Financial Performance - For the year ended 31 March 2023, the turnover was HK$2,591 million, a decrease of 6.4% compared to HK$2,768 million in the previous year[16] - The loss attributable to owners of the company for the year was HK$71 million, compared to a profit of HK$16 million in the previous year[16] - The net assets attributable to owners of the company per share decreased to HK$3.59 from HK$4.21 in the previous year[16] - The company did not declare any dividend for the year, compared to HK$0.020 per share in the previous year[16] - The market capitalisation increased to HK$336 million from HK$262 million in the previous year[16] - The net gearing ratio rose significantly to 51% from 17% in the previous year, indicating increased financial leverage[16] - The company reported a loss before tax of HK$47 million, compared to a profit of HK$61 million in the previous year[16] - Cash and cash equivalents decreased slightly to HK$348 million from HK$355 million in the previous year[16] - The Group's loss per share attributable to owners of the Company for the year was 28.7 HK cents[44] - Total interest-bearing liabilities increased from HK$920.4 million to HK$1,173.6 million as of March 31, 2023[79] - The net gearing ratio rose from 17.5% to 51.4% during the year, indicating increased financial leverage[83] - The Group's net debt ratio increased from 17.5% to 51.4% during the year[86] - As of March 31, 2023, the Group's cash, bank balances, and pledged deposits amounted to HKD 714,500,000[86] - As of March 31, 2023, the company's distributable reserves amounted to approximately HK$504,262,000, representing the contributed surplus and retained profits[194] Retail Performance - The Group's retail sales in Mainland China significantly declined in Q3 due to intermittent COVID-19 outbreaks and lockdowns[28] - Retail sales in Hong Kong and Macau have gradually improved since early 2023 following the relaxation of pandemic measures[28] - The Group's retail sales in Malaysia rebounded after the government eased containment measures in April 2022, indicating better consumer sentiment[28] - Retail sales in Mainland China were significantly impacted by declining consumer confidence, leading to a notable year-on-year decrease in turnover and negative same-store sales growth[58] - The Group observed signs of recovery in retail sales in early 2023 following the end of China's zero-COVID policy, but this was insufficient to offset accumulated losses from previous quarters[46] - The Hong Kong and Macau retail business recorded an encouraging increase in turnover, benefiting from the influx of tourists following the resumption of cross-border travel in February 2023[51] - The Group plans to continue adjusting its sales network in Hong Kong and Macau to maximize operational efficiency and return on investment[60] - The Group achieved high double-digit growth in retail turnover in Malaysia following the reopening of borders in April 2022[66] Strategic Initiatives - The Group is focusing on increasing gold inventory and enhancing its gold jewellery business in response to rising demand in the gold market[28] - The Group plans to expand its franchise network in Mainland China as part of its growth strategy[39] - The Group has launched TSL online flagship stores on Pinduoduo and Douyin to accelerate online business expansion[35] - The Group is enhancing its product portfolio across its three brands: TSL | 謝瑞麟, DUO by TSL, and TSL TOSI, to cater to various market segments[34] - The Group is committed to strict cost management to ensure reasonable returns on investment amid ongoing economic challenges[39] - The Group has implemented various IT systems, including a customer relationship management system, to improve efficiency and profitability[35] - The Group plans to enhance its 24 karat gold jewellery assortment to capitalize on rising gold demand[77] - A new DUO by TSL counter was established in Chongqing in January 2023 to strengthen brand presence and market penetration[65] - The Group will continue to expand its retail network and product assortment in Malaysia to bolster sales performance[66] Corporate Governance - The company has a diverse board with members holding qualifications from prestigious institutions, ensuring a high level of financial oversight and governance[118] - The board's composition includes professionals with backgrounds in city planning, accounting, and corporate governance, enhancing strategic decision-making[120] - The independent directors collectively bring a wealth of experience from various industries, which supports the company's market expansion strategies[126] - The company is committed to maintaining high standards of corporate governance through its experienced board members and committees[128] - The Board considers various factors, including financial performance and cash flow position, when declaring dividends[041] Community Engagement and Corporate Social Responsibility - The Company aims to support the local music industry through partnerships, such as sponsoring concerts that raised funds for disadvantaged groups affected by the pandemic[155] - The online and live concerts held in 2022 achieved high hit rates and full attendance, with part of the income allocated for charitable purposes[156] - TSLF has been actively promoting astronomy education despite challenges posed by the pandemic, including sponsoring online sharing sessions to reignite public interest[161] - The establishment of the YouTube channel HK Astroforum in 2022 aims to facilitate knowledge exchange among astronomy enthusiasts[161] - The Group plans to organize or sponsor more sizable events for astronomy promotion in the post-pandemic era[161] - The Company recognizes the importance of adapting its strategies to support community engagement and cultural initiatives during challenging times[159] - There were no charitable donations made by the Group during the year, consistent with the previous year[187] Human Resources - The total number of employees decreased from approximately 2,400 to 2,360 as of March 31, 2023[91] - The Group's human resources policies did not undergo major changes during the year[91] - The Group continues to provide competitive remuneration packages and employee benefits[92] Risk Management - The Group's financial risk management objectives and policies are detailed in note 37 of the consolidated financial statements[177] - The Group's foreign exchange exposure remains minimal, managed through natural hedges[87] - The Group's financial position is closely monitored to manage foreign exchange risks[87] - All borrowings of the Group are denominated in Hong Kong dollars and Renminbi[86] - The Group's banking borrowings are calculated based on interbank offered rates or prime rates[86] Miscellaneous - The principal activity of the Company is investment holding, with details of principal subsidiaries outlined in the consolidated financial statements[166] - The financial position of the Group as of March 31, 2023, is detailed in the consolidated financial statements spanning pages 98 to 235 of the annual report[170] - The Group did not declare any interim dividend during the Year and does not recommend a final dividend for the Year, with the total dividend for 2021/22 being HK$4,984,000[171] - The register of members will be closed from September 22, 2023, to September 27, 2023, for the annual general meeting[179] - The Company did not experience any movements in share capital during the year[180]

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) 2022/2023 年度全年業績公告 財務概要 2023年 2022年 港幣千元 港幣千元 營業額 2,590,936 2,767,788 經營盈利 22,198 97,860 本公司擁有人應佔(虧損)／盈利部份 (71,435) 15,546 每股基本(虧損)／盈利 (28.7) 港仙 6.2港仙 本公司擁有人應佔權益總額 894,058 1,048,479 本公司擁有人每股應佔權益 港幣3.59元 港幣4.21元 業務概要 ...

