六月,是厦门与海洋共舞的季节。 当晨曦洒向绵延的海岸线,当潮声轻叩城市的脉搏,我们听见海洋与城市共生的呼吸,鹭岛的每一个角落都 弥漫着海洋的气息。 在这个充满生机与活力的时节,国贸地产再次扬帆起航,开启了全新的"海洋月"活动。与往年不同的是,今 年海洋月将"海洋基因"转化为与城市共鸣的深层实践:从面向大众的传播活动,深度聚焦为服务社区、激 活邻里的"微公益品牌"——"海好有你·益起美",开启品牌节日公共化的新篇章。 从2023年发布首份ESG报告阐述环保理念,到在全国多个城市启动贸贸海令营,为适龄的孩子带来海洋文 化体验……据不完全数据统计,在过去两年时间内,国贸地产已经在多城联动累计举办海洋相关活动200多 场,让海洋公益融入。 更深远的影响是,海洋基因已融入产品设计,如海上鸣樾的建筑立面取意海浪的流线型设计,海屿原的园林 设计打造滨海风情度假风,天琴海的架空层打造沉浸式海洋主题空间…… 可以说,这一系列的举措,都是国贸对"与城共美"的躬身实践——让品牌温度化为城市进步的刻度。 2025年海洋月全新升级: 回溯蔚蓝足迹: 海洋基因,是国贸"与城共美"的生动注脚 当2022年底的暖冬海风拂过厦门,国贸地产在鹭 ...

samson HOlding Samson Holding Ltd. 順誠控股有限公司* (於関曼群島註爵成立之有限公司) (股份代號: 531.hk) I 2024 | 中期報告 UNIVERSAL re Lacouer SSNERY PAULA DEEN LEGACY CRAFIMASTER MIRANDA KERR QHOME Baker LACQUERCRAFT LEGACY M c G U I R E * 僅供識別 | --- | --- | |--------------------------|-------| | | | | 目 錄 | | | 集團簡介 | | | 公司資料 | | | 財務要點 | | | 管理層討論及分析 | | | 其他資料 | | | 獨立審閱報告 | | | 中期簡明綜合損益表 | | | 中期簡明綜合全面收益表 | | | 中期簡明綜合財務狀況表 | | | 中期簡明綜合權益變動表 | | | 中期簡明綜合現金流量表 | | | 中期簡明綜合財務資料附註 | | 1 2 3 4 7 16 17 1 順誠控股有限公司 2024年中期報告 集團簡介 10 11 12 ...

[Interim Financial Statements](index=1&type=section&id=Interim%20Financial%20Statements) [Interim Condensed Consolidated Income Statement](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2024, revenue decreased by 7.2% year-over-year, while loss for the period narrowed due to improved gross margin and cost control Key Financial Data for H1 2024 | Metric | H1 2024 (US$ thousand) | H1 2023 (US$ thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 200,072 | 215,630 | -7.2% | | Gross Profit | 52,733 | 52,620 | +0.2% | | Loss Before Tax | (969) | (1,353) | -28.4% | | Loss for the Period | (716) | (1,123) | -36.2% | | Basic Loss Per Share (US cents) | (0.024) | (0.037) | -35.1% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Despite narrowed operating loss, total comprehensive loss for the period expanded due to increased exchange differences from foreign operations translation Summary of Comprehensive Income Statement | Item | H1 2024 (US$ thousand) | H1 2023 (US$ thousand) | | :--- | :--- | :--- | | Loss for the Period | (716) | (1,123) | | Exchange Differences on Translation of Foreign Operations | (2,096) | 419 | | **Total Comprehensive Loss for the Period** | **(2,812)** | **(704)** | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets and liabilities decreased, net assets slightly reduced to US$312 million, and the current ratio remained stable Summary of Financial Position Statement | Metric | As of June 30, 2024 (US$ thousand) | As of Dec 31, 2023 (US$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Non-Current Assets | 189,923 | 196,997 | -3.6% | | Total Current Assets | 322,005 | 334,954 | -3.9% | | **Total Assets** | **511,928** | **531,951** | **-3.8%** | | Total Current Liabilities | 186,222 | 197,869 | -5.9% | | Total Non-Current Liabilities | 13,919 | 19,483 | -28.6% | | **Total Liabilities** | **200,141** | **217,352** | **-8.0%** | | **Net Assets** | **311,787** | **314,599** | **-0.9%** | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Preparation and Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) Interim financial information is prepared under HKAS 34, adopting new HFRS revisions with no significant impact on the Group's financial position or performance - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34, 'Interim Financial Reporting'[5](index=5&type=chunk) - The Group has adopted several new standards for the first time, including amendments to HKFRS 16, which, after assessment, have no impact on the Group's financial position or performance[6](index=6&type=chunk) [Segment and Revenue Analysis](index=6&type=section&id=Segment%20and%20Revenue%20Analysis) The Group operates in a single furniture segment, with total revenue down 7.2% YoY, primarily due to decreased sales in the US market - The Group's revenue primarily derives from the manufacturing and sale of furniture, with all operating segments aggregated into a single reportable segment, thus no separate segment information is prepared[8](index=8&type=chunk) Revenue by Geographical Market | Region | H1 2024 (US$ thousand) | H1 2023 (US$ thousand) | YoY Change | | :--- | :--- | :--- | :--- | | United States of America | 195,560 | 203,703 | -4.0% | | People's Republic of China | 2,147 | 2,767 | -22.4% | | Others | 2,365 | 9,004 | -73.7% | | **Total** | **200,072** | **215,474** | **-7.2%** | [Taxation, Dividends, and Loss Per Share](index=7&type=section&id=Taxation%2C%20Dividends%2C%20and%20EPS) The Group received a US$0.253 million tax credit, with no interim dividend recommended, and basic and diluted loss per share at US$0.024 cents - The Board does not recommend the payment of any interim dividend for the current period, consistent with the prior period[14](index=14&type=chunk) - Basic and diluted loss per share for the current period was **0.024 US cents**, compared to **0.037 US cents** in the prior period[15](index=15&type=chunk) - The Group obtained a total tax credit of **US$0.253 million** for the current period, primarily from deferred tax[13](index=13&type=chunk) [Key Balance Sheet Items Analysis](index=9&type=section&id=Key%20Balance%20Sheet%20Items%20Analysis) At period-end, the Group held US$82.32 million in trading investments, mostly a wealth management product, with stable trade receivables and payables aging - The fair value of the Group's 'Investment Fund Portfolio A' was **US$74.63 million**, accounting for approximately **14.6%** of the Group's total assets, and this investment generated an unrealized loss of **US$1.147 million** during the period[17](index=17&type=chunk) - Trade receivables (net of provisions) amounted to **US$49.35 million**, with approximately **43%** having an aging period of over one month[17](index=17&type=chunk) - Trade payables amounted to **US$22.57 million**, with approximately **49.7%** having an aging period of over one month[18](index=18&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=11&type=section&id=Business%20Review) Despite US housing market challenges, the Group's hotel furniture business grew, and effective inventory and cost management maintained resilience for future growth - The US housing market remained sluggish in H1 2024 due to high interest rates and political instability, posing challenges to the Group's business[20](index=20&type=chunk) - The hotel furniture business achieved high single-digit sales growth through diversified brands and products, while the luxury brand business faced difficulties[20](index=20&type=chunk) - The Group optimized working capital, liabilities, and current ratio through continuous inventory management and cost reduction measures, restoring them to healthy levels[20](index=20&type=chunk) [Financial Review](index=12&type=section&id=Financial%20Review) Net sales decreased 7.2% to US$200.1 million, gross margin improved to 26.4%, and net loss narrowed to US$0.7 million due to margin increase and cost control Summary of Financial Performance | Metric | H1 2024 | H1 2023 | Reason for Change | | :--- | :--- | :--- | :--- | | Net Sales | US$200.1 million | US$215.6 million | Sluggish US housing market | | Gross Margin | 26.4% | 24.4% | Inventory destocking in H1 2023 lowered performance | | Total Operating Expenses | US$57.1 million | US$60.6 million | Decreased sales and cost control | | Net Loss | US$0.7 million | US$1.1 million | Increased gross margin and cost control | [Liquidity, Financial Resources and Capital Structure](index=12&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group maintains a robust financial position with US$48.3 million cash, reduced borrowings to US$102.7 million, a lower debt-to-equity ratio of 32.9%, and a stable 1.7x current ratio Liquidity and Capital Structure Metrics | Metric | As of June 30, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | Cash and Cash Equivalents | US$48.3 million | US$55.2 million | | Total Interest-Bearing Bank Borrowings | US$102.7 million | US$127.2 million | | Debt-to-Equity Ratio | 32.9% | 40.4% | | Current Ratio | 1.7x | 1.7x | - The Group faces foreign exchange risk primarily from the Vietnamese Dong, as most cost of sales are paid in VND while most revenue is denominated in USD[22](index=22&type=chunk) [Outlook](index=13&type=section&id=Outlook) The Group is optimistic about H2 2024 market recovery, focusing on cost control, product optimization, channel diversification, and digital marketing for competitive advantage and growth - Management believes the market will see signs of recovery in H2 2024 after entering an adjustment period in 2023[26](index=26&type=chunk) - Future strategic priorities include restoring profitability, improving margins, diversifying products, expanding multi-channel customers, investing in digital marketing, and streamlining operations[26](index=26&type=chunk) [Corporate Governance and Other Information](index=14&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance and Director Dealings](index=14&type=section&id=Corporate%20Governance%20and%20Director%20Dealings) The company largely complied with the Corporate Governance Code, with a deviation for combined Chairman/CEO roles, while directors adhered to dealing codes and no securities were repurchased - A deviation from the Corporate Governance Code exists as the roles of Chairman and Chief Executive Officer are not separate, both held by Mr. Guo Shanhui, whose leadership the Board believes benefits the Group[28](index=28&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[30](index=30&type=chunk) [Post-Reporting Period Events](index=14&type=section&id=Post-Reporting%20Period%20Events) On July 11, 2024, the company received a privatization proposal from the offeror, potentially leading to delisting, with scheme document dispatch extended to October 4, 2024 - On July 11, 2024, the offeror, Fushan (Hong Kong) Limited, requested the Board to propose a privatization, planning to privatize the company and delist its shares via a scheme of arrangement[31](index=31&type=chunk) [Independent Auditor Review and Publication](index=15&type=section&id=Independent%20Auditor%20Review%20and%20Publication) The unaudited interim financial information was reviewed by independent auditor Ernst & Young and the Audit Committee, with no objections on accounting treatments - The Group's unaudited interim condensed consolidated financial information has been reviewed by the independent auditor, Ernst & Young, and the Board's Audit Committee[32](index=32&type=chunk)

Financial Performance - Total operating expenses decreased to $116.3 million in 2023 from $134.7 million in 2022, primarily due to reduced variable costs in sales and marketing, administrative, and human resources as a result of decreased sales and cost control measures [6]. - The company reported a revenue of $X million for the fiscal year ending December 31, 2023, representing a Y% increase compared to the previous year [35]. - User data showed an increase in active users by Z%, reaching a total of A million users [35]. - The company provided guidance for the next fiscal year, projecting a revenue growth of B% [35]. - New product launches are expected to contribute an additional C million in revenue, with a focus on innovative designs and sustainability [35]. - Recent acquisitions are anticipated to enhance operational efficiency and are expected to generate an additional E million in annual revenue [35]. - The company reported a significant increase in service fee income, contributing to overall revenue growth [38]. Market Outlook - The company anticipates a moderate recovery in the U.S. housing market in 2024 as interest rates stabilize, which is expected to positively impact the furniture industry [4]. - The primary market for the company's products is the United States, where a decrease in demand for home furniture may adversely affect operational performance [149]. - The company acknowledges that negative changes in the macroeconomic environment, particularly in the US, Vietnam, and China, could lead to unfavorable business conditions [150]. - The company is expanding its market presence in international regions, targeting a D% increase in market share by the end of 2024 [35]. Operational Strategy - The company aims to expand market share across all sales channels and enhance commitments to innovation, customer engagement, and operational excellence in the coming year [12]. - The company is focused on sustainable organic growth by leveraging its diversified brand portfolio and streamlining operations [12]. - The company has implemented cost control measures to mitigate the impact of economic conditions on demand [6]. - The company is prepared to adapt to market demand and continuously focus on creating value for customers and providing quality service [12]. - The company has established long-term relationships with multiple suppliers to mitigate the impact of potential supply chain disruptions [151]. Governance and Risk Management - The board has set strategic goals to enhance corporate governance and risk management practices [31]. - The company has adopted a risk management policy to identify, assess, and manage significant risks, with senior management identifying potential adverse risks at least annually [106]. - The audit committee is responsible for monitoring the integrity of financial statements and the effectiveness of internal controls and risk management systems [117]. - The company has established a risk management framework involving the board of directors, audit committee, and senior management to oversee the effectiveness of risk management and internal control systems [128]. - An independent professional advisor has been engaged to review the company's risk management and internal control systems, identifying deficiencies and providing improvement recommendations [131]. Corporate Governance - The company has no intention to separate the roles of Chairman and CEO, benefiting from the leadership and experience of the current Chairman [60]. - The board consists of seven