Financial Performance - For the fiscal year ending December 31, 2024, the company reported a total revenue of approximately RMB 1,025,700,000, representing a year-over-year increase of about 7.2% compared to RMB 956,757,000 in 2023[5] - The company's profit attributable to shareholders was approximately RMB 63,500,000, which reflects a decline of about 9.8% from RMB 70,426,000 in the previous year[5] - The group recorded a consolidated revenue of RMB 1,025,700,000 for the year ended December 31, 2024, representing an increase of approximately 7.2% compared to RMB 956,800,000 in 2023[21] - Gross profit for the year was RMB 400,800,000, an increase of approximately RMB 51,100,000 or about 14.6% from RMB 349,700,000 in 2023, with a gross margin of approximately 39.1%[21] - Net profit attributable to shareholders decreased by approximately RMB 6,900,000 or about 9.8% to RMB 63,500,000 compared to RMB 70,400,000 in 2023[22] - The manufacturing and trading of soft furniture business achieved a total revenue of approximately RMB 551,900,000, up about 4.2% from RMB 529,700,000 in the previous year[24] - The property development segment generated revenue of RMB 327,200,000, an increase of approximately 8.7% from RMB 300,900,000 in 2023, driven by increased property deliveries[25] Operational Strategy - The company has shifted more sofa manufacturing capacity from mainland China to Cambodia to mitigate the impact of increased tariffs on imports from China, aiming to strengthen exports to Europe and the United States[5] - The company is actively developing the National Public Zhejiang Economic Zone in Cambodia, which has entered the full construction phase and has attracted nearly 100 enterprises to sign contracts for land and factory leasing[6] - The group expanded its production base in Cambodia, transferring major U.S. customer orders to mitigate tariff impacts and enhance competitiveness in the soft furniture market[24] - The company is focusing on optimizing its real estate project structure in China through sales acceleration and potential partnerships[6] - The company continues to explore opportunities in international power energy development, particularly in developing countries[6] Financial Health - The debt-to-equity ratio improved to 17.2% in 2024 from 19.1% in 2023, indicating a reduction in financial leverage[10] - The company reported a current ratio of 242.0% in 2024, down from 256.9% in 2023, suggesting a decrease in liquidity[10] - The total assets of the company as of December 31, 2024, were RMB 6,292,614,000, an increase from RMB 5,982,778,000 in 2023[12] - The company has reported cash and cash equivalents of RMB 301,685,000 as of December 31, 2024, a decrease from RMB 567,542,000 in 2023[12] - Operating expenses decreased to approximately RMB 62,200,000, down 10.9% from RMB 69,800,000 in the previous year, with the sales and distribution cost ratio dropping to 6.0% from 7.3%[32] Market Expansion - User data indicates a rise in active users to 500,000, up from 400,000 in the previous year, marking a 25% increase[14] - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by the end of the next fiscal year[17] - A strategic acquisition of a local competitor is anticipated to enhance production capabilities and increase market penetration[18] - New product launches are expected to contribute an additional 200 million in revenue, with a focus on innovative leather goods[16] Corporate Governance - The company has established an Audit Committee to review and supervise financial reports and internal controls, chaired by Mr. Zhou Xiaodong[124] - The company is committed to maintaining high standards of corporate governance, having complied with the corporate governance code except for the separation of the roles of Chairman and CEO[132] - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors for the year ending December 31, 2024[134] - The board of directors consists of both executive and independent non-executive members, with terms of three years for current directors[79] Employee Relations - The group employed approximately 2,431 full-time employees as of December 31, 2024, compared to 2,285 in 2023, with total employee compensation expenses around RMB 177,000,000, accounting for 17.3% of operating income[47] - The company invested in employee training and development to enhance professional skills and promote career growth[74] - The company provides a safe and healthy work environment, offering medical insurance benefits and health awareness programs for employees[75] Environmental, Social, and Governance (ESG) - The company emphasizes building long-term trust relationships with industry and community stakeholders, as outlined in its ninth Environmental, Social, and Governance (ESG) report[164] - The ESG report covers the period from January 1, 2024, to December 31, 2024, focusing on the performance of the furniture manufacturing business in Zhejiang and property development in Hainan[165] - The company has implemented a robust risk management system to identify and assess significant ESG-related risks and opportunities[174] - Key ESG priorities identified include greenhouse gas emissions, carbon reduction, and ecosystem transformation, with waste gas emissions ranked as the most critical issue[183] Compliance and Risk Management - The company has established a robust risk management and internal control system, which is reviewed annually by the board to ensure effective operation and safeguard shareholder investments[156] - The internal control department conducts monthly independent audits to test the effectiveness of internal control procedures, with a comprehensive annual audit to assess risk management[157] - The company has confirmed compliance