRSs, including amendments to HKFRS 16, HKAS 1, and HKAS 7, which did not impact the financial position or performance due to the absence of relevant transactions[60][62] - The 2020 and 2022 amendments to HKAS 1 clarified the classification of liabilities as current or non-current, with no impact on the company's financial position or performance[62] - Amendments to HKAS 7 and HKFRS 7 require additional disclosures for supplier finance arrangements, but the company has no such arrangements, resulting in no impact on the financial information[63] - The Group has no supplier financing arrangements, and the amendments to HKFRS 7 have no impact on the condensed consolidated interim financial data[64] - The Group has not yet applied the new and revised HKFRSs, including HKFRS 18, HKFRS 19, and amendments to HKFRS 9, HKFRS 7, HKFRS 10, and HKAS 28, which will become effective between 2025 and 2027[66] - The Group is assessing the impact of adopting the new and revised HKFRSs and has concluded that their adoption is unlikely to have a significant impact on the consolidated financial statements[66] - The interim financial report was approved by the board of directors on 14 November 2024[150] Shareholding and Ownership - 180,691,775 ordinary shares of the company are held by Partner Logistics Limited, controlled by Blink Technology Limited, which is owned by Mr. Tse Tat Fung, Tommy[187] - Ms. Yau On Yee, Annie, an executive director, is deemed to be interested in 180,691,775 ordinary shares held by Partner Logistics Limited, representing approximately 72.57% of the total issued share capital[189][190] - 5,219 ordinary shares are held by Mr. Tse Tat Fung, Tommy, and Ms. Yau On Yee, Annie is deemed to be interested in these shares[191][192] - Partner Logistics Limited holds 180,691,775 ordinary shares, representing 72.51% of the total issued share capital[199] - Blink Technology Limited holds 180,691,775 ordinary shares, representing 72.51% of the total issued share capital[199] - Tse Tat Fung, Tommy holds 180,691,775 ordinary shares through controlled corporations, representing 72.57% of the total issued share capital[199] - Rosy Blue Overseas Holdings Limited holds 180,691,775 ordinary shares, representing 72.51% of the total issued share capital[199] - Rosy Blue Jewellery (HK) Limited holds 180,691,775 ordinary shares, representing 72.51% of the total issued share capital[199] - Prime Investments S.A. holds 180,691,775 ordinary shares, representing 72.51% of the total issued share capital[199] - Elmas Hong Kong Limited holds 180,691,775 ordinary shares as a trustee, representing 72.51% of the total issued share capital[199] - The total issued share capital as of 30 September 2024 is 249,182,030 ordinary shares[200] Other Financial Information - Exchange differences on translation of foreign operations resulted in a gain of HK$23.355 million, compared to a loss of HK$57.638 million in the previous year[28] - Other comprehensive income for the period, net of tax, was HK$23.355 million, compared to a loss of HK$57.638 million in the same period last year[29] - Retained profits decreased to HK$122.931 million as of 30 September 2024 from HK$166.721 million as of 1 April 2024[47] - The company did not recommend the payment of any interim dividend for the six months ended 30 September 2024, consistent with the previous year[97] - Basic loss per share for the six months ended 30 September 2024 was HK$0.176, based on a loss attributable to owners of HK$43,790,000 and 249,182,030 ordinary shares in issue[99] - Inventories as of 30 September 2024 totaled HK$1,210,472,000, including HK$95,408,000 in raw materials, HK$11,860,000 in work in progress, and HK$1,103,204,000 in finished goods[104] - Trade receivables as of 30 September 2024 amounted to HK$84,472,000, with an impairment of HK$11,950,000, resulting in a net amount of HK$72,522,000[108] - Trade receivables aged within 1 month decreased to HK$57,160,000 as of 30 September 2024 from HK$73,807,000 as of 31 March 2024[109] - Trade payables as of 30 September 2024 totaled HK$364,360,000, with HK$172,107,000 aged within 1 month[113] - The company's authorized share capital consists of 1,500,000,000 ordinary shares of HK$0.25 each, totaling HK$375,000,000[116] - Issued and fully paid shares as of 30 September 2024 were 249,182,030 ordinary shares of HK$0.25 each, totaling HK$62,296,000[116] - Balances