Financial Performance - For the six months ended September 30, 2022, the turnover was HK$1,248,184,000, a decrease of 10.7% from HK$1,397,778,000 in the same period of 2021[22] - Gross profit for the same period was HK$445,820,000, down 12.7% from HK$510,854,000 year-on-year[22] - Profit from operations decreased to HK$40,885,000, compared to HK$49,094,000 in the previous year, reflecting a decline of 16.4%[22] - Profit before tax was HK$12,560,000, a significant drop of 59.0% from HK$30,717,000 in the prior year[22] - Profit for the period was HK$1,792,000, down 32.2% from HK$2,643,000 in the same period last year[22] - Earnings per share attributable to owners of the company decreased to 0.8 HK cents, compared to 1.1 HK cents in the previous year[22] - Other income and gains increased to HK$31,592,000 from HK$16,531,000, marking a growth of 91.1%[22] - Selling and distribution expenses decreased to HK$360,305,000 from HK$400,528,000, a reduction of 10.0%[22] - Administrative expenses remained relatively stable at HK$76,222,000 compared to HK$77,763,000 in the previous year[22] - Profit for the period decreased to HK$1,792,000, down 32.2% from HK$2,643,000 in the same period last year[24] - Other comprehensive loss for the period was HK$148,398,000, compared to a gain of HK$32,481,000 in the previous year[24] - Total comprehensive loss for the period amounted to HK$146,606,000, a significant decline from a total comprehensive income of HK$35,124,000 in the prior year[24] Assets and Liabilities - Net current assets increased to HK$1,192,198,000, up from HK$764,697,000 as of March 31, 2022[28] - Total assets less current liabilities rose to HK$1,649,324,000, compared to HK$1,136,046,000 at the end of the previous fiscal year[28] - Non-current liabilities totaled HK$747,885,000, an increase from HK$88,001,000 as of March 31, 2022[32] - Net assets decreased to HK$901,439,000 from HK$1,048,045,000 at the end of the previous fiscal year[32] - Equity attributable to owners of the Company decreased to HK$902,096,000 from HK$1,048,479,000[32] - The company reported a significant exchange loss of HK$148,398,000 due to foreign operations translation[24] Cash Flow and Financing - Net cash flows used in operating activities amounted to HK$122,955,000, compared to a net cash inflow of HK$170,987,000 in the same period of 2021[12] - Cash flows from investing activities resulted in a net outflow of HK$29,019,000, an increase from HK$10,285,000 in 2021[44] - Proceeds from interest-bearing bank and other borrowings were HK$704,795,000, while repayments amounted to HK$554,209,000, resulting in a net cash inflow from financing activities of HK$63,019,000[44] - Cash and cash equivalents at the end of the period were HK$249,369,000, down from HK$384,932,000 in 2021[44] - The company incurred finance costs of HK$28,325,000, an increase from HK$18,377,000 in the previous year[12] - The carrying amount of interest-bearing bank and other borrowings was HK$1,070,995,000 as of September 30, 2022, compared to HK$920,409,000 as of March 31, 2022[164] - Total interest-bearing liabilities increased from HK$920.4 million as of 31 March 2022 to HK$1,071.0 million as of 30 September 2022[54] - Net borrowings rose from HK$183.2 million to HK$481.6 million during the same period[54] - The net gearing ratio increased to 53.4% as of 30 September 2022, compared to 17.5% as of 31 March 2022[54] Segment Performance - Retail Business segment revenue reached HK$721,251,000, while Wholesale Business generated HK$275,050,000, and E-Business contributed HK$207,120,000, totaling HK$1,248,184,000 in segment revenue[77] - The Retail Business segment incurred a loss of HK$13,206,000, while the Wholesale Business segment achieved a profit of HK$58,415,000, and E-Business reported a profit of HK$9,957,000[77] - Revenue from external customers in Mainland China was HK$899,640,000, down from HK$1,134,495,000, a decrease of 20.7%[81] - Revenue from external customers in Hong Kong and Macau increased to HK$290,027,000 from HK$244,720,000, an increase of 18.5%[81] - The Group's e-business achieved a double-digit increase in turnover, driven by revamped online shops and interactive marketing strategies targeting younger consumers[188] Human Resources - The total number of employees as of 30 September 2022 was approximately 2,360, a slight increase from 2,350 a year earlier[200] - The Company continues to offer competitive remuneration packages, including salary, allowances, and discretionary bonuses[200] - There were no major changes in human resources policies during the period[200] Market and Strategy - The Group's retail performance in Hong Kong improved due to the relaxation of quarantine measures and the launch of the Consumption Voucher Scheme, leading to increased local retail sales[179] - Demand for gold products grew during the period, attributed to a fall in gold prices[179] - The brand "DUO by TSL" successfully established a market presence in Hong Kong, appealing particularly to young customers with its Nordic simplicity store design[179] - A new flagship store for the Group was inaugurated in Macau in October 2022, enhancing its retail network in the region[179] - The Group plans to optimize its store portfolio in Hong Kong and Macau to capture business opportunities from the relaxation of quarantine policies[179] - The Group's management will maintain prudent management and closely monitor market conditions to adjust business strategies as needed[175] Compliance and Reporting - The interim results have been reviewed by the company's audit committee, ensuring compliance and accuracy in reporting[19] - The company adopted several revised HKFRSs, including amendments to HKFRS 3 and HKAS 16, for the current period's financial statements[49] - The Group is currently evaluating the impact of new and revised Hong Kong Financial Reporting Standards (HKFRSs) but has not yet determined their significance on operations and financial position[72] - The effective date for certain amendments to HKFRS 17 has been deferred to January 1, 2023, affecting the Group's financial reporting[73]