with all disclosure requirements under the Listing Rules regarding related party transactions[104] Shareholder Information - The company does not recommend any final dividend for the year ending December 31, 2024, consistent with the previous year[61] - The company has no service contracts with any directors that cannot be terminated within one year without compensation[78] - Major shareholder Joyview holds 949,044,584 shares, representing 65.76% of the issued share capital as of December 31, 2024[89]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,025,691,000, representing an increase of 7.2% from RMB 956,757,000 in 2023[4] - Gross profit for the same period was RMB 400,773,000, up from RMB 349,657,000, indicating a gross margin improvement[4] - Net profit for the year was RMB 69,684,000, compared to RMB 65,909,000 in the previous year, reflecting a growth of 4.3%[4] - Basic earnings per share decreased to 4.40 cents from 4.88 cents, while diluted earnings per share also fell to 3.39 cents from 4.88 cents[5] - The company reported a foreign exchange gain of RMB 2,580,000 for the year, compared to a gain of RMB 1,685,000 in the previous year[5] - The company’s total segment profit for 2024 was RMB 75,982,000, compared to RMB 64,842,000 in 2023, marking an increase of about 17.1%[21] - The company reported a net foreign exchange gain of RMB 5,385,000 in 2024, compared to RMB 6,174,000 in 2023[28] - The company's pre-tax profit before income tax for 2024 was RMB 78,901,000, a decrease of 6.6% from RMB 84,297,000 in 2023[31] - The total income tax expense for 2024 was RMB 55,755,000, an increase of 24.6% compared to RMB 44,773,000 in 2023[32] - Basic and diluted earnings per share for 2024 were RMB 62,350,000, down from RMB 70,426,000 in 2023, reflecting a decrease of 11.5%[33] Revenue Breakdown - The revenue breakdown for 2024 includes RMB 551,891 thousand from manufacturing, RMB 327,164 thousand from property development, RMB 74,426 thousand from the economic zone, and RMB 90,445 thousand from other services[19] - Revenue from the manufacturing segment was RMB 551,891,000 in 2024, up from RMB 529,668,000 in 2023, indicating a growth of about 4.2%[24] - Property development revenue increased significantly to RMB 386,966,000 in 2024 from RMB 300,912,000 in 2023, reflecting a growth of approximately 28.5%[24] - The economic zone segment reported a profit of RMB 20,157,000 in 2024, a turnaround from a loss of RMB 980,000 in 2023[21] - The company’s revenue from external customers in Cambodia surged to RMB 241,814,000 in 2024, a significant increase from RMB 65,894,000 in 2023[24] Assets and Liabilities - Non-current assets increased to RMB 2,156,496,000 from RMB 1,612,591,000, showing a growth of 33.7%[6] - Total assets decreased slightly to RMB 4,136,118,000 from RMB 4,370,187,000, a decline of 5.3%[6] - Current liabilities increased to RMB 1,709,179,000 from RMB 1,701,279,000, indicating a marginal rise of 0.1%[6] - The company's net asset value rose to RMB 4,035,966,000 from RMB 3,813,450,000, an increase of 5.8%[7] - Trade and bills receivables increased to RMB 112,180,000 in 2024, up 46.7% from RMB 76,507,000 in 2023[34] - Trade and bills payables rose to RMB 320,682,000 in 2024, an increase of 21.9% from RMB 263,089,000 in 2023[35] - Capital commitments at the end of 2024 amounted to RMB 2,936,176,000, compared to RMB 2,732,347,000 in 2023, indicating an increase of 7.4%[36] - The net value of mortgaged properties was RMB 9,926,000,000 in 2024, down from RMB 11,020,000,000 in 2023[37] - Financial guarantees provided by the company amounted to RMB 62,258,000 in 2024, a decrease from RMB 74,369,000 in 2023[38] Operational Highlights - The company continues to focus on property development and related businesses, with significant investments in land and property assets[8] - The company has adopted revised International Financial Reporting Standards (IFRS) effective January 1, 2024, which are not expected to have a significant impact on the financial statements[11] - The company anticipates that all new and revised IFRS will be adopted in the first period starting on or after their effective date, with no significant impact expected on the consolidated financial statements[12] - The company has not early adopted any new IFRS that have been issued but are not yet effective, indicating a cautious approach to accounting changes[12] - The group recorded a consolidated revenue of RMB 1,025,700,000 for the year ending December 31, 2024, representing an increase of approximately 7.2% compared to RMB 956,800,000 in 2023[45] - The group has seven property projects in various stages of development or held for sale in mainland China and Cambodia, with a total land area of 3,337,209 square meters[52] - The average selling price for the properties in the ongoing projects was reported, with specific projects like "Asian Bay" having an average price of RMB 20,277 per square meter[54] - The group plans to continue expanding its production base in Cambodia to mitigate the impact of tariffs on imports from China, enhancing its competitiveness in the soft furniture market[49] - The group intends to expedite project sales in China and invest more resources in real estate projects in Phnom Penh, Cambodia, to meet growing local demand[75] Employee and Governance - The group employed approximately 2,431 full-time employees as of December 31, 2024, compared to 2,285 in 2023, with total employee compensation expenses around RMB 177,000,000, accounting for 17.3% of operating revenue[72] - The group has adopted a share option scheme to reward directors, eligible employees, and third-party service providers, with further details to be included in the annual report[73] - The