due to related companies amounted to HK$58,838,000 as of 30 September 2024, down from HK$77,665,000 as of 31 March 2024[119] - Purchases from related companies during the six months ended 30 September 2024 amounted to HK$8,424,000, while sales to a related company were HK$49,063,000[125] - Remuneration paid to Mr. Tommy Tse and Mr. Tse Senior during the reporting period was HK$1,209,000 and HK$974,000 respectively, compared to HK$1,209,000 and HK$753,000 in 2023[127] - Total compensation for key management personnel was HK$4,403,000 for the six months ended 30 September 2024, slightly down from HK$4,579,000 in the same period of 2023[132] - The Group's contractual commitments for property, plant and equipment stood at HK$29,114,000 as of 30 September 2024, up from HK$22,888,000 as of 31 March 2024[133] - The fair value of gold loans was HK$17,635,000 as of 30 September 2024, classified under Level 2 of the fair value hierarchy[139] - Fair value of financial liabilities categorized as Level 3 (unobservable inputs) was HK$982,785 thousand as of 30 September 2024[144] - Interest-bearing bank borrowings under financial liabilities had a fair value of HK$1,060,209 thousand as of 31 March 2024[146] - No transfers of fair value measurements between Level 1, Level 2, and Level 3 during the six months ended 30 September 2024[147] - Management assessed that fair values of cash, cash equivalents, and short-term financial instruments approximate their carrying amounts[148] - Gold loan fair value is based on open market gold prices, while other financial assets and liabilities are measured at amortized cost[150] - Group turnover decreased by 35.8% to HK$864.4 million from HK$1,346.5 million compared to the same period in 2023[152] - Gross profit margin slightly dropped from 34.9% in 2023 to 34.4% due to increased sales mix of 24-karat gold products[153] - No interim dividend was recommended for the six months ended

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 864,392,000, a decrease of 35.6% compared to HKD 1,346,534,000 for the same period in 2023[2] - The operating loss for the period was HKD 1,257,000, significantly improved from an operating loss of HKD 8,078,000 in the previous year[4] - Loss attributable to owners of the company was HKD 43,790,000, down from HKD 58,189,000 in the prior year, representing a reduction of 24.8%[4] - Basic loss per share improved to HKD 0.176 from HKD 0.234, reflecting a 24.8% decrease in loss per share[4] - Total comprehensive loss for the period was HKD 20,429,000, significantly improved from HKD 115,932,000 in the same period last year[5] - The group recorded a loss of HKD 43,800,000 for the period ended September 30, 2024[10] - The company reported a loss before tax of HKD 39,937,000 for the six months ended September 30, 2024, compared to a loss of HKD 53,687,000 for the same period in 2023[21] - The group recorded a loss attributable to the owners of the company of HKD 43,800,000 for the period, an improvement from a loss of HKD 58,200,000 in the same period last year[32] Revenue Breakdown - Jewelry sales decreased to HKD 817,905,000 for the six months ended September 30, 2024, down from HKD 1,306,254,000 in the same period of 2023, representing a decline of approximately 37.3%[16] - Retail business revenue was HKD 560,783,000, down 37.3% from HKD 895,434,000 in the previous year[19] - Revenue from Mainland China was HKD 548,193,000, down 37.0% from HKD 870,559,000 in the previous year[20] - The company experienced a significant decline in revenue from Hong Kong and Macau, which was HKD 236,790,000, down 42.0% from HKD 407,508,000 in the previous year[20] - The group's revenue for the period was HKD 864,400,000, a decrease of approximately 35.8% compared to HKD 1,346,500,000 for the same period last year[31] Cost Management - The company continues to focus on cost control measures, resulting in a reduction of selling and distribution expenses by 38.8% to HKD 246,423,000 from HKD 402,968,000[4] - The company incurred employee benefit expenses of HKD 171,479,000, a decrease from HKD 257,596,000 in the previous year[21] - Sales and distribution expenses, as well as administrative expenses, decreased significantly by approximately 38.3% or HKD 188,600,000 compared to the same period last year[32] - The group has implemented several cost control strategies, including workforce reduction