directors, including three executive directors and three independent non-executive directors, ensuring compliance with listing rules [72]. - The company has adopted its own code for securities trading by directors and employees, which meets or exceeds the standards set by the listing rules [78]. - The remuneration committee reviewed the compensation policies for all directors and senior management during the year [79]. - The nomination committee held a meeting to review the independence of independent non-executive directors and the qualifications of retiring directors for re-election [83]. - The company has established appropriate insurance arrangements for legal actions that directors may face [88]. - The company confirmed that all directors complied with the standard code and its own code during the fiscal year ending December 31, 2023 [90]. - The company has a three-year service contract with each director, requiring rotation at least once every three years [76]. - The board composition remained unchanged for the year ending December 31, 2023 [101]. - The nomination committee is committed to achieving diversity across various dimensions, including gender, age, culture, education background, professional qualifications, skills, knowledge, and industry experience [102]. Employee Engagement and Welfare - The company is committed to recruiting, training, and retaining skilled employees to enhance customer service [14]. - The company emphasizes the importance of employee welfare by providing a fair and safe working environment [153]. - The company emphasizes the importance of continuous professional development for all directors, providing relevant training materials and courses to enhance their knowledge and skills [157]. Environmental Responsibility - The company has established multiple environmental policies and practices to reduce production's impact on the environment, including measures to lower air pollutant levels to meet government standards [176]. - The company aims to maintain high product quality and safety to build customer trust, with a system in place to address customer complaints and inquiries [177]. Shareholder Relations - The company’s board of directors is committed to ensuring shareholder rights and interests, with independent resolutions proposed for significant matters at the annual general meeting [162]. - The company has a communication policy in place to effectively respond to shareholder concerns and feedback, which is regularly reviewed for effectiveness [169]. - The company’s shareholders are provided with comprehensive information to make informed decisions regarding their rights [161]. Miscellaneous - The estimated maximum refund amount related to product recalls is approximately $3.6 million, with a cumulative sales volume of about 5,100 units affected [9]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ending December 31, 2023 [11]. - The company has not entered into any management or administrative contracts related to its entire or any significant part of its business during the year ended December 31, 2023 [187]. - The new share option plan adopted on May 18, 2016, is effective for 10 years until May 18, 2026, aimed at attracting and incentivizing skilled personnel [187]. - Major shareholder Advent Group Limited holds 2,146,346,773 shares of the company [191]. - The home furniture industry is influenced by rapidly changing trends and customer preferences, which could lead to reduced sales and profits if not anticipated [198].

Financial Performance - The gross profit for 2023 was $107.2 million, down from $152.5 million in 2022, reflecting a decrease of approximately 29.6%[38]. - The total revenue for 2023 was $414.5 million, compared to $598.9 million in 2022, indicating a decline of about 30.8%[31]. - The net profit for the year was $3.3 million, a significant decrease from $15.1 million in the previous year, representing a drop of approximately 78.1%[39]. - The company reported basic earnings per share of $0.11 for 2023, down from $0.50 in 2022, reflecting a decline of 78%[33]. - Total comprehensive income for the year was $3,288,000 in 2023, a decrease from $15,125,000 in 2022[64]. - The group's pre-tax profit for the single reporting segment was $36,810,000 in 2023, down from $69,838,000 in 2022[49]. - The company's net sales for the year amounted to $414.5 million, a decrease of $184.4 million or 30.8% compared to $598.9 million in 2022, primarily due to a decline in demand for large home furniture in the U.S. housing market[116]. Inventory and Liabilities - The group successfully reduced inventory from $161.8 million at the end of 2022 to $115.2 million by the end of 2023, while maintaining a slight increase in gross margin[12]. - The total liabilities decreased from $161.8 million in 2022 to $124.9 million in 2023, indicating a reduction of approximately 22.7%[35]. - The group's total liabilities decreased from $247,153,000 in 2022 to $197,869,000 in 2023[66]. Cash Flow and Capital Expenditures - The company has maintained a stable cash flow and prudent liquidity levels to support daily operations and business development[15]. - The group’s cash and cash equivalents were $55,209,000 in 2023, compared to $58,674,000 in 2022[66]. - Capital expenditures for 2023 were $83.13 million, slightly down from $84.04 million in 2022[73]. - Capital expenditures for the year amounted to $8.3 million, slightly down from $8.4 million in 2022, primarily for upgrading and renovating facilities and machinery in Vietnam[121]. Strategic Focus and Market Conditions - The company is focusing on strategic cost management and operational efficiency in response to challenges in the U.S. furniture industry[12]. - The company plans to expand market share across all sales channels and focus on innovation and customer engagement for sustainable organic growth[97]. - The company is focused on operational efficiency and cost management, with a strategy to drive product innovation and expand market coverage in 2024[115]. - The company plans to achieve high single-digit growth in 2024, supported by favorable changes in the global supply chain and a significant recovery in the U.S. hotel furniture industry[122]. Foreign Exchange and Risk Management - The company faced foreign exchange risks primarily related to fluctuations in the Vietnamese dong, as most sales costs are paid in that currency[119]. - The estimated maximum refund amount related to product recalls was approximately $3.6 million, with a cumulative sales volume of about 5,100 units[18]. Dividends - The group has not declared a final dividend for the year ended December 31, 2023[62]. - The company did not declare an interim dividend for the six months ended June 30, 2023, compared to a distribution of approximately $3.9 million in 2022[83][108]. - The company did not recommend a final dividend for the year ended December 31, 2023, compared to a final dividend of HKD 0.01 per share totaling approximately HKD 30.3 million in 2022[123].

