Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 1,415,709, an increase from HKD 1,372,184 in 2021, representing a growth of 3.1%[18]. - Gross profit decreased to HKD 769,790 in 2022 from HKD 868,327 in 2021, reflecting a decline of 11.3%[18]. - Operating profit for 2022 was HKD 152,708, down from HKD 240,848 in 2021, indicating a decrease of 36.5%[18]. - Net profit attributable to shareholders for the year was HKD 154,462, compared to HKD 221,043 in the previous year, a decline of 30.1%[18]. - Basic and diluted earnings per share decreased to HKD 15.73 from HKD 22.51, a drop of 30.3%[18]. - The total comprehensive income for the year ended December 31, 2022, was HKD 307,625,000, compared to HKD 221,043,000 in the previous year, reflecting a significant increase[21]. - The company reported a net loss of HKD 69,816,000 for the year, compared to a profit of HKD 154,462,000 in the previous year, indicating a shift in financial performance[21]. Assets and Liabilities - Total assets as of December 31, 2022, were HKD 5,490,787, down from HKD 5,790,323 in 2021, a decrease of 5.2%[16]. - Total liabilities decreased to HKD 1,043,404 in 2022 from HKD 1,165,583 in 2021, a reduction of 10.5%[16]. - The company reported a decrease in cash and cash equivalents to HKD 309,805 from HKD 454,342, a decline of 31.7%[18]. - The company’s investment properties decreased to HKD 2,775,582 from HKD 2,994,394, a decline of 7.3%[15]. - The company’s reserves decreased to HKD 3,346,025 from HKD 3,523,382, a reduction of 5.0%[15]. - The total financial liabilities amounted to HKD 237,136,000, with HKD 179,307,000 due within one year[98]. - The total lease liabilities increased to HKD 52,888,000 from HKD 26,450,000 in the previous year[99]. Inventory and Provisions - The group's inventory as of December 31, 2022, was valued at HKD 205 million, with significant estimates involved in the provision for obsolete inventory[8]. - The company’s management has applied specific provisions for obsolete inventory based on historical sales data and current market conditions, indicating a high level of estimation uncertainty[8]. - The audit identified key audit matters, including the valuation of investment properties and the carrying value of inventory, which are critical for assessing financial performance[6]. - The impairment provision for inventories was HKD 33,813,000 in 2022, compared to a reversal of HKD (50,591,000) in 2021, indicating a shift towards increased provisions[182]. Investment Properties - As of December 31, 2022, the group's investment properties were valued at HKD 27.76 billion, representing approximately 51% of the total asset value[9]. - The fair value loss on investment properties for the year ended December 31, 2022, was approximately HKD 57 million[9]. - The valuation methods used for investment properties included the income capitalization approach and direct comparison method, which rely on unobservable input data such as market rent and yield[9]. - The company engaged independent valuation experts to assess the valuation methods and assumptions applied, ensuring their appropriateness and objectivity[9]. - The audit identified significant inherent risks related to the valuation of investment properties due to the reliance on estimates and market data[9]. Cash Flow and Financing - The net cash generated from operating activities for the year was HKD 30,964,000, a decrease of 84.7% from HKD 202,318,000 in the previous year[23]. - Cash and cash equivalents decreased by HKD 106,588,000, ending the year at HKD 309,805,000, down from HKD 454,342,000 at the beginning of the year[23]. - The company has arranged bank financing for several property units and provided guarantees for buyers' repayment obligations[90]. - The net cash position was HKD (1,127,199,000) as of December 31, 2022, compared to HKD (1,326,058,000) in the previous year[101]. Governance and Compliance - The independent auditor's report confirmed that the consolidated financial statements reflect a true and fair view of the group's financial position as of December 31, 2022[3]. - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[3]. - The company’s board approved the revised financial statements on September 20, 2024, indicating ongoing governance and oversight[1]. - The independent auditor emphasized the importance of management's judgment in estimating provisions for inventory, which is subject to inherent risks due to market trends and customer preferences[8]. Dividends and Share Buybacks - The company paid dividends totaling HKD 103,122,000 during the year, consistent with the previous year's dividend payments[23]. - The company repurchased and canceled 3,678,000 ordinary shares during the year at a total cost of HKD 4,419,000, with an average repurchase price of HKD 1.192 per share[169]. - The proposed final dividend for the year 2022 is HKD 5.0 per share, totaling HKD 48,922,000[199]. Taxation - The total tax expense for the year ended December 31, 2022, was HKD 19,678,000, a decrease from HKD 40,008,000 in 2021[197]. - The estimated taxable profit before tax for the year ended December 31, 2022, was HKD 174,140,000, down from HKD 261,051,000 in 2021[197]. - The effective tax rate applied was 16.5% for both 2022 and 2021[197]. Employee Costs - Employee costs, including directors' remuneration, decreased to HKD 203,617,000 in 2022 from HKD 224,356,000 in 2021, a decline of 9.2%[183]. - The total remuneration for the highest-paid individuals in 2022 was HKD 9,388,000, down from HKD 15,667,000 in 2021[193]. - The total remuneration for the CEO in 2022 was HKD 9,773,000, compared to HKD 11,031,000 in 2021[193]. - The company did not pay any retirement benefits to directors during the year ended December 31, 2022[189].