and organizational streamlining[11] Cash and Equity Position - Total equity attributable to owners of the company was HKD 533,255,000, a slight decrease from HKD 553,725,000 as of March 31, 2024[8] - Cash and cash equivalents decreased to HKD 110,146,000 from HKD 179,967,000, a decline of 38.8%[6] - As of September 30, 2024, the group's cash and bank balances amounted to HKD 399,000,000, while interest-bearing bank loans totaled HKD 983,000,000, with HKD 569,000,000 classified as current liabilities[10] - The group's cash and bank balances totaled HKD 398,800,000 as of September 30, 2024, down from HKD 474,100,000 on March 31, 2024[41] - The net debt position as of September 30, 2024, was approximately HKD 601,600,000, with a net debt ratio of 113.0%, up from 108.9% on March 31, 2024[42] Business Strategy and Operations - The group is undergoing a business model transformation and restructuring its store network to enhance sales, particularly in the mainland China market[10] - The group aims to expand its franchise network in mainland China, expecting sales performance and overall profitability to improve in the coming years[40] - The group operates 390 stores in mainland China, with approximately 85% being franchise stores, and plans to continue expanding its franchise network while closing underperforming self-operated stores[36] - The group is strategically transforming its focus from retail to a more balanced retail and wholesale model to support the rapid expansion of its franchise network in the coming years[38] - The group continues to enhance its product offerings and improve store designs in Hong Kong and Macau to better serve customers and maximize business opportunities[33] - The group anticipates gradual improvement in sales performance and overall profitability of its retail stores in Hong Kong and Macau over the next few years[34] E-commerce and Market Conditions - The group's e-commerce business revenue has declined due to overall market sluggishness and inventory adjustments, impacting gross margins[39] - The group has streamlined its e-commerce team to respond quickly to market changes, preparing to drive online sales in the foreseeable future[39] Financial Compliance - The group has violated certain financial covenants with banks but has obtained waivers prior to the reporting period's end[10] - The group continues to monitor compliance with bank financing covenants and will negotiate waivers as necessary to avoid immediate repayment demands[11] Dividend Policy - The company did not declare an interim dividend for the six months ended September 30, 2024, consistent with the previous year[25] - The board does not recommend the declaration of an interim dividend for the six months ended September 30, 2024[44]

Financial Performance - Turnover for the year ended March 31, 2024, was HK$2,655 million, a decrease of 4.1% compared to HK$2,768 million in the previous year[10]. - Profit attributable to owners of the company for the year was a loss of HK$374 million, compared to a loss of HK$71 million in the previous year[10]. - Earnings per share for the year was a loss of HK$1.50, compared to a loss of HK$0.29 in the previous year[10]. - The company reported total equity of HK$553 million, down from HK$893 million in the previous year[10]. - The net gearing ratio increased to 109%, compared to 51% in the previous year[10]. - Cash and cash equivalents decreased to HK$180 million from HK$348 million in the previous year[10]. - Market capitalization as of the reporting date was HK$212 million, down from HK$336 million in the previous year[10]. - The gross profit margin decreased to 29.6% for the Year, down from 35.1% for the year ended 31 March 2023, due to an increasing sales mix of 24 karat gold products[35]. - The Group incurred an additional restructuring cost of approximately HK$75 million during the Year as part of cost control measures[36]. - The loss attributable to owners of the Company was HK$374.2 million for the Year, compared to a loss of HK$71.4 million for Year 2022/23, resulting in a loss per share of 150.2 HK cents[40]. - The Group's net debt position increased to approximately HK$602.3 million as of March 31, 2024, compared to HK$459.1 million as of March 31, 2023, resulting in a net gearing ratio of 108.9%[78]. - The Group's cash and bank balances decreased to HK$474.1 million as of March 31, 