Financial Performance - Turnover for the year ended March 31, 2022, was HK$2,768 million, a decrease of 10.1% from HK$2,914 million in 2020[22] - Profit attributable to owners of the company for the year was HK$16 million, compared to a loss of HK$90 million in 2020[22] - Earnings per share for 2022 was HK$0.20, an increase from a loss of HK$0.36 in 2020[21] - The company reported a net gearing ratio of 17% for 2022, down from 49% in 2020, indicating improved financial stability[23] - The market capitalization increased to HK$262 million in 2022, up from HK$224 million in 2020[23] - Cash and cash equivalents stood at HK$355 million in 2022, a slight increase from HK$337 million in 2020[23] - The dividend payout ratio for 2022 was 32%, compared to 48% in 2021[21] - The Group's turnover for the Year increased by 4.5% to HK$2,767.8 million from HK$2,648.6 million for the year ended 31 March 2021[45] - Profit attributable to owners of the Company for the Year was HK$15.5 million, compared to a loss of HK$44.0 million for 2020/21[45] - Earnings per share attributable to owners of the Company for the Year was 6.2 HK cents[45] Business Operations and Market Conditions - The Group's sales performance in Hong Kong and Macau saw some recovery due to local customer focus and government e-voucher programs, but remained significantly below pre-pandemic levels[34] - The retail business in Hong Kong was severely impacted in the last quarter of the Year due to the outbreak of the fifth wave of COVID-19, reversing earlier positive trends[34] - Visitor arrivals in Hong Kong remained nearly stagnant due to strict border control and quarantine policies, negatively affecting the economy[34] - In Mainland China, the Group's retail, e-business, and wholesale operations benefited from the economic rebound in 2021, driving positive growth in the luxury goods market[34] - Sporadic COVID-19 outbreaks in early 2022 in certain regions of Mainland China led to the reintroduction of stringent containment policies, negatively impacting sales[34] - Business operations in Malaysia were affected by intermittent lockdowns, but a turnaround was observed after the release of lockdown measures[34] - The Group launched numerous promotional activities across all operating regions to boost sales during challenging times[34] Brand Development and Product Offerings - The company launched a new online platform for Hong Kong and China, allowing 24/7 customer engagement and product ordering[5] - TSL TOSI brand opened its first store in 2021, targeting a young, fashion-conscious audience[8] - The "MADE-TO-ORDER" service was introduced, allowing customers to customize their jewelry pieces[6] - The Group launched two new brands: "TSL TOSI" and "DUO by TSL," with three "TSL TOSI" shops opened in Mainland China and the first "DUO by TSL" store opened in Hong Kong[36] - A new Made-To-Order service was launched through digital platforms for customers in Hong Kong and Mainland China[36] - The Group's E-Business experienced high double-digit growth in turnover during the Year, attributed to enhanced product assortments and seasonal promotions[63] - The e-commerce business recorded a high double-digit growth in revenue, attributed to product optimization and seasonal promotions[64] Store Network and Expansion - The total number of stores in Hong Kong was 24 as of March 31, 2022, after strategically closing 2 underperforming stores[53] - The Group's total number of stores in Mainland China increased from 450 to 465 during the Year, including self-operated and franchised stores[56] - The Group will continue to strengthen its retail network and business operations with cautious expansion in Mainland China[56] Financial Management and Stability - The Group has entered into a facilities agreement with multiple international banks, reflecting strong confidence in its business foundation[39] - The Group has implemented cost-effective measures, including negotiations for rent reductions and favorable renewal terms[39] - Total interest-bearing liabilities decreased from HK$989.1 million to HK$920.4 million, while net borrowings fell from HK$292.0 million to HK$183.2 million[68] - The net gearing ratio significantly decreased from 31.0% to 17.5% during the year, indicating improved financial stability[73] - As of March 31, 2022, the Group had cash and bank balances of HK$737.2 million, deemed sufficient for current working capital needs[73] Corporate Governance and Management - The founder of the group, Tse Sui Luen, has over 50 years of experience in the jewelry industry, providing strategic advice and support for business expansion[82] - Annie Yau, the Chairman and CEO, has been with the group since 2002 and has modernized management through business process reengineering[88] - Estella Ng, the Deputy Chairman and CFO, joined the group in 2015 and is responsible for defining corporate strategies and overseeing group finance[91] - The management team includes experienced professionals with backgrounds in multinational companies such as Motorola and IBM[88] - The leadership team is well-versed in financial management and corporate governance, ensuring robust oversight of the company's operations[91] Community Engagement and Corporate Social Responsibility - TSLF has consistently supported the preservation and promotion of traditional jewellery craftsmanship through various sponsorship programs[115] - The TSL Scholarship has been awarded to outstanding local students in the Creative Management in Luxury Industry Programme at The University of Hong Kong, fostering talent in the creative fields[115] - Despite the prolonged epidemic causing significant business losses, TSLF continued its funding to aid creative industries without interruption[115] - TSLF sponsored a series of charity live concerts by Mr. Albert Au, focusing on the theme "Cantopop, the collective memory and friendship over generations" to promote Cantopop culture[119] - The charity concerts provided an alternative performing medium for Cantopop musicians and benefited organizations caring for social minorities[122] - TSLF's efforts in promoting Cantopop have contributed to the revitalization of the local music scene amidst strict performance restrictions due to the pandemic[119] Dividend Policy and Shareholder Information - The Company has recommended a final dividend of 2.0 HK cents per ordinary share, totaling approximately HK$4,984,000 for the Year, compared to nil in the previous year[125] - The Board has adopted a dividend policy that emphasizes maintaining adequate cash reserves for working capital and future growth[128] - The Group's financial performance, cash flow position, and future operations are key factors considered when declaring dividends[128] - The Company does not have a pre-determined dividend payout ratio, allowing flexibility in dividend declarations[128] Compliance and Regulatory Matters - The Company has complied with the relevant disclosure requirements under Chapter 14A of the Listing Rules during the Year[187] - The Company has arranged appropriate directors' and officers' liability insurance coverage, which was in force throughout the Year[195] - The Company did not engage in any purchase, sale, or redemption of its listed securities during the Year[200]