group has complied with the corporate governance code throughout the year, with certain exceptions noted[81] - The company has not separated the roles of Chairman and CEO, with Mr. Zhu Zhangjin serving in both capacities as of December 31, 2024[82] - The Audit Committee, composed of three independent non-executive directors, has reviewed the company's financial reports and internal control effectiveness[84] Future Outlook - The group plans to accelerate the adjustment and upgrading of its industrial structure, focusing on high-quality development and new business opportunities in international power energy development over the next 3-5 years[74] - The group will continue to monitor its future funding needs closely, believing it has sufficient internal resources to support its plans while considering short-term loans if necessary[75] - The company received a notice from convertible bondholders regarding the total unexercised principal amount of HKD 141,623,810, indicating potential future capital inflow[44] - The company acquired control of the Zhejiang Economic Zone in Cambodia through equity acquisition, with a development goal to establish a demonstration zone for China-Cambodia production capacity cooperation[55] - The total area of the Zhejiang Economic Zone is approximately 8,294,968 square meters, with the company holding a 49% stake and expected completion in 2025[56] Dividends and Shareholder Information - The company did not recommend the payment of a final dividend for the years ended December 31, 2024, and 2023[32] - No final dividend is recommended for the year ending December 31, 2024, consistent with the previous year[77] - The annual report for the year ending December 31, 2024, will be sent to shareholders and published on the company's and the stock exchange's websites[89] - The annual general meeting is scheduled for May 30, 2025, with a notice to be published around April 29, 2025[90]

Financial Performance - For the six months ended June 30, 2024, Kasen International Holdings Limited reported a consolidated revenue of approximately RMB 423.9 million, an increase of about 11.0% compared to RMB 381.8 million for the same period in 2023[3]. - The gross profit for the same period was approximately RMB 160.6 million, with an average gross margin of 37.9%, up from 34.4% in the previous year, representing a gross profit increase of approximately 22.4%[3]. - The net profit attributable to owners for the first half of 2024 was approximately RMB 27.8 million, a decrease of about RMB 4.9 million or 15.0% compared to RMB 32.7 million in the same period of 2023[3]. - The total comprehensive income for the period was RMB 26,025,000, down from RMB 28,139,000, a decline of 7.5%[45]. - The company's basic and diluted earnings per share for the period were RMB 1.93, compared to RMB 2.30 in the same period last year, a decline of 16.1%[45]. - The net profit for the six months ended June 30, 2024, was RMB 23,331,000, slightly down from RMB 23,538,000 in the previous year, reflecting a decrease of 0.9%[45]. Revenue Segmentation - The furniture manufacturing and trading segment generated revenue of approximately RMB 240.5 million, a decrease of about 1.9% from RMB 245.1 million in the previous year[5]. - The land and property development segment recorded revenue of approximately RMB 140.1 million, an increase of approximately 86.1% compared to RMB 75.3 million in the same period of 2023[6]. - Revenue from the manufacturing segment was RMB 240,446,000, while the property development segment generated RMB 140,130,000, and other services contributed RMB 44,704,000[58]. - The property development segment saw a significant increase in revenue from RMB 75,261,000 in the previous year to RMB 140,130,000, reflecting an increase of approximately 86.3%[59]. Cost Management - For the six months ended June 30, 2024, the group's sales and distribution costs decreased to approximately RMB 25,000,000, down from approximately RMB 36,200,000 in the same period of 2023, representing a reduction of about RMB 11,200,000[9]. - The ratio of sales and distribution costs to revenue for the first half of 2024 decreased to approximately 5.9%, compared to approximately 9.5% in the same period of 2023[9]. Assets and Liabilities - As of June 30, 2024, the group had cash and cash equivalents totaling approximately RMB 390,400,000, down from RMB 567,500,000 as of December 31, 2023[11]. - The group's total borrowings as of June 30, 2024, were approximately RMB 660,000,000, compared to RMB 728,200,000 as of December 31, 2023[11]. - The total assets as of June 30, 2024, amounted to RMB 4,263,701,000, a decrease from RMB 4,370,187,000 as of December 31, 2023[46]. - The total liabilities of the group decreased to RMB 2,095,051,000 as of June 30, 2024, from RMB 2,169,328,000 as of December 31, 2023, a reduction of 3.4%[63]. Employee and Compensation - The group employed approximately 2,641 full-time employees as of June 30, 2024, an increase from approximately 2,285 employees as of December 31, 2023[17]. - The total employee compensation for the first half of 2024 was approximately RMB 77,900,000, compared to RMB 73,700,000 in the same period of 2023[17]. Investments and Development - The group has seven property projects in various stages of development or held for sale in mainland China and Cambodia as of June 30, 2024[6]. - The total land area of the group's property projects is approximately 3,337,209 square meters, with several projects expected to be completed between 2025 and 2028[7]. - The company completed the acquisition of a 49% stake in a subsidiary for a total consideration of HKD 338,000,000 (approximately RMB 306,296,000), with part of the payment made in cash and convertible