2024, from HK$714.5 million in the previous year[73]. Market Conditions and Strategy - The Group experienced a challenging year for the financial year ended March 31, 2024, with significant impacts from geopolitical tensions and high inflation affecting consumer spending behavior[34]. - There was a notable decline in consumer demand for natural diamond jewellery products, particularly in the Mainland China market, which adversely affected the Group's performance[34]. - The Group's strategy has shifted focus towards the 24-karat gold jewellery business, driven by substantial market demand for pure gold as a safe investment[26]. - The transition from self-operated stores to an aggressive franchising network expansion aims to create a resilient business model for sustainable long-term growth[26]. - Profit margins were diminished due to the adjustment of the sales mix towards 24-karat gold products, which have a relatively lower profit margin compared to natural diamonds[34]. - The Group aims to enhance its retail store network through franchising and optimize the product mix to improve profitability amid economic uncertainties[70]. - The Group plans to enhance its 24 karat gold inventory for a more balanced inventory mix based on the latest sales trends[54]. - The Group closed 5 non-performing retail shops in Hong Kong during the Year to address the downturn in retail sales[42]. - The Group expects sales performance in Hong Kong and Macau to improve progressively due to the extension of the Individual Visit Scheme to 8 additional cities in Mainland China[48]. - The Group observed a decline in turnover of its franchising stores in Mainland China, primarily due to a significant drop in market demand for natural diamond jewellery[49]. - The Group's franchising network in Mainland China experienced a slowdown, leading to a decrease in turnover due to a significant decline in demand for natural diamonds[63]. - E-business turnover in Mainland China showed a mild year-on-year decline, while Hong Kong recorded a slight increase through the TSL e-shop platform[65]. Corporate Governance and Management - Tse Sui Luen, the founder of the Group, has over 52 years of experience in the jewellery industry, providing strategic advice and facilitating business development through strong networks[86][87]. - Annie Yau, the Chairman and CEO, has over 31 years of management experience and has modernized the Group's management through business process reengineering since joining in 2002[93][95]. - The Group's management team includes independent non-executive directors with extensive experience in various industries, enhancing governance and strategic oversight[100][104]. - The Company has received annual confirmations of independence from each of the independent non-executive Directors, and they are still considered independent as of the report date[189]. - No Director proposed for re-election at the 2024 AGM has a service contract that is not determinable within one year without compensation other than statutory compensation[192]. - Directors' fees are subject to Shareholders' approval at general meetings, while other emoluments are determined by the Board based on Directors' duties and the Group's performance[193]. - The emolument policy for employees is established by the Human Resources Department, with salaries based on qualifications and experience[194]. - The emoluments of independent non-executive Directors are decided by the Board, considering comparable companies and responsibilities[195]. - Details of Directors' remuneration for the Year are provided in note 9 to the consolidated financial statements[198]. Corporate Social Responsibility and Sustainability - The Group actively embraces corporate social responsibility and sustainability, with initiatives documented in an Environmental, Social, and Governance Report[29]. - The Group's commitment to employee and customer well-being includes stringent health and work standards across all workplaces and stores[29]. - The TSL Foundation was established to preserve traditional jewelry-making techniques and promote sustainability in the jewelry industry[125]. - TSLF has expanded its support to cultivate various talents for the development of creative industries in Hong Kong[125]. - During the pandemic, TSLF sponsored various physical concerts in Hong Kong, including a concert for lyricist Mr. Cheng