Financial Performance - The company reported a turnover of HK$1,397,778,000 for the six months ended September 30, 2021, representing a 19% increase from HK$1,177,341,000 in the same period of 2020[13]. - Gross profit for the period was HK$510,854,000, up 24.5% from HK$410,050,000 in the previous year[13]. - Profit from operations increased significantly to HK$49,094,000 compared to HK$2,527,000 in the prior period, marking a substantial recovery[13]. - The company achieved a profit before tax of HK$30,717,000, a turnaround from a loss of HK$25,501,000 in the same period last year[13]. - The net profit for the period was HK$2,643,000, compared to a loss of HK$41,621,000 in the previous year, indicating a positive shift in financial performance[13]. - Basic and diluted earnings per share attributable to owners of the company were 1.1 HK cents, recovering from a loss of 16.7 HK cents per share in the prior year[13]. - Total comprehensive income for the period was HK$35,124,000, compared to a loss of HK$1,595,000 in the same period of 2020[15]. - The company reported a profit of HK$2,690,000 for the period ended September 30, 2021, compared to a loss of HK$41,578,000 for the same period in the previous year[22]. Assets and Liabilities - As of September 30, 2021, total assets amounted to HK$2,376,429,000, an increase from HK$2,220,290,000 as of March 31, 2021, representing a growth of approximately 7.06%[17]. - Net current assets as of September 30, 2021, were HK$1,087,457,000, slightly down from HK$1,116,326,000 as of March 31, 2021, indicating a decrease of about 2.58%[17]. - The company's net assets increased to HK$977,080,000 as of September 30, 2021, compared to HK$941,956,000 as of March 31, 2021, reflecting a growth of approximately 3.71%[19]. - Current liabilities totaled HK$1,288,972,000 as of September 30, 2021, compared to HK$1,103,964,000 as of March 31, 2021, indicating an increase of approximately 16.73%[17]. - The Group's borrowings amounted to HK$919,760,000 as of September 30, 2021, compared to HK$989,086,000 as of March 31, 2021[138]. Cash Flow and Investments - Net cash flows from operating activities amounted to HK$170,987,000 for the six months ended September 30, 2021, compared to HK$186,189,000 in the previous year, reflecting a decrease of approximately 8.5%[27]. - Net cash flows used in investing activities were HK$10,285,000, a decrease from HK$38,662,000 in the same period of 2020, indicating improved cash management[29]. - The company reported a net increase in cash and cash equivalents of HK$1,289,000, down from HK$97,875,000 in the previous year, highlighting a significant reduction in liquidity[29]. - Cash and cash equivalents at the end of the period stood at HK$384,932,000, compared to HK$440,573,000 at the end of the same period in 2020, representing a decline of approximately 12.6%[29]. Segment Performance - For the six months ended September 30, 2021, total segment revenue reached HK$1,397,778, with retail business contributing HK$853,681, wholesale business HK$371,424, e-business HK$166,775, and other businesses HK$5,898[62]. - The adjusted profit before tax for the same period was HK$101,989, with retail business profit at HK$23,150, wholesale business profit at HK$74,406, e-business profit at HK$6,205, and a loss of HK$1,772 from other businesses[62]. - Revenue from external customers for the six months ended September 30, 2021, was HK$1,397,778,000, an increase from HK$1,177,341,000 in the same period of 2020, representing a growth of approximately 18.7%[67]. - The retail business generated HK$815,561,000 in revenue, while the wholesale business contributed HK$371,424,000, and e-business generated HK$166,775,000 for the six months ended September 30, 2021[73]. Inventory and Trade Receivables - The company recorded a total of HK$1,398,164,000 in inventories as of September 30, 2021, up from HK$1,224,196,000 as of March 31, 2021, indicating an increase of approximately 14.2%[97]. - Trade receivables amounted to HK$132,927,000 with an impairment of HK$14,057,000 as of September 30, 2021, compared to HK$129,887,000 and HK$13,796,000 respectively in 2020[99]. - The expected credit loss (ECL) for trade receivables as of September 30, 2021, was HK$14,057,000, which is approximately 10.6% of the gross carrying amount[109]. Corporate Governance and Compliance - The interim results have been reviewed by the company's audit committee, ensuring accuracy and compliance[9]. - The interim financial report was approved by the board of directors on November 23, 2021[145]. - The Company has complied with all provisions of the Corporate Governance Code, except for the separation of the roles of chairman and chief executive officer, which are both held by Ms. Yau On Yee, Annie[194]. Strategic Initiatives - The company continues to explore new product development and market expansion strategies to align with emerging trends in living and working[3]. - The Group is increasing gold product inventories to capitalize on the growing demand in Mainland China[156]. - The Group will continue to allocate resources to online platforms to enhance customer shopping experiences[150]. - The Group's strategic promotional efforts will focus on capturing domestic sales while implementing stringent cost control measures[153].