bonds[78]. Shareholder Information - As of June 30, 2024, the chairman holds 568,005,113 shares, representing approximately 39.36% of the company's issued share capital[21]. - Major shareholders include Joyview1 and Prosperity and Wealth Limited, each holding 555,645,113 shares, representing 38.50% of the issued share capital[27]. - Team Ease Limited, beneficially owned by Xu Helin, holds 235,043,057 shares, accounting for 16.29% of the issued share capital[27]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and believes it has complied with the code, except for the deviation regarding the separation of the roles of Chairman and CEO[30]. - The board of directors consists of two executive directors and three independent non-executive directors as of the report date[40]. Environmental and Social Responsibility - The company is committed to reducing environmental pollution and carbon emissions through its operations in furniture production and property development[18]. - The company has established an "Employee Care Mutual Fund" to support employees in need, reflecting its commitment to social responsibility[18]. Future Outlook - The group is confident in the future development of its soft furniture manufacturing and trading business, leveraging over 20 years of production experience and customer relationships[19]. - The large furniture manufacturing base in Cambodia is expected to be fully operational in 2024, aiming to enhance production efficiency and optimize costs[19]. - The company plans to continue expanding its market presence and developing new products to enhance revenue streams in the upcoming periods[56].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 423,868,000, an increase of 11.1% compared to RMB 381,786,000 for the same period in 2023[1] - Gross profit for the same period was RMB 160,622,000, up 22.4% from RMB 131,246,000 year-on-year[1] - Profit before tax increased to RMB 49,474,000, compared to RMB 24,952,000 in the previous year, representing a growth of 98.5%[2] - The net profit for the period was RMB 23,331,000, slightly down from RMB 23,538,000 in the previous year, a decrease of 0.9%[2] - Total comprehensive income for the period was RMB 26,025,000, compared to RMB 28,139,000 in the same period last year, a decline of 7.5%[3] - The basic and diluted earnings per share were RMB 1.93, down from RMB 2.30 in the previous year, a decrease of 16.1%[4] - The net profit for the six months ended June 30, 2024, was RMB 23,331 thousand, slightly down from RMB 23,538 thousand in the same period of 2023[14] - The net profit attributable to the owners of the company was approximately RMB 27.8 million, a decrease of about RMB 4.9 million or 15.0% compared to RMB 32.7 million in the same period last year[28] - In the first half of 2024, the company's net profit attributable to owners was approximately RMB 27,800,000, a decrease from RMB 32,700,000 in the same period of 2023, reflecting a decline of about 15.5%[34] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 1,751,700,000, an increase from RMB 1,612,591,000 as of December 31, 2023[5] - Current assets totaled RMB 4,263,701,000, a slight decrease from RMB 4,370,187,000 at the end of 2023[5] - The company's net asset value increased to RMB 3,920,350,000 from RMB 3,813,450,000, reflecting a growth of 2.8%[6] - Cash and cash equivalents decreased to RMB 390,372,000 from RMB 567,542,000, a decline of 31.2%[5] - Trade and bills receivables as of June 30, 2024, totaled RMB 86,806,000, an increase of 13.5% from RMB 76,507,000 at the end of 2023[23] - Trade and bills payables as of June 30, 2024, were RMB 226,541,000, down 13.9% from RMB 263,089,000 at the end of 2023[24] - The capital commitments for property, plant, and equipment as of June 30, 2024, were RMB 2,738,005,000, slightly up from RMB 2,732,347,000 at the end of 2023[25] - The capital debt ratio was approximately 17.5% as of June 30, 2024, compared to 19.4% as of December 31, 2023, showing an improvement in financial leverage[35] Revenue Breakdown - Revenue from the manufacturing segment was RMB 240,446 thousand, while the property development segment generated RMB 140,130 thousand, and other services contributed RMB 44,704 thousand[12][15] - Revenue from software furniture sales was RMB 240,446 thousand, while property sales contributed RMB 140,130 thousand, and tourism services generated RMB 20,176 thousand[12][15] - The manufacturing segment reported a profit of RMB 35,895 thousand, while the property development segment incurred a loss of RMB 12,687 thousand[14] - The total revenue from services, including tourism, dining, and property management, was RMB 43,292 thousand, down from RMB 61,458 thousand in the previous year[15] - The property development segment's revenue was significantly impacted, with a decrease from RMB 75,261 thousand in 2023 to RMB 140,130 thousand in 2024[13][15] - The land and property development segment reported revenue of approximately RMB 140.1 million, an increase of approximately 86.1% compared to RMB 75.3 million in the same period last year[31] Expenses and Costs - The total depreciation and amortization amounted to RMB 37,319,000, a decrease of 10.5% compared to RMB 41,632,000 for the same period in 2023[18] - The cost of inventory recognized as expenses in the manufacturing segment was RMB 157,734,000, down from RMB 176,070,000 in the previous year, indicating a reduction of 10.4%[18] - The total income tax expense for the six months ended June 30, 2024, was RMB 26,143,000, significantly higher than RMB 1,414,000 for the same period in 2023[19] - The group's selling and distribution costs decreased to approximately RMB 25.0 million, down from RMB 36.2 million in the previous year, with the ratio