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,331,456 thousand, a decrease of 5.93% from HKD 1,415,709 thousand in 2022[15]. - Gross profit for the year was HKD 758,515 thousand, down from HKD 769,790 thousand, reflecting a slight decline in profitability[15]. - Operating profit decreased to HKD 101,774 thousand from HKD 152,708 thousand, indicating a significant drop of 33.4% year-over-year[15]. - Net profit attributable to shareholders for the year was HKD 116,164 thousand, compared to HKD 154,462 thousand in the previous year, representing a decline of 24.8%[15]. - Basic and diluted earnings per share decreased to HKD 11.87 from HKD 15.73, reflecting the overall decline in profitability[15]. - The total comprehensive income for the year included a profit of HKD 154,462,000, while the total comprehensive loss amounted to HKD 224,278,000[18]. - The company reported a profit of HKD 98,153,000 for the year, compared to HKD 95,753,000 in the previous year, marking an increase of about 2.5%[183]. Assets and Liabilities - Total assets as of December 31, 2023, were HKD 5,281,756 thousand, down from HKD 5,490,787 thousand in 2022, a decrease of 3.8%[14]. - Total liabilities decreased to HKD 876,992 thousand from HKD 1,043,404 thousand, a reduction of 16%[14]. - The company’s total liabilities decreased to HKD 1,101,358,000 as of December 31, 2023, from HKD 1,101,358,000 at the beginning of the year[18]. - The total assets as of December 31, 2023, were HKD 4,404,764,000, a decrease from HKD 4,447,383,000 at the end of 2022[18]. - The total liabilities measured at amortized cost were HKD 136,729,000 as of December 31, 2023, compared to HKD 156,607,000 in 2022[117]. Inventory and Provisions - The group's inventory as of December 31, 2023, was valued at HKD 202 million, with specific provisions applied for obsolete inventory based on aging analysis[6]. - The company has implemented a provision method for slow-moving inventory, which is critical due to inherent risks associated with estimation[6]. - The independent auditor's report emphasized the importance of management's analysis and assessment of slow-moving and obsolete inventory[6]. - The company reported a decrease in inventory to HKD 201,634 thousand from HKD 204,578 thousand, indicating improved inventory management[14]. - The inventory cost recognized as expenses and included in the cost of sales was HKD 443,245,000 for 2023, compared to HKD 475,055,000 in 2022[113]. Cash Flow and Financial Position - The company’s cash and cash equivalents increased to HKD 357,099 thousand from HKD 309,805 thousand, showing a positive cash flow trend[14]. - The net cash generated from operating activities for the year ended December 31, 2023, was HKD 65,944,000, an increase of 112.5% compared to HKD 30,964,000 in 2022[20]. - The company’s cash flow from operating activities showed a significant increase, reflecting improved liquidity management[127]. - The net cash position decreased to HKD (1,044,540,000) in 2023 from HKD (1,127,199,000) in 2022, reflecting a decline of about 7.3%[51]. - Total cash and cash equivalents increased to HKD 357,099,000 from HKD 309,805,000, marking an increase of about 15%[125]. Investment Properties - As of December 31, 2023, the group's investment properties were valued at HKD 26.87 billion, representing approximately 51% of the total assets[7]. - The fair value loss on investment properties for the year ended December 31, 2023, was approximately HKD 470 million[7]. - The valuation methods used for investment properties included the income capitalization approach and direct comparison method, relying on unobservable inputs such as market rent and yield[7]. - The company engaged independent valuation experts to assess the valuation methods and assumptions applied, ensuring their appropriateness and objectivity[7]. - The total value of investment properties decreased from HKD 2,775,582,000 in 2022 to HKD 2,686,658,000 in 2023, representing a decline of approximately 3.2%[93]. Financial Risks - The company faces various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing adverse impacts on financial performance[29]. - Credit risk is managed on both a collective and individual basis, arising from cash equivalents, restricted cash, and receivables[34]. - The expected credit loss rates for accounts receivable are set at 2% for 1-90 days, 5% for 91-180 days, and 17% for over 181 days, compared to the previous year's rates of 5%, 12%, and 32% respectively[41]. - The group anticipates no significant credit risk from retail customers, as sales are primarily conducted in cash or through major credit cards and payment platforms[35]. - A 3% depreciation/appreciation of the HKD against the RMB would result in a change in annual profit after tax by HKD 486,000 for the year ending December 31, 2023[30]. Dividends and Shareholder Returns - The proposed final dividend for 2023 is HKD 38,954, compared to HKD 48,922 for the previous year[130]. - Total dividends paid in 2023 amounted to HKD 73,199,000, a decrease from HKD 83,296,000 in 2022[166]. - The company has proposed a final dividend of HKD 38,954,000 for the year, reflecting a commitment to returning value to shareholders[183]. - The company paid dividends totaling HKD 83,167,000 in 2023, down from HKD 103,122,000 in 2022[20]. Accounting and Compliance - The audit report confirmed that the consolidated financial statements accurately reflect the group's financial position and performance for the year ended December 31, 2023, in accordance with Hong Kong Financial Reporting Standards[3]. - The company is committed to adhering to the Hong Kong Companies Ordinance in the preparation of its financial statements[3]. - The independent auditor confirmed their independence and compliance with professional ethical requirements throughout the audit process[4]. - The company has revised its financial statements due to accounting treatment discrepancies related to share buyback transactions, necessitating a reissue of the consolidated financial statements[5]. - The company maintains a consistent accounting policy across all reporting periods, ensuring transparency and reliability in financial reporting[185]. Employee Costs and Remuneration - Employee costs increased to HKD 224,016,000 in 2023 from HKD 203,617,000 in 2022, driven by higher wages and retirement benefits[145]. - The total remuneration for the five highest-paid individuals in 2023 was HKD 11,733,000, an increase from HKD 9,388,000 in 2022, which is a 25% rise[156]. - The total remuneration for the directors and CEO amounted to HKD 9,688,000 in 2023, compared to HKD 9,773,000 in 2022, showing a slight decrease of 0.9%[151]. - The defined contribution plan contributions for Hong Kong employees increased to HKD 814,000 in 2023 from HKD 532,000 in 2022, representing a 53% increase[149]. Future Outlook - Future outlook includes potential new product launches and market expansion strategies to recover from the revenue decline[71]. - The company plans to continue expanding its retail and e-commerce platforms to enhance merchandise sales[73].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 GOLDLION HOLDINGS LIMITED 金 利 來 集 團 有 限 公 司 (依 據 香 港 公 司 條 例 於 香 港 註 冊 成 立 ) (股份代號 ︰ 00533) 截至二零二四年六月三十日止六個月之中期業績公佈 業績 董事會（「董事會」）公佈金利來集團有限公司（「本公司」）及其附屬公司（統稱「本集團」） 截至二零二四年六月三十日止六個月未經審核之簡明綜合中期業績如下： 簡明綜合中期收益表 截至二零二四年六月三十日止六個月 未經審核 | --- | --- | --- | --- | |-----------------------------------------------------|---------|------------------------------------------------|---------------------------------------- ...

