（於開曼群島註冊成立之有限公司） （股份代號：444） 更改香港主要營業地點 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之內容概不 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之任何損失承擔任何責 任。 Sincere Watch (Hong Kong) Limited（「本公司」）董 事 會（「董事會」）宣 佈，自 二 零 二 五 年 八 月 十 三 日 起，本 公 司 之 香 港 主 要 營 業 地 點 已 更 改 為 香 港 九 龍 灣 宏 開 道8號 其士商業中心9樓6室。 承董事會命 Sincere Watch (Hong Kong) Limited 主席兼行政總裁 張小亮 香 港，二 零 二 五 年 八 月 十 三 日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 張 小 亮 先 生（主 席 兼 行 政 總 裁）、楊 光 強 先 生 及 安 慕 宗 先 生；本 公 司 非 執 行 董 事 為 蘆 維 娜 女 士；及 本 公 司 獨 立 非 執 行 董 ...

Core Viewpoint - The arbitration ruling regarding the exclusive distribution agreement between Sincere Brand Management Limited (SBML) and Multicontinental Distribution (Asia) DMCC has significant implications for SBML's rights and operations in the distribution of Franck Muller watches and related accessories in specified regions [1][2]. Group 1: Arbitration Outcome - The exclusive distribution agreement was incorrectly terminated, but it is deemed to have been terminated as of October 3, 2022, granting SBML the right to seek damages [1]. - SBML's claims for customer indemnification guarantees were rejected [1]. - Multicontinental's claims regarding minimum purchase requirements were also dismissed [1]. Group 2: Obligations and Financial Implications - Multicontinental is required to repair and return withheld watches to SBML within 60 days from the arbitration notification date, excluding consignment inventory [1]. - SBML must return consignment products and organize inspections, and is obligated to pay Multicontinental and GFM for each consignment product sold, with a book value of approximately HKD 338 million as of March 31, 2025 [1]. - The arbitration tribunal ruled that both Multicontinental and GFM are eligible to be sued [1]. Group 3: Trademark and Distribution Rights - SBML must immediately cease any use of the FM trademark and stop claiming to be the (exclusive) distributor of the products, as a result of the arbitration ruling that the exclusive distribution agreement is considered terminated [1]. Group 4: Company Response - The company believes that the arbitration ruling aligns with its initial expectations and will further analyze the ruling to take appropriate actions to protect its rights and interests [2].

格隆汇8月7日丨SINCEREWATCH HK(00444.HK)发布公告，公司最近接获仲裁结果，有关裁决摘要载 列如下。1.独家分销协议遭错误终止，但自2022年10月3日起被视为已经终止，SBML有权获得损害赔 偿；2.SBML提出的客户弥偿保证索赔已遭驳回；3.Multicontinental就最低采购额要求提出的索赔已遭驳 回；4.Multicontinental必须于部分裁决通知当日起计60天内维修并向SBML退还被扣留的手表（不包括 与寄售存货有关的手表）；5.SBML必须退还寄售产品并就此组织检验，且SBML必须就每件已售出寄 售产品向Multicontinental及GFM支付款项。SBML于2025年3月31日持有的寄售产品账面值约为337.7百 万港元；6.唯一仲裁庭裁定Multicontinental及GFM均有被起诉的资格；7.SBML须立即停止及中止对FM 商标的任何使用，并停止自称为产品的（独家）分销商，此乃唯一仲裁庭裁定独家分销协议须被视为经 已终止所衍生的结果。 公司认为仲裁裁决结果基本上符合集团原先预期，并将会进一步研究有关裁决及将采取适当行动以保障 集团的权利及利益。 ...