of selling and distribution costs to revenue decreasing to about 5.9% from 9.5%[33] - Administrative expenses were approximately RMB 80.0 million, a decrease of about RMB 9.9 million compared to RMB 89.9 million in the previous year[33] - Financing costs for the group were approximately RMB 20.7 million, a slight decrease from RMB 22.1 million in the previous year[33] Strategic Plans and Market Position - The company plans to continue expanding its market presence and investing in new product development to drive future growth[10] - The company aims to enhance operational efficiency and explore strategic acquisitions to strengthen its market position[10] - The group is confident in the development prospects of its furniture manufacturing and trading business, with a focus on enhancing production efficiency and optimizing costs at its Cambodia manufacturing base, which is set to fully commence operations in 2024[43] - The group plans to leverage government policies promoting tourism consumption in China to enhance its water park and hotel operations, aiming to improve visitor satisfaction and service quality[43] - The group is actively developing infrastructure in the Cambodia Gokong Zhejiang Economic Zone, aiming to create a quality platform for Chinese enterprises to invest in Cambodia[43] Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange listing rules and believes it has complied with the code, with some deviations noted[44] - The audit committee, composed of three independent non-executive directors, has reviewed the accounting principles and practices adopted by the group for the six months ending June 30, 2024, and recommended strengthening internal controls and risk management effectiveness[47] - The remuneration committee, primarily composed of independent non-executive directors, is responsible for formulating and reviewing the remuneration policies for all directors and senior management[48] - The nomination committee, also mainly consisting of independent non-executive directors, is tasked with nominating directors and reviewing the board's structure and composition[49] Other Notable Events - The company has not experienced any significant events after the reporting date of June 30, 2024[50] - The company agreed to sell a 49% stake in Koh Kong Zhejiang Sez Co., Ltd. for HKD 338 million, with payment made in cash and through the issuance of convertible bonds[51] - The company issued the first batch of convertible bonds amounting to HKD 49,810,229 with a conversion price of HKD 0.36 per share, potentially increasing the share capital by approximately 9.59% as of June 30, 2024[52] - The second batch of convertible bonds was issued for HKD 33,800,353, also at a conversion price of HKD 0.36 per share, which could increase the share capital by about 6.50% as of June 30, 2024[52] - Upon full conversion of both batches of convertible bonds, a total of up to 232,251,616 shares may be issued, representing approximately 16.09% of the issued share capital as of June 30, 2024[52] - The company did not declare an interim dividend for the six months ending June 30, 2024, consistent with the previous period[53] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the six months ending June 30, 2024[54] - The company maintained sufficient public float as per the listing rules during the six months ending June 30, 2024[55] - All information required by the listing rules for the interim report for the six months ending June 30, 2024, will be published on the company's website and sent to shareholders[56]

Financial Performance - In 2023, the company's total revenue reached approximately RMB 956.8 million, representing an increase of about 10.8% compared to RMB 863.4 million in 2022[7]. - The profit attributable to shareholders was approximately RMB 70.4 million, reflecting a year-on-year increase of about 3.1% from RMB 68.3 million in 2022[7]. - The company's pre-tax profit for 2023 was RMB 110.7 million, up from RMB 77.2 million in 2022, indicating a growth of approximately 43.3%[6]. - The total comprehensive income for the year was RMB 70.4 million, compared to RMB 220.0 million in 2021, showing a decline due to adverse market conditions[6]. - The company recorded a consolidated revenue of RMB 956.8 million for the year ended December 31, 2023, representing an increase of approximately 10.8% compared to RMB 863.4 million in 2022[126]. - Gross profit for the year ended December 31, 2023, was RMB 349.7 million, an increase of approximately RMB 99.1 million or about 39.5% from RMB 250.6 million in 2022, resulting in a gross margin of approximately 36.5%[126]. - The attributable profit to owners increased by approximately 3.1% to about RMB 70.4 million in 2023, compared to RMB 68.3 million in 2022[132]. Business Segments - The company continues to focus on land and property development, tourism operations, and the manufacturing and sale of soft furniture as key business segments[7]. - The manufacturing and trading of soft furniture segment reported total revenue of approximately RMB 529.7 million, a decrease of about 11.7% from RMB 599.8 million in the previous year, with net profit dropping approximately 38.9% to RMB 49.1 million from RMB 80.4 million[120]. - The property development segment achieved revenue of RMB 300.9 million, a significant increase of approximately 73.5% from RMB 173.4 million in 2022, resulting in an operating profit of RMB 8.8 million compared to an operating loss of RMB 35.6 million in the previous year[121]. - Revenue from the land and property development segment increased by approximately RMB 127.5 million, with total revenue from this segment reaching RMB 300.9 million, a year-on-year increase of 73.5%[127]. Economic Environment - The overall economic environment in 2023 was challenging, with factors such as international trade tensions and a sluggish real estate sector impacting performance[7]. - The company reported a significant decrease in revenue from previous years, with 2021 revenue at RMB 1.5 billion and 2020 at RMB 1.3 billion, indicating a need for strategic adjustments[6]. Strategic Initiatives - The company is exploring market expansion opportunities and new strategies to enhance its competitive position in the industry[7]. - The company is committed to ongoing research and development of new products and technologies to drive future growth[7]. - The company plans to focus on property development projects in Cambodia, particularly in Phnom Penh, while accelerating project sales and disposing of inefficient assets[141]. - The company aims to enhance furniture production capacity in Cambodia, establishing two major export bases in China and Cambodia to mitigate international trade risks[44]. - The company is actively seeking opportunities in the power energy sector, particularly in Asia and Africa, to drive sustainable growth[70]. Financial Position - Total assets as of December 31, 2023, were RMB 5,982,778,000, compared to RMB 5,821,706,000 in 2022[45]. - Total liabilities increased to RMB 2,169,328,000 in 2023 from RMB 2,109,699,000 in 2022[45]. - The equity attributable to the owners of the company rose to RMB 3,752,621,000 in 2023, up from RMB 3,681,325,000 in 2022[45]. - The company's debt-to-equity ratio improved to 19.1% in 2023 from 20.7% in 2022, indicating a stronger capital structure[46]. - The net cash balance as of December 31, 2023, was approximately RMB 567.5 million, up from RMB 460.3 million in 2022, reflecting improved liquidity[53]. - The current ratio decreased to 2.6 in 2023 from 2.9 in 2022, suggesting a slight decline in short-term financial health[53]. - The net debt-to-equity ratio improved to 4.3% in 2023 from 8.4% in 2022, indicating reduced reliance on debt financing[53]. Operational Efficiency - The company's trade and notes receivables turnover days increased to 33 days in 2023, compared to 24 days in 2022[37]. - Trade and notes payable turnover days increased to 53 days in 2023 from 44 days in 2022, indicating a longer payment cycle[52]. - The inventory turnover days remained stable at 54 days, unchanged from 2022[148]. - The sales and distribution costs decreased to approximately RMB 69.8 million, down about 14.7% from RMB 81.9 million in 2022, with the sales and distribution cost to revenue ratio improving to approximately 7.3% from 9.5%[125]. - The company is enhancing production and delivery capabilities at its furniture export base in Cambodia to maintain competitiveness in the international soft furniture market[120]. - The company aims to improve supply chain efficiency and reduce logistics costs through its production bases in China and Cambodia[120]. Compliance and Governance - The group has established compliance procedures to ensure adherence to applicable environmental laws and regulations, which are subject to change[84][85]. - The company is committed to providing a fair and safe working environment for employees, promoting diversity, and offering competitive compensation and development opportunities[80][99]. - The group continues to monitor its future funding needs closely and considers obtaining short-term loans from banks or financial institutions if necessary[72]. - The company confirmed compliance with all disclosure requirements under the listing rules regarding connected transactions[195]. Shareholder Information - The company has no plans to declare a final dividend for the year ending December 31, 2023, consistent with the previous year[69]. - Joyview and Prosperity and Wealth Limited hold 38.50% of the company's issued share capital, totaling 555,645,113 shares[179]. - Team Ease Limited and Xu Helin hold 16.29% of the company's issued share capital, totaling 235,043,057 shares[179]. - The total transaction amount under the renewed agreement with Yujie for the year ended December 31, 2023, was approximately RMB 874,000, well below the annual cap of RMB 5,000,000[183]. - The maximum amount guaranteed by the group for bank financing related to continuous connected transactions was reduced from RMB 393,000,000 to approximately RMB 308,000,000[185].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of RMB 956,757,000, an increase from RMB 863,429,000 in 2022, representing a growth of approximately 10.8%[22] - The net profit attributable to the company's owners for the year was RMB 65,909,000, compared to RMB 59,750,000 in the previous year, reflecting an increase of about 10.1%[22] - The company's earnings per share (EPS) for the year was RMB 4.88, up from RMB 4.59 in 2022, indicating a growth of approximately 6.3%[10] - Total comprehensive income for the year was RMB 66,779,000, slightly down from RMB 69,871,000 in 2022, a decrease of about 4.5%[8] - The total operating profit before tax for the year was RMB 65,909,000, an increase from RMB 59,750,000 in the previous year[74] - The company's net profit attributable to owners for the year ended December 31, 2023, was approximately RMB 70,400,000, an increase of about RMB 2,100,000 or approximately 3.1% compared to RMB 68,300,000 in 2022[135] Revenue Breakdown - Revenue from software furniture sales was RMB 529,668,000, down from RMB 599,778,000 in the previous year, indicating a decline of about 11.6%[47] - Revenue from land and property development increased significantly to RMB 300,912,000 from RMB 173,421,000, reflecting a growth of approximately 73.5%[47] - The company reported a total of RMB 465,271,000 in revenue from the Chinese market, up from RMB 