Financial Performance - For the fiscal year 2023, Goldlion Holdings Limited reported a revenue of HKD 1,331,456,000, a decrease of 6.0% compared to HKD 1,415,709,000 in 2022[9] - The gross profit for the year was HKD 758,515,000, down 1.5% from HKD 769,790,000 in the previous year, resulting in a gross margin of 57.0%, an increase of 2.6 percentage points[9] - Operating profit decreased by 33.4% to HKD 101,774,000 from HKD 152,708,000, leading to an operating margin of 7.6%, down 3.2 percentage points[9] - Net profit for the year was HKD 116,164,000, a decline of 24.8% from HKD 154,462,000, with a net profit margin of 8.7%, down 2.2 percentage points[9] - Basic and diluted earnings per share fell by 24.5% to HKD 11.87 from HKD 15.73[9] Cash and Liquidity - The company maintained a cash and bank balance of approximately HKD 1,088,801,000, a decrease of 7.5% from HKD 1,176,876,000 at the end of the previous year[10] - The current ratio improved to 5.1 from 4.1, indicating a strong liquidity position[10] - The company has no bank loans or overdrafts, maintaining a zero debt ratio, which reflects a strong financial position[10] Share Repurchase and Capital Structure - The company repurchased 4,592,000 shares at an average price of HKD 1.054 per share, which were subsequently cancelled, reducing the total issued shares to 973,844,035[12] Asset and Liability Management - Total assets decreased by 3.8% to HKD 5,281,756,000 from HKD 5,490,787,000, while total liabilities fell by 15.9% to HKD 876,992,000[9] Revenue Breakdown - The total revenue for the year was HKD 1,331,456,000, a decrease of 6% compared to last year's HKD 1,415,709,000, with property sales and licensing revenue down by 33% and 17% respectively[23] - Domestic clothing sales amounted to HKD 916,390,000, a decrease of about 2%, but increased by approximately 3% when calculated in RMB due to a 4% depreciation of the RMB[35] - The wholesale sales to agents decreased by about 14%, accounting for approximately 34% of domestic clothing sales, while self-operated retail sales increased by about 39%, representing about 18% of domestic clothing sales[36] Dividend and Shareholder Returns - The board proposed a final dividend of HKD 0.04 per share, totaling approximately HKD 38,954,000, down from HKD 48,922,000 last year[34] Property and Investment Performance - The group recorded a fair value loss on investment properties of HKD 47,066,000, down 18% from last year's HKD 57,110,000[28] - The total value of the investment property portfolio at year-end was approximately HKD 2,686,658,000, down from HKD 2,775,582,000 at the end of last year[43] - Rental and property management fee income for the year was HKD 151,489,000 and HKD 42,150,000, respectively, a decrease of about 1% compared to last year[43] ESG and Corporate Governance - The company emphasizes its commitment to environmental, social, and governance (ESG) performance across its operations in China, Hong Kong, and Singapore[72] - The company has established a comprehensive governance framework to drive strategic development and sustainable business growth, emphasizing the importance of environmental, social, and governance (ESG) performance for long-term success[79] - A four-year development roadmap has been created to enhance climate adaptation capabilities, identifying areas for improvement based on gap analysis results[80] - The company has implemented internal policies to foster an ethical work culture and promote effective management, adhering to laws against bribery, extortion, fraud, and money laundering[82] Employee Engagement and Training - The company contributed HKD 42,815,000 to employee retirement funds during the reporting period[113] - The employee turnover rate for 2023 was 21%, up from 19% in 2022[121] - The percentage of trained employees increased to 79% in 2023 from 70% in 2022[130] - The average training hours per employee rose significantly to 55.5 hours in 2023 from 19.2 hours in 2022[130] Environmental Impact and Sustainability - The company aims to reduce greenhouse gas emissions by 28% per million HKD of revenue by 2030, compared to the 2020 baseline[150] - The company targets a 16.7% reduction in energy consumption per million HKD of revenue by 2030, compared to the 2020 baseline[149] - The company has achieved ISO 14001 environmental management system certification at its production base in Meizhou[148] - The company encourages employees to minimize business travel and promotes alternatives such as video conferencing to reduce air pollution[159] Community Engagement and Contributions - The company donated RMB 1,010,000 and HKD 108,000 to support various community projects during the reporting period[169] - The company contributed RMB 1,000,000 to the China Football Development Foundation for the 2023 "Xianzi Cup" National Youth Football Invitation Tournament[170] - The company donated over 20,000 clothing items, including down jackets and jeans, to support impoverished citizens in Tibet[172]

Revenue and Profit Performance - Revenue for 2023 was 1,331,456,000 HKD, a decrease from 1,415,709,000 HKD in 2022[1] - Gross profit for 2023 was 758,515,000 HKD, compared to 769,790,000 HKD in 2022[1] - Operating profit for 2023 was 101,774,000 HKD, down from 152,708,000 HKD in 2022[1] - Profit attributable to owners of the company for 2023 was 116,164,000 HKD, a 25% decrease from 154,462,000 HKD in 2022[25] - Net profit for the year was HKD 116,164,000, compared to HKD 154,462,000 in the previous year[69] - Operating profit fell by 33% to HKD 101,774,000, with an operating profit margin of 8%, down from 11% last year[118] Property Sales and Rental Income - The company delivered 99 residential units in 2023, generating sales revenue of 92,621,000 HKD, a 33% decrease from the previous year[31] - The company's rental and property management income in Guangzhou increased by 2% in RMB terms, with an overall occupancy rate of 83%[30] - The company's Meixian "Goldlion Garden" project has approximately 670 residential units and 47 low-rise units remaining for sale[31] - The occupancy rate of the company's "Golden Lion Group Centre" in Sha Tin was 94.3%, with overall rental and property management income decreasing by approximately 4%[48] - Rental and property management income for the year were HKD 151,489,000 and HKD 42,150,000, respectively, with a total decrease of about 1% compared to the previous year, mainly due to the depreciation of the RMB exchange rate[143] Clothing Business Performance - The company's Singapore clothing business recorded expenses of 21,012,000 HKD in 2023, up from 18,356,000 HKD in 2022[29] - The company's domestic clothing sales to agents decreased by approximately 14% in RMB terms, accounting for about 34% of domestic clothing sales[26] - Full-year cost of sales for apparel and accessories was HK$443,245,000, a 7% decrease from last year's HK$475,055,000[40] - Gross margin excluding inventory impairment was 53.3%, higher than last year's 50.8%, driven by a higher proportion of self-operated retail sales[40] - Inventory impairment provision for the year was HK$24,807,000, compared to HK$33,813,000 last year[40] - Group custom business sales in RMB decreased by approximately 52% compared to last year, though its contribution to overall domestic apparel sales was minimal[45] - Overall clothing sales in mainland China decreased by 2% to HKD 916,390,000, but increased by 3% in RMB terms due to a 4% depreciation of the RMB[92] - Outlet store sales in mainland China surged by 39% in RMB terms, accounting for 14% of the company's domestic clothing sales[93] - Franchise income declined by 17% to HKD 93,132,000 due to fee reductions in certain franchise agreements[94] - Self-operated retail sales in mainland China increased by 39% in RMB terms, contributing to 