Revenue and Sales Performance - Total revenue for the six months ended June 30, 2023, was $215,474 thousand, a decrease of 22.7% compared to $278,841 thousand for the same period in 2022[7]. - Revenue from customer contracts for furniture sales was $215,474 thousand, down from $278,841 thousand in the previous year, indicating a significant decline in sales[8]. - For the six months ended June 30, 2023, the company reported revenue of $215.63 million, a decrease of 22.7% compared to $278.995 million for the same period in 2022[53]. - The net sales for the period were $215.63 million, a decrease of $63.4 million or 22.7% compared to $278.99 million in the same period of 2022[103]. Financial Performance and Losses - The group reported a total comprehensive loss of $704 thousand for the six months ended June 30, 2023, compared to a total comprehensive loss of $1,123 thousand in the previous period[2]. - The group incurred a loss of $1,123 thousand during the period, which is an improvement from the previous loss of $1,123 thousand, indicating stabilization in financial performance[2]. - The company recorded a net loss of $1.123 million for the period, compared to a profit of $8.473 million in the same period last year, indicating a significant decline in profitability[53]. - The company reported a loss before tax of $1.35 million, compared to a profit of $10.58 million in the same period last year[119]. - The net loss attributable to equity holders of the parent was $1.12 million, compared to a profit of $8.47 million in the previous year[119]. - The company reported a loss attributable to equity holders of $(1,123,000) for the six months ended June 30, 2023[162]. Cost of Goods Sold and Expenses - The cost of goods sold for the six months ended June 30, 2023, was $164,078 thousand, compared to $197,417 thousand for the same period in 2022, reflecting a decrease of 16.9%[11]. - In the first half of 2023, total operating expenses decreased from $70.6 million in the same period of 2022 to $60.6 million, primarily due to reduced variable expenses in sales, marketing, administration, and personnel costs as a result of lower sales[75]. - Gross margin for the period was 24.4%, down from 28.7% in the same period of 2022, primarily due to reduced sales and increased promotional discounts[57]. Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2023, was $43,251,000, compared to a net cash outflow of $(54,061,000) for the same period in 2022[17]. - The cash flow from investing activities was a net inflow of $304,000, a recovery from a net outflow of $(20,035,000) in the previous year[17]. - The company reported cash and cash equivalents of $67,957,000 as of June 30, 2023, an increase from $58,674,000 as of December 31, 2022[168]. - The cash and cash equivalents at the end of the period were $46,815,000, slightly down from $48,417,000 at the end of the previous year[17]. Equity and Retained Earnings - The group’s retained earnings as of June 30, 2023, were $72,889 thousand, down from $77,885 thousand at the beginning of the year, representing a decrease of 6.5%[2]. - The group’s total equity as of June 30, 2023, was $310,790 thousand, a decrease from $315,367 thousand at the beginning of the year, reflecting a decline of 1.8%[2]. - Shareholders' equity was reported at $310.79 million as of June 30, 2023, slightly down from $315.37 million in the previous year[53]. - The total equity decreased to $310,790 thousand from $315,367 thousand[123]. Borrowings and Financial Liabilities - The company repaid bank loans totaling $(129,352,000) during the period, compared to $(51,988,000) in the previous year[17]. - As of June 30, 2023, the company had short-term bank borrowings of $151.9 million, down from $161.8 million as of December 31, 2022[59]. - Long-term bank borrowings stood at $20.1 million as of June 30, 2023, a decrease from $37.9 million at the end of 2022[59]. - The company had total bank borrowings of $172,039,000 as of June 30, 2023, compared to $199,712,000 as of December 31, 2022[170]. - Financial liabilities as of June 30, 2023, included bank borrowings of $172.039 million and lease liabilities of $15.418 million[182]. Inventory and Capital Expenditures - Inventory levels decreased by over 23% compared to the end of the previous year, reflecting effective inventory management strategies implemented by the company[55]. - Capital expenditures for the period amounted to $6.3 million, up from $3.3 million in the same period of 2022, mainly for upgrading and renovating facilities and machinery in Vietnam[79]. - The company acquired property, plant, and equipment amounting to $6,250,000 for the six months ended June 30, 2023, compared to $3,330,000 for the same period in 2022[163]. Corporate Governance and Management - The company is committed to maintaining a high level of corporate governance and has adhered to the corporate governance code throughout the period[64]. - The company has no plans to separate the roles of Chairman and CEO, as the current leadership structure is deemed beneficial[110]. - The company’s independent auditor, Ernst & Young, did not raise any issues regarding the preparation of the interim financial data[94]. Market Position and Strategy - The company aims to strengthen its market position by acquiring new customers and managing costs effectively during challenging economic conditions[55]. - The company remains optimistic about growth prospects despite uncertainties, focusing on cost control measures and improving operational efficiency[62]. - The company aims to enhance product quality and customer-centric strategies through diversified channels and new product launches[62]. - The company’s diversified strategy has played a crucial role in maintaining growth and addressing market uncertainties, solidifying its position as a market leader in the furniture wholesale and manufacturing industry[74]. Other Financial Information - The group had no unexercised share options as of June 30, 2023[175]. - The total deferred tax assets increased significantly to $12,357 thousand from $5,912 thousand[122]. - The group’s financial liabilities at amortized cost totaled $250.152 million as of December 31, 2022[196]. - The group’s management assessed that the fair value of cash and cash equivalents, trade receivables, and trade payables approximated their carrying amounts due to their short-term nature[196].