Financial Performance - The Group reported a turnover of HK$2,649 million for the year ended March 31, 2021, a decrease of 9.1% from HK$2,914 million in the previous year[16]. - The loss attributable to owners of the Company for the year was HK$44 million, compared to a loss of HK$90 million in the prior year, indicating an improvement[16]. - The earnings per share for the year was a loss of HK$0.18, an improvement from a loss of HK$0.36 in the previous year[16]. - The net assets attributable to owners of the Company per share increased to HK$3.78 from HK$3.61 in the previous year, reflecting a growth of 4.7%[16]. - The dividend payout ratio was nil for the year ended March 31, 2021, consistent with the previous year[16]. - The market price of the shares was HK$0.84 as of March 31, 2021, down from HK$0.90 in the previous year[16]. - The number of shares outstanding remained stable at 249 million shares[16]. - The Group's cash and cash equivalents were reported at HK$31 million, with a net gearing ratio of 31%[16]. - The Group's turnover for the Year was HK$2,648.6 million, a decrease of 9.1% compared to HK$2,913.8 million for the year ended 31 March 2020[33]. - The loss attributable to owners of the Company for the Year reduced by 51.0% from HK$89.7 million to HK$44.0 million[33]. - The loss per share for the Year was 17.6 HK cents[33]. Impact of COVID-19 - The Group experienced a significant impact from the COVID-19 pandemic, leading to a sharp contraction in economic activity and a fragile recovery in Hong Kong[26]. - The retail and tourism-related markets in Hong Kong and Macau suffered greatly due to a sharp fall in Mainland Chinese and international visitors[26]. - High rental costs on existing shop tenancies continue to hinder the Group's business operations, with diminishing rental concessions insufficient to offset losses from reduced customer traffic[26]. - The pandemic has accelerated structural changes within the retail industry, particularly in e-commerce development, which is now a key growth engine for most retailers[26]. - The ongoing US-China trade war and political tensions have exacerbated the recession in Hong Kong, further impacting the Group's performance[26]. - The Group's operations in Malaysia have been disrupted by intermittent national lockdowns, affecting business continuity[26]. - The overall business environment remains challenging, with local economic activities and private consumption shrinking dramatically due to rising unemployment rates[26]. - The launch of vaccines globally offers hope, but uncertainties regarding their efficacy and emerging COVID-19 variants cloud the near to midterm outlook[26]. - The COVID-19 pandemic has severely impacted the retail industry, particularly jewelry and luxury retailers, with the Group facing unprecedented challenges[33]. - Sales in other operating regions, particularly Hong Kong, remain under pressure due to recurring COVID-19 outbreaks[33]. Strategic Initiatives - The Group aims to enhance its core positioning through product mix refinement and state-of-the-art craftsmanship[4]. - The Group is committed to timely and forward-looking business strategy adjustments to deliver better returns to shareholders in the future[5]. - The Group has implemented aggressive promotional and discount activities across all operational regions to navigate the difficult period[26]. - The Group has accelerated online business development and upgraded major IT systems during the Year[28]. - The official Hong Kong eShop was launched in early 2021 to enhance online presence[28]. - The Group is revitalizing its brand positioning to offer styles for different life stages through various product lines[28]. - The Group plans to enhance its online presence and strengthen online-offline synergies to capitalize on the e-commerce boom[41]. - The Group aims to optimize its overall footprint in Mainland China through cautious expansion via franchising[40]. - The Group's e-business experienced a significant turnover increase of 31.7% during the year, following the successful launch of the Hong Kong eShop[46]. - The Group aims to optimize its retail network and refine business strategies to navigate the challenging economic environment caused by COVID-19[50]. Financial Health and Management - The Group's cash, bank balances, and undrawn banking facilities totaled approximately HK$814.1 million, sufficient to meet current working capital requirements[56]. - Total interest-bearing debts decreased from approximately HK$1,013.8 million as of March 31, 2020, to approximately HK$989.1 million as of March 31, 2021[56]. - Net borrowings decreased from HK$445.0 million to HK$292.0 million during the same period, reflecting improved financial health[56]. - The net gearing ratio significantly decreased from 49% to 31% during the year, indicating a stronger equity position[56]. - The Group is committed to maintaining healthy inventory levels and exercising vigilant cost control[50]. - The Group will continue to pursue improved cost effectiveness and maintain a sound financial position for post-COVID-19 development[35]. Corporate Governance and Leadership - The Group's Deputy Chief Executive Officer, Tommy Tse, has been with the company since 1994 and was previously the Chairman from 2000 to 2008, indicating a long-term commitment to the company's strategy and business development[94]. - Independent Non-executive Director Christopher Chow has over 20 years of experience in auditing and merger and acquisition advisory, enhancing the Group's financial and capital market expertise[88]. - The Group is committed to maintaining high standards of corporate governance, with details provided in the Corporate Governance Report[195]. - Ernst & Young has audited the consolidated financial statements for the year and will offer themselves for re-appointment at the 2021 AGM[197]. Community Engagement and Social Responsibility - TSLF sponsored a series of online concerts by Mr. Albert Au to support local artists and professionals during the COVID-19 pandemic, providing direct relief and financial assistance[104]. - The foundation organized 5 online sharing sessions on astronomy, successfully engaging participants despite the restrictions on physical events due to the pandemic[108]. - TSLF continued its commitment to preserving Cantopop, adapting to the new normal by promoting online events and supporting local musicians[104]. - The foundation's activities reflect its dedication to cultural preservation and community support amidst the ongoing challenges posed by COVID-19[108].