Kwok Kong in May 2023[131]. - TSLF aims to bring hope and address mental health concerns through cultural initiatives during challenging times[131]. - The organization actively contributes to the preservation of Cantopop culture, which peaked from the 1980s to the 2000s[127]. - Advances in information technology have made the preservation of Cantopop more accessible through digital and streaming platforms[129]. - TSLF focuses on educating the public about astronomy developments for the Chinese community[126]. - The foundation's efforts in Cantopop preservation play a vital role in sustaining Hong Kong's cultural heritage[129]. - TSLF has been recognized for its contributions to the local music industry, celebrating significant figures like Mr. Cheng[131]. - The foundation's initiatives reflect a commitment to cultural sustainability and community engagement in Hong Kong[125]. Dividend Policy - The company did not declare any dividend for the year, maintaining a dividend payout ratio of Nil[10]. - No interim dividend was declared during the year, and no final dividend is recommended for the year, maintaining a total dividend of Nil for 2022/23[153]. - The Board has adopted a dividend policy to ensure adequate cash reserves for working capital and future growth while considering shareholder value[155]. - The Company does not have a pre-determined dividend payout ratio, allowing the Board discretion in declaring dividends[155]. - The Company aims to maintain sufficient cash reserves while evaluating dividend declarations based on various factors[155]. - The Company emphasizes the importance of shareholder value in its dividend policy[155]. Operational Adjustments - The total number of employees decreased to approximately 1,891 as of March 31, 2024, down from 2,360 a year earlier, reflecting adjustments to business strategies[80]. - The Group has implemented various measures to stabilize its financial situation, particularly focusing on profitability and cash flow[26]. - The Group remains committed to diversifying online sales channels and maximizing returns from digital commerce trends[66]. - The Group will continue to prioritize cost control measures and maintain adequate cash flow to meet operational needs[71]. - The principal activity of the Company is investment holding, with details of subsidiaries outlined in the financial statements[149]. - The financial statements cover pages 89 to 236 of the annual report, providing comprehensive financial data[153]. - The Directors presented their report along with the audited consolidated financial statements for the year[148].

Financial Performance - The company reported a revenue of HKD 2,654,627,000 for the year ending March 31, 2024, representing an increase of 2.5% compared to HKD 2,590,936,000 in the previous year[6]. - The operating loss for the year was HKD 256,929,000, a significant decline from an operating profit of HKD 22,198,000 in the prior year[6]. - The loss attributable to shareholders was HKD 374,198,000, compared to a loss of HKD 71,435,000 in the previous year, indicating a year-over-year increase in losses of approximately 424%[6]. - Basic loss per share was HKD 150.2 cents, compared to HKD 28.7 cents in the previous year, reflecting a substantial increase in loss per share[6]. - The company incurred a net loss of HKD 374,346,000 for the year, compared to a loss of HKD 71,543,000 in the previous year, indicating a significant deterioration in financial performance[26]. - The company reported a loss before tax of HKD 347,822 for the year, compared to a loss of HKD 47,177 in the previous year, reflecting increased operational challenges[42][50]. - The company recorded a loss attributable to shareholders of HKD 374,200,000 for the fiscal year ending March 31, 2024, compared to a loss of HKD 71,400,000 in the previous year, representing a significant increase in losses[89]. Revenue and Profitability - The gross profit margin decreased to HKD 785,665,000 in 2024, down from HKD 908,843,000 in 2023, reflecting a decline in profitability[26]. - The gross profit margin for the year was impacted by a cost of goods sold amounting to HKD 1,832,367, compared to HKD 1,679,246 in the previous year, indicating rising costs[50]. - The gross profit margin decreased to 29.6% from 35.1% in the previous fiscal year, attributed to a higher sales mix of 24K gold products[59]. Cash Flow