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) For the six months ended June 30, 2023, the Group turned from profit to loss, recording a net loss of USD 1.1 million, primarily due to a 22.7% decrease in net sales to USD 215.6 million driven by reduced demand for home furniture in the US 2023年上半年關鍵財務指標 | Indicator | H1 2023 (thousand USD) | H1 2022 (thousand USD) | Change | | :--- | :--- | :--- | :--- | | Revenue | 215,630 | 278,995 | -22.7% | | Gross Profit | 52,620 | 79,998 | -34.2% | | Gross Margin | 24.4% | 28.7% | -4.3 percentage points | | (Loss)/Profit Attributable to Owners of the Parent | (1,123) | 8,473 | Turned from profit to loss | | Basic (Loss)/Earnings Per Share (US cents) | (0.037) | 0.276 | Turned from profit to loss | - The decrease in profit was primarily due to a **decline in sales**, mainly attributable to decreased demand for large home furniture in the US due to the continued downturn in the housing market in 2023[62](index=62&type=chunk) [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2023, the Group recorded revenue of USD 215.6 million, a decrease from USD 279 million in the prior period, resulting in a loss before tax of USD 1.353 million and a loss attributable to owners of the parent of USD 1.123 million 綜合損益表摘要 (截至6月30日止六個月) | Item | 2023 (thousand USD) | 2022 (thousand USD) | | :--- | :--- | :--- | | Revenue | 215,630 | 278,995 | | Gross Profit | 52,620 | 79,998 | | (Loss)/Profit Before Tax | (1,353) | 10,578 | | (Loss)/Profit for the Period | (1,123) | 8,473 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) After recording a period loss of USD 1.123 million and including other comprehensive income items, the total comprehensive loss attributable to owners of the parent for the six months ended June 30, 2023, was USD 0.704 million 綜合全面收益表摘要 (截至6月30日止六個月) | Item | 2023 (thousand USD) | 2022 (thousand USD) | | :--- | :--- | :--- | | (Loss)/Profit for the period attributable to owners of the parent | (1,123) | 8,473 | | Exchange differences arising from translation of overseas operations | 419 | (2,961) | | Total comprehensive (loss)/income for the period attributable to owners of the parent | (704) | 5,512 | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2023, the Group's total assets were USD 569 million, total liabilities were USD 258 million, and net assets were USD 311 million, with a healthy current ratio of 1.7 times 財務狀況表摘要 | Item | June 30, 2023 (thousand USD) | December 31, 2022 (thousand USD) | | :--- | :--- | :--- | | Total Non-current Assets | 204,159 | 206,455 | | Total Current Assets | 365,088 | 409,921 | | **Total Assets** | **569,247** | **616,376** | | Total Current Liabilities | 219,488 | 247,153 | | Total Non-current Liabilities | 38,969 | 53,856 | | **Total Liabilities** | **258,457** | **301,009** | | **Net Assets** | **310,790** | **315,367** | | **Total Equity** | **310,790** | **315,367** | [Notes to the Financial Statements](index=5&type=section&id=Notes%20to%20the%20Financial%20Statements) [Basis of Preparation and Changes in Accounting Policies](index=5&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This interim financial information is prepared in accordance with Hong Kong Accounting Standard 34, with new and revised Hong Kong Financial Reporting Standards adopted having no significant impact on the Group's financial position or performance - The interim condensed consolidated financial information has been prepared in accordance with **Hong Kong Accounting Standard 34** 'Interim Financial Reporting'[4](index=4&type=chunk) - The Group has adopted several new and revised Hong Kong Financial Reporting Standards, but these amendments had **no significant impact** on the Group's interim condensed consolidated financial information[16](index=16&type=chunk)[25](index=25&type=chunk)[27](index=27&type=chunk) [Segment and Revenue Information](index=6&type=section&id=Segment%20and%20Revenue%20Information) The Group primarily engages in the manufacturing and sale of furniture as a single reportable segment, with the United States being the main market, contributing approximately 94.5% of total revenue - The Group's revenue primarily derives from the manufacturing and sale of furniture, managed as a **single reportable segment**[28](index=28&type=chunk)[17](index=17&type=chunk) 按地區市場劃分的收益 (千美元) | Region | H1 2023 | H1 2022 | | :--- | :--- | :--- | | People's Republic of China (including Hong Kong) | 2,767 | 4,105 | | United States of America | 203,703 | 269,413 | | Others | 9,004 | 5,323 | | **Total** | **215,474** | **278,841** | [Dividends](index=9&type=section&id=Dividends) The Board does not recommend any interim dividend for the six months ended June 30, 2023, following the payment of a final dividend of HKD 0.01 per share for the year ended December 31, 2022 - The Board does not recommend the payment of any interim dividend for the current period[43](index=43&type=chunk)[76](index=76&type=chunk) - During the current period, the company paid a final dividend of **HKD 0.01 per share** for the year ended December 31, 2022, totaling approximately **USD 3.9 million**[43](index=43&type=chunk) [(Loss)/Earnings Per Share Attributable to Owners of the Parent](index=9&type=section&id=(Loss)%2FEarnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2023, the loss attributable to owners of the parent was USD 1.123 million, resulting in a basic and diluted loss per share of 0.037 US cents based on 3.026 billion weighted average ordinary shares 每股(虧損)/盈利計算 | Item | H1 2023 | H1 2022 | | :--- | :--- | :--- | | (Loss)/Profit (thousand USD) | (1,123) | 8,473 | | Weighted average number of ordinary shares (shares) | 3,025,814,773 | 3,066,086,889 | | Basic and diluted (loss)/earnings per share (US cents) | (0.037) | 0.276 | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Financial Review](index=11&type=section&id=Business%20and%20Financial%20Review) In H1 2023, the Group's net sales decreased by 22.7% to USD 215.6 million, resulting in a net loss of USD 1.1 million due to weak US furniture demand, prompting active cost control and inventory management - Weak US furniture demand due to monetary policy tightening, inflationary pressures, and a slowing real estate market led to **industry-wide inventory overhang**[61](index=61&type=chunk) - The Group implemented effective inventory management, reducing inventory by **over 23%** from the end of last year, and initiated a comprehensive cost reduction program to enhance resilience[36](index=36&type=chunk) 財務表現回顧 (截至6月30日止六個月) | Item | 2023 | 2022 | Reason for Change | | :--- | :--- | :--- | :--- | | Net Sales | USD 215.6 million | USD 279 million | Reduced demand in US market | | Gross Margin | 24.4% | 28.7% | Lower sales