本集团的预期净亏损减少，主要是由于增加自营销售奖励,减少折扣及加大销售毛利高货品等措施使毛 利增加，确认笔约币1390万的提早终止租赁协议的得益，以及持续节流工作。 佳华百货控股(00602)发布公告，预计本集团的净亏损将从截至2024年6月306个的约币2550万元(未经审 计)减少至截至2025年6月30日止6个月的约币200万元至约币600万元。 ...

本集团的预期净亏损减少，主要是由于增加自营销售奖励,减少折扣及加大销售毛利高货品等措施使毛 利增加，确认⼀笔约⼈⺠币1390万的提早终止租赁协议的得益，以及持续节流工作。 智通财经APP讯，佳华百货控股(00602)发布公告，预计本集团的净亏损将从截至2024年6月30⽇⽌6个⽉ 的约⼈⺠币2550万元(未经审计)减少至截至2025年6月30日止6个月的约⼈⺠币200万元至约⼈⺠币600万 元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本文件的內容概不負責，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文件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。 佳華百貨控股有限公司 JIAHUA STORES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：00602） 中期業績預告 — 淨虧損減少 本公佈乃佳華百貨控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港聯合交易 所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第571章證券及期貨條例（「證券及 期貨條例」）第XIVA部項下內幕消息條文（「內幕消息條文」）而發出。 本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據對本集團截至2025 年6月30日止六個月未經審核管理賬目的初步審閱及對董事會目前可得最新資料的評估，預計本集團 的淨虧損將從截至2024年6月30⽇⽌六個⽉的約⼈⺠幣25.5百萬元（未經審計）減少至截至2025年6 月30日止六個月的介乎約⼈⺠幣2.0百萬元至約⼈⺠幣6.0百萬元。 本集團的預期淨虧損減少， ...

代表董事會 佳華百貨控股有限公司 JIAHUA STORES HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：00602） 董事會會議日期 佳華百貨控股有限公司("本公司")董事會("董事會")謹此公布，本公司董事 會會議将於二零二五年八月二十八日(星期四)舉行，以考慮及通過本公司截至二 零二五年六月三十日止六個月之未審計中期業績，以及考慮派發中期股息(如有) 及其他事項。 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。 佳華百貨控股有限公司 執行董事及財務總監 莊沛忠 中國深圳，二零二五年八月十一日 於本公告刊發日期，(a)執行董事為莊陸坤先生、莊沛忠先生及莊小雄先生；(b)非執行董事為閆 小民女士；(c) 獨立非執行董事為錢錦祥先生、孫聚義先生、艾及先生及邢紫君女士。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佳華百貨控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00602 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | 本月底法定/ ...

Economic Growth and Trends - The global economy is experiencing moderate growth and slow recovery, with increased risks and fluctuations impacting growth prospects [18]. - In Q2 2023, the real GDP of the USA grew by 2.8% on an annualized basis, while the eurozone maintained low growth, with economies like Germany and Sweden contracting [21]. - The high debt situation in many countries poses a threat to sustainable economic development, with about two-thirds of global debt originating from developed markets [25]. - The USA's federal government debt has expanded significantly, with national debt interest expenditure expected to exceed military expenditure for the first time this year [25]. - Emerging markets and developing economies are predicted to experience a slowdown in short-term growth but still possess future growth momentum [23]. - The International Monetary Fund (IMF) notes a slow recovery trend in the world economy, but the imbalance has worsened [18]. - The economic community anticipates stable growth in the world economy over the next three years, although the growth rate remains weak [24]. - Japan's real GDP grew in Q2 2023, but the government's full-year economic forecast faces risks due to differing monetary policies with the USA [22]. - The super election year may introduce uncertainties in economic policies across many countries, negatively affecting regional and global economic trends [25]. - The economic growth rate in developed economies, particularly in Europe, is lagging behind the U.S., with the Eurozone showing low growth trends [26]. Retail Industry Dynamics - The retail industry is expected to face pressures of slowing growth, high operating costs, and narrowing profit margins by 2025, leading to increased market consolidation [30]. - The added value of high-tech manufacturing industries has continued to drive industrial transformation and upgrading in China [29]. - The retail market in China is anticipated to consolidate into large operators to enhance marketing power and competitive strength [30]. - The Group aims to integrate resources and develop a retail chain business to enhance brand image and market competitiveness [34]. - Digital transformation has become a core strategy in the retail industry, especially in the post-pandemic era, with online retail experiencing rapid growth [66]. - Traditional retail is transitioning to a new model of "online and offline integration," reflecting changing consumer shopping habits [66]. - E-commerce platforms are innovating by providing personalized recommendations and precise services through big data analysis and artificial intelligence technology [66]. - The application of intelligent and automated technologies, such as smart shelves and unmanned retail stores, is changing the