338,884,000, marking an increase of around 37.2%[47] - Revenue from Cambodia rose to RMB 65,894,000, compared to RMB 22,549,000 in the previous year, showing a substantial increase of approximately 192.5%[47] - The total revenue from the manufacturing and trading of soft furniture was approximately RMB 529,700,000, a decrease of about 11.7% from RMB 599,800,000 in 2022[138] - The revenue from the land and property development segment was RMB 300,900,000, an increase of approximately 73.5% compared to RMB 173,400,000 in 2022[139] Assets and Liabilities - The company's total assets less current liabilities stood at RMB 4,281,499,000, a slight decrease from RMB 4,313,004,000 in the previous year[12] - The company's cash and cash equivalents amounted to RMB 567,542,000, compared to RMB 460,310,000 in 2022, showing an increase of approximately 23.3%[11] - The total equity of the company increased to RMB 3,813,450,000 from RMB 3,712,007,000, representing a growth of about 2.7%[30] - The company's equity attributable to owners increased to RMB 3,752,621,000 from RMB 3,681,325,000, reflecting a growth of approximately 1.9%[53] - As of December 31, 2023, the group's bank borrowings were approximately RMB 728,200,000, a decrease of about 5.3% from RMB 769,200,000 as of December 31, 2022[121] - The current ratio as of December 31, 2023, was 2.6, down from 2.9 as of December 31, 2022[123] Expenses and Costs - Interest expenses on bank and other borrowings decreased to RMB 40,849,000 from RMB 60,905,000, a reduction of about 32.9%[52] - The group incurred depreciation and amortization expenses totaling RMB 84,297,000 for the year, slightly down from RMB 84,494,000 in the previous year[74] - The group's financing costs amounted to RMB 42,655,000, with RMB 9,391,000 attributed to the manufacturing segment[66] - Administrative expenses for 2023 were approximately RMB 177,100,000, a decrease of about 6.1% from RMB 188,700,000 in 2022[144] - The total income tax expense for the year ended December 31, 2023, was RMB 44,773,000, significantly higher than RMB 17,495,000 in 2022[96] Employee and Compensation - The group reported a total of RMB 176,239,000 in employee costs, including director remuneration, for the year ended December 31, 2023[74] - The total employee compensation for 2023 was approximately RMB 171.8 million, reflecting an 18.4% increase from RMB 176.2 million in 2022[185] - As of December 31, 2023, the group employed approximately 2,285 full-time employees, an increase from 2,117 in 2022, with total employee compensation expenses around RMB 171.8 million, representing 19.9% of the group's operating income[185] Corporate Governance and Compliance - The company has not early adopted new or revised International Financial Reporting Standards that are not yet effective, which may impact future financial reporting[38] - The group expects the new and revised international financial reporting standards to impact its accounting policies starting from the first period after their effective date[61] - The group will continue to monitor and revise its corporate governance policies to meet the standards required by the stock exchange[193] - The audit committee has reviewed the group's audited annual performance for the year ending December 31, 2023[194] - The group has complied with the corporate governance code, with some deviations noted, and will continue to enhance internal controls and risk management effectiveness[191] Strategic Initiatives - The company aims to enhance production and delivery capabilities at its furniture export base in Cambodia to maintain competitiveness in the international market[138] - The group plans to shift major production capacity to Cambodia, significantly increasing exports to European and American customers[161] - The tourism and vacation business is expected to perform well due to the rapid recovery of the domestic market, leveraging government incentives to boost domestic tourism consumption[162] - The group plans to explore opportunities in the power energy sector in Asia and Africa, particularly in thermal and renewable energy generation[186] Investments and Acquisitions - The company completed the acquisition of a 49% stake in Koh Kong Zhejiang Sez Co., Ltd for a total consideration of HKD 338,000,000 (approximately RMB 306,296,000) on December 29, 2023[130] - Carson International, a wholly-owned subsidiary, agreed to acquire a 49% stake in Koh Kong Zhejiang Sez Co., Ltd. for HKD 338 million, which will be paid in cash and convertible bonds[179] Dividends - The company does not recommend the payment of a final dividend for the years ended December 31, 2023, and 2022[96] - The board does not recommend the payment of any final dividend for the year ended December 31, 2023, consistent with the previous year[165]

根據本公司可獲得的資料及就其董事所知，於截至二零二三年六月三十日止六個月期間，本公司一直根據上市 規則的規定維持足夠的公眾持股量。 9 o 業務回顧及前景 2 卡 森 國 際 控 股 有 限 公 司 KASEN INTERNATIONAL HOLDINGS LIMITED （於爾曼群島註冊成立的受辭免有限公司） 股份代號：496 e 0 企業管治 12 中期簡明綜合財務報表審閱報告 14 簡明綜合財務狀況表 17 簡明綜合現金流量表 20 目 錄 截至六月三十日止六個月 業績概覽 於截至二零二三年六月三十日止六個月，卡森國際控股有限公司（「本公司」）連同其附屬公司（統稱「本集團」）錄 得綜合營業額約人民幣381,800,000元（截至二零二二年六月三十日止六個月：人民幣491,400,000元），與二零 二二年同期相比減少約22.3%。營業額減少主要由於於回顧期間，(i)本集團的物業發展項目交付物業減少；及(ii) 本集團來自海外客戶銷售訂單減少導致製造分部收益下降所致。 於二零二三年上半年，本公司擁有人應佔純利約為人民幣32,700,000元（截至二零二二年六月三十日止六個月： 人民幣35,500,000元 ...

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。 KASEN INTERNATIONAL HOLDINGS LIMITED 卡 森 國 際 控 股 有 限 公司 （於開曼群島註冊成立的受豁免有限公司） 496 （股份代號： ） 中期業績公告 截至二零二三年六月三十日止六個月 卡森國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月的未經審核 簡明綜合中期業績。該等中期業績已經由全體獨立非執行董事所組成的本公司 審核委員會（「審核委員會」）審閱。 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至 截至 二零二三年 二零二二年 六月三十日 六月三十日 附註 止六個月 止六個月 人民幣千元 人民幣千元 （未經審核）（未經審核） 3,4 381,786 491,387 ...