18% of domestic clothing sales[120] - E-commerce sales in mainland China grew by 9% in RMB terms, with 95% of sales coming from exclusive products, accounting for 29% of domestic clothing sales[121] - Singapore's clothing sales rose by 3% to HKD 35,674,000, but the segment recorded a loss of HKD 2,754,000 due to inventory impairment provisions and rising costs[122][123] Financial Position and Cash Flow - The company's cash and bank balances as of December 31, 2023, were approximately 1,088,801,000 HKD, a decrease of 88,075,000 HKD from the previous year[33] - As of December 31, 2023, the company had no bank loans or overdrafts, with a debt-to-equity ratio of zero[51] - The company's total issued shares as of December 31, 2023, were 973,844,035, compared to 978,436,035 in 2022[54] - Total non-current assets amounted to HKD 3,015,860,000, slightly lower than the previous year's HKD 3,070,818,000[70] - Net interest income rose by 20% to HKD 25,659,000, driven by higher average deposit rates[91] - As of December 31, 2023, the company provided guarantees of HKD 20,364,000 for mortgage loans of property buyers, a significant decrease from HKD 77,318,000 in 2022. The company believes the net realizable value of the properties is sufficient to cover the defaulted mortgage principal, accrued interest, and penalties, hence no provision was made in the financial statements[128] Costs and Expenses - Employee costs, including directors' remuneration, were HKD 224,016,000, up from HKD 203,617,000 in the previous year[80] - Advertising and promotion expenses increased to HKD 111,192,000 from HKD 98,235,000 in the previous year[80] - Distribution and marketing costs increased by 10% to HKD 447,488,000 compared to HKD 406,197,000 last year, due to the resumption of promotional activities that were previously canceled or delayed due to pandemic measures[90] - Direct operating expenses for investment properties for the year were HKD 37,684,000, a 2% decrease from HKD 38,483,000 in the previous year, mainly due to a 4% depreciation in the RMB exchange rate[136] - Administrative expenses for the year were HKD 162,187,000, a 5% increase from HKD 153,775,000 in the previous year, driven by non-sales staff costs, depreciation, amortization, impairment expenses, and other miscellaneous expenses[137] Share Repurchase and Earnings - The company repurchased a total of 4,592,000 shares in 2023 at a total cost of HK$4,838,510 (before expenses)[54] - Basic earnings per share were calculated based on a net profit attributable to shareholders of HKD 116,164,000 and a weighted average of 978,385,013 shares issued during the year[83] - The company repurchased 4,592,000 ordinary shares at a total cost of HKD 4,879,000 (including transaction costs and expenses of HKD 40,000), with an average price of HKD 1.054 per share. The repurchased shares were canceled, and the company believes this will improve earnings per share and return on assets, benefiting capital structure and shareholder equity[148] Investment Property and Valuation - Investment property fair value loss was HKD 47,066,000, down from HKD 57,110,000 in the previous year[79] - Investment property fair value loss decreased by 18% to HKD 47,066,000, primarily driven by valuation declines in domestic properties, particularly in Guangzhou[96][117] Environmental and Energy Initiatives - The company's Meizhou factory and Guangzhou Yuancun property have installed photovoltaic facilities to promote environmental protection and save electricity costs. A new energy company engaged in photovoltaic business was established domestically, with operations expected to further develop in 2024[126] Employee and Compensation - The company employed approximately 1,800 employees as of December 31, 2023, with total employee costs, including directors' remuneration, amounting to HKD 224,016,000. Competitive compensation is ensured based on job nature, market conditions, individual performance, qualifications, and experience[129] Tax and Provisions - The company's provision for Hong Kong profits tax was calculated at a rate of 16.5% on the estimated taxable profit for the year[82] - The company's gross margin, excluding inventory impairment changes, was 55%, higher than the previous year's 51%, due to the sale of higher-margin new products. Inventory impairment provisions for the year were HKD 1,019,000, compared to a reversal of HKD 3,746,000 in the previous year[142] Future Outlook and Challenges - The company expects the weak domestic economic situation to persist, making the operating environment in 2024 very challenging[49] - The company plans to improve the leasing situation of "Golden Lion Digital Network Building" and other properties to reduce vacancies and enhance leasing potential[50] Brand and Cultural Initiatives - The company operates three "Goldlion 3388" cultural life museums in Shanghai and Guangzhou, promoting the "Goldlion" brand culture and the new "3388" brand concept. The operating loss for the year, after accounting for various expenses and provisions, was approximately HKD 29,730,000[140] Domestic Clothing Sales Strategy - The company's domestic clothing sales continue to focus on wholesale business to agents in multiple provinces, self-operated retail and outlet stores in cities like Guangzhou, Shanghai, Beijing, Chongqing, Liaoning, Jilin, and Shandong, as well as e-commerce and group customization[139]

Financial Performance - The total rental income for the six months ended June 30, 2023, was HKD 346,267,000, representing an increase of 13.3% from HKD 305,522,000 in the previous year[14]. - The company reported a mid-term profit of HKD 34,245,000, slightly down from HKD 34,374,000 for the same period last year, maintaining a stable dividend of 3.5 HK cents per share[8]. - The company reported a profit attributable to shareholders of HKD 78,608,000 for the six months ended June 30, 2023, a decrease of approximately 5% compared to HKD 82,919,000 for the same period last year[27]. - The total revenue for the first half of 2023 was HKD 661,236,000, representing a 7% increase from HKD 615,489,000 in the previous year[55]. - The group's operating profit for the period was HKD 77,869,000, a decrease of approximately 6% compared to HKD 82,556,000 in the same period last year, with an operating profit margin of 11.8% down from 13.4%[59]. - The group recorded a fair value loss on investment properties of HKD 22,856,000, an increase of approximately 32.5% from HKD 17,244,000 in the same period last year[57]. - The group recorded a total revenue of HKD 661,236,000 for the six months ended June 30, 2023, with a gross profit of HKD 389,127,000[108]. - The profit for the period was HKD 78,608,000, compared to HKD 82,919,000 for the same period in 2022, reflecting a decrease of approximately 5.3%[131]. Assets and Liabilities - The total amount of prepayments, deposits, and other receivables reached HKD 113,465,000, a significant increase of 40.9% compared to HKD 80,503,000 as of December 31, 2022[1]. - The total liabilities as of June 30, 2023, were HKD 910,360,000, compared to HKD 1,043,404,000 as of December 31, 2022[127]. - The total assets as of June 30, 2023, amounted to HKD 5,315,368,000, a decrease from HKD 5,490,787,000 as of December 31, 2022[127]. - The accounts receivable net amount as of June 30, 2023, was HKD 60,394,000, a decrease from HKD 125,091,000 at the end of 2022[195]. - The total assets held for sale in development properties amounted to HKD 714,362,000 as of June 30, 2023, down from HKD 767,938,000 at the end of 2022[193]. Revenue Streams - The group recorded a rental and property management fee income of HKD 77,324,000 and HKD 20,737,000 respectively, a total decrease of approximately 1% compared to the same period last year[71]. - The rental income from investment