Financial Performance - Revenue for the six months ended June 30, 2023, was HK$179.7 million, a decrease of 12.4% compared to HK$205.1 million in 2022[5] - Gross profit increased to HK$20.1 million, representing a significant growth of 107.2% from HK$9.7 million in the previous year[5] - The gross profit margin improved to 11.2%, up from 4.7% in the same period last year[5] - Loss attributable to equity holders of the Company decreased by 80.9% to HK$4.0 million, compared to HK$20.9 million in 2022[5] - Basic and diluted losses per share were HK$0.0066, a reduction from HK$0.0348 in the previous year[5] - The net loss for the six months ended June 30, 2023 was approximately HK$4.0 million, a significant decrease of approximately 80.9% compared to a net loss of approximately HK$20.9 million in the same period last year[33] - The total comprehensive loss for the period attributable to equity holders was HK$4,575,000, compared to HK$23,264,000 in the prior year[88] - The operating loss narrowed to HK$96,000 from HK$18,693,000 in the previous year, reflecting improved operational efficiency[88] - The company incurred a loss for the period of HK$3,970,000, compared to a loss of HK$20,888,000 for the same period in 2022, indicating a significant improvement in financial performance[95] Assets and Liabilities - Total assets decreased by 11.3% to HK$283.7 million from HK$319.9 million as of December 31, 2022[5] - Total liabilities reduced by 12.9% to HK$212.9 million, down from HK$244.4 million[5] - Net current assets increased by 2.7% to HK$46.1 million compared to HK$44.9 million at the end of 2022[5] - Trade and bills receivable decreased from approximately HK$67.2 million as of December 31, 2022 to approximately HK$57.3 million as of June 30, 2023, consistent with the decrease in revenue[35] - Trade payables decreased from approximately HK$66.5 million as of December 31, 2022, to approximately HK$47.3 million as of June 30, 2023, due to partial settlements[41] - Total equity attributable to equity holders of the Company was HK$70,856,000, down from HK$75,431,000, reflecting a decline of about 6.9%[90] - Total liabilities decreased to HK$212,868,000 from HK$244,426,000, a decline of approximately 12.8%[92] Cash Flow and Expenses - Cash and cash equivalents amounted to approximately HK$113.1 million, with a decrease of approximately HK$47.7 million attributed to raw material purchases and bank loan repayments[44] - The company reported a net cash used in operating activities of HK$37,224,000 for the six months ended June 30, 2023, compared to HK$58,788,000 for the same period in 2022, showing an improvement of approximately 36.7%[98] - Selling and marketing expenses decreased by approximately 76.3% to approximately HK$0.5 million, primarily due to reduced employee wages and transportation charges[23] - Administrative expenses decreased significantly, with employee benefit expenses reduced by approximately HK$4.0 million compared to the same period in 2022, due to downsizing of operations in a loss-making subsidiary[24] - Finance income increased by approximately 308.8% to approximately HK$1.4 million, attributed to higher deposit interest rates and increased idle cash in the bank[26] - Finance costs for the six months ended June 30, 2023, totaled HK$3,428,000, compared to HK$2,631,000 in 2022, indicating an increase of about 30%[134] Inventory and Receivables - The inventory balance increased from approximately HK$48.1 million as of 31 December 2022 to approximately HK$67.9 million as of 30 June 2023, resulting in an increase in inventory turnover days to 67 days[34] - Trade receivables as of June 30, 2023, were HK$57,265,000, down from HK$67,249,000 at the end of 2022, representing a decrease of approximately 15%[155] - The aging analysis of trade receivables showed that amounts due within 30 days increased to HK$50,348,000 in 2023 from HK$42,973,000 in 2022, an increase of about 17%[156] Taxation and Financial Risks - Income tax expenses for the six months ended 30 June 2023 were approximately HK$1.8 million, compared to a tax credit of HK$96,000 in the same period of 2022[32] - The remaining potential maximum tax exposure is estimated to be approximately USD1.0 million (equivalent to approximately HK$7.8 million) as of the report date[79] - The Group's potential maximum tax risk from the Cambodian tax authority is estimated at approximately HK$15,700,000, related to a tax reassessment for the period from January 1, 2019, to March 31, 2022[182] - The Group considers the tax authority's position in Cambodia to be unfounded and has challenged the reassessments[185] Shareholder Information - Mr. Huang Chih Shen holds a controlled corporation interest of 327,242,688 ordinary shares, representing approximately 54.54% of the Company[192] - Ms. Huang Li Hun, Serlina, is a beneficial owner of 92,000 ordinary shares, representing approximately 0.02% of the Company[192] - As of June 30, 2023, no other interests or short positions in shares, underlying shares, or debentures of the Company were reported by the Directors and chief executives[198] Operational Insights - The Group operates primarily in the Apparel Supply Chain Servicing Business, with performance reviewed as a single operating segment due to the uniformity of services across different regions[129] - The Group will continue to enhance product innovation and simplify production processes to improve operational efficiency and cost competitiveness in the second half of 2023[86]