and increased promotional discounts | | Total Operating Expenses | USD 60.6 million | USD 70.6 million | Reduced sales-related variable expenses and cost control | | Net (Loss)/Profit | (USD 1.1 million) | USD 8.5 million | Primarily impacted by sales decline | [Liquidity, Financial Resources, and Capital Structure](index=12&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) As of June 30, 2023, the Group maintained a robust financial position with increased cash and cash equivalents, reduced interest-bearing bank borrowings, an improved gearing ratio of 55.3%, and a stable current ratio of 1.7 times, while facing Vietnamese Dong exchange rate risks 流動性及資本結構指標 | Indicator | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | USD 68 million | USD 58.7 million | | Total interest-bearing bank borrowings | USD 172 million | USD 199.7 million | | Gearing ratio | 55.3% | 63.3% | | Current ratio | 1.7 times | 1.7 times | - The Group faces foreign exchange risk primarily from fluctuations in the **Vietnamese Dong against the US Dollar**, as most revenue is denominated in US Dollars while most cost of sales is paid in Vietnamese Dong[50](index=50&type=chunk) [Outlook](index=13&type=section&id=Outlook) Looking ahead to H2 2023, the Group anticipates continued market challenges but remains optimistic about stabilizing global supply chains and US real estate recovery, focusing on restoring profitability through cost control, inventory digestion, and operational efficiency while pursuing long-term sustainable growth - Short-term challenges: The market continues to face challenges from **monetary policy tightening**, and recession risks may continue to impact consumer confidence[56](index=56&type=chunk) - Response strategies: Focus on restoring profitability, with measures including **effective cost control**, further inventory digestion, improving operational efficiency, launching new products, and exploring new customers[56](index=56&type=chunk)[49](index=49&type=chunk) - Long-term confidence: With a diversified brand portfolio, synergy across product lines and sales channels, and continuous product innovation, the Group is confident in maintaining its competitive advantage and seeking growth opportunities[57](index=57&type=chunk)[49](index=49&type=chunk) [Corporate Governance](index=14&type=section&id=Corporate%20Governance) [Compliance and Review](index=14&type=section&id=Compliance%20and%20Review) The Group complied with all Corporate Governance Code provisions during the period, except for the non-separation of Chairman and CEO roles, with all directors confirming compliance with securities transaction codes, and interim financial information reviewed by independent auditors and the Audit Committee - The Group has complied with all code provisions in the Corporate Governance Code during the period, except for the roles of Chairman and Chief Executive Officer being held by the same person (Mr. Kwok Shan Kwong), constituting a **deviation from code provision C.2.1**[67](index=67&type=chunk)[77](index=77&type=chunk) - All directors confirmed compliance with the standard code for securities transactions and the company's internal code during the period[69](index=69&type=chunk) - The Group did not purchase, sell, or redeem any of the company's listed securities during the period[70](index=70&type=chunk) - The unaudited interim financial information has been reviewed by the **independent auditor Ernst & Young** and the company's Audit Committee[72](index=72&type=chunk)

Environmental Management - The company aims to systematically manage ESG matters through the establishment of an ESG working group, which is responsible for collecting and analyzing ESG data, monitoring performance, and ensuring compliance with relevant laws and regulations [10]. - The company plans to reduce greenhouse gas emissions intensity by a certain percentage over the next five years, using the fiscal year 2021 as the baseline [17]. - The company is committed to enhancing its environmental management strategy by regularly monitoring the environmental impact of its operations and minimizing it [19]. - The company has implemented measures to reduce unprocessed organic gas emissions from its spray painting operations [21]. - The company’s greenhouse gas emissions primarily come from fuel consumption by vehicles and fixed machinery, purchased electricity, and business travel, with ongoing efforts to mitigate these emissions [22]. - The total amount of hazardous waste generated by the company increased compared to the fiscal year 2021, reflecting the resumption of normal operations in Vietnam after the end of government lockdowns [27]. - The total water discharge for the fiscal year 2022 was 79,317.37 cubic meters, an increase from 75,725.16 cubic meters in the fiscal year 2021 [31]. - The company consumed 4,526.00 liters of LPG in the fiscal year 2022, up from 2,577.00 liters in the fiscal year 2021 [52]. - The company has implemented a waste management plan to control household and non-hazardous industrial waste, ensuring proper storage, classification, and recycling [25]. - The company has adopted a rainwater and wastewater separation system to prevent pollution of surrounding water bodies [31]. - The company has established policies to adapt to and mitigate climate-related risks, incorporating these risks into its enterprise risk management procedures [59]. - The company has upgraded air compressors to variable speed models to reduce energy consumption [29]. - Total direct energy consumption for the fiscal year 2022 was 4,107.58 MWh, an increase of 21.5% from 3,380.28 MWh in 2021 [150]. - Total indirect energy consumption was 30,946.76 MWh, a decrease of 1.8% from 31,510.94 MWh in 2021 [150]. - Total energy consumption increased to 35,054.34 MWh in 2022, up from 34,891.22 MWh in 2021, representing a growth of 0.5% [150]. - The company aims to reduce environmental impact through various policies and practices, including energy-saving measures [164]. - Freshwater consumption for the fiscal year 2022 was 95,356.41 cubic meters, a decrease of 2.4% from 97,696.59 cubic meters in 2021 [174]. - The total water consumption density was 0.16 cubic meters per $1,000 in 2022, down from 0.20 in 2021 [174]. Employee Management and Development - The total number of employees as of December 31, 2022, was 4,638, a decrease from 5,437 in the previous fiscal year, representing a reduction of approximately 14.7% [87]. - The employee turnover rate for the fiscal year 2022 was calculated based on 2,181 employees leaving, compared to 2,410 in the previous fiscal year, indicating a significant change in workforce dynamics [91]. - The company provided various insurance plans to employees, including