properties was HKD 77,324, slightly down from HKD 78,995 in the previous year, indicating a decrease of 2.1%[146]. - The total sales from the apparel and accessories segment amounted to HKD 500,403, representing a growth of 23.5% compared to HKD 407,000 in the previous period[168]. - Self-operated retail sales in mainland China increased by approximately 29% year-on-year, benefiting from a low base due to previous pandemic impacts[52]. - The group's e-commerce sales increased by approximately 18% in RMB terms compared to the previous year, accounting for about 28% of domestic apparel sales[64]. Expenses and Costs - The company’s operating expenses for distribution and marketing increased by 10% to HKD 207,278,000, primarily due to the resumption of promotional activities that were previously delayed[48]. - The group's administrative expenses amounted to HKD 81,124,000, an increase of 4% compared to HKD 77,906,000 in the same period last year[58]. - The group incurred direct operating expenses of HKD 18,209,000 related to investment properties during the period[182]. - The company incurred a provision for inventory impairment of HKD 4,441,000, lower than HKD 11,205,000 in the previous year[47]. - The group’s employee costs, including directors' remuneration, totaled HKD 111,546,000 for the period[182]. Shareholder Information - The company’s major shareholders include the Zhang family, holding 62.65% of the issued share capital, indicating a strong control over the company[9]. - The company declared an interim dividend of HKD 0.035 per share, totaling HKD 34,245,000, which is similar to the previous year's dividend of HKD 34,374,000[40]. - The company has no plans to repurchase any shares during the reporting period[42]. Future Outlook and Plans - The group expects business conditions to remain challenging due to various uncertainties in both domestic and external markets[92]. - The group plans to establish a new energy company in China, focusing on photovoltaic business, with a registered capital of RMB 30,000,000, expected to commence operations in the second half of the year[73]. - The group aims to strengthen its sales network in the Singapore apparel business to ensure continuous operational improvement[93]. - The group plans to enhance the rental situation of "Jinli Lai Digital Network Building" and other properties to reduce vacancies and improve rental potential[94]. Compliance and Governance - The company has maintained compliance with the corporate governance standards as per the listing rules, ensuring all directors adhered to the relevant regulations during securities transactions[11]. - The company’s tax rate for profits derived from China remains at 25%, consistent with the previous year, while a reduced tax rate of 5% applies to qualifying subsidiaries[6]. Financial Risks and Management - The group continues to face various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since the end of the last fiscal year[143][144]. - The group’s management has made significant judgments in applying accounting policies, which are consistent with those used in the preparation of the consolidated financial statements for the year ended December 31, 2022[145].

Financial Performance - The group reported a total revenue of HKD 661,236,000 for the six months ended June 30, 2023, representing an increase of 7.4% compared to HKD 615,489,000 for the same period in 2022[14]. - The group's net profit attributable to shareholders for the period was HKD 6,547,000, a significant recovery from a loss of HKD 45,157,000 in the previous year[6]. - The gross profit for the six months ended June 30, 2023, was HKD 389,127,000, compared to HKD 366,939,000 in the previous year, indicating a year-on-year increase of about 6.0%[19]. - The operating profit decreased to HKD 77,869,000 for the six months ended June 30, 2023, down from HKD 82,556,000 in the same period of 2022, reflecting a decline of approximately 5.5%[19]. - The profit attributable to the company's owners for the period was HKD 78,608,000, compared to HKD 82,919,000 in the prior year, a decrease of about 5.0%[20]. - Basic and diluted earnings per share for the six months ended June 30, 2023, were HKD 8.03, down from HKD 8.44 in the same period of 2022, representing a decline of approximately 4.9%[19]. Assets and Liabilities - The total assets of the group as of June 30, 2023, were HKD 5,315,368,000, a decrease from HKD 5,490,787,000 as of December 31, 2022[7]. - The group’s total liabilities decreased to HKD 910,360,000 as of June 30, 2023, from HKD 1,043,404,000 at the end of the previous year[7]. - The group’s cash and cash equivalents amounted to HKD 305,346,000 as of June 30, 2023, slightly down from HKD 309,805,000 at the end of 2022[7]. - As of June 30, 2023, the group had no bank loans or overdrafts, resulting in a debt-to-equity ratio of zero[75]. - As of June 30, 2023, the group's cash and bank balances were approximately HKD 1,168,440,000, a decrease of HKD 8,436,000 from the end of the previous year[97]. Inventory and Expenses - The group reported a decrease in inventory to HKD 167,254,000 from HKD 204,578,000 year-on-year, indicating improved inventory management[7]. - The group’s operating expenses increased to HKD 560,511,000 for the six months ended June 30, 2023, compared to HKD 515,689,000 in the same period last year[16]. - The group's administrative expenses amounted to HKD 81,124,000, up 4% from HKD 77,906,000 in the same period last year[59]. - The company reported a total sales cost of HKD 272,109,000, which includes clothing sales costs of HKD 218,044,000 and inventory impairment provisions of HKD 4,441,000[36]. Revenue Segmentation - The operating segment in mainland China and Hong Kong generated revenue of HKD 502,618,000, slightly up from HKD 500,403,000 in the previous year, with a segment profit of HKD 63,258,000[29]. - The property investment and development segment reported revenue of HKD 146,408,000, an increase from HKD 102,774,000 in the same period last year, with a segment profit of HKD 44,904,000[29]. - The apparel business revenue increased by 3%, while property investment and licensing revenue decreased by 1% and 19% respectively[55]. - The group's e-commerce sales in RMB increased by approximately 18% compared to the previous year, with sales of special products accounting for 94% of total sales[43]. - The self-operated retail sales revenue increased by approximately 29% year-on-year, accounting for about 18% of the group's domestic clothing sales[86]. Fair Value and Impairment - The group experienced a fair value loss on investment properties of HKD 22,856,000 for the six months ended June 30, 2023, compared to HKD 17,244,000 in the same period last year[16]. - The group recorded a fair value loss on investment properties of HKD 22,856,000, an increase from HKD 17,244,000 in the previous year[58]. - The group’s inventory impairment provision for the period was HKD 1,218,000, compared to a reversal of HKD 3,484,000 in the previous year[67]. Future Plans and Developments - The group plans to continue focusing on property investment and development, alongside its core business in apparel and accessories distribution[14]. - The group plans to focus on the construction progress of the second phase of the "Jinli Lai Garden" property development project and aims to sell the remaining units[96]. - The group has established a new energy company in China with a registered capital of RMB 30,000,000, expected to commence operations in the second half of the year[72]. Compliance and Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[108]. - The audit committee has reviewed the unaudited interim financial information for the six months ending June 30, 2023, ensuring adherence to the relevant accounting standards[109].