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：540） 截至二零二三年六月三十日止六個月 中期業績公佈 截至六月三十日止六個月 二零二三年 二零二二年 變動 （未經審核） （未經審核） 收益 （百萬港元） 179.7 205.1 -12.4% 毛利 （百萬港元） 20.1 9.7 107.2% 毛利率 11.2% 4.7% 本公司權益持有人應佔期內虧損 （百萬港元） (4.0) (20.9) -80.9% 本公司權益持有人應佔淨虧損率 -2.2% -10.2% 期內本公司權益持有人應佔 每股基本及攤薄虧損 （每股港元） (0.0066) (0.0348) ...

Financial Performance - The Group's revenue for 2022 decreased to approximately HK$561.8 million, representing a decrease of approximately 25.1% compared to 2021[13][16] - Loss attributable to equity holders increased to approximately HK$34.5 million, representing an increase of approximately 10.2% compared to 2021[13][16] - Revenue from the Apparel Supply Chain Servicing Business was approximately HK$561.8 million in 2022, down from HK$750.5 million in 2021[14][17] - Loss from the Apparel Supply Chain Servicing Business was approximately HK$34.5 million in 2022, compared to a loss of HK$31.3 million in 2021[14][17] - Revenue decreased by 25.1% to approximately HK$561.8 million in 2022, down from HK$750.5 million in 2021, primarily due to a decrease in sales from existing customers[37] - Gross profit decreased by 12.7% to approximately HK$42.6 million in 2022, with a gross profit margin increase to approximately 7.6% from 6.5% in 2021, attributed to effective cost control measures[38] - The company recorded a loss of approximately HK$34.5 million in 2022, compared to a loss of HK$31.3 million in 2021, mainly due to increased impairment losses on financial assets[39] - Income tax expense for 2022 was approximately HK$2.4 million, compared to a tax credit of HK$7.0 million in 2021[55] Assets and Liabilities - Total assets as of December 31, 2022, were HK$319.9 million, a decrease of 26.8% from HK$437.3 million in 2021[26] - Total liabilities decreased by 22.8% to HK$244.4 million from HK$316.6 million in 2021[26] - Net current assets decreased by 38.5% to HK$44.9 million from HK$73.1 million in 2021[26] - The current ratio remained stable at 1.2 for both 2022 and 2021[26] - The return on assets for 2022 was -9.1%, compared to -6.7% in 2021[26] - The return on equity for 2022 was -35.1%, an increase from -23.1% in 2021[26] Operational Strategies - The Group plans to enhance product innovation and creativity to explore new business opportunities with existing and potential customers[19] - The Group aims to improve operational efficiency by streamlining production processes to shorten product delivery times[19] - The Group will collaborate closely with customers to consolidate production for better pricing on bulk material procurement, enhancing cost competitiveness[19] - The Group intends to simplify its organizational structure and operational processes to save costs[19] - The Group will closely monitor the property market to formulate suitable investment strategies for property investment and development[19] - The Group will seek suitable property investment and development projects believed to enhance shareholder returns[19] Corporate Governance - The Company has complied with the Corporate Governance Code provisions, except for the separation of the roles of chairman and chief executive officer, which are both held by Mr. Huang Chih Shen[122] - The Company is committed to enhancing corporate governance principles and practices to balance the interests of shareholders, customers, and employees[121] - The Company will continue to consider the feasibility of appointing a separate chief executive officer to comply with governance standards[122] - The Board believes that good corporate governance is key to the Company's success and effective decision-making[121] - The Company has a strong management team with diverse backgrounds in finance, law, and education[117][119] - The Company recognizes the importance of adhering to corporate governance standards and is actively working towards compliance[122] Board Composition and Meetings - The Board of Directors currently consists of six members, including two executive directors and four independent non-executive directors[128] - All directors confirmed compliance with the Model Code for Securities Transactions from January 1, 2022, to the date of the Board meeting approving the annual results announcement for 2022[126] - The attendance rate for Board meetings in 2022 was 100% for all directors, with each attending all five meetings held[131] - The Company has established clear guidelines for matters requiring Board decision, including capital, financing, financial reporting, internal controls, and corporate governance[143] - The Company has adhered to the Listing Rules throughout 2022, including compliance with rules regarding the independence of non-executive directors[144] Risk Management and Internal Controls - The Audit Committee conducted an annual review of the Group's risk management and internal control systems, finding them effective and adequate for the year ended December 31, 2022[193] - The risk management system is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[188] - The Group adopts a bottom-up approach for risk management, including risk identification, assessment, evaluation, and treatment[189] - The internal audit function reviews the effectiveness of the risk management and internal control systems, providing recommendations for control weaknesses[190] - The Group's risk management and internal control systems are continuous, proactive, and systematic processes[189] Diversity and Inclusion - As of December 31, 2022, the gender distribution among all staff (including senior management) was 31.1% male and 68.9% female[168] - The Company has adopted a board diversity policy, which was amended in December 2018, focusing on various diversity perspectives including gender, age, and ethnicity[164] - The Company has established measurable objectives for workforce diversity, aiming to maintain gender diversity in recruitment[168] Financial Management - The Group's liquidity position was described as healthy, supported by both internal resources and bank borrowings[68] - The Group had bank borrowings of approximately HK$108.3 million as of December 31, 2022, with HK$102.4 million repayable within one year[64] - The Group's audit services fee paid to PricewaterhouseCoopers for the year ended December 31, 2022, amounted to HK$1,550,000[183]