Core Viewpoint - The arbitration ruling regarding the exclusive distribution agreement between Sincere Brand Management Limited (SBML) and Multicontinental Distribution (Asia) DMCC has significant implications for the company's rights and operations in the distribution of Franck Muller watches and related accessories in specific regions [1][2] Summary by Sections Arbitration Outcome - The exclusive distribution agreement was incorrectly terminated, but it is deemed to have been terminated since October 3, 2022, granting SBML the right to claim damages [1] - SBML's claim for customer indemnification was rejected [1] - Multicontinental's claims regarding minimum purchase requirements were also dismissed [1] - Multicontinental is required to repair and return withheld watches to SBML within 60 days from the notification of part of the ruling, excluding consignment inventory [1] Financial Implications - SBML must return consignment products and organize inspections, and must pay Multicontinental and GFM for each consignment product sold, with a book value of approximately HKD 338 million as of March 31, 2025 [1] Legal Standing - The sole arbitration tribunal ruled that both Multicontinental and GFM are eligible to be sued [1] - SBML is required to immediately cease any use of the FM trademark and stop claiming to be the (exclusive) distributor of the products, as a result of the termination of the exclusive distribution agreement [1] Company Response - The company believes the arbitration ruling aligns with its initial expectations and will further study the ruling to take appropriate actions to protect its rights and interests [2]

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之內容概不 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之任何損失承擔任何責 任。 （於開曼群島註冊成立之有限公司） （股份代號：444） 公 告 仲裁裁決 茲提述本公司日期為2025年5月30日 的 公 告（「該公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 誠 如 年 報 所 披 露， 本 公 司 一 間 附 屬 公 司（ 即Sincere Brand Management Limited （「SBML」））自 2023年 1月起與 Multicontinental Distribution (Asia) DMCC （「Multicontinental」）及GFM Watchland SA（「GFM」）訂 立 仲 裁，內 容 有 關 聲 稱 根 據 SBML與Multicontinental於2018年 訂 立 之 獨 家 分 銷 協 議（「獨家分 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Sincere Watch (Hong Kong) Limited 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00444 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | HKD | | 0.02 | HKD | | 400,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 20,000,000,000 | HKD | | 0.02 | HKD | | 400,000,000 ...

Revenue and Profitability - Revenue for the six months ended September 30, 2024, was HKD 35,575,000, a decrease of 60.5% compared to HKD 90,092,000 for the same period in 2023[5] - Gross profit increased to HKD 19,870,000, compared to HKD 13,812,000 in the previous year, reflecting a gross margin improvement[5] - The net loss for the period was HKD 75,864,000, compared to a net loss of HKD 56,273,000 in the same period last year, indicating a 34.9% increase in losses[5] - The basic and diluted loss per share for the period was HKD 1.25, compared to HKD 0.93 in the same period of 2023, indicating a decline in profitability[99] - The company reported a loss attributable to shareholders of HKD 75.8 million for the first half of fiscal year 2025, compared to a loss of HKD 56 million in the same period last year[135] Income and Expenses - Other income, gains, and losses decreased significantly to HKD 1,178,000 from HKD 10,671,000, a decline of 89.0%[5] - Administrative expenses were reduced to HKD 37,875,000 from HKD 53,177,000, a decrease of 28.8%[5] - The total comprehensive expenses for the period amounted to HKD 72,042,000, compared to HKD 67,924,000 in the previous year, showing an increase of 6.2%[99] - The net income from other income, gains, and losses was HKD 1,200,000, down from HKD 10,700,000 in the same period of 2023[189] Cash Flow and Financial Position - For the six months ended September 30, 2024, the net cash generated from operating activities was HKD 8,386,000, compared to HKD 3,939,000 for the same period in 2023, representing a significant increase of 113.5%[80] - The net cash used in investing activities was HKD 4,675,000 for the six months ended September 30, 2024, compared to a net cash inflow of HKD 6,281,000 in the same period of 2023, indicating a shift in investment strategy[80] - The net cash used in financing activities