Environmental Goals - The company aims to reduce energy consumption per square meter by 16.7% by 2030 compared to the 2020 baseline, equating to an annual reduction of 1.67%[16]. - The company targets a 28% reduction in greenhouse gas emissions per square meter by 2030 compared to the 2020 baseline, which translates to an annual reduction of 2.8%[17]. - The company plans to decrease water consumption per HKD 100,000 of revenue by 43% by 2030 compared to the 2020 baseline, representing an annual reduction of 4.3%[19]. - The company is exploring opportunities to transform its business into a low-carbon operation to meet public expectations and avoid reputational damage[14]. - The company aims to achieve water conservation goals through measures such as installing faucet aerators and rainwater collection, estimating annual savings of approximately 10,000 cubic meters from air conditioning and 20,000 cubic meters from toilet renovations[49]. Environmental Performance - Total greenhouse gas emissions decreased from 8,003 metric tons CO2 equivalent in 2021 to 7,114 metric tons CO2 equivalent in 2022, representing a reduction of approximately 11.1%[24]. - The total energy consumption decreased from 14,284,826 kWh in 2021 to 13,302,791 kWh in 2022, a decline of about 6.9%[25]. - The total water consumption increased from 146,703 cubic meters in 2021 to 156,157 cubic meters in 2022, an increase of approximately 6.2%[25]. - The total hazardous waste generated decreased from 0.089 tons in 2021 to 0.051 tons in 2022, a reduction of about 42.7%[25]. - The total packaging materials used increased from 108.7 tons in 2021 to 140.6 tons in 2022, an increase of approximately 29.3%[25]. - The carbon emissions per employee decreased from 4.76 metric tons CO2 equivalent in 2021 to 4.19 metric tons CO2 equivalent in 2022, a reduction of about 11.9%[24]. - The carbon emissions per square meter of floor area remained stable at 0.07 metric tons CO2 equivalent in both 2021 and 2022[24]. - The paper recycling rate for office and apparel distribution and manufacturing business decreased from 28.3% in 2021 to 26.5% in 2022[25]. - The total non-hazardous waste generated increased from 39.3 tons in 2021 to 45.8 tons in 2022, an increase of approximately 16.5%[25]. - The total energy consumption per employee decreased from 8,493 kWh in 2021 to 7,830 kWh in 2022, a decline of about 7.8%[25]. Occupational Health and Safety - The company has implemented ISO 45001:2018 certification for occupational health and safety management systems at its production site in Meizhou, demonstrating the effectiveness and efficiency of its safety management[5]. - The company has adopted various occupational health and safety programs to minimize accidents and ensure workplace safety[5]. - The company has established strict recruitment screening processes to ensure compliance with labor laws, preventing the hiring of candidates below the legal working age of 18[2]. Corporate Governance - The company regularly communicates with shareholders through various channels, including interim and annual reports, press releases, and shareholder meetings[65]. - The company reported a 100% attendance rate for all executive directors during the board meetings[67]. - The board believes that having the same person serve as both chairman and CEO enhances strategic planning and decision-making efficiency[70]. - The audit committee is responsible for reviewing the group's interim and annual performance, ensuring compliance with accounting standards[103]. - The company has adopted a diversity policy for board members, considering factors such as race, gender, age, and professional experience[74]. - The risk management framework includes a three-tier structure involving the board, senior management, and subsidiary management[87]. - The company has not encountered any significant adverse changes in risks related to its business during the year[88]. - The remuneration committee regularly reviews the compensation of executive directors to ensure alignment with performance[99]. - The company has established a nomination committee to evaluate board composition and diversity considerations[94]. - The audit committee consists of three independent non-executive directors and one non-executive director, chaired by a member with extensive accounting experience[102]. - The company has implemented appropriate procedures for handling and disclosing insider information[88]. - The company continues to maintain high standards of corporate governance, as detailed in the corporate governance report[169]. Financial Performance - The company's revenue for the year ended December 31, 2022, was HKD 1,415,709,000, representing a 3.2% increase from HKD 1,372,184,000 in 2021[139]. - Gross profit decreased by 11.3% to HKD 769,790,000 from HKD 868,327,000 in the previous year[139]. - Operating profit fell by 36.6% to HKD 152,708,000 compared to HKD 240,848,000 in 2021[139]. - Net profit for the year was HKD 154,462,000, down 30.1% from HKD 221,043,000 in the prior year[139]. - Basic and diluted earnings per share decreased to HKD 15.73, a decline of 30.1% from HKD 22.51[139]. - The company declared a total dividend of HKD 8.5 per share, down 22.7% from HKD 11.0 in the previous year[139]. - Cash generated from operations dropped significantly by 75.4% to HKD 62,960,000 from HKD 256,076,000[139]. - Total assets decreased by 5.2% to HKD 5,490,787,000 from HKD 5,790,323,000[139]. - Total liabilities reduced by 10.5% to HKD 1,043,404,000 compared to HKD 1,165,583,000 in 2021[139]. - The current ratio improved to 4.1 from 3.8 in the previous year, indicating better short-term financial health[139]. - The group's annual cost of goods sold for apparel was HKD 475,055,000, a decrease of 7% compared to last year's HKD 511,921,000, aligning closely with the decline in apparel sales[141]. - The gross profit margin, excluding inventory impairment effects, was 50.8%, slightly down from 51.6% last year, primarily due to a slight reduction in gross margin for domestic products[141]. - Inventory impairment provision recorded during the year was HKD 33,813,000, compared to a reversal of HKD 50,591,000 last year, resulting in a difference of HKD 84,404,000[141]. - The company provided guarantees for mortgage loans amounting to HKD 77,318,000 for certain property buyers, with no provisions made in the financial statements as the realizable net value of the properties