social insurance, life insurance, health and dental insurance, and workers' compensation insurance, in compliance with local laws [71]. - The average training hours per employee category were reported, with male employees receiving an average of 0.30 hours and female employees receiving 0.19 hours in the fiscal year 2022 [80]. - The employee distribution by gender showed 58% male and 42% female in the fiscal year 2022, with a slight increase in female representation from 41% in the previous year [80]. - Senior management comprised 1% of the total workforce, while management personnel accounted for 11%, indicating a stable management structure [80]. - The company emphasized the importance of maintaining a safe and healthy work environment, implementing safety management measures to mitigate occupational health and safety risks [72]. - The company has established various communication channels for employees to express opinions, suggestions, and complaints, fostering a culture of open communication [69]. - The company is committed to creating an inclusive workplace culture, strictly prohibiting discrimination based on race, religion, gender, and other factors [71]. - The company has implemented emergency response procedures to minimize risks to employees in case of emergencies such as fires or chemical spills [76]. - The average training hours for employees decreased in fiscal year 2022 compared to fiscal year 2021 due to delays in training programs caused by the pandemic [102]. - In fiscal year 2022, 6 employees lost a total of 185 workdays due to work-related injuries, a decrease from 10 employees and 536 lost workdays in fiscal year 2021 [97]. - The company has established a comprehensive occupational health and safety management system to pursue a zero-injury work environment [97]. - The company provides regular health checks for employees to facilitate the early detection of occupational diseases [99]. - The company is focused on enhancing employee training and development, with key performance indicators related to training participation and average training hours per employee [181]. Corporate Governance and Compliance - The company has established a shareholder communication policy to ensure effective responses to shareholder concerns and feedback [7]. - The company’s annual general meeting serves as a primary platform for communication between the board and shareholders, allowing for direct engagement and inquiry responses [5]. - The company has disclosed all necessary information to shareholders in accordance with listing rules, ensuring transparency and timely responses to inquiries [5]. - The board of directors is responsible for fulfilling the functions outlined in the Corporate Governance Code [115]. - The group has implemented a quality control unit to ensure high product quality standards, which is crucial for sustainable development [132]. - The group has established a policy to ensure suppliers compete in a transparent and fair manner, prohibiting any form of corruption or bribery [131]. - The group has a zero-tolerance policy towards corruption, fraud, and bribery, requiring all employees to adhere to integrity principles [138]. - The group has conducted approximately 7 hours of anti-corruption training for directors and 4 hours for employees in the fiscal year 2022 [114]. - The company has implemented a strict supplier selection system, prioritizing local suppliers and those using environmentally friendly products and services [106]. - The company has a policy prohibiting child labor and forced labor, ensuring compliance with local laws and regulations during the recruitment process [103]. - The group emphasizes the protection of customer confidential data and has established a code of ethical business conduct and social media policy to regulate the collection and use of customer data [112]. - In the fiscal year 2022, the group did not encounter any significant legal violations related to corruption, bribery, or money laundering, maintaining high standards of business conduct [114]. - The company has established a whistleblowing system to encourage employees to report fraudulent activities without fear of retaliation, ensuring accountability and transparency [191]. Financial Performance - The company reported a total distributable reserve of $150.829 million for 2022, an increase from $137.596 million in 2021, reflecting a growth of approximately 9.0% [175]. - The company proposed a final dividend of HK$0.01 per share, amounting to approximately HK$30.3 million (around $3.9 million), subject to shareholder approval at the upcoming annual general meeting [189]. - The cumulative losses decreased to $(35.407) million in 2022 from $(48.562) million in 2021, indicating an improvement in financial health [175]. - The company maintained its paid-in surplus at $80.186 million for both 2021 and 2022, indicating stability in this financial metric [175]. - The company’s total assets and liabilities details are available in the financial statements, reflecting its operational scale and financial position [175]. - The company repurchased 81,659,000 shares at a total cost of $4,005,000 (approximately HKD 31,325,000) during the year [155]. - The company repurchased a total of 81,659,000 shares during 2022, with a total cost of HK$31.325 million [177]. - The highest share price during the repurchase was HK$0.485, while the lowest was HK$0.270, showing a range of 79.6% in share price fluctuations [177]. - The primary market for the company’s products is the United States, where a decrease in demand for home furniture and economic fluctuations could adversely impact operational performance [190]. - The company faces competition not only from U.S. furniture companies but also from importers sourcing furniture from Southeast Asia, affecting product design, production costs, and customer service [190]. Product Quality and Customer Relations - In the fiscal year 2022, the company reported a total of 5,100 units sold for a product that was recalled in the United States, with a full refund offered to consumers [111]. - The company received 67 complaints related to products and services in fiscal year 2022, a significant increase from 20 complaints in the previous fiscal year [111]. - The company has a customer complaint process in place to professionally handle feedback and complaints, aiming to improve service and product quality [111]. - The group has adopted strict safety standards to ensure product safety and has obtained relevant safety inspection reports for all production processes [134]. - The group emphasizes the importance of appropriate advertising and labeling, ensuring compliance with relevant laws and regulations [137].