and Liquidity - Cash and cash equivalents fell to HKD 179,967,000 from HKD 348,282,000, a decrease of approximately 48.3%[10]. - Cash and cash equivalents stood at HKD 474,000,000 as of March 31, 2024, while interest-bearing bank loans totaled HKD 1,060,000,000, indicating a high level of debt[31]. - The company’s total liabilities increased to HKD 1,808,310, compared to HKD 1,950,754 in the previous year, indicating a focus on managing debt levels[42][43]. Inventory Management - Inventory decreased to HKD 1,253,246,000 from HKD 1,469,770,000, a reduction of about 14.7%[10]. - The company plans to actively manage inventory levels to minimize excess stock and prevent shortages, indicating a strategic focus on operational efficiency[13]. - The group aims to maintain a balanced inventory mix by increasing 24K gold stock in response to the latest sales composition[93]. Business Strategy and Operations - The company is undergoing a business model transformation, particularly in the mainland China market, to enhance sales performance[32]. - Cost control strategies have been implemented, including workforce restructuring and significant staff reductions, to streamline operations[32]. - The company actively negotiated rent reductions and restructured its retail network, closing five underperforming stores in Hong Kong to optimize costs[91]. - The group plans to focus on its core strengths and expand its retail network through franchising, while optimizing its product mix to improve profitability amid economic uncertainties[120]. Market Trends and Challenges - The jewelry industry continues to face a downward trend, primarily due to a significant decline in consumer demand for natural diamond jewelry, especially in the mainland China market[31]. - The company faced a significant decline in consumer demand for natural diamond jewelry, particularly in the mainland China market, impacting overall performance[88]. - Retail sales in Hong Kong and Macau reached HKD 267,785,000, up from HKD 192,968,000 in the previous year, while sales in mainland China dropped to HKD 162,675,000 from HKD 234,775,000[73]. Future Outlook - The board believes that the group has sufficient financial resources to continue operating for at least the next twelve months, based on cash flow forecasts[14]. - The group remains cautiously optimistic about exploring market potential in Malaysia through gradual network expansion[94]. - The group is committed to expanding its online sales channels to enhance market share beyond traditional physical stores, aiming for sustainable growth in the competitive e-commerce environment[119]. Compliance and Governance - The company will continue to monitor compliance with bank financing covenants and negotiate with banks for waivers as necessary to avoid immediate repayment demands[13]. - The group’s audit committee has reviewed the consolidated financial statements for the year ending March 31, 2024, confirming alignment with the figures presented[129]. - The group will hold its annual general meeting on September 3, 2024, to discuss shareholder matters[131].

Financial Performance - For the six months ended September 30, 2023, the turnover was HK$1,346,534,000, an increase of 7.9% compared to HK$1,248,184,000 in the same period of 2022[14]. - Gross profit for the same period was HK$469,996,000, representing a gross margin of approximately 34.9%[14]. - The company reported a loss from operations of HK$8,078,000, a significant decline from a profit of HK$40,885,000 in the prior year[14]. - Loss before tax was HK$53,687,000, compared to a profit of HK$12,560,000 in the previous year[14]. - The loss for the period attributable to owners of the company was HK$58,189,000, compared to a profit of HK$1,919,000 in the same period last year[14]. - Basic and diluted loss per share was HK$23.4 cents, a decrease from earnings of HK$0.8 cents per share in the prior year[14]. - Total comprehensive loss for the period amounted to HK$115,932,000, compared to HK$146,606,000 in the same period of 2022[15]. Assets and Liabilities - As of September 30, 2023, total assets less current liabilities amounted to HK$1,415,560,000, a decrease from HK$1,584,630,000 as of March 31, 2023, representing a decline of approximately 10.67%[17]. - Current assets decreased to HK$2,234,053,000 from HK$2,347,120,000, reflecting a reduction of about 4.8%[17]. - Net current