Financial Performance - The Group reported a turnover of HK$1,177,341,000 for the six months ended September 30, 2020, a decrease of 29% compared to HK$1,652,154,000 in the same period of 2019[12]. - Gross profit for the period was HK$410,050,000, down from HK$681,972,000, reflecting a gross profit margin decline[12]. - The Group incurred a loss attributable to owners of the Company of HK$41,578,000, compared to a profit of HK$41,621,000 in the previous year[12]. - Basic and diluted loss per share was 16.7 HK cents, compared to earnings of 0.6 HK cents per share in the prior period[12]. - The company recorded a net loss for the period of HK$41,578,000, reflecting a significant decline in retained profits to HK$603,952,000[21]. - The Group reported a loss before tax of HK$25,501,000 for 2020, compared to a profit in 2019[24]. - The Group reported a loss before tax of HK$32,293,000 for the period, with unallocated income and expenses netting to HK$23,833,000 and finance costs at HK$28,028,000[41]. - The Group's total revenue from external customers for the six months ended 30 September 2020 was HK$1,627,089,000, with Retail Business contributing HK$1,218,880,000[44]. - The Group's turnover decreased by 28.7% from HK$1,652 million for the six-month period ended 30 September 2019 to HK$1,177 million for the same period in 2020[187]. - The loss attributable to owners of the Company for the period is HK$41.6 million, compared to a profit of HK$1.6 million for the six-month period ended 30 September 2019[187]. - The loss per share attributable to owners of the Company for the period is 16.7 HK cents, compared to earnings per share of 0.6 HK cent for the same period in 2019[187]. Expenses and Costs - Selling and distribution expenses amounted to HK$387,533,000, while administrative expenses were HK$70,669,000[12]. - The Group's finance costs were HK$28,028,000, slightly improved from HK$29,967,000 in the previous year[12]. - Employee benefit expenses totaled HK$217,355, which includes wages, salaries, and other benefits[62]. - The cost of goods sold for the period was HK$748,067, compared to HK$982,603 in the previous year[62]. - The principal portion of lease payments amounted to HK$124,501,000, reflecting ongoing commitments[25]. Assets and Liabilities - As of September 30, 2020, total assets amounted to HK$2,213,824,000, a decrease from HK$2,201,305,000 as of March 31, 2020[16]. - Net current assets were reported at HK$1,078,473,000, compared to HK$1,047,199,000 in the previous period[16]. - Total equity attributable to owners of the company decreased to HK$898,653,000 from HK$900,214,000[21]. - Current liabilities totaled HK$336,750,000, with trade payables and other payables amounting to HK$284,966,000[16]. - The company reported cash and cash equivalents of HK$232,003,000, indicating liquidity management amidst operational challenges[16]. - Interest-bearing bank borrowings decreased to HK$281,617,000, reflecting a strategic focus on reducing debt[17]. - The carrying amount of interest-bearing bank and other borrowings was HK$1,076,438,000 as of September 30, 2020, compared to HK$1,013,761,000 on March 31, 2020[132]. Inventory and Trade Receivables - The company’s finished goods inventory decreased to HK$1,099,114,000 as of September 30, 2020 from HK$1,314,062,000 as of March 31, 2020, indicating a reduction of approximately 16.3%[80]. - Trade receivables as of 30 September 2020 were HK$120,990,000, with an impairment of HK$12,904,000 noted[84]. - The provision for expected credit losses (ECLs) is based on days past due for various customer segments, reflecting a proactive approach to managing credit risk[87]. - The total expected credit losses for the current period are HK$12,904,000, reflecting a significant portion of the gross carrying amount[96]. Strategic Initiatives and Future Outlook - The Company is focusing on strategic initiatives to enhance market presence and operational efficiency moving forward[9]. - Future outlook includes potential market expansion and new product development to drive revenue growth[9]. - The company plans to enhance market expansion efforts and invest in new product development to drive future growth[19]. - Future guidance indicates a cautious outlook, with expectations of gradual recovery in market conditions[19]. - The Group is focusing on enhancing online marketing strategies to capitalize on the global online shopping trend[196]. - The Group plans to continue focusing on market expansion and enhancing service offerings to improve future performance[50]. Impact of COVID-19 - The COVID-19 pandemic has severely impacted the retail industry, particularly in Hong Kong, leading to a significant decline in consumer spending on luxury goods and services[187]. - Despite the challenges, Mainland China's economy has shown signs of recovery, with a quick rebound in consumer spending providing some relief to retailers[187]. - The Group has applied for the Retail Sector Subsidy Scheme and Employment Support Scheme to alleviate operating pressures[192]. - The Group will continue to negotiate with landlords to minimize rental expenses amid the challenging economic climate[192]. Segment Performance - Retail Business segment revenue for the six months ended 30 September 2020 was HK$767,604,000, while Wholesale Business segment revenue was HK$284,968,000, and Other Businesses segment revenue was HK$99,963,000, totaling HK$1,152,535,000[41]. - Revenue from contracts with customers in Mainland China was HK$593,073, representing a significant portion of total revenue[54]. - The turnover of retail businesses in Hong Kong and Macau decreased by 62.0%, with same store sales recording a negative growth of 59.3% during the period[189]. - Retail business in Mainland China accounted for 48.3% of the Group's turnover, with a turnover decrease of 12.9% and same store sales growth of minus 5.2%[192]. - The Group has closed underperforming stores in Hong Kong as part of a strategic reorganization to enhance cost control[192]. - The Group opened 48 new franchised stores in Mainland China, bringing the total to 271 franchised stores by the end of the period[200]. - Retail business in Malaysia experienced a turnover drop of 28.1% due to temporary store closures during the COVID-19 pandemic[196]. Compliance and Governance - The interim results have been reviewed by the Company's audit committee, ensuring compliance and accuracy[9]. - The interim financial report was approved by the board of directors on 18 November 2020[182]. - The Group's finance department is responsible for determining the policies and procedures for fair value measurement of financial instruments[180].

Financial Performance - Turnover for the year ended March 31, 2020, was HK$2,914 million, a decrease of 28.3% compared to HK$4,065 million for the previous year[22]. - Loss attributable to owners of the company for the year was HK$90 million, compared to a profit of HK$54 million in the previous year[22]. - Net assets attributable to owners per share decreased to HK$3.61 from HK$4.37 in the previous year, representing a decline of 17.4%[22]. - The company did not declare any dividend for the year, compared to a dividend payout ratio of 48% in the previous year[22]. - Market capitalization decreased to HK$224 million from HK$447 million, a decline of 50%[22]. - The Group reported a full-year loss of HK$89.8 million due to the impact of the coronavirus pandemic, with retail sales in February 2020 hitting a record low for the year[36]. - The Group's turnover decreased by 28.3% to HK$2,913.8 million from HK$4,064.9 million for the year ended 31 March 2019[43]. - The Group recorded a loss attributable to owners of the Company of HK$89.7 million compared to a profit of HK$54.2 million in 2018/19, with a loss per share of 36.0 HK cents[43]. Cash Flow and Financial Position - Cash and cash equivalents increased to HK$337 million from HK$251 million in the previous year, reflecting a growth of 34.2%[22]. - The net gearing ratio rose to 49% from 35% in the previous year, indicating increased financial leverage[22]. - Borrowings increased to HK$1,014 million from HK$788 million, an increase of 28.7%[22]. - As of March 31, 2020, total interest-bearing liabilities increased to approximately HK$1,013.8 million from HK$787.7 million, with