was HKD 15,199,000 for the six months ended September 30, 2024, compared to a net cash inflow of HKD 5,726,000 in the same period of 2023, reflecting increased repayment of bank borrowings[80] - The cash and cash equivalents decreased by HKD 11,488,000 during the period, resulting in a closing balance of HKD 12,854,000 as of September 30, 2024[80] - As of September 30, 2024, the company maintained cash and bank balances of HKD 20.2 million, down from HKD 29.1 million as of March 31, 2024[164] Assets and Liabilities - The total liabilities as of September 30, 2024, were HKD 479,518,000, a substantial increase from HKD 157,815,000[46] - The company has a total of HKD 257,662,000 in bank borrowings, with HKD 64,687,000 due within one year[50] - Trade and other payables increased from approximately HKD 157.8 million as of March 31, 2024, to approximately HKD 479.5 million as of September 30, 2024, driven by an increase in trade receivables from approximately HKD 64.1 million to HKD 376.6 million[137] - The capital debt ratio as of September 30, 2024, was 104.8%, up from 94.1% as of March 31, 2024[164] - The net asset value decreased from HKD 32,800,000 to a negative net asset value of HKD 39,300,000 as of September 30, 2024[169] Trade Receivables and Payables - As of September 30, 2024, trade receivables amounted to HKD 269,002,000, a significant increase from HKD 2,122,000 as of March 31, 2024[44] - The total amount of trade receivables and other receivables reached HKD 311,748,000, compared to HKD 46,904,000 in the previous period[44] - The company recorded a significant increase in trade payables, which rose to HKD 376,576,000 from HKD 64,054,000[46] Market and Operational Insights - The company is engaged in the distribution of luxury watch brands across Hong Kong, Macau, Taiwan, and mainland China, indicating ongoing market expansion efforts[84] - Revenue from mainland China and Macau accounted for 4.5% of the group's total revenue, amounting to HKD 1.6 million, a significant drop from HKD 10.6 million in the previous year[127] - Revenue from Hong Kong decreased by 64.8% from HKD 70.5 million in the first half of fiscal year 2024 to HKD 24.8 million in the first half of fiscal year 2025[160] - The company plans to strengthen its distribution network in Mainland China, Hong Kong, and other key regions while balancing expansion and prudent management amid economic uncertainty[163] Employee and Corporate Governance - The group employed 100 staff members as of September 30, 2024, down from 115 as of March 31, 2024[173] - The company has adopted a share option scheme to incentivize employees, with a total of 415,200,000 options available for grant as of September 30, 2024[178] Legal and Financial Risks - The potential claim from Multicontinental regarding the exclusive distribution agreement amounts to approximately HKD 656,600,000, reflecting significant financial exposure[36] - The company has ongoing arbitration with Multicontinental regarding the termination of an exclusive distribution agreement, which may have significant financial implications[60] - The first phase of the arbitration hearing is scheduled for October 2024, with further submissions required from both parties[69]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 35,575,000, a decrease of 60.6% compared to HKD 90,092,000 for the same period in 2023[4]. - Gross profit for the same period was HKD 19,870,000, representing an increase of 43.8% from HKD 13,812,000 in the previous year[4]. - The company incurred a net loss of HKD 75,864,000 for the six months ended September 30, 2024, compared to a net loss of HKD 56,273,000 for the same period in 2023, reflecting a 34.9% increase in losses[4]. - Total comprehensive income/(expenses) for the period was reported as a loss of HKD 72,123 million[21]. - The company reported a loss attributable to shareholders of HKD 75.8 million in the first half of FY2025, compared to a loss of HKD 56 million in the first half of FY2024[103]. Revenue Breakdown - The wristwatch distribution segment generated revenue of HKD 29,623,000, while the property investment segment contributed HKD 5,921,000[34][40]. - The geographical breakdown of revenue shows HKD 24,803,000 from Hong Kong and HKD 1,597,000 from China and Macau for the six months ended September 30, 2024[51]. - Revenue from Hong Kong