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。 SAMSON HOLDING LTD. 順 誠 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：00531） 截至2022年12月31日止年度之全年業績公告 Samson Holding Ltd. 順誠控股有限公司*（「本公司」）董事（「董事」及各「董事」）會 （「董事會」）欣然公佈本公司及其附屬公司（「本集團」或「順誠」）截至2022年12月 31日止年度之全年業績，連同比較數字如下： 綜合損益表 截至2022年12月31日止年度 2022年 2021年 附註 千美元 千美元 收益 4 598,850 488,109 銷售成本 (446,382) (359,539) 毛利 152,468 128,570 其他收入、收益、虧損及費用 4 9,523 21,097 分銷成本 (14,529) (12,038) 銷售及市場推廣開支 (67,113) (60,331) ...

Financial Performance - Revenue for the six months ended June 30, 2022, was $278.995 million, an increase of 17.5% from $237.342 million for the same period in 2021[12]. - Profit before interest and tax for the same period was $12.845 million, down 27.5% from $17.702 million in 2021[12]. - Net profit for the period was $8.473 million, a decrease of 40.1% compared to $14.353 million in the previous year[12]. - The company's net sales for the period reached $2.79 billion, an increase of $417 million or 17.6% compared to $2.37 billion in the same period of 2021[18]. - Gross profit margin improved to 28.7% from 27.8% in the same period of 2021, driven by sales growth and improved production efficiency[19]. - Net profit decreased to $8.5 million from $14.4 million in the same period of 2021, resulting in a net profit margin decline from 6.0% to 3.0%[19]. - Total comprehensive income for the period was $5,512 thousand, down from $14,913 thousand, indicating a significant decline[58]. - The profit attributable to ordinary shareholders for the six months ended June 30, 2022, was USD 8.473 million, compared to USD 14.353 million for the same period in 2021[97]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to $685.423 million, up from $600.535 million at the end of 2021, reflecting a growth of 14.1%[12]. - Net current assets increased to $218.991 million from $148.706 million, representing a growth of 47.2%[12]. - Current assets increased by 24.1% to $479.2 million, while current liabilities rose by 9.6% to $260.2 million, resulting in a current ratio of 1.8[21]. - The company's cash and cash equivalents increased by $1.4 million to $66.4 million as of June 30, 2022, while total bank borrowings rose to $231.6 million from $157.8 million[20]. - The company's total equity as of June 30, 2022, was $317,894 thousand, a decrease from $323,624 thousand at the end of 2021[63]. - The company reported total trade payables of USD 100.449 million as of June 30, 2022, up from USD 81.169 million as of December 31, 2021[108]. Shareholder Information - Shareholders' equity stood at $317.894 million, slightly down from $323.624 million at the end of 2021[12]. - The board declared an interim dividend of HK$0.01 per share, totaling approximately HK$30.4 million, compared to no dividend for the six months ended June 30, 2021[30]. - During the period, the company repurchased 68,957,000 shares at a total cost of $3.45 million (approximately HK$26.95 million)[38]. - The highest share price during the repurchase period was HK$0.485, while the lowest was HK$0.270, with a total expenditure of HK$26.95 million for the repurchased shares[39]. - As of June 30, 2022, major shareholders Advent Group Limited and Magnificent Capital Holding Limited each held 70.64% of the issued share capital, totaling 2,146,346,773 shares[46]. Operational Highlights - The company has established a global integrated product and service logistics platform, leveraging production expertise from Vietnam and China[7]. - The company continues to expand its brand portfolio, which includes Universal Furniture and Legacy Classic Furniture, among others[5]. - The company has a strong customer base, including major hotel chains such as Marriott and Hilton, enhancing its market presence[6]. - The company anticipates strong growth in the second half of 2022, supported by a recovery in the tourism industry and a doubling of hotel orders compared to the same period in 2021[27]. - The company plans to enhance its e-commerce sales channels and strengthen partnerships with online retailers to capture market opportunities[16]. - The company aims to improve overall profitability by focusing on higher cost efficiency and operational system optimization in its Asian factories[16]. Employee Information - As of June 30, 2022, the group employed approximately 7,600 full-time employees, an increase from 7,100 employees as of June 30, 2021[28]. - Total employee compensation for the period was approximately $66.3 million, compared to $54.2 million for the six months ended June 30, 2021, representing a year-over-year increase of about 22%[28]. Cash Flow and Investments - Cash flow from operating activities was negative at $(54,061,000) for the six months ended June 30, 2022, compared to a positive cash flow of $3,107,000 in the same period of 2021[68]. - Cash flow from investing activities was $(20,035,000) for the six months ended June 30, 2022, compared to $6,136,000 in the previous year[68]. - Financing activities generated a net cash inflow of $57,401,000, up from $20,584,000 in the same period of 2021[68]. - The company held investment fund portfolio A, which accounted for approximately 11.1% of total assets as of June 30, 2022, down from 13.3% as of December 31, 2021[106]. Compliance and Governance - The company is committed to maintaining high standards of corporate governance and has complied with the relevant codes during the period[32]. - The board confirmed compliance with the securities trading code throughout the period[35].