is deemed sufficient to cover the mortgage defaults[140]. - The total amount for statutory audit and interim review fees was HKD 3,080,000, with additional tax and consultancy services costing HKD 850,000, bringing the total to HKD 3,930,000[145]. - The company repurchased a total of 3,678,000 shares during the year, with a total cost of HKD 4,383,890[158]. - The shareholding structure indicates that the family trust holds 62.65% of the total issued shares, with significant stakes also held by other entities[163]. - The financial statements for the year ended December 31, 2022, were audited by PwC, who expressed willingness to be reappointed[170]. - The group has established a whistleblowing procedure for employees to report any misconduct or fraud confidentially[143]. - The company repurchased a total of 3,678,000 ordinary shares at a total cost of HKD 4,383,890 during the year, with all repurchased shares subsequently canceled[188]. - As of December 31, 2022, the total number of issued shares was 978,436,035, down from 982,114,035 in the previous year, indicating a decrease of approximately 0.7%[188]. - The largest supplier accounted for 12% of total purchases, while the top five suppliers represented 41% of total purchases, highlighting significant supplier concentration[197]. - The largest customer contributed 4% to total revenue, and the top five customers accounted for 12%, indicating a moderate customer concentration risk[197].

Financial Performance - The group's total revenue for the year was HKD 933,461,000, representing a decrease of approximately 9% compared to the previous year[18]. - The operating profit for the year was HKD 152,708,000, a decline from HKD 240,848,000 in the previous year[11]. - The net profit attributable to the company's owners for the year was HKD 154,462,000, compared to HKD 221,043,000 in the previous year[22]. - The group's gross profit was HKD 769,790,000, down from HKD 868,327,000 in the previous year[11]. - The group reported a basic and diluted earnings per share of HKD 15.73 for the year, compared to HKD 22.51 in the previous year[21]. - The group’s net profit attributable to shareholders for the year was HKD 154,462,000, a decrease of approximately 30% from HKD 221,043,000 in the previous year[114]. - The group's basic earnings per share were HKD 0.157, down from HKD 0.225 in the previous year[75]. Expenses and Costs - Administrative expenses for the year amounted to HKD 153,775,000, down 10% from HKD 170,680,000 in the previous year, primarily due to impairment losses related to mask manufacturing[8]. - Distribution and marketing costs totaled HKD 406,197,000, down 6% from HKD 430,022,000 in the previous year, primarily due to reduced sales expenses from domestic retail and e-commerce sales[53]. - The company reported a cost of goods sold of HKD 645,919,000, up from HKD 503,857,000 in the previous year[43]. - The group incurred operating expenses of HKD 27,853,000 and impairment provisions of HKD 10,703,000 related to the newly opened cultural lifestyle stores in Shanghai and Guangzhou[117]. - Overall expenses for the year increased to HKD 18,356,000, up from HKD 15,188,000 last year due to the absence of local government wage subsidies and rising sales-related costs[122]. Assets and Liabilities - The group's non-current assets totaled HKD 3,070,818,000, down from HKD 3,236,149,000 in the previous year[12]. - The total assets amounted to HKD 5,490,787,000, while total liabilities were HKD 1,043,404,000[60]. - The group’s total equity was HKD 4,447,383,000, reflecting a slight increase from HKD 4,624,740,000 in the previous year[60]. - The group’s current assets and liabilities were HKD 2,419,969,000 and HKD 586,828,000 respectively, resulting in a current ratio of 4.1[100]. - As of December 31, 2022, the group had no bank loans or overdrafts, with a debt-to-equity ratio of zero[131]. Investment Properties - The group recorded a loss on the fair value of investment properties of HKD 18,786,000, compared to HKD 13,897,000 in the previous year[55]. - The total value of the investment property portfolio at year-end was approximately HKD 2,775,582,000, a decrease of about 7% from HKD 2,994,394,000 at the end of last year, with a fair value loss of HKD 57,110,000 recorded[123]. - Rental and property management fee income for the year was HKD 154,866,000 and HKD 40,787,000 respectively, representing an overall increase of about 5% compared to last year[123]. - The rental and property management fee income from the Guangzhou "Goldlion Digital Network Building" increased by approximately 4% year-on-year, with an overall occupancy rate of about 81%, up from 78% last year[124]. - The direct operating expenses of investment properties generating rental income were HKD 38,483,000, slightly down from HKD 40,797,000 in the previous year[43]. Market Performance - Self-operated retail sales in China decreased by 23% year-on-year in RMB terms, with a decline of 27% when excluding stores acquired since April of the previous year[86]. - The clothing business and franchise income decreased by 9% and 10% respectively compared to the previous year[79]. - The group's e-commerce performance fell short of expectations, with sales in RMB down approximately 10% year-on-year, primarily due to weakened clothing demand and delivery disruptions caused by lockdown measures[87]. - The group anticipates continued challenges in the clothing business for 2023, with a cautious outlook for recovery in the market[97]. Dividends and Share Repurchase - The company proposed a final dividend of HKD 0.05 per share, amounting to approximately HKD 48,922,000, down from HKD 68,748,000 in the previous year[49]. - The board believes that the share repurchase will enhance earnings per share and return on assets, benefiting the company's capital structure and shareholder equity[143]. - During the year, the company repurchased a total of 3,678,000 ordinary shares at an average price of HKD 1.192 per share, totaling approximately HKD 4,419,000[143]. - As of December 31, 2022, the total number of issued shares was 978,436,035, down from 982,114,035 in the previous year[146]. Future Plans - The group plans to enhance domestic apparel business operations and improve the performance of new businesses "Goldlion 3388" and "g+"[127]. - The group aims to improve the rental situation of the "Goldlion Digital Network Building" in Guangzhou and reduce vacancies[129].