operating model of the retail industry [66]. - Retailers face challenges in balancing technology investment and profitability due to high costs and competition [69]. - The rise of social e-commerce and live streaming has significantly impacted consumer purchasing behavior, especially among Generation Z and Millennials [68]. - Retailers are increasingly pressured by logistics costs, labor costs, and rising rents, affecting profit margins [69]. - The transformation of shopping malls is creating more investment opportunities as businesses adapt to online sales trends [75]. Financial Performance and Management - The Group's revenue for the year ended December 31, 2024, was approximately RMB378.9 million, representing a 7.0% increase from RMB354.0 million in 2023 [106]. - Sales of goods increased by 4.4% to RMB175.6 million for the year ended December 31, 2024, compared to RMB168.2 million in the corresponding period of 2023 [107]. - Commission from concessionaire sales dropped by 29.0% to RMB10.3 million for the year ended December 31, 2024, from RMB14.5 million in 2023 [108]. - Rental income from sub-leasing of shopping malls increased by approximately RMB24.6 million, contributing to the overall revenue growth [106]. - The Group aims to enhance sales turnover and avoid unnecessary costs through operational management and innovation [100]. - The Group's strategy includes consolidating existing stores and upgrading brand names to improve the shopping experience [100]. - The percentage of sales of goods to total revenue was 46.3% for the year ended December 31, 2024, down from 47.5% in 2023 [107]. - The Group is confident in its future prospects, aiming to become one of the major operators in the retail industry in China [103]. - The macroeconomic conditions and rapid growth in information technology are expected to significantly impact the retail industry [103]. - The Group's financial costs from bank loans decreased to approximately RMB 6.4 million in 2024 from RMB 6.5 million in 2023 [134]. Corporate Governance and Management Team - The Group has a strong management team with extensive experience across various sectors, including retail, finance, and real estate [39][40][41][42][43][47][48][49]. - The Board consists of eight Directors, including three executive Directors, one Non-executive Director, and four Independent Non-executive Directors [181]. - Each executive Director has a service term of three years, while Non-executive and Independent Non-executive Directors serve for two years [182]. - The Board is responsible for formulating overall strategies, monitoring financial performance, and managing risk exposures [182]. - The Company has received confirmation letters from each Independent Non-executive Director regarding their independence [183]. - The Company has arranged appropriate insurance coverage for Directors and officers against legal actions [185]. - The Board regularly reviews corporate governance policies and compliance with legal and regulatory requirements [187]. - Independent views and inputs are ensured through mechanisms developed by the Board, which are reviewed annually [194]. - The Nomination Committee has reviewed the board composition and is satisfied with the independence of the Board [193]. - The Chairman promotes a culture of openness and constructive relations between Independent Non-executive Directors and other Directors [192]. Retail Expansion and New Initiatives - A new franchised supermarket is planned to open in Bantian District, covering an area of approximately 4,100 square meters with a 15-year lease [92]. - The Jiayanghui Shajing Shopping Mall opened in July 2023, with a total commercial area of over 50,000 square meters and nearly 100% occupancy at launch [94]. - The mall features over 140 brands, including more than 20 new brands, and includes the first Dolby Sound IMAX theater in Shajing [94]. - The Group aims to enhance customer loyalty by developing subscribed members and exploring wholesale membership options [93]. - The Group plans to differentiate Jiayanghui from competitors by expanding children's playgrounds and cross-industry resources [95]. - The Group is aware of the competitive landscape, with 25 new commercial retail entities expected to enter the Shenzhen market in 2024 [95]. - The Group will focus on marketing dynamics and publicity coverage to stabilize Jiayanghui's market position [95].