assets were HK$891,519,000, down from HK$1,087,532,000, indicating a decrease of approximately 18.0%[17]. - Non-current assets increased to HK$524,041,000 from HK$497,098,000, showing an increase of about 5.4%[17]. - Cash and cash equivalents decreased to HK$219,826,000 from HK$348,282,000, a reduction of about 36.8%[17]. - Trade payables increased significantly to HK$412,354,000 from HK$328,537,000, reflecting an increase of approximately 25.5%[17]. - Equity attributable to owners of the Company decreased to HK$778,247,000 from HK$894,058,000, a decline of approximately 13.0%[19]. Cash Flow and Investments - Cash generated from operations was HK$23,453,000, a significant improvement from cash used in operations of HK$104,300,000 in the prior year[27]. - Net cash flows used in investing activities amounted to HK$18,745,000, compared to HK$29,019,000 in the previous year, indicating a reduction in cash outflow[29]. - The company experienced a net decrease in cash and cash equivalents of HK$122,831,000, compared to a decrease of HK$88,955,000 in the same period last year[29]. - Interest-bearing bank and other borrowings generated proceeds of HK$64,650,000, while repayments totaled HK$74,169,000, reflecting a net cash outflow from financing activities of HK$111,523,000[29]. Revenue Breakdown - Total segment revenue for the six months ended September 30, 2023, was HK$1,346,534,000, an increase from HK$1,248,184,000 in the same period of 2022, representing a growth of approximately 7.9%[60]. - Retail business revenue reached HK$895,434,000, up from HK$721,251,000 in the previous year, indicating a growth of about 24.1%[60]. - Wholesale business revenue decreased to HK$242,705,000 from HK$275,050,000, reflecting a decline of approximately 11.8%[60]. - E-business revenue was HK$165,560,000, compared to HK$207,120,000 in the prior year, showing a decrease of around 20.0%[60]. - Revenue from Hong Kong and Macau increased to HK$407,508,000 from HK$290,027,000, a growth of approximately 40.5%[64]. - Revenue from Mainland China was HK$870,559,000, a slight decrease from HK$899,640,000, representing a decline of about 3.2%[64]. - Other countries contributed HK$68,467,000 in revenue, up from HK$58,517,000, marking an increase of approximately 16.5%[64]. Operational Challenges and Strategies - The company aims to optimize internal processes and enhance operational management to address market challenges[10]. - The wholesale business faced challenges due to cautious consumer spending in China, impacting franchise network expansion, but the Group aims to improve this as the business environment stabilizes[179]. - The retail business in Malaysia showed encouraging growth, with a focus on gold products driven by an improving local labor market[180]. - The Group plans to expand its store network in Malaysia as suitable opportunities arise to boost sales and brand recognition[178]. Accounting and Compliance - The interim results have been reviewed by the company's audit committee, ensuring accuracy and compliance[12]. - The Group has applied amendments to HKAS 1 since April 1, 2023, requiring disclosure of material accounting policy information, which is expected to impact annual consolidated financial statements[40]. - Amendments to HKAS 8 clarify the distinction between changes in accounting estimates and changes in accounting policies, effective from April 1, 2023, with no impact on the Group's financial position or performance[40]. - The Group has not applied new and revised HKFRSs that have been issued but are not yet effective in this interim financial report[47]. Management and Governance - The interim financial report was approved by the board of directors on 22 November 2023[159]. - Key management personnel compensation for the six months ended September 30, 2023, was HK$4,579,000, slightly up from HK$4,532,000 in the same period of 2022[144]. - The remuneration for Mr. Tommy Tse and Mr. Tse Senior during the reporting period was HK$1,209,000 and HK$753,000, respectively[140].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 TSE SUI LUEN JEWELLERY (INTERNATIONAL) LIMITED 謝瑞麟珠寶(國際)有限公司* (於百慕達註冊成立之有限公司) (股份代號：417) 截至二零二三年九月三十日止六個月的 中期業績公告 財務概要 截至 9月 30日止六個月 2023年 2022 年 港幣千元 港幣千元 (未經審核) (未經審核) 營業額 1,346,534 1,248,184 經營(虧損)／盈利 (8,078) 40,885 本公司擁有人應佔(虧損)／盈利部份 (58,189) 1,919 每股基本(虧損)／盈利 (23.4港仙) 0.8港仙 本公司擁有人應佔權益總額 778,247 894,058† ...