Financial Performance - The total revenue for the first half of 2022 was HKD 615,489,000, an increase of 4% compared to HKD 589,659,000 in the same period last year, primarily driven by property investment and domestic apparel wholesale business [3]. - The cost of sales increased by 21% to HKD 248,550,000, mainly due to changes in inventory impairment provisions, while the gross profit margin decreased to 53.4% from 54.9% year-on-year [4]. - Operating profit for the period was HKD 82,556,000, a slight increase of approximately 2% from HKD 81,145,000 in the previous year, with an operating profit margin of about 13.4% [8]. - Net profit attributable to shareholders was HKD 82,919,000, up about 5% from HKD 78,988,000 in the same period last year, while excluding the fair value loss on investment properties, the profit was HKD 91,165,000, down about 4% year-on-year [9]. - Domestic apparel sales recorded a revenue of HKD 451,951,000, an increase of approximately 4% year-on-year, despite challenges from COVID-19 restrictions [10]. - The e-commerce performance was below expectations, with sales accounting for about 26% of domestic apparel sales, impacted by weakened demand and delivery obstacles due to lockdown measures [18]. - The group recorded a fair value loss on investment properties of HKD 17,244,000, lower than HKD 25,347,000 in the same period last year [5]. - The administrative expenses increased by 3% to HKD 77,906,000 compared to HKD 75,702,000 in the previous year [6]. - The group's rental and property management fee income for the period was HKD 78,995,000 and HKD 20,548,000, respectively, representing an increase of approximately 8% compared to the same period last year [24]. - The total revenue from property management fees was HKD 20,548,000, up from HKD 19,722,000, indicating a growth of 4.2% year-on-year [76]. - The investment property rental income increased to HKD 78,995,000 from HKD 72,155,000, representing an increase of 9.5% [76]. Cash Flow and Financial Position - The group recorded a net cash inflow from operating activities of HKD 38,813,000 and interest income of HKD 10,233,000, but paid dividends of HKD 68,748,000 during the period [29]. - As of June 30, 2022, the group's cash and bank balances amounted to approximately HKD 1,271,289,000, a decrease of HKD 79,925,000 compared to the end of last year [29]. - The group's current assets and liabilities were HKD 2,462,741,000 and HKD 627,161,000, respectively, resulting in a current ratio of 3.9 [31]. - The company reported a net cash generated from operating activities for the six months ended June 30, 2022, was HKD 38,813, compared to HKD 172,226 for the same period in 2021, representing a decrease of approximately 77.5% [58]. - The net cash used in investing activities was HKD 67,447 for the six months ended June 30, 2022, compared to HKD 157,560 for the same period in 2021, indicating a reduction of about 57.3% [58]. - The net cash used in financing activities was HKD 75,521 for the six months ended June 30, 2022, compared to HKD 70,656 for the same period in 2021, showing an increase of approximately 6.3% [58]. - The total cash and cash equivalents increased by HKD 30,739 for the six months ended June 30, 2022, compared to a decrease of HKD 55,990 for the same period in 2021 [58]. - The company reported a significant increase in restricted cash, which rose to HKD 676 from HKD 97,894 in the previous period [58]. - As of June 30, 2022, accounts receivable amounted to HKD 59,246,000, a decrease from HKD 101,985,000 as of December 31, 2021, representing a reduction of approximately 42% [95]. - The total amount of prepayments, deposits, and other receivables decreased to HKD 93,597,000 as of June 30, 2022, down from HKD 126,445,000 as of December 31, 2021, indicating a decline of about 26% [96]. - The company's total liabilities for accounts payable were HKD 26,829,000 as of June 30, 2022, compared to HKD 48,594,000 as of December 31, 2021, reflecting a decrease of approximately 45% [99]. - The total income tax expense for the six months ended June 30, 2022, was HKD 9,527,000, a decrease from HKD 11,786,000 for the same period in 2021, representing a reduction of about 19% [109]. Property Development and Investment - The total expenditure for the "Jinli Lai Garden" property development project in Meixian reached HKD 814,082,000, an increase of HKD 98,275,000 compared to the end of last year [25]. - The rental and property management fee income for the "Jinli Lai Digital Network Building" in RMB increased by approximately 3% year-on-year, with an overall occupancy rate maintained at about 79% [24]. - The first phase of the "Jinli Lai Garden" property development project is expected to be completed in the fourth quarter of this year, with the second phase's construction progress being a focus [28]. - The total value of properties held for sale was HKD 814,082,000 as of June 30, 2022, up from HKD 715,807,000 as of December 31, 2021, reflecting a growth of 13.8% [91]. - The development costs for properties held for sale rose to HKD 704,821,000 as of June 30, 2022, compared to HKD 600,873,000 as of December 31, 2021, marking an increase of 17.2% [90]. Shareholder Information and Corporate Governance - Major shareholders include Top Grade Holdings Limited with 613,034,750 shares, representing 62.42% of the issued share capital [178]. - Silver Disc Limited holds 160,616,000 shares, accounting for 16.35% of the issued share capital [178]. - The charity trust managed by Zeng Huizi holds 53,880,750 shares, which is 5.49% of the issued share capital [180]. - FMR LLC owns 63,061,331 shares, representing 6.42% of the issued share capital [178]. - The company has complied with the corporate governance code as per the Stock Exchange listing rules for the six months ending June 30, 2022 [182]. - The audit committee consists of four members, including independent non-executive directors, ensuring oversight of financial reporting and risk management [183]. - The external auditor has reviewed the unaudited interim financial information for the six months ending June 30, 2022 [184]. Challenges and Outlook - The group plans to continue improving the operational situation of its Singapore clothing business, ensuring profitability since last year is maintained [28]. - The group anticipates challenges in business operations due to economic recession concerns and ongoing pandemic impacts, with a cautious outlook for the remainder of the year [27].