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任 何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：540） 截至二零二二年十二月三十一日止年度 末期業績公佈 財務摘要 截至十二月三十一日止年度 二零二二年 二零二一年 變動 收益 （百萬港元） 561.8 750.5 -25.1% 毛利 （百萬港元） 42.6 48.8 -12.7% 毛利率 7.6% 6.5% 本公司權益持有人應佔 年內虧損 （百萬港元） (34.5) (31.3) 10.2% 本公司權益持有人應佔 淨虧損率 -6.1% -4.2% 年內本公司權益持有人應佔 虧損的每股基本及 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HK$ 205.1 million, a decrease of 33.0% compared to HK$ 306.0 million in 2021[6]. - Gross profit for the same period was HK$ 9.7 million, down 45.2% from HK$ 17.7 million in 2021[6]. - Loss before income tax improved to HK$ 21.0 million, a 19.2% reduction from a loss of HK$ 26.0 million in the previous year[6]. - Loss attributable to equity holders of the Company was HK$ 20.9 million, a decrease of 20.8% compared to HK$ 26.4 million in 2021[6]. - Basic and diluted losses per share were HK$ 0.0348, compared to HK$ 0.0440 in the prior year[6]. - The Group's overall revenue for the six months ended 30 June 2022 was approximately HK$205.1 million, representing a decrease of approximately 33.0% compared to the same period last year[18]. - The gross profit margin for the six months ended 30 June 2022 decreased to 4.7% from 5.8% in the same period last year, primarily due to reduced sales orders from existing customers[19]. - The net loss attributable to equity holders of the Company for the six months ended 30 June 2022 was approximately HK$20.9 million, an improvement from a net loss of approximately HK$26.4 million in the same period last year[25]. - Revenue from the Apparel Supply Chain Servicing Business for the six months ended 30 June 2022 was approximately HK$205.1 million, a decrease of approximately 33.0% compared to the last corresponding period[26]. - Gross profit from the Apparel Supply Chain Servicing Business decreased to HK$9.7 million for the six months ended 30 June 2022, down from HK$17.7 million in the same period last year[27]. Assets and Liabilities - Net current assets decreased by 23.5% to HK$ 55.9 million as of June 30, 2022, from HK$ 73.1 million at the end of 2021[6]. - Total assets declined by 13.0% to HK$ 380.4 million from HK$ 437.3 million[6]. - Total liabilities decreased by 10.6% to HK$ 282.9 million from HK$ 316.6 million[6]. - Equity attributable to equity holders of the Company fell by 19.3% to HK$ 97.4 million from HK$ 120.7 million[6]. - Trade and bills receivable decreased from approximately HK$110.2 million as of December 31, 2021, to approximately HK$54.2 million as of June 30, 2022, aligning with the decrease in revenue for the same period[47]. - Trade and bills payable decreased from approximately HK$169.1 million as of December 31, 2021, to approximately HK$144.8 million as of June 30, 2022, primarily due to partial settlements during the period[49]. - Total borrowings as of June 30, 2022, are HK$105,878,000, slightly down from HK$109,437,000 as of December 31, 2021[190]. Inventory and Receivables - Inventory turnover days increased to 69 days from 30 days in the previous year, indicating a slower inventory movement[6]. - Inventory balance increased from approximately HK$44.6 million as of 31 December 2021 to approximately HK$103.5 million as of 30 June 2022, resulting in an increase in inventory turnover days from 30 days to 69 days[42]. - Trade receivable turnover days increased from 56 days as of December 31, 2021, to 73 days as of June 30, 2022, due to delays in customer payments[48]. - Total trade receivables as of June 30, 2022, were HK$54,215,000, down 48% from HK$104,951,000 as of December 31, 2021[176]. Cash Flow and Financing - Cash and cash equivalents totaled approximately HK$129.7 million as of June 30, 2022, with a current ratio of approximately 1.2, unchanged from December 31, 2021[55]. - The Group maintained a net cash position despite a decrease in cash and cash equivalents of approximately HK$63.5 million due to purchases for upcoming shipments[55]. - Cash used in operations for the six months ended June 30, 2022, was HK$56,824,000, a decrease of 16.4% compared to HK$67,889,000 in the same period of 2021[107]. - Net cash used in financing activities was HK$3,559,000 for the first half of 2022, a significant decrease from the cash generated of HK$27,111,000 in the same period of 2021[107]. Employee and Operational Costs - As of June 30, 2022, the Group had a total of 1,173 employees, with total staff costs approximately HK$35.0 million, down from HK$37.6 million in the previous period[69]. - Employee benefit expenses remained stable at HK$28,753,000 for the six months ended June 30, 2022, compared to HK$28,729,000 in 2021[154]. - Distribution costs decreased by approximately 36.7% to approximately HK$2.0 million, mainly due to reductions in employee wages and sales commission payments[36]. - Administrative expenses decreased significantly due to the absence of goodwill impairment provision and a reduction in customer relationship amortization[37]. Market Outlook and Strategy - The Group expects the global economy to remain volatile due to the COVID-19 outbreak and the China-US trade war, while continuing to monitor market changes[93]. - The Group aims to enhance product innovation and operating efficiency to explore new opportunities and improve cost competitiveness[94]. Other Information - The Group did not utilize any financial instruments for hedging foreign currency risk during the six months ended June 30, 2022[63]. - There were no significant capital commitments as of June 30, 2022, remaining unchanged from December 31, 2021[65]. - The Group did not declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year[172]. - The Group had no plans for material investments and capital assets as of June 30, 2022[82].

(Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 540 (於開曼群島註冊成立的有限公司) Annual Report 年報 2021 目錄 CONTENTS | 公司資料 | 2 | | --- | --- | | Corporate Information | | | 主席報告 | 5 | | Chairman's Statement | | | 財務摘要 | 8 | | Financial Highlights | | | 財務概要 | 9 | | Financial Summary | | | 管理層討論及分析 | 10 | | Management Discussion and Analysis | | | 董事及高級管理層簡歷 | 18 | | Directors and Senior Management Profile | | | 企業管治報告 | 23 | | Corporate Governance Report | | | 環境、社會及管治報告 | 38 | | Environment ...

(Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 540 (於開曼群島註冊成立的有限公司) Annual Report 年報 2019 目錄 CONTENTS | 公司資料 | 2 | | --- | --- | | Corporate Information | | | 主席報告 | 5 | | Chairman's Statement | | | 財務摘要 | 8 | | Financial Highlights | | | 財務概要 | 9 | | Financial Summary | | | 管理層討論及分析 | 10 | | Management Discussion and Analysis | | | 董事及高級管理層簡歷 | 18 | | Directors and Senior Management Profile | | | 企業管治報告 | 23 | | Corporate Governance Report | | | 環境、社會及管治報告 | 37 | | Environment ...

(Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 540 (於開曼群島註冊成立的有限公司) 2019 INTERIM REPORT 中期報告 目錄 CONTENTS | 財務摘要 | 2 | | --- | --- | | Financial Highlights | | | 公司資料 | 3 | | Corporate Information | | | 管理層討論及分析 | 6 | | Management Discussion and Analysis | | | 簡明綜合全面收益表 | 16 | | Condensed Consolidated Statement of Comprehensive Income | | | 簡明綜合財務狀況表 | 17 | | Condensed Consolidated Statement of Financial Position | | | 簡明綜合權益變動表 | 19 | | Condensed Consolidated Statement of Chang ...

(Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code: 540 (於開曼群島註冊成立的有限公司) 2018 ANNUAL REPORT 年報 目錄 CONTENTS | 公司資料 | 2 | | --- | --- | | Corporate Information | | | 主席報告 | 5 | | Chairman's Statement | | | 財務摘要 | 8 | | Financial Highlights | | | 財務概要 | 9 | | Financial Summary | | | 管理層討論及分析 | 10 | | Management Discussion and Analysis | | | 董事及高級管理層簡歷 | 18 | | Directors and Senior Management Profile | | | 企業管治報告 | 23 | | Corporate Governance Report | | | 環境、社會及管治報告 | 37 | | Environment ...