Financial Performance - Revenue increased by 7.0% to approximately RMB 378.9 million for the year ended December 31, 2024[3] - The company reported a loss attributable to owners of approximately RMB 55.7 million for the year[5] - Basic loss per share was approximately RMB 5.37[6] - The company has incurred a total comprehensive loss of approximately RMB 55.73 million for the year[9] - The group reported a loss before tax of RMB 55,238,000 for the year, with a significant loss in the retail segment of RMB 49,155,000[23] - The company reported a pre-tax loss of RMB 55,727,000 for the year ended December 31, 2024, compared to a loss of RMB 152,578,000 in 2023, indicating an improvement in performance[39] - The company reported a net loss of approximately RMB 55.7 million, which is a year-on-year reduction of about 63.5%[59] - The loss attributable to shareholders for the year ended December 31, 2024, was approximately RMB 55.7 million, a reduction from a loss of approximately RMB 152.6 million in the same period of 2023[81] Revenue and Sales - The group reported a revenue of RMB 378,901,000 for the year ending December 31, 2024, compared to RMB 353,966,000 in 2023, reflecting an increase of approximately 7%[21] - Sales of goods amounted to RMB 175,592,000 in 2024, up from RMB 168,206,000 in 2023, representing a growth of about 4%[21] - Merchandise sales increased by approximately RMB 7.4 million, while commission income from counter sales decreased by approximately RMB 4.2 million[59] - Commission income from specialty sales decreased by 29.0% to approximately RMB 10.3 million, accounting for 2.7% of total revenue, down from 4.1% in the same period of 2023[69] - Rental income from sub-leased mall properties increased by 21.4% to approximately RMB 139.5 million, representing 36.9% of total revenue, compared to 32.5% in the same period of 2023[71] Assets and Liabilities - Total assets less current liabilities amounted to approximately RMB 550.96 million as of December 31, 2024[10] - Current liabilities net worth was approximately RMB 176.24 million as of December 31, 2024[14] - Non-current liabilities totaled approximately RMB 619.85 million as of December 31, 2024[11] - For the fiscal year ending December 31, 2024, total assets amounted to RMB 809,748,000, while total liabilities were RMB 878,643,000[24] - The total reported assets for the fiscal year ending December 31, 2023, were RMB 897,375,000, with total liabilities of RMB 910,543,000[28] - The group's net current liabilities are approximately RMB 176.2 million as of December 31, 2024, up from RMB 138.9 million as of December 31, 2023[92] Cash Flow and Liquidity - Cash and cash equivalents were approximately RMB 25.09 million as of December 31, 2024[14] - The group has a liquidity policy to maintain sufficient cash and bank balances, ensuring it can meet its financial obligations as they fall due[86] - As of December 31, 2024, the group's bank and cash balance is approximately RMB 25.1 million, a decrease from RMB 40.0 million as of December 31, 2023[91] Operational Strategies - The group has identified two operating segments: retail management and financial services, to allocate resources effectively[22] - The group is actively planning to expand its store network and shopping centers in the coming year[59] - The group aims to enhance consumer loyalty by developing paid membership programs and offering member benefits through quality, pricing, and marketing strategies[63] - The group aims to optimize its business model by focusing on consumer-centered marketing and experiential retail strategies[66] - The company is committed to exploring new business models, including shopping centers and integrated retail, to establish a competitive advantage[66] Market Trends and Challenges - The global retail e-commerce market is projected to exceed $5 trillion in 2024, with e-commerce platforms continuing to hold a significant share of the retail market[50] - Increased competition in the retail sector, especially from technology and logistics companies entering the market, is putting pressure on traditional retailers[51] - The retail industry is experiencing intensified price wars and promotional activities, which are compressing profit margins for retailers[51] - Consumer loyalty is declining, necessitating a more precise understanding of consumer psychology and needs by retailers[51] Employee and Governance - As of December 31, 2024, the group had 582 full-time employees, down from 647 employees as of December 31, 2023[87] - The company is committed to high standards of corporate governance to protect the interests of shareholders, customers, and employees[97] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[110] Future Outlook - The board expresses confidence in the group's business prospects, aiming to become a leading comprehensive enterprise in China's retail industry[67] - The company is focusing on digital transformation as a core strategy, particularly in the post-pandemic era, with a shift towards an "online and offline integration" retail model[50]