decreased by 64.8% from HKD 70.5 million in the first half of FY2024 to HKD 24.8 million in the first half of FY2025, representing 69.7% of total group revenue[115]. - Revenue from Mainland China and Macau was HKD 1.6 million in the first half of FY2025, down from HKD 10.6 million in the first half of FY2024, accounting for 4.5% of total group revenue[116]. Assets and Liabilities - Non-current assets, including property, plant, and equipment, were valued at HKD 5,195,000 as of September 30, 2024, down from HKD 6,533,000 as of March 31, 2024[16]. - The company's total liabilities increased to HKD 595,917,000 from HKD 291,077,000, indicating a rise in financial obligations[16]. - The company's total liabilities as of September 30, 2024, reached HKD 1,043,830 million, reflecting a significant increase[21]. - The company's net liabilities increased from HKD 184,800,000 on March 31, 2024, to HKD 239,200,000 on September 30, 2024[129]. Cash and Cash Equivalents - The company’s cash and cash equivalents decreased to HKD 12,854,000 from HKD 24,120,000, reflecting a decline in available cash resources[16]. - As of September 30, 2024, the company's cash and bank balances were HKD 20,200,000, down from HKD 29,100,000 on March 31, 2024[124]. Employee Costs - Employee costs totaled HKD 19,807,000 for the six months ended September 30, 2024, down from HKD 23,503,000 in the previous year, a decrease of about 16%[61]. - The company reported a total employee compensation of HKD 16,602,000 for the six months ended September 30, 2024, down from HKD 17,776,000 in the previous year, indicating a decrease of about 7%[61]. - The total number of employees, including directors, is 100 as of September 30, 2024, down from 115 as of March 31, 2024[136]. Financial Risks and Legal Matters - The company continues to manage financial risks, including foreign currency and interest rate risks, through prudent policies[130]. - The arbitration process is ongoing, with no further hearing arrangements established as of the announcement date[97]. - The company has received legal opinions indicating that the termination of the exclusive distribution agreement was improper and without legal basis[94]. Other Financial Metrics - Interest income for the six months ended September 30, 2024, was HKD 22,000, compared to HKD 419,000 for the same period in 2023, representing a significant decrease[59]. - The company has not declared any interim dividend for the six months ended September 30, 2024, consistent with the previous year[62]. - The company has pledged investment properties with a fair value of RMB 200,600,000 (approximately HKD 222,100,000) as collateral for loans[132].

Financial Performance - For the fiscal year ending March 31, 2024, the group's revenue increased by 27.9% to HKD 125,647,000 from HKD 98,212,000 in the previous fiscal year, primarily due to increased watch distribution revenue[6]. - The loss for the fiscal year decreased by 28.9% to HKD 195,842,000, down from HKD 275,579,000 in the previous fiscal year, mainly due to reduced fair value changes of investment properties and impairment losses on property, plant, and equipment[6]. - The earnings per share for the fiscal year was HKD 3.26, compared to HKD 4.54 in the previous fiscal year[6]. - Revenue for the year ending March 31, 2024, increased by 27.9% to HKD 125.6 million from HKD 98.2 million in the previous fiscal year, primarily due to the lifting of pandemic restrictions in mainland China, Hong Kong, and Macau[32]. - The gross loss for the fiscal year 2024 was HKD 19 million, with a gross loss margin of 15.1%, an improvement from the previous year's gross loss of HKD 20.7 million and a margin of 21.1%[32]. - The group's annual loss decreased by HKD 79.7 million or 28.9% to HKD 195.8 million for the year ending March 31, 2024, compared to HKD 275.6 million for the previous year[24]. Revenue Breakdown - Revenue from watch distribution in Hong Kong, mainland China, and Macau accounted for HKD 106,700,000, representing 84.9% of total revenue for the fiscal year[19]. - Revenue from Hong Kong increased by 96.4% to HKD 93,300,000 from HKD 47,500,000 in the previous fiscal year, making up 74.3% of total revenue[20]. - Revenue contribution from mainland China and Macau decreased from 31.2% to 10.7%, with sales dropping 56.4% to HKD 13,400,000 from HKD 30,700,000[21]. - Revenue