net borrowings rising from HK$377.1 million to HK$445.0 million[59]. - The Group had cash, time deposits, and undrawn banking facilities totaling approximately HK$816 million, which is deemed sufficient for current working capital needs[62]. - The Group's capital expenditure for the year was approximately HK$98.6 million, down from HK$105.9 million in the previous year, primarily financed by borrowings and internal resources[59]. Market Challenges - The Group's business faced significant challenges due to the prolonged US-China trade dispute, social unrest in Hong Kong, and the COVID-19 pandemic, leading to unprecedented difficulties[33]. - In Hong Kong, inbound tourist numbers dropped approximately 39% in the second half of 2019 compared to the same period in 2018, severely impacting consumer sentiment and retail sales[33]. - The value of sales in the jewellery, watches, and clocks sector recorded double-digit declines since June 2019, reflecting the adverse effects of political and economic uncertainty[33]. - Despite the weakened consumer sentiment in Mainland China due to the trade war, the Group's retail business there experienced only a modest decline in turnover during the first half of the financial year ended March 31, 2020[33]. - Retail businesses in Hong Kong and Macau saw a turnover decrease of 44.6% compared to 2018/19, with same store sales growth declining by 41.6%[46]. Strategic Initiatives - Cost-saving measures implemented since August 2019 included negotiating rental relief, shortening shop hours, and enacting no-pay leave arrangements to mitigate financial strain[36]. - The Group is restructuring its retail store network, including store closures, and increasing focus on online retailing to adapt to changing consumer habits[36]. - An IT development blueprint has been formulated to support medium- to long-term business strategies, enhancing operational efficiency[36]. - The Group plans to capitalize on opportunities arising from the Greater Bay Area development plan introduced by the Central Government post-pandemic[39]. - The Group plans to enhance online-to-offline and offline-to-online synergies as part of its e-business strategy[56]. Employee and Management Changes - The total number of employees decreased to approximately 2,870 from 3,300, attributed to restructuring and natural turnover under market stress[62]. - The management team emphasized the importance of sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2025[10]. - The roles and functions of senior management have changed to align with the Group's continued development, expanding Mr. Tommy Tse's responsibilities[197]. Corporate Governance - The company has a diverse board with members holding significant experience in finance, accounting, and management across various sectors[88]. - The board includes independent directors with extensive backgrounds in public service and corporate governance[87]. - The Company is compliant with relevant laws and regulations that significantly impact its operations for the Year[134]. - The Directors proposed for re-election at the 2020 AGM do not have service contracts that are not determinable within one year without compensation[142]. Shareholder Information - As of March 31, 2020, the company had issued a total of 249,182,030 ordinary shares[160]. - Partner Logistics Limited holds 180,691,775 ordinary shares, representing approximately 72.51% of the total issued share capital[162]. - The interests of substantial shareholders are recorded in compliance with the Securities and Futures Ordinance (SFO)[160]. - The five largest customers accounted for less than 30% of the Group's turnover for the Year[140]. - The five largest suppliers accounted for approximately 67.0% of the Group's total purchases, with the largest supplier accounting for 23.9%[140]. Awards and Recognition - The Group has received multiple awards, including the 2019 Mystery Shopper Programme Excellence Award in the Watch & Jewellery Category[101]. - The Group was recognized as the Best Employer Brand in the Asia Pacific region, highlighting its commitment to corporate culture and employee satisfaction[101]. - The Group's design achievements include the 2019 Bazaar Jewelry Outstanding Jewellery Design of the Year award for the Papilio collection[102]. - The Group achieved significant recognition at the LACP Spotlight Awards, winning Platinum for Print and Gold for Annual Report[105].

Financial Performance - For the six months ended September 30, 2019, the turnover was HK$1,652,154,000, a decrease of 13.5% compared to HK$1,910,035,000 for the same period in 2018[10]. - Gross profit for the same period was HK$681,972,000, down 8.3% from HK$743,171,000 in 2018[10]. - Profit from operations decreased to HK$44,566,000, a decline of 26.5% from HK$60,640,000 in the previous year[10]. - Profit before tax was HK$14,599,000, down 63.3% from HK$39,727,000 in the prior period[10]. - Profit for the period was HK$1,530,000, significantly lower than HK$24,185,000 in the same period last year[10]. - Earnings per share attributable to owners of the company was 0.6 HK cents, compared to 9.8 HK cents in 2018[10]. - Total comprehensive loss for the period was HK$57,287,000, compared to a loss of HK$103,115,000 in the previous year, reflecting a 44.4% improvement[11]. - Profit for the period for the six months ended 30 September 2019 was HK$1,530,000, a decrease of 93.7% compared to HK$24,185,000 for the same period in 2018[11]. Expenses and Costs - Selling and distribution expenses were HK$576,274,000, slightly reduced from HK$589,366,000 in the previous year[10]. - Administrative expenses decreased to HK$77,241,000 from HK$90,516,000 in the prior period[10]. - Cost of goods sold for the six months ended September 30, 2019, was HK$982,603,000, down from HK$1,170,214,000 in 2018, indicating a reduction of approximately 16.0%[91]. - Finance costs for the six months ended September 30, 2019, totaled HK$29,967,000, an increase from HK$20,913,000 in 2018[98]. - Employee benefit expenses, including directors' remuneration, were HK$317,114,000 for the six months ended September 30, 2019, compared to HK$320,991,000 in 2018[91]. Assets and Liabilities - Non-current assets totaled HK$628,756,000 as of 30 September 2019, an increase from HK$284,882,000 as of 31 March 2019[13]. - Current assets increased to HK$2,270,667,000 from HK$2,172,265,000, representing a growth of 4.5%[13]. - Net current assets improved to HK$1,198,561,000, up from HK$826,970,000, indicating a 44.8% increase[13]. - Total assets less current liabilities reached HK$1,827,317,000, compared to HK$1,111,852,000, marking a 64.3% increase[14]. - Net assets as of 30 September 2019 were HK$1,012,040,000, down from HK$1,085,710,000, reflecting a decrease of 6.7%[14]. - Total interest-bearing liabilities increased from HK$784 million to approximately HK$906 million as of September 30, 2019[175]. Cash Flow - Net cash flows from operating activities amounted to HK$116,347,000, down 18.5% from HK$142,757,000 in the previous year[37]. - Cash and cash equivalents at the end of the reporting period were HK$285,544,000, a decrease from HK$293,338,000 at the end of the previous period[38]. - Net cash flows used in investing activities were HK$71,802,000, compared to HK$61,137,000 in the same period last year[38]. - Net cash flows used in financing activities totaled HK$1,718,000, a significant decrease from HK$38,347,000 in the