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 207,763,000, a significant increase from RMB 159,166,000 in the same period of 2023, representing a growth of approximately 30.5%[2] - The cost of goods sold for the same period was RMB 83,256,000, compared to RMB 68,447,000 in 2023, resulting in a gross profit of RMB 124,507,000, up from RMB 90,719,000, indicating a gross margin improvement[2] - The company reported a loss before tax of RMB 24,969,000 for the six months ended June 30, 2024, an improvement from a loss of RMB 33,047,000 in the prior year, reflecting a reduction in losses by approximately 24.5%[2] - Basic and diluted loss per share for the period was RMB 2.45, compared to RMB 3.27 in the same period last year, showing a decrease in loss per share by about 25.1%[2] - The operating loss was approximately RMB 24.9 million, a year-on-year decrease of about 24.5%[31] - The company's income tax expense for the six months ended June 30, 2024, was RMB 498,000, a decrease of 45.5% compared to RMB 915,000 for the same period in 2023[18] - Loss attributable to equity shareholders was approximately RMB 25.4 million for the six months ended June 30, 2024, compared to a loss of approximately RMB 33.9 million in the same period of 2023, indicating an improvement[51] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 852,010,000, a decrease from RMB 897,375,000 as of December 31, 2023, indicating a reduction of approximately 5%[3] - Non-current liabilities decreased to RMB 628,156,000 from RMB 665,681,000, reflecting a reduction of about 5.6%[4] - The company’s cash and cash equivalents as of June 30, 2024, were RMB 37,338,000, down from RMB 40,002,000 at the end of 2023, a decline of approximately 6.7%[3] - The company’s total liabilities increased to RMB 910,543 thousand as of December 31, 2023, compared to RMB 891,645 thousand as of June 30, 2024, indicating a rising debt level[11] Operational Insights - The company plans to continue expanding its retail operations and enhancing its financial services offerings in the upcoming periods[5] - The retail sector continues to face significant pressure, with at least 131 supermarkets closing in the first half of 2024, which is nearly six times the closures reported in the same period of 2023[23] - The company faces ongoing challenges in the retail sector, with traditional businesses likely to continue closing due to intensified competition and cost pressures[23] - The group is focusing on inventory and order management optimization to reduce capital occupation issues[32] - The group aims to strengthen product innovation and supply chain management to improve efficiency and reduce costs[30] Market Trends - In 2024, major live-streaming hosts have seen a significant decline in sales during the 618 shopping festival compared to the same period in 2023, indicating a shift in consumer behavior towards quality and after-sales service rather than just price discounts[24] - The retail sector is increasingly adopting live-streaming as a fundamental tool, with more companies upgrading their live-streaming teams and entering direct sales platforms to build their own intellectual property[24] - E-commerce platforms like JD and Taobao are integrating their services to enhance delivery efficiency, with JD consolidating its instant retail brands into JD Seconds[26] - The cancellation of pre-sale systems by major e-commerce platforms has increased inventory pressure on merchants, prompting them to optimize shopping processes and improve logistics to enhance consumer experience[27] Corporate Governance - The company has adopted the corporate governance code under the Hong Kong Stock Exchange and has complied with its provisions during the reporting period[62] - The board has established a remuneration committee to review and determine appropriate remuneration policies for directors and senior management[64] - A nomination committee has been formed to set standards for selecting candidates for the board and to review nominations[65] - The audit committee, consisting of independent non-executive directors, is responsible for reviewing the company's financial condition and internal control systems[66] Future Plans - The group plans to enhance shopping center attractiveness and upgrade market operations to increase revenue[31] - The group is preparing for future expansion of its store network and shopping centers[31] - The group plans to open a new store in Longgang, with a lease agreement signed for a property of approximately 4,100 square meters for a 15-year term[34] - The group is developing a membership program to enhance customer loyalty and increase sales through both offline and online channels[34]

Financial Performance - For the year ended December 31, 2023, the Group recorded revenue of approximately RMB 354.0 million, representing a year-over-year increase of approximately 5.6%[25] - Gross profit from sales of goods was approximately RMB 29.0 million, reflecting a year-over-year increase of approximately 96.6%[25] - Loss attributable to owners of the Company was approximately RMB 152.6 million, which is a year-over-year increase of approximately 46.9%[25] - The total retail sales of consumer goods in China reached approximately RMB 47.1 trillion, with a year-over-year increase of approximately 7.2%[89] - National online retail sales were approximately RMB 15.4 trillion, reflecting a year-over-year increase of approximately 11.0%[89] - The online retail sales of physical goods were approximately RMB 13.0 trillion, increasing by approximately 8.4% and accounting for approximately 27.6% of total retail sales[89] - The catering revenue increased by approximately 20.4%, reaching approximately