from other regions (Taiwan and others) decreased by 45.7% to HKD 5,700,000 from HKD 10,600,000 in the previous fiscal year[22]. - Income from property investments in mainland China increased by 39.4% to HKD 13,100,000 due to higher occupancy rates, compared to HKD 9,400,000 in the previous fiscal year[23]. Dividends and Shareholder Returns - The board does not recommend a final dividend for the fiscal year, consistent with the previous fiscal year[6]. - As of March 31, 2024, the company had no distributable reserves available for dividend payments, compared to HKD 106,836,000 in 2023[151]. - The company did not recommend the payment of a final dividend for the year ending March 31, 2024[150]. Operational Metrics - The group operates a distribution network with 57 retail points, down from 61 as of March 31, 2023[14]. - Inventory turnover decreased from 547 days in the previous fiscal year to 112 days in fiscal year 2024, with inventory reduced by 75.0% to HKD 44.5 million[34]. - The current ratio as of March 31, 2024, was 0.4, down from 1.1 a year earlier, primarily due to increased loans and decreased cash and inventory[34]. - Cash and bank balances totaled HKD 29.1 million as of March 31, 2024, compared to HKD 65.5 million a year earlier[37]. Debt and Liabilities - The group's debt-to-equity ratio as of March 31, 2024, was 871.3%, with outstanding loans and borrowings amounting to HKD 242.3 million[37]. - As of March 31, 2024, the group's net current liabilities amounted to HKD 184,800,000, a significant decrease from HKD 14,300,000 as of March 31, 2023[42]. - The group's net asset value decreased to HKD 32,800,000 as of March 31, 2024, compared to HKD 241,400,000 as of March 31, 2023[42]. Corporate Governance - The board consists of six members, including three executive directors and three independent non-executive directors[72]. - The company has adopted the corporate governance code of the Hong Kong Stock Exchange and complied with all code provisions during the year ended March 31, 2024[67]. - The independent non-executive directors ensure that the board handles all matters objectively, safeguarding shareholder interests[70]. - The company has established procedures to accurately handle and disclose inside information, ensuring compliance with corporate governance codes[125]. Management and Strategy - The company is committed to monitoring investment performance and adjusting future investment strategies to mitigate negative impacts on overall returns[42]. - The company aims to expand its sales network in mainland China, Hong Kong, Macau, and Taiwan, while exploring new market opportunities in other Asian countries[28]. - Management is focused on improving profitability and controlling operating costs to enhance operational performance and reduce liquidity risk[117]. - The board believes that the action plan addresses most uncertainties raised by auditors, including obtaining arbitration results and additional financing[117]. Employee and Management Structure - The total number of employees, including directors, was 115 as of March 31, 2024, unchanged from the previous year[47]. - The company continues to review employee compensation to ensure competitiveness and market alignment[48]. - The employee gender ratio as of March 31, 2024, was approximately 43% male and 57% female[94]. - The board currently consists of 6 male directors and 1 female senior management member[95]. Legal and Compliance Issues - The group is facing a potential claim for damages amounting to approximately HKD 619,400,000 related to a distribution agreement[106]. - The company is not aware of any significant issues that would affect its compliance with relevant laws and regulations for the fiscal year ending March 31, 2024[196]. Future Outlook and Plans - The company anticipates generating expected revenue through the sale of Franck Muller watches and accessories, which will allow it to continue executing exclusive distribution agreements[111]. - The company is actively negotiating a loan financing of RMB 500 million with a Chinese bank to support operational funds and business development[116]. - The effectiveness of the going concern basis in the financial statements is contingent upon the successful implementation of the plans and measures outlined, which are subject to significant uncertainties[113].