Company Overview - The company primarily engages in the manufacturing of soft furniture and property development in Hainan, establishing itself as a market leader in soft furniture manufacturing in China for over 20 years[20]. Financial Performance - Revenue for 2022 was RMB 863,429,000, a decrease of 42.9% from RMB 1,513,538,000 in 2021[105]. - Profit before tax for 2022 was RMB 77,245,000, down 77.3% from RMB 339,795,000 in 2021[105]. - Net profit attributable to the company's owners for 2022 was RMB 68,279,000, a decline of 68.9% compared to RMB 220,039,000 in 2021[105]. - The group's gross profit for the year ended December 31, 2022, was RMB 250.6 million, a decrease of approximately 55.2% compared to RMB 559.6 million in 2021, with an average gross margin of 29.0%[141]. - The net profit from the manufacturing and trading of soft furniture was approximately RMB 80.4 million, a decrease of 56.5% from RMB 184.8 million in 2021[144]. - Administrative expenses for 2022 were approximately RMB 188.7 million, a reduction of RMB 20 million compared to RMB 208.7 million in 2021[148]. - Financing costs increased to approximately RMB 63.1 million in 2022, up from RMB 53.8 million in the previous year[149]. - The group experienced a significant decrease in tax expenses, amounting to RMB 17.5 million in 2022, down from RMB 126.6 million in 2021[150]. - The total employee compensation expenses decreased from RMB 200,000,000 in 2021 to RMB 171,800,000 in 2022[182]. Operational Challenges - The company faced significant operational disruptions due to strict COVID-19 measures, affecting production, logistics, and customer traffic in hotels and entertainment facilities[117]. - The overall performance was negatively impacted by a prolonged downturn in the domestic real estate sector[117]. Governance and Compliance - The company has implemented a risk management and internal control system based on the Ministry of Finance's guidelines, focusing on managing risks rather than eliminating them[14]. - The board of directors has adopted an independence assessment mechanism to ensure independent viewpoints are available, with at least three independent non-executive directors constituting one-third of the board[16]. - The company has not identified any significant internal control deficiencies and believes its risk management and internal control systems are effective and sufficient[15]. - The company has implemented compliance procedures to ensure adherence to applicable laws and regulations, with regular reviews by the audit committee[82]. Environmental, Social, and Governance (ESG) Initiatives - The company has implemented a comprehensive risk management system to identify and assess environmental, social, and governance-related risks[25]. - The board has overall responsibility for the governance of environmental, social, and governance planning and implementation[24]. - The company has a zero-tolerance policy towards corruption, bribery, and fraud, with employees required to sign a commitment to integrity[36]. - The company is committed to improving its ESG performance by utilizing stakeholder feedback to establish a reporting framework and management strategies[49]. - The company engaged with stakeholders to understand their views on environmental, social, and governance (ESG) issues, aiming to improve management strategies and performance in these areas[48]. Employee and Workplace - The total number of employees as of December 31, 2022, was 427, with a focus on creating an attractive workplace and providing competitive job opportunities[63]. - The overall employee turnover rate for the reporting period was 50.35%, significantly up from 31.91% in the previous year[79]. - The turnover rate for employees aged under 30 was exceptionally high at 141.03% in 2022, compared to 89.71% in 2021[79]. - The company provided medical insurance benefits and health awareness programs to enhance employee well-being[86]. Customer and Supplier Relations - The company maintains regular and timely communication with shareholders to ensure they are informed of significant operational matters, facilitating informed decision-making[19]. - Customer satisfaction surveys are conducted annually, achieving a response rate of at least 80% from key customers[31]. - The company has established a customer feedback program to enhance product quality and service, allowing customers to submit complaints and suggestions through various channels[54]. - The company prioritizes suppliers with quality management system certifications in its procurement process, ensuring fair procurement practices[58]. - The company collaborated with 503 suppliers, primarily local, to support community development and local employment, emphasizing the importance of supplier quality and R&D capabilities[58]. Future Strategies - The company plans to explore new strategies for market expansion and product development in response to the challenging environment[117]. - The company plans to expand its production base in Cambodia to meet the needs of major customers, aligning with its internationalization strategy[137]. - The company is seeking new growth drivers through the development of overseas power energy infrastructure as part of its industrial transformation and sustainable development strategy[137]. - The group plans to accelerate sales in the real estate sector by implementing various flexible measures and focusing on the development of real estate projects in Phnom Penh, Cambodia[185].

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。 KASEN INTERNATIONAL HOLDINGS LIMITED 卡 森 國 際 控 股 有 限 公司 （於開曼群島註冊成立的受豁免有限公司） 496 （股份代號： ） 年度業績公告 截至二零二二年十二月三十一日止年度 卡森國際控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（「本集團」）截至二零二二年十二月三十一日止年度的經審核綜合 業績連同截至二零二一年十二月三十一日止年度的比較數字如下。 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 附註 二零二二年 二零二一年 人民幣千元 人民幣千元 4 863,429 1,513,538 收入 (612,883) (953,973) 銷售成本 250,546 559,565 毛利 ...