RMB 5.3 trillion[89] - The Group's total revenue for the year ended December 31, 2023, was approximately RMB 354 million, an increase of about 5.6% year-on-year[97] - Gross profit amounted to approximately RMB 29 million, reflecting a significant year-on-year increase of about 95.6%[97] - The loss attributable to the owners of the company was approximately RMB 152.6 million, representing a year-on-year increase of about 46.9%[97] Market Trends and Challenges - The decline in revenue was primarily due to a general decrease in consumer spending during the pandemic, while rental income from investment properties increased[25] - The retail industry is expected to face a slowdown in economic growth in China, leading to more business mergers in 2024[27] - Traditional retail stores are anticipated to increasingly integrate with online stores to enhance customer experience[27] - The retail industry in 2024 is expected to face pressures from slowing growth, high operating costs, and narrowing profits, leading to increased market consolidation and higher concentration levels[31] - In 2023, China's retail industry faced significant changes, with hypermarkets struggling and traditional e-commerce adopting low-price strategies due to consumption downgrade[67] - Membership store development has slowed, with only 50 cities in China capable of supporting member supermarkets, indicating market limitations as a major challenge[70] - The changing family structure and consumption habits in China are driving membership stores to become more sophisticated, impacting their operational strategies[69] Strategic Initiatives - The Group implemented operational reforms, reorganized the internal structure of flagship stores, and streamlined business processes to reduce costs[26] - The company aims to enhance its competitive strength and brand image while expanding steadily, focusing on regions like Guangdong and Guangxi through various models including acquisitions and joint ventures[33][35] - The company will leverage resource integration to improve marketing competitiveness and strengthen its competitive advantages in the retail sector[31] - The Group's strategy includes seeking and developing potential profit opportunities in other investment projects while planning for future store network and shopping center expansions[97] - The Group aims to consolidate existing stores through reform and innovation, improving sales mix and enhancing the shopping experience[114] - The Group is exploring new commercial retail modes, including shopping malls and internet plus, to provide a one-stop shopping experience[115] Operational Insights - The Group opened the Shajing Shopping Mall on July 28, 2023, with a sales floor area of approximately 54,000 square meters, aimed at expanding its new retail market share[100] - The Shajing area has a general population of approximately 548,000 and achieved a total industrial output value of approximately RMB 140 billion in 2022[100] - The Group adjusted the layout and area of elite supermarkets to enhance production efficiency and customer comfort, focusing on seasonal and thematic displays[104] - A total of 20 projects were concluded for the upgrade service of the benchmark store in Shiyan, enhancing customer satisfaction through various value-added services[105] - The Group implemented a service reward and punishment system to improve service quality and customer satisfaction[107] Management and Governance - The company has a strong management team with extensive experience in financial reporting, corporate finance, and retail industry management, with members serving over 20 years in the group[53][54][55] - The company has a commitment to internal control and Environmental, Social, and Governance (ESG) matters, with a dedicated team providing valuable advice[57] - The Group has complied with corporate governance principles to enhance transparency and protect shareholder interests[200] Consumer Behavior and E-commerce - Consumers are increasingly favoring high-quality, low-priced products, prompting supermarkets to launch low-price discounted offerings[72] - E-commerce platforms, including JD.com, initiated a price war with claims of the lowest prices and ultra-low discounts[82] - Emerging models like short video e-commerce and membership-based e-commerce are significantly impacting traditional e-commerce[83] - Douyin Supermarket launched "hourly delivery" alongside next-day delivery, aiming to enhance e-commerce growth through real-time retail capabilities[84] Financial Position and Risks - The Group's cash and cash equivalents as of December 31, 2023, were approximately RMB 40.0 million, down from approximately RMB 66.2 million as of December 31, 2022, indicating a decrease of about 39.5%[150] - The total borrowings of the Group included bank loans of approximately RMB 151.5 million as of December 31, 2023, compared to RMB 157.2 million as of December 31, 2022, showing a reduction of about 3.9%[150] - The Group's net current liabilities increased to approximately RMB 138.9 million as of December 31, 2023, from approximately RMB 71.6 million as of December 31, 2022, representing an increase of about 93.9%[151] - The Group's liquidity risk management policy aims to maintain sufficient cash and bank balances to meet operational funding needs[177] - The Group's credit risk is primarily associated with receivables from lending activities, with policies in place to mitigate this risk[176]