Financial Performance - For the fiscal year ending March 31, 2024, total revenue was HKD 125,647,000, an increase from HKD 98,212,000 in the previous year, representing a growth of approximately 28%[2] - The gross loss for the year was HKD 19,026,000, slightly improved from a gross loss of HKD 20,722,000 in the prior year[2] - Other income and gains significantly increased to HKD 26,630,000 from HKD 3,718,000, marking a substantial rise[2] - Total comprehensive expenses for the year amounted to HKD 209,019,000, down from HKD 305,987,000, indicating a reduction of about 31.7%[3] - The net loss attributable to the company was HKD 195,842,000, compared to a loss of HKD 275,579,000 in the previous year, reflecting an improvement of approximately 29%[3] - Basic and diluted loss per share improved to HKD 3.26 from HKD 4.54 year-over-year[3] - The company reported a pre-tax loss of HKD 195,848,000, compared to a loss of HKD 275,523,000 in the previous period, indicating an improvement[15] - The group reported a loss of HKD 195.8 million for the fiscal year ending March 31, 2024, a decrease of HKD 79.7 million or 28.9% from the previous year's loss of HKD 275.6 million[123] - The company's loss for the fiscal year 2024 decreased by 28.9% to HKD 195,842,000, compared to HKD 275,579,000 in fiscal year 2023, mainly due to reduced impairment losses on properties, plants, and equipment[192] Revenue Sources - Revenue from Franck Muller products accounted for 85.9% of total revenue for the year ended March 31, 2024, and 88.4% for the year ended March 31, 2023[28] - Revenue from Hong Kong, mainland China, and Macau totaled HKD 106,700,000, accounting for 84.9% of the group's total revenue for fiscal year 2024[78] - Revenue from Hong Kong increased by 96.4% to HKD 93,300,000 from HKD 47,500,000 in the previous fiscal year, representing 74.3% of the group's total revenue[79] - Revenue contribution from mainland China and Macau decreased from 31.2% in fiscal year 2023 to 10.7% in fiscal year 2024, with sales dropping by 56.4% to HKD 13,400,000 from HKD 30,700,000[80] - The wholesale segment generated revenue of HKD 78,101,000, while retail sales contributed HKD 29,708,000[56] Assets and Liabilities - The company reported total liabilities of HKD 232,049,000, a decrease from HKD 264,508,000 in the previous year[4] - The total assets of the company amounted to HKD 555,882 thousand, while total liabilities were HKD (523,126) thousand[53] - The total assets of the company amounted to HKD 776,145,000, while total liabilities were HKD 534,701,000[54] - The group's cash and bank balances totaled HKD 29.1 million as of March 31, 2024, compared to HKD 65.5 million on March 31, 2023[127] - The asset-to-liability ratio (net debt divided by equity) was 748.9% as of March 31, 2024, with outstanding loans and borrowings amounting to HKD 242.3 million[127] - The company's total liabilities increased from HKD 270,193,000 in 2023 to HKD 291,077,000 in 2024[182] Inventory and Expenses - Inventory as of March 31, 2024, consisted of 91.0% finished goods, down from 99.5% in the previous year[41] - The company's inventory significantly decreased from HKD 178,130,000 in 2023 to HKD 44,495,000 in 2024[182] - The total employee costs for fiscal year 2024 amounted to HKD 47,756,000, up from HKD 39,558,000 in fiscal year 2023, reflecting a significant increase in salaries and benefits[1] - The company reported a total of HKD 144,673,000 in total expenses for fiscal year 2024, compared to HKD 118,934,000 in fiscal year 2023[1] Legal and Regulatory Matters - The company is seeking damages of CHF 71,400,000 (approximately HKD 619,400,000) due to a breach of the exclusive distribution agreement in China, Hong Kong, Macau, and Taiwan[23] - The company is currently facing legal disputes regarding the termination of exclusive distribution agreements, which may impact future earnings[45] - The company has been involved in arbitration proceedings regarding claims and counterclaims related to distribution agreements, with hearings scheduled for September 30, 2024[97] - The independent auditor's report does not express an opinion due to significant uncertainties affecting the group's ability to continue as a going concern[155] Strategic Initiatives - The company is actively taking measures to enhance profitability and control operating costs, including negotiating rent reductions[10] - The company continues to focus on expanding its distribution of luxury watch brands in Hong Kong, Macau, Taiwan, and mainland China[5] - The group aims to strengthen its distribution network and explore new market opportunities in other Asian countries[125] - The group continues to seek potential opportunities to diversify its business and revenue sources to mitigate risks and uncertainties[85] - The company has been actively enhancing brand visibility through various marketing strategies and events to attract attention to its luxury watch brands[105] Financial Reporting and Governance - The management anticipates that the application of revised Hong Kong Financial Reporting Standards will not have a significant impact on the group's performance and financial position[22] - The group has adopted new and revised Hong Kong Financial Reporting Standards[168] - The audit committee has reviewed the consolidated financial statements for the fiscal year ending March 31, 2024, prior to submission to the board of directors[180] - The consolidated financial statements are presented in Hong Kong dollars (HKD), which is the functional currency of the company[197]