previous year[38]. Dividend and Shareholder Information - Proposed interim dividend for 2018/19 was not specified, indicating a potential change in dividend policy[16]. - The Company resolved not to pay an interim dividend for the six months ended 30 September 2019, compared to 4.8 HK cents per ordinary share for the same period in 2018[182]. - The company declared an interim dividend of HK$0.048 per ordinary share for 2018/19, compared to HK$0.073 per share for 2017/18[103]. - The percentage of total issued share capital held by Director Yau On Yee, Annie, is approximately 73.75% as of 30 September 2019[185]. Business Segments and Revenue - Retail Business revenue was HK$1,218,880,000, while Wholesale Business revenue was HK$326,990,000, contributing to the overall segment performance[71]. - Revenue from contracts with customers for jewellery sales was HK$1,627,089,000, with service income contributing an additional HK$25,065,000[80]. - The Group's revenue from external customers in Hong Kong and Macau was HK$537,129,000, while revenue from Mainland China was HK$1,080,230,000[76]. - The retail business in Hong Kong experienced a turnover decrease of 23.9% and same store sales growth of minus 26.4%[166]. - The retail business in Mainland China accounted for 39.5% of the Group's turnover, with a turnover decrease of 8.5% and same store sales growth of minus 7.5%[170]. Strategic Initiatives - The Group plans to implement cost-saving initiatives, including requesting rental reductions from landlords[166]. - New designs of the KUHASHI collection were launched to appeal to younger generations[169]. - The Group aims to improve sales performance by adjusting its product portfolio and business strategies[169]. - The economic outlook remains uncertain due to ongoing US-China trade tensions and local social unrest[162]. Compliance and Governance - The interim results have been reviewed by the company's audit committee[8]. - The Group's financial reporting policies have been updated to comply with HKFRS 16, effective from April 1, 2019[65]. - The Group's related party transactions were conducted on normal commercial terms and in the ordinary course of business[147]. Human Resources - As of September 30, 2019, the total number of employees was approximately 3,260, an increase from 3,170 as of 30 September 2018, reflecting the Group's business strategy in response to market conditions[181]. - The Company offers competitive remuneration packages, including salary, allowances, and discretionary bonuses, with a share option scheme in place to incentivize employees[181].

Financial Performance - Turnover for the year ended March 31, 2019, was HK$4,065 million, a decrease of 1.74% from HK$4,137 million in the previous year[20] - Profit attributable to owners of the Company for the year was HK$54 million, up from HK$49 million, representing an increase of 10.20%[20] - Earnings per share increased to HK$0.22 from HK$0.20, reflecting a growth of 10%[20] - The dividend per share was HK$0.104, an increase of 10.64% compared to HK$0.094 in the previous year[20] - The net assets attributable to owners of the Company per share decreased to HK$4.37 from HK$4.67, a decline of 6.43%[20] - The market price per share was HK$1.80, down from HK$2.20, indicating a decrease of 18.18%[20] - Shareholders' funds amounted to HK$1,086 million, a decrease from HK$1,153 million, reflecting a decline of 5.83%[20] - The number of shares outstanding increased to 249 million from 247 million, an increase of 0.81%[20] - The Group's turnover for the Year was HK$4,065 million, representing a slight decrease of 1.7% compared to HK$4,137 million for the previous thirteen-month period[35] - Profit attributable to owners of the Company grew by 9.6% to HK$54.2 million from HK$49.4 million in the previous period, with earnings per share at 21.9 HK cents[35] - The total dividend for the Year amounts to 10.4 HK cents per ordinary share, an increase from 9.4 HK cents in the previous year[108] Market and Economic Conditions - China's GDP growth recorded the weakest figure in the past ten years at 6.6%, with expectations of continued downtrend through 2019[26] - The fluctuation in Renminbi has negatively impacted the Group's performance in the second half of the Year[35] - The Group anticipates a challenging financial year ahead due to uncertainties in trade negotiations and currency depreciation pressures[44] Strategic Initiatives - The Group aims to enhance its core positioning through product mix refinement and timely business strategy adjustments[6][11] - The Group is optimizing its retail network across Asia and expanding its international presence through new store openings in Hong Kong, Mainland China, and Malaysia[35] - The Group plans to continue expanding its retail store network in high-traffic tourist areas and residential areas to capitalize on market opportunities[38] - The Group is responding to challenges from the US-China trade dispute by reinforcing its market positioning as "Wedding Expert" and introducing unique signature products[35] - The Group plans to maintain its store replacement strategy and expand its retail network in Hong Kong and Macau, while also opening new self-operated and franchised stores in mainland China[49] Operational Efficiency and Technology - The company is revamping its IT infrastructure to enhance operational efficiency and meet current and future needs of manufacturing and logistics[31] - New technology will be deployed to create a user-friendly retail environment and leverage market data for competitive advantage[31] - Future development will focus on enhancing IT systems to improve customer experience and utilizing market data to align with customer needs[49] Corporate Social Responsibility - The company has been recognized as a "10 Years Plus Caring Company" for its contributions to society, reflecting its commitment to corporate social responsibility[31] - Charitable donations made by the Group during the Year amounted to HK$87,000, down from HK$235,000 in 2018[115] Shareholder and Capital Structure - The total number of ordinary shares issued by the company is 248,551,651[134] - The five largest customers accounted for less than 30% of the Group's turnover for the Year[118] - The five largest suppliers accounted for approximately 73.9% of the Group's total purchases, with the largest supplier accounting for 26.3%[118] Governance and Compliance - The Company is committed to high corporate governance standards and has complied with all code provisions except for code provision A.2.1[193] - The roles of chairman and chief executive officer are held by Ms. Yau On Yee, Annie, which the Board believes provides strong leadership and effective decision-making[193] - The Board consists of at least three independent non-executive Directors, representing one-third of the Board, with one possessing appropriate professional qualifications or financial management expertise[197] Employee and Director Remuneration - The emolument policy for employees is based on qualifications, experiences, and areas of expertise, determined by the Human Resources Department[176] - The emoluments of executive Directors and senior management are set by the Remuneration Committee, considering the Group's operating results and market statistics[176] - The purpose of the 2003 Share Option Scheme is to reward participants for their contributions and to attract high-caliber employees[140]