Financial Performance - Revenue increased by 5.6% to approximately RMB 354.0 million[1] - Gross profit from merchandise sales rose by 96.6% to approximately RMB 29.0 million[2] - Loss attributable to owners of the company for the year was approximately RMB 152.6 million[3] - Basic loss per share was approximately RMB 14.71[4] - Total comprehensive loss for the year attributable to owners of the company was RMB 152.6 million, compared to RMB 103.9 million in the previous year[7] - The company reported a total loss before tax of RMB 156,332,000 for the year ended December 31, 2023[32] - The company reported a loss attributable to owners of the company of RMB 1,505,000 for the year ended December 31, 2023, which is a decrease in total comprehensive loss by the same amount compared to the previous year[25] - The company reported a net rental income loss of RMB 146,112 thousand in 2023, compared to a loss of RMB 108,691 thousand in 2022, indicating a worsening of 34.4%[48] - The group reported a loss attributable to equity shareholders of approximately RMB 152.6 million for the year ended December 31, 2023, compared to a loss of approximately RMB 103.9 million for the same period in 2022, indicating an increase in losses[117] Dividends and Shareholder Returns - No final dividend is recommended for distribution[5] - The company has not declared or paid any dividends for the fiscal year ending December 31, 2023, consistent with 2022[54] - The board of directors does not recommend the payment of a final dividend for the year ended December 31, 2023[118] Assets and Liabilities - Non-current assets decreased from RMB 960.8 million to RMB 791.4 million[9] - Current liabilities net worth was approximately RMB 138.9 million[10] - Cash and cash equivalents amounted to approximately RMB 40.0 million[14] - The company’s total liabilities were reported at RMB 910,543,000 as of December 31, 2023[35] - The company's accounts payable decreased to RMB 46,570,000 in 2023 from RMB 54,029,000 in 2022, reflecting a reduction of approximately 13.7%[64] - The net current liabilities of the group increased to approximately RMB 138,900,000 as of December 31, 2023, from RMB 71,600,000 as of December 31, 2022[133] Cash Flow and Financial Support - The company has secured an interest-free and unsecured loan of RMB 50 million from a related company, with the funding period from March 15, 2024, to December 31, 2025[15] - As of December 31, 2023, the company has not yet drawn down the loan funding[15] - The board believes that the company will have sufficient financial resources to meet its operational funding needs and fulfill its financial obligations[17] - The company's ability to continue as a going concern depends on its ability to generate sufficient cash flow and secure ongoing financial support from the related company[17] - The company has received financial support from the related company, including additional funding and deferred lease payments when needed[20] Operational Performance - The company reported a significant increase in impairment losses on receivables, rising to RMB 36.4 million from RMB 0.9 million[7] - The company incurred a total financing cost of RMB 46,859 thousand in 2023, up from RMB 39,438 thousand in 2022, reflecting an increase of 18.5%[46] - The cost of goods sold for the year was RMB 139,169 thousand, down from RMB 168,004 thousand in 2022, indicating a decrease of 17.2%[48] - Employee costs increased by 4.2% to RMB 72.2 million, mainly due to new hires for the Sha Jing Shopping Center opened in July 2023[109] Market Trends and Industry Insights - The retail industry in China has undergone significant changes, with a notable increase in snack discount stores expected to reach 30,000 by 2025, indicating a shift in consumer purchasing patterns[69] - Major retailers like Hema and Yonghui Supermarket have adopted a "discount transformation" strategy, with Hema expanding its discount product range and reducing prices by 20%[74] - The community group buying market has seen significant changes, with major players like Xingsheng Youxuan reducing their operational scope to only three provinces[75] - The retail market is experiencing a shift towards membership-based models, with consumers increasingly accepting this format and showing loyalty to high-quality products[77] Expansion and Development - In 2023, the company accelerated its expansion in the Chinese market by opening 4 new stores, with Sam's Club also opening 4 new stores[77] - The company plans to expand its store network and shopping centers in the coming year[89] - The group has upgraded the layout and area of supermarkets to enhance production efficiency and customer comfort, focusing on seasonal and thematic displays[93] Governance and Compliance - The company is committed to high standards of corporate governance to protect the interests of shareholders, customers, and employees[137] - The Audit Committee reviewed the financial performance for the year ending December 31, 2023, prior to submission for board approval[149] - The company has established a Compensation Committee to provide recommendations on the compensation policies for directors and senior management[146] - The board consists of both executive and independent non-executive directors, ensuring a balanced governance structure[154]