Financial Performance - For the six months ended June 30, 2022, Kasen International Holdings Limited reported a consolidated revenue of approximately RMB 491.4 million, a decrease of about 30.1% compared to RMB 702.6 million for the same period in 2021[4]. - The gross profit for the same period was approximately RMB 174.5 million, with an average gross margin of 35.5%, compared to RMB 249 million and 35.4% respectively in 2021, reflecting a gross profit decrease of about 29.9%[4]. - The net profit attributable to shareholders for the first half of 2022 was approximately RMB 35.5 million, a decrease of about RMB 11.3 million or 24.2% from RMB 46.8 million in the same period of 2021[4]. - Revenue for the six months ended June 30, 2022, was RMB 491,387 thousand, a decrease of 30% compared to RMB 702,551 thousand for the same period in 2021[64]. - Gross profit for the same period was RMB 174,478 thousand, down 30% from RMB 248,998 thousand year-on-year[64]. - The overall profit for the period was RMB 13,143,000, a decrease of approximately 75% compared to RMB 53,636,000 in the same period last year[94]. Segment Performance - The furniture manufacturing and trading segment achieved a total revenue of approximately RMB 335 million, down about 7.4% from RMB 361.9 million in 2021, while the property development segment saw a significant decline of 60.3%, with revenue of RMB 112.9 million compared to RMB 284.7 million in 2021[6][9]. - The overall profit for the furniture segment increased by approximately 37.8%, reaching RMB 35.7 million compared to RMB 25.9 million in the previous year, despite external challenges[8]. - The property development segment generated revenue of RMB 112,935,000, a significant drop from RMB 284,667,000, reflecting a decline of approximately 60%[90][92]. - The manufacturing segment's profit increased to RMB 35,701,000 from RMB 25,862,000, showing an increase of about 38%[94]. - The property development segment's profit decreased to RMB 4,783,000 from RMB 24,072,000, a decline of approximately 80%[94]. - The "other" segment incurred a loss of RMB 25,907,000, compared to a profit of RMB 3,172,000 in the previous year[94]. Costs and Expenses - For the six months ended June 30, 2022, the group's sales and distribution costs increased to approximately RMB 45,600,000, up from RMB 41,700,000 in the same period of 2021, representing an increase of approximately RMB 3,900,000[13]. - The ratio of sales and distribution costs to revenue for the first half of 2022 rose to approximately 9.3%, compared to about 5.9% in the same period of 2021[13]. - Administrative costs for the first half of 2022 were approximately RMB 89,800,000, a decrease of about RMB 11,100,000 from approximately RMB 100,900,000 in the same period of 2021[13]. - The total employee compensation for the first half of 2022 was approximately RMB 85,000,000, down from RMB 95,100,000 in the same period of 2021[23]. Assets and Liabilities - As of June 30, 2022, the company had cash and cash equivalents totaling approximately RMB 307,500,000, an increase from RMB 279,600,000 as of December 31, 2021[15]. - The group's total borrowings amounted to approximately RMB 814,300,000 as of June 30, 2022, compared to RMB 804,100,000 as of December 31, 2021[15]. - Inventory as of June 30, 2022, was approximately RMB 76,200,000, a decrease of about RMB 17,500,000 from approximately RMB 93,700,000 as of December 31, 2021[15]. - Current assets amounted to RMB 4,169,896 thousand as of June 30, 2022, slightly down from RMB 4,183,051 thousand at the end of 2021[70]. - The company's current liabilities totaled RMB 1,585,152 thousand, a decrease of 5.1% from RMB 1,670,370 thousand as of December 31, 2021[72]. - The total liabilities for the group decreased to RMB 2,252,265,000 as of June 30, 2022, from RMB 2,320,402,000 as of December 31, 2021, a reduction of 2.9%[98]. Cash Flow and Financing - The company's cash flow from operating activities for the six months ended June 30, 2022, was RMB 42,912 thousand, a significant decline of 58.6% compared to RMB 103,565 thousand for the same period in 2021[79]. - The company reported a net cash outflow from investing activities of RMB 3,643 thousand, a substantial improvement from RMB 87,551 thousand in the previous year[79]. - The group obtained additional bank and other borrowings of approximately RMB 190,243,800 during the period, compared to RMB 275,945,000 for the six months ended June 30, 2021[130]. - The group repaid bank and other borrowings amounting to RMB 180,066,000, compared to approximately RMB 276,281,000 for the six months ended June 30, 2021[130]. Shareholder Information - As of June 30, 2022, the major shareholder, Mr. Zhu, holds 568,005,113 shares, representing approximately 38.03% of the total issued shares[30]. - Major shareholders include Joyview1 and Prosperity and Wealth Limited1, each holding 555,645,113 shares, which is 37.20% of the issued share capital[43]. - Team Ease Limited2, beneficially owned by Chen Tian Er, holds 235,043,057 shares, representing 15.74% of the issued share capital[43]. - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[53]. Corporate Governance - The company has adopted the corporate governance code as its regular governance practices and believes it has complied with the code provisions[47]. - The audit committee, composed of three independent non-executive directors, reviewed the financial reports and internal control effectiveness for the six months ended June 30, 2022[49]. Future Outlook - The group will not develop new projects in the domestic real estate sector in the short term, instead focusing on sales and delivery of existing projects[27]. - The development of the "Phnom Penh Carson Garden" project in Cambodia is a priority to expand sales revenue[27]. - The company continues to assess the impact of the ongoing Covid-19 pandemic on its operations and investment strategies, indicating potential further negative performance and liquidity constraints[86].

| --- | --- | |-------|-------| | | | | | | 目錄 | --- | --- | |--------------------------|-------| | | | | | | | 目錄 | | | 公司資料 | 2 | | 財務摘要 | 3 | | 董事及管理層履歷 | 4 | | 主席報告 | 8 | | 管理層討論及分析 | 10 | | 董事會報告 | 17 | | 企業管治報告 | 33 | | 環境、社會及管治報告 | 42 | | 獨立核數師報告 | 74 | | 綜合損益及其他全面收益表 | 80 | | 綜合財務狀況表 | 82 | | 綜合權益變動表 | 84 | | 綜合現金流量表 | 85 | | 綜合財務報表附註 | 87 | 1 卡森國際控股有限公司 二零二一年年報 公司資料 | --- | --- | |-----------------------------------------------------|----------------------------------------------------------------- ...

| --- | --- | |-------|----------| | | | | | 中期報告 | | --- | --- | |------------------------------|-------| | 目 錄 | | | 業務回顧及前景 | 2 | | 權益披露 | 9 | | 企業管治 | 13 | | 其他資料 | 14 | | 中期簡明綜合財務報表審閱報告 | 15 | | 簡明綜合損益及其他全面收益表 | 16 | | 簡明綜合財務狀況表 | 18 | | 簡明綜合權益變動表 | 20 | | 簡明綜合現金流量表 | 21 | | 中期簡明綜合財務報表附註 | 22 | 1 卡森國際控股有限公司 二零二一年中期報告 截至六月三十日止六個月 二零二一年 二零二零年 變動 業務回顧及前景 業績概覽 於截至二零二一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702,600,000元（截至二零二零年六月三十日止六個月：人民幣489,600,000元），與二零二 零年同期相比增加約43.5%。 本集團於截至二零二一年六月三十日 ...

| --- | --- | |-------|-------| | | | | | | 目錄 | --- | --- | |--------------------------|-------| | | | | 目錄 | | | 公司資料 | 2 | | 財務摘要 | 3 | | 董事及管理層履歷 | 4 | | 主席報告 | 8 | | 管理層討論及分析 | 10 | | 董事會報告 | 17 | | | | | 企業管治報告 | 33 | | 環境、社會及管治報告 | 43 | | 獨立核數師報告 | 69 | | 綜合損益及其他全面收益表 | 75 | | 綜合財務狀況表 | 77 | | 綜合權益變動表 | 79 | | 綜合現金流量表 | 80 | | 綜合財務報表附註 | 82 | 1 卡森國際控股有限公司 二零二零年年報 公司資料 | --- | --- | |------------------------------------------------------------------------------|---------------------------------------- ...

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史有限公司） 股份代號 : 496 =期報告 | --- | --- | |------------------------------|-------| | 目 錄 | | | 業務回顧及前景 | 2 | | 權益披露 | 8 | | 企業管治 | 12 | | 其他資料 | 13 | | | | | 簡明綜合中期財務報表審閱報告 | 14 | | 簡明綜合損益及其他全面收益表 | 15 | | 簡明綜合財務狀況表 | 17 | | 簡明綜合權益變動表 | 19 | | 簡明綜合現金流量表 | 20 | | 簡明綜合財務報表附註 | 21 | 1 卡森國際控股有限公司 二零二零年中期報告 截至六月三十日止六個月 二零二零年 二零一九年 變動 業務回顧及前景 業績概覽 於截至二零二零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489,600,000元（截至二零一九年六月三十日止六個月：人民幣1,963, ...

Financial Performance - In 2019, the company's revenue was RMB 3,413,185 thousand, a decrease of 5.4% compared to RMB 3,608,540 thousand in 2018[23] - The profit before tax for 2019 was RMB 663,564 thousand, an increase of 10.7% from RMB 599,600 thousand in 2018[23] - The net profit attributable to shareholders for 2019 was RMB 444,958 thousand, slightly down by 1.9% from RMB 449,799 thousand in 2018[23] - The group recorded a total revenue of approximately RMB 3,413,200,000 for the year ended December 31, 2019, a decrease of about 5.4% compared to RMB 3,608,500,000 in 2018[46] - The net profit attributable to shareholders was approximately RMB 445,000,000, a decrease of about 1.1% from RMB 449,800,000 in 2018[52] Assets and Liabilities - Total assets decreased to RMB 6,295,228 thousand in 2019 from RMB 8,152,573 thousand in 2018, representing a decline of 22.7%[24] - The total liabilities decreased significantly to RMB 2,934,711 thousand in 2019 from RMB 5,233,615 thousand in 2018, a reduction of 43.9%[24] - The debt-to-equity ratio improved to 27.1% in 2019 from 30.8% in 2018, indicating a stronger financial position[25] - Cash and cash equivalents as of December 31, 2019, amounted to approximately RMB 211.9 million, down from RMB 457.7 million in 2018[71] - The debt-to-equity ratio was 27.6% as of December 31, 2019, compared to 31.6% in 2018[71] Operational Efficiency - The average gross profit margin increased to 35.0% in 2019 from 29.3% in 2018, reflecting an increase of approximately 13.0% in gross profit to RMB 1,193,000,000[52] - The group aims to enhance operational efficiency and reduce costs in its soft furniture business while maintaining close cooperation with US clients to mitigate tariff risks[49] - Operational efficiency improvements are projected to reduce costs by I%, enhancing overall profitability[33] Market and Product Development - User data showed an increase in active users, reaching Z million, which is a W% increase year-over-year[33] - New product launches are expected to contribute an additional $D million in revenue, with a focus on expanding the product line in the upcoming year[33] - Market expansion plans include entering F new regions, which are anticipated to increase market share by G% over the next two years[33] - The company is investing in new technology development, allocating $E million towards R&D initiatives aimed at enhancing product quality and efficiency[33] Corporate Governance - The company has complied with the corporate governance code provisions throughout the year, with a noted deviation regarding the separation of the roles of Chairman and CEO[184] - The audit committee, composed entirely of independent non-executive directors, reviewed the annual performance for the year ended December 31, 2019[178] - The independent non-executive directors confirmed their independence in accordance with Listing Rule 3.13, contributing significant operational and financial expertise to the board[189] Employee Relations - The total employee compensation expenses for 2019 were approximately RMB 226.5 million, representing about 6.6% of the operating revenue, compared to 5.7% in 2018[81] - The company values its employees as valuable assets and provides ongoing training and development opportunities to enhance their professional knowledge[116] - The company offers medical insurance benefits and other health awareness programs to ensure employee well-being[117] Sustainability and Social Responsibility - The management team emphasized a commitment to sustainability, with plans to invest J million in eco-friendly practices and technologies[33] - The company has complied with relevant environmental laws and regulations, although changes in these regulations may increase operational costs[96] - The group made donations amounting to approximately RMB 257,000 during the review year[174] Strategic Acquisitions and Partnerships - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the H sector[33] - The company has established a furniture factory in Cambodia to mitigate risks from U.S. tariffs amid ongoing trade tensions[85] Related Party Transactions - The group did not engage in any significant related party transactions during the year ended December 31, 2019, except for those disclosed in the annual report[162] - The total transaction amount under the 2018 Yujie Renewal Agreement was approximately RMB 1,866,000, without exceeding the annual cap of RMB 5,000,000[147]

Financial Performance - The total revenue for the six months ended June 30, 2019, was approximately RMB 1,963,600,000, representing an increase of about 87.7% compared to RMB 1,046,000,000 for the same period in 2018[14]. - Gross profit for the same period was RMB 652,400,000, with a gross margin of approximately 33.2%, up from 26.4% in 2018, marking a gross profit increase of about 136.0%[14]. - Net profit attributable to owners for the six months ended June 30, 2019, was approximately RMB 227,800,000, an increase of about 119.2% from RMB 103,900,000 in 2018[15]. - Profit before tax increased to RMB 373,368 thousand, compared to RMB 116,090 thousand in the previous year, reflecting a growth of 221%[78]. - Net profit for the period was RMB 242,998 thousand, a substantial rise from RMB 89,641 thousand, marking an increase of 171%[78]. - Basic earnings per share for the period was RMB 15.3 cents, compared to RMB 7.0 cents in the previous year, showing a 118% increase[80]. Revenue Segmentation - The property development segment recorded revenue of approximately RMB 1,544,900,000, a significant increase of about 148.5% compared to RMB 621,700,000 in the same period of 2018[20]. - The manufacturing and trading of soft furniture segment achieved total revenue of approximately RMB 359,800,000, a modest increase of about 3.5% from RMB 347,600,000 in 2018[19]. - Revenue from property development reached RMB 1,544,940 thousand, contributing 78.6% to total revenue, while manufacturing revenue was RMB 359,752 thousand, accounting for 18.3%[125]. - Revenue from software furniture sales was RMB 359,752 thousand, up from RMB 347,593 thousand in the previous year, showing a growth of approximately 3.3%[132]. - The company’s revenue from services provided was RMB 1,904,692 thousand, significantly higher than RMB 969,322 thousand in the previous year, marking an increase of approximately 96%[132]. Costs and Expenses - For the six months ended June 30, 2019, the group's sales and distribution costs increased to approximately RMB 111 million, up from RMB 71.8 million in the same period of 2018, representing an increase of approximately RMB 39.2 million[25]. - The group's administrative costs for the same period were approximately RMB 124.1 million, an increase of about RMB 17.8 million compared to approximately RMB 106.3 million in the same period of 2018[25]. - The total depreciation and amortization expenses increased to RMB 38,897,000 in 2019 from RMB 32,322,000 in 2018, reflecting a rise of 20.0%[136]. - The income tax expense for the six months ended June 30, 2019, was RMB 130,370,000, significantly higher than RMB 26,449,000 in 2018, marking an increase of 391.5%[138]. Assets and Liabilities - Total assets as of June 30, 2019, amounted to RMB 4,782,969 thousand, down from RMB 6,072,849 thousand at the end of 2018[84]. - The total current liabilities decreased to RMB 3,304,543 thousand from RMB 4,661,548 thousand, marking a decline of approximately 29.1%[86]. - The company’s total liabilities decreased significantly, contributing to an increase in asset net worth to RMB 3,162,587 thousand from RMB 2,918,958 thousand, a rise of about 8.3%[86]. - The group’s non-current liabilities, including deferred tax liabilities, totaled RMB 562,867 thousand, slightly down from RMB 572,067 thousand in the previous year[86]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2019, was RMB 17,599 thousand, a significant decrease of 96.6% compared to RMB 515,846 thousand for the same period in 2018[93]. - The company reported a net cash outflow from investing activities of RMB 207,449 thousand, compared to RMB 574,014 thousand in the previous year, indicating a reduction in cash used for investments[93]. - Cash and cash equivalents at the end of the period were RMB 282,256 thousand, down from RMB 855,037 thousand, indicating a decrease of approximately 67.0%[93]. - The company’s cash flow from financing activities showed a net inflow of RMB 15,655 thousand, a decrease from RMB 471,035 thousand in the previous year, indicating a shift in financing strategy[93]. Shareholder Information - The company’s major shareholder, Mr. Zhu, holds approximately 36.10% of the issued shares, totaling 539,221,635 shares[45]. - Major shareholders include Joyview1 and Prosperity and Wealth Limited1, each holding 526,861,635 shares, which is 35.27% of the issued share capital[56]. - Team Ease Limited2, beneficially owned by Chen Tian Er, holds 235,043,057 shares, representing 15.74% of the issued share capital[56]. - As of June 30, 2019, the company had 10,850,000 unexercised options under the 2005 Share Option Scheme[49]. Corporate Governance - The board confirmed compliance with the corporate governance code, except for the deviation regarding the separation of roles between the Chairman and CEO[60][61]. - The audit committee, composed of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the six months ended June 30, 2019[63]. - The company has not disclosed any significant post-reporting date events as of the report date[68]. IFRS 16 Transition - The adoption of IFRS 16 resulted in an increase of RMB 161,722 thousand in right-of-use assets as of January 1, 2019[106]. - The company chose not to separate non-lease components and accounts for all lease components and any related non-lease components as a single lease component[109]. - The transition to IFRS 16 did not have any significant impact on the accounting policies of the group apart from the changes related to lease accounting[103]. - The group recognized interest expenses of RMB 453 thousand related to lease liabilities during the reporting period[119].

Financial Performance - Revenue for 2018 reached RMB 3,608,540 thousand, a significant increase from RMB 1,605,880 thousand in 2017, representing a growth of approximately 124.8%[20] - Profit before tax for 2018 was RMB 599,600 thousand, compared to a loss of RMB 187,545 thousand in 2017, indicating a turnaround in profitability[20] - Net profit attributable to owners of the company for 2018 was RMB 449,799 thousand, recovering from a loss of RMB 203,351 thousand in the previous year[20] - The company reported a basic earnings per share of RMB 0.30 for 2018, recovering from a loss per share of RMB 0.13 in 2017[21] - The company recorded a consolidated revenue of approximately RMB 3,608,500,000 for the year ended December 31, 2018, representing an increase of approximately 124.7% compared to RMB 1,605,900,000 in 2017[46] - The net profit attributable to shareholders was approximately RMB 449,800,000 in 2018, a turnaround from a net loss of RMB 203,400,000 in 2017, primarily due to a significant increase in overall gross profit of approximately RMB 723,600,000[46] - The gross profit margin improved to 29.3% in 2018, up from 20.7% in 2017, reflecting a gross profit of RMB 1,056,000,000, an increase of approximately 217.7% year-on-year[46] - The overall operating profit for the property development segment was RMB 437,000,000 in 2018, a significant recovery from an operating loss of RMB 217,000,000 in 2017[52] Financial Position - The company's total assets as of December 31, 2018, were RMB 8,152,573 thousand, while total liabilities stood at RMB 5,233,615 thousand, resulting in equity attributable to owners of RMB 2,849,292 thousand[20] - The debt-to-equity ratio improved to 30.8% in 2018 from 17.0% in 2017, reflecting a stronger financial position[21] - Cash and cash equivalents totaled RMB 457,708 thousand, with total borrowings amounting to RMB 899,997 thousand as of the end of 2018[20] - The current ratio as of December 31, 2018, was 1.30, slightly down from 1.34 in 2017, with cash and cash equivalents totaling approximately RMB 457.7 million[65] - As of December 31, 2018, the group's bank and other borrowings amounted to approximately RMB 900 million, an increase of 82.6% from RMB 493 million in 2017[61] Market Expansion and Growth Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[20] - The company is expanding its market presence in D regions, aiming to capture a larger share of the local market[35] - Recent acquisitions have strengthened the company's portfolio, adding E million in annual revenue and enhancing operational capabilities[36] - The company is investing in new technologies, with a budget of F million allocated for R&D in the upcoming year[37] - Strategic partnerships are being formed to enhance distribution channels, expected to increase market penetration by G%[38] - The company plans to actively respond to China's "Belt and Road" initiative by developing economic special zones in countries like Cambodia and Indonesia, aiming to enhance international cooperation[42] Operational Efficiency - The inventory turnover days increased to 53 days in 2018, compared to 50 days in 2017, indicating a slight increase in inventory management efficiency[21] - The group’s sales and distribution costs decreased to approximately RMB 228.9 million in 2018 from RMB 317.7 million in 2017, resulting in a sales cost ratio of 6.3% compared to 19.8% in the previous year[56] - The company has implemented cost-cutting measures, projected to save H million annually, improving overall profitability[39] Customer and Employee Relations - Customer satisfaction ratings have improved, with an increase of I% in positive feedback from users[40] - The total employee compensation expense for the company in 2018 was approximately RMB 206.4 million, accounting for about 5.7% of operating revenue[81] - The company emphasizes employee health and safety, providing medical insurance benefits and promoting health awareness programs[115] - The company has a structured approach to employee training and development, enhancing professional knowledge and skills[113] Corporate Governance - The company has a clear governance structure with regular reviews of compliance policies by the audit committee[112] - The board of directors includes both executive and independent non-executive members, with terms of three years for current directors[117] - The company has established a Remuneration Committee to formulate policies and review the remuneration of directors and senior management, consisting of two independent non-executive directors and one executive director[172] - The company has complied with the corporate governance code as of December 31, 2018, but has not separated the roles of Chairman and CEO, with the current Chairman also serving as CEO[177] Related Party Transactions - The total transaction amount under the 2016 renewal agreement with Haining Yujie for the sale of production waste was approximately RMB 2,000,000, with an annual cap of RMB 5,000,000[141] - The total value of transactions under the 2016 Lingjia Agreement for the review year was approximately RMB 59,400,000, with an annual cap of RMB 70,000,000[151] - The 2018 Lingjia Agreement was established to continue purchasing raw materials for soft furniture production from Lingjia New Materials from January 1, 2019, to December 31, 2021[151] Shareholder Information - The board proposed a special dividend of HKD 0.30 per share, to be paid in two installments of HKD 0.17 and HKD 0.13[98] - As of December 31, 2018, the company's distributable reserves were approximately RMB 1.6019 billion[103] - Joyview Enterprises Limited and Prosperity and Wealth Limited collectively hold 539